# EDGAR Filing Document

**Accession Number:** 0001067428
**File Stem:** 0001628280-23-008441
**Filing Date:** 2023-3
**Character Count:** 3448164
**Document Hash:** 78acb0b3477c5e736689ea019dba80b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-008441.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001628280-23-008441

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 612

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANGLOGOLD ASHANTI LTD
- **CENTRAL INDEX KEY:** 0001067428
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** T3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14846
- **FILM NUMBER:** 23742123

**BUSINESS ADDRESS:**
- **STREET 1:** 112 OXFORD ROAD
- **STREET 2:** HOUGHTON ESTATE
- **CITY:** JOHANNESBURG 2198
- **STATE:** T3
- **ZIP:** 00000
- **BUSINESS PHONE:** 270116376000

**MAIL ADDRESS:**
- **STREET 1:** PRIVATE BAG X 20
- **CITY:** ROSEBANK 2196
- **STATE:** T3
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ANGLOGOLD LTD
- **DATE OF NAME CHANGE:** 19980803

?xml version="1.0" ? au-20221231

**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

As filed with the Securities and Exchange Commission on 17 March 2023

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**<br>Washington, D.C. 20549<br>

**FORM 20-F**

---

| | |
|:---|:---|
| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | OR |
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR |
| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |

---

**FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022**

Commission file number: 1-14846

**AngloGold Ashanti Limited**

(Exact Name of Registrant as Specified in its Charter)

**Republic of South Africa**

(Jurisdiction of Incorporation or Organisation)

**112 Oxford Road, Houghton Estate, Johannesburg, 2198**

**(Private Bag X 20, Rosebank, 2196)**

**South Africa**

(Address of Principal Executive Offices)

Gillian Ann Doran**,** Chief Financial Officer**, Telephone:** +1 (720) 9538283<br>**E-mail:** gdoran@anglogoldashanti.com, **112 Oxford Road**, **Houghton Estate**, **Johannesburg**, **2198**, **South Africa**<br>(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)<br>

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbols</u> | <u>Name of each exchange on which registered</u> |
| American Depositary Shares | AU | New York Stock Exchange |
| Ordinary Shares | AU | New York Stock Exchange\* |
| 3.375% Notes due 2028 | AU/28 | New York Stock Exchange |
| 3.75% Notes due 2030 | AU/30 | New York Stock Exchange |
| 6.50% Notes due 2040 | AU/40 | New York Stock Exchange |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission

**Securities registered pursuant to Section 12(g) of the Act:**

None

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:**

None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:

<u>Ordinary Shares of 25 ZAR cents each</u> <u>418,600,473</u>

---

| | |
|:---|:---|
| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | Yes ⌧No ☐ |
| If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. | Yes ☐ No ⌧  |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes ⌧ No ☐ |
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes ⌧No ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. |

---

Check one: Large accelerated filer ⌧ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⌧

---

| | |
|:---|:---|
| If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | ☐ |
| Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). | ☐ |

---

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ⌧&nbsp;&nbsp;&nbsp;&nbsp; Other☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

------

**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | |
| | | | Page |
| **<u>[Presentation of information](#i56949ee54fe6470abe92afb884b616fc_10)</u>** | **<u>[Presentation of information](#i56949ee54fe6470abe92afb884b616fc_10)</u>** | **<u>[Presentation of information](#i56949ee54fe6470abe92afb884b616fc_10)</u>** | <u>[6](#i56949ee54fe6470abe92afb884b616fc_10)</u> |
| **<u>[Certain forward-looking statements](#i56949ee54fe6470abe92afb884b616fc_13)</u>** | **<u>[Certain forward-looking statements](#i56949ee54fe6470abe92afb884b616fc_13)</u>** | **<u>[Certain forward-looking statements](#i56949ee54fe6470abe92afb884b616fc_13)</u>** | <u>[8](#i56949ee54fe6470abe92afb884b616fc_13)</u> |
| **<u>[Glossary of selected terms](#i56949ee54fe6470abe92afb884b616fc_16)</u>** | **<u>[Glossary of selected terms](#i56949ee54fe6470abe92afb884b616fc_16)</u>** | **<u>[Glossary of selected terms](#i56949ee54fe6470abe92afb884b616fc_16)</u>** | |
| | <u>[Financial terms](#i56949ee54fe6470abe92afb884b616fc_19)</u> | <u>[Financial terms](#i56949ee54fe6470abe92afb884b616fc_19)</u> | <u>[9](#i56949ee54fe6470abe92afb884b616fc_19)</u> |
| | <u>[Currencies](#i56949ee54fe6470abe92afb884b616fc_22)</u> | <u>[Currencies](#i56949ee54fe6470abe92afb884b616fc_22)</u> | <u>[11](#i56949ee54fe6470abe92afb884b616fc_22)</u> |
| | <u>[Mining terms](#i56949ee54fe6470abe92afb884b616fc_25)</u> | <u>[Mining terms](#i56949ee54fe6470abe92afb884b616fc_25)</u> | <u>[12](#i56949ee54fe6470abe92afb884b616fc_25)</u> |
| | <u>[Abbreviations](#i56949ee54fe6470abe92afb884b616fc_28)</u> | <u>[Abbreviations](#i56949ee54fe6470abe92afb884b616fc_28)</u> | <u>[16](#i56949ee54fe6470abe92afb884b616fc_28)</u> |
| ***<u>[Part I:](#i56949ee54fe6470abe92afb884b616fc_31)</u>*** | ***<u>[Part I:](#i56949ee54fe6470abe92afb884b616fc_31)</u>*** | ***<u>[Part I:](#i56949ee54fe6470abe92afb884b616fc_31)</u>*** | ***<u>[Part I:](#i56949ee54fe6470abe92afb884b616fc_31)</u>*** |
| **Item 1:** | <u>[Identity of directors, senior management and advisors](#i56949ee54fe6470abe92afb884b616fc_34)</u> | <u>[Identity of directors, senior management and advisors](#i56949ee54fe6470abe92afb884b616fc_34)</u> | <u>[20](#i56949ee54fe6470abe92afb884b616fc_34)</u> |
| **Item 2:** | <u>[Offer statistics and expected timetable](#i56949ee54fe6470abe92afb884b616fc_37)</u> | <u>[Offer statistics and expected timetable](#i56949ee54fe6470abe92afb884b616fc_37)</u> | <u>[20](#i56949ee54fe6470abe92afb884b616fc_37)</u> |
| **Item 3:** | <u>[Key information](#i56949ee54fe6470abe92afb884b616fc_40)</u> | <u>[Key information](#i56949ee54fe6470abe92afb884b616fc_40)</u> | <u>[20](#i56949ee54fe6470abe92afb884b616fc_40)</u> |
| | 3A. | [Reserved] | <u>[20](#i56949ee54fe6470abe92afb884b616fc_46)</u> |
| | 3B. | <u>[Capitalisation and indebtedness](#i56949ee54fe6470abe92afb884b616fc_46)</u> | <u>[20](#i56949ee54fe6470abe92afb884b616fc_46)</u> |
| | 3C. | <u>[Reasons for the offer and use of proceeds](#i56949ee54fe6470abe92afb884b616fc_49)</u> | <u>[20](#i56949ee54fe6470abe92afb884b616fc_49)</u> |
| | 3D. | <u>[Risk factors](#i56949ee54fe6470abe92afb884b616fc_52)</u> | <u>[21](#i56949ee54fe6470abe92afb884b616fc_52)</u> |
| **Item 4:** | <u>[Information on the company](#i56949ee54fe6470abe92afb884b616fc_55)</u> | <u>[Information on the company](#i56949ee54fe6470abe92afb884b616fc_55)</u> | <u>[49](#i56949ee54fe6470abe92afb884b616fc_55)</u> |
| | 4A. | <u>[History and development of the company](#i56949ee54fe6470abe92afb884b616fc_58)</u> | <u>[49](#i56949ee54fe6470abe92afb884b616fc_58)</u> |
| | 4B. | <u>[Business overview](#i56949ee54fe6470abe92afb884b616fc_61)</u> | <u>[51](#i56949ee54fe6470abe92afb884b616fc_61)</u> |
| | 4C. | <u>[Organisational structure](#i56949ee54fe6470abe92afb884b616fc_67)</u> | <u>[94](#i56949ee54fe6470abe92afb884b616fc_67)</u> |
| | 4D. | <u>[Property, plants and equipment](#i56949ee54fe6470abe92afb884b616fc_70)</u> | <u>[95](#i56949ee54fe6470abe92afb884b616fc_70)</u> |
| **Item 4A:** | <u>[Unresolved staff comments](#i56949ee54fe6470abe92afb884b616fc_94)</u> | <u>[Unresolved staff comments](#i56949ee54fe6470abe92afb884b616fc_94)</u> | <u>[142](#i56949ee54fe6470abe92afb884b616fc_94)</u> |
| **Item 5:** | <u>[Operating and financial review and prospects](#i56949ee54fe6470abe92afb884b616fc_97)</u> | <u>[Operating and financial review and prospects](#i56949ee54fe6470abe92afb884b616fc_97)</u> | <u>[143](#i56949ee54fe6470abe92afb884b616fc_97)</u> |
| | 5A. | <u>[Operating results](#i56949ee54fe6470abe92afb884b616fc_100)</u> | <u>[144](#i56949ee54fe6470abe92afb884b616fc_100)</u> |
| | 5B. | <u>[Liquidity and capital resources](#i56949ee54fe6470abe92afb884b616fc_103)</u> | <u>[199](#i56949ee54fe6470abe92afb884b616fc_103)</u> |
| | 5C. | <u>[Research and development, patents and licen](#i56949ee54fe6470abe92afb884b616fc_106)[c](#i56949ee54fe6470abe92afb884b616fc_106)[es, etc.](#i56949ee54fe6470abe92afb884b616fc_106)</u> | <u>[208](#i56949ee54fe6470abe92afb884b616fc_106)</u> |
| | 5D. | <u>[Trend information](#i56949ee54fe6470abe92afb884b616fc_109)</u> | <u>[208](#i56949ee54fe6470abe92afb884b616fc_109)</u> |
| | 5E. | <u>[Critical accounting estimates](#i56949ee54fe6470abe92afb884b616fc_112)</u> | <u>[209](#i56949ee54fe6470abe92afb884b616fc_112)</u> |
| **Item 6:** | <u>[Directors, senior management and employees](#i56949ee54fe6470abe92afb884b616fc_115)</u> | <u>[Directors, senior management and employees](#i56949ee54fe6470abe92afb884b616fc_115)</u> | <u>[210](#i56949ee54fe6470abe92afb884b616fc_115)</u> |
| | 6A. | <u>Directors and senior management</u> | <u>[210](#i56949ee54fe6470abe92afb884b616fc_118)</u> |
| | 6B. | <u>[Compensation](#i56949ee54fe6470abe92afb884b616fc_121)</u> | <u>[216](#i56949ee54fe6470abe92afb884b616fc_121)</u> |
| | 6C. | <u>[Board practices](#i56949ee54fe6470abe92afb884b616fc_124)</u> | <u>[217](#i56949ee54fe6470abe92afb884b616fc_124)</u> |
| | 6D. | <u>[Employees](#i56949ee54fe6470abe92afb884b616fc_127)</u> | <u>[221](#i56949ee54fe6470abe92afb884b616fc_127)</u> |
| | 6E. | <u>[Share ownership](#i56949ee54fe6470abe92afb884b616fc_130)</u> | <u>[222](#i56949ee54fe6470abe92afb884b616fc_130)</u> |
| **Item 7:** | <u>[Major shareholders and related party transactions](#i56949ee54fe6470abe92afb884b616fc_133)</u> | <u>[Major shareholders and related party transactions](#i56949ee54fe6470abe92afb884b616fc_133)</u> | <u>[230](#i56949ee54fe6470abe92afb884b616fc_133)</u> |
| | 7A. | <u>[Major shareholders](#i56949ee54fe6470abe92afb884b616fc_136)</u> | <u>[231](#i56949ee54fe6470abe92afb884b616fc_136)</u> |
| | 7B. | <u>[Related party transactions](#i56949ee54fe6470abe92afb884b616fc_139)</u> | <u>[232](#i56949ee54fe6470abe92afb884b616fc_139)</u> |
| | 7C. | <u>[Interests of experts and counsel](#i56949ee54fe6470abe92afb884b616fc_142)</u> | <u>[233](#i56949ee54fe6470abe92afb884b616fc_142)</u> |
| **Item 8:** | <u>[Financial information](#i56949ee54fe6470abe92afb884b616fc_145)</u> | <u>[Financial information](#i56949ee54fe6470abe92afb884b616fc_145)</u> | <u>[234](#i56949ee54fe6470abe92afb884b616fc_145)</u> |
| | 8A. | <u>[Consolidated financial statements and other financial information](#i56949ee54fe6470abe92afb884b616fc_148)</u> | <u>[235](#i56949ee54fe6470abe92afb884b616fc_148)</u> |
| | | <u>Legal proceedings</u> | <u>[236](#i56949ee54fe6470abe92afb884b616fc_151)</u> |
| | | <u>[Dividends](#i56949ee54fe6470abe92afb884b616fc_154)</u> | <u>[241](#i56949ee54fe6470abe92afb884b616fc_154)</u> |
| | 8B. | <u>[Significant changes](#i56949ee54fe6470abe92afb884b616fc_157)</u> | <u>[242](#i56949ee54fe6470abe92afb884b616fc_157)</u> |

---

------

**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item 9:** | <u>[The offer and listing](#i56949ee54fe6470abe92afb884b616fc_160)</u> | <u>[The offer and listing](#i56949ee54fe6470abe92afb884b616fc_160)</u> | <u>[The offer and listing](#i56949ee54fe6470abe92afb884b616fc_160)</u> | <u>[243](#i56949ee54fe6470abe92afb884b616fc_160)</u> |
| | 9A. | <u>[Offer and listing details](#i56949ee54fe6470abe92afb884b616fc_163)</u> | <u>[Offer and listing details](#i56949ee54fe6470abe92afb884b616fc_163)</u> | <u>[243](#i56949ee54fe6470abe92afb884b616fc_163)</u> |
| | 9B. | <u>[Plan of distribution](#i56949ee54fe6470abe92afb884b616fc_166)</u> | <u>[Plan of distribution](#i56949ee54fe6470abe92afb884b616fc_166)</u> | <u>[243](#i56949ee54fe6470abe92afb884b616fc_166)</u> |
| | 9C. | <u>[Markets](#i56949ee54fe6470abe92afb884b616fc_169)</u> | <u>[Markets](#i56949ee54fe6470abe92afb884b616fc_169)</u> | <u>[243](#i56949ee54fe6470abe92afb884b616fc_169)</u> |
| | 9D. | <u>[Selling shareholders](#i56949ee54fe6470abe92afb884b616fc_172)</u> | <u>[Selling shareholders](#i56949ee54fe6470abe92afb884b616fc_172)</u> | <u>[243](#i56949ee54fe6470abe92afb884b616fc_172)</u> |
| | 9E. | <u>[Dilution](#i56949ee54fe6470abe92afb884b616fc_175)</u> | <u>[Dilution](#i56949ee54fe6470abe92afb884b616fc_175)</u> | <u>[243](#i56949ee54fe6470abe92afb884b616fc_175)</u> |
| | 9F. | <u>[Expenses of the issue](#i56949ee54fe6470abe92afb884b616fc_178)</u> | <u>[Expenses of the issue](#i56949ee54fe6470abe92afb884b616fc_178)</u> | <u>[243](#i56949ee54fe6470abe92afb884b616fc_178)</u> |
| **Item 10:** | <u>[Additional information](#i56949ee54fe6470abe92afb884b616fc_181)</u> | <u>[Additional information](#i56949ee54fe6470abe92afb884b616fc_181)</u> | <u>[Additional information](#i56949ee54fe6470abe92afb884b616fc_181)</u> | <u>[244](#i56949ee54fe6470abe92afb884b616fc_181)</u> |
| | 10A. | <u>[Share capital](#i56949ee54fe6470abe92afb884b616fc_184)</u> | <u>[Share capital](#i56949ee54fe6470abe92afb884b616fc_184)</u> | <u>[244](#i56949ee54fe6470abe92afb884b616fc_184)</u> |
| | 10B. | <u>[Memorandum of Incorporation](#i56949ee54fe6470abe92afb884b616fc_187)</u> | <u>[Memorandum of Incorporation](#i56949ee54fe6470abe92afb884b616fc_187)</u> | <u>[244](#i56949ee54fe6470abe92afb884b616fc_187)</u> |
| | 10C. | <u>[Material contracts](#i56949ee54fe6470abe92afb884b616fc_190)</u> | <u>[Material contracts](#i56949ee54fe6470abe92afb884b616fc_190)</u> | <u>[249](#i56949ee54fe6470abe92afb884b616fc_190)</u> |
| | 10D. | <u>[Exchange controls](#i56949ee54fe6470abe92afb884b616fc_193)</u> | <u>[Exchange controls](#i56949ee54fe6470abe92afb884b616fc_193)</u> | <u>[259](#i56949ee54fe6470abe92afb884b616fc_193)</u> |
| | 10E. | <u>[Taxation](#i56949ee54fe6470abe92afb884b616fc_196)</u> | <u>[Taxation](#i56949ee54fe6470abe92afb884b616fc_196)</u> | <u>[260](#i56949ee54fe6470abe92afb884b616fc_196)</u> |
| | 10F. | <u>[Dividends and paying agents](#i56949ee54fe6470abe92afb884b616fc_199)</u> | <u>[Dividends and paying agents](#i56949ee54fe6470abe92afb884b616fc_199)</u> | <u>[266](#i56949ee54fe6470abe92afb884b616fc_199)</u> |
| | 10G. | <u>[Statement by experts](#i56949ee54fe6470abe92afb884b616fc_202)</u> | <u>[Statement by experts](#i56949ee54fe6470abe92afb884b616fc_202)</u> | <u>[266](#i56949ee54fe6470abe92afb884b616fc_202)</u> |
| | 10H. | <u>[Documents on display](#i56949ee54fe6470abe92afb884b616fc_205)</u> | <u>[Documents on display](#i56949ee54fe6470abe92afb884b616fc_205)</u> | <u>[266](#i56949ee54fe6470abe92afb884b616fc_205)</u> |
| | 10I. | <u>[Subsidiary information](#i56949ee54fe6470abe92afb884b616fc_208)</u> | <u>[Subsidiary information](#i56949ee54fe6470abe92afb884b616fc_208)</u> | <u>[266](#i56949ee54fe6470abe92afb884b616fc_208)</u> |
| | 10J. | <u>[Annual Report to Security Holders](#i56949ee54fe6470abe92afb884b616fc_5053)</u> | <u>[Annual Report to Security Holders](#i56949ee54fe6470abe92afb884b616fc_5053)</u> | <u>[266](#i56949ee54fe6470abe92afb884b616fc_5053)</u> |
| **Item 11:** | <u>[Quantitative and qualitative disclosures about market risk](#i56949ee54fe6470abe92afb884b616fc_211)</u> | <u>[Quantitative and qualitative disclosures about market risk](#i56949ee54fe6470abe92afb884b616fc_211)</u> | <u>[Quantitative and qualitative disclosures about market risk](#i56949ee54fe6470abe92afb884b616fc_211)</u> | <u>[267](#i56949ee54fe6470abe92afb884b616fc_211)</u> |
| **Item 12:** | <u>[Description of securities other than equity securities](#i56949ee54fe6470abe92afb884b616fc_214)</u> | <u>[Description of securities other than equity securities](#i56949ee54fe6470abe92afb884b616fc_214)</u> | <u>[Description of securities other than equity securities](#i56949ee54fe6470abe92afb884b616fc_214)</u> | <u>[271](#i56949ee54fe6470abe92afb884b616fc_214)</u> |
| | 12A. | <u>[Debt securities](#i56949ee54fe6470abe92afb884b616fc_217)</u> | <u>[Debt securities](#i56949ee54fe6470abe92afb884b616fc_217)</u> | <u>[271](#i56949ee54fe6470abe92afb884b616fc_217)</u> |
| | 12B. | <u>[Warrants and rights](#i56949ee54fe6470abe92afb884b616fc_220)</u> | <u>[Warrants and rights](#i56949ee54fe6470abe92afb884b616fc_220)</u> | <u>[271](#i56949ee54fe6470abe92afb884b616fc_220)</u> |
| | 12C. | <u>[Other securities](#i56949ee54fe6470abe92afb884b616fc_223)</u> | <u>[Other securities](#i56949ee54fe6470abe92afb884b616fc_223)</u> | <u>[271](#i56949ee54fe6470abe92afb884b616fc_223)</u> |
| | 12D. | <u>[American Depositary Shares](#i56949ee54fe6470abe92afb884b616fc_226)</u> | <u>[American Depositary Shares](#i56949ee54fe6470abe92afb884b616fc_226)</u> | <u>[271](#i56949ee54fe6470abe92afb884b616fc_226)</u> |
| | | 12D.3 | <u>[Depositary fees and charges](#i56949ee54fe6470abe92afb884b616fc_229)</u> | <u>[271](#i56949ee54fe6470abe92afb884b616fc_229)</u> |
| | | 12D.4 | <u>[Depositary payments for 2022](#i56949ee54fe6470abe92afb884b616fc_232)</u> | <u>[271](#i56949ee54fe6470abe92afb884b616fc_232)</u> |
| ***<u>[Part II:](#i56949ee54fe6470abe92afb884b616fc_235)</u>*** | ***<u>[Part II:](#i56949ee54fe6470abe92afb884b616fc_235)</u>*** | ***<u>[Part II:](#i56949ee54fe6470abe92afb884b616fc_235)</u>*** | ***<u>[Part II:](#i56949ee54fe6470abe92afb884b616fc_235)</u>*** | |
| **Item 13:** | <u>[Defaults, dividend arrearages and delinquencies](#i56949ee54fe6470abe92afb884b616fc_238)</u> | <u>[Defaults, dividend arrearages and delinquencies](#i56949ee54fe6470abe92afb884b616fc_238)</u> | <u>[Defaults, dividend arrearages and delinquencies](#i56949ee54fe6470abe92afb884b616fc_238)</u> | <u>[272](#i56949ee54fe6470abe92afb884b616fc_238)</u> |
| **Item 14:** | <u>[Material modifications to the rights of security holders and use of proceeds](#i56949ee54fe6470abe92afb884b616fc_241)</u> | <u>[Material modifications to the rights of security holders and use of proceeds](#i56949ee54fe6470abe92afb884b616fc_241)</u> | <u>[Material modifications to the rights of security holders and use of proceeds](#i56949ee54fe6470abe92afb884b616fc_241)</u> | <u>[273](#i56949ee54fe6470abe92afb884b616fc_241)</u> |
| **Item 15:** | <u>[Controls and procedures](#i56949ee54fe6470abe92afb884b616fc_244)</u> | <u>[Controls and procedures](#i56949ee54fe6470abe92afb884b616fc_244)</u> | <u>[Controls and procedures](#i56949ee54fe6470abe92afb884b616fc_244)</u> | <u>[274](#i56949ee54fe6470abe92afb884b616fc_244)</u> |
| **Item 16A:** | <u>[Audit committee financial expert](#i56949ee54fe6470abe92afb884b616fc_250)</u> | <u>[Audit committee financial expert](#i56949ee54fe6470abe92afb884b616fc_250)</u> | <u>[Audit committee financial expert](#i56949ee54fe6470abe92afb884b616fc_250)</u> | <u>[276](#i56949ee54fe6470abe92afb884b616fc_250)</u> |
| **Item 16B:** | <u>[Code of Ethics and Whistle-blowing Policies](#i56949ee54fe6470abe92afb884b616fc_253)</u> | <u>[Code of Ethics and Whistle-blowing Policies](#i56949ee54fe6470abe92afb884b616fc_253)</u> | <u>[Code of Ethics and Whistle-blowing Policies](#i56949ee54fe6470abe92afb884b616fc_253)</u> | <u>[277](#i56949ee54fe6470abe92afb884b616fc_253)</u> |
| **Item 16C:** | <u>[Principal accountant fees and services](#i56949ee54fe6470abe92afb884b616fc_256)</u> | <u>[Principal accountant fees and services](#i56949ee54fe6470abe92afb884b616fc_256)</u> | <u>[Principal accountant fees and services](#i56949ee54fe6470abe92afb884b616fc_256)</u> | <u>[278](#i56949ee54fe6470abe92afb884b616fc_256)</u> |
| **Item 16D:** | <u>[Exemptions from the listing standards for audit committees](#i56949ee54fe6470abe92afb884b616fc_259)</u> | <u>[Exemptions from the listing standards for audit committees](#i56949ee54fe6470abe92afb884b616fc_259)</u> | <u>[Exemptions from the listing standards for audit committees](#i56949ee54fe6470abe92afb884b616fc_259)</u> | <u>[278](#i56949ee54fe6470abe92afb884b616fc_259)</u> |
| **Item 16E:** | <u>[Purchases of equity securities by the issuer and affiliated purchasers](#i56949ee54fe6470abe92afb884b616fc_262)</u> | <u>[Purchases of equity securities by the issuer and affiliated purchasers](#i56949ee54fe6470abe92afb884b616fc_262)</u> | <u>[Purchases of equity securities by the issuer and affiliated purchasers](#i56949ee54fe6470abe92afb884b616fc_262)</u> | <u>[278](#i56949ee54fe6470abe92afb884b616fc_262)</u> |
| **Item 16F:** | <u>[Change in registrant's certifying accountant](#i56949ee54fe6470abe92afb884b616fc_265)</u> | <u>[Change in registrant's certifying accountant](#i56949ee54fe6470abe92afb884b616fc_265)</u> | <u>[Change in registrant's certifying accountant](#i56949ee54fe6470abe92afb884b616fc_265)</u> | <u>[278](#i56949ee54fe6470abe92afb884b616fc_265)</u> |
| **Item 16G:** | <u>[Corporate Governance](#i56949ee54fe6470abe92afb884b616fc_268)</u> | <u>[Corporate Governance](#i56949ee54fe6470abe92afb884b616fc_268)</u> | <u>[Corporate Governance](#i56949ee54fe6470abe92afb884b616fc_268)</u> | <u>[279](#i56949ee54fe6470abe92afb884b616fc_268)</u> |
| **Item 16H:** | <u>[Mine Safety Disclosure](#i56949ee54fe6470abe92afb884b616fc_271)</u> | <u>[Mine Safety Disclosure](#i56949ee54fe6470abe92afb884b616fc_271)</u> | <u>[Mine Safety Disclosure](#i56949ee54fe6470abe92afb884b616fc_271)</u> | <u>[279](#i56949ee54fe6470abe92afb884b616fc_271)</u> |
| **Item 16I:** | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i56949ee54fe6470abe92afb884b616fc_274)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i56949ee54fe6470abe92afb884b616fc_274)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i56949ee54fe6470abe92afb884b616fc_274)</u> | <u>[279](#i56949ee54fe6470abe92afb884b616fc_274)</u> |
| ***<u>[Part III:](#i56949ee54fe6470abe92afb884b616fc_277)</u>*** | ***<u>[Part III:](#i56949ee54fe6470abe92afb884b616fc_277)</u>*** | ***<u>[Part III:](#i56949ee54fe6470abe92afb884b616fc_277)</u>*** | ***<u>[Part III:](#i56949ee54fe6470abe92afb884b616fc_277)</u>*** | |
| **Item 17:** | <u>[Financial statements](#i56949ee54fe6470abe92afb884b616fc_280)</u> | <u>[Financial statements](#i56949ee54fe6470abe92afb884b616fc_280)</u> | <u>[Financial statements](#i56949ee54fe6470abe92afb884b616fc_280)</u> | <u>[280](#i56949ee54fe6470abe92afb884b616fc_280)</u> |
| **Item 18:** | <u>[Financial statements](#i56949ee54fe6470abe92afb884b616fc_283)</u> | <u>[Financial statements](#i56949ee54fe6470abe92afb884b616fc_283)</u> | <u>[Financial statements](#i56949ee54fe6470abe92afb884b616fc_283)</u> | F-<u>[1](#i56949ee54fe6470abe92afb884b616fc_283)</u>  |
| **Item 19** | <u>[Exhibits to Form 20-F](#i56949ee54fe6470abe92afb884b616fc_571)</u> | <u>[Exhibits to Form 20-F](#i56949ee54fe6470abe92afb884b616fc_571)</u> | <u>[Exhibits to Form 20-F](#i56949ee54fe6470abe92afb884b616fc_571)</u> | E-<u>[1](#i56949ee54fe6470abe92afb884b616fc_571)</u> |

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**PRESENTATION OF INFORMATION**

**AngloGold Ashanti Limited**

In this annual report on Form 20-F, unless the context otherwise requires, references to AngloGold, AngloGold Ashanti, AGA, the company, the Company, we, us, our, the group and the Group are references to AngloGold Ashanti Limited including, as appropriate, subsidiaries and associate companies of AngloGold Ashanti Limited.

***IFRS financial statements***

As a company incorporated in the Republic of South Africa, AngloGold Ashanti prepares annual audited consolidated financial statements and unaudited consolidated half-year financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These financial statements are distributed to shareholders and are submitted to the JSE Limited (JSE), as well as the New York, Australian and Ghana stock exchanges.

***Currency***

AngloGold Ashanti presents its consolidated financial statements in United States dollars.

In this annual report, references to rand, ZAR or R are to the lawful currency of the Republic of South Africa, references to US dollar, dollar, USD, US$ or $ are to the lawful currency of the United States, references to € or Euro are to the lawful currency of the European Union, references to ARS or Argentinean peso are to the lawful currency of Argentina, references to AUD, Australian dollar or A$ are to the lawful currency of Australia, references to BRL or Brazilian real are to the lawful currency of Brazil, references to TZS or Tanzanian shilling are to the lawful currency of the United Republic of Tanzania, references to Ghanaian cedi, GHS, cedi or Gh¢ are to the lawful currency of Ghana, references to CDF or Congolese franc are to the lawful currency of the Democratic Republic of the Congo, references to GBP, British pounds or £ are to the lawful currency of the United Kingdom, references to Canadian dollar, CAD or C$ are to the lawful currency of Canada and references to Colombian peso or COP are to the lawful currency of Colombia.

***Non-GAAP financial measures***

In this annual report on Form 20-F, AngloGold Ashanti presents the financial items "total cash costs net of by-product revenue", "total cash costs per ounce", "all-in sustaining costs", "all-in sustaining costs per ounce", "all-in costs", "all-in costs per ounce" and "average gold price received per ounce", which are not IFRS measures. An investor should not consider these items in isolation or as alternatives to cost of sales, profit/(loss) applicable to equity shareholders, profit/(loss) before taxation, cash flows from operating activities or any other measure of financial performance presented in accordance with IFRS or as an indicator of the Company's performance.

While the Gold Institute has provided definitions for the calculation of total cash costs net of by-product revenue, and during June 2013, the World Gold Council (WGC) published a Guidance Note (which was updated in November 2018) on "all-in sustaining costs" and "all-in costs" metrics, the calculation of total cash costs net of by-product revenue, total cash costs per ounce, all-in sustaining costs, all-in sustaining costs per ounce, all-in costs and all-in costs per ounce may vary significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold mining companies. See *"—Glossary of selected terms—Financial terms—Total cash costs net of by-product revenue", "—Glossary of selected terms—Financial terms—All-in sustaining costs" and "—Glossary of selected terms—Financial terms—All-in costs"*. Nevertheless, AngloGold Ashanti believes that total cash costs net of by-product revenue, all-in sustaining costs and all-in costs in total and per ounce as well as "average gold price received per ounce" are useful indicators to investors and management as they provide:

• an indication of profitability, efficiency and cash flows;

• the trend in costs as the mining operations mature over time on a consistent basis; and

• an internal benchmark of performance to allow for comparison against other mines, both within the AngloGold Ashanti group and at other gold mining companies.

Management prepares its internal management reporting documentation, for use and decision making by the Chief Operating Decision Maker, on an attributable basis. The key metrics are based on the attributable ounces, gold income, total cash costs net of by-product revenue, all-in costs and all-in sustaining costs from each operation and as a consequence includes our share of the total cash costs net of by-product revenue, all-in costs and all-in sustaining costs of our joint ventures that are accounted for on the equity method. In a capital intensive industry, this basis allows management to make operating and resource allocation decisions on a comparable basis between mining operations irrespective of whether they are consolidated or accounted for under the equity method. This basis of calculating the metrics, where costs should be reported on the same basis as sales (i.e., if sales are reported on an attributable basis, then costs should be reported on an attributable basis), is also consistent with the World Gold Council's Guidance Note on Non-GAAP Metrics—All-in Sustaining and All-In Costs.

Although we have shareholder rights and board representation commensurate with our ownership interests in our equity-accounted joint ventures and review the underlying operating results including total cash costs net of by-product revenue, all-in costs and all-in sustaining costs with them at each reporting period, we do not have direct control over their operations or resulting revenue and expenses, nor do we have a proportionate legal interest in each financial statement line item. Our use of

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total cash costs net of by-product revenue, all-in costs and all-in sustaining costs on an attributable basis, is not intended to imply that we have any such control or proportionate legal interest, but rather to reflect the non-GAAP measures on a basis consistent with our internal and external segmental reporting.

A reconciliation of both cost of sales and total cash costs as included in the Company's audited financial statements to "all-in sustaining costs", "all-in sustaining costs per ounce", "all-in costs", "all-in costs per ounce", "total cash costs net of by-product revenue" and "total cash costs per ounce" for each of the three years in the period ended 31 December 2022 is presented herein. See *"Item 5A: Operating Results—Non-GAAP analysis"*.

***Discontinued Operations*** 

On 1 October 2020, Harmony Gold Mining Company Limited ("Harmony") took effective control of AngloGold Ashanti's remaining South African producing assets and related liabilities. The South African asset sale was assessed as a major geographical area of operations and part of a single co-ordinated plan to dispose of a major geographical area of operations. Accordingly, AngloGold Ashanti's remaining South African producing assets and related liabilities were recorded as discontinued operations for the year ended and as at 31 December 2020. In addition, AngloGold Ashanti sold its interests in the Morila and Sadiola gold mines in Mali in November and December 2020, respectively. None of AngloGold Ashanti's Malian assets were recorded as discontinued operations.

***Shares and shareholders***

In this annual report on Form 20-F, references to ordinary shares, ordinary shareholders, equity shareholders and shareholders/members, should be read as common stock, common stockholders and stockholders, respectively, and vice versa.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**CERTAIN FORWARD-LOOKING STATEMENTS**

Certain statements contained in this annual report on Form 20-F, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition.

These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and operational risks and other factors, including mining accidents. For a discussion of such risk factors, refer to *"Item 3D: Risk Factors"* and elsewhere in this annual report. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements.

AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report on Form 20-F or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

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**GLOSSARY OF SELECTED TERMS**

**Financial terms**

---

| |
|:---|
| ***2020 notes:*** The $700 million aggregate principal amount of 5.375 percent notes due 2020, which were repaid at maturity in April 2020 and are no longer outstanding. |
| ***2022 notes:*** The $750 million aggregate principal amount of 5.125 percent notes due 2022, which were repurchased in part in October 2021 with the remainder redeemed in November 2021 and are no longer outstanding. |
| ***2028 notes:*** The $750 million aggregate principal amount of 3.375 percent notes due 2028. |
| ***2030 notes:*** The $700 million aggregate principal amount of 3.750 percent notes due 2030. |
| ***2040 notes:*** The $300 million aggregate principal amount of 6.50 percent notes due 2040. |
| ***All-in costs:*** All-in costs are all-in sustaining costs including additional non-sustaining costs which reflect the varying costs of producing gold over the life-cycle of a mine. Non-sustaining costs are those costs incurred at new operations and costs related to 'major projects' at existing operations where these projects will materially increase production. All-in costs per ounce is arrived at by dividing the dollar value of the sum of these cost metrics, by the ounces of gold sold. |
| ***All-in sustaining costs (AISC):*** During June 2013, the World Gold Council (WGC), an industry body, published a Guidance Note (which was updated in November 2018) on the "all-in sustaining costs" metric, which gold mining companies can use to supplement their overall non-GAAP disclosure. "All-in sustaining costs" is an extension of the existing "total cash cost" metric and incorporates all costs related to sustaining production and in particular recognises the sustaining capital expenditure associated with developing and maintaining gold mines. In addition, this metric includes the cost associated with developing and maintaining gold mines, the cost associated with corporate office structures that support these operations, the community and rehabilitation costs attendant with responsible mining and any exploration and evaluation costs associated with sustaining current operations. All-in sustaining costs per ounce is arrived at by dividing the dollar value of the sum of these cost metrics, by the ounces of gold sold. |
| ***Average gold price received per ounce:*** The attributable gold income (price received), divided by attributable ounces of gold sold. |
| ***Average number of employees:*** The monthly average number of production and non-production employees and contractors employed during the year, where contractors are defined as individuals who have entered into a fixed-term contract of employment with a group company or subsidiary. Employee numbers of joint ventures represent the Group's attributable share. |
| ***Capital or total capital (expenditure):*** Total capital expenditure on tangible assets. |
| ***Effective tax rate:*** Current and deferred taxation charge for the year as a percentage of profit before taxation. |
| ***Market spot gold price:*** The price of gold traded at any given moment on the Over-The-Counter (OTC) wholesale market of which the transaction will be settled in two business days' time. |
| ***Non-foreign operation:*** An entity with a functional currency, the same as the parent company (ZAR), which differs from the Group presentation currency (USD). |
| ***Non-sustaining capital, non-sustaining project capital or growth capital (expenditure):*** Capital expenditure incurred at new operations and capital expenditure related to 'major projects' at existing operations where these projects will materially increase production. |
| ***Ounces of gold produced:*** The attributable number of gold ounces produced by the Group. |
| ***Ounces of gold sold:*** The attributable number of gold ounces sold by the Group. |
| ***Price received $/oz:*** The attributable gold income including realised non-hedge derivatives divided by attributable ounces of gold sold. |
| ***Rated bonds:*** The 2028 notes, the 2030 notes and the 2040 notes. |
| ***Region:*** Defines the operational management divisions within AngloGold Ashanti Limited, namely Africa (DRC, Ghana, Guinea and Tanzania), Australia and the Americas (Argentina and Brazil and projects in the United States and Colombia); the South African operations were sold during 2020. |
| ***Related party:*** Parties are considered related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions or if such parties are under common control.  |
| ***Significant influence:*** The ability, directly or indirectly, to participate in, but not exercise control over, the financial and operating policy decision of an entity so as to obtain economic benefit from its activities. |
| ***Stay-in-business capital (expenditure):*** 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. |
| ***Strate:*** The licensed Central Securities Depository (CSD) for the electronic settlement of financial instruments in South Africa. |

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| |
|:---|
| ***Sustaining capital or 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. |
| ***Total cash costs net of by-product revenue:*** Total cash costs net of by-product revenue include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by-products but exclude amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and related costs, capital costs and exploration costs. Total cash costs net of by-product revenue per ounce is calculated by dividing attributable total cash costs net of by-product revenue by attributable ounces of gold produced. |
| ***Weighted average number of ordinary shares:*** The number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the income of the Group, and increased by share options that are virtually certain to be exercised. |

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**Currencies**

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| | |
|:---|:---|
| $, US$, USD, US dollar or dollar | United States dollar |
| ARS or Argentinean peso | Argentinean peso |
| A$, AUD or Australian dollar | Australian dollar |
| BRL or Brazilian real | Brazilian real |
| £, GBP or British pound | British pound |
| C$, CAD or Canadian dollar | Canadian dollar |
| COP or Colombian peso | Colombian peso |
| CDF or Congolese franc | Congolese franc |
| € or Euro | European euro |
| GHS, Gh¢, Ghanaian cedi or cedi | Ghanaian cedi |
| TZS or Tanzanian shilling | Tanzanian shilling |
| ZAR, R, South African rand or rand | South African rand |

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**Mining terms**

---

| |
|:---|
| ***All injury frequency rate (AIFR):*** The total number of injuries and fatalities that occurs per million hours worked. |
| ***By-products:*** Any potentially economic or saleable products that emanate from the core process of producing gold or copper, including silver, molybdenum and sulphuric acid. |
| ***Carbon-in-leach (CIL):*** Gold is leached from a slurry of ore where cyanide and carbon granules are added to the same agitated tanks. The gold loaded carbon granules are separated from the slurry and treated in an elution circuit to remove the gold. |
| ***Carbon-in-pulp (CIP):*** Gold is leached conventionally from a slurry of ore with cyanide in agitated tanks. The leached slurry then passes into the CIP circuit where activated carbon granules are mixed with the slurry and gold is adsorbed on to the activated carbon. The gold-loaded carbon is separated from the slurry and treated in an elution circuit to remove the gold. |
| ***Comminution:*** Comminution is the crushing and grinding of ore to make gold available for physical or chemical separation (see also "Milling"). |
| ***Contained gold or Contained copper:*** The total gold or copper content (tonnes multiplied by grade) of the material being described. |
| ***Cut-off grade:*** Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio. |
| ***Depletion:*** The decrease in the quantity of ore in a deposit or property resulting from extraction or production. |
| ***Development:*** The process of accessing an orebody through shafts and/or tunneling in underground mining operations. |
| ***Development stage property:*** A development stage property is a property that has Mineral Reserve disclosed, but no material extraction. |
| ***Diorite:*** An igneous rock formed by the solidification of molten material (magma). |
| ***Doré:*** Impure alloy of gold and silver produced at a mine to be refined to a higher purity. |
| ***Economically viable:*** Economically viable, when used in the context of Mineral Reserve determination, means that the Qualified Person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions. |
| ***Electrowinning:*** A process of recovering gold from solution by means of electrolytic chemical reaction into a form that can be smelted easily into gold bars. |
| ***Elution:*** Recovery of the gold from the activated carbon into solution before zinc precipitation or electrowinning. |
| ***Exploration results:*** Exploration results are data and information generated by mineral exploration programs (i.e., programs consisting of sampling, drilling, trenching, analytical testing, assaying, and other similar activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit) that are not part of a disclosure of Mineral Resource or Reserve. A registrant must not use exploration results alone to derive estimates of tonnage, grade, and production rates, or in an assessment of economic viability. |
| ***Exploration stage property:*** An exploration stage property is a property that has no Mineral Reserve disclosed. |
| ***Exploration target:*** An exploration target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. |
| ***Feasibility study:*** A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analyses that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A feasibility study is more comprehensive, and with a higher degree of accuracy, than a pre-feasibility study. It must contain mining, infrastructure, and process designs completed with sufficient rigour to serve as the basis for an investment decision or to support project financing. The confidence level in the results of a feasibility study is higher than the confidence level in the results of a pre-feasibility study. Terms such as full, final, comprehensive, bankable, or definitive feasibility study are equivalent to a feasibility study. |

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| ***Flotation:*** Concentration of gold and gold-hosting minerals into a small mass by various techniques (e.g. collectors, frothers, agitation, air-flow) that collectively enhance the buoyancy of the target minerals, relative to unwanted gangue, for recovery into an over-flowing froth phase. |
| ***Gold produced or Gold production:*** Refined gold in a saleable form derived from the mining process. |
| ***Grade:*** The quantity of ore contained within a unit weight of mineralised material generally expressed in grams per metric tonne (g/t) or ounce per short tonne for gold bearing material or Percentage copper (%Cu) for copper bearing material. |
| ***Greenschist:*** A schistose metamorphic rock whose green colour is due to the presence of chlorite, epidote or actinolite. |
| ***Indicated Mineral Resource:*** An Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a Qualified Person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a Probable Mineral Reserve. |
| ***Inferred Mineral Resource:*** An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resource, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a Mineral Reserve. |
| ***Initial assessment (also known as concept study, scoping study, conceptual study and preliminary economic assessment):*** An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralisation to support the disclosure of Mineral Resource. The initial assessment must be prepared by a Qualified Person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of Mineral Resource but cannot be used as the basis for disclosure of Mineral Reserve. |
| ***Leaching:*** Dissolution of gold from crushed or milled material, including reclaimed slime, prior to adsorption on to activated carbon or direct zinc precipitation. |
| ***Life of mine (LOM):*** Number of years for which an operation is planning to mine and treat ore, and is taken from the current mine plan. |
| ***Measured Mineral Resource:*** A Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a Qualified Person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve. |
| ***Metallurgical plant:*** A processing plant constructed to treat ore and extract gold or copper in the case of Quebradona (and, in some cases, valuable by-products). |
| ***Metallurgical recovery factor (MetRF):*** A measure of the efficiency in extracting gold from the ore. |
| ***Milling:*** A process of reducing broken ore to a size at which concentrating or leaching can be undertaken (see also "Comminution"). |
| ***Mine call factor (MCF):*** The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling. The ratio of contained gold delivered to the metallurgical plant divided by the estimated contained gold of ore mined based on sampling. |
| ***Mineral deposit:*** A mineral deposit is a concentration (or occurrence) of material of possible economic interest in or on the earth's crust. |
| ***Mineralisation:*** The process or processes by which a mineral or minerals are introduced into rock, resulting in a potentially valuable deposit.  |
| ***Mining recovery factor (MRF):*** This factor reflects a mining efficiency factor relating to the recovery of material during the mining process and is the variance between the tonnes called for in the mining design and what the plant receives. It is expressed in both a grade and tonnage number. |

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| ***Mineral Reserve:*** A Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that, in the opinion of the Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. |
| ***Mineral Resource:*** A Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled. |
| ***Modifying Factors:*** Modifying factors are the factors that a Qualified Person must apply to Indicated and Measured Mineral Resource and then evaluate in order to establish the economic viability of Mineral Reserve. A Qualified Person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resource to Proven and Probable Mineral Reserve. These factors include, but are not restricted to: mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. |
| ***Open pit mining:*** An excavation made at the surface of the ground for the purpose of extracting minerals, inorganic and organic, from their natural deposits, which excavation is open to the surface. |
| ***Ounce (oz) (troy):*** Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams. |
| ***Pay limit:*** The grade of a unit of ore at which the revenue from the recovered mineral content of the ore is equal to the sum of total cash costs, closure costs, Mineral Reserve development and stay-in-business capital. This grade is expressed as an in-situ value in grams per tonne or ounces per short ton (before dilution and mineral losses). |
| ***Precipitate:*** The solid product formed when a change in solution chemical conditions results in conversion of some pre-dissolved ions into solid state. |
| ***Preliminary feasibility study (pre-feasibility study):*** is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a Qualified Person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a Qualified Person to determine if all or part of the Indicated and Measured Mineral Resource may be converted to Mineral Reserve at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable. A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an initial assessment. |
| ***Probable Mineral Reserve:*** A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource. |
| ***Production stage property:*** A production stage property is a property with material extraction of Mineral Reserve. |
| ***Productivity:*** An expression of labour productivity based on the ratio of ounces of gold produced per month to the total number of employees in mining operations. |
| ***Proven Mineral Reserve:*** A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource. |
| ***Qualified Person:*** A Qualified Person, in respect of the Company's material properties, is an individual who is (1) a mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) an eligible member or licensee in good standing of a recognised professional organisation at the time the technical report is prepared. Regulation S-K 1300 details further recognised professional organisations and also relevant experience. |
| ***Quartz:*** A hard mineral consisting of silica dioxide found widely in all rocks. |
| ***Recovered grade:*** The recovered mineral content per unit of ore treated. |
| ***Reef:*** A gold-bearing horizon, sometimes a conglomerate band, that may contain economic levels of gold. Reef can also be any significant or thick gold bearing quartz vein. |
| ***Refining:*** The final purification process of a metal or mineral. |
| ***Regulation S-K 1300:*** In October 2018, the SEC adopted Subpart 1300 (17 CFR § 229.1300) of Regulation S-K, along with amendments to related rules and guidance, in order to modernise the property disclosure requirements for mining registrants under the Securities Act and the Securities Exchange Act.  |

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| ***Rehabilitation:*** The process of reclaiming land disturbed by mining to allow an appropriate post-mining use. Rehabilitation standards are defined by country-specific laws, including but not limited to the US Bureau of Land Management, the US Forest Service, and the relevant Australian mining authorities, and address among other issues, ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues.  |
| ***Resource modification factor (RMF):*** This factor is applied when there is an historic reconciliation discrepancy in the Mineral Resource model (e.g. between the Mineral Resource model tonnage and the grade control model tonnage). It is expressed in both a grade and tonnage number. |
| ***Scats:*** Within the metallurgical plants, scats is a term used to describe ejected ore or other uncrushable / grinding media arising from the milling process. This, typically oversize material (ore), is ejected from the mill and stockpiled or re-crushed via a scats retreatment circuit. Retreatment of scats is aimed at fracturing the material such that it can be returned to the mills and processed as with the other ores to recover the gold locked up within this oversize material. |
| ***Seismic event:*** A sudden inelastic deformation within a given volume of rock that radiates detectable seismic energy. |
| ***Shaft:*** A vertical or subvertical excavation used for accessing an underground mine; for transporting personnel, equipment and supplies; for hoisting ore and waste; for ventilation and utilities; and/or as an auxiliary exit. |
| ***Smelting:*** A pyro-metallurgical operation in which gold precipitate from electro-winning or zinc precipitation is further separated from impurities. |
| ***Stoping:*** The process of excavating ore underground. |
| ***Stripping ratio:*** The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes mined divided by ore tonnes mined. |
| ***Tailings:*** Finely ground rock of low residual value from which valuable minerals have been extracted. |
| ***Tonnage:*** Quantity of material measured in tonnes. |
| ***Tonne:*** Used in metric statistics. Equal to 1,000 kilograms. |
| ***Total recordable injury frequency rate (TRIFR):*** The total number of recordable injuries and fatalities that occurs per million hours worked. |
| ***Underground mining:*** The extraction of rocks, minerals and industrial materials, other than coal, oil and gas, from the earth by developing entries or shafts from the surface to the seam or deposit before recovering the product by underground extraction methods. |
| ***Waste:*** Material that contains insufficient mineralisation for consideration for future treatment and, as such, is discarded. |
| ***Yield:*** The amount of valuable mineral or metal recovered from each unit mass of ore expressed as grams per metric tonne. |
| ***Zinc precipitation:*** Zinc precipitation is the chemical reaction using zinc dust that converts gold in solution to a solid form for smelting into unrefined gold bars. |

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**Abbreviations**

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| | |
|:---|:---|
| *%Cu* | Percentage copper |
| *A2X* | A2X Markets |
| *AAIL* | AngloGold Ashanti (Iduapriem) Limited |
| *AARL* | Anglo American Research Laboratories |
| *AC* | Aircore drilling |
| *ADR* | American Depositary Receipt |
| *ADS* | American Depositary Share |
| *AFIP* | Argentinean Tax Authority |
| *Ag* | Silver |
| *AGAC* | AngloGold Ashanti Colombia S.A.S. |
| *AGAG* | AngloGold Ashanti (Ghana) Limited |
| *AGAH* | AngloGold Ashanti Holdings plc |
| *AGM* | Annual General Meeting |
| *AIFR* | All-injury frequency rate |
| *AISC* | All-in sustaining costs |
| *ANLA* | Colombian National Environmental Licencing Authority |
| *ANM* | Brazilian National Mining Agency |
| *ASX* | Australian Securities Exchange |
| *Au* | Gold |
| *AusIMM* | The Australasian Institute of Mining and Metallurgy |
| *B-BBEE* | Broad-Based Black Economic Empowerment |
| *BBSY* | Bank Bill Swap Bid Rate |
| *BEE* | Black Economic Empowerment |
| *BIF* | Banded iron formation |
| *BIOX* | Bacterial oxidation |
| *BLM* | United States Federal Bureau of Land Management |
| *BMRR* | State of Nevada Division of Environmental Protection's Bureau of Mining Regulation and Reclamation |
| *bn* | Billion |
| *CCD* | Counter Current Decant system in thickeners |
| *CDI* | Chess Depositary Interests |
| *CdS* | Córrego do Sítio |
| *CEO* | Chief Executive Officer |
| *CFO* | Chief Financial Officer |
| *CHESS* | Clearing House Electronic Settlement System |
| *CIL* | Carbon-in-leach |
| *CIP* | Carbon-in-pulp |
| *Coeur Sterling* | Coeur Sterling, Inc. |
| *Corvus Gold* | Corvus Gold Inc. |
| *COSO* | Committee of Sponsoring Organisations of the Treadway Commission |
| *CPI* | Consumer Prices index |
| *CSD* | Central Securities Depository |
| *CTC* | Contributed tax capital |
| *Cu* | Copper |
| *CVSA* | Cerro Vanguardia S.A. |
| *Cyanisorb* | Cyanide Recovery Plant |
| *DD* | Diamond drilling |
| *DEI* | Declaration of Environmental Impact |
| *D&I* | Diversity and Inclusion |
| *DIAN* | Colombian Tax Office |
| *DMRE* | South African Department of Mineral Resources and Energy |
| *Dodd-Frank Act* | United States Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended |
| *DRC* | Democratic Republic of the Congo |
| *DSP* | Deferred Share Plan |
| *EHS* | Environmental, health and safety |
| *EIA* | Environmental Impact Assessment |
| *EPS* | Enhanced Production Scheduler |
| *ERP* | Enterprise resource planning |

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| | |
|:---|:---|
| *ESG* | Environmental, social and governance |
| *EU* | European Union |
| *EVP/COO* | Executive Vice President/Chief Operating Officer |
| *Exchange Act* | United States Securities Exchange Act of 1934, as amended |
| *ExCom* | Executive Committee |
| *EY* | Ernst & Young Inc. |
| *E4V* | Exploring for value |
| *FCA* | UK Financial Conduct Authority |
| *FMA* | Argentinean Federal Mining Agreement |
| *FMSHRC* | United States Federal Mine Safety and Health Review Commission |
| *FP* | Full Asset Potential Programme |
| *FS* | Feasibility Study |
| *FTSE* | Financial Times Stock Exchange |
| *FVTOCI* | Fair value through other comprehensive income |
| *FVTPL* | Fair value through profit or loss |
| *G or g* | Grams |
| *g/t* | Grams per metric tonne |
| *GCL* | Gramalote Colombia Limited |
| *GDPR* | EU General Data Protection Regulation |
| *GFW* | Galinheiro Footwall |
| *GGB* | Geita Greenstone Belt |
| *GGM* | Geita Gold Mine |
| *GGML* | Geita Gold Mine Limited |
| *GhDS* | Ghanaian Depositary Share |
| *GHG* | Greenhouse gas |
| *GhSE* | Ghana Stock Exchange |
| *GISTM* | Global Industry Standard on Tailings Management |
| *GJ* | Gigajoule |
| *Gold Fields* | Gold Fields Limited |
| *GRI* | Global Reporting Initiative |
| *GRIDCo* | Ghana Grid Company Limited |
| *HDSA* | Historically disadvantaged South Africans |
| *HME* | Heavy mobile equipment |
| *IASB* | International Accounting Standards Board |
| *ICE* | Intercontinental Exchange |
| *ICMM* | International Council on Mining & Metals |
| *IFRS* | International Financial Reporting Standards as issued by the IASB |
| *IIRC* | International Integrated Reporting Council |
| *IMF* | International Monetary Fund |
| *IRS* | United States Internal Revenue Services |
| *iSIMS* | Integrated Sustainability Information Management System |
| *IT* | Information technology |
| *JORC* | Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves |
| *JSE* | JSE Limited (Johannesburg Stock Exchange) |
| *JV* | Joint venture |
| *KCD* | Karagba, Chauffeur and Durba |
| *King IV* | The King Report on Corporate Governance for South Africa, 2016 |
| *Kg or kg* | Kilograms |
| *Km or km* | Kilometres |
| *Km*<sup>2</sup> | Square kilometres |
| *Koz* | Thousand ounces |
| *LBMA* | London Bullion Market Association |
| *LHOS* | Long Hole Open Stoping |
| *LIBOR* | London Interbank Offer Rate |
| *LOM* | Life of mine |
| *LOS* | Longitudinal Open Stoping |
| *LRS* | Longitudinal Retreat Stoping |
| *LUC* | Localised Uniform Conditioning |

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| | |
|:---|:---|
| *M or m* | Metre or million, depending on the context |
| *MBC* | Mining and Building Contractors Limited |
| *MCF* | Mine call factor |
| *MCQ* | Minera de Cobre Quebradona S.A.S. B.I.C. |
| *MEM* | Tanzanian Ministry of Minerals |
| *MetRF* | Metallurgical recovery factor |
| *Mine Act* | United States Federal Mine Safety and Health Act of 1977, as amended |
| *Mlb* | Million pounds |
| *MME* | Brazilian Ministry of Mines and Energy |
| *Mo* | Molybdenum |
| *MoI* | Memorandum of Incorporation |
| *Moz* | Million ounces |
| *MPRDA* | South African Mineral and Petroleum Resources Development Act, No. 28 of 2002 |
| *MPRDAA* | South African Mineral and Petroleum Resources Development Amendment Act, No. 49 of 2008 |
| *MRF* | Mining recovery factor |
| *mRL* | Metres relative level |
| *MSG* | Mineração Serra Grande S.A. |
| *MSHA* | United States Department of Labor's Mine Safety and Health Administration |
| *MSO* | Datamine Mineable Shape Optimiser |
| *MSR* | Minimum Shareholding Requirement |
| *Mtpa* | Million tonnes per annum |
| *NED* | Non-Executive Director |
| *NEMA* | South African National Environmental Management Act, No. 107 of 1998, as amended |
| *NGER* | Australian National Greenhouse and Energy Reporting |
| *NGO* | Non-governmental organisation |
| *NHIL* | Ghanaian National Health Insurance Levy |
| *NIHL* | Noise-induced hearing loss |
| *NSR* | Net Smelter Return |
| *NYSE* | New York Stock Exchange |
| *OLD* | Occupational lung diseases |
| *OTC* | Over-The-Counter |
| *Oz or oz* | Ounces (troy) |
| *oz/t* | Ounces per tonne |
| *PASEA* | PTP (AGAG) Smoke Effect Association |
| *PCAOB* | United States Public Company Accounting Oversight Board  |
| *PFIC* | Passive foreign investment company |
| *PMMC* | Precious Minerals Marketing Company Ltd |
| *POPIA* | South African Protection of Personal Information Act, No. 4 of 2013 |
| *PTP* | Pompora Treatment Plant |
| *PwC* | PricewaterhouseCoopers Inc. |
| *QKNA* | Quantitative Kriging Neighbourhood Analysis |
| *RC* | Reverse circulation |
| *Remco* | Remuneration and Human Resources Committee |
| *RMF* | Resource modification factor |
| *ROM* | Run of mine |
| *RRSC* | Mineral Resource and Mineral Reserve Steering Committee |
| *S* | Sulphur |
| *SA Companies Act* | South African Companies Act, No. 71 of 2008, as amended |
| *SACNASP* | South African Council for Natural Scientific Professions |
| *SAG* | Société AngloGold Ashanti de Guinée S.A. |
| *SAG mills* | Semi-Autogenous Grinding mills |
| *SA Income Tax Act* | South African Income Tax Act, No. 58 of 1962, as amended |
| *SAMREC* | South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves 2016 edition |
| *SARB* | South African Reserve Bank |
| *SARS* | South African Revenue Service |
| *SASB* | Sustainability Accounting Standards Board |
| *SCB* | Standard Chartered Bank Ghana PLC |
| *SEC* | United States Securities and Exchange Commission |

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| | |
|:---|:---|
| *Securities Act* | United States Securities Act of 1933, as amended |
| *SMS* | Short messaging system |
| *SMU* | Selective mining unit |
| *SOFR* | Secured Overnight Financing Rate |
| *SOKIMO* | Société Minière de Kilo-Moto S.A. |
| *SOX* | United States Sarbanes-Oxley Act of 2002, as amended |
| *STT* | Securities transfer tax |
| *SWNVF* | Southwestern Nevada volcanic field |
| *T or t* | Tonnes (metric) |
| *TANESCO* | Tanzania Electric Supply Company Limited |
| *TOS* | Transverse Open Stoping |
| *Tpa or tpa* | Tonnes per annum |
| *TRA* | Tanzanian Revenue Authority |
| *TRIFR* | Total recordable injury frequency rate |
| *TSF* | Tailings storage facility |
| *UC* | Uniform Conditioning |
| *UNCITRAL* | United Nations Commission on International Trade Law |
| *UNECA* | United Nations Economic Commission for Africa |
| *UNGC* | United Nations Global Compact |
| *UNGP* | United Nations Guiding Principles for Business and Human Rights |
| *UNSDGs* | United Nations Sustainable Development Goals |
| *US/U.S./USA/United States* | United States of America |
| *US/SA Double Taxation Treaty* | Convention Between the Government of the United States of America and the Republic of South Africa for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains, signed 17 February 1997 |
| *UTM* | Universal Transverse Mercator |
| *VAT* | Value added tax |
| *VPSHR* | Voluntary Principles on Security and Human Rights |
| *WGC* | World Gold Council |
| *XBRL* | eXtensible Business Reporting Language (including in-line XBRL, i-XBRL) |

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***Note:*** Rounding of figures in this annual report on Form 20-F may result in computational discrepancies.

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**PART I**

**ITEM 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS**

Not applicable.

**ITEM 2: OFFER STATISTICS AND EXPECTED TIMETABLE**

Not applicable.

**ITEM 3: KEY INFORMATION**

**3A.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]**

**3B.&nbsp;&nbsp;&nbsp;&nbsp;CAPITALISATION AND INDEBTEDNESS**

Not applicable.

**3C.&nbsp;&nbsp;&nbsp;&nbsp;REASONS FOR THE OFFER AND USE OF PROCEEDS**

Not applicable.

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 **3D.**&nbsp;&nbsp;&nbsp;&nbsp;**RISK FACTORS**

This section describes many of the risks that could affect AngloGold Ashanti. There may, however, be additional risks unknown to AngloGold Ashanti and other risks, currently believed to be immaterial, that could turn out to be material. Additional risks may arise or become material subsequent to the date of this document. These risks, either individually or simultaneously, could significantly affect the Group's business, operational and financial results and the price of its securities.

**SUMMARY OF RISK FACTORS**

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Risks Related to AngloGold Ashanti's Industry</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti is increasingly expected to operate in a sustainable manner and to provide benefits and mitigate adverse impacts to affected communities. Failure to do so can result in legal suits, additional costs to address social or environmental impacts of operations, investor divestment, adverse reputational impacts and loss of "social licence to operate", and could adversely impact AngloGold Ashanti's financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti is subject to many risks related to the development of existing and new mining projects that may adversely affect its results of operations and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations. Failure to comply with these requirements could result in enforcement proceedings, claims, suspension of operations, community protest and/or additional capital or operating expenditures that could adversely impact AngloGold Ashanti's financial condition or reputation.

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact AngloGold Ashanti's financial condition, results of operations and reputation.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti's ability to replace Mineral Reserve is subject to uncertainty and risks inherent in exploration, technical and economic pre-feasibility and feasibility studies and other project evaluation activities as well as competition within the industry for attractive mining properties.

&nbsp;&nbsp;&nbsp;&nbsp;• Mining is inherently hazardous and the related risks of events that cause disruptions to AngloGold Ashanti's mining operations may adversely impact the environment or the health, safety or security of our workers or the local community, production, cash flows and overall profitability.

&nbsp;&nbsp;&nbsp;&nbsp;• Mining operations and projects are vulnerable to supply chain disruption such that operations and development projects could be adversely affected by shortages of, as well as extended lead times to deliver, strategic spares, critical consumables, mining equipment or metallurgical plant.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti's operations are vulnerable to infrastructure constraints.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti faces strong competition and industry consolidation.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Risks Related to AngloGold Ashanti's Operations and Business</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti's mineral deposits, Mineral Reserve and mining operations are located in countries where political, tax and economic laws and policies may change rapidly and unpredictably and such changes and policies may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries.

&nbsp;&nbsp;&nbsp;&nbsp;• The prevalence of occupational health diseases and other diseases and the potential costs and liabilities related thereto may have an adverse effect on the business and results of operations of AngloGold Ashanti.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti's inability to retain its senior management may have an adverse effect on its business.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti competes with mining and other companies for key human resources with critical skills and its inability to retain key personnel could have an adverse effect on its business.

&nbsp;&nbsp;&nbsp;&nbsp;• Increased labour costs could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• The use of contractors at certain of the Company's operations may expose AngloGold Ashanti to delays or suspensions in mining activities and increased mining costs.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti's Mineral Reserve, deposits and mining operations are located in countries that face instability, public health and security risks that may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries.

&nbsp;&nbsp;&nbsp;&nbsp;• Labour unrest, activism and disruptions (including protracted stoppages) could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• Artisanal and illegal mining occurs on AngloGold Ashanti's properties, which can disrupt the Company's business, have adverse environmental, health, safety and security impacts, and expose the Company to liability.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti's mining rights in the countries in which it operates could be altered, suspended or cancelled for a variety of reasons, including breaches in its obligations in respect of such mining rights.

&nbsp;&nbsp;&nbsp;&nbsp;• Title to AngloGold Ashanti's properties may be uncertain and subject to challenge.

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**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Risks Related to AngloGold Ashanti's Corporate and Financing Structure and Strategy</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti expects to have significant financing requirements.

&nbsp;&nbsp;&nbsp;&nbsp;• Sales of large quantities of AngloGold Ashanti's ordinary shares and American Depositary Shares ("ADSs"), or the perception that these sales may occur or other dilution of the Company's equity, could adversely affect the prevailing market price of the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti may not pay dividends or make similar payments to shareholders in the future.

&nbsp;&nbsp;&nbsp;&nbsp;• Certain factors may affect AngloGold Ashanti's ability to support the carrying amount of its property, plant and equipment, intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable, AngloGold Ashanti may be required to recognise an impairment charge, which could be significant.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti does not have full management control over some of its significant joint ventures and other projects. If the operators of these joint ventures or projects do not manage these effectively and efficiently, the Company's investment in these joint ventures or projects could be adversely affected and its reputation could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;• Any downgrade of credit ratings assigned to AngloGold Ashanti's debt securities could increase future interest costs and adversely affect the availability of new financing.

&nbsp;&nbsp;&nbsp;&nbsp;• The level of AngloGold Ashanti's indebtedness could adversely impact its business.

&nbsp;&nbsp;&nbsp;&nbsp;• Any acquisition or acquisitions that AngloGold Ashanti may complete may expose the Company to new geographic, political, legal, social, operating, financial and geological risks.

&nbsp;&nbsp;&nbsp;&nbsp;• The occurrence of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may adversely affect cash flows and overall profitability.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Market Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• The price of gold, AngloGold Ashanti's principal product, and other commodity market price fluctuations could adversely affect the profitability of operations.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign exchange fluctuations could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• The profitability of mining companies' operations and the cash flows generated by these operations are significantly affected by fluctuations in input production prices, many of which are linked to the prices of oil and steel.

&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in the exchange rate of currencies may reduce the market value of AngloGold Ashanti's securities, as well as the market value of any dividends or distributions paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;• Global political and economic conditions could adversely affect the profitability of operations.

&nbsp;&nbsp;&nbsp;&nbsp;• Energy cost increases and power fluctuations and stoppages could adversely impact AngloGold Ashanti's results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation may have a material adverse effect on results of operations.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Regulatory and Legal Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with laws, regulations, standards and contractual obligations, breaches in governance processes or fraud, bribery and corruption may lead to regulatory penalties, loss of licences or permits, negative effects on AngloGold Ashanti's reported financial results, and adversely affect its reputation.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti is subject to the risk of litigation, the causes and costs of which are uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with "conflict minerals" and "responsible gold" legislation and standards could result in significant costs.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti's operations are subject to various climate change-related physical risks which may adversely impact its production activities, mine sites and personnel and/or result in resource shortages or environmental damages.

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with emerging climate change-related requirements, including stricter regulations and the potential imposition of carbon taxes or GHG emissions cap-and-trading schemes or the elimination of related subsidies, that are expected to be part of a country's participation in a transition to a lower-carbon economy, could result in significant additional costs and expose AngloGold Ashanti to additional liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;• Increasing scrutiny and changing expectations from AngloGold Ashanti's stakeholders, including communities, governments and NGOs as well as investors, lenders and other market participants, with respect to AngloGold Ashanti's Environmental, Social and Governance ("ESG") performance and policies may impact AngloGold Ashanti's reputation, result in additional costs to meet the expectations of stakeholders, hinder access to capital or expose AngloGold Ashanti to additional risks, including disinvestment and litigation.

&nbsp;&nbsp;&nbsp;&nbsp;• AngloGold Ashanti's inability to maintain an effective system of internal control over financial reporting may have an adverse effect on investors' confidence in the reliability of its financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;• Breaches in cybersecurity and violations of data protection laws may adversely impact or disrupt AngloGold Ashanti's business.

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. securities laws do not require AngloGold Ashanti to disclose as much information to investors as a U.S. issuer is required to disclose, and investors may receive less information about the Company than they might otherwise receive from a comparable U.S. company.

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**<u>Risks Related to AngloGold Ashanti's Industry</u>**

***AngloGold Ashanti is increasingly expected to operate in a sustainable manner and to provide benefits and mitigate adverse impacts to affected communities. Failure to do so can result in legal suits, additional costs to address social or environmental impacts of operations, investor divestment, adverse reputational impacts and loss of "social licence to operate", and could adversely impact AngloGold Ashanti's financial condition.***

As a result of public concern about the perceived ill effects of economic globalisation and resource extraction activities, businesses in general and large multinational mining corporations in particular face increasing public scrutiny of their activities. The cost of measures and other issues relating to the sustainable development of mining operations could place significant demands on personnel resources, could increase capital and operating costs and could have an adverse impact on AngloGold Ashanti's reputation, results of operations and financial condition.

Mining companies are under increasing pressure to demonstrate that, whilst they seek a satisfactory return on investment for shareholders, other social partners, including employees, host communities and more broadly, the countries in which they operate, also benefit from their commercial activities. Such pressures tend to be particularly targeted towards companies whose activities are perceived to have, or have, a high impact on their social and physical environment. Social media and other web-based tools to share user-generated content further increases the potential scope and force of public scrutiny. Adverse publicity in cases where companies are perceived as failing to create sufficient social and economic benefit may result in reputational damage, active community opposition, allegations of human rights abuses, legal suits and investor divestment.

Mining operations are often located at or near existing towns and villages, natural waterways and other infrastructure or natural resources. As the impacts of dust generation, waste storage, water pollution or water shortages may be directly adverse to those communities, poor environmental management practices, or, in particular, adverse changes in the supply or quality of water, can result in community protest, regulatory sanctions or ultimately in the withdrawal of community and government support for company operations. For example, following a 2017 popular consultation in the Colombian municipality of Cajamarca in the Tolima department, which hosts the Company's La Colosa exploration site, AngloGold Ashanti's management suspended much of the current fieldwork around the project until the related environmental permits are granted. Similarly, in the Colombian town of Piedras in the Tolima department, which is not located in the immediate vicinity of the La Colosa exploration site, AngloGold Ashanti also contested a 2013 popular consultation which attempted to ban all mining activities in the area. Subsequently, the Colombian Constitutional Court has decided that local municipalities or regions do not have authority to veto mining activities through popular consultations. See "*Item 8A: Legal Proceedings—Colombia*". If AngloGold Ashanti is unsuccessful in securing community support for its projects, or groups opposed to mining successfully pursue similar or other legal mechanisms to attempt to block exploration or extraction activities, there could be an adverse impact on AngloGold Ashanti's reputation, its ability to develop its mining concessions, and its results of operations and financial condition.

In addition, as AngloGold Ashanti has a long history of mining operations in certain regions, issues may arise regarding historical, as well as potential future, environmental or health impacts in those areas. For example, certain parties, including non-governmental organisations ("NGOs"), community groups and institutional investors, could raise concerns and even threaten or commence litigation relating to air pollution or surface and groundwater quality, among other issues, in the area surrounding the Company's mines or exploration sites. *See "Item 8A: Legal Proceedings".*

Disputes with surrounding communities may also affect mining operations, particularly where they result in restrictions of access to supplies and to mining operations. The miners' access to land may be subject to the rights or asserted rights of various community stakeholders, including indigenous people. Access to land and land use is of critical importance to the Company for exploration and mining, as well as for ancillary infrastructure. In some cases, AngloGold Ashanti has had difficulty gaining access to new land because of perceived poor community compensation practices. For example, compensation remains a significant area of concern at Siguiri in Guinea. Delays in projects as well as increased costs attributable to a lack of community support can translate directly into a decrease in the value of a project or into an inability to bring the project to production. Where consultation with stakeholders is statutorily or otherwise mandated and relations do not remain amicable, disputes may lead to reduced access to properties or delays in operations.

***AngloGold Ashanti is subject to many risks related to the development of existing and new mining projects that may adversely affect its results of operations and profitability.***

Development of AngloGold Ashanti's existing and new mining projects may be subject to unexpected problems, costs and delays that could impact the Company's ability to develop or operate the relevant project as planned. For example, constraints on the supply of mining and processing equipment, increases in capital and operating costs, or reduced availability of consistent skilled labour, utilities, transportation and/or appropriate smelting and refining arrangements could result in delays in completing projects.

AngloGold Ashanti may prove unable to successfully operate existing mine sites or to develop potential exploration sites due to, for example, social and community opposition, litigation and governmental regulatory or administrative proceedings, changes in

applicable regulations or other requirements, the classification of land covered by mining titles as an environmentally-protected area, ore body grades, the inability of any such project to meet AngloGold Ashanti's investment hurdle rate, and delays that could

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result in the expiry of permits. See "*—AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations. Failure to comply with these requirements could result in enforcement proceedings, claims, suspension of operations, community protest and/or additional capital or operating expenditures that could adversely impact AngloGold Ashanti's financial condition or reputation*". The remote location of many mining properties, delays in obtaining or failure to obtain necessary environmental and other governmental permits and approvals, the impact of public health crises, epidemics or pandemics (including the COVID-19 pandemic) as well as third-party legal challenges to individual mining projects and broader social or political opposition to mining may increase the cost, timing and complexity of mine development and construction. For example, in December 2019, AngloGold Ashanti applied for the required environmental authorisations to develop the Quebradona project in Colombia. On 4 November 2021, the National Environmental Licensing Authority of Colombia (*Autoridad Nacional de Licencias Ambientales* or "ANLA") officially notified AngloGold Ashanti of its decision to 'archive' the environmental licence application relating to the Quebradona project. ANLA has neither denied nor granted the licence, but deemed that the information provided by AngloGold Ashanti is not sufficient for this authority to make a substantive decision. On 18 November 2021, AngloGold Ashanti appealed the archiving decision in order to secure further details on the specific additional information ANLA requires to make a determination. ANLA denied the appeal on 29 April 2022 and the archiving decision was confirmed. AngloGold Ashanti is in the process of preparing a new Environmental Impact Assessment for the project to submit to ANLA in connection with its environmental licence application.

Accordingly, AngloGold Ashanti's future development activities may not result in the expansion or replacement of current production, or one or more new production sites or facilities may not be developed as planned or may be less profitable than anticipated or even be loss-making. A failure in the Company's ability to develop and operate mining projects in accordance with, or in excess of, expectations could negatively impact its results of operations, as well as its financial condition and prospects.

***AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations. Failure to comply with these requirements could result in enforcement proceedings, claims, suspension of operations, community protest and/or additional capital or operating expenditures that could adversely impact AngloGold Ashanti's financial condition or reputation.***

AngloGold Ashanti's operations are subject to extensive and rapidly changing environmental, health and safety laws and regulations in the various jurisdictions in which it operates. These regulations, as well as international standards for the industry, establish limits and conditions on the Company's ability to conduct its operations and govern, among other things, extraction, use and conservation of water resources; air emissions (including dust control); mine and dam safety; water treatment and discharge; regulatory and community reporting; clean-up of contamination; land use and conservation of protected areas; safety and health of employees and community health; and the generation, transportation, storage and disposal of solid and hazardous wastes, such as reagents, radioactive materials and mine tailings.

The cost of compliance with environmental, health and safety laws and regulations is expected to continue to be significant to AngloGold Ashanti. From time to time, new or updated laws, regulations and standards are introduced and may be more stringent than those to which AngloGold Ashanti is currently subject, including with respect to tailings management and TSFs. See "—*Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact AngloGold Ashanti's financial condition, results of operations and reputation.*" Should compliance with these laws, regulations and standards require a material increase in expenditures or material changes or interruptions to operations or production, including as a result of any incident or failure to comply with applicable regulations, the Company's results of operations and financial condition could be adversely affected. For example, AngloGold Ashanti expects to incur approximately $25 to $30 million in capital expenditure and operating costs during 2023-2026 in connection with the treatment and disposal of a quantity of legacy arsenic trioxide waste located at the Obuasi mine. AngloGold Ashanti could also incur fines, penalties and other sanctions, clean-up costs and third-party claims for personal injury or property damage, suffer reputational damage, or be required to install costly pollution control equipment or to modify or suspend operations, as a result of actual or alleged violations of environmental, health and safety laws and regulations or the terms of AngloGold Ashanti's permits. For example, in 2022, AngloGold Ashanti was informed of two incidents involving potentially unauthorised cutting of vegetation, one by a contractor and the other by a subtenant, at the La Colosa project near Cajamarca. The Company promptly notified Cortolima, the regional environmental authority in the Tolima department, as well as the national Environmental Ministry of the incidents. Cortolima has opened a formal environmental investigation. At this time, the Company is not able to determine whether the incidents will result in enforcement action against AngloGold Ashanti, including any civil fines against the Company or criminal sanctions against any individuals involved in the incident or against any AngloGold Ashanti employees. In some of the jurisdictions in which AngloGold Ashanti operates, the government may enforce a total or partial shutdown of facilities, including TSFs, or operations to conduct investigations into the cause of safety or environmental incidents involving those facilities or at those operations. See "—*Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact AngloGold Ashanti's financial condition, results of operations and reputation*." AngloGold Ashanti's reputation could be damaged by any significant governmental investigation or enforcement action for non-compliance with health and safety laws, regulations or standards. Any of these factors could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.

Failure to comply with applicable environmental, health and safety laws and regulations may also result in the suspension or revocation of operating permits. For example, in Colombia, AngloGold Ashanti's core mining concession contracts provide that the Colombian mining authority, having regard to due process, could declare the underlying concession void if the Company repeatedly or continually breaches applicable environmental laws or regulations or engages in acts of corruption or other serious

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misconduct. In the event the concession is voided, AngloGold Ashanti could be required to abandon the relevant project and, depending on the severity of the violations or misconduct, the Colombian mining authority may cancel its other existing mining concession contracts. Pending proposals for new mining concession contracts could also be cancelled and the Company could be banned from doing business with the Colombian government for a period of five years.

AngloGold Ashanti's ability to obtain and maintain permits and to successfully operate in particular communities may be adversely impacted by real or perceived effects on the environment or human health and safety associated with AngloGold Ashanti's or other mining companies' activities. For example, in Colombia, various plaintiffs, including certain governmental authorities and various associations that represent local communities, brought legal proceedings against AngloGold Ashanti in order to stop exploration, development and mining activities in certain areas, in which its exploration projects are located, due to environmental concerns. For instance, a consolidated class action with respect to the La Colosa project is currently pending before the Council of State of Colombia (the highest court for administrative matters) with respect to the impact of the project on the environment. If AngloGold Ashanti does not prevail before the Council of State, it may have to perform one or more technical studies in relation to the La Colosa project, which if they were to conclude that a "threat" to the environment exists, could result in the suspension of certain development activities or even the abandonment of the project. See "*Item 8A: Legal Proceedings—Colombia*".

Environmental impacts arising in connection with AngloGold Ashanti's operations could lead to the imposition of legal obligations, including the remediation of environmental contamination, claims for property damage and personal injury from adjacent communities and restrictions on mining operations. For example, temporary gold processing stoppages after environmental incidents, such as pipeline failures or deficiencies in water management systems, have occurred previously at AngloGold Ashanti's operations. Leaks or discharges of hazardous materials could result in liabilities for clean-up or personal injury that may not be covered by insurance. The Company has identified groundwater contamination plumes at certain of its operations that have occurred primarily as the result of seepage from surface operations and facilities, including tailings storage facilities and waste rock piles, or from sulphide or other substances in local rock formations which are exposed to water. In addition, closure of a mine could trigger or accelerate regulatory or other obligations, including to conduct environmental rehabilitation activities and/or to address historical impacts on environmental quality in the area surrounding the mine. Costs incurred by AngloGold Ashanti in excess of its existing provisions for such matters, or on a more accelerated or compressed timeline than currently anticipated, could have a material adverse impact on AngloGold Ashanti's results of operations and financial condition.

In addition, the use of hazardous materials in metallurgical processing remains under continued scrutiny. As there are few, if any, effective substitutes in extracting gold from the ore, any ban or material restrictions on the use of such materials in mining operations in the jurisdictions where AngloGold Ashanti conducts its operations could adversely affect the Company's results of operations and financial condition.

AngloGold Ashanti's operations are heavily dependent upon access to substantial volumes of water for use in the mining and extractive processes and typically are subject to water-use permits or rights to extract water from certain natural sources that govern usage and require, among other things, that mining operations maintain certain water quality upon discharge. Water supply, quality and usage are areas of concern across all of AngloGold Ashanti's operations, including with respect to the Company's mining operations in Ghana and Brazil, its mine development projects in Nevada, as well as its mine development project at Quebradona in Colombia. Any failure by AngloGold Ashanti to secure access to suitable water supplies, or achieve and maintain compliance with applicable requirements of the permits or rights, could result in curtailment or halting of production at the affected operations. Incidents of water pollution or shortage can, in certain cases, lead to community protest and ultimately to the withdrawal of community and government support for AngloGold Ashanti's operations. A failure by AngloGold Ashanti to comply with water contamination related directives may result in further, more stringent, directives being issued against AngloGold Ashanti, which may, in some cases, result in a temporary or partial shutdown of some of the Company's operations.

Mining companies are required by law to close their operations at the end of the mine life and rehabilitate the impacted areas. Estimates of the total ultimate closure, reclamation and rehabilitation costs for gold mining operations are significant and based principally on life-of-mine profiles, changing inflation and discount rate assumptions, changing infrastructure and facilities design and current legal and regulatory requirements that may change materially. Environmental liabilities are accrued when they become known, are probable and can be reasonably estimated. Increasingly, regulators are seeking security in the form of cash collateral or bank guarantees in respect of environmental obligations. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine*".

AngloGold Ashanti's provisions for decommissioning and for restoration (excluding joint ventures and discontinued operations) totalled $578 million in 2022, $673 million in 2021 and $659 million in 2020. Costs associated with rehabilitating land disturbed by mining processes and addressing environmental, health, safety and community issues are estimated and financial provision made based upon current available information based on AngloGold Ashanti's commitments, applicable environmental legislation or agreements with government. Estimates notably relate to discount rates, which may vary due to changes in global economic and political risk conditions and assumptions, each of which is subject to change and certain changes may not be reasonably foreseen, and mine plans, which may change in line with variations in cash flows, designs of tailings storage facilities and methodologies used to compute liabilities (including as a result of a request from environmental regulatory authorities). As such, estimates may be insufficient and further costs may be identified at any stage that may exceed the provisions that AngloGold Ashanti has made. Any underestimated or unidentified rehabilitation costs would reduce earnings and could materially and

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adversely affect AngloGold Ashanti's asset values, earnings and cash flows. Further, sudden changes in a life-of-mine plan or the accelerated closure of a mine may give rise to the recognition of additional liabilities that are not anticipated.

Environmental laws, regulations and standards are continually changing and are generally becoming more stringent. Changes to AngloGold Ashanti's environmental compliance obligations or operating requirements could adversely affect its operations, rate of production and revenue. Variations in laws and regulations, assumptions made to estimate liabilities, standards or operating procedures, more stringent emission or pollution thresholds or controls, or the occurrence of unanticipated conditions, may require operations to be suspended or permanently closed, and could increase AngloGold Ashanti's expenses and provisions. These expenses and provisions could adversely affect AngloGold Ashanti's results of operations and financial condition.

***Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact AngloGold Ashanti's financial condition, results of operations and reputation.***

Mining and mineral processing operations generate waste rock and tailings. The impact of managing related solid and hazardous materials, including dust and residual chemicals and metals, or a breach, leak, or other failure of a waste rock facility or TSF, including any associated dam, can be significant. An incident at AngloGold Ashanti's operations could result, among other things, in the voluntary or mandatory shutdown of a TSF, enforcement, obligations to remediate environmental contamination, negative press coverage, and claims for property or natural resources damages and personal injury by adjacent communities. For example, in March 2022, due to a failure of pump equipment at the Cuiabá mine, there was a spill of tailings slurry that reached the Cuiabá stream in Sabará. The relevant local, state and federal authorities were notified, as well as the community in the vicinity of the mine, and corrective actions were taken. Following the incident, the Minas Gerais State Public Prosecutor's Office filed a civil action against AngloGold Ashanti alleging environmental and socio-economic damages to the community and requesting an injunction suspending operations at the mine pending an independent technical audit of the TSF structure. Settlement of the state's action required AngloGold Ashanti to engage an independent technical auditor to prepare assessment reports certifying the stability of certain surface operations and environmental controls and to pay approximately $1.4 million for socio-environmental projects and environmental education in the municipality of Sabará and to donate land to a federal organisation for conservation purposes. Incidents at other mining companies' operations could also result in governmental action to tighten regulatory requirements and restrict certain mining activities, in particular with respect to TSFs. See "*—AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations. Failure to comply with these requirements could result in enforcement proceedings, claims, suspension of operations, community protest and/or additional capital or operating expenditures that could adversely impact AngloGold Ashanti's financial condition or reputation."* and also "*Item 4B: Business Overview—Sustainability and Environmental, Social and Governance ("ESG") Matters*".

In recent years, environmental licensing processes for mining companies have become more stringent, and especially those involving TSFs in Brazil. Brazilian authorities, both at the federal and state levels, have generally increased scrutiny of mining operations in Brazil, and of TSFs in particular, and have been considering, and in some cases have adopted, stricter laws and regulations applicable to the approval, licensing, construction, management, closure and decommissioning of TSFs in Brazil. It is likely that there will be further changes in federal and state legislation and regulation, as well as much more intense scrutiny and control of, as well as increased costs associated with inspecting, maintaining and constructing TSFs. For example, in 2019, the federal Brazilian National Mining Agency ("ANM") issued a resolution which, among other things, prohibits the upstream method for the construction or heightening of tailings dams throughout the national territory of Brazil and requires existing upstream TSFs to be decommissioned. As a result, the Serra Grande tailings dam in the state of Goiás must be decommissioned by 15 September 2025. With respect to downstream (or "centerline") TSFs, a federal law adopted in 2020 requires companies, to the extent that communities are located in the self-rescue zone of those TSFs, to (i) deactivate and decommission the structure, (ii) relocate the population, with reparations, or (iii) reinforce the stability of the structure. Deactivation and decommissioning of those TSFs will be required at the end of the life of the mine. All of the TSFs operated by AngloGold Ashanti in Brazil have communities located in self-rescue zones. As of 31 December 2022, AngloGold Ashanti has fully transitioned to dry-stacking operations for tailings storage at each location in Brazil. Capital expenditures required in 2022 to implement this new technology amounted to approximately $83 million. Capital expenditures for work required to comply with TSF-related requirements during the period 2023-2025 are expected to be material but, based on preliminary estimates to date, AngloGold Ashanti anticipates that annual expenditures for each of these years will be less than in prior years and will decline over time. See *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil" and "Item 4B: Business Overview—Sustainability and Environmental, Social and Governance ("ESG") Matters".*

In addition, a new ANM resolution that became effective on 22 February 2022 establishes new criteria for the operational management of TSF structures, changes the criteria related to the risk classification of TSF structures and emergency levels and sets new criteria for the suspension, embargo (order to stop operations) and interdiction of TSF activities. Operators of TSFs were mandated to conduct and submit risk assessments to the ANM by December 2022 and are required to update those risk assessments every two years. Operators are also required, on an annual basis, to obtain certifications from external consultants of the geotechnical stability of TSF structures and the adequacy of emergency response plans. In late 2022, tailings deposition was required to be suspended due to embargos at five of AngloGold Ashanti's TSFs in Brazil pending certification by external consultants of on-site emergency response plans (*Declaração de Conformidade e Operacionalidade* ("DCO")) as well as, at one such TSF, certification by external consultants of geotechnical stability (*Declaração de Condição de Estabilidade* ("DCE")) consistent with the new standards. In addition, at the Calcinados TSF, a risk assessment conducted in December 2022 with oversight from external consultants, as required by Brazilian regulations, concluded that additional buttressing should be completed to align the TSF's post liquefaction factor of safety with international standards currently considered best practice.

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Construction at the Calcinados TSF is expected to begin later in 2023, and the timeline for completion will be determined once the engineering and geotechnical work has been completed by external consultants. Tailings deposition at the Calcinados TSF, as well as processing of gold concentrate at the Queiroz plant, which services the Cuiabá mine complex, is suspended until additional buttressing of the Calcinados TSF impoundment is complete.

Additionally, public prosecutors have been pursuing an active role in the enforcement of new state and federal laws and regulations by way of legal action against several mining companies to compel compliance with these new rules. For example, one of the Company's Brazilian subsidiaries was involved in such lawsuit in the state of Minas Gerais in relation to the Cuiabá tailings dam, and the matter was settled with the public prosecutor in July 2022. A lawsuit against another Brazilian subsidiary of the Company in the state of Goiás in respect of the Serra Grande tailings dam is currently pending appeal. While particular lawsuits may be settled or resolved in favour of the Company, the outcome of such lawsuits generally cannot be predicted. If any future lawsuits of a similar nature are resolved adversely to AngloGold Ashanti, such outcome may result in additional and accelerated operating or capital costs for the Company, including costs exceeding its current provisions for decommissioning its sites in Brazil, which may adversely affect AngloGold Ashanti's financial condition and results of operations. See "*Item 8A: Legal Proceedings—Brazil*". In addition, it is believed that communities will increasingly seek engagement and information with respect to the adequacy of the safety measures in place to protect them from TSF-related incidents.

***AngloGold Ashanti's ability to replace Mineral Reserve is subject to uncertainty and risks inherent in exploration, technical and economic pre-feasibility and feasibility studies and other project evaluation activities as well as competition within the industry for attractive mining properties.***

AngloGold Ashanti must continually replace Mineral Reserve depleted by mining and production to maintain or increase production levels in the long term. This process includes exploration activities that are speculative in nature. The ability of AngloGold Ashanti to sustain or increase its present levels of gold production depends in part on the success of its exploration activities and related projects and it may be unable to sustain or increase such production levels.

Project studies and exploration activities necessary to determine the current or future viability of a mining operation, including the estimation of tonnages, grades and metallurgical characteristics of the ore, are often unproductive and unpredictable. Such activities often require substantial expenditure on exploration drilling to establish the presence, extent and grade (metal content) of mineralised material. Following, and in parallel with, ongoing exploration activities AngloGold Ashanti undertakes project studies to estimate the technical and economic viability of mining projects and to determine appropriate mining methods and metallurgical recovery processes. For example, during 2022, AngloGold Ashanti commenced a pre-feasibility study at Silicon and a feasibility study is currently underway at North Bullfrog.

Once mineralisation is discovered, it may take several years to determine whether an adequate Mineral Reserve exists, during which time the economic viability of the project may change due to fluctuations in factors that affect both revenue and costs, including:

• prevailing and anticipated prices of metals and other commodities, including gold, silver and copper;

• prevailing and anticipated local or foreign currency exchange rates;

• the required return on investment as based on the cost and availability of capital;

• applicable regulatory requirements, including those relating to environmental or health and safety matters;

• recovery rates of gold and other metals from the ore; and

• capital expenditure and cash operating costs (which may be impacted by inflation).

These estimates depend on assumptions made based on available data during the particular project phase. Mineral Reserve estimates are not precise calculations and depend on the interpretation of limited information on the location, shape and continuity of the mineral occurrence and on available current and historical sampling results. No assurance can be given that Mineral Reserve estimates or other estimates are accurate or that the indicated levels of gold, silver, copper or other mineral will be produced. Further exploration and project studies can result in new data becoming available that may change previous or historical Mineral Reserve estimates and impact the technical and economic viability of production from the project. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of Mineral Reserve resulting in revisions to previous or historical Mineral Reserve estimates. These revisions in Mineral Reserve estimates as well as changes in life-of-mine estimates could also impact depreciation and amortisation rates, asset carrying values and/or estimates for closure, restoration and environmental rehabilitation costs.

AngloGold Ashanti undertakes annual revisions to its Mineral Reserve estimates based upon ongoing exploration and production results, depletion, new geological/geotechnical information, model revisions, revised mine planning, and fluctuations in production, forecasts of commodity prices, economic assumptions and operating and other costs as well as asset sales and acquisitions. These factors may result in reductions in Mineral Reserve estimates, which could adversely affect life-of-mine plans and consequently the total value of AngloGold Ashanti's mining asset base. Mineral Reserve restatements could negatively affect the Company's results of operations, as well as its financial condition and prospects.

Due to a declining rate of discovery of new gold Mineral Reserve in recent years, AngloGold Ashanti faces intense competition for the acquisition of attractive mining properties. From time to time, AngloGold Ashanti evaluates the acquisition of a Mineral Reserve, development properties or operating mines, either as stand-alone assets or as part of existing companies. For example, AngloGold Ashanti recently increased its mining properties in the Beatty district of southern Nevada through its

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acquisition of Corvus Gold Inc. in January 2022 and Coeur Sterling, Inc. in November 2022. AngloGold Ashanti's decision to acquire properties is based on a variety of factors, including historical operating results, estimates and assumptions regarding the extent of the existing or potential Mineral Reserve, cash and other operating costs, gold prices, projected economic returns and evaluations of existing or potential liabilities associated with the relevant property and its operations and how these factors may change in the future. Other than historical operating results, these factors are uncertain and could have an impact on revenue, cash and other operating costs, as well as the process used to estimate the relevant Mineral Reserve.

As a result of these uncertainties and declining grades, AngloGold Ashanti's exploration and acquisitions may not result in the expansion or replacement of current production, the maintenance of its existing Mineral Reserve net of production or yield an increase in Mineral Reserve. AngloGold Ashanti's results of operations and financial condition are directly related to the success of its exploration and acquisition efforts and the ability to replace or increase the existing Mineral Reserve as it is depleted. If AngloGold Ashanti is not able to maintain or increase its Mineral Reserve, its results of operations as well as its financial condition and prospects could be adversely affected.

***Mining is inherently hazardous and the related risks of events that cause disruptions to AngloGold Ashanti's mining operations may adversely impact the environment or the health, safety or security of our workers or the local community, production, cash flows and overall profitability.***

Gold mining operations are subject to risks of events that may adversely impact AngloGold Ashanti's ability to produce gold and meet production and cost targets. These events include, but are not limited to:

• accidents or incidents, including due to human error, during exploration, production, drilling, blasting or transportation resulting in injury, loss of life or damage to equipment or infrastructure;

• air, land and water pollution;

• social or community disputes or interventions;

• security incidents, including the activities of artisanal or illegal miners;

• surface or underground fires or explosions;

• labour force disputes and disruptions;

• loss of information integrity or data;

• mechanical failure or breakdowns and ageing infrastructure;

• failure of unproven or evolving technologies;

• unusual or unexpected geological formations, ground conditions, including lack of mineable face length and ore-pass blockages;

• fall-of-ground accidents in underground operations;

• cave-ins, sinkholes, subsidence, rock falls, rock bursts or landslides;

• failure of mining pit slopes, heap-leach facilities, water or solution dams, waste stockpiles and tailings facility walls;

• flooding or inundation of mine pits;

• safety-related stoppages;

• seismic activity; and

• other natural phenomena, such as floods, droughts or weather conditions, potentially exacerbated by climate change.

Any of these events or incidents could, individually or in the aggregate, have a material adverse effect on AngloGold Ashanti's results of operations and financial condition. For example, in the DRC, in December 2022, a bogger operator was fatally injured when a large rock deflected from an open stope at the Kibali gold mine which is managed by AngloGold Ashanti's joint venture partner Barrick Gold Corporation ("Barrick"). Any seismic, flood or other similar events or incidents that occur in the future could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.

***Mining operations and projects are vulnerable to supply chain disruption such that operations and development projects could be adversely affected by shortages of, as well as extended lead times to deliver, strategic spares, critical consumables, mining equipment or metallurgical plant.***

AngloGold Ashanti's operations and development projects could be adversely affected by both shortages and long lead times to deliver strategic spares, critical consumables, mining equipment and metallurgical plant, as well as transportation delays. Import restrictions, such as those imposed by the Argentinean government from 2011 to 2015, can also delay the delivery of parts and equipment. In the past, AngloGold Ashanti and other gold mining companies experienced shortages in critical consumables, particularly as production capacity in the global mining industry expanded in response to increased demand for commodities. AngloGold Ashanti has also experienced increased delivery times for these items. Shortages in essential commodities, including, for example, ammonium nitrate, have resulted in unanticipated price increases and production delays and shortfalls, resulting in a rise in both operating costs and in the capital expenditure necessary to maintain and develop mining operations.

Individually, AngloGold Ashanti and other mining companies have limited influence over manufacturers and suppliers of these items. In certain cases, there are a limited number of suppliers for certain strategic spares, critical consumables, mining equipment or metallurgical plant who command superior bargaining power relative to AngloGold Ashanti. AngloGold Ashanti could at times face limited supply or increased lead time in the delivery of such items.

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AngloGold Ashanti's procurement policy is to source mining, processing equipment and consumables from suppliers that meet its corporate values and ethical standards. Although AngloGold Ashanti monitors and assesses suppliers on their governance conduct, there is a risk that the Company may fail to identify actual instances of unethical conduct by those suppliers or other activities that are inconsistent with its values and standards. In certain locations, where a limited number of suppliers meet these standards, additional strain is placed on the supply chain, thereby increasing the cost of supply and delivery times. In addition, AngloGold Ashanti's efforts to monitor supply chain activities, including freight and logistics routes, and its engagement with its suppliers to identify disruptions on its ability to source materials or equipment or otherwise impact its operations, may not be sufficient to avoid disruptions that could have a material adverse effect on AngloGold Ashanti's business or operations.

Furthermore, supply chains and rates can be impacted by natural disasters, such as earthquakes, severe weather, such as storms, heavy rainfall and other impacts that may be increasing due to climate change, as well as other phenomena that include unrest, strikes, theft and fires. For example, in February 2013, a fire destroyed the heavy mining equipment stock of spares and components at the Geita gold mine in Tanzania. If AngloGold Ashanti experiences shortages, or increased lead times in the delivery of strategic spares, critical consumables, mining equipment or processing plant, AngloGold Ashanti might have to suspend some of its operations and its results of operations and financial condition could be adversely impacted.

The Siguiri mine in Guinea was impacted as a result of Ebola virus outbreaks since 2014 in Western Africa, with the latest outbreak detected in early 2021, which continued until the summer of 2021. See "—*AngloGold Ashanti's Mineral Reserve, deposits and mining operations are located in countries that face instability, public health and security risks that may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries*".

Similarly, an outbreak of infectious diseases, a pandemic or other public health threat, such as the outbreak of the SARS-CoV-2 virus responsible for COVID-19 or an outbreak of the Ebola, Marburg or monkeypox virus, or a fear of any of the foregoing, could adversely impact AngloGold Ashanti's operations by causing supply chain delays and disruptions, import restrictions or shipping disruptions, as well as operational shutdowns (including as part of government-mandated containment measures). For example, in response to the COVID-19 outbreak, several governments imposed significant restrictions on the movement of goods, services and persons (including travel), including nationwide lockdowns of businesses and their citizens (quarantine) and even temporary suspension of mining activities. Such disruptions and other manufacturing and logistical restraints could result in extended lead times in supply and distribution networks, as well as the exercise of force majeure measures, the impacts of which could eventually result in stoppage of mining operations. They could also result in the need to increase inventories on long lead time items and critical consumables and spares which may lead to an increase in working capital. In addition, restrictions in travel, including air travel, and border access may impact AngloGold Ashanti's ability to source and transport goods and services required to operate mines, transport gold doré to refineries and ship refined gold from refineries as well as increase the cost. AngloGold Ashanti cannot guarantee that its crisis management measures will be adequate, that the supply chain and operations will not be adversely affected by future epidemic or pandemic outbreaks (such as outbreaks of COVID-19, Ebola, Marburg or monkeypox) or that there would be no related consequences, such as severe food shortages and social impact. Export restrictions related to any epidemic or pandemic (including as a result of government regulation and prevention measures) could similarly adversely impact AngloGold Ashanti's financial condition and results of operations.

***AngloGold Ashanti's operations are vulnerable to infrastructure constraints.***

Mining, processing, development and exploration activities depend on adequate infrastructure. Reliable rail, ports, roads, bridges, power sources, power transmission facilities and water supply are critical to AngloGold Ashanti's business operations and affect capital and operating costs. These infrastructures and services are often provided by third parties whose operational activities are outside the control of the Company.

Interferences in the maintenance or provision of infrastructure, including unusual weather phenomena, sabotage and social unrest could impede AngloGold Ashanti's ability to deliver its products on time and adversely affect its business, results of operations and financial condition.

Establishing infrastructure for AngloGold Ashanti's development projects requires significant resources, identification of adequate sources of raw materials and supplies, and necessary cooperation from national and regional governments, none of which can be assured.

AngloGold Ashanti has operations or potential development projects in countries where government-provided infrastructure is inadequate and regulatory regimes for access to infrastructure are uncertain, which could adversely impact the efficient operation and expansion of its business. AngloGold Ashanti may not secure and maintain access to adequate infrastructure in the future, or it may not do so on reasonable terms which may adversely affect AngloGold Ashanti's business, results of operations and financial condition.

***AngloGold Ashanti faces strong competition and industry consolidation.***

The mining industry is competitive in all of its phases. AngloGold Ashanti competes with other mining companies and individuals for the acquisition of mining and exploration assets, for mining claims and leases on exploration properties, as well as for specialised equipment, components and supplies necessary for exploration, development and mining of the relevant mining or

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exploration asset. These competitors may have greater financial resources, operational experience and technical capabilities than AngloGold Ashanti and may also be lower on the industry cost curve or have lower cost of capital and better access to scarce capital than AngloGold Ashanti. Competition may increase AngloGold Ashanti's cost of acquiring suitable claims, properties and assets, which could have a material adverse effect on its financial condition and results of operations.

Further, industry consolidation may lead to increased competition due to lesser availability of mining and exploration assets. A number of transactions have been completed in the gold mining industry in recent years. In this regard, some of AngloGold Ashanti's competitors have made acquisitions or entered into business combinations, joint ventures, partnerships or other strategic relationships. For example, Barrick Gold Corporation ("Barrick") completed its merger with Randgold Resources Limited in January 2019 and Newmont Corporation (formerly Newmont Mining Corporation) completed its business combination with Goldcorp Inc. in April 2019. In February 2022, Agnico Eagle Mines Limited ("Agnico") completed its business combination with Kirkland Lake Gold Ltd. In November 2022, Agnico and Pan American Silver Corporation announced their proposed arrangement with Yamana Gold Inc. Similar consolidations in the form of acquisitions, business combinations, joint ventures, partnerships or other strategic relationships may continue in the future. The companies or alliances resulting from these transactions or any further consolidation involving AngloGold Ashanti's competitors may benefit from greater economies of scale as well as significantly larger, more diversified, lower cost and higher quality asset bases than AngloGold Ashanti. In addition, following such transactions certain of AngloGold Ashanti's competitors may decide to sell specific mining assets increasing the availability of such assets in the market, which could adversely impact any sale process that AngloGold Ashanti may undertake at the same time, including such sales processes taking longer to complete or not completing at all or not realising the full value of the assets being disposed of. Such developments may adversely affect AngloGold Ashanti's business, operating results and financial condition.

**<u>Risks Related to AngloGold Ashanti's Operations and Business</u>**

***AngloGold Ashanti's mineral deposits, Mineral Reserve and mining operations are located in countries where political, tax and economic laws and policies may change rapidly and unpredictably and such changes and policies may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries.***

Past experience demonstrates that political, tax and economic laws and policies in countries in which AngloGold Ashanti operates can change rapidly. Examples include the foreign currency regulations that were imposed from 2011 to 2015 and since September 2019 in Argentina and the ban on gold ore exports announced by the Tanzanian government in March 2017. As mining assets are fixed and largely immovable, the adverse impacts of such changes may be unavoidable and immediate.

Any existing and new mining, exploration operations and projects that AngloGold Ashanti carries out are subject to various national and local laws, policies and regulations governing the ownership, prospecting, development and mining of Mineral Reserve, taxation and royalties, exchange controls, import and export duties and restrictions, investment approvals, employee and social community relations and other matters.

In many of the countries in which AngloGold Ashanti operates, there is an ongoing focus by governments seeking greater economic benefit and increased financial and social benefits from extractive industries and mining in particular. This entails the review of mining codes and stability agreements, which were in many cases designed under particular economic conditions, and the formulation or amendment of laws, policies and regulations relating to issues such as mineral rights and asset ownership, royalties, taxation and taxation disputes, "windfall" or "super" taxation, non-recovery of taxation refunds, import and export duties, currency transfers, restrictions on foreign currency holdings and repatriation of earnings. The laws, policies and regulations are increasingly uncertain, changing and generally require progressively higher payments to governments, notably in the form of increased royalties and taxes, mandated beneficiation, export levies and increasing or retaining state or national ownership of resources (including by way of free-carried interests in mining companies for governments). For example, the royalty rate applicable to gold increased from 2.5 percent to 3.5 percent in 2018 in the DRC and from four percent to six percent in Tanzania in 2017. In particular, changes to the fiscal terms governing AngloGold Ashanti's operations may have a material adverse impact on its results of operations or financial condition, threaten the viability of existing operations, and discourage future investments in certain jurisdictions. This may therefore have an adverse impact on AngloGold Ashanti's ability to access new assets and potentially reduce future growth opportunities.

For example, in July 2017, the government of Tanzania enacted new legislation which purports to make a number of changes to the operating environment for Tanzania's extractive industries, including its mining sector. These changes include, among other things, the right for the government of Tanzania to renegotiate existing mining development agreements at its discretion and the provision to the government of Tanzania of a non-dilutable, free-carried interest of no less than 16 percent in all mining projects. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Tanzania*". Any future amendments to the mining codes of the countries in which AngloGold Ashanti operates or attempts to renegotiate its existing mining conventions in such countries could have further adverse effects on its financial condition and results of operations.

Another example were the amendments to the fiscal mining regime in Ghana introduced in 2012 by the government of Ghana which, among other things, increased the corporate taxation and royalty rates. In this regard, AngloGold Ashanti (Ghana) Limited negotiated in relation to the Obuasi mine a new development agreement (the "Obuasi DA") and a new tax concession agreement

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(the "Obuasi TCA") with the government of Ghana. As a result of the parliamentary ratification of the Obuasi DA and Obuasi TCA in June 2018, the 2004 Ghana Stability Agreement ceased to apply to the Obuasi mine but continued to apply to the Iduapriem mine until it expired in April 2019. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Ghana*". Any future amendments to the Ghanaian mining regime, negotiation of new agreements, or attempts or failures to renegotiate existing agreements on the same favourable conditions or at all may have a material adverse effect on AngloGold Ashanti's results of operations or financial condition.

In addition, some of AngloGold Ashanti's mineral deposits and mining and exploration operations are located in countries that are experiencing social and political instability as well as economic uncertainty. For example, in Guinea, a military coup in September 2021, during which the president was detained, resulted in political instability. Furthermore, political instability and related events in Mali led to the president formally resigning in August 2020 after being detained by a group of soldiers, which was followed by a second military coup in May 2021. The political instability in Mali may negatively affect AngloGold Ashanti's ability to consummate the disposal of its interests in the Yatela joint venture, including the terms, fulfilment of conditions precedent or timing thereof. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Mali*". In countries experiencing social and political instability as well as economic uncertainty, there is a risk that political influence may delay or hinder strategic imperatives for cost rationalisation especially in the areas of procurement and labour reductions. In addition, allegations of corruption in Brazil, the DRC and Guinea against top political and industry leaders have increased political instability and distrust. Efforts at political and economic reforms in Brazil and such other countries may lead to increased instability. Furthermore, elections in the countries in which AngloGold Ashanti operates may be accompanied by social, political and economic uncertainty and instability. The high levels of unemployment, poverty and inequality remain in each of these countries, further increasing the risk of social instability that will continue to negatively impact their economies, business and the mining industry.

Mining is a long-term activity and assets may be located in jurisdictions with elevated risk. Political instability and the resulting unstable business environment in such countries in which companies operate may discourage future investment in those jurisdictions, and may have an adverse impact on AngloGold Ashanti's ability to access new assets, potentially reducing growth opportunities.

AngloGold Ashanti is subject to an uncertain tax environment. Increased taxes are expected in most countries of operation. Changes in tax laws could result in higher tax expense and payments and could materially impact AngloGold Ashanti's tax receivables and liabilities as well as deferred tax assets and deferred tax liabilities. In addition, the uncertain tax environment in some regions in which AngloGold Ashanti operates could limit its ability to enforce its rights. As a global company, AngloGold Ashanti conducts its business in countries subject to complex tax rules, which may be interpreted in different ways. The interpretation and application of tax rules by tax authorities and courts in the countries in which the Company operates may be uncertain and unpredictable and could result in higher tax expense and payments than anticipated, even if such tax exposure is considered to be remote by the Company. Further interpretations or developments of tax regimes may affect the Company's tax liabilities, return on investments and business operations. AngloGold Ashanti is regularly the subject of tax audits in its various jurisdictions of operation. In Tanzania, the Tanzania Revenue Authority ("TRA") has been raising audit findings during the past decade on various tax matters in relation to fiscal years 2009 to 2021. A total amount of $318 million was in dispute as of 31 December 2022 (2021: $291 million), including additional tax assessments of $28 million received in 2022. AngloGold Ashanti has challenged those audit findings through the applicable administrative and judicial processes. These matters are at different stages of appeal, including before two administrative bodies, the Tax Revenue Appeals Board and the Tax Revenue Appeals Tribunal, and the Court of Appeal of Tanzania. In March 2020, the Tax Revenue Appeals Board found in favour of the TRA in a tax dispute relating to AngloGold Ashanti's tax assessment for fiscal year 2012. AngloGold Ashanti appealed this decision to the Tax Revenue Appeals Board. In Colombia, the Colombian tax authorities (*Dirección de Impuestos y Aduanas Nacionales*) challenged AngloGold Ashanti's tax treatment of exploration expenditure in relation to fiscal years 2010, 2011, 2013 and 2014, resulting in claims for additional taxes as well as interest and penalties. During November and December 2022, the Council of State of Colombia ruled against the Company in respect of certain of these lawsuits. The Company's other lawsuits are still pending before the Colombian courts. See "*Item 8A: Legal Proceedings—Tax matters*". In addition, governmental authorities, whether tax, judicial or other, may also issue claims against the Company or its operations, which may be unfounded and without merit, involving substantial penalties and interest. For example, in the DRC, during 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine, received several claims from the DRC customs authorities (*Direction Générale des Douanes et Accises*) (the "DRC Customs Authority") covering a number of customs duties issues. The DRC Customs Authority claims that incorrect import duty tariffs have been applied to the import of certain consumables and equipment for the Kibali gold mine. In addition, the DRC Customs Authority claims that the exemption available to Kibali Goldmines S.A., which was granted under the original mining lease, no longer applies. Finally, the DRC Customs Authority claims that a service fee paid on the exportation of gold was paid to the wrong government body. These claims, including substantial penalties and interest, total $339 million (AngloGold Ashanti's attributable share: $153 million). For further information, see "*Item 18: Financial Statements—Note 17—Investments in associates and joint ventures".* Kibali Goldmines S.A. is of the opinion that such claims are unfounded and without merit. AngloGold Ashanti's inability to resolve these and other tax disputes favourably or to enforce its rights, may have a material adverse impact on its financial performance, cash flow and results of operations.

In Guinea, DRC and Tanzania, AngloGold Ashanti is due refunds of input tax and fuel duties which have remained outstanding for periods longer than those provided for in the respective statutes. In Tanzania, AngloGold Ashanti calculates that net overdue recoverable input tax, fuel duties and appeal deposits (after discounting provisions) of $196 million (2021: $234 million) (including $153 million (2021: $142 million) of value added tax ("VAT") input credit refunds) were owed to AngloGold Ashanti as of 31 December 2022 and held by the Tanzanian government and it is not certain if and when AngloGold Ashanti will be refunded

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these amounts. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Tanzania*". In the DRC, AngloGold Ashanti calculates that its attributable share of the net recoverable VAT balance (including recoverable fuel duty and after discounting provisions) owed to it by the DRC government amounted to $86 million (2021: $73 million) as of 31 December 2022. Whilst an agreement was reached with the DRC government on the reimbursement of the refundable VAT in the last quarter of 2018, uncertainty remains regarding the timing and level of cash receipts and offsets against other taxes for purposes of the recovery of AngloGold Ashanti's VAT receivables in the DRC. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Democratic Republic of the Congo (DRC)*". Similarly, as a general matter, it is not certain when or whether AngloGold Ashanti will be refunded all tax-related amounts due from any other government.

The countries in which AngloGold Ashanti operates may also introduce export restrictions, exchange controls, impose restrictions to source materials and services locally, or impose other similar restrictions that hinder foreign companies' operations within such countries as well as adversely affect their results of operations and financial condition. For example, in March 2017, the Tanzanian government announced an immediate ban on gold, silver, copper and nickel ore exports, in an attempt to ensure that mineral value-addition activities would be carried out in-country. Further, in 2018, the DRC government imposed new exchange control rules, as part of its reform of the DRC's mining code, which resulted in AngloGold Ashanti's inability to repatriate cash from its DRC operations. The Company's attributable share of the outstanding cash balances awaiting repatriation from the DRC amounted to $40 million (2021: $499 million) as of 31 December 2022. In this respect, AngloGold Ashanti's temporary or permanent inability to repatriate cash from the countries in which AngloGold Ashanti operates could have a material adverse effect on the Company's results of operations and financial condition. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Democratic Republic of the Congo (DRC)*".

Additionally, from 2011 to 2015, the Argentinean government introduced stricter exchange controls and related protracted approval processes which limited the Company's ability to repatriate dividends from its Argentinean subsidiaries. In September 2018, export duties were re-imposed by the Argentinean government, which are currently set at eight percent for certain goods, including doré bars and gold alloys. AngloGold Ashanti's net export duty receivables (after discounting provisions) in Argentina amounted to $9 million (2021: $19 million) as of 31 December 2022. These re-imposed export duties, if not compensated with other tax reductions, affect the tax stability guarantee granted to Cerro Vanguardia S.A. ("CVSA") and could have a material adverse impact on the Company's results of operations and financial condition. Furthermore, in September 2019, the Argentinean government re-established foreign exchange and export controls. CVSA had a cash balance equivalent to $116 million (2021: $139 million) at 31 December 2022. The cash balance is available to be paid to AngloGold Ashanti's offshore ($105 million (equivalent)) and onshore ($15 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 U.S. dollars in order to distribute offshore dividends. In December 2022, the Argentinean Central Bank approved the payment of $17 million (equivalent) to AngloGold Ashanti. The remaining approvals are pending. In addition, increased socio-political tensions and hyper-inflation over the past few years have greatly increased the country risk which in turn has lowered the potential future earnings of AngloGold Ashanti's investment in CVSA. Argentina's economy continues to suffer from a persistent recession coupled with high inflation (94.8 percent in 2022) and widespread unemployment (an estimate of approximately seven percent in 2022). See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Argentina*".

If, in one or more of the countries in which it operates, AngloGold Ashanti were not able to obtain or maintain necessary permits, authorisations or agreements to implement planned projects or continue its operations under conditions or within timeframes that make such plans and operations economically viable, or if the applicable legal, ownership, fiscal (including all royalties and duties), exchange control, employment, environmental and social laws or regimes change materially, or if the governing political authorities change resulting in amendments to such laws and regimes, this could have a material adverse effect on AngloGold Ashanti's operating results, financial condition, and, in extreme situations, on the viability of an operation. See "*—AngloGold Ashanti's mining rights in the countries in which it operates could be altered, suspended or cancelled for a variety of reasons, including breaches in its obligations in respect of such mining rights*" and "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine*".

***The prevalence of occupational health diseases and other diseases and the potential costs and liabilities related thereto may have an adverse effect on the business and results of operations of AngloGold Ashanti.***

The primary areas of focus in respect of occupational health of employees within the Company's operations are noise-induced hearing loss and occupational lung diseases ("OLD"), which include pulmonary diseases such as tuberculosis from various causes and silicosis in individuals exposed to silica dust, and which require active dust management strategies in underground operations. If the costs associated with providing occupational health services, implementing dust control measures or supplying protective equipment increase significantly beyond anticipated or budgeted amounts, this could have an adverse effect on AngloGold Ashanti's results of operations and financial condition. Actual and alleged health and safety incidents or breaches of standards may also adversely impact the Company's reputation.

In South Africa, AngloGold Ashanti has been subject to numerous claims, including class action litigation with respect to alleged OLD with two certified industry-wide classes, *i*.*e*., a Silicosis Class and a Tuberculosis Class. The settlement agreement in relation to this silicosis and tuberculosis class action came into effect in December 2019, following the approval of the settlement by the High Court in Johannesburg in July 2019. As a result, a trust (Tshiamiso Trust) was established for a minimum of 13 years responsible for making payments to eligible beneficiaries. The amount of monetary compensation will vary depending on the nature and seriousness of the disease. As of 31 December 2022, AngloGold Ashanti has recorded a provision of $35 million (2021: $50 million and 2020: $61 million) to cover the estimated settlement costs and related expenditure of the silicosis

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litigation. Although significant judgement was applied in estimating the costs incurred to settle the silicosis and tuberculosis class action claim, the final costs and related expenditure may differ from current cost estimates. In addition, even though management believes the assumptions are appropriate, changes in the assumptions may materially affect the provision and final costs of settlement. For example, the final settlement costs and related expenditure may be higher than the recorded provision depending on various factors, such as, among other things, potential changes in the settlement terms, differences in the number and profile of eligible claimants actually compensated compared to current estimates and fluctuations in foreign exchange rates. There can be no assurance that ultimately this matter will not result in losses in excess of the recorded provision, which may have a material adverse effect on AngloGold Ashanti's financial position. The sale of the Company's South African operating assets and liabilities to Harmony did not include the silicosis obligation relating to South African employees, which was retained by AngloGold Ashanti. For further information, see "*Item 18: Financial Statements—Note 1.2—Statement of Compliance—Significant Accounting Judgements and Estimates—Use of Estimates—Provision for silicosis*".

AngloGold Ashanti also faces certain risks in dealing with HIV/AIDS and with tropical disease outbreaks such as malaria, and other diseases which may have an adverse effect on its results of operations and financial condition. Malaria and other tropical diseases pose significant health risks at all of the Company's operations in Central, West and East Africa where such diseases may assume epidemic proportions because of ineffective national control programmes. Malaria is a major cause of death in young children and pregnant women in these areas but also gives rise to fatalities and absenteeism in adult men. Other conditions such as heart disease, chronic diseases and obesity are also of increasing incidence and concern. Such diseases impair the health of workers and negatively affect productivity and profitability as a result of workers' diminished focus or skill, absenteeism, treatment costs and allocated resources. Any current or future medical programme may not be successful in preventing or reducing the infection rate among AngloGold Ashanti's employees or in affecting consequent illness or mortality rates. AngloGold Ashanti may incur significant costs in addressing these issues in the future, which could also adversely impact the Company's results of operations and financial condition.

AngloGold Ashanti may face additional health care challenges as a result of other public health crises, pandemics or epidemics, which may significantly impair the health or mobility of the Company's labour force and, as a result, AngloGold Ashanti's ability to maintain its production levels or operations. Uncertainties remain with respect to the possibility of the emergence, or the re-emergence, of infectious diseases (such as COVID-19, Ebola, Marburg or monkeypox) that may lead to excessive absenteeism in, or travel restrictions impacting, the Company's workforce and may lead to operational disruptions, including a halt or significant slowdown in mining operations. A curtailment or suspension at AngloGold Ashanti's mining operations in certain or all regions due to full or partial shutdowns, either those requested or mandated by governmental authorities or otherwise elected by the Company, including for safety or staffing reasons, may have a material adverse impact on AngloGold Ashanti's results of operations and financial condition.

In South Africa, AngloGold Ashanti retained the legal and financial obligations in respect of a historical post-retirement medical scheme for certain employees and their dependents following the sale of the Company's South African operating assets and liabilities to Harmony. AngloGold Ashanti's responsibility extends to South African employees who historically qualified for such scheme (which was discontinued about two decades ago) and who were either not transferred to Harmony in connection with the asset sale but remained employed by the Company as of the consummation of the sale or who had retired prior to the completion of the transaction. As of 31 December 2022, AngloGold Ashanti has recorded a provision of $66 million (2021: $71 million and 2020: $77 million) to cover the estimated contribution costs of the post-retirement medical scheme for such current and retired employees. In the event that the required contribution costs ultimately exceed the estimates on which the recorded provision is based, the additional costs incurred by the Company may have a material adverse effect on AngloGold Ashanti's financial position. For further information, see "*Item 18: Financial Statements—Note 26—Provision for pension and post-retirement benefits*".

***AngloGold Ashanti's inability to retain its senior management may have an adverse effect on its business.***

AngloGold Ashanti's success depends largely upon the continued service of its senior management, including its chief executive officer, its chief financial officer, the executive officers at each of its business divisions and the general managers at its mines. The departure of one or more members of AngloGold Ashanti's senior management may have an adverse effect on its business, results of operations and financial condition. In addition, the loss of one or more members of the senior management team, coupled with any reduced attractiveness of the gold mining sector, could lead to the departures of other members of the management team. The inability of AngloGold Ashanti to retain its senior management could disrupt its operations, and have a material adverse impact on its business, results of operations and financial condition.

***AngloGold Ashanti competes with mining and other companies for key human resources with critical skills and its inability to retain key personnel could have an adverse effect on its business.***

AngloGold Ashanti competes on a global basis with mining and other companies to attract and retain key human resources at all levels with the appropriate technical skills and operating and managerial experience necessary to operate and supervise its business. This is exacerbated by the global shortage of persons with critical mining skills, including geologists, mining engineers, metallurgists and skilled artisans. Furthermore, the often remote locations of mining operations may make the mining industry unattractive to potential employees. Changes in taxation and the regulatory environment where AngloGold Ashanti operates may also impact the Company's ability to attract and retain key personnel, especially those from abroad.

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For example, despite the scale of mining activities in many African countries, recruitment of skilled personnel has been challenging as the local development of critical skills struggles to match an increasing demand. Recruitment remains difficult due to university offerings and other training institution offerings often not well-suited to the specific needs of the mining industry, as well as other factors such as language barriers and low literacy skills. Furthermore, local workers with critical skills, such as jumbo operators and tele-remote bogger operators from the DRC, Ghana and Tanzania are increasingly being targeted for expatriate opportunities across the continent. In addition, it has become increasingly difficult to secure work permits for AngloGold Ashanti's expatriate workforce in Tanzania as a result of the Tanzanian government's efforts to promote the employment of Tanzanian citizens. Difficulties in obtaining such non-citizen work permits due to increased pressure for localisation of labour, if continuing, may have an adverse impact on the Company's operations in Tanzania. Similar impacts may occur elsewhere, including in the DRC, Ghana and Guinea. Certain jurisdictions, such as Ghana, have also adopted local content and local participation policies.

Other regions experience similar challenges. For example, while there is a high concentration of specialised and skilled mining workers in Australia and Brazil, there is significant competition for such personnel in those markets. Additionally, the Company may incur significant costs to develop talent, capacity and expertise across its global operations. Despite AngloGold Ashanti's investments, the Company may not be able to retain and attract sufficient skilled and experienced employees in all areas of the business. Should it fail to do so or lose any of its key personnel with critical skills, business and growth prospects may be harmed and this could have an adverse impact on AngloGold Ashanti's results of operations and financial condition.

***Increased labour costs could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.***

Labour costs represent a substantial proportion of the Company's total operating costs and at many operations in the Americas, constitute approximately 40 to 45 percent of the operations' operating costs. Absent any simultaneous increase in productivity, any change to the Company's wage agreements or other factors that could increase labour costs may have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.

AngloGold Ashanti's results may be further impaired if the Company incurs penalties for failing to meet standards set by labour laws regarding workers' rights or incurs costs to comply with new labour laws, rules and regulations. For example, Ghanaian law contains broad provisions requiring mining companies to recruit and train Ghanaian personnel and to use the services of Ghanaian companies. Penalties and compliance costs, as well as increased costs due to laws and regulations less favourable to employers, could have a material adverse effect on the Company's results of operations and financial condition.

***The use of contractors at certain of the Company's operations may expose AngloGold Ashanti to delays or suspensions in mining activities and increased mining costs.***

AngloGold Ashanti uses contractors at certain of its operations to mine and deliver ore to processing plants as well as for other purposes. At mines employing mining contractors, contracting costs represent a significant proportion of the total operating costs of these operations.

AngloGold Ashanti's operations could be disrupted, resulting in additional costs and liabilities, if the mining contractors at affected mines have financial difficulties, or if a dispute arises in renegotiating a contract, or if there is a delay in replacing an existing contractor and its operating equipment to meet business needs at expected cost levels. Increases in contract mining rates, in the absence of associated productivity increases, may also have an adverse impact on the Company's results of operations and financial condition. In addition, restrictions on travel imposed by governments as a result of the outbreak of infectious diseases, a pandemic or other public health threat, such as the outbreak of the SARS-CoV-2 virus responsible for COVID-19, may prevent mining contractors and other employees from reaching AngloGold Ashanti's mining sites which could have an adverse effect on the operations of the affected mines.

Contractor disputes can also arise after the termination of the contractual relationship or the sale of the applicable mine. For example, in 2021, the Company settled arbitration proceedings with contractors in Ghana with regard to its Obuasi mine.

In addition, AngloGold Ashanti's reduced control over those aspects of operations which are the responsibility of contractors, their failure to comply with applicable legal, human rights and regulatory requirements, or their inability to manage their workforce or provide high quality services or a high level of productivity could adversely affect AngloGold Ashanti's reputation, results of operations and financial condition, and may result in the Company's incurrence of liability to third parties due to the actions of contractors.

***AngloGold Ashanti's Mineral Reserve, deposits and mining operations are located in countries that face instability, public health and security risks that may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries.***

Some of AngloGold Ashanti's mineral deposits and mining and exploration operations are located in countries that are experiencing political and economic instability and other uncertainty.

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Certain of the countries in which AngloGold Ashanti has mineral deposits or mining or exploration operations, including the DRC, Guinea, Ghana, Tanzania, Colombia and Brazil, have in the past experienced, and in certain cases continue to experience, a difficult security environment. In particular, various illegal groups active in regions in which the Company is present may pose a credible threat of organised crime, military repression, terrorism, civil unrest and disturbances, sabotage, extortion and kidnapping, which could have an adverse effect on its operations in these and other regions.

Attacks on mining companies (for example, attacks targeting gold rooms where smelted gold bars are stored before being transported to other facilities) have also been occurring over the last couple of years, especially in Brazil, and the risk of future attacks remains a threat and could adversely affect the Company's activities.

Intrusions onto AngloGold Ashanti's tenement and operational areas, including artisanal and illegal mining-related activities in particular, continue to be a challenge. The most significant security challenges remain in Guinea, Ghana and Tanzania, in areas where there is endemic poverty, high levels of unemployment and an increased level of organisation and funding of criminal activity. See "*—Artisanal and illegal mining occurs on AngloGold Ashanti's properties, which can disrupt the Company's business, have adverse environmental, health, safety and security impacts, and expose the Company to liability*". If the security environment surrounding AngloGold Ashanti's operations that are most exposed to these challenges deteriorates, employee, third party and community member injuries and fatalities could also increase. Any such increase could disrupt the Company's operations in certain mines and adversely affect its reputation, results of operations and financial condition. In some instances, risk assessments categorise threats as serious enough to require resorting to public security forces, such as national police or military units on a near-permanent basis. In the event that continued invasions in any of the Company's countries of operations compromise the Company's security or business principles, AngloGold Ashanti may withdraw from any such countries on a temporary or permanent basis. This could have a material adverse impact on AngloGold Ashanti's results of operations and financial condition.

Furthermore, AngloGold Ashanti continues to experience strained relationships with certain of its host communities. AngloGold Ashanti operates in several regions where poverty, unemployment and the lack of access to alternative livelihoods mean that the creation and distribution of economic benefit from mining operations is a significant area of focus for community and government. AngloGold Ashanti has also been publicly accused of inadequate resettlement practices at its Siguiri operation in Guinea by local and international NGOs, which poses reputational risk.

In addition, infectious diseases, such as COVID-19, Ebola, Marburg or monkeypox, are also a threat to the stability of some of the countries in which AngloGold Ashanti operates, where limited local health infrastructure weakens governments' ability to manage and contain outbreaks effectively, in particular prolonged or sustained outbreaks. For example, during August 2014, cases of the Ebola virus were reported in the town of Siguiri, which is located near AngloGold Ashanti's Siguiri mine in Guinea. AngloGold Ashanti implemented certain restrictions on travel to and from the Siguiri mine as a precaution. As the Ebola virus caused significant disruptions in the Company's exploration activities, particularly relating to field mapping and geophysics, AngloGold Ashanti also suspended its brownfields work programme and greenfields field work in the middle of 2014. A new Ebola outbreak was detected in early 2021 in Guinea, which continued until the summer of 2021. The DRC also experienced an outbreak of the Ebola virus at the end of 2021 and during the summer of 2022. Similarly, AngloGold Ashanti operates mines in regions that have had confirmed cases of COVID-19 and resulting deaths. In some countries, national or state governments declared a state of emergency empowering such governments to take actions or impose restrictions to contain the virus that otherwise would not be permitted under the applicable legal and regulatory framework. Governments also imposed certain restrictions on travel or business activities as protective measures, including nationwide lockdowns (quarantine), which have disrupted, and may in the future if reimposed disrupt, the Company's activities and operations and even lead to a full or partial shutdown of the Company's mining operations in those countries. Any such emergency governmental action may have a material adverse effect on AngloGold Ashanti's operating and financial results, which may result in a negative impact on the Company's cashflows, funding requirements and overall liquidity.

***Labour unrest, activism and disruptions (including protracted stoppages) could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.***

AngloGold Ashanti's employees in Ghana, Guinea, Tanzania, Brazil and Argentina are highly unionised and unions are active at some of the Company's other operations. Trade unions working with communities and NGOs, therefore, have a significant impact on the general labour relations environment, including labour relations at an operational level and operational stability at times. Unions are characterised by their robust engagement with the Company, both in the context of existing collective bargaining structures to improve and advance conditions of employment, and in the context of changing economic conditions, downsizing and downscaling of operations. These factors expose the Company's operations to potential strike action and work stoppages. Any future labour unrest and disruptions could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition. For example, at Siguiri in Guinea, local community protests related to employment demands led to mining disruptions and the temporary suspension of mining activities during the month of July 2022.

Unions are also increasingly affiliated to global union federations and championing broader political, economic and social issues such as carbon emissions, environmental issues, health and safety, human rights, job losses, unemployment and restructuring, gender and inclusion issues, and migrant labour, as rallying points. Rolling mass action, picketing, protests and community involvement may create safety, security and related risks to the Company and its assets. Future disruptions, strikes, and protest

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actions cannot be excluded and may have a material adverse effect on the Company's results of operations and financial condition, especially if these actions have a long duration. Furthermore, IndustriALL, representing more than 50 million workers globally, is expected to continue its attempts to enter into a global framework agreement with mining and resource companies. A global framework agreement will expose AngloGold Ashanti to the risk of standardisation and equalisations of labour terms and conditions across the Group, irrespective of the peculiar conditions applicable in the various jurisdictions in which the Group operates. Any labour unrest and disruptions caused by such international trade unions could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.

***Artisanal and illegal mining occurs on AngloGold Ashanti's properties, which can disrupt the Company's business, have adverse environmental, health, safety and security impacts, and expose the Company to liability.***

Artisanal and illegal miners are active on, or adjacent to, at least eight of AngloGold Ashanti's properties, which at times may lead to interference with the Company's operations and results in conflict that presents a security threat to property and human life. AngloGold Ashanti's operations and projects affected and potentially at risk by artisanal and/or illegal small-scale mining are mainly situated in Guinea, Ghana, Tanzania and Brazil. Artisanal and illegal small-scale mining is associated with a number of negative impacts, including environmental degradation, flouting of land rights, poor safety practices, erosion of civil society, human rights abuse and funding of conflict. The environmental, social, safety and health impacts of artisanal mining are frequently attributed to formal mining activity, and it is often assumed that artisanally-mined gold is channelled through large-scale mining operators, even though artisanal and large-scale miners have distinct supply and distribution chains. These misconceptions impact negatively on the reputation of the industry.

The activities of the illegal miners, which include theft and shrinkage, could cause damage to AngloGold Ashanti's properties, as well as impacts to surface water, pollution, disruptions to previously rehabilitated areas, underground fires, or personal injury or death, for which AngloGold Ashanti could potentially be held responsible. Illegal mining could also result in the depletion of mineral deposits, potentially making the future mining of such deposits uneconomical. The presence of illegal miners could lead to project delays and disputes regarding the development or operation of commercial gold deposits. In addition, illegal mining could lead to an increase in the level of organisation and funding of criminal activity around some of the Company's operations. The most significant security challenges have occurred in Guinea, Ghana and Tanzania in areas where there is endemic poverty and high levels of unemployment.

More generally, illegal mining and theft could also result in lost gold Mineral Reserve, mine stoppages, and have other material adverse effects on AngloGold Ashanti's results of operations or financial condition.

***AngloGold Ashanti's mining rights in the countries in which it operates could be altered, suspended or cancelled for a variety of reasons, including breaches in its obligations in respect of such mining rights.***

AngloGold Ashanti's right to own and develop Mineral Reserve and deposits is governed by the laws and regulations of the jurisdictions in which the mineral properties are located. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine*". Currently, a significant portion of AngloGold Ashanti's Mineral Reserve and deposits are located in countries where mining rights could be suspended or cancelled should it breach its obligations in respect of these rights.

In each of the countries in which AngloGold Ashanti operates, the formulation or implementation of government policies on certain issues may be unpredictable. This may include changes in laws relating to mineral rights, ownership of mining assets and the right to prospect and mine, and in extreme cases, nationalisation, expropriation or nullification of existing concessions, licences, permits, agreements and contracts.

Any existing and new mining and exploration operations and projects are subject to various national and local laws, policies and regulations governing the ownership and the right to prospect or mine or develop proposed projects. For more details on the risks surrounding ownership of mining assets, see "*—Title to AngloGold Ashanti's properties may be uncertain and subject to challenge*" and "*—AngloGold Ashanti's mineral deposits, Mineral Reserve and mining operations are located in countries where political, tax and economic laws and policies may change rapidly and unpredictably and such changes and policies may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries*".

Project implementation delays could result in licences not being renewed and the loss of mining rights. Some of AngloGold Ashanti's mining concessions, authorisations, licences and permits are subject to expiry, limitations on renewal and various other risks and uncertainties.

In addition, any dispute with governments or other stakeholders, including labour unions, involving one of AngloGold Ashanti's operations, as a result of rationalisation efforts or otherwise, could negatively affect AngloGold Ashanti's relationship with such government or stakeholders in respect of other operations within the same country, which could result in adverse consequences, including unfavourable regulatory action, claims and labour disputes. Such adverse consequences could be exacerbated due to the holding Company structure of AngloGold Ashanti's subsidiaries in some of the countries in which it operates.

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In Colombia, a government agency grants exclusive concession contracts for exploration and development which contain specified timelines for the completion of the various phases of a mining project. The Company must comply with these timelines unless performance is suspended, for example, due to force majeure or these timelines are extended or modified. If AngloGold Ashanti does not comply with the specified timelines for the completion of the various phases of a mining project, it may be found in breach of its concession contract or mining licence and such breach could constitute grounds for the mining authority to terminate such concession contract or mining licence. Force majeure was declared at the La Colosa project by the Colombian mining authority, stopping all activities, pending issuance of permits required to continue the next phase of operations. During the period when force majeure is in force, the specified timelines for completing the various phases of the mining project under the concession contract are suspended. The force majeure has been extended multiple times and is now expected to expire in June 2023, after which such declaration will once more need to be extended in case the relevant permits have not been granted. However, there can be no guarantee that such declaration, if required to be extended, will be extended at that time. Force majeure generally remains in force as long as the underlying circumstances which led to its declaration persist. See also "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Colombia*".

AngloGold Ashanti's insurance does not cover most losses caused by the risks described in this section. See "*—The occurrence of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may adversely affect cash flows and overall profitability*".

If AngloGold Ashanti is not able to obtain or maintain necessary permits, authorisations or agreements to prospect or mine or to implement planned projects, or continue its operations, or comply with all laws, regulations or requirements, or do so within timeframes that make such plans and operations economically viable, or if the laws impacting the Company's ownership of its mineral rights or the right to prospect or mine change materially, or if governments increase their ownership in the mines or nationalise them, AngloGold Ashanti's results of operations and financial condition could be adversely affected. In addition, such challenges and difficulties may negatively affect the outcome of the Company's project studies, which could, in some cases, lead to a reduction in its Mineral Resource and Mineral Reserve, which may be significant.

AngloGold Ashanti may also prove unable to deliver on production targets, including in potentially critical areas, as well as on the timely, cost-effective and successful execution, including ramping-up, of key capital projects. For example, Colombia is an untested jurisdiction for the Company, so permitting, licensing, stakeholder expectations and demands and other external factors, including with respect to the Quebradona project, could affect timelines and cause capital overruns. Unforeseen difficulties, delays or costs may adversely affect the successful implementation of the Company's business strategy and projects, and such strategy and projects may not result in the anticipated benefits, which could have a material adverse effect on its results of operations, financial condition and prospects.

***Title to AngloGold Ashanti's properties may be uncertain and subject to challenge.***

AngloGold Ashanti has operations in several countries where ownership of land is uncertain and where disputes may arise in relation to ownership. Certain of AngloGold Ashanti's properties may be subject to the rights or the asserted rights of various community stakeholders, including indigenous people. The presence of those stakeholders may have an impact on AngloGold Ashanti's ability to develop or operate its mining interests. Title legislation is complex and difficult to predict and disputes or failure to maintain title could negatively affect the business results of new or existing projects.

For example, in Australia, the Native Title Act 1993 (Cth) provides for the establishment and recognition of native title under certain circumstances. Once a native title claim is registered, the native title party has a right to negotiate prior to the grant of certain mining tenements within the native title claim area. Registration of a native title claim, or a determination of native title, does not affect operations on mining tenements that were validly granted prior to the registration of the native title claim, although registered or determined native title holders will ordinarily have a right to claim compensation from the relevant Commonwealth or State government in respect of the impact of the tenement on their property rights. However, in the state of Western Australia, the Mining Act 1978 (WA) provides that an applicant for the grant of, or the holder of, a mining tenement is responsible for native title compensation, if determined to be payable, to native title holders. See "*Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Australia*".

Title to AngloGold Ashanti's properties, particularly undeveloped ones, may also be defective or subject to challenge. Title insurance generally is not available, and title review does not necessarily preclude third parties from contesting ownership. The precise area and location of the Company's claims may be in doubt and concessions granted under various titles in a single area may turn out not to be perfectly contiguous, leaving title to areas between concessions open to challenge. Accordingly, AngloGold Ashanti's mineral properties may be subject to prior unregistered liens, agreements, transfers or claims, including native land claims, and title may be affected by, among other things, undetected defects. Further, title to the Company's properties depends in some cases upon compliance with complex statutes and regulations, including those imposing periodic claim maintenance requirements. Failure to strictly comply with these requirements could invalidate the Company's title to such properties, and such defects may not be readily curable.

**<u>Risks Related to AngloGold Ashanti's Corporate and Financing Structure and Strategy</u>**

***AngloGold Ashanti expects to have significant financing requirements.***

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AngloGold Ashanti's existing board-approved development projects and exploration initiatives as well as its potential development projects will require significant funding. The Company's capital expenditure plans and requirements are subject to a number of risks, contingencies and other factors, some of which are beyond its control, including volatile or sustained lower gold prices, and therefore the actual future capital expenditure and investments may differ significantly from the current planned amounts.

As a result, new sources of capital may be needed to help meet the funding requirements of these developments, to fund ongoing business activities and to pay dividends. AngloGold Ashanti's ability to further raise and service significant new sources of capital will be a function of macroeconomic conditions, the condition of the financial markets, future gold prices, the Company's operational performance and operating cash flow and debt position, among other factors. AngloGold Ashanti's ability to raise further debt, equity or quasi-equity financing in the future and the cost of such financing will depend on, among other factors, its prevailing credit rating, which may be affected by the Company's ability to maintain its outstanding debt and financial ratios at levels acceptable to the credit ratings agencies, its business prospects, risks relating to the countries in which it operates and other factors. As a result, in the event of depressed gold prices, unanticipated operating or financial challenges, any dislocation in financial markets (including due to the impact of public health crises, epidemics or pandemics) or new funding limitations, AngloGold Ashanti's ability to pursue new business opportunities on reasonable terms, invest in existing and new projects, fund its ongoing business activities, exit projects and retire or service outstanding debt and pay dividends could be significantly constrained, all of which could adversely impact the Company's results of operations and financial condition.

***Sales of large quantities of AngloGold Ashanti's ordinary shares and ADSs, or the perception that these sales may occur or other dilution of the Company's equity, could adversely affect the prevailing market price of the Company's securities.***

The bulk of AngloGold Ashanti's shares are held by a relatively small number of investors. According to information available to the Company, AngloGold Ashanti's five largest shareholders beneficially owned 33.57 percent and the top 10 largest beneficially owned 49.29 percent of AngloGold Ashanti's ordinary shares as at 31 December 2022. Subject to applicable securities laws, holders of AngloGold Ashanti's ordinary shares or ADSs may decide to sell them at any time. As a result, the market price of the Company's securities could fall if large quantities of ordinary shares or ADSs are sold in the public market, if there is divestment by certain types or groupings of investors, or if there is the perception in the marketplace that such sales could occur.

The market price of the Company's ordinary shares or ADSs could also fall as a result of any future offerings AngloGold Ashanti makes of its ordinary shares, ADSs, or securities exchangeable or exercisable for the Company's ordinary shares or ADSs, or the perception in the marketplace that these offerings might occur. AngloGold Ashanti may make such offerings, including offerings of additional ADS rights, share rights or similar securities, at any time or from time to time in the future and such offerings could adversely affect the prevailing market price of the Company's securities.

***AngloGold Ashanti may not pay dividends or make similar payments to shareholders in the future.***

AngloGold Ashanti pays cash dividends only if there are sufficient funds available for that purpose. Fund availability depends upon many factors, including the amount of cash available, taking into account AngloGold Ashanti's capital expenditure on existing infrastructure and exploration and other projects. Additionally, under South African law, a company is entitled to pay a dividend or similar payment to its shareholders only if the company meets the solvency and liquidity tests set out in legislation and its founding documents.

Given these factors, including the capital and investment needs of AngloGold Ashanti, and the board of directors' discretion to declare a dividend (including the amount and timing thereof), cash dividends may not be paid in the future.

***Certain factors may affect AngloGold Ashanti's ability to support the carrying amount of its property, plant and equipment, intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable, AngloGold Ashanti may be required to recognise an impairment charge, which could be significant.***

AngloGold Ashanti reviews and tests the carrying amount of its assets when events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company values individual mining assets at the lowest level for which cash flows are identifiable and independent of cash flows of other mining assets and liabilities.

If there are indications that impairment may have occurred, AngloGold Ashanti prepares estimates of a recoverable amount for each group of assets. Expected future cash flows are inherently uncertain and could materially change over time. Recoverable amounts are significantly affected by Mineral Reserve and production estimates, together with economic factors such as spot and forward gold prices and currency exchange rates, as well as discount rates and estimates of costs to produce Mineral Reserve and future capital expenditure. Estimated rehabilitation and closure costs could also materially affect the Company's financial performance and could result in the need to recognise an impairment charge.

If any of these uncertainties occur, either alone or in combination, management could be required to recognise an impairment, which could have a material adverse effect on the Company's results of operations and financial condition. For example, during 2022, AngloGold Ashanti recognised impairment losses (net of taxation) of $151 million, $57 million and $38 million in respect of its Córrego do Sítio complex, Cuiabá complex and Serra Grande mine, respectively.

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***AngloGold Ashanti does not have full management control over some of its significant joint ventures and other projects. If the operators of these joint ventures or projects do not manage these effectively and efficiently, the Company's investment in these joint ventures or projects could be adversely affected and its reputation could be harmed.***

AngloGold Ashanti's joint venture at Kibali in the DRC is managed by the Company's joint venture partner Barrick Gold Corporation ("Barrick") following the completion of the merger between Randgold Resources Limited and Barrick in January 2019. In addition, certain of AngloGold Ashanti's exploration joint ventures and projects are managed by the relevant joint venture or project partner. For example, in January 2020, the Company's joint operation partner B2Gold Corp. assumed the role of manager of the Gramalote project in Colombia, in which AngloGold Ashanti now holds a 50 percent interest.

As AngloGold Ashanti is not the operator of these non-managed joint ventures or projects, the Company cannot ensure that these joint ventures or projects are operated, particularly on a day-to-day basis, in compliance with the standards that AngloGold Ashanti applies to its other operations. If these joint ventures or projects are not operated effectively or efficiently, including as a result of weaknesses in the policies, procedures and controls implemented by AngloGold Ashanti's joint venture or project partners, the Company's investment in the relevant joint venture or project could be adversely affected. In addition, negative publicity associated with operations that are ineffective or inefficiently operated, particularly relating to any resulting accidents or environmental incidents, could harm the Company's reputation and therefore its prospects and potentially its financial condition. Furthermore, any failure of joint venture or project partners to meet their obligations to AngloGold Ashanti or to third parties, or any disputes with respect to the parties' respective rights and obligations, could have a material adverse impact on AngloGold Ashanti's results of operations and financial condition. For example, with respect to the Kibali project in the DRC, AngloGold Ashanti and Barrick retain equal representation, with neither party holding a deciding vote, on the board of the company that has overall management control of the joint venture and all major management decisions for this project, including approval of the budget, require board approval. If a dispute arises between AngloGold Ashanti and Barrick with respect to the Kibali project and the parties are unable to amicably resolve such dispute, it may be difficult for the parties to make strategic decisions relating to the project affected by such dispute, the day-to-day operations and the development of such project may be adversely affected and AngloGold Ashanti may have to participate in proceedings to resolve the dispute, which could adversely affect the Company's results of operations and financial condition.

AngloGold Ashanti's joint venture or project partners may have economic or business interests or goals that are not consistent with the Company's or may, as a result of financial or other difficulties, be unable or unwilling to fulfill their obligations under the joint venture or other project agreements. Disputes between AngloGold Ashanti and its joint venture or project partners may lead to legal action, including litigation between the Company and its joint venture or project partners. For example, a joint venture or project partner could decide to sell its shares in the joint venture or project in breach of any pre-emptive rights which the Company may have under the relevant joint venture or other project agreement. Such disputes could adversely affect the operation of the joint venture or project, may prevent the realisation of the joint venture's or project's goals and could adversely affect AngloGold Ashanti's investment in the joint venture or project or harm the Company's reputation. There is no assurance that AngloGold Ashanti's joint venture or project partners will continue their relationship with the Company in the future or that the Company will be able to achieve its financial or strategic objectives relating to such joint ventures or projects.

***Any downgrade of credit ratings assigned to AngloGold Ashanti's debt securities could increase future interest costs and adversely affect the availability of new financing.***

An actual, anticipated or unexpected negative development of AngloGold Ashanti's results of operations or cash flows, country risk, financial metrics, or an increase in its net debt position could result in a deterioration of the Company's credit ratings. AngloGold Ashanti's ratings are influenced *inter alia*, by the location of its domicile and its operations. S&P Global, Moody's and Fitch have assigned sub-investment grade credit ratings to the Republic of South Africa and the South African sovereign ratings may have an adverse impact on the Company's credit ratings. Furthermore, AngloGold Ashanti operates in a number of jurisdictions which have a deteriorating credit quality and rating. Any downgrade of AngloGold Ashanti Limited, the Republic of South Africa or any jurisdiction in which the Company has significant operations by any rating agency could increase the Company's cost of capital, reduce its investor base and have a material adverse effect on AngloGold Ashanti's business, results of operations and financial condition.

***The level of AngloGold Ashanti's indebtedness could adversely impact its business.***

As at 31 December 2022, AngloGold Ashanti had gross borrowings of $1.983 billion (2021: $1.909 billion and 2020: $1.931 billion), excluding all leases.

AngloGold Ashanti's indebtedness could have a material adverse effect on its flexibility to conduct business. For example, the Company may be required to use a large portion of its cash flow from operations to pay the principal and interest on its debt, which will reduce funds available to finance existing operations and the development of new organic growth opportunities and potential acquisitions. In addition, under the terms of the Company's borrowing facilities from its banks, AngloGold Ashanti is obliged to meet certain financial and other covenants. AngloGold Ashanti's ability to continue to meet these covenants and to service its debt will depend on its future financial performance, which will be affected by its operating performance as well as by financial and other factors, including in particular the gold price, certain of which are beyond its control.

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Should the cash flow from operations be insufficient, AngloGold Ashanti could breach its financial and other covenants. Covenant breaches, if interpreted as events of default under one or more debt agreements, could allow lenders to accelerate payment of such debt. Any such acceleration could result in the acceleration of indebtedness under other financial instruments. As a result, the Company may be required to refinance all or part of the existing debt, use existing cash balances, issue additional equity or sell assets. However, the Company may be unable to sell assets on reasonable or profitable terms as and when necessary. Additionally, AngloGold Ashanti cannot be sure that it will be able to refinance its debt on commercially reasonable terms, if at all.

AngloGold Ashanti's ability to access the bank, public debt or equity capital markets on an efficient basis may be constrained by dislocation in the credit markets or capital and liquidity constraints in the banking, debt or equity markets at the time of issuance. For example, the outbreak of the SARS-CoV-2 virus responsible for COVID-19, which reached pandemic proportions, the geopolitical tensions and war between Russia and Ukraine and the recent inflationary pressures in the world economy led to disruption and volatility in financial and capital markets. Any prolonged dislocations in financial and capital markets could impact the Company's ability to refinance its debt on commercially reasonable terms, if at all, and could as a result have a material adverse effect on the Company's funding requirements and overall liquidity.

***Any acquisition or acquisitions that AngloGold Ashanti may complete may expose the Company to new geographic, political, legal, social, operating, financial and geological risks.***

AngloGold Ashanti may pursue the acquisition of assets, properties or companies, which may include producing, development as well as advanced stage exploration assets or properties. Any such acquisition may change the scale of the Company's business and operations and may expose it to new geographic, geological, political, social, operating, financial, fiscal, legal, regulatory and contractual risks as well as jurisdictions which have a deteriorating credit quality and rating. For example, there may be a significant change in the legal, regulatory and fiscal framework applicable to the Company after it has completed a relevant transaction; commodity prices may also significantly change after the Company has committed to complete the transaction and established the purchase price or share exchange ratio; a material ore body may prove below expectations; AngloGold Ashanti may have more stringent criteria to recognise Mineral Reserve than any acquired business, which may lead to an amount of Mineral Reserve being recognised by the Company that is lower than the amount determined by such acquired business prior to the relevant acquisition; AngloGold Ashanti may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realising anticipated synergies and maximising the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls; the integration may disrupt the Company's ongoing business and its relationships with employees, suppliers and contractors; and the acquisition may divert management's attention from AngloGold Ashanti's day-to-day business. Furthermore, the Company operates and acquires businesses in different countries, with different regulatory, business and operating cultures, which may exacerbate the risks described in this section. In addition, the acquired business may have undetected liabilities which may be significant.

In the event that AngloGold Ashanti chooses to raise debt capital to finance any acquisition, its leverage will be increased. Should the Company choose to use equity as consideration for an acquisition, existing shareholders may suffer dilution. Alternatively, the Company may choose to finance any acquisition with its existing cash resources, which could decrease its ability to fund future capital expenditures and to service its debt.

AngloGold Ashanti may not be successful in overcoming these risks or any other problems encountered in connection with acquisitions. Failure by AngloGold Ashanti to implement its acquisition strategy or to integrate acquired businesses successfully could have material adverse effects on its growth, financial performance and results of operations.

***The occurrence of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may adversely affect cash flows and overall profitability.***

AngloGold Ashanti maintains insurance to protect against events which could have a significant adverse effect on its operations and profitability. This insurance is maintained in amounts that the Company believes to be reasonable depending upon the circumstances surrounding each identified risk. However, damage and third-party claims arising from catastrophic events may exceed the limit of liability covered under these insurance policies. Furthermore, AngloGold Ashanti's insurance does not cover all potential risks associated with its business and may exclude certain parts of its business. For example, there are specific exclusions for third-party and public liability insurance cover with respect to certain of the Company's TSFs. AngloGold Ashanti may elect not to insure certain risks due to the high premia or for various other reasons, including an assessment that the risks are remote. For example, while AngloGold Ashanti's insurance program includes coverage for cyber-related crimes and incidents as part of the global insurance program, such coverage is limited due to its relatively high cost and the sophisticated nature of cyber-crime. AngloGold Ashanti's insurance coverage also contains customary exclusions for acts of war and terrorism.

In order to reduce or maintain the cost of its insurance program, AngloGold Ashanti may in some instances retain a portion of the financial loss associated with an insurable event. These financial losses could be significant and could have an adverse effect on its financial condition.

Insurance for certain risks in particular, such as loss of title to mineral property, political risks in certain jurisdictions, environmental pollution, or other hazards resulting from exploration and production, is not generally available to mining companies on acceptable terms. The availability and cost of insurance coverage can vary considerably from year to year as a

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result of events beyond the Company's control or as a result of previous claims. This can result in higher premia and periodically being unable to maintain the levels or types of insurance the Company typically carries.

The failure to obtain adequate insurance could impair the Company's ability to continue to operate in the normal course of its business. This could adversely impact its cash flows, results of operations and financial condition.

**<u>Market Risks</u>**

***The price of gold, AngloGold Ashanti's principal product, and other commodity market price fluctuations could adversely affect the profitability of operations.***

AngloGold Ashanti's revenues are primarily derived from the sale of gold and, to a lesser extent, silver and sulphuric acid. The market prices for these commodities fluctuate significantly. These fluctuations are caused by numerous factors beyond the Company's control. For example, the market price of gold may change for a variety of reasons, including:

• speculative positions taken by investors or traders in gold;

• monetary policies announced or implemented by central banks, including the U.S. Federal Reserve, such as changes in interest rates;

• changes in the demand for gold as an investment;

• changes in the demand for gold used in jewellery and for other industrial uses, including as a result of prevailing economic conditions;

• changes in the supply of gold from production, divestment, scrap and hedging;

• financial market expectations regarding interest rates and the rate of inflation;

• the strength of the U.S. dollar (the currency in which gold trades internationally) relative to other currencies;

• actual or anticipated sales or purchases of gold by central banks and the International Monetary Fund ("IMF");

• gold hedging and unwinding of hedging by gold producers;

• global or regional political or economic events; and

• the cost of gold production in major gold-producing countries.

The market price of gold has been and continues to be significantly volatile. During 2022, the market spot gold price traded between a low of $1,622 per ounce and a high of $2,052 per ounce. Between 1 January 2023 and 10 March 2023, the market spot gold price traded between a low of $1,811 per ounce and a high of $1,950 per ounce. On 10 March 2023, the market spot gold price was $1,868 per ounce. In addition to protracted declines, the price of gold is also often subject to sharp, short-term changes. For example, the market spot gold price decreased from a high of $1,674 per ounce on 6 March 2020 to a low of $1,470 per ounce on 19 March 2020 in the midst of a wider market dislocation related to the COVID-19 pandemic and despite the alleged investor perception of gold as a relatively safe haven in periods of market volatility.

Any sharp or prolonged fluctuations in the price of gold can have a material adverse impact on the Company's profitability and financial condition.

In addition, any announcements or proposals by central banks, such as the U.S. Federal Reserve, or any of its board members or regional presidents or other similar officials in other major economies, may materially and adversely affect the price of gold and, as a result, AngloGold Ashanti's financial condition and results of operations.

Events that affect the supply and demand of gold may have an impact on the price of gold. Demand for gold is also significantly impacted by trends in China and India, which account for the highest gold consumption worldwide. Government policies in these countries or other large gold-importing countries could adversely affect demand for, and consequently prices of, gold and, as a result, may adversely affect AngloGold Ashanti's financial condition and results of operations. Furthermore, despite its generally favourable impact on the market price of gold, the COVID-19 pandemic has been a driving factor behind weakness in consumer demand for gold throughout 2020, culminating in a 14 percent decline in annual demand to 3,759.6 tonnes, the first time demand remained below 4,000.0 tonnes per year since 2009, according to the World Gold Council.

Furthermore, the shift in demand from physical gold to gold-related investments and speculative instruments may exacerbate the volatility of the gold price. Slower consumption of physical gold, resulting from a move toward gold-tracking investments or otherwise, may have an adverse impact on global demand for, and prices of, gold.

A sustained period of significant gold price volatility may adversely affect the Company's ability to evaluate the feasibility of undertaking new capital projects or the continuity of existing operations, to meet its operational targets or to make other long-term strategic decisions. Lower and more volatile gold prices, together with other factors, have led AngloGold Ashanti in the past and may lead AngloGold Ashanti in the future to alter its expansion and development strategy and consider ways to align its asset portfolio to take account of such expectations and trends. As a result, the Company may decide to curtail or temporarily or permanently shut down certain of its exploration and production operations, which may be difficult and costly to effect. A sustained decrease in the price of gold could also have a material adverse effect on AngloGold Ashanti's financial condition and results of operations, as it may be unable to quickly adjust its cost structure to reflect the reduced gold price environment. Mines with marginal headroom may be subject to decreases in value that are not temporary, which may result in impairment losses. See "*—Certain factors may affect AngloGold Ashanti's ability to support the carrying amount of its property, plant and equipment,* 

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*intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable, AngloGold Ashanti may be required to recognise an impairment charge, which could be significant*". The market value of gold inventory may be reduced, and marginal stockpile and heap leach inventories may be written down to net realisable value or may not be processed further as it may not be economically viable at lower gold prices. In addition, AngloGold Ashanti is obliged to meet certain financial covenants under the terms of its borrowing facilities and its ability to continue to meet these covenants could be adversely affected by a further sustained decrease in the price of gold. The use of lower gold prices in Mineral Reserve estimates or life-of-mine plans from those prices used previously to determine Mineral Reserve or life-of-mine plans could also result in material impairments of the Company's investment in mining properties or a reduction in its Mineral Reserve estimates and corresponding restatements of its Mineral Reserve and increased amortisation, reclamation and closure charges. Whilst, from time to time, AngloGold Ashanti may enter, and has in the past entered, into gold price hedges on an *ad hoc* basis on a portion of its production, the Company does not systematically do so. In addition, even when AngloGold Ashanti enters into gold price hedges, there is no certainty that such hedges will adequately protect the Company against gold price volatility.

The price of silver has also experienced significant fluctuations in past years. During 2022, the silver price varied between a low of $17.85 per ounce and a high of $26.39 per ounce. On 10 March 2023, the price of silver was $20.51 per ounce.

Factors affecting the price of silver include investor demand, physical demand for silver bars, industrial and retail off-take, and silver coin minting.

If revenue from sales of gold, silver or sulphuric acid falls below their respective cost of production for an extended period, AngloGold Ashanti may experience losses and curtail or suspend some or all of its exploration projects and existing operations or sell underperforming assets. Declining commodities prices, including gold, copper and silver, may also force a reassessment of the feasibility of a particular project or projects, which could cause substantial delays or interrupt operations until the reassessment can be completed.

***Foreign exchange fluctuations could have a material adverse effect on AngloGold Ashanti's results of operations and financial condition.***

Gold is principally a U.S. dollar-priced commodity and most of AngloGold Ashanti's revenues are realised in, or linked to, U.S. dollars, whilst cost of sales are partly incurred in the local currency where the relevant operation is located. Given AngloGold Ashanti's global operations and local foreign exchange regulations, some of its funds are held in local currencies, such as the Brazilian real, Argentinean peso, Australian dollar, Ghanaian cedi and the South African rand. The weakness of the U.S. dollar against local currencies results in higher cost of sales and other costs in U.S. dollar terms. Conversely, the strengthening of the U.S. dollar lowers local cost of sales and other costs in U.S. dollar terms.

Exchange rate movements may have a material impact on AngloGold Ashanti's operating results. For example, based on average exchange rates in 2022, the Company estimates that a one percent strengthening of all of the Brazilian real, Argentinean peso, Australian dollar, Ghanaian cedi and the South African rand against the U.S. dollar, other factors remaining equal, would have resulted in an increase in cost of sales and total cash costs per ounce of approximately $13 million and $6 per ounce, respectively. As a result of the sale of its remaining South African operations, AngloGold Ashanti's exposure to fluctuations in the strength of the South African rand has been reduced.

***The profitability of mining companies' operations and the cash flows generated by these operations are significantly affected by fluctuations in input production prices, many of which are linked to the prices of oil and steel.***

Fuel, energy and consumables, including diesel, heavy fuel oil, chemical reagents, explosives, tyres, steel and mining equipment used or consumed in mining operations form a significant part of the operating costs and capital expenditure of any mining company.

AngloGold Ashanti has no influence over the cost of these consumables, many of which are linked to some degree to the price of oil and steel. Whilst, from time to time, AngloGold Ashanti may implement, and has in the past implemented, financial derivatives intended to reduce exposure to changes in the oil price, such input cost protection strategies may not always be successful, and any of the Company's diesel consumption not covered by these derivatives will continue to be subject to market fluctuations.

The price of oil has fluctuated between $78 and $140 per barrel of Brent Crude in 2022. During the year, as a result of the geopolitical tensions and the war between Russia and Ukraine, the oil price had increased precipitously. As of 10 March 2023, the price of oil was at $82 per barrel of Brent Crude.

AngloGold Ashanti estimates that for each $1.00 per barrel rise or fall in the oil price, other factors remaining equal, cost of sales and total cash costs per ounce of all its operations change by approximately $1 million or $0.50 per ounce, respectively. The sensitivity analysis includes the impacts of oil hedges. In July 2022, AngloGold Ashanti entered into forward contracts for a total of 999,000 barrels of Brent crude oil for the period January 2023 to December 2023 that will be cash settled on a monthly basis against the contract price. The average price achieved on the forward contracts is $89.20 per barrel of Brent crude oil. At 31 December 2022, the mark-to-market value of these oil derivatives was an unrealised loss of $6 million. The cost of sales and total cash costs per ounce of certain of the Company's mines, particularly Siguiri, Geita, Iduapriem and Tropicana, which are

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more dependent on fuel, are most sensitive to changes in the price of oil. Even when fuel prices are in decline, expected savings may be partly offset by increases in governments' fixed fuel levies or the introduction of new levies.

Furthermore, the price of steel has also been volatile. Steel is 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. The price of steel has fluctuated between a low of $650 and a high of $1,541 per tonne in 2022. On 10 March 2023, the price of flat hot rolled coil (North American Domestic FOB) was $1,056 per tonne.

Fluctuations in oil and steel prices have a significant impact on operating costs and capital expenditure estimates and, in the absence of other economic fluctuations, could result in significant changes in the total expenditure estimates for new mining projects or render certain projects non-viable, which could have a material adverse impact on the Company's results of operations and financial condition.

***Fluctuations in the exchange rate of currencies may reduce the market value of AngloGold Ashanti's securities, as well as the market value of any dividends or distributions paid by the Company.***

AngloGold Ashanti has historically declared all dividends in South African rands (as required by South African company law). As a result, exchange rate movements may have affected the Australian dollar, the Ghanaian cedi, the British pound and the U.S. dollar value of these dividends, as well as of any other distributions paid by the relevant depositary to holders of the Company's securities.

Furthermore, AngloGold Ashanti's Memorandum of Incorporation allows for dividends and distributions to be declared in any currency at the discretion of the board of directors or the Company's shareholders at a general meeting. If, and to the extent that, AngloGold Ashanti is able to or opts to declare dividends and distributions in U.S. dollars, exchange rate movements will not affect the U.S. dollar value of any dividends or distributions. Nevertheless, the value of any dividend or distribution in Australian dollars, Ghanaian cedis, British pounds or South African rands will continue to be affected. If, and to the extent that, dividends and distributions are declared in South African rands in the future, exchange rate movements will continue to affect the Australian dollar, Ghanaian cedi, British pound and U.S. dollar value of these dividends and distributions. This may reduce the value of the Company's securities to investors. Additionally, the market value of AngloGold Ashanti's securities as expressed in Australian dollars, Ghanaian cedis, U.S. dollars and South African rands will continue to fluctuate in part as a result of foreign exchange fluctuations.

***Global political and economic conditions could adversely affect the profitability of operations.***

AngloGold Ashanti's operations and performance depend significantly on worldwide economic conditions. Despite signs of economic recovery in certain geographic markets, global economic conditions remain fragile with significant uncertainty regarding recovery prospects, levels of recovery and long-term economic growth effects.

Disruptions to international credit markets and financial systems have caused in the past, and may cause in the future, a loss of investor confidence resulting in widening credit spreads, a lack of price transparency, increased credit losses and tighter credit conditions. Any economic recovery may remain limited in geographic scope. A significant risk also remains that this recovery could be slow or that the global economy could quickly fall back into an even deeper and longer lasting recession or even a depression.

Global economic turmoil, or the expectation that economic turmoil could worsen, could have follow-on effects on AngloGold Ashanti's business that include inflationary cost pressures, interest rate fluctuations and commodity market fluctuations. The COVID-19 pandemic resulted in disruption and volatility in global financial markets and capital markets and a significant decrease in global economic activity, which had an adverse effect on worldwide demand for gold and adversely affected the profitability of the Company's operations. Further deterioration in economic conditions, as a result of the COVID-19 pandemic or otherwise, could lead to a further or prolonged decline in demand for gold and negatively impact AngloGold Ashanti's business, and any such negative impact may be material. See also "*—The prevalence of occupational health diseases and other diseases and the potential costs and liabilities related thereto may have an adverse effect on the business and results of operations of AngloGold Ashanti*".

Furthermore, the 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 European Union ("EU"), the United Kingdom, NATO and other jurisdictions 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.

Other factors that could negatively affect AngloGold Ashanti's financial results and results of operations include, for example:

• the insolvency of key suppliers or contractors, which could result in contractual breaches and a supply chain breakdown;

• the insolvency of one or more joint venture partners, which could result in contractual breaches and disruptions at the operations of the Company's joint ventures;

• changes in other income and expense, which could vary materially from expectations, depending on gains or losses realised on the sale or exchange of financial instruments and impairment charges that may be incurred with respect to investments;

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• a reduction in the availability of credit, which may make it more difficult for the Company to obtain financing for its operations and capital expenditures or make that financing more costly;

• exposure to the liquidity and insolvency risks of the Company's lenders and customers; and

• impairment of the carrying value of operations in AngloGold Ashanti's financial statements.

In addition to the potentially adverse impact on the profitability of the Company's operations, any deterioration in or increased uncertainty regarding global economic conditions may increase volatility or negatively impact the market value of AngloGold Ashanti's securities.

***Energy cost increases and power fluctuations and stoppages could adversely impact the AngloGold Ashanti's results of operations and financial condition.***

Increasing global demand for energy, concerns about nuclear power and the limited growth of new supply are impacting the price and supply of energy. The transition of emerging markets to higher energy consumption, actual and proposed pricing or taxation of carbon emissions, unrest and potential conflict in the Middle East as well as the war between Russia and Ukraine, among other factors, could result in increased demand or constrained supply and sharply escalating oil and energy prices. In particular, the hostilities between Russia and Ukraine triggered the imposition of various sanctions by the United States, the EU, the United Kingdom and other jurisdictions against Russia. These and any additional sanctions or export controls, as well as countermeasures taken by Russia or other jurisdictions, led to a sharp increase in oil and energy prices, given Russia's role as a major global exporter of crude oil and natural gas, which adversely impacted the Company's results of operations and financial condition. This risk will be further exacerbated if the oil and energy prices return to such an elevated level or increase further.

Electricity sourced from fossil fuel based generation is currently used for most of AngloGold Ashanti's business and safety-critical operations, including cooling, hoisting and dewatering. Loss of power can therefore impact production and employee safety, and prolonged outages could lead to flooding of workings and ore sterilisation. AngloGold Ashanti's mining operations are substantially dependent upon a mix of electrical power generated by local power utilities and by own power generation plants situated at some of its operations. The unreliability of local power utilities in some of the countries in which AngloGold Ashanti operates could have a material adverse effect on the Company's operations, as large amounts of power are required for ventilation, exploration, development, extraction, processing and other mining activities on the Company's properties. For example, in Tanzania, government policies put increased pressure on companies to utilise the national grid, which could adversely impact the Company's mining operations in the country due to potential power quality issues.

Certain of AngloGold Ashanti's mining operations depend on supplies of fuel delivered by road which have been disrupted in the past and may be disrupted again in the future. Any such disruptions could negatively impact operating costs and cashflows from these operations.

***Inflation may have a material adverse effect on results of operations.*** 

Many of AngloGold Ashanti's operations are located in countries that have experienced high rates of inflation during certain periods and inflationary pressures have been exacerbated by recent geopolitical tensions and supply constraints resulting in increases in energy and other input commodity costs. It is possible that significantly higher future inflation in the countries in which the Company operates may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the U.S. dollar or an increase in the U.S. dollar price of gold). This could have a material adverse effect on the Company's results of operations and financial condition. Significantly higher and sustained inflation, with a consequent increase in operational costs, could result in the rationalisation (including closure) of higher-cost mines or projects. Furthermore, when inflation reaches highly inflationary levels in a country in which the Company operates, social unrest and union activity may increase, which in turn may have an adverse effect on AngloGold Ashanti's operational costs and results of operation in that country.

Of particular concern is the increasing inflation rate in Argentina which was recorded at 94.8 percent in 2022, 51.0 percent in 2021, 36.1 percent in 2020, 53.8 percent in 2019 and 47.6 percent in 2018. Hyper-inflationary reporting will be reflected in the financial statements of the Company's local subsidiaries. However, hyper-inflationary movements are not reflected in the Group's consolidated financial statements as AngloGold Ashanti's local Argentinean subsidiary is deemed to have a U.S. dollar functional currency.

**<u>Other Regulatory and Legal Risks</u>**

***Failure to comply with laws, regulations, standards and contractual obligations, breaches in governance processes or fraud, bribery and corruption may lead to regulatory penalties, loss of licences or permits, negative effects on AngloGold Ashanti's reported financial results, and adversely affect its reputation.***

AngloGold Ashanti's operations must comply with the U.S. Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws of the jurisdictions in which AngloGold Ashanti operates. There has been a substantial increase in the global enforcement of these laws and an increased focus on the actions of mining companies. Any violation of such laws could result in significant criminal or civil sanctions. Conversely, in certain circumstances, strict compliance with anti-bribery laws may conflict with certain local customs and practices. Since AngloGold Ashanti operates globally in multiple jurisdictions, including those with

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less developed political and regulatory environments, and within numerous and complex frameworks, its governance and compliance processes may not prevent potential breaches of law, accounting principles or other governance or customary practices.

AngloGold Ashanti's Code of Business Principles and Ethics, Business Integrity Policy and Policy on Anti-Bribery and Anti-Corruption, among other policies, standards and guidance, and training thereon may not prevent instances of unethical or unlawful behaviour, including bribery or corruption. They also may not guarantee compliance with legal and regulatory requirements and may fail to enable management to detect breaches of such requirements.

Sanctions for failure by the Company or others acting on its behalf to comply with these laws, regulations, standards and contractual obligations could include fines, penalties, resignation or removal of officers, imprisonment of officers, litigation, and loss of operating licences or permits, suspensions of operations and negative effects on AngloGold Ashanti's reported financial results and may damage its reputation. Such sanctions could have a material adverse impact on the Company's financial condition and results of operations.

***AngloGold Ashanti is subject to the risk of litigation, the causes and costs of which are uncertain.***

AngloGold Ashanti is subject to litigation, arbitration and other legal proceedings arising in the normal course of business and may be involved in disputes that may result in litigation. The causes of potential future litigation cannot be known and may arise from, among other things, business activities, environmental, health and safety concerns, share price volatility or failure to comply with disclosure obligations. The results of litigation cannot be predicted with certainty but could include costly damage awards or settlements, fines, and the loss of licences, concessions, or rights, among other things. See "*Item 8A: Legal Proceedings*".

In the event of a dispute, AngloGold Ashanti may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in South Africa. An adverse or arbitrary decision of a foreign court could have a material adverse impact on AngloGold Ashanti's financial performance, cash flow and results of operation.

For example, in Colombia, AngloGold Ashanti is involved in class action lawsuits in relation to each of its Santa María-Montecristo and La Colosa projects seeking to stop the Company from conducting exploration, development and mining activities in certain areas, in which these exploration projects are located, due to environmental concerns. See "*Item 8A: Legal Proceedings—Colombia*".

Should AngloGold Ashanti be unable to resolve disputes favourably or to enforce its rights, this may have a material adverse impact on its financial performance, cash flow and results of operations.

***Compliance with "conflict minerals" and "responsible gold" legislation and standards could result in significant costs.***

Stringent standards relating to "conflict minerals" and "responsible" gold including, but not limited to, the U.S. Dodd-Frank Act, the EU Regulation 2017/821 on supply chain due diligence obligations for EU importers of gold originating from conflict-affected and high-risk areas, the OECD Due Diligence Guidelines for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, the World Gold Council Conflict-Free Gold Standard and the London Bullion Market Association Responsible Gold Guidance have been introduced. Any such legislation and standards may result in significant costs to ensure and demonstrate compliance (particularly where standards change rapidly or lack certainty due to court challenges) and may complicate the sale of gold emanating from certain areas. The complexities of the gold supply chain, especially as they relate to "scrap" or recycled gold, and the fragmented and often unregulated supply of artisanal and small-scale mined gold are such that there may be significant uncertainties at each stage in the chain as to the provenance of the gold. As a result of the uncertainties in the process, the costs of due diligence and audit, or the reputational risks of defining their product or a constituent part as containing a "conflict mineral" may be too burdensome for the Company's customers. Accordingly, manufacturers may decide to switch supply sources or to substitute gold with other minerals not covered by the initiatives. This could have a material negative impact on the gold industry, including on AngloGold Ashanti's results of operations and financial condition.

***AngloGold Ashanti's operations are subject to various climate change-related physical risks which may adversely impact its production activities, mine sites and personnel and/or result in resource shortages or environmental damages.*** 

AngloGold Ashanti's operations are exposed to a number of physical risks resulting from climate change, such as changes in rainfall rates or patterns leading to increased water stress or floods, rising sea levels, higher temperatures, fires and severe weather events such as tropical cyclones. These events or conditions could disrupt its mining, transport and supply chain operations, mineral processing and environmental rehabilitation efforts, create resource or energy shortages, damage the Company's property or equipment and increase on-site health and safety risks due to, for example, erosion and geotechnical instability. For example, in January 2022, the state of Minas Gerais in Brazil was impacted by heavy rains, which resulted in 145 municipalities declaring an emergency. Thousands of people were forced out of their homes and evacuated from the affected areas, and more than 120 roads were blocked. The impacts were particularly severe in several of the cities where AngloGold Ashanti operates and where its employees reside, which resulted in the operations at Córrego do Sítio being temporarily partially

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stopped. Extreme rainfall events are also an increasingly significant risk for AngloGold Ashanti's Australian operations. A significant increase in rainfall has the potential to adversely impact normal TSF operating procedures as well AngloGold Ashanti's ability to operate processing plants in the event it is unable to discharge process water due to insufficient capacity in the receiving TSF pool. In contrast, increasing water stress at some of AngloGold Ashanti's operations in Africa could, in the future, negatively impact the Company's ability to successfully implement its environmental rehabilitation programmes and/or to suppress dust from its operations. These events or conditions also could have adverse effects on AngloGold Ashanti's workforce and on the communities around its mines, such as an increased risk of food insecurity, drinking water scarcity, access to power and prevalence of disease.

In 2020, AngloGold Ashanti completed climate change-related physical risk assessments for all of its operated assets as well as the Quebradona project. While the assessments indicated that many of the identified physical climate risks were already included in the risk management strategy for these sites, AngloGold Ashanti may not have identified all potential risks or all the potential impacts of such risks. Events or conditions that are catastrophic, or are otherwise not adequately addressed by AngloGold Ashanti's adaptation and risk management strategies, could have a material adverse effect on its production activities, assets, results of operations and financial condition.

***Compliance with emerging climate change-related requirements, including stricter regulations and the potential imposition of carbon taxes or GHG emissions cap-and-trading schemes or the elimination of related subsidies, that are expected to be part of a country's participation in a transition to a lower-carbon economy, could result in significant additional costs and expose AngloGold Ashanti to additional liabilities.***

Greenhouse gases ("GHGs") are emitted directly by AngloGold Ashanti's operations as well as by external utilities from which AngloGold Ashanti purchases electricity. As a result of commitments made at the UN Climate Change Conference in Durban, South Africa, in December 2011, certain members of the international community negotiated a treaty at the Conference of the Parties of the UN Framework Convention on Climate Change in Paris in December 2015 (the "Paris Agreement"). The Paris Agreement, which came into force in November 2016, requires developed countries to set targets for GHG emissions reductions. In order to meet national reductions commitments, including a goal of "net zero" carbon emissions or carbon neutrality by 2050 set by numerous jurisdictions, it is likely that various countries will implement or adopt additional measures addressing GHG emissions, including stricter GHG emissions limits and/or some form of carbon pricing, in the future. In 2021, AngloGold Ashanti committed to the International Council on Mining & Metals ("ICMM") target of achieving net zero Scope 1 and Scope 2 GHG emissions by 2050, and, in partnership with value chain partners, to set Scope 3 GHG reduction targets, if not by the end of 2023, as soon as possible thereafter. In 2022, AngloGold Ashanti announced a 2030 reduction target to achieve a 30% absolute reduction in its Scope 1 and 2 GHG emissions, as compared to 2021 GHG emissions, through a combination of renewable energy projects, fleet electrification and lower-emission power sources, the capital cost for which is currently anticipated to be approximately $1.1 billion (of which $350 million is expected to be funded over that period by AngloGold Ashanti and the remaining $750 million through third-party funding, including from providers of renewable energy infrastructure).

Carbon pricing refers to various initiatives that seek to internalise the social or environmental cost of carbon on industries by imposing taxes, cap-and-trade schemes and/or elimination of free credits for carbon emissions. As governments continue to set aggressive decarbonisation targets to meet the commitments made as a result of the Paris Agreement, carbon pricing systems are likely to be implemented in a number of jurisdictions were AngloGold Ashanti operates. Such measures could require AngloGold Ashanti to reduce its direct GHG emissions or energy use or to incur significant costs for GHG emissions allowances or taxes, including as a result of costs or taxes passed on by electricity utilities which supply the Company's operations. AngloGold Ashanti could also incur significant costs associated with capital equipment to reduce GHG emissions, as well as GHG monitoring and reporting and other obligations to comply with applicable requirements. Such measures could drive up the costs of capital goods, energy and other utility costs that are critical inputs to the Company's mining operations. Certain countries, including Australia and Brazil, have passed or are considering GHG trading or tax schemes and/or other regulation of GHG emissions, although the precise impact on AngloGold Ashanti's operations cannot yet be determined.

AngloGold Ashanti's ability to implement changes to decarbonise its operations varies across its portfolio. In regions which rely more on fossil fuels for energy, such as the Company's mines in Australia and Tanzania, mandated GHG reductions and/or carbon pricing measures could have a material adverse effect on AngloGold Ashanti's production activities, results of operations and financial condition. See also "*Item 4B: Business Overview—Sustainability and Environmental, Social and Governance ("ESG") Matters*".

While AngloGold Ashanti believes that gold's well-demonstrated roles as a risk hedge and portfolio diversifier will continue to support investment demand for gold, even in an environment of uncertainty and heightened market volatility from climate change and the transition to a lower-carbon global economy, a sustained economic downturn or disruptions in certain industrial sectors where gold is integral to manufacturing, including electronic devices such as phones, computers and global positioning systems as well as jewellery, could reduce the demand for its product and, consequently, have an adverse impact on its production, financial condition and results of operations.

***Increasing scrutiny and changing expectations from AngloGold Ashanti's stakeholders, including communities, governments and NGOs as well as investors, lenders and other market participants, with respect to AngloGold Ashanti's ESG performance and policies may impact AngloGold Ashanti's reputation, result in additional costs to meet***

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***the expectations of stakeholders, hinder access to capital or expose AngloGold Ashanti to additional risks, including disinvestment and litigation.***

Companies across all industries are facing increasing scrutiny related to ESG issues, including their internal ESG policies and governance practices. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market participants are increasingly focused on ESG-related matters and in recent years have placed increasing importance on the environmental and social costs and impact of their investments. The increased focus and activism related to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company's ESG practices. In addition, host communities, as well as certain governmental and non-governmental actors, are increasingly focused on a company's ability to operate in a sustainable manner and to mitigate related risks, as well as the public commitments and quantitative metrics used to demonstrate performance and track progress. For AngloGold Ashanti, this includes, in particular, the safe operation of its mines, mitigating its impact to local environments and affected communities and reducing GHG emissions in line with the Company's voluntary commitments. If AngloGold Ashanti's performance fails to meet internal or adopted external ESG standards, or AngloGold Ashanti otherwise fails to satisfy stakeholder expectations with respect to its commitments and performance, regardless of whether there is a legal requirement to do so, such failure could result in reputational damage to and litigation against the Company and its business, financial condition, and/or stock price could be materially and adversely affected.

In particular, AngloGold Ashanti faces increasing pressures from stakeholders, who are increasingly focused on climate change, to prioritise energy efficiency in its operations, reduce its carbon footprint and improve water and other resource consumption, as well as to be transparent about how climate-related risks and opportunities are managed throughout the supply chain to foster and promote business resiliency, accountability and stakeholder value. AngloGold Ashanti has implemented numerous initiatives since 2008 to reduce its GHG emissions by installing new technology, such as heat pumps and underground cooling and water treatment systems, reducing power consumption and improving energy efficiency. AngloGold Ashanti has also made certain voluntary commitments to take future actions, including to achieve net zero Scope 1 and 2 GHG emissions by 2050, to achieve a 30% absolute reduction in Scope 1 and 2 GHG emissions by 2030 (as compared to a 2021 baseline), and, in partnership with value chain partners, to set Scope 3 GHG reduction targets, if not by the end of 2023, as soon as possible thereafter. AngloGold Ashanti continues to enhance its governance around climate-related risks and opportunities, including implementing the action plans of its Climate Change Strategy, which was approved by its board in November 2021. Nevertheless, AngloGold Ashanti may be required to implement even more stringent ESG practices or standards to meet the expectations of existing and future stakeholders and, if the Company fails to achieve these objectives or to adhere to internal or adopted external standards, or is perceived to be insufficiently committed to addressing ESG concerns across all of its operations and activities, the Company's reputation and brand image could be damaged, it could lose the trust of its stakeholders (including governments, NGOs, investors, customers and employees) or be subject to litigation brought by those stakeholders, and its business, financial condition and results of operations could be adversely impacted.

***AngloGold Ashanti's inability to maintain an effective system of internal control over financial reporting may have an adverse effect on investors' confidence in the reliability of its financial statements.***

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of AngloGold Ashanti's financial statements for external purposes in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Disclosure controls and procedures are designed to ensure that information required to be disclosed by a company in reports that it files or submits under the Exchange Act is recorded, processed, summarised and reported within the time periods specified in the rules and forms of the SEC. These disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding disclosure. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. If AngloGold Ashanti is unable to maintain an effective system of internal control over financial reporting or disclosure controls and procedures, investors may lose confidence in the reliability of its financial statements and this may have an adverse impact on investors' ability to make decisions about their investment in AngloGold Ashanti. See "*Item 15: Controls and Procedures*".

***Breaches in cybersecurity and violations of data protection laws may adversely impact or disrupt AngloGold Ashanti's business.***

AngloGold Ashanti maintains global information, digital technology ("DT") and communication networks and applications to support its business activities. AngloGold Ashanti outsources several digital technology functions and applications to third-party vendors and these engagements may have an impact on the overall cybersecurity position of the Company. The primary company systems managed by third-party vendors include, cloud infrastructure, data centre management, server/personal computing support, enterprise resource planning business applications, email and digital documents and the Cyber Security Operations Centre.

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AngloGold Ashanti must continuously monitor the solutions implemented to support its global digital technology and communication networks and applications to maintain a suitable and well-managed environment. There can be no assurance that these efforts will always be successful.

The sophistication and magnitude of cybersecurity incidents are increasing and include malicious software, attempts to gain unauthorised access to data and other electronic security and protected information breaches that could lead to production downtimes, operational delays, safety incidents, the compromising of confidential or otherwise protected information, destruction or corruption of data, other manipulation or improper use of AngloGold Ashanti's systems and networks or financial losses from remedial actions. For example, in late 2020, a threat to the Company's computer systems was detected and neutralised within hours in connection with the SolarWinds supply chain compromise which affected over 18,000 companies. The systems affected were limited to network monitoring applications in Brazil which monitored certain technology systems across the local network. In addition, there was a notable increase in phishing campaigns linked to COVID-19 in the second half of 2020 which continued through the first half of 2021. A sharp increase in ransomware-related threats have also been recorded throughout the mining industry with several high-profile organisations experiencing disruptions.

Digital technology security processes may not prevent future malicious actions, denial-of-service attacks, or fraud, which could result in the corruption of operating systems, theft of commercially sensitive data, misappropriation of funds and business and operational disruption. AngloGold Ashanti's insurance program includes limited coverage for cyber-related crimes and incidents as part of the global insurance program, and material system breaches and failures could result in significant interruptions that could adversely affect AngloGold Ashanti's operating results and reputation.

The interpretation and application of consumer and data protection laws in South Africa, the United States and elsewhere are evolving. It is possible that these laws may be interpreted and applied in a manner that is inconsistent with AngloGold Ashanti's data practices. Complying with these various laws is essential and could cause the Company to incur substantial costs or require it to change its business practices in a manner adverse to its business.

For example, the penalties for failure to comply with the South African Protection of Personal Information Act, No. 4 of 2013 ("POPIA") are severe and may include an administrative fine of up to R10 million or imprisonment of up to ten years. The European General Data Protection Regulation ("GDPR") may lead to administrative fines of up to €20 million or four percent of a company's total worldwide annual turnover of the preceding financial year, whichever is higher. Also, the GDPR has a scope that extends beyond the borders of the EU and does not only affect EU operations.

***U.S. securities laws do not require AngloGold Ashanti to disclose as much information to investors as a U.S. issuer is required to disclose, and investors may receive less information about the Company than they might otherwise receive from a comparable U.S. company.***

AngloGold Ashanti is subject to the periodic reporting requirements of the SEC and the New York Stock Exchange that apply to "foreign private issuers". The periodic disclosure required of foreign private issuers under applicable rules is more limited than the periodic disclosure required of U.S. issuers. Accordingly, there may be less publicly available information concerning AngloGold Ashanti than there is for U.S. public companies. For example, AngloGold Ashanti has a half-yearly reporting cycle and does not publish reviewed financial statements and analyses of operating and financial results for the quarters ended 31 March and 30 September of each year. In addition, AngloGold Ashanti is not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, investors will also receive less timely financial reports than they otherwise might receive from a comparable U.S. company or from certain of the Company's peers in the industry. This may have an adverse impact on investors' ability to make decisions about their investment in AngloGold Ashanti.

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**ITEM 4: INFORMATION ON THE COMPANY**

**4A.&nbsp;&nbsp;&nbsp;&nbsp;HISTORY AND DEVELOPMENT OF THE COMPANY**

**GROUP INFORMATION**

AngloGold Limited was formed in June 1998 with the consolidation of the gold mining interests of Anglo American plc. AngloGold Ashanti Limited, as the Company exists today, was formed on 26 April 2004 following the business combination between AngloGold Limited and Ashanti Goldfields Company Limited.

**CURRENT PROFILE**

AngloGold Ashanti Limited, a Company incorporated under the laws of the Republic of South Africa, is headquartered in Johannesburg, South Africa. The Company (Registration number 1944/017354/06) was incorporated in the Republic of South Africa in 1944 under the name of Vaal Reefs Exploration and Mining Company Limited and operates under the South African Companies Act, No. 71 of 2008, as amended (the "SA Companies Act").

The Company's legal and commercial name is AngloGold Ashanti Limited. Its registered office is at 112 Oxford Road, Houghton Estate, Johannesburg, 2198, South Africa. The general telephone number is +27 11 637 6000 and the internet address is

https://www.anglogoldashanti.com. No material on the AngloGold Ashanti website forms any part of, or is incorporated by reference into, this annual report on Form 20-F. References herein to the Company's website shall not be deemed to cause such incorporation.

While AngloGold Ashanti's primary listing is on the Johannesburg Stock Exchange (JSE), the Company is also listed on the New York Stock Exchange (NYSE), the Ghana Stock Exchange (GhSE) and the Australian Securities Exchange (ASX). AngloGold Ashanti was approved for a secondary listing on A2X Markets (A2X) in South Africa and its shares were admitted to trading on A2X on 6 June 2022. AngloGold Ashanti's issued share capital will be unaffected by the additional listing on A2X. Our agent for service of process in the United States is AngloGold Ashanti North America Inc., 4601 DTC Boulevard, Suite 550, Denver, CO 80237. The U.S. Securities and Exchange Commission (SEC) maintains a public internet site that contains AngloGold Ashanti's filings with the SEC and reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC (http://www.sec.gov).

**HISTORY AND SIGNIFICANT DEVELOPMENTS**

Below are highlights of key corporate activities from 1998:

**1998**

• Formation of AngloGold Limited through the consolidation of East Rand Gold and Uranium Company Limited; Eastvaal Gold Holdings Limited; Southvaal Holdings Limited; Free State Consolidated Gold Mines Limited; Elandsrand Gold Mining Company Limited; H.J. Joel Gold Mining Company Limited and Western Deep Levels Limited into a single, focused, independent gold mining company. Vaal Reefs Exploration and Mining Company Limited (Vaal Reefs), the vehicle for the consolidation, changed its name to AngloGold Limited and increased its authorised share capital, effective 30 March 1998.

**1998-2004**

• Expansion of AngloGold Limited's operations outside of South Africa.

**2004**

• Conclusion of the business combination with Ashanti Goldfields Company Limited, at which time the Company changed its name to AngloGold Ashanti Limited.

**2007**

• Sale by Anglo American plc of 69,100,000 ordinary shares of AngloGold Ashanti, thereby reducing Anglo American's shareholding in AngloGold Ashanti from 41.7 percent to 16.6 percent.

**2009**

• Sale by Anglo American plc of its remaining shareholding in AngloGold Ashanti to Paulson & Co. Inc.

**2010**

• Elimination of AngloGold Ashanti's hedge book, thereby gaining full exposure to spot gold prices.

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**2012**

• Acquisition of the remaining 50 percent interest in Serra Grande in Brazil for $215 million.

• Acquisition of 100 percent of First Uranium (Proprietary) Limited for $335 million.

**2013**

• Commission of two new gold projects — Tropicana and Kibali — in the second half of 2013.

**2015**

• Sale of the Cripple Creek & Victor gold mine in Colorado, USA for $819 million.

**2017**

• South Africa region restructured — TauTona mine placed on orderly closure. Negotiations of the sales of Moab Khotsong and Kopanang mines.

**2018**

• Completion of the sales of the Moab Khotsong and Kopanang mines in South Africa for $300 million and $9 million, respectively.

**2019**

• Announcement of a review of divestment options for assets in South Africa, Mali and Argentina.

**2020**

• Sale of the remaining South African producing assets and related liabilities to Harmony for $200 million plus deferred consideration based on future production at the Mponeng mine.

• Completion of the sales of the Sadiola and Morila mines in Mali for cash proceeds of $25 million and $1 million, respectively.

**2021**

• Announcement of offer to purchase Corvus Gold Inc. ("Corvus Gold"), in Nevada USA.

**2022**

• Acquisition of the remaining 80.5 percent interest in Corvus Gold, for a cash consideration of $365 million.

• Acquisition of 100 percent of Coeur Sterling, Inc. ("Coeur Sterling"), in Nevada, USA for a cash consideration of $152 million.

**2023 YTD**

• On 16 March 2023, AngloGold Ashanti and Gold Fields Limited ("Gold Fields") announced that they have agreed the key terms of a proposed joint venture in Ghana between Gold Fields' Tarkwa and AngloGold Ashanti's neighbouring Iduapriem Mines.

**CAPITAL EXPENDITURE AND DIVESTITURES**

For information concerning the Company's principal capital expenditures currently in progress, including the distribution of these investments geographically and the method of financing, refer to *"Item 4B: Business Overview—AngloGold Ashanti Global Operations: 2022", "Item 5A: Operating Results—Comparison of capital expenditure in 2022, 2021* and *2020" and "Item 5B: Liquidity and Capital Resources"*.

For information concerning the Company's divestitures, including the sale of the remaining South African producing assets and related liabilities completed on 30 September 2020, refer to *"Item 5: Operating and Financial Review and Prospects—Overview"*.

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**4B.&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS OVERVIEW**

AngloGold Ashanti Limited (AngloGold Ashanti) is an independent, global gold mining company with a diverse portfolio of operations, projects and exploration activities across nine countries on four continents. While gold is our principal product, we also produce silver (Argentina) and sulphuric acid (Brazil) as by-products. We are developing projects in Colombia, including the Quebradona mine that is expected to produce both gold and copper, and continuing exploration activities in the United States. The Company is headquartered in Johannesburg, South Africa.

**PRODUCTS**

AngloGold Ashanti's main product is gold. Once mined, the gold ore is processed into doré (unrefined gold bars) on site and then dispatched to precious metals refineries for refining to a purity of at least 99.5 percent, in accordance with the standards of 'good delivery' as determined by the London Bullion Market Association (LBMA). This refined gold is then sold directly to bullion banks.

By-products of our gold mining operations, often a function of local geological characteristics, include silver in Argentina and sulphuric acid in Brazil.

**OPERATIONS**

We have developed a high-quality, well-diversified asset portfolio, including production from ten operations in seven countries (Argentina, Australia, Brazil, Ghana, Guinea, the DRC and Tanzania) supported by greenfields projects in the United States and Colombia along with a focused global exploration programme. Our portfolio comprises long-life, operating assets with differing ore body types, located in key gold-producing regions around the world.

Our operations and projects are grouped regionally as follows:

• Africa (DRC, Ghana, Guinea and Tanzania);

• Americas (Argentina and Brazil, and projects in the United States and Colombia); and

• Australia (Australia).

**EXPLORATION**

Our exploration programme is focused on creating significant value for the Company's stakeholders by providing long-term optionality and improving the quality of our asset portfolio.

Greenfields and brownfields exploration takes place in both established and new gold-producing regions through managed and non-managed joint arrangements, strategic alliances and wholly owned ground holdings. AngloGold Ashanti's discoveries include La Colosa and Quebradona (Nuevo Chaquiro) in Colombia and Silicon, North Bullfrog, Mother Lode and Sterling in Nevada, USA.

**GOLD MARKET**

According to the World Gold Council, 2022 was the strongest year for gold demand in over a decade and saw an annual average market spot gold price of $1,802 per ounce. Demand for gold rose 18 percent to 4,741 tonnes in 2022, with a ten percent increase in investment demand which reached 1,107 tonnes and a two percent increase in demand for gold bars and coins to 1,217 tonnes. Demand for gold in technology saw a full year decline of seven percent as deteriorating global economic conditions hampered demand for consumer electronics and jewellery consumption softened by three percent at 2,086 tonnes as the gold price surged in the fourth quarter of 2022.

Central banks net purchasing in the fourth quarter of 2022 was 417 tonnes with full year buying at 1,136 tonnes.

For more information, see *"Item 5A: Operating Results—Introduction"*.

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**COMPETITION**

As gold mining is a mature and regulated industry, and very significant volumes of gold and gold derivatives trade in the world markets independent of gold mine supply, AngloGold Ashanti does not consider that competition for sales plays any role in its operations as a gold producer. For more information on a geographical analysis of gold income by destination, refer to *"Item 18: Financial Statements—Note 2—Segmental Information"*.

However, gold producers do compete against each other for acquisition of mining assets, exploration opportunities and human resources. See *"Item 3D: Risk Factors—AngloGold Ashanti faces strong competition and industry consolidation".*

**SEASONALITY**

Subject to other factors and unforeseen circumstances, in the first quarter production is generally lower than production during the rest of the year as a result of the ramp-up of operations after annual holiday production declines.

**RAW MATERIALS**

AngloGold Ashanti uses chemicals, including cyanide and lime, in the production of gold. These chemicals are available from a large number of suppliers and do not represent a material portion of the Company's costs. We are not currently experiencing any supply shortages on critical consumables utilised in the production of gold across our global operations. In addition, our stocking strategies account for potential lead time variation and supply constraints, thus minimising the risk of changes in the marketplace. While commodity pricing is subject to volatility over time, our contractual terms limit future changes. However the war in Ukraine has led to a sharp increase in oil and energy prices, which are important costs for the Company's business. In 2022, prices for several hard and soft commodities had reached their highest levels in a decade or more, or in some cases had set records. The higher cost for basic commodities used in our host countries and communities, and as key production inputs, could impact the costs of our raw materials.

**STRATEGY**

The overall aim of our strategy is to generate sustainable cash flow improvements and returns over the longer term and, in so doing, to create and preserve value for all our stakeholders.

We have five key strategic focus areas which enable us to deliver on our overall strategy which is to create value. They guide decision-making and are aimed at generating increased cash flows; extending mine lives; creating an organic pipeline of economically viable orebodies; and enhancing our social licence to operate.

***Strategic focus areas***

AngloGold Ashanti's five strategic focus areas are set out below:

• **Prioritise people, safety, health, environment and communities**. This strategic focus area embodies our corporate ethos and encompasses our sustainability performance. It underpins our business strategy and the delivery of sustained, long-term value creation and is aligned with our values and responsibilities as a corporate citizen. This strategic focus area covers our employees, their safety, health and wellbeing, communities and the environment.

• **Maintain financial flexibility**. We must ensure our balance sheet is able to meet our core funding needs.

• **Optimise overhead costs and capital expenditure**. All spending decisions must be thoroughly scrutinised to ensure they are optimally structured and necessary to fulfil our core business objectives.

• **Improve portfolio quality**. AngloGold Ashanti builds on its portfolio quality through projects such as our FP programme to ensure optimal mine performance. We are flexible in delivering on our mine plans, allowing for the best results, as we progress our projects and replace our production with a growing Mineral Reserve and Mineral Resource base.

• **Maintain long-term optionality**. As part of focused and responsible management of our Mineral Resource and Mineral Reserve, our exploration programme and related planning is vital in optimising the operating lives of our portfolio. Through continued exploration and the acquisition of properties that are a good fit with our business and offer reserve potential, we add to the long-term sustainability of AngloGold Ashanti.

**INTELLECTUAL PROPERTY**

AngloGold Ashanti, as a group, is not dependent on intellectual property (including patents or licences), industrial, commercial or financial contracts (including contracts with customers or suppliers) or new manufacturing processes for the conduct of its business as a whole.

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**THE REGULATORY ENVIRONMENT ENABLING ANGLOGOLD ASHANTI TO MINE** 

AngloGold Ashanti's rights to own and develop Mineral Reserve and deposits are governed by the laws and regulations of the jurisdictions in which these mineral properties are located.

AngloGold Ashanti is subject to a wide range of laws and regulations governing all aspects of its operations, including with respect to environmental protection, reclamation, exploration, development, production, taxes, immigration, labour standards and employment issues, occupational health, mine safety, dam safety, toxic substances and wastes, securities and foreign corrupt practices. AngloGold Ashanti has made, and expects to make in the future, significant expenditures to comply with these laws and regulations. Non-compliance can result in violations and legal claims, as well as substantial fines, penalties, reputational damage and delays in or suspension of day-to-day operations. Pending or proposed changes to existing laws and regulations, as well as any proposed or contemplated new laws or regulations, could also have significant impacts on AngloGold Ashanti's business and results of operations, the extent of which cannot always be predicted.

There are in some cases certain restrictions on AngloGold Ashanti's ability to independently move assets out of certain countries in which it has operations, or transfer assets within the Group, without the prior consent of the local government or minority shareholders involved. See *"Item 10D: Exchange controls"* for details.

For more information on the risks and uncertainties associated with AngloGold Ashanti's mining rights, see *"Item 3D: Risk Factors"*, in particular the risk factors entitled "AngloGold Ashanti's mining rights in the countries in which it operates could be altered, suspended or cancelled for a variety of reasons, including breaches in its obligations in respect of such mining rights", "Failure to comply with laws, regulations, standards and contractual obligations, breaches in governance processes or fraud, bribery and corruption may lead to regulatory penalties, loss of licences or permits, negative effects on AngloGold Ashanti's reported financial results, and adversely affect its reputation", "Title to AngloGold Ashanti's properties may be uncertain and subject to challenge", "AngloGold Ashanti's mineral deposits, Mineral Reserve, and mining operations are located in countries where political, tax and economic laws and policies may change rapidly and unpredictably and such changes and policies may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries" and "AngloGold Ashanti's Mineral Reserve, deposits and mining operations are located in countries that face instability and security risks that may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries".

**<u>SOUTH AFRICA</u>**

As part of the South African asset sale, AngloGold Ashanti Limited sold its remaining three mining rights in South Africa to Golden Core Trade and Invest (Pty) Ltd ("Golden Core") and Harmony Gold Mining Company Limited pursuant to a sale agreement concluded on or about 12 February 2020, as amended and reinstated from time to time (the "SA Sale Agreement"). These mining rights relate to operations in the West Wits area.

**General laws relating to mining**

*The MPRDA*

The Mineral and Petroleum Resources Development Act, No. 28 of 2002 (the "MPRDA") came into effect on 1 May 2004. The objectives of the MPRDA are, amongst other things, to allow for state sovereignty over all mineral and petroleum resources in the country, to promote economic growth and the development of these resources and to expand opportunities for the historically disadvantaged and to ensure security of tenure for the respective operations concerning prospecting, exploration, mining and production. By virtue of the provisions of the MPRDA, the state ensures that holders of mining and prospecting rights contribute to the socioeconomic development of the areas in which they operate. The Mineral and Petroleum Resources Development Amendment Act, No. 49 of 2008 (the "MPRDAA") became effective on 7 June 2013. On 23 April 2004, the Minister of Mineral Resources and Energy (the "MRE Minister") published, under the terms of the MPRDA, the Mineral and Petroleum Resources Development Regulations in order to implement the provisions of the MPRDA and MPRDAA. These implementation regulations were amended on 27 March 2020.

*The mining charter*

Since 2004, a series of mining charters have been adopted in South Africa with the main purpose of transferring part of the ownership of mining assets to black or historically disadvantaged South Africans ("HDSAs") within a certain time period. Such mining charters also set targets for, amongst other things, the advancement of HDSAs into management positions, the employment of women, procurement of goods and services from HDSA-owned companies, training, community development and the upgrading of mine housing. In 2004, the Broad-Based Socio-Economic Empowerment Charter for the South African Mining Industry, 2004 was published and, in September 2018, the Broad-Based Socio-Economic Empowerment Charter for the Mining and Minerals Industry, 2018 (the "2018 Mining Charter") was published, repealing all prior mining charters. In September 2021, the High Court of South Africa (Gauteng Division) held that the 2018 Mining Charter is a policy document and does not, per se, bind holders of mining titles. The High Court also set aside various provisions of the 2018 Mining Charter. In November

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2021, the South African Department of Mineral Resources and Energy ("DMRE") informed the parliamentary portfolio committee on mineral resources and energy that it does not intend to appeal the outcome of the judgement, but instead will consider steps to achieve the empowerment objectives through legislative amendments to the MPRDA.

**The B-BBEE Act**

The Broad-Based Black Economic Empowerment Act, No. 53 of 2003 (the "B-BBEE Act") is a law of general application in respect of Broad-Based Black Economic Empowerment ("B-BBEE") and enables the Minister of Trade and Industry to drive B-BBEE across all sectors of the economy. In 2014, the Broad-Based Black Economic Empowerment Amendment Act, No. 46 of 2013 (the "B-BBEE Amendment Act") came into effect amending the B-BBEE Act to provide a framework of principles, strategies and guidelines aimed at promoting the broad-based socio-economic empowerment of HDSAs across the South African economy and society in the form of ownership, management, employment equity, skills development, preferential procurement, enterprise development and socio-economic development.

**Environmental laws relating to mining**

The National Environmental Management Act, No. 107 of 1998, as amended (the "NEMA") includes provisions to deal with environmental regulation of mining and prospecting, which provisions are administered by the MRE Minister. Pursuant to section 24N(8) of NEMA, directors of a company are jointly and severally liable for any negative impact on the environment, whether advertently or inadvertently caused by the company they represent, including damage, degradation and pollution.

From an environmental perspective, given the wide scope of the statutory duty of care in South African environmental law, erstwhile land owners may be held liable for historic contamination by the regulatory authorities. The "polluter pays" principle in South Africa enables the competent authority to seek recourse against various responsible parties based on their historical or current relationship to the source and receptor of degradation or pollution. The duty of care also applies retrospectively to significant pollution or degradation that occurred before the entry into force of NEMA (i.e., 29 January 1999), as well as significant pollution or degradation that arises or is likely to arise at a different time from the actual activity that caused the contamination (e.g., latent or residual impact) or arises through an act or activity of a person that exacerbates pre-existing contamination. The authorities can also seek compensation in respect of clean-up measures that it is required to take on behalf of the responsible parties and apportion liability amongst the responsible parties, which could technically include a historic landowner or mining company that caused the pollution. Although the purchasers of AngloGold Ashanti's assets in South Africa have contractually assumed all environmental liability associated with its former South African operations and agreed to indemnify AngloGold Ashanti for the same, there remains a risk, at least theoretically, of statutory liability to the state.

**AngloGold Ashanti's rights and permits**

Pursuant to the SA Sale Agreement, AngloGold Ashanti and Golden Core executed a notarial deed of cession of the mining rights with DMRE references GP 30/5/1/2/2/01 MR and GP 30/5/1/2/2/248 MR to transfer and cede these mining rights to Golden Core (the "Deed of Cession"). On 14 June 2021, the Deed of Cession was registered at the Mineral and Petroleum Titles Registration Office (the "MPTRO").

With respect to the mining right held under DMRE reference GP 30/5/1/2/2/11 MR, AngloGold Ashanti and Golden Core agreed to make an application in terms of section 102 of the MPRDA at the DMRE after the closing date of the SA Sale Agreement requesting, among other matters, the incorporation of this mining right into the mining right with DMRE reference GP 30/5/1/2/2/01 MR (the "Harmony Consolidation Application"). AngloGold Ashanti also executed a notarial conditional deed of abandonment pursuant to which it conditionally abandons this mining right in terms of section 56(f) of the MPRDA (the "Deed of Abandonment") on condition that ministerial consent is granted in respect of the Harmony Consolidation Application. The Harmony Consolidation Application, which was submitted to the DMRE on 17 January 2022, is still pending. On the date of the grant of the Harmony Consolidation Application, AngloGold Ashanti will cease to be a holder of any mining rights in South Africa. Once the transaction has been fully implemented, the general laws relating to mining outlined above will no longer be applicable to the Company, other than the statutory duty of care in terms of NEMA as described above.

**<u>AFRICA REGION</u>**

**<u>Democratic Republic of the Congo (DRC)</u>**

**General laws relating to mining**

The mining industry in the DRC is primarily regulated by Law No. 007/2002 dated 11 July 2002 (the "2002 DRC Code"), as amended and supplemented by Law No. 18/001 dated 9 March 2018 (the "Reformed DRC Mining Code") and Decree No. 038/2003 dated 26 March 2003, as amended and supplemented by Decree No. 18/024 dated 8 June 2018 (the "Reformed DRC Mining Regulations").

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With respect to the application of the Reformed DRC Mining Code and Reformed DRC Mining Regulations, Kibali Goldmines S.A. ("Kibali Goldmines") has reserved and continues reserving its rights, including, without limitation, its stability rights under, among other legal sources, the 2002 DRC Code. Discussions with the DRC government on these issues and the possible application of incentives that may be available under the Reformed DRC Mining Code and Reformed DRC Mining Regulations, in particular under article 220 of the Reformed DRC Mining Code which provides that the Prime Minister of the DRC may grant a number of incentives to provinces with infrastructure deficits to encourage economic development from mining resources, are ongoing.

Companies holding mining titles issued prior to the entry into force of the Reformed DRC Mining Code and Reformed DRC Mining Regulations have claims to a ten-year stability provision in accordance with prior mining legislation. Notwithstanding the adoption of the new regulatory regime, their rights with respect to such stability provision are reserved.

The Reformed DRC Mining Code grants the DRC Minister of Mines the authority to grant, refuse, suspend or terminate mineral rights, subject to conditions set out in the Reformed DRC Mining Code. Mineral rights may be granted in the form of exploration permits for an initial period of five years renewable once for a further five-year period or in the form of exploitation permits which are granted for an initial period of 25 years, renewable several times for 15-year periods until the end of the mine's life. Prior to commencing exploration work, the holder of an exploration permit must submit for approval a mitigation and rehabilitation plan pursuant to which it must undertake to carry out certain mitigation measures of the impact of its activities on the environment, as well as rehabilitation measures. Exploitation permits are granted upon successful completion of exploration and satisfaction of certain requirements, including approval of a feasibility study, an environmental and social impact study and an environmental and social management plan. The holder of an exploitation permit is required to commence development and mine construction within three years of the grant of such permit. Failure to do so may lead to forfeiture of the exploitation permit. To protect and enforce rights acquired under an exploration or exploitation permit, the Reformed DRC Mining Code provides, depending on the nature of the dispute or controversy, administrative, judicial and national or international arbitral recourses.

Mining companies are required to grant a free-carried and non-contributory participation to the DRC government. The DRC government's free participation was originally set at five percent, which was increased to ten percent in respect of exploitation permits issued after the entry into force of the Reformed DRC Mining Code. All mining companies are required to grant an additional five percent free-carried participation to the DRC government upon each renewal of their exploitation permit. Under the Reformed DRC Mining Code, a ten percent local contributory participation is also mandatory for exploitation permits issued after its entry into force.

**Tax laws relating to mining**

The Reformed DRC Mining Code sets out an exclusive and comprehensive tax and customs regime that is applicable to mining activities. Mining title holders are subject, amongst other things, to a corporate income tax of 30 percent, a windfall tax of 50 percent (subject to certain prerequisites) and are required to pay mining royalties to the DRC government. The royalty rate applicable to gold has been set at 3.5 percent. Mining title holders are also required to contribute a minimum of 0.3 percent of total turnover to community development.

The standard rate of VAT is 16 percent and is applicable to all mining companies. In the DRC, Kibali Goldmines is due certain refunds of VAT which, to date, remain outstanding. During 2022, AngloGold Ashanti did not recover any VAT offsets and refunds from its operations in the DRC. We believe that our attributable share of the net recoverable VAT balance (including recoverable fuel duty and after discounting provisions) owed to us by the DRC government amounted to $86 million as of 31 December 2022. While an agreement was reached with the DRC government on the reimbursement of the refundable VAT in 2018, uncertainty remains regarding the timing and level of cash receipts and offsets against other taxes for purposes of the recovery of our VAT receivables in the DRC.

The Reformed DRC Mining Code also provides for a level of fiscal stability. A stability clause stipulates that existing tax, customs and exchange control provisions applicable to mining activities are guaranteed to remain unchanged for a period of five years from the enactment of the Reformed DRC Mining Code.

**Foreign exchange control regime**

The Reformed DRC Mining Code imposed new exchange control rules requiring that mining title holders repatriate onshore 60 percent of sale revenues received during the investment amortisation period and 100 percent once the investment amortisation is completed.

During 2022, AngloGold Ashanti repatriated $694 million from its operations in the DRC, in the form of dividends from Kibali (Jersey) Limited. Kibali (Jersey) Limited received such cash from Kibali Goldmines in the form of loan repayments (net of bank fees) (AngloGold Ashanti's attributable share: $658 million) and dividends (net of withholding taxes) (AngloGold Ashanti's attributable share: $36 million). Our attributable share of the outstanding cash balances awaiting repatriation from the DRC amounted to $40 million as of 31 December 2022. The cash is fully available for the operational requirements of Kibali Goldmines. The cash and cash equivalents held at Kibali Goldmines are subject to various steps before they can be distributed to Kibali (Jersey) Limited and are held across four banks in the DRC, including two domestic banks.

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**AngloGold Ashanti's rights and permits**

AngloGold Ashanti holds a significant stake in the Kibali gold mine which is located in the north-eastern part of the DRC. The Kibali gold mine is owned by Kibali Goldmines which is a joint venture between Barrick Gold Corporation (45 percent), AngloGold Ashanti (45 percent) and Société Minière de Kilo-Moto S.A. ("SOKIMO") (10 percent) which represents the interest of the DRC government. AngloGold Ashanti and Barrick Gold Corporation each have a 50 percent interest in Kibali (Jersey) Limited which holds their respective 45 percent interest in Kibali Goldmines.

The Kibali gold project is operated by Barrick Gold Corporation and comprises ten exploitation permits, of which eight expire in 2029 and two in 2030. Those exploitation permits (11447, 11467, 11468, 11469, 11470, 11471, 11472, 5052, 5073, and 5088) cover an area of approximately 1,836 km<sup>2</sup> in the Moto goldfields.

**<u>Ghana</u>**

**General laws relating to mining**

**Control of minerals and mining companies**

The Constitution of Ghana as well as the Minerals and Mining Act, 2006 (Act 703) (the "GMM Act") provide that all minerals in Ghana in their natural state are the property of the State and title to them is vested in the President on behalf of and in trust for the people of Ghana, with rights of reconnaissance, prospecting, recovery and associated land usage being granted under licence or lease. The grant of a mining lease by the Ghana Minister of Lands and Natural Resources (the "LNR Minister") upon the advice of the Minerals Commission is subject to parliamentary ratification unless the mining lease falls into a class of transactions exempted by the Ghanaian Parliament. The LNR Minister has the power to object to a person becoming or remaining a controller of a company which has been granted a mining lease if the LNR Minister believes, on reasonable grounds, that the public interest would be prejudiced by the person concerned becoming, or remaining, a controller.

**Stability and development agreements**

The GMM Act provides for stability and development agreements. Stability agreements guarantee for a period of 15 years certain terms and conditions (mainly fiscal) to which a company's operations are subject. Development agreements may be granted to a mineral right holder that proposes to invest over $500 million in its mineral operations in Ghana. The GMM Act permits stability provisions to be incorporated into development agreements. Stability and development agreements are subject to parliamentary ratification. In January 2020, it was proposed that the GMM Act be amended by abolishing development agreements and shortening the maximum term of stability agreements from 15 years to five years (with a possible extension for a further five years). If the GMM Act were amended along these lines, such amendments would not apply retroactively and would therefore not have an impact on existing development agreements, including the Obuasi Development Agreement (as described below). Those amendments to the GMM Act have not yet been adopted.

*Ghana Stability Agreement*

In 2004, following the implementation of the business combination between AngloGold Limited and Ashanti Goldfields Company Limited, AngloGold Limited and the Government of Ghana signed a stability agreement (the "Ghana Stability Agreement") governing certain aspects of the fiscal and regulatory framework within which the company would operate in Ghana for a period of 15 years. In June 2018, the Ghana Stability Agreement ceased to apply to the Obuasi mine because of the parliamentary ratification of a new development agreement and a new tax concession agreement in relation to that mine (as described below).

The Ghana Stability Agreement continued to apply to the Iduapriem mine until it expired in April 2019. Since then, AngloGold Ashanti (Iduapriem) Limited ("AGA Iduapriem") no longer benefits from the Ghana Stability Agreement. AGA Iduapriem benefits from certain concessions under two deeds of warranty, including exemptions from withholding taxes on dividends, interest and payments for foreign services, and allowable deductions.

*Obuasi Development Agreement*

AngloGold Ashanti (Ghana) Limited ("AGA Ghana") negotiated a new development agreement in relation to the Obuasi mine (the "Obuasi DA") with the Government of Ghana. On 21 June 2018, the Ghanaian Parliament ratified the Obuasi DA which contains stability terms as provided for in stability agreements. The Obuasi DA confers a number of rights and obligations on AGA Ghana with respect to the Obuasi mine, including, among other matters, (i) the stabilisation of the fiscal and regulatory framework (except for enactments promoting the use of Ghanaian goods and services) for a period of ten years (with a potential of it being extended for five years); (ii) the right to hold up to 80 percent of proceeds received from exporting minerals in foreign currencies outside of Ghana; (iii) obligation to give preference to materials and goods made in Ghana as well as services provided by Ghanaians; and (iv) the right to peaceful enjoyment and protection against expropriation.

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*Obuasi Tax Concession Agreement*

Fiscal terms, which would ordinarily form part of a single stabilisation document, were separated from the Obuasi DA. Hence a separate tax concession agreement in relation to the Obuasi mine (the "Obuasi TCA") was signed with the Government. On 21 June 2018, the Ghanaian Parliament ratified the Obuasi TCA with a concession period until 31 December 2027. The Obuasi TCA contains a number of tax concessions for AGA Ghana with respect to the Obuasi mine, including, among other matters, (i) a corporate income tax rate of 32.5 percent or such lower rates as may be fixed by law (instead of the current statutory rate of 35 percent); (ii) exemption of certain transactions from capital gains tax; (iii) a sliding scale royalty rate ranging from three percent to five percent for a price ranging from $1,300 up to $2,000 and above per ounce (instead of the current flat rate of five percent); and (iv) certain VAT exemptions and refunds.

**Government's Golden Share** 

Section 60(1) of the GMM Act provides that the Government of Ghana can require a mining company to issue to the Republic of Ghana for no consideration a special share (a "Golden Share"). A Golden Share in AGA Ghana was issued to the Government of Ghana and the Obuasi DA confirms that the Government's rights with respect to its Golden Share apply only in respect of AGA Ghana's assets and operations in Ghana. The Golden Share confers certain rights on the Government in respect of AGA Ghana. For example, written consent of the holder of the Golden Share is required for, among other matters, (i) any amendment of the rights and restrictions in respect of the Golden Share; (ii) the voluntary winding-up or voluntary liquidation of AGA Ghana; (iii) the disposal of any mining lease held by AGA Ghana; and (iv) the disposal of all or substantially all of the assets of AGA Ghana. The holder of the Golden Share does not have the right to participate in the profits or assets of AGA Ghana (by way of dividend or other capital issuances), but is entitled to attend any general meeting of shareholders.

**Tax laws relating to mining**

Currently, the main tax laws in Ghana include the following acts and regulations, which have been frequently amended over the years:

• Income Tax Act, 2015 (Act 896) (as amended) and Income Tax Regulations, 2016 (L.I. 2244);

• Customs Act, 2015 (Act 891) (as amended) and Customs Regulations, 2016 (L.I. 2248);

• Value Added Tax, 2013 (Act 870) (as amended) and Value Added Tax Regulations, 2016 (L.I. 2243);

• Revenue Administration Act, 2016 (Act 915) (as amended); and

• Exemptions Act, 2022 (Act 1083).

The Income Tax Act, 2015 (Act 896) ringfences and taxes income derived from mining operations at the rate of 35 percent. The Obuasi TCA for AGA Ghana provides for a stabilised income tax rate of 32.5 percent. AGA Iduapriem currently pays income tax at the rate of 35 percent.

Furthermore, mining companies must pay ground rent and royalties. Ground rent is payable annually and is calculated based on the number of cadastral units of land held. Royalties are calculated as a percentage of total revenue from minerals obtained by the mining company. The Government of Ghana currently applies a five percent royalty rate to mining companies who have not agreed a different royalty rate under an agreement with the State. AGA Ghana pays royalties on a sliding scale ranging between three percent and five percent as provided for by the Obuasi TCA. AGA Iduapriem pays royalties at a rate of five percent.

The provision of goods and services is liable to value added tax ("VAT") at a revised rate of 15 percent. In addition, there are separate levies, including a 2.5 percent National Health Insurance Levy ("NHIL"), a 2.5 percent Ghana Education Trust Fund Levy ("GetFund Levy") and a one percent COVID-19 Levy. By virtue of the Obuasi TCA, AGA Ghana is exempt from the payment of the NHIL and GetFund Levy. In addition, while AGA Ghana is technically exempt from the payment of the COVID-19 Levy (as it became operational subsequent to the effective date of the Obuasi DA), the Company decided to pay the COVID-19 Levy voluntarily. AGA Iduapriem is not exempt from any of these levies.

The Exemptions Act, 2022 (Act 1083) ("Exemptions Act") defines the scope of tax exemptions that may be granted under Ghanaian law, and sets out the administrative process for obtaining a tax exemption. The Exemptions Act requires a person with the benefit of an existing tax exemption to apply to the Ghana Minister of Finance by 11 March 2023 in order to continue to benefit from that tax exemption. The requirement to apply to the Minister of Finance does not affect AGA Ghana (as, by virtue of the Obuasi DA, AGA Ghana is stabilized against the adverse effects of, or obligations imposed by, any new laws). By contrast, AGA Iduapriem is subject to the provisions of the Exemptions Act.

**Environmental laws relating to mining**

Mining companies are required, under the GMM Act, Environmental Assessment Regulations, 1999 (L.I. 1652), Environmental Protection (Mining in Forest Reserves) Regulations, 2022 (L.I. 2462) and Water Use Regulations, 2001 (L.I. 1692), to obtain all necessary approvals from the Environmental Protection Agency (the "Ghana EPA") and, in appropriate cases, the Water Resources Commission, the Forestry Commission and/or the Minerals Commission before undertaking mining operations. This includes undergoing an environmental impact assessment process and, following the issuance of the environmental permit, periodically preparing environmental management plans, which include details of the likely impacts of mining operations on the environment and local communities, as well as a comprehensive plan and timetable for actions to mitigate and remediate any

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adverse effects of the mining operations, for submission to the Ghana EPA. The Minerals and Mining (Health, Safety and Technical) Regulations, 2012 (L.I. 2182) also impose further obligations to obtain the necessary permits from the Inspectorate Division of the Minerals Commission for the operation of mines. The environmental permits of AGA Ghana (for the Obuasi redevelopment project and for the construction and operation of tailings and water infrastructure projects) are valid until June 2024. The environmental permits for AGA Iduapriem in connection with (i) gold mining and processing, (ii) the re-mining of Block 5 and for the tertiary crusher installation project and (iii) the construction and operation of a tailings storage facility ("TSF") expired in August 2021, July 2022 and January 2023, respectively. The renewal process for the AGA Iduapriem environmental permits, which was commenced in advance of the expiry of the permits, is underway.

Environmental laws in Ghana also require mining operators to rehabilitate land negatively impacted by mining operations according to an environmental cost reclamation plan agreed with the Ghana EPA. The environmental cost reclamation plan includes two cost estimates, namely the cost of rehabilitating the mining area at the end of the life of the mine as well as the cost of rehabilitating the mine as at the date of the reclamation plan. These estimates are reviewed annually and updated every two years. Each mining company is typically required to secure a percentage (typically between 50 percent and 100 percent) of the estimated rehabilitation costs by posting reclamation bonds underwritten by banks and restricted cash. The terms of each reclamation bond are determined by a reclamation security agreement between that company and the Ghana EPA. Both AGA Ghana and AGA Iduapriem have bank guarantees in place for environmental reclamation liabilities as well as escrow accounts with joint signatories from the Ghana EPA. The guarantees for AGA Iduapriem expired in October 2022, whereas the guarantees for AGA Ghana expired in December 2022. Renewal of the bank guarantees (which commenced in advance of the expiry of the existing guarantees) has not yet been completed due to the continued depreciation of the Ghanaian cedi and its impact on the Bank of Ghana's single obligor limit. AGA Ghana and AGA Iduapriem have notified the Ghana EPA of the resultant delays.

**Foreign exchange, export and other rules**

*Retention of foreign earnings*

The Obuasi mine is permitted to retain 80 percent of its foreign exchange earnings in an offshore foreign exchange account, whereas the Iduapriem mine is allowed to retain up to 75 percent. In addition, the Company has permission from the Bank of Ghana to retain and use U.S. dollars outside of Ghana to fulfil payment obligations to the Company's hedge counterparties which cannot be met from the cash resources of its treasury company.

*Rules regarding the export of gold and diamonds*

The Bank of Ghana introduced new measures to regulate and monitor the export of gold and diamonds from Ghana in 2015. From September 2015, all exports of gold and diamonds must be carried out through the Precious Minerals Marketing Company Ltd ("PMMC"), except where the exporter is the holder of a licence that permits it to export directly. The Ghana Revenue Authority (Customs Division) only permits gold to be exported by a licensed gold exporter who has a completed Form FEX A4 bearing Bank of Ghana's embossment. The export measures do not apply to AngloGold Ashanti because the Company holds a licence granted by the LNR Minister to sell and export its production.

*Local assaying and refinement policies*

In November 2016, the Ministry of Lands and Natural Resources issued a ministerial directive appointing the PMMC as designated laboratory for assaying in Ghana. The directive requests all persons holding export licences for gold to submit all gold to be exported to the PMMC for assay before export. Mining businesses, including AngloGold Ashanti, acting through the Ghana Chamber of Mines were opposed to this directive due to its potential negative impact on mining companies in the region. As a result, the Chamber initiated proceedings to reverse or modify the directive. Following discussions in respect of the mining industry's concerns, the Chamber and Government agreed on the modalities for implementing the national assaying policy and it was introduced in February 2018 following a one-month pilot among certain mining companies. Subsequently, in June 2019, the LNR Minister released a statement reiterating the Government of Ghana's plans to locally refine 30 percent of the gold produced in the country. Discussions between the Ghana Chamber of Mines and the Government of Ghana's economic management team in 2019 led to the Chamber agreeing to consider the proposal and for the parties to discuss detailed modalities to ensure that a move to locally refined gold does not become detrimental to the mining industry.

*Local content and local participation policy*

Mining companies must submit a detailed programme for the recruitment and training of Ghanaians with a view to achieving "localisation", which is the replacement of expatriate personnel in a company's Ghanaian operations by Ghanaian personnel. In addition, mining companies must give preference to Ghanaian products and personnel, to the maximum extent possible, consistent with safety, efficiency and economies. The Minerals and Mining (General) Regulations, 2012 (L.I. 2173) give further details on the localisation policy. The Minerals and Mining (Local Content and Local Participation) Regulations, 2020 (L.I. 2431) came into force on 22 December 2020 with the purpose of developing Ghanaian participation in the mining industry value chain by imposing an obligation on mining companies to procure goods and services with Ghanaian content to the maximum extent possible.

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*The Government's election to purchase gold*

In June 2021, the Bank of Ghana launched a "Domestic Gold Purchase Programme" through which the Bank of Ghana intends to purchase refined gold from AGA Ghana, AGA Iduapriem and other large-scale mining companies through voluntary arrangements pursuant to the Bank of Ghana Act, 2002 (Act 612). The LNR Minister indicated in November 2022 that the Government of Ghana intended to exercise its statutory right of pre-emption pursuant to the GMM Act to compel large-scale mining companies to sell 20 percent of their Ghana gold production and/or the resultant refined gold to the Bank of Ghana in exchange for Ghanaian cedis. Each of AGA Ghana and AGA Iduapriem executed voluntary gold purchase agreements with the Bank of Ghana on 29 December 2022. As at 10 March 2023, the Government of Ghana had not exercised its statutory right of pre-emption as prescribed in the GMM Act.

**AngloGold Ashanti's rights and permits**

**Obuasi**

The Obuasi mine originally held four contiguous mining leases, namely, the Obuasi, Binsere 1, Binsere 2 and Binsere 3 Mining Leases. The Obuasi Mining Lease was granted by the Government of Ghana on 5 March 1994, covering an area of approximately 338 km<sup>2</sup> in the Amansie East and Adansi West districts of the Ashanti region, for a term of 30 years from the date of the agreement. The Binsere Mining Leases were granted on 9 April 1998, covering an area of 140 km<sup>2</sup>, for a term of 30 years from the date of the agreement. All leases in respect of the Obuasi mine had been duly ratified in accordance with Ghanaian law. In March 2007, the Government of Ghana agreed to extend the term of the Obuasi Mining Lease for a further term of 30 years. The amended Obuasi Mining Lease was also ratified by Parliament on 23 October 2008. The Obuasi Mining Lease will expire in March 2054 and the Binsere Mining Leases in April 2028. The mining leases are renewable. On 3 March 2016, the Minerals Commission approved AGA Ghana's application to surrender approximately 273.54 km<sup>2</sup> of the area to the Government of Ghana, reducing the combined area under AGA Ghana's lease areas to 201.46 km<sup>2</sup>. The remaining parcel of land that will be subject to the mining lease is situated within various villages and townships in the region but excludes the municipality of Obuasi. On 15 January 2021, the Minerals Commission approved AGA Ghana's application to surrender a further 60.24 km<sup>2</sup> of lease area, thereby reducing the total lease area to 141.22 km<sup>2</sup> under three mining leases, namely, the Obuasi Mining Lease (87.48 km<sup>2</sup>), the Binsere 1 Mining Lease (29.03 km<sup>2</sup>) and the Binsere 2 Mining Lease (24.71 km<sup>2</sup>). These mining leases are covered by the Obuasi DA and Obuasi TCA.

**Iduapriem**

The Iduapriem mine operates under four different mining leases, namely, the Iduapriem Mining Lease (LVB1539/89) (36.47 km<sup>2</sup>), the Ajopa Mining Lease (LVB/WR326/09) (46.12 km<sup>2</sup>), the Teberebie Mining Lease (LVB3722H/92) (28.53 km<sup>2</sup>) and the Ajopa South Mining Lease (LR#1109/1999) (28.10 km<sup>2</sup>). On 17 February 2020, the mining leases were extended for a further period of 15 years and such leases will now expire in February 2035. All leases in respect of the Iduapriem mine have been duly ratified in accordance with Ghanaian law.

**<u>Guinea</u>**

**General laws relating to mining**

In Guinea, the mining industry is primarily regulated by Law L/2011/006/CNT dated 9 September 2011 as amended by Law L/2013/053/CNT dated 8 April 2013 and promulgated by Decree D/2013/075/PRG/SGG dated 17 April 2013 (together, the "Guinea Mining Code").

The Guinea Mining Code is implemented by various decrees and orders, including Decree D/2014/015/PRG/SGG adopting a model of mining convention, dated 17 January 2014, Order A/2016/1584/MMG/SGG related to the administration's capacities for the management of integrated mining projects (PARCA-GPI) and its steering committee, dated 6 June 2016, and Decree D/2016/163/PRG/SGG on the national agency for the development of mining infrastructures (ANAIM), dated 13 June 2016.

In 2017, Decree D/2017/285/PRG/SGG was adopted, which sets forth the conditions for the constitution and management of the Local Development Fund ("Fodel"), as well as Joint Order A/2017/6326/MMG/MATD/SGG, which sets forth the conditions for the use, management and control of the Fodel. Together, these set forth the use of the mining companies' financial contribution to the development of the local communities and the rules applying to the Fodel, which was created under the Guinea Mining Code. On 13 July 2018, a Joint Order A/2018/5212/MEF/MMG/MB/MATD/SGG was issued, which regulates the use, management and monitoring of the resources allocated to local authorities pursuant to article 165 of the Guinea Mining Code. In 2019, an inter-ministerial committee was created to supervise and control the Fodel through the adoption of Joint Order AC/2019/089/MMG/MATD/SGG setting out the conditions for the constitution, powers and management of said inter-ministerial committee. On 6 September 2019, Decree D/2019/263/PRG/SGG was issued, which sets forth local content requirements in the framework of the implementation of public and private projects in Guinea. On 27 May 2021, Order A/2021/1229/MMG/SGG was issued to establish the Steering Committee for local content in the mining sector. On 21 October 2022, Law L/2022/010/CNT, dated 22 September 2022, setting up the legal framework for local content in public and private projects was enacted (the "Local Content Act"). In particular, the Local Content Act regulates local employment, procurement of goods and services, and subcontracting

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requirements. As the Local Content Act does not expressly repeal the provisions of Decree D/2019/263/PRG/SGG, those provisions remain in force to the extent that they do not conflict with the Local Content Act.

On 16 June 2020, a new procedure for the export of gold by mining companies was enacted through the adoption of Decree D/2020/113/PRG/SGG, which sets out, amongst other things: (i) when the industrial production tax referred to in article 161-1 of the Guinea Mining Code shall be paid, and (ii) the process to be followed to export gold bullion.

On 27 April 2021, a Joint Order AC/2021/824/MMG/BCRG/SGG was issued establishing the fees and costs charged by the Guinean mining authorities and the Guinean Central Bank in connection with the administrative procedures for the export of gold by industrial and semi-industrial companies.

**AngloGold Ashanti's rights and permits**

The Group's Guinean subsidiary, Société AngloGold Ashanti de Guinée S.A. ("SAG"), has title to the Siguiri mine in the form of a mining concession, granted by virtue of Presidential Decree D/97/171/PRG/SGG, dated 4 August 1997, for a period of 25 years (the "Mining Concession"). The Mining Concession covers exploration and mining for gold, silver, diamonds and associated ores, and was originally covered by a mining convention entered into with the Republic of Guinea in 1993 and amended in 2005. On 28 June 2016, SAG and the Government of Guinea concluded a revised and consolidated mining convention (Convention de Base Révisée et Consolidée) (the "Revised Mining Convention") which encompasses a renewal of the term of the original mining convention and other amendments necessary to support an expansion project to extend the life of the Siguiri mine (the "Expansion"). In compliance with the provisions of the Guinea Mining Code, the Revised Mining Convention was ratified by the Guinean National Assembly (Law L/2016/N°067/AN dated 30 December 2016, promulgated by Decree D/2017/015/PRG/SGG dated 24 January 2017), submitted to the Guinean Supreme Court which rendered a favourable opinion (Judgement N°AC 005 dated 16 January 2017), and ratified by the President of the Republic of Guinea (Decree D/2017/021/PRG/SGG dated 24 January 2017), following which it replaced the original mining convention and became effective on 24 January 2017.

Key elements of the Revised Mining Convention include the following:

• a duration of 25 years, expiring 23 January 2042, subject to further renewal if mining operations continue;

• the term of the Mining Concession is aligned with the term of the Revised Mining Convention since the Republic of Guinea committed to maintain the Mining Concession for the entire duration of the Revised Mining Convention;

• SAG's operations remain governed by the 1995 Guinea Mining Code (the prior mining code) and are only subject to the provisions of the Guinea Mining Code to the extent they are expressly set out in the Revised Mining Convention;

• the stability of the customs and tax regime is guaranteed for the entire initial term of the Revised Mining Convention, and subject to certain conditions being met, any renewal period(s);

• the Republic of Guinea holds a 15 percent free-carried/non-contributory interest;

• the Republic of Guinea is entitled to a royalty on gold of five percent based on a spot gold price as per LBMA fixing (PM) up until the date of steady state commercial production of the first phase of the Expansion, after which the royalty rate applicable to gold will vary depending on threshold prices as per LBMA fixing (PM), namely: three percent if the gold price is $1,300 or less, five percent, if above $1,300 and up to $2,000 and seven percent if above $2,000;

• SAG benefits from 5-year income tax holiday from the beginning of steady state commercial production of the first phase of the Expansion, after which the income tax rate is set at 30 percent;

• a local development tax of 0.4 percent is payable on the sale price for gold and silver received by SAG up until 31 December 2027, after which it will be increased to 0.6 percent;

• salaries of expatriate employees are subject to a ten percent income tax;

• goods imported into Guinea for purposes related to the construction and commissioning of the first phase of the Expansion are exempt from all customs taxes and duties; and

• SAG is committed to adopting and progressively implementing a plan for the effective rehabilitation of the mining areas disturbed or affected by its operations.

The Mining Concession covers an area divided into four blocks totalling approximately 1,495 km<sup>2</sup>. SAG has the exclusive right to explore and mine in any part of the concession area for the duration of the Revised Mining Convention. The Revised Mining Convention also grants SAG the option to secure certain land rights over additional areas currently covered by exploration permits, but to which SAG may need access for purposes of establishing roads or storage of tailings. While the Mining Concession expired on 4 August 2022, a renewal request had been filed prior to its expiry in accordance with the provisions of the Revised Mining Convention on 1 February 2022. Pursuant to the Revised Mining Convention, the Mining Concession can be renewed for one or more period(s) that cannot exceed ten years each as long as the Revised Mining Convention is in force.

The Revised Mining Convention is subject to early termination if the parties formally and expressly agree to it, if the last of the mining title held by SAG expires or is relinquished without any renewal application having been filed, if all project activities are voluntarily suspended for a continuous period of 12 months or are permanently abandoned by SAG, or if SAG goes into voluntary liquidation or is placed into liquidation by a court of competent jurisdiction.

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**<u>Mali</u>**

**General laws relating to mining**

The mining industry in Mali is primarily regulated by Ordinance No. 2019-022/P-RM dated 27 September 2019 containing the new mining code of the Republic of Mali (the "Mali Mining Code") and Decree No. 2020-0177/PT-RM dated 12 November 2020 implementing the Mali Mining Code. On 8 December 2020, Decree No. 2020-0288/PM-RM enacted the new model mining convention referred to in Decree No. 2020-0177/PT-RM.

The Mali Mining Code applies to the mining operations previously carried out by AngloGold Ashanti entities in Mali (as further described below) except with respect to the validity, scope and duration of their exploitation permits and the provisions on tax and customs regime contained in their mining conventions (*conventions d'établissement*) for their remaining duration. In this regard, the transitory rules of the Mali Mining Code specify that mining conventions in force remain valid for their remaining term and their holders continue to benefit from the stability of the tax and customs regime set out therein.

Exploration and prospecting activities are carried out under exploration authorisations (*autorisation d'exploration*) or exploration permits (*permis de recherche*), which give their holder the exclusive right to carry out exploration activities over a given area. Exploration authorisations are granted by the Mining Administration (*Administration chargée des Mines*) for a non-renewable period of three months, while exploration permits are granted by Ministerial Order for a period of three years renewable twice for additional 3-year periods. Applications for exploration authorisations and exploration permits must contain various documents attesting to the financial and technical capacity of the applicant as well as a detailed works and costs programme.

A large scale permit exploitation permit (*permis d'exploitation de grande mine*) is required to mine a deposit located within the area of an exploration permit and grants the holder an exclusive right to exploit the named substances and proceed with the processing and commercialisation of the substances extracted within its perimeter. Large scale exploitation permits are granted by decree of the Head of Government for a maximum period of 12 years renewable for ten year-periods until depletion of the deposits. An application must be submitted to the Mining Administration (*Administration chargée des Mines*) and must contain various documents attesting to the financial and technical capacity of the applicant, a feasibility study, a detailed environmental study in respect of the impact of the project on the environment, an environmental permit, a closure and rehabilitation plan as well as a community development plan. As soon as the large scale exploitation permit is granted, the permit holder must incorporate a company under the laws of Mali and assign the permit for free to this company. The State will have a ten percent free-carried interest in the company. This interest will be converted into priority shares and the State's participation will not be diluted in case of an increase in capital. In addition, the company is required to ensure that private Malian investors are offered the possibility to acquire five percent of their capital.

All mining titles mentioned above (save for the exploration authorisation) require a mining convention (*convention d'établissement*) to be signed by the State and the titleholder defining their rights and obligations, the duration of which is 20 years.

**AngloGold Ashanti's rights and permits**

Historically, AngloGold Ashanti had interests in the Morila, Sadiola and Yatela gold mines, all of which were governed by mining conventions (conventions d'établissement) covering exploration, mining, treatment and marketing in a comprehensive document. These documents include general provisions regarding exploration (work programme, fiscal and customs framework) and exploitation (formation of a local limited liability mining company, State interest, fiscal and customs framework governing construction and exploitation phases, exchange controls, marketing of the product, accounting regime, training programmes for local labour, protection of the environment, reclamation, safety, hygiene and dispute settlement). The Morila and Sadiola gold mines were sold in November and December 2020, respectively.

In April 2017, Société d'Exploitation des Mines d'Or de Yatela S.A. ("Yatela"), the company operating the Yatela gold mine, began the implementation of a closure plan in order to relinquish the property. In February 2019, AngloGold Ashanti and its joint venture partner IAMGOLD Corporation announced an agreement to sell each of their 40 percent interests in Yatela to the Government of Mali, which holds the remaining 20 percent interest. Completion of the transaction is subject to the fulfilment or waiver of a number of conditions precedent and has been delayed several times since 2019 due to political instability and related events in Mali as well as the COVID-19 pandemic. Yatela's exploitation permit covers approximately 212 km<sup>2</sup>. Yatela has a 30-year permit which expires in 2030.

**<u>Tanzania</u>**

**General laws relating to mining**

*Tanzania Mining Act and Tanzania Mining Regulations* 

Mineral rights in the United Republic of Tanzania are principally governed by the Mining Act, Chapter 123 (R.E. 2019), as amended (the "Tanzania Mining Act") and the Mining Regulations, 2018 (the "Tanzania Mining Regulations"). The Tanzania

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Mining Act and the Tanzania Mining Regulations came into force in November 2010 followed by amendments to the Tanzania Mining Act in 2017 and subsequent amendments to the Tanzania Mining Regulations in 2018 and 2019. The Mining (Local Content) Regulations were amended and came into force on 23 September 2022. Those amendments, together with an Executive Order, introduced, among other matters, (i) the Tanzania Mining Commission; (ii) local content requirements in employment and for procurement of goods and services; (iii) Mining Licence requirements of five percent of a licencee's equity to be held by Tanzanians, with at least 80 percent of its managerial positions to be held by Tanzanians and 100 percent of non-managerial and other positions to be held by Tanzanians, in addition to the shareholding of the Government of Tanzania pursuant to Section 10 of the Tanzania Mining Act (i.e. free-carried interest); and (iv) regulations for the government warehousing of minerals prior to export/sale.

*Minimum shareholding and public offering*

In 2016, the Mining (Minimum Shareholding and Public Offering) Regulations, 2016, as amended, was adopted. The regulations set out the requirement to sell shares to Tanzanian nationals, by way of a public offering and listing on the Dar es Salaam Stock Exchange, which will apply to companies that are carrying out large scale mining operations. The regulations also require all existing holders of a special mining licence to list a minimum of 30 percent of their shares on either the Main Investment Market or the Enterprise Growth Market Segment of the Dar es Salaam Stock Exchange within six months of the regulations coming into force, which was on 24 February 2017. However, the Company believes the listing requirement conflicts with the mining development agreement. In September 2020, the Government of Tanzania published the Mining (Minimum Shareholding and Public Offering) (Amendment) Regulations, 2020, which exempts companies holding special mining licences from local listing requirements if such mining company has entered into an agreement with the Government of Tanzania that provides for a non-dilutable free-carried interest in such mining company and an economic benefits sharing arrangement.

*Arbitration*

Along with other major mining companies, AngloGold Ashanti's subsidiaries are seeking a constructive dialogue with the Government of Tanzania to gain assurances that the Geita gold mine will not be affected by recent legal and fiscal changes adopted by the Government in light of their mining development agreements which guarantee (i) fiscal and regulatory stability, and (ii) an agreement between all parties before material legal and regulatory changes are made. As a precautionary step to safeguard its interests, AngloGold Ashanti commenced international arbitration proceedings against the Government of Tanzania in connection with the enactment of this legislation in July 2017. Declaratory relief is sought in accordance with the terms of the company's existing mining development agreement to preserve its and its shareholders' rights and interests in the Geita gold mine. AngloGold Ashanti is seeking confirmation from the Government of Tanzania that, as a result of its existing mining development agreement, the company does not fall within the scope of the new mining legislation that includes, among other things, (i) listing requirements; (ii) an increase in the rate of revenue royalties from four to six percent and a one percent clearance fee; and (iii) a right for the Government of Tanzania to (a) renegotiate existing mining agreements at its discretion, (b) receive a non-dilutable, free-carried interest of no less than 16 percent in all mining projects, and (c) acquire up to 50 percent of the shares of the mining company commensurate with the total tax expenditure incurred by the Government in favour of the mining company. AngloGold Ashanti can provide no assurance that the new mining legislation, including the listing requirements, will not apply to its operations in Tanzania and the outcome of the arbitration action may have a material adverse impact on the company's results of operations and financial condition. See also *"Item 8A: Legal Proceedings-Tanzania"*.

*Categories of mineral right licences*

Ownership of and control over minerals on, in or under the land vest in the President of the United Republic of Tanzania. No person is allowed to prospect for minerals or carry on mining operations except pursuant to the authority of a mineral right licence granted, or deemed to have been granted, under the Tanzania Mining Act or its predecessor acts. To enable a company to prospect or mine, the Tanzania Mining Commission ("MC") initially grants an exclusive prospecting licence. Upon presentation of a feasibility study, together with certain other environmental, social and financial assurances, the MC may then grant a form of licence for mining. Three categories of licences can be applied for under the Tanzania Mining Act: licences for exploration, licences for mining, and licences for ancillary activities. Licences for exploration include prospecting licences and gemstone prospecting licences. Licences for mining include special mining licences (if the proposed capital investment is equal to at least $100 million), mining licences (if the proposed capital investment is equal to between $100,000 and $100 million) and primary mining licences (reserved for Tanzanian citizens).

A prospecting licence grants the holder the exclusive right to prospect in the area covered by the licence for all minerals within the class of minerals applied for. An application for a prospecting licence is made to the Mining Commission and the licence, once granted, is valid for an initial term of four years. After the initial term, the licence is renewable for a further period of three years, with no option for renewal thereafter. Upon renewal, 50 percent of the area covered by the licence must be relinquished.

Mining is mainly carried out through either a mining licence or a special mining licence, both of which confer on the holder the exclusive right to conduct mining operations in or on the area covered by the licence. A special mining licence is granted for the shorter of either the estimated life of the ore body indicated in the feasibility study report or such period as the applicant may request. The holder of a special mining licence may apply for renewal of its licence at any time but no later than one year before the expiry of the licence and such renewal shall not be for a period exceeding the estimate life of the remaining ore body. Special

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mining licences have certain fiscal and other advantages over mining licences, as the holder of a special mining licence may enter into a mining development agreement with the Government of Tanzania to guarantee the fiscal stability of a long-term mining project and make special provision for the payment of royalties, taxes, fees and other fiscal imposts. A special mining licence holder may, in certain circumstances, amend the programme of the mining operations agreed with the MC.

**Tax laws relating to mining**

Currently, the main tax laws in Tanzania comprise the Finance Act, 2015 (No. 16), which came into force on 1 July 2015, the Finance Act, 2017 (No. 4), which came into force on 1 July 2017, and currently the Finance Act, 2022 (No. 5), which came into force on 1 July 2022. All tax laws impose and revise certain taxes, duties, levies and fees. Among other provisions, inspection or clearance fees on the exportation or domestic use of minerals were introduced. Such exportation or domestic use is restricted unless such minerals have been inspected or cleared at the mining areas, ports, airports, border or posts and the clearing fee of one percent of the gross value of the minerals has been paid by the exporter or any other person in possession thereof. Local government levies and environmental management fees and charges apply as well.

Effective 20 July 2017, the Value Added Tax Act, 2014 (No. 5) (the "VAT Act") was amended in order to restrict VAT relief for VAT input tax paid by mining companies on goods and services. Prior to the enactment of this amendment to the VAT Act, mining companies were entitled to 100 percent VAT relief in respect of the goods and services they purchased. The amendment prohibits refunds for VAT input tax incurred on a series of raw products, including the exportation of "raw minerals". Subsequently, the Tanzania Revenue Authority ("TRA") denied our applications for VAT input credit refunds, which amounted to a total of $153 million (after discounting provisions) as of 31 December 2022, covering the period from July 2017 onwards, on the basis that all of the gold doré that we export constitutes "raw minerals" for purposes of the VAT Act. In response, the company filed formal notices of objection with the TRA stating that the exportation of gold doré is, in its view, not covered by the restriction since doré does not fall within the category of "raw minerals" as used in the VAT Act. On 22 February 2019, the Tanzania Mining Act was amended to introduce a definition for "raw minerals" which supports our interpretation that gold doré is excluded from the prohibition. On 1 July 2020, the Finance Act, 2020 (No. 8), amended the VAT Act, without retrospective effect, in order to remove the restrictions on VAT input tax credits for the exportation of "raw minerals" as well as a series of other raw products. This recent amendment confirms the technical basis for VAT input tax recovery for mineral exporters from July 2020 onwards. VAT claims from July 2020 onwards are subject to verification procedures by the TRA before any refunds will be received. In 2022, the company was able to offset $45 million of verified VAT claims (from July 2020 onwards) against its corporate tax liability in Tanzania. Discussions with the TRA are ongoing to resolve our historical claims for VAT input credit refunds for the period from July 2017 to June 2020.

**Natural resources, export and other rules** 

*Natural resources legislation*

In Tanzania, two laws in respect of natural resources came into force in July 2017: the Natural Wealth and Resources Contracts (Review and Re-negotiation of Unconscionable Terms) Act, 2017 (No. 6) (the "Unconscionable Terms Act") and the Natural Wealth and Resources (Permanent Sovereignty) Act, 2017 (No. 5) (the "Permanent Sovereignty Act" and together with the Unconscionable Terms Act, the "Natural Resources Laws"). Implementing regulations were published in January 2020. The Natural Resources Laws provide that Tanzania has sovereignty over its natural resources and that all arrangements or agreements that relate to "natural wealth and resources" are subject to review by the National Assembly to ensure that they are in the interests of the people of Tanzania. During a review all unconscionable terms as interpreted in accordance with the law are expunged from the agreement. In addition, under the laws, disputes over natural wealth and resources will not be subject to any proceedings in any foreign court or tribunal. As a result, investors are restricted from accessing international dispute resolution mechanisms. Accordingly, companies are now required to adopt Tanzanian law and local dispute resolution in all mining agreements. As such, all disputes will be handles by Tanzanian judicial bodies or any other Tanzania government body vested with powers to resolve disputes. In addition, to ensure that the Government and the people of Tanzania obtain an equitable stake in the exploitation of mining resources, all project earnings must be retained in Tanzanian banks. Investors are also prevented from freely exporting raw minerals and repatriating funds.

Section 6 of the Unconscionable Terms Act specifically provides that where there is an unconscionable term, the National Assembly may pass a resolution for re-negotiation of the agreement whereupon the Government shall serve notice to the investor to re-negotiate the term or agreement. The Government and the particular investor have 90 days from the notice date to re-negotiate the term or agreement. If both parties fail to revise the unconscionable term, the term will be deemed removed from the agreement. A term is considered "unconscionable" under the Unconscionable Terms Act if, among other grounds, the requirements or provisions of the agreement restrict the right of the state to exercise authority over foreign investment within the country and in accordance with the laws of Tanzania, are inequitable and onerous to the state, secure preferential treatment designed to create a separate legal regime to be applied discriminatorily for the benefit of a particular investor, deprive the people of Tanzania of the economic benefits derived from subjecting natural wealth and resources to beneficiation in the country, or subject the state to the jurisdiction of foreign laws and foreign courts or tribunals.

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*State participation*

*Local participation policy*

On 15 September 2015, the Non-Citizens (Employment Regulation) Act, 2015 (No. 1) (the "Non-Citizens Act") came into force which vests powers concerning work permits with the Labour Commissioner. Therefore, non-citizens wishing to be employed in the country are required to apply and be granted a work permit before applying for a residence permit. Before granting the work permit, the Labour Commissioner must be satisfied that all efforts have been explored to acquire a local expert. Further, the company is required to submit a succession plan to both the Labour Commissioner and the MC which sets out a well-articulated plan for the transfer of the non-citizen's knowledge and expertise to Tanzanian citizens. Moreover, the Commissioner General of Immigration is required to take into consideration conditions of the work permit issued by the Labour Commissioner when granting a residence permit.

*The Tanzania Investment Act No. 10 of 2022*

On 2 December 2022, the Tanzania Investment Act, 2022 (No. 10) (the "Investment Act") came into force. The Investment Act restores the right to international arbitration and grants foreign investors access to settle disputes with the Tanzania Investment Centre or the Government of Tanzania through arbitration. Pursuant to the Investment Act, parties to a dispute may agree to the use of a local or foreign arbitration venue.

**AngloGold Ashanti's rights and permits**

The Geita gold mine is located in the Lake Victoria goldfields of the Mwanza region of Tanzania. AngloGold Ashanti has concluded a mining development agreement with the Ministry of Minerals on 24 June 1999 and was issued a special mining licence (SML45/99) covering approximately 196 km<sup>2</sup> for a period of 25 years, which expires on 26 August 2024. The internal renewal process for the special mining licence (SML45/99) is underway with a view to submitting an application for renewal prior to its expiry date. On 9 October 2014, an addendum to the mining development agreement was entered into ratifying, among other matters, an increase in the royalty rate from three percent to four percent with effect from 1 May 2012. In March 2020, Geita Gold Mining Limited received the consent of the Minister of Minerals to change the mining method under its special mining licence from open pit to underground method, subject to the requisite terms and conditions. Within the special mining licence area, there are also seven primary mining licences of approximately 0.63 km<sup>2</sup> in total which belong to third parties. Furthermore, AngloGold Ashanti holds prospecting licences covering (i) an area of 120 km<sup>2</sup> in the immediate vicinity of its special mining licence area, and (ii) an area of 690 km<sup>2</sup> located in the Dodoma, Singida and Shinyanga regions, but none of these areas contain any Mineral Reserve. All licences are in good standing.

**<u>AUSTRALIA</u>**

**General laws relating to mining**

In Australia, with a few exceptions, all onshore minerals are owned by the Crown. The respective Minister for each state and territory is responsible for administering the relevant mining legislation enacted by the states and territories. Native title legislation applies to certain mining tenements within Australia. Australia recognises and protects a form of native title that reflects the entitlement of Aboriginal people to their traditional lands in accordance with their traditional custom and laws. Should native title claims or determinations exist, certain native title processes and procedures will apply under the Native Title Act 1993 (Cth) (the "Native Title Act") before the tenure is granted. Tenure may be granted subject to conditions relating to native title rights. In the mining context, native title matters are managed as part of the tenement grant process. If disputes arise in relation to the grant of a particular tenement, they can be referred to the National Native Title Tribunal, established under the Native Title Act, for resolution. Native title legislation also provides a framework for compensation to be paid for acts that affect native title rights and interests. Ordinarily, the relevant Commonwealth or State government is liable to pay compensation for acts attributable to it. However, in the state of Western Australia, the Mining Act 1978 (WA) provides that an applicant for the grant of, or the holder of, a mining tenement is responsible for native title compensation, if determined to be payable, to native title holders.

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Federal, state and territory Aboriginal and non-Aboriginal heritage laws operate in parallel to the native title legislation. State and territory heritage laws exist predominantly for the purposes of managing the impact of developments on sites, objects and areas of heritage significance. In Western Australia, impacts to Aboriginal cultural heritage are regulated by the Aboriginal Heritage Act 1972 (WA). However, this legislation will be repealed and replaced by the Aboriginal Cultural Heritage Act 2021 (WA) (the "ACH Act") which was enacted in 2021. The regulations, management code and various guidelines which underpin the ACH Act are being co-designed by the State government, traditional owners, industry and other stakeholders. The ACH Act will not become fully operational until the co-design process is complete in mid-2023 at the earliest. Where an area of heritage significance is placed on the national or world heritage registers, federal approval processes may also apply. To date, there has not been any significant impact on any of AngloGold Ashanti's tenure due to native title or heritage legislation and, at this stage, it is not possible to predict any significant impact that may result in the future from the final regulations, management code and various guidelines under the ACH Act, once adopted.

AngloGold Ashanti's operating properties are located in the state of Western Australia where tenure is issued under, and mining operations are governed by, the Mining Act 1978 (WA). The most common forms of tenure in Western Australia are exploration and prospecting licences, mining leases, miscellaneous licences and general purpose leases. In most Australian states, if the holder of an exploration licence establishes indications of an economic mineral deposit in the area covered by the exploration licence and complies with the conditions of the grant, the holder of the exploration licence has a priority right against all others to be granted a mining lease which gives the holder exclusive mining rights with respect to minerals on the property.

It is possible for an individual or entity to own an area of land (including for infrastructure purposes) and for another individual or entity to be granted the right to explore for or mine any minerals located on or under the surface of the same area. The maximum initial term of a mining lease in Western Australia is 21 years and the holder has the right to renew the lease for an additional 21 years. Subsequent renewals are granted at the discretion of the respective state or territory's minister responsible for mining rights. In Western Australia, mining leases can only be assigned with the prior written consent of the minister.

**Tax laws relating to mining**

Government royalties are payable by the holder of mining tenure in respect of minerals obtained from the relevant area of land at the rates specified in the relevant legislation in each state or territory. The royalty on gold production in Western Australia is payable quarterly at a fixed rate of 2.5 percent of the royalty value of gold metal produced. The royalty value is calculated by multiplying the amount of gold produced during a given month by the average gold spot price for that month. In addition, the holder of a mining tenement is required to pay annual rent in respect of the tenement. In Western Australia there is a minimum annual expenditure requirement for prospecting and exploration licences and mining leases. Exemptions from the expenditure requirement can be obtained if certain conditions are satisfied.

**Environmental laws relating to mining**

Mining tenements will be granted with endorsements and conditions relating to protection of the environment. Exploration and mining operations may also require separate approval from the state, territory or federal environment minister, which may require completion of an environmental impact assessment (including a public consultation period) pursuant to applicable environmental protection legislation prior to commencement. Further, a works 'construction' approval and an operating licence under the relevant environmental protection legislation in the state or territory may also be required for certain mine processing or mining-related operations. In Western Australia, legislation removing the distinction between "works approvals" and "licenses" is expected to enter into force in December 2023 such that, following the effective date, only a "license" will be required for "prescribed activities", which include relevant works and operations on a mining lease, and not a separate "works approval". Depending on the jurisdiction, additional approvals may be required for the removal of native vegetation within the tenement, and the taking and use of water for exploration and mining operations.

**AngloGold Ashanti's rights and permits**

AngloGold Ashanti has been granted 21-year term mining leases with rights of renewal to all of its mining areas in Australia, including its proportionate share of joint venture operations and accordingly it has, together with its joint venture partners where applicable, the exclusive right to mine in those areas. Both the Group and its joint venture partners are fully authorised to conduct operations in accordance with relevant laws and regulations. The mining leases and rights of renewal cover the current life-of-mine at AngloGold Ashanti's operations in Australia.

At Sunrise Dam, one mining lease (M39/1116) covers the deposit and mine infrastructure (approximately 7,808 hectares) and another mining lease (M39/1117) covers the water extraction infrastructure used to supply the operation with water (approximately 1,768 hectares). Both leases are currently in good standing, with expiry dates in 2038.

The Butcher Well joint venture has security of tenure for all current exploration licences and for the contiguous mining leases that covers its Mineral Resource. There are three mining leases: mining lease (M39/165) which covers 602.35 hectares with expiry date in 2030, mining lease (M39/166) which covers 990 hectares with expiry date in 2030 and mining lease (M39/230) which covers 446.4 hectares with expiry date in 2032.

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At Tropicana, the deposit is situated upon a single mining lease (M39/1096) covering approximately 27,228 hectares, which is currently in good standing, with an expiry date in 2036.

AngloGold Ashanti Australia Limited is also conducting early stage exploration activities in Queensland under the Mineral Resources Act 1989 (QLD). AngloGold Ashanti holds 15 exploration permits covering 316,851 hectares. Each permit is granted with an initial term of five years, renewable for two further periods of not more than five years each.

**<u>AMERICAS</u>**

**<u>Argentina</u>**

**General laws relating to mining and land ownership**

*Mining regime*

The Argentinean Mining Code governs mining activity in the country. Special regimes exist for hydrocarbons and nuclear minerals. In the case of most minerals, the Argentinean Mining Code establishes that the owner of the land is not the owner of the mineral rights; these are held by the national or provincial governments (depending on the location of the minerals). The national or provincial government, as applicable, is required by the Argentinean Mining Code to grant whomever discovers a new mine title to the mining concession.

The Argentinean Mining Code regulates exploration permits as well as mining concessions, or exploitation rights. Exploration permits grant their holders exclusivity rights to any mineral discoveries, including those made by a third party within the exploration area covered by the permit. Exploration permits are limited in time and as to the extent of the exploration area, are subject to the payment of a single-time fee, and also require a minimum exploration work programme and schedule to keep the permit in force. Priority for receiving a mining concession is given to the registered discoverer of the mine, which holds the exploration permit. Once the application for a mine has been submitted, the applicant may commence works and must submit a legal survey of the units requested for the new mine. The application and the legal survey may be opposed by third parties following specific proceedings set forth in the Argentinean Mining Code. Approval and registration of the legal survey by the provincial mining authority constitutes formal title to the mining concession.

Holders of mining concessions must comply with three main conditions: payment of an annual fee, investment of a minimum amount of capital, and the carrying out of a reasonable level of exploitation. Failure to do so could lead to forfeiture of the mining concession, which would then revert back to the Province.

In addition to the Argentinean Mining Code, between 1993 and 1995, Argentina implemented several federal laws to offer foreign companies attractive incentives for exploration and mining in Argentina, the Mining Investment Law (Law No. 24, 196), as amended (the "Mining Investment Law"), and related legal provisions being the most important one. Such incentives include, among other matters, import duty exemptions, accelerated depreciation of fixed assets, a three percent cap on provincial royalties set at pit-head value on the mineral extracted, value added tax refunds for exploration-related expenses incurred by companies registered under the Mining Investment Law, and, subject to the filing of a feasibility study for the relevant mining project, a 30-year stability as to the tax burden on the project and the customs and foreign exchange regimes and duties. Cerro Vanguardia S.A. ("CVSA") obtained its tax, customs and foreign exchange stability certificate in 1996.

*Glacier Law*

On 30 September 2010, the National Law on Minimum Requirements for the Protection of Glaciers (Law No. 26, 639) (the "Glacier Law") was enacted in Argentina, banning new mining exploration and exploitation activities on glaciers and "peri-glacial" areas. The Glacier Law establishes a broad definition of "peri-glacial" areas that, together with glacial areas, must be surveyed by an existing national government agency specifically appointed to this end every five years. The area where the Cerro Vanguardia project is located does not include any glaciers or peri-glacial areas according to the inventory of glaciers which was published in June 2018.

*Rural Land Law*

On 27 December 2011, the Argentinean National Congress passed a law on the Regime for Protection of National Domain over Ownership, Possession or Tenure of Rural Land (Law No. 26, 737) (the "Rural Land Law") which implemented a set of rules restricting the ownership of rural land by foreigners (including foreign individuals or any kind of legal entity controlled by foreign individuals or legal entities). The main restrictions are as follows: (i) foreigners cannot own in the aggregate more than 15 percent of the entire rural land of Argentina, the same cap being applicable to each Province and Municipality; (ii) foreigners will not be allowed to purchase more than 1,000 hectares in the so-called "zona núcleo", which comprises the main agricultural areas of central Argentina or an "equivalent" surface depending on the location of the land and its productive potential; and (iii) foreigners will not be allowed to buy land that contains, or is adjacent to, relevant and permanent water bodies (such as rivers and lakes). Although exploration permits and mining concessions are not the subject matter of the restrictions placed by the Rural Land Law, certain rights granted to foreign mining companies under the Argentinean Mining Code may be restricted by this

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new law. For example, the right that holders of mining concessions currently have to force the surface owner to sell the land to the holder of the mining concession might be restricted if the concession holder is a foreign individual or a legal entity controlled by foreigners.

*Federal Mining Agreement*

On 13 June 2017, the national government and the provinces in whose territories the main mining projects of Argentina are located, signed the New Federal Mining Agreement ("FMA"). The purpose of the FMA is, amongst other things, to increase provincial revenues from the mining industry by creating legal entities owned by provincial governments that would work in association with private mining companies. This scheme is not new in Argentina and it has been used by some provincial governments, amongst them the Santa Cruz Province (through Fomicruz), in which the Cerro Vanguardia project is located. The FMA also contemplates other forms of revenues such as the formation of special trusts to be funded by mining companies to finance education, health and other programmes. Additionally, the FMA included setting forth mining royalties up to three percent of the gross value of commercialised minerals, without any deductions other than VAT. As the FMA has not yet been converted into law by the National Congress, its provisions are neither binding nor enforceable.

In Argentina, the current regulatory regime of royalty payments is expected to change and several different options and payment thresholds have been discussed. In December 2012, the Santa Cruz Province changed the mining royalty from one percent to three percent calculated at pit-head value of the mineral extracted thus bringing it to the cap of the Mining Investment Law.

**Foreign exchange and export rules**

*Foreign exchange controls*

On 1 September 2019, by means of Executive Decree No. 609/2019 (the "Export Controls Decree"), the Argentinean national government reinstated foreign exchange and export controls. The Export Controls Decree and related regulations of the Central Bank of Argentina impose, among other measures, the obligation of Argentinean residents to transfer to Argentina and/or sell for Argentinean pesos in the Argentinean foreign exchange market (mercado de cambios) the countervalue (contravalor) from their exports of goods within a specified period. The export of goods is regulated by the Consolidated Text on "Foreign Trade and Exchange" issued by the Argentinean Central Bank (as amended from time to time) which establishes the specific regulatory requirements to implement the measures adopted by the national government in this area. Prior approval of the Argentinean Central Bank is generally required to access the foreign exchange market for transactions relating to the outflow of funds, except in certain circumstances.

In October 2022, the Argentinean national government implemented the Argentinean System of Imports (Sistema de Importaciones de la República Argentina) ("SIRA") and the Argentinean System of Imports and Foreign Payments of Services (Sistema de Importaciones de la República Argentina y Pagos de Servicios al Exterior). Importers must obtain a SIRA approval in the form of a SIRA certificate for the import of goods and to access the foreign exchange market for payments in connection with the import of goods. Additionally, from 1 January 2023, Argentinean residents, such as CVSA, must comply with certain supplementary provisions in order to access the foreign exchange market without prior approval of the Argentinean Central Bank, unless an exception applies.

CVSA had a cash balance equivalent to $116 million at 31 December 2022. The cash balance is available to be paid to AngloGold Ashanti's offshore ($105 million (equivalent)) and onshore ($15 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 U.S. dollars in order to distribute offshore dividends related to the 2019, 2020 and 2021 financial years of $105 million (equivalent) to AngloGold Ashanti. Also, under a special regime established for dividend payments, a new petition to distribute a portion of the offshore dividends applied for, in the amount of $54 million (equivalent), was submitted to the Argentinean Central Bank during the third quarter of 2022. In December 2022, the Argentinean Central Bank approved, based on the applications submitted under this special regime, the payment of $17 million (equivalent) to AngloGold Ashanti. As a result, during 2022, AngloGold Ashanti received offshore dividends from CVSA in a total amount of $17 million (net of withholding taxes) paid in U.S. dollars. While the remaining approvals are pending, the cash remains fully available for CVSA's operational and exploration requirements.

*Export duties*

On 21 December 2019, the National Law on Social Solidarity and Productive Reactivation (Law No. 27, 541) (the "Solidarity Law") was enacted. The Solidarity Law granted the national government power until 31 December 2021 to impose export duties which may not exceed certain caps. For example, the Solidarity Law provides that export duties on mining exports cannot exceed eight percent of the taxable value or official FOB price. On 2 October 2020, the national government published Decree No. 785/2020 (the "Export Duties Decree") which sets an export duty rate of eight percent for certain goods, including doré bars and gold alloys, and revoked the provisions of Decree No. 793/2018 which had previously set the export duty at 12 percent ad valorem. While the Export Duties Decree was set to expire at the end of 2021, on 31 December 2021, the national government published Decree No. 908/2021, extending the deadline of export duties on certain goods, including doré bars and gold alloys, until 31 December 2023. It is uncertain whether the national government is empowered to extend such deadline beyond the date set forth in the Solidarity Law. These export duties, if not compensated with other tax reductions, affect the tax stability guarantee granted to CVSA in 1996 in light of the fact that at the time export duties were zero percent.

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On 26 February 2019, the Argentinean tax and mining authorities published a resolution (RC 4428/2019) establishing an administrative procedure to be followed to obtain the reimbursement or compensation of federal taxes paid in excess of the total tax burden provided for by the applicable tax stability guarantee (the "2019 Procedure"). CVSA initiated the 2019 Procedure to claim compensation for the export duties it paid in 2018, 2019 and 2020 as export duties are not contemplated by its tax stability guarantee. Prior to the publication of RC 4428/2019, CVSA had already submitted to the tax authorities claims for reimbursement of the export duties it paid from 2008 to 2015.

Pursuant to the 2019 Procedure, the National Mining Secretariat issued favorable opinions regarding CVSA's claims in respect of fiscal years 2018 and 2019, which amounted to approximately $2.0 million and $6.3 million, respectively, as of 31 December 2022. These claims are currently under review by the relevant customs authorities. On 14 July 2021, CVSA submitted its claim in respect of fiscal year 2020, which amounted to approximately $12.4 million as of 31 December 2022. The National Mining Secretary has not yet issued an opinion regarding this claim.

Furthermore, CVSA has requested the tax authorities to apply the 2019 Procedure in respect of its historical claims for fiscal years 2008 to 2015 during which the imposition of export duties also exceeded CVSA's total tax burden under its tax stability guarantee. However, these claims, which amounted to approximately $3.1 million as of 31 December 2022, are still being reviewed under the rules to challenge export duties instead of the 2019 Procedure. CVSA has appealed the application of those rules and a decision on this issue is pending.

On 9 June 2022, the Argentinean tax and mining authorities published a resolution (RC 5205/2022) establishing a new administrative procedure to be followed to obtain the reimbursement or compensation of federal taxes paid in excess of the total tax burden provided for by the applicable tax stability guarantee (the "2022 Procedure"). This 2022 Procedure replaces the 2019 Procedure established by RC 4428/2019. On 20 September 2022, CVSA submitted its claim for compensation for the export duties in respect of fiscal year 2021, which amounted to approximately $11.2 million as of 31 December 2022, pursuant to the 2022 Procedure. This claim is currently under review by the National Mining Secretary.

In total, AngloGold Ashanti's net export duty receivables (after discounting provisions) in Argentina amounted to $9 million as of 31 December 2022.

**Environmental laws relating to mining**

Any mining company wishing to commence or modify any mining-related activity, as defined by the Argentinean Mining Code, including prospecting, exploration, exploitation, development, preparation, extraction, and storage of mineral substances, as well as property abandonment or mine closure activity, is required to prepare and submit to the competent provincial environmental authority an Environmental Impact Assessment ("EIA") prior to commencing the work. Each EIA is required to describe the nature of the proposed work, its potential risk to the environment, and the measures that will be taken to mitigate that risk. If accepted by the competent authority, the EIA is used as the basis to create a Declaration of Environmental Impact ("DEI") to which the mining company is required to adhere during the mining-related activity at issue. The DEI is required to be updated at least on a biannual basis. Sanctions and penalties for non-compliance with the DEI are outlined in the Environmental Protection section of the Argentinean Mining Code, and may include warnings, fines, suspension of quality certifications, obligations to restore the environment, temporary or permanent closure of activities, and withdrawal of authorisation to conduct mining-related activities.

**AngloGold Ashanti's rights and permits**

The mining concession holder of Cerro Vanguardia, the Company's operation in Argentina, is AngloGold Ashanti's partner, Fomento Minero de Santa Cruz S.E. ("Fomicruz"), which is wholly owned by the Santa Cruz Province. On 27 December 1996, Fomicruz entered into a usufruct agreement whereby CVSA was granted an irrevocable right to exploit the Cerro Vanguardia deposit (encompassing an area of approximately 543 km<sup>2</sup>) for a 40-year period. The mining licence (402642/CV/97), which covers the full Mineral Reserve, expires on 26 December 2036. CVSA is a corporation incorporated in Argentina indirectly controlled by AngloGold Ashanti (92.5 percent), with Fomicruz as minority shareholder (7.5 percent). On 14 August 1996, CVSA obtained its tax, customs and foreign exchange stability certificate, which expires in 2026.

**<u>Brazil</u>**

**General laws relating to mining and land ownership**

The Brazilian Constitution of 1934 states that, for purposes of exploration and exploitation, deposits and other Mineral Resources constitute property separate from the soil and belong to the Federal Union. Exploration and exploitation of such Mineral Resources may take place only with the Federal Union's concession and in such a way as to protect the national interest. Federal law sets out penal and administrative sanctions for conduct and activities deemed harmful to the environment.

In Brazil, the National Mining Agency ("ANM") is the state body within the Mines and Energy Ministry ("MME") that is responsible for: (i) the registration of mining titles, (ii) the grant of authorisations and concessions, (iii) the supervision of mining activities and mining titleholders, and (iv) the issuance of supplementary rules in relation to mining activity.

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Under the current Brazilian Mining Code, there are two kinds of mines: (i) claimstake mines (minas manifestadas), for which rights were acquired before 1934 and exist independently of any mining licence or authorisation from the Federal Government and for which the Mineral Resources constitute property of the landowner, and (ii) granted mines, which are those that rely on grants from the Federal Government for mineral exploration or exploitation (pursuant to the Brazilian Constitution of 1988). AngloGold Ashanti's operations in Brazil consist of both claimstake mines and granted mines.

Mining activities in granted mines must be performed in two defined stages: (i) exploration, which entails defining and evaluating the deposit and determining the feasibility of exploitation, and (ii) exploitation, which involves coordinating operations aimed at the industrial exploitation of the mineral deposit, from the extraction of useful minerals to their processing. Exploration authorisations issued by the ANM are valid for one to four years. One extension can be obtained automatically as long as it is justified. For more than one extension, the extension request will have to satisfy specific legal requirements. In contrast, exploitation rights, once granted, are valid for the lifetime of the deposit, provided the mining titleholder complies with all legal requirements. Pursuant to these requirements, for example, titleholders must (i) start work on mineral exploitation within six months from the date of publication of the Exploitation Concession, (ii) continue their mining activities until the mineral deposit has been exhausted, in accordance with the Economic Exploitation Plan (Plano de Aproveitamento Econômico) approved by the ANM, and (iii) refrain from suspending mining activities without prior notice to the ANM.

**Tax laws relating to mining**

During the exploration period, the mining titleholder has to pay an Annual Rate per Hectare (Taxa Annual por Hectare or "TAH"), subject to a maximum value set by law. In the exploitation period, regardless of the legal regime governing the project (whether claimstake or granted mines), the mining titleholder has to pay the Financial Compensation for Exploiting Mineral Resources (Compensação Financeira pela Exploração Mineral or "CFEM"). The CFEM which is 1.5 percent for gold is currently calculated based on revenues.

At the end of 2011 and the beginning of 2012, the states of Minas Gerais, Pará, Amapá and Mato Grosso do Sul each created a new "inspection and control" tax (duty) on extraction and exploration activities as well as on the use of Mineral Resource carried out in those states. In the state of Minas Gerais, gold ore and silver ore are exempted from the collection of this new duty. At the end of 2020, the state of Goiás created a new "inspection and control" tax (duty) on extraction and exploration activities carried out in this state, which currently still needs to be implemented. The constitutionality of these "inspection and control" taxes was upheld by the Supreme Court of Brazil on 1 August 2022.

**Environmental laws relating to mining**

Following the catastrophic failure of a tailings storage facility ("TSF") at the Córrego do Feijão iron ore mine owned by Vale at Brumadinho in the state of Minas Gerais in Brazil in January 2019, executive, legislative and judiciary bodies, both at the federal and state levels, have generally increased scrutiny of mining operations in Brazil, and of TSFs in particular, and have been considering, and in some cases have adopted, stricter laws and regulations applicable to the approval, licensing, construction, management, closure and decommissioning of TSFs in Brazil.

At the federal level, the ANM issued Resolution No. 13/19 in August 2019 (replacing its earlier Resolution No. 4/19) which adopted additional regulatory measures to ensure the stability of TSFs, in particular those built or heightened by the upstream method or by any method declared as "unknown". Among other things, ANM Resolution No. 13/19 prohibits the upstream method for the construction or heightening of tailings dams throughout the national territory of Brazil. It further requires operators to cease all storage and disposal activities at TSFs (known as "deactivation" or "desativação") constructed or heightened upstream or by an "unknown" method by 15 September 2021 as well as to decommission such TSFs by 15 September 2022 to 15 September 2027 (depending on the capacity volume). To comply with the terms of ANM Resolution No. 13/19, the Serra Grande tailings dam in the state of Goiás must be decommissioned by 15 September 2025. The Serra Grande mine completed the process of reinforcing the dam walls of its upstream TSF, deactivating the TSF and migrating to dry-stacking operations, each by the 15 September 2021 deadline.

Furthermore, Federal Law No. 14.066/20, adopted in October 2020, also imposes requirements on companies to decommission upstream TSFs, including the Serra Grande tailings dam, by 25 February 2022 (which date is earlier than required by ANM Resolution No. 13/19). However, Federal Law No. 14.066/20 does permit extensions of the compliance deadline, with the consent of the ANM based on the technical plan for decommissioning. Serra Grande submitted timely requests to obtain an extension of the compliance deadline until 2025 in line with the timeline set forth in ANM Resolution No. 13/19 and presented its technical plan for decommissioning. On 26 May 2022, the ANM issued a technical note allowing the extension until 2025. With respect to downstream (or "centerline") TSFs, Federal Law No. 14.066/20 requires companies, to the extent that communities are located in the self-rescue zone of those TSFs, to implement one of the following measures for such structures: either (i) the structure must be deactivated and decommissioned, (ii) the population must be relocated, with reparations for loss of cultural heritage, or (iii) reinforcement works that guarantee the effective stability of the structure must be carried out, by decision of the public authorities, taking into account the previous nature of the dam in relation to the occupation and technical-financial viability of the alternatives. Even if reinforcement works are completed, deactivation and decommissioning of those TSFs will be required at the end of the life of the mine. All of the TSFs operated by AngloGold Ashanti in Brazil have communities located in self-rescue zones.

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As of 31 December 2022, AngloGold Ashanti has fully transitioned to dry-stacking operations for tailings storage at each location in Brazil. Capital expenditures required in 2022 to implement this new technology amounted to approximately $83 million. Capital expenditures for work required to comply with TSF-related requirements during the period 2023-2025 are expected to be material but, based on preliminary estimates to date, AngloGold Ashanti anticipates that annual expenditures for each of these years will be less than in prior years and will decline over time. Neither ANM Resolution No. 13/19 nor Federal Law No. 14.066/20 requires removal of all tailings material in connection with the decommissioning of TSFs (a process known as "decharacterisation" or "descaracterização").

At the state level, the state legislator in the state of Minas Gerais adopted Law No. 23.291/19 in February 2019 which contains the state's policy on TSF safety and should be implemented in conjunction with the equivalent federal policy. Among other things, Law No. 23.291/19 determines the criteria for licensing and inspecting TSF structures, prohibits TSFs constructed or heightened using the upstream method, establishes bond requirements and holds management liable for non-compliance with its provisions. The government of Minas Gerais adopted several decrees in furtherance of this legislation.

In addition, ANM Resolution No. 95/22, which became effective on 22 February 2022, effectively consolidates prior federal resolutions on TSFs, including ANM Resolution No. 13/19, and establishes new criteria for the operational management of TSF structures, changes the criteria related to the risk classification of TSF structures and emergency levels and sets new criteria for the suspension, embargo (order to stop operations) and interdiction of TSF activities. Operators of TSFs were mandated to conduct and submit risk assessments to the ANM by December 2022 and are required to update those risk assessments every two years. Operators are also required, on an annual basis, to obtain certifications from external consultants of the geotechnical stability of TSF structures and the adequacy of emergency response plans. In late 2022, tailings deposition was required to be suspended due to embargos at five of AngloGold Ashanti's TSFs in Brazil pending certification by external consultants of on-site emergency response plans (Declaração de Conformidade e Operacionalidade ("DCO")) as well as, at one such TSF, certification by external consultants of geotechnical stability (Declaração de Condição de Estabilidade ("DCE")) consistent with the new standards. In addition, at the Calcinados TSF, a risk assessment conducted in December 2022 with oversight from external consultants, as required by Brazilian regulations, concluded that additional buttressing should be completed to align the TSF's post liquefaction factor of safety with international standards currently considered best practice. Construction at the Calcinados TSF is expected to begin later in 2023, and the timeline for completion will be determined once the engineering and geotechnical work has been completed by external consultants. Tailings deposition at the Calcinados TSF, as well as processing of gold concentrate at the Queiroz plant, which services the Cuiabá mine complex, is suspended until additional buttressing of the Calcinados TSF impoundment is complete.

On 1 December 2022, the ANM published ANM Resolution No. 122/22, which relates to administrative sanctions for non-compliance with mining and dam safety regulations and which, in addition to significantly increasing the values of applicable fines and penalties, establishes procedures and parameters for available sanctions including seizures of ore, goods and equipment, suspension of mining activities, demolition of mine infrastructure and invalidation or cancellation of title and exploration licences.

Further amendments to the regulatory requirements in Brazil governing such TSFs and related dams are expected to be adopted in 2023.

**AngloGold Ashanti's rights and permits**

At AGA Mineraçao, Cuiabá has a single mining concession (No. 000.323/1973) covering a total area of 3,662 hectares. In February 2022, two additional mining concessions for Cuiabá (Nos. 830.937/1979 and 831.027/1980) were published, which cover an additional area of 816.2 hectares. Lamego has a single mining concession (No. 932.710/2017) covering a total area of 1,622 hectares. Córrego do Sítio is hosted by five geographically contiguous mining concessions (i.e., Nos. 930.556/2000, 930.181/2008, 830.129/1982, 833.472/2003 and 830.943/1979) covering a total area of 6,017 hectares.

At Serra Grande, the Company has interests in or agreements over 25,719.94 hectares in the Crixás greenstone belt, representing approximately 87 percent of the relevant tenements that correspond to all current exploration and mining activities. These have been held since 1987. The mining concessions include mining concession No. 002.286/1935 covering an area of 4,206.88 hectares, mining concession No. 960.658/1987 covering an area of 1,946.89 hectares, mining concession No. 860.746/2005 covering an area of 88.28 hectares, mining concession No. 862.103/1994 covering an area of 125.41 hectares and mining concession No. 804.366/1975 covering an area of 196.05 hectares.

All of the Company's mining concessions in Brazil are currently active, in good legal and operational standing, and free of liabilities and/or major obligations. Brazilian mining concessions remain valid up to the depletion of the Mineral Reserve and Mineral Resource pursuant to the Economic Exploitation Plan approved by the ANM and in accordance with the required environmental permits, and as a result do not have an explicit expiry date.

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**<u>Colombia</u>**

**General laws relating to mining and land ownership**

*General regime*

The Colombian Constitution declares that the sub-soil and the non-renewable natural resources located within the Colombian territory are the property of the Colombian State. The underlying principle of Colombian mining legislation for the granting of mining concession contracts over free areas is first in time, first in law. Mining activities are regulated by the Colombian Mining Code, Act 685, 2001.

The filing of an exploration and exploitation proposal triggers a right of preference to obtain rights over the targeted area, provided it is available. Such area cannot exceed 10,000 hectares. Upon receipt of a proposal, the relevant government agency determines whether another proposal or contract already governs the area. If there are no pre-existing claims, the government agency grants the applicant a "free area".

With respect to land ownership, a mining concession in Colombia does not grant the rights over the surface required to develop a mining project. Therefore, in order to develop a mining project, it is required to acquire and secure access to the land (soil). This can be achieved in several ways, such as (i) purchase of the land, (ii) a transit easement, (iii) a mining easement, and (iv) the special acquisition process or expropriation.

*Concession contract*

As the sub-soil and the non-renewable natural resources located within the Colombian territory are property of the Colombian State, the Colombian Mining Authority (Agencia Nacional de Minería) grants the authorisation to explore and exploit minerals through a concession contract.

Such concessions allow concessionaires to conduct the studies, works and facilities necessary to establish the existence of minerals and to organise their exploitation. Upon being awarded a mining concession, a company must take out an insurance policy to cover the costs associated with potential environmental damage as well as breaches of its mining obligations. It may then proceed with exploration activities. Once the exploration phase is complete, the concessionaire files a new plan regarding proposed works and facilities. With the award of the mining concession or tenement contract, there are specified timelines for the completion of the various phases of a mining project, e.g. exploration, construction, exploitation. The company must comply with these timelines unless performance is suspended, for example, due to force majeure or these timelines are extended or modified. A grant of force majeure is for one year and must be renewed on an annual basis. If the company does not comply with the specified timelines for the completion of the various phases of a mining project, the mining authority may revoke the company's concession contracts or mining licences. As a general matter, any company that wishes to obtain a renewal of its concession contract must be up to date in all its legal and contractual obligations and must present a new plan of works and facilities to be implemented after the contract is renewed.

*PINES programme*

In 2013, the national government instituted the PINES programme designed to aid promoting certain projects that are deemed to have a national interest. This designation provides for greater oversight from the national government. All of our three advanced exploration projects (La Colosa, Quebradona and Gramalote) were considered of national strategic interest. Currently, Quebradona and Gramalote remain in the PINES programme, but La Colosa was temporarily removed as such (until the force majeure is over).

**Tax laws relating to mining**

From the moment the concession contract is registered with the Mining Register, the concessionaire has several financial obligations, including the payment of (i) a surface fee during the exploration, construction and assembly stage and (ii) royalties.

Once exploration is complete and the mining infrastructure in place, the concessionaire must begin paying royalties to the Colombian government, consisting of a percentage of the primary product and sub-products being exploited. The percentage of the royalty depends on the regulation in force when the concession contract is registered. In the case of the Quebradona project, the deposit mainly consists of copper followed by gold and silver. There is a five percent royalty for copper on the production value at the mine's or well's edge (i.e. when extracted from the subsoil). In case of gold and silver, a royalty of four percent on the production valued at the mine's or well's edge (i.e. when extracted from the subsoil) was established.

Furthermore, Colombian law establishes that once the environmental licence is granted the concessionaire must invest one percent of the project's value to benefit the basins covered by the environmental licence.

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**Environmental laws relating to mining**

In order to obtain an authorisation to carry out a mining project, a company must prepare an Environmental Impact Study ("EIA") for approval by the National Environmental Licensing Authority of Colombia (Autoridad Nacional de Licencias Ambientales or "ANLA"). Global environmental licences are granted for the entire life of the project and cover all phases: construction, assembly, operation, maintenance, dismantling, final restoration, abandonment and/or termination. Construction and assembly permits (Plan de Trabajos y Obras or "PTO") are granted by the mining authority with jurisdiction over the project.

In Colombia, the mining authority has the discretion to declare the underlying concession void if the specific company which holds the concession breaches applicable environmental laws or regulations. If the mining authority were to exercise such discretion, a company whose concession was voided would be required to abandon its projects and all of its other existing mining concession contracts. Pending proposals for new mining concession contracts would also be cancelled and the company would be banned from doing business with the Colombian government for a period of five years. As a result, the company would be unable to conduct any mining exploration or development activities during such period. However, this would not affect other subsidiaries of the company operating in Colombia, if those concession contracts are held singularly or in concert with joint venture partners.

Mining activity is prohibited in national parks, regional parks, protected forest reserves, paramos (included in Act 1753, introduced in 2015) and wetlands, pursuant to the Ramsar Convention on Wetlands of International Importance. Some forest reserves are not "protected" but are set aside for active forestry purposes and the concessionaire must obtain a specific permit to partially and temporarily change the use of the soil before pursuing exploration activities. In addition, Resolution 1987/2016, passed by the national government in late 2016, identifies areas that the Ministry of the Environment has determined to be "paramos" areas, or paramos transition areas. In these areas there are limitations on industrial or commercial work being performed, including mining. The regulation also specifies a process to determine what work, if any, can be performed in a paramos-designated area.

**AngloGold Ashanti's rights and permits**

The La Colosa project managed by AngloGold Ashanti Colombia S.A.S. ("AGA Colombia") remains in force majeure due to delays in granting environmental permits by national and local environmental authorities, thereby preventing AGA Colombia from undertaking further exploration activities. The most recent one-year grant of force majeure, during which time the specified timelines for completing the various phases of the mining project under the concession contract are suspended, will expire on 22 June 2023. AGA Colombia applied for a mining area integration (consolidation) of its concession contracts related to La Colosa, in respect of which AGA Colombia was not in compliance with some of the specified timelines. The application for mining area integration (consolidation) was approved in March 2017, which remedied the non-compliance of each consolidated concession and reset the specified timelines. La Colosa now has a single integrated mining concession contract (EIG-163) which covers a total area of 9,210 hectares and expires on 28 February 2037.

Minera de Cobre Quebradona S.A.S. B.I.C. ("MCQ") which manages the Quebradona project, obtained the integration of concession agreement 5881 in October 2016 and registered in December 2016. As a result, MCQ was granted the exclusive right to explore, take ownership and dispose of the mineral reserves (ore) extracted from the concession area. MCQ has the right to request an extension of up to 30 years, at least two years before the expiration of the operating period. This extension is not automatic, and the request must be filed with new technical, economic, environmental and social studies that demonstrate the status of the mineral resources. Concession contract 5881 initially covered a total area of 7,593 hectares, which was reduced to 4,881.89 hectares by the relevant mining authority (Secretaría de Minas de Antioquia) on 4 March 2022. It will expire in May 2037 and is currently in its seventh year of the integrated exploration phase. In September 2021, the permits for the construction and mining operation were approved by the relevant mining authority (Secretaría de Minas de Antioquia). On 4 November 2021, ANLA officially notified AngloGold Ashanti of its decision to 'archive' the environmental licence application relating to the Quebradona project. ANLA has neither denied nor granted the licence, but deemed that the information provided by AngloGold Ashanti is not enough for this authority to take a substantive decision. On 18 November 2021, AngloGold Ashanti appealed the archiving decision in order to secure further details on the specific additional information ANLA requires to make a determination. ANLA denied the appeal on 29 April 2022 and the archiving decision was confirmed. AngloGold Ashanti is in the process of preparing a new Environmental Impact Assessment for the Quebradona project to submit to ANLA in connection with its environmental licence application.

The Gramalote project is organised as a joint operation between AngloGold Ashanti (through AGA Colombia Holdings Limited and AngloGold Ashanti Holdings plc) and B2Gold (through B2Gold Corp. and Graminvest Ventures Limited). Gramalote Limited, a company incorporated under the laws of British Virgin Islands which is the legal vehicle operating the joint operation, established a Colombian branch, Gramalote Colombia Limited ("GCL"), to carry out activities in Colombia and obtain the mining concession contracts necessary to develop the Gramalote project. The Gramalote joint operation has been operated by B2Gold since January 2020. Pursuant to an integrated mining concession contract No. 14292, GCL was granted the exclusive right to explore, take ownership and dispose of the mineral reserves (ore) extracted from the concession area (which covers a total area of 8,720.71 hectares and includes the Gramalote and Monjas anomalies) until April 2043. GCL has the right to request an extension of the operating period for up to 20 years, and, if exercised, such request to extend must include new technical, economic, environmental and social studies that demonstrate the status of the mineral resources. Currently, concession contract

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No. 14292 is in the phase of construction and assembly, pending resettlement of communities and the formal start of construction activities. GCL has received an environmental licence granted by ANLA and permits for the construction and mining operation which were approved by the relevant mining authority (Secretaría de Minas de Antioquia). GCL also holds an exploration concession No. 4894 (which covers a total area of 2,279.32 hectares and includes the Trinidad anomaly) which expires in 2044 and an exploration concession No. QHQ-16081 (which covers a total area of 9.78 hectares) which expires in 2052. Following the completion of the feasibility study in the second half of 2022, AngloGold Ashanti and B2Gold determined that the Gramalote project does not meet their investment thresholds for development. Following a comprehensive review of the alternatives relating to the project, both joint operation parties commenced a joint sales process for the Gramalote project, which is currently ongoing.

**<u>United States of America (Nevada)</u>**

**General laws relating to mining and land ownership**

*General regime*

Mineral and surface rights in the United States are owned by private parties, state governments or the federal government. The majority of land utilised for precious metals exploration, development and mining in the western United States is owned by the federal government. The right to mine on such federal land in western states is governed by the U.S. General Mining Law of 1872, as amended (the "General Mining Law"), as well as relevant state statutes and regulations. The General Mining Law allows mining claims (for mining and mining-related activities) on certain federal lands after proper compliance with claim location and maintenance requirements.

Mineral exploration activities in Nevada are also generally subject to applicable federal, state, and local permitting requirements, but the specific regulatory authorisations required for the company's activities are based on the nature and location of the exploratory work. Many of the company's Nevada operations are currently conducted under what is generally referred to under federal law as a notice-level operation subject to 43 CFR § 3809.21, while projects that are more advanced require additional permitting, including a Plan of Operations approved by the federal Bureau of Land Management ("BLM"). The State of Nevada Division of Environmental Protection's Bureau of Mining Regulation and Reclamation ("BMRR") also regulates mining within the state of Nevada. However, exploration projects of five acres or less on federal land, the scope of a notice-level operation under federal law, are exempt from BMRR regulation. Certain of the company's early-stage exploration activities fall within this exemption.

The company is currently engaged in exploration activities on certain of its unpatented claims that include, but are not limited to, geological and spectral mapping, surface geochemical sampling, geophysical surveying and RC and/or diamond drilling.

*Potential regulatory changes*

Over the years, the U.S. Congress has considered a number of proposed amendments to the General Mining Law and other federal statutes relating to mining. Among the significant features contained in previously proposed legislation were a production royalty obligation, new and more stringent environmental standards and conditions, additional reclamation requirements, extensive new procedural steps which would likely result in extended permitting timelines, and granting counties and other entities the ability to petition the U.S. Secretary of the Interior to make certain areas unavailable for the location of unpatented mining claims. In June 2020, former President Trump signed an executive order directing certain federal agencies to streamline the review processes associated with permitting of infrastructure and natural resources projects. Many of those policies have subsequently been rescinded by the Biden administration. While certain other executive orders may favorably affect the timing of our permit and project approvals, the impact is yet to be determined and remains uncertain.

There are a number of bills being proposed to the Nevada state legislature during the 2023 legislative session that could impact the company's planned operations. These include proposed legislation that would alter the way water rights are administered by the state, as well as a bill that would, if enacted, impose additional requirements for environmental review of mineral development projects in Nevada. At this stage, it is not possible to evaluate whether these bills will be enacted in any form by the Nevada state legislature or, if passed, what impact any might have on AGA.

AGA is currently unaware of any other new federal or state legislative or regulatory changes or rule-making that has been proposed or enacted that would adversely affect its current exploration programmes. If any requirements, standards or conditions were adopted in the future that imposed additional or new obligations or costs on AGA in connection with our exploration or extraction activities in the United States, the company's operations in Nevada could be adversely affected.

**AngloGold Ashanti's rights and permits**

In Nevada, the company's wholly-owned subsidiaries hold a significant number of unpatented mining claims on federal lands. The Silicon project consists of approximately 950 unpatented mining claims. The North Bullfrog project consists of 45 patented and approximately 1,600 unpatented mining claims (covering approximately 32,000 acres) situated in the Bullfrog mining district. There are also nine mining leases within the North Bullfrog project the majority of which continue in perpetuity so long as the company meets certain minimal requirements for use of the land. One mining lease is scheduled to expire in 2031. The Mother

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Lode project consists of 13 unpatented mining claims. The North Bullfrog and Mother Lode projects are now controlled by the company as a result of its acquisition of all of the outstanding stock of Corvus Gold Inc., which closed on 18 January 2022. The southern claim block, encompassing the Sterling mine and other properties in the same general area, consists of approximately 1,900 unpatented claims (covering approximately 35,000 acres), which are now controlled by the company as a result of its acquisition of all of the outstanding stock of Coeur Sterling, Inc. (a subsidiary of Coeur Mining, Inc.), which closed on 4 November 2022. As a result of this acquisition, the company now controls a past-producing mine site in southern Nevada known as the Sterling mine, which has one applicable mining lease that expires in 2029, with the option to extend the lease for an additional ten-year period. Although the Sterling mine is currently in care and maintenance status, it remains subject to complex permitting and regulatory requirements, including compliance with relevant provisions of the U.S. Federal Mine Safety and Health Act of 1977 and oversight by the U.S. Department of Labor's Mine Safety and Health Administration ("MSHA").

**MINE SITE REHABILITATION AND CLOSURE**

**Closure, an integral part of operations**

All mining operations eventually cease. An integral aspect of operating AngloGold Ashanti's mines is ongoing planning for site closure and, where feasible, implementation of concurrent rehabilitation, together with an estimate of associated liability costs and the placement of adequate financial provisions and assurances to cover these costs.

AngloGold Ashanti integrates mine closure planning throughout the mine life cycle as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Exploration stage:* developing a plan and programme for cessation and closure of exploration activities in a manner that meets local laws and AngloGold Ashanti's mine closure planning standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Project phase*: developing conceptual closure plans and cost estimates for all projects and including them in project feasibility studies, designs and evaluations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Operational phase*: developing and periodically updating mine closure plans and cost estimates with increasing levels of detail and confidence over the operational phase as part of the business planning process. Closure plan updates take into account operational conditions, planning and regulatory requirements as well as advances in technology and international industry good practice (e.g., the ICMM Integrated Mine Closure Good Practice Guide). Concurrent rehabilitation, which is carried out while a mine is still operational, is a good practice that serves to decrease the final rehabilitation and closure work as well as the ultimate liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Closure period*: implementing the final closure plan starting at cessation of operations through a period of decommissioning, dismantling and rehabilitation until the point in time where management of the site is largely limited to monitoring and maintenance.

The Company's group mine closure planning standard stipulates that closure planning must be undertaken in consultation with the stakeholders. In the course of these consultations, different issues are raised which require site-specific solutions. Each mine closure plan includes a social transition plan which seeks to minimise social impacts and maximise opportunities for local communities, including human resource, social infrastructure, economic and financial assets with the aim of enhancing the self-sustainability of mine communities after mine closure.

Provisions for decommissioning and restoration costs are made when there is a present obligation, it is probable that expenditure on decommissioning and restoration work will be required and the cost can be estimated within a reasonable range of possible outcomes. These costs are based on currently available facts, technology expected to be available at the time of the rehabilitation, laws and regulations presently or virtually certain to be enacted and previous experience in the rehabilitation of mine sites.

Decommissioning costs and restoration costs are provided at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices. Estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money.

Total provisions for decommissioning and for environmental restoration activities (excluding joint ventures) decreased by $95 million from $673 million in 2021 to $578 million in 2022. This decrease was mainly due to 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 design of TSFs.

**SUSTAINABILITY AND ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG") MATTERS**

AngloGold Ashanti's sustainability approach is fundamental to how the Company operates its business, as well as its ability to create long-term value for its shareholders, employees and social partners through safely and responsibly exploring, mining and marketing its products. Sustainability and safety are integrated into the Company's business and operations at all levels through various frameworks, standards and policies, and the Company measures its performance in achieving its goals against its sustainability and other ESG metrics, as well as its engagement with stakeholders.

In mitigating the risks and impacts that are an inherent part of its business, AngloGold Ashanti is informed by an annual assessment of its key ESG issues. This process is aligned with guidance published by the International Integrated Reporting Council ("IIRC"), the Sustainability Accounting Standards Board ("SASB"), the Global Reporting Initiative ("GRI") Standards and

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the Accountability AA1000 Stakeholder Management Standard. This assessment is annually reviewed by AngloGold Ashanti's senior leadership and approved by the Social, Ethics and Sustainability Committee (the "SES Committee").

AngloGold Ashanti's board of directors, assisted by the SES Committee, has ultimate responsibility over environmental, safety, health and ethical matters and for the integration of sustainability objectives into AngloGold Ashanti's business. This includes oversight of the Company's stakeholder engagement framework and structures, which apply to investors, employees, governments, suppliers and communities, at every stage of its business from exploration to mine closure. Group Corporate Affairs and Sustainability is responsible for development of management systems and supports the Company's general managers in the day-to-day implementation of its sustainability strategy.

AngloGold Ashanti maintains a set of policies and procedures to guide the Company in acting as a responsible corporate citizen, including the Code of Business Principles and Ethics which sets requirements for the implementation of key corporate policies and guidelines and applies to all management and employees, and to maintain compliance with applicable environmental, health and safety ("EHS") laws. In 2022, AngloGold Ashanti continued with the implementation of the Integrated Sustainability Information Management System ("iSIMS"), in order to improve internal reporting and better integrate, manage and monitor sustainability activities with respect to its broader business. This common management and reporting application for all sustainability disciplines, from safety, health and security to community and environmental management, is expected to help provide timely information in each of these areas, and to facilitate transparency and decision-making in its processes and practices.

Significant EHS requirements and ESG risks and trends affecting the Company's mining and processing operations are described below.

**EHS Regulatory Compliance**

AngloGold Ashanti is subject to extensive EHS laws and regulations in the various jurisdictions in which the Company operates. These requirements govern, among other things, extraction, use, conservation and discharge of water; air emissions (including dust control and greenhouse gases ("GHGs")); mine and dam safety, regulatory and community reporting; clean-up of contamination; land use and conservation of protected areas; rehabilitation and closure of mined land; worker health and safety and community health; and the generation, transportation, storage and disposal of solid and hazardous wastes, such as reagents, radioactive materials, and mine tailings. Environmental laws and regulations applicable to the Company's operations, including the requirements contained in environmental permits, are generally becoming more restrictive.

Capital and operating costs to comply with EHS laws and regulations have been, and are expected to continue to be, significant to AngloGold Ashanti. In addition, AngloGold Ashanti could incur fines, penalties and other sanctions, environmental clean-up costs, and third-party claims for personal injury or property or natural resources damages; suffer reputational damage; and be required to install costly pollution control equipment or to modify or suspend facilities, such as TSFs, or operations, as a result of actual or alleged violations of, or liabilities under, EHS laws and regulations. Failure to comply with applicable EHS laws and regulations may also result in the suspension or revocation of permits and, in some jurisdictions, the right to mine a given concession. AngloGold Ashanti's ability to obtain and maintain permits and other approvals and to successfully operate near host communities may be adversely impacted by real or perceived effects on the environment or human health and safety associated with AngloGold Ashanti's or other mining companies' activities. In addition, unknown environmental hazards may exist at the Company's properties which may have been caused by previous owners or operators.

**Water Management**

AngloGold Ashanti's operations are heavily dependent upon access to substantial volumes of water for use in the mining and extractive processes and typically are subject to water-use permits or rights to extract water from certain natural sources that govern usage and require, among other things, that mining operations maintain certain water quality upon discharge. Water supply, quality and usage are areas of concern across all of the Company's operations, including with respect to the Company's mining operations in Ghana and Brazil, its mine development projects in Nevada, as well as its mine development project at Quebradona in Colombia. Any failure by the Company to secure access to suitable water supplies, or achieve and maintain compliance with applicable requirements of the permits or licences, could result in curtailment or halting of production at the affected operations. Incidents of water pollution or shortage can, in certain cases, lead to community protest and ultimately to the withdrawal of community and government support for AngloGold Ashanti's operations. A failure by the Company to comply with water contamination related directives may result in further, more stringent, directives being issued against the Company, which may, in some cases, result in a temporary or partial shutdown of some of the Company's operations.

Where feasible, the Company operates a "closed loop" system which recycles the water used in its operations without discharging it to the environment. In some areas, however, such as Ghana and Brazil, high levels of rainfall and surface water runoff mean that a closed loop system is not feasible and that discharges, after water treatment where necessary, must take place.

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**Waste Management**

During open-pit mining, large volumes of soil and/or rock (overburden) are mined to expose the ore body. Similarly, waste rock is mined during drilling and developing access to underground ore bodies. Overburden and waste rock typically contain sub-economic levels of gold and are deposited as large waste rock facilities. Mine tailings are the process waste generated once grinding and extraction of gold from the ore is completed in the milling process and are typically deposited as slurry in large tailing storage facilities ("TSFs") specifically designed for this purpose.

The impact of dust generation, breach, leak, or other failure of a waste rock facility or TSF, including any associated dam, can be significant, and the Company therefore monitors such facilities closely in accordance with the Company's internal standards, independent review, national regulatory requirements, industry standards and commitments made to local communities. The occasional well-publicised failure of a third-party TSF and the potential impact of such failure also mean that these facilities are generally tightly regulated. A safety or environmental incident at the Company's operations could result, among other things, in enforcement, including mandatory shutdown of a TSF and related facilities, obligations to remediate environmental contamination, negative press coverage, and claims for property or natural resources damages and personal injury by adjacent communities. Incidents at other mining companies' operations could result in governmental action to tighten regulatory requirements and restrict certain mining activities, in particular with respect to TSFs, also in respect of other mine operators in that region.

For example, following the catastrophic failure of a TSF at the Córrego do Feijão iron ore mine owned by Vale at Brumadinho in the state of Minas Gerais in Brazil in January 2019, tailings were discharged into the mine's administrative area and part of the local community, reportedly resulting in death or injury to hundreds of people. As a result of this incident, there has been considerably increased regulatory scrutiny in Brazil and other areas on mining operations generally, and the requirements applicable to the approval, licensing, construction, management, closure and decommissioning of TSFs have generally become far more stringent. For example, in late 2022, tailings deposition was suspended at five of AngloGold Ashanti's TSFs in Brazil pending certification by external consultants of on-site emergency response plans ("DCO") and/or geotechnical stability ("DCE") consistent with new regulatory standards enacted in early 2022. In addition, at the Calcinados TSF, a risk assessment conducted in December 2022 with oversight from external consultants, as required by Brazilian regulations, concluded that additional buttressing should be completed to align the TSF's post liquefaction factor of safety with international standards currently considered best practice. The timeline for completion will be determined once the engineering and geotechnical work has been completed by external consultants. For further information on the regulatory framework governing TSFs in Brazil, see *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil"*.

In addition, a new Global Industry Standard on Tailings Management ("GISTM") was established in August 2020 by a panel comprised of industry and non-governmental organisation ("NGO") experts. AngloGold Ashanti has committed to comply with the GISTM at all of its TSFs by August 2025, and the costs related to meeting such standard are not expected to be material to AngloGold Ashanti.

In addition, AngloGold Ashanti could incur liabilities, or material costs to manage solid and hazardous waste generated by its mining activities, including dust and residual chemicals and metals. For example, AngloGold Ashanti expects to incur approximately $25 million to $30 million in capital expenditure and operating costs during 2023-2026 in connection with treatment and disposal of a quantity of legacy arsenic trioxide waste located at the Obuasi mine.

**Groundwater Impacts and Environmental Remediation**

As AngloGold Ashanti or its predecessors have a long history of mining operations in certain regions, issues may arise regarding historical, as well as potential future, environmental or health impacts in those areas, for which AGA, as the current owner/operator, may be legally responsible. For example, AngloGold Ashanti has identified groundwater contamination plumes at certain of its operations. Numerous scientific, technical and legal studies have been undertaken to assist in determining the magnitude of the impact and to find sustainable remediation solutions. Based on those studies as well as discussion with regulators, the Company has taken steps, including monitored natural attenuation and phyto-technologies, to address soil and groundwater contamination, including in Tanzania, where an in-situ remediation project to address sulfate in groundwater commenced operations in 2022.

Subject to the completion of site-specific trials and potential technologies being confirmed as viable remediation techniques, no reliable estimate can be made at this time for the obligation. Should these obligations be significant, this could have a material adverse impact upon AngloGold Ashanti's results and its financial condition.

**Climate Change and GHG Regulation**

At AngloGold Ashanti, climate change is a board of directors-level governance issue, overseen by the SES Committee and the Audit and Risk Committee. AngloGold Ashanti's Climate Change Strategy, which was approved by the board of directors in November 2021, seeks to embed the management of physical, regulatory and transition climate change-related risks, as well as climate change-related opportunities, into the Company's strategic and operational planning processes.

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In 2021, AngloGold Ashanti committed to the International Council on Mining & Metals ("ICMM") target of achieving net zero Scope 1 and Scope 2 GHG emissions by 2050. AngloGold Ashanti has also committed to achieving a 30 percent reduction in absolute Scope 1 and 2 emissions by 2030 (as compared to a 2021 baseline), and, in partnership with value chain partners, to set Scope 3 GHG reduction targets, if not by the end of 2023, as soon as possible thereafter.

In December 2015, certain members of the international community negotiated a treaty at the Conference of the Parties of the UN Framework Convention on Climate Change in Paris (the "Paris Agreement"). The Paris Agreement, which came into force on 4 November 2016, requires developed countries to set targets for emissions reductions. As a result, measures designed to limit or reduce GHG emissions, both mandatory and voluntary, have been, and are expected to be, implemented at national or regional levels in various countries.

New regulatory requirements, or changes required to effectively transition to a low-carbon economy, could require AngloGold Ashanti to reduce its direct GHG emissions or energy use, change its fuel mix or incur significant costs for GHG emissions permits or taxes, including for those costs or taxes passed on by electricity utilities which supply the Company's operations. AngloGold Ashanti could also incur significant costs associated with capital equipment, GHG monitoring and reporting and other obligations to comply with applicable requirements. The most likely source of these obligations is through nation state-level implementation of new emissions or financial obligations pursuant to evolving climate change regulatory regimes.

For example, in 2010, Brazil launched the National Climate Change Policy, which established a voluntary national GHG reduction target of 36.1 percent to 38.9 percent below the projected emissions in 2020 for "business as usual". The policy required the development of sector-specific plans in order to meet the target and provided for a Brazilian GHG trading scheme, which is yet to be designed. While Brazil is not yet requiring mandatory GHG emissions reporting at the national level, some state environmental agencies have requested companies to voluntarily submit GHG emissions management plans. However, the states of Goiás and Minas Gerais (in which AngloGold Ashanti operates) do not currently require GHG emissions management plans for mining projects. In 2015, Brazil announced, in connection with its commitments under the Paris Agreement, economy-wide absolute mitigation targets providing for a 37 percent reduction in GHG emissions by 2025, as compared to 2005, and a goal to reduce GHG emissions by 43 percent by 2030 compared to 2005 levels.

In addition, in Australia, the Safeguard Mechanism (Rule 2015), through the National Greenhouse and Energy Reporting ("NGER") scheme, provides a framework for Australia's largest emitters to measure, report and manage their emissions. The Safeguard Mechanism applies to facilities with Scope 1 covered GHG emissions of more than 100,000 tonnes of CO2e per fiscal year. During the 2018/19 fiscal year, Tropicana's emissions were within its authorised threshold and Sunrise Dam was required to purchase offsets for emissions that were 0.8 percent above its safeguard threshold, the cost of which was immaterial. Two amendments to the Safeguard Mechanism (Rule 2015) enacted in March 2019 and May 2020 allowed for the application of transitional calculated baselines using estimated CO2-e emissions intensities. Based on the production and emissions forecasts, the Australian mining operations applied to use transitional calculated baselines in 2020 for Sunrise Dam and Tropicana, which were approved by the Clean Energy Regulator effective 1 July 2019 to 30 June 2022 for both operations. Thereafter, the Australian mining operations will be required to apply production-adjusted baselines and, if actual emissions exceed the baseline, to purchase emissions offsets for the business. In any event, the cost of such offsets, if ultimately required to be purchased, including due to a change in the operations under the business plan prior to June 2022, are not expected to be material to the Company's business.

In addition to more stringent requirements and commitments, AngloGold Ashanti's operations are subject to a number of physical risks from climate change, such as changes in rainfall rates or patterns resulting in floods or droughts, reduced water availability, higher temperatures and extreme weather events. Such events or conditions, particularly including flooding or inadequate water supplies, could disrupt mining and transport operations, mineral processing and rehabilitation efforts, create resource or energy shortages or damage the Company's property or equipment and increase health and safety risks on site. In consultation with external consultants, physical climate risk assessments were undertaken for all operations using current climate models for the business and various decarbonisation scenarios and climate adaptation plans were outlined. These physical climate risks will be further reviewed and refined in 2023.

**Occupational Safety and Health** 

AngloGold Ashanti is subject to a variety of laws and regulations in each of the jurisdictions where the Company operates that are designed to protect and improve the safety and health of employees. In some of the jurisdictions in which AngloGold Ashanti operates, the government enforces compulsory shutdowns of operations to enable investigations into the cause of accidents and introduce corrective measures at those operations.

Safety remains a priority for AngloGold Ashanti and a focus of AngloGold Ashanti's long-term sustainability approach, as well as the Company's continuing efforts to manage the risks inherent to its operations, to model critical controls and to strengthen safety protocols and preventative measures. AngloGold Ashanti has made significant strides in improving safety. In 2022, there was a 41 percent reduction in year-on-year total recordable injury frequency rate, and no fatalities at any of the mines operated by AngloGold Ashanti.

AngloGold Ashanti's Group Safety Strategy, which is updated every three years, seeks to integrate operational risk management and key performance indicators at all levels of the organisation and maintain alignment with global safety standards. The SES

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Committee oversees the implementation of the Group Safety Strategy. All operations, have been certified to ISO 45001:2018, which has replaced the OHSAS 18001:2007 series.

**Community Health and Tropical Diseases**

AngloGold Ashanti is also subject to health and safety regulations relating to occupational disease. The primary areas of focus in respect of occupational health of employees within the Company's operations are noise-induced hearing loss ("NIHL") and occupational lung diseases ("OLD"). OLD includes occupational tuberculosis and silicosis in individuals exposed to silica dust. Silicosis has been particularly prevalent in South Africa and has also arisen at the Company's Africa region and Brazilian operations, albeit to a far lesser extent. AngloGold Ashanti provides occupational health services to its employees at its occupational health centres, clinics, and through outsourced service centres. The Company continues to expand preventative occupational hygiene initiatives, such as implementing various control measures to prevent hazardous exposures, and providing employees with Personal Protective Equipment.

In 2019, the Johannesburg High Court approved the settlement of existing silicosis and tuberculosis class actions against AngloGold Ashanti and other gold mining companies in South Africa. The recent sale of the Company's South African operating assets and liabilities did not include the silicosis or tuberculosis settlement obligations relating to South African employees, which were retained by AngloGold Ashanti. For further information, see "*Item 18: Financial Statements—Note 1.2—Statement of Compliance—Significant Accounting Judgements and Estimates—Provision for silicosis*".

In addition to OLD, HIV and AIDS and associated diseases remain major health care challenges faced by AngloGold Ashanti's Africa region operations. AngloGold Ashanti continues to implement programmes to help those infected with HIV and prevent new infections from spreading.

Malaria and other tropical diseases also pose health risks at all of the Company's operations in Central, West and East Africa where such diseases may assume epidemic proportions because of ineffective national control programmes. Malaria is a major cause of death in young children and pregnant women and also gives rise to deaths and absenteeism in adults. All affected Company operations in Africa have malaria control programmes in place. The Ghana Obuasi malaria control programme activities have been completed in 16 districts of Ghana as planned for 2022 and a new cycle of indoor residual spraying will commence in 2023; in partnership with the Global Fund and the Ghana Department of Health.

In 2022, the COVID-19 pandemic subsided significantly with decreases in reporting of severe disease or deaths. Nevertheless, AngloGold Ashanti continued to direct resources for close surveillance and maintenance of controls within the company with a view to ensure continuity of its operations and avoid any potential disruption in the event of a re-emergence of the pandemic. Universal access to safe and effective vaccines provided an additional layer of protection, especially against severe forms of disease, hospitalisation and death. The company endeavoured to continue to provide prompt access to approved and available vaccines for all workers, especially employees considered to be at high risk as well as employees with critical skills.

The emergence of COVID-19 however also assisted to better integrate broad health risk management beyond occupational health into the overall business strategy, to contribute to productivity as well as the social licence to operate and to improve various prevention and risk management protocols in place to address the potential risk of an epidemic or pandemic, particularly after the company's experience with Ebola in Guinea in 2014 and 2015.

The company focused on optimising mental wellbeing, minimising non-communicable diseases associated with lifestyle as well as the need for systematic contribution to health system strengthening, local skill development and overall community development in the jurisdictions in which it operates. Such risks impair the health of workers and negatively affect productivity and profitability as a result of workers' diminished focus or skill, absenteeism, treatment costs and allocated resources. As part of AngloGold Ashanti's continuing efforts, the company recently approved the newly updated health, hygiene and wellbeing standards based on identified major health hazards or risks which include gender, cultural and other applicable diversity considerations for risk management and controls.

**Diversity and Inclusion ("D&I")**

With more than 30,000 employees (including contractor employees) on four continents, AngloGold Ashanti believes that having a diverse and inclusive workforce is important to continuing to attract talent in order to maintain competitiveness and the long-term sustainability of its business. In addition, the Company strives to have a workforce that represents the societies in which AngloGold Ashanti operates in connection with maintaining its social licence to operate.

AngloGold Ashanti's D&I approach is aligned to the United Nation Sustainable Development Goals ("UNSDGs") (SDG 5, 8 and 10) and the United Nations Global Compact ("UNGC"). The Company has developed a Diversity & Inclusion Framework, which aims to foster the empowerment of all staff, irrespective of race, gender, ethnicity, religion and sexual orientation and has established specific priorities and actions for the next two to five years to foster the inclusion of D&I objectives in its processes. Leadership teams are responsible for meeting defined diversity targets. In 2022, AngloGold Ashanti conducted an analysis of global gender data across job level, function and country. The analysis was carried out to inform AngloGold Ashanti's D&I strategy.

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**Human Rights and Indigenous Peoples**

In its commitment to respecting and promoting human rights, AngloGold Ashanti supports the United Nations Guiding Principles for Business and Human Rights ("UNGP") and other international initiatives, including the UNGC and the Voluntary Principles on Security and Human Rights ("VPSHR"). The VPSHR, which seeks to balance safety and security needs against respect for human rights and fundamental freedoms, were developed through multi-stakeholder participation between governments, extractive industry members and NGOs. Community and security related matters, including with respect to illegal and artisanal and small-scale mining and related intrusions into the Company's operational areas, are addressed at board of directors-level by the SES Committee. AngloGold Ashanti's internal Human Rights Framework includes numerous policies, management standards and guidance documents which apply to all of its employees, contractors and suppliers and require reporting of, and redress for, human rights violations and related allegations.

The Company is aligned with the ICMM Position Statement on Indigenous Peoples and the International Finance Corporation's Performance Standard 7 on Indigenous Peoples and other international standards and treaties in the area of Indigenous Peoples' rights.

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**ANGLOGOLD ASHANTI GLOBAL FOOTPRINT: 2022**

![au-20221231_g1.jpg](au-20221231_g1.jpg)

**Operations and projects** 

<u>Notes</u>

<sup>(1)</sup> Gramalote is managed by B2Gold Corp ("B2Gold").

<sup>(2)</sup> AngloGold Ashanti acquired North Bullfrog and Mother Lode as part of the Corvus Gold Inc. ("Corvus Gold") acquisition in January 2022.

<sup>(3)</sup> AngloGold Ashanti acquired Sterling through the Coeur Sterling, Inc. ("Coeur Sterling") acquisition in November 2022.

<sup>(4)</sup> Kibali is operated by Barrick Gold Corporation ("Barrick").

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**OPERATING PERFORMANCE**

**Group description**

AngloGold Ashanti is an independent global gold mining company with a diverse high-quality portfolio of operations, projects and exploration activities and is headquartered in Johannesburg, South Africa.

In 2022, our portfolio of ten operations in seven countries includes long-life operating assets with differing ore body types located in key gold-producing regions around the world. These operating assets were supported by greenfields projects in Colombia and a focused global exploration programme, including exploration in the United States.

Our operations and projects are grouped into the following regions: Africa, Americas and Australia.

On 12 February 2020, the Company announced that it had reached an agreement with Harmony to sell all its remaining South African producing assets and related liabilities. The sale closed on 30 September 2020. On 10 November 2020, the Company announced that it had completed the sale of its interest in the Morila mine in Mali and on 30 December 2020, the Company announced that it had completed the sale of its interest in the Sadiola Mine in Mali.

AngloGold Ashanti's operations and joint arrangements employed, on average, 32,594 people (including contractors) in 2022 (2021: 30,561).

**Performance**

In 2022, AngloGold Ashanti produced attributable 2.742 million ounces of gold (2021: 2.472 million ounces), as well as 3.2 million ounces of silver and 352 tonnes of sulphuric acid as by-products.

Production of 2.742 million ounces of gold was achieved in 2022 at a cost of sales of $3.4 billion for subsidiaries and $342 million for equity-accounted joint venture operations, and an all-in sustaining cost of $1,439 per ounce for subsidiaries and $979 per ounce for equity-accounted joint venture operations, compared to a production of 2.472 million ounces in 2021 at a cost of sales of $2.9 billion for subsidiaries and $350 million for equity-accounted joint venture operations, and an all-in sustaining cost of $1,441 per ounce for subsidiaries and $856 per ounce for equity-accounted joint venture operations.

*Gold*

The AngloGold Ashanti gold Mineral Reserve increased from 28.1 million ounces as at 31 December 2021 to 28.8 million ounces as at 31 December 2022. This excludes Gramalote as the JV partner has decided not to publish the Mineral Reserve. This annual net increase of 0.7 million ounces includes additions due to exploration and modelling changes of 2.9 million ounces and changes in economic assumptions of 1.0 million ounces. This increase was partially offset by depletion of 2.9 million ounces and reductions due to other factors of 0.3 million ounces. The Mineral Reserve was estimated using a gold price of $1,400 per ounce, unless otherwise stated (2021: $1,200 per ounce). See *"Item 4D Property, Plants and Equipment—Mineral Resource and Mineral Reserve"*.

*Copper*

The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) as at 31 December 2022 as a feasibility study optimisation is still ongoing and no additional exploration has been completed at Quebradona. The Mineral Reserve was estimated at a copper price of $2.90/lb, unless otherwise stated (2021: $2.90/lb). See *"Item 4D Property, Plants and Equipment—Mineral Resource and Mineral Reserve"*.

Capital expenditure, including equity-accounted joint ventures, in 2022 amounted to $1,118 million (2021: $1,100 million).

**Safety** 

No fatal occupational safety incidents at any of the mines operated by the Company were recorded for 2022. The TRIFR was 1.26 per million hours worked in 2022 compared to 2.14 per million hours worked in 2021.

**Full Asset Potential Review Programme**

The Full Asset Potential ("FP") programme aims to achieve a step-change in AngloGold Ashanti's operating and cost performance by the year 2024. 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. These assessments have now been completed at six operations of the Company (Sunrise Dam, Siguiri, Cuiabá, Tropicana, Serra Grande and Geita), where the relevant site leadership teams have taken full accountability for the delivery on these initiatives.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**Operational Excellence**

Operational Excellence is the continued efforts to maximise value from our assets.

**New Operating Model**

Our new Operating Model, designed and introduced to employees towards the end of 2021, aims to improve efficiency and support better operating outcomes by focusing only on work required to deliver the strategy, clarifying the mandates of corporate functions, properly resourcing our revenue-generating assets to deliver on their plans, and removing duplicate structures and activities. The implementation of the new Operating Model was completed during 2022.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**AFRICA REGION**

---

| |
|:---|
| ![au-20221231_g2.jpg](au-20221231_g2.jpg) |
| ![au-20221231_g2.jpg](au-20221231_g2.jpg) |

---

Africa is currently home to five of our operations, with one – Kibali – managed by Barrick Gold Corporation. These operations, which contributed 60 percent or 1.6 million ounces to total annual group production in 2022, are in Ghana (Iduapriem and Obuasi), Guinea (Siguiri), Tanzania (Geita) and the DRC (Kibali).

---

| | | |
|:---|:---|:---|
| | **Attributable gold production<br>(000oz)** | **Average number of <br>employees** |
| &nbsp;&nbsp;&nbsp;**Subsidiary operations** | | |
| &nbsp;&nbsp;&nbsp;**Ghana** | | |
| Iduapriem | 248 | 2186 |
| Obuasi | 250 | 4403 |
| &nbsp;&nbsp;&nbsp;**Guinea** |  |  |
| Attr. Siguiri 85% | 279 | 4052 |
| &nbsp;&nbsp;&nbsp;**Tanzania** |  |  |
| Geita | 521 | 6435 |
| &nbsp;&nbsp;&nbsp;**Joint venture operations** | &nbsp;&nbsp;&nbsp;**Joint venture operations** | &nbsp;&nbsp;&nbsp;**Joint venture operations** |
| &nbsp;&nbsp;&nbsp;**Democratic Republic of the Congo** |  |  |
| Attr. Kibali 45% | 337 | 2731 |

---

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**Africa Region - Key Statistics**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unit** | **2022** | **2021** | **2020** |
| | | | | **Restated** |
| &nbsp;&nbsp;&nbsp;**Subsidiary operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tonnes treated/milled | Mt | 21.6 | 21.2 | 20.5 |
| &nbsp;&nbsp;&nbsp;Pay limit | oz/t | 0.044 | 0.035 | 0.034 |
|  | g/t | 1.516 | 1.193 | 1.160 |
| &nbsp;&nbsp;&nbsp;Recovered grade | oz/t | 0.054 | 0.045 | 0.052 |
|  | g/t | 1.86 | 1.54 | 1.77 |
| &nbsp;&nbsp;Gold production <sup>(a)</sup> (attributable) | 000oz | 1298 | 1054 | 1239 |
| &nbsp;&nbsp;&nbsp;Cost of sales | $m | 1662 | 1300 | 1362 |
| &nbsp;&nbsp;Total cash costs per ounce <sup>(1)</sup>  | $/oz | 1023 | 991 | 841 |
| &nbsp;&nbsp;All-in sustaining costs per ounce<sup>(1)</sup>  | $/oz | 1291 | 1264 | 1002 |
| &nbsp;&nbsp;&nbsp;Capital expenditure | $m | 486 | 434 | 383 |
| &nbsp;&nbsp;&nbsp;**Safety** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of fatalities |  | 0 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;TRIFR | Per million hours worked | 0.33 | 0.61 | 0.55 |
| &nbsp;&nbsp;&nbsp;**People** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average no of employees: Total |  | 17076 | 14806 | 14496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent employees |  | 5780 | 5619 | 5433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractors |  | 11296 | 9187 | 9063 |

---

<sup>(a)</sup> *Includes Obuasi gold production in 2020, capitalised as part of the project development.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unit** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Joint venture operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tonnes treated/milled | Mt | 3.5 | 3.5 | 3.4 |
| &nbsp;&nbsp;&nbsp;Pay limit | oz/t | 0.054 | 0.048 | 0.048 |
|  | g/t | 1.850 | 1.652 | 1.640 |
| &nbsp;&nbsp;&nbsp;Recovered grade | oz/t | 0.087 | 0.095 | 0.096 |
|  | g/t | 2.98 | 3.25 | 3.29 |
| &nbsp;&nbsp;&nbsp;Gold production (attributable) | 000oz | 337 | 365 | 364 |
| &nbsp;&nbsp;&nbsp;Cost of sales | $m | 342 | 350 | 340 |
| &nbsp;&nbsp;Total cash costs per ounce <sup>(1)</sup>  | $/oz | 725 | 647 | 629 |
| &nbsp;&nbsp;All-in sustaining costs per ounce<sup>(1)</sup>  | $/oz | 979 | 856 | 810 |
| &nbsp;&nbsp;&nbsp;Capital expenditure | $m | 90 | 72 | 52 |
| &nbsp;&nbsp;&nbsp;**People** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average no of employees: Total |  | 2731 | 2454 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent employees |  | 957 | 860 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractors |  | 1774 | 1594 | 1509 |

---

<sup>(1)</sup> *"Total cash costs per ounce" and "all-in sustaining costs per ounce" are non-GAAP measures. For further information on these non-GAAP measures, see "Item 5A: Operating Results—Non-GAAP analysis".*

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**Performance summary**

Production for the Africa region was up 15 percent for the year ended 31 December 2022 at 1.635 million ounces compared to 1.419 million ounces for the year ended 31 December 2021.

Safety performance improved – there were no occupational fatalities at any of the mines operated by the Company and a TRIFR of 0.33 per million hours worked was recorded (2021: 0.61 per million hours worked).

Regional community investment totalled $10.19 million (2021: $10.5 million).

With Obuasi having received its ISO 45001 (health and safety) certification, all our Africa operations are now certified in terms of ISO 45001, ISO 14001 (environmental management) and the International Cyanide Management Code.

We continued integration of the new Operating Model, the existing Operational Excellence programme, and the Full Asset Potential (FP) review programme launched during 2021.

In the second half of 2022, Geita was part of the FP review programme designed to enhance 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.

Siguiri was the first of the African operations to be involved in the FP review programme with the leadership team focusing on increasing the volume of high-grade oxide ore from Block 2. This increase was successful and is reflected in the year-on-year increase in production. We are starting to see the benefits of the FP review programme at Siguiri and a second contractor was hired to deliver higher volumes of higher-grade oxide ore from Block 2.

For more information regarding production performance in the Africa region, refer to *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*.

For more information regarding operating performance in the Africa region, refer to *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021"*

For more information regarding capital expenditure in the Africa region, refer to *"Item 5A: Operating Results—Comparison of capital expenditure in 2022, 2021 and 2020—Comparison of capital expenditure in 2022 with 2021"*

**Obuasi update**

Phase 3 of the Obuasi redevelopment project, which relates principally to capital expenditure to refurbish existing infrastructure around the KMS Shaft, as well as to service the mine in deeper production areas, continues to progress.

In 2022, the project achieved the following milestones: hoisting via the KMS rock shaft in November 2022; pumping to drop the water level below 50 level; commissioning of the material handling system from 44 level to surface; completing the new ventilation shaft pilot hole and progressing the KMS shaft down to 44 level.

The Obuasi mine continues on the ramp-up path to its full production run-rate in excess of 400,000 ounces.

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**THE AMERICAS**

![au-20221231_g3.jpg](au-20221231_g3.jpg)<br>

The Americas hosts three of our operations – one in Argentina and two in Brazil – as well as greenfields projects in Colombia and a significant new greenfields development in Nevada in the United States.

---

| | | |
|:---|:---|:---|
| | **Attributable gold production<br>(000oz)** | **Average number of <br>employees** |
| &nbsp;&nbsp;&nbsp;**Operations** | | |
| 1. **&nbsp;&nbsp;&nbsp;&nbsp;Argentina** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerro Vanguardia (Attr. 92.5%) | 170 | 1819 |
| 2.**&nbsp;&nbsp;&nbsp;&nbsp;Brazil** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGA Mineração | 311 | 5702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serra Grande | 88 | 1977 |

---

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**Americas - Key Statistics**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unit** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Operation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tonnes treated/milled | Mt | 7.1 | 7.8 | 7.5 |
| &nbsp;&nbsp;&nbsp;Pay limit | oz/t | 0.10 | 0.10 | 0.07 |
|  | g/t | 3.52 | 3.49 | 2.46 |
| &nbsp;&nbsp;&nbsp;Recovered grade | oz/t | 0.070 | 0.066 | 0.081 |
|  | g/t | 2.40 | 2.27 | 2.77 |
| &nbsp;&nbsp;&nbsp;Gold production (attributable) | 000oz | 569 | 559 | 649 |
| &nbsp;&nbsp;&nbsp;Silver production (attributable) | Moz | 3.2 | 3.4 | 3.3 |
| &nbsp;&nbsp;&nbsp;Cost of sales | $m | 913 | 822 | 764 |
| &nbsp;&nbsp;Total cash costs per ounce <sup>(1)</sup>  | $/oz | 1078 | 921 | 721 |
| &nbsp;&nbsp;All-in sustaining costs per ounce <sup>(1)</sup> | $/oz | 1718 | 1587 | 1003 |
| &nbsp;&nbsp;Capital expenditure <sup>(2)</sup>  | $m | 339 | 398 | 216 |
| &nbsp;&nbsp;&nbsp;**Safety** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of fatalities |  | 0 | 1 | 0 |
| &nbsp;&nbsp;TRIFR | Per million hours worked | 2.33 | 3.55 | 3.68 |
| &nbsp;&nbsp;&nbsp;**People** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average no of employees: Total |  | 9498 | 9972 | 8789 |
| &nbsp;&nbsp;&nbsp;Permanent employees |  | 6093 | 6452 | 6158 |
| &nbsp;&nbsp;&nbsp;Contractors |  | 3405 | 3520 | 2631 |

---

<sup>(1)</sup> *"Total cash costs per ounce" and "all-in sustaining costs per ounce" are non-GAAP measures. For further information on these non-GAAP measures, see "Item 5A: Operating Results—Non-GAAP analysis".*

<sup>(2)</sup> *100 percent (not attributable) and includes Projects.*

**Performance summary**

Production for the Americas region was up two percent for the year ended 31 December 2022 at 569,000 ounces compared to 559,000 ounces for the year ended 31 December 2021.

Safety – no occupational fatalities and the TRIFR improved to 2.33 per million hours worked (2021: 3.55 per million hours worked).

Community investment amounted to $6.4 million (2021: $5.8 million).

All operations in the Americas maintained their certification in terms of International Cyanide Management Code, ISO 45000 (health and safety) and ISO 14001 (environmental management).

During the second half of 2022, Cuiabá and Serra Grande completed assessments to identify performance improvement initiatives as part of the FP review programme. The FP programme initiatives implemented at Cuiabá have seen ore tonnes consistently above full potential target. At Serra Grande, the FP team identified several enhancement opportunities and it is following implementation plans with timelines for delivery.

In December 2022, the company suspended filtered tailings deposition on the Calcinados TSF and processing of gold concentrate at the Queiroz plant (both of which service the Cuiabá mine complex). For further information, refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil"* and *"Item 3D: Risk Factors—Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact AngloGold Ashanti's financial condition, results of operations and reputation"*.

For more information regarding production performance in the Americas region, refer to *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*.

For more information regarding operating performance in the Americas region, refer to *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021"*.

For more information regarding capital expenditure in the Americas region, refer to *"Item 5A: Operating Results—Comparison of capital expenditure in 2022, 2021 and 2020—Comparison of capital expenditure in 2022 with 2021"*.

**Nevada strategy**

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In Nevada, during 2022, AngloGold Ashanti's project team integrated the Corvus Gold assets and project data into the AngloGold Ashanti evaluation framework. The Company completed planning for feasibility study work at North Bullfrog and also commenced a pre-feasibility study at Silicon along with further drilling at the Merlin deposit. Following the acquisition of Coeur Sterling's mining properties in the fourth quarter of 2022, AngloGold Ashanti's project team commenced integrating these assets into the broader evaluation studies.

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**AUSTRALIA**

---

| |
|:---|
| ![au-20221231_g4.jpg](au-20221231_g4.jpg) |
| ![au-20221231_g4.jpg](au-20221231_g4.jpg) |

---

---

| | | |
|:---|:---|:---|
| | **Attributable gold production<br>(000oz)** | **Average number of <br>employees** |
| &nbsp;&nbsp;&nbsp;**Operations** | | |
| &nbsp;&nbsp;&nbsp;**Australia** | | |
| 1. Sunrise Dam | 232 | 725 |
| 2. Tropicana 70% | 306 | 807 |

---

The two AngloGold Ashanti operations in Australia are Sunrise Dam and Tropicana, both of which are in the north-eastern goldfields in the state of Western Australia. Sunrise Dam is wholly owned. We have a 70 percent holding in, and manage, Tropicana. Regis Resources Ltd, our partner in Tropicana, holds the balance. Sunrise Dam includes the Butcher Well project (70 percent).

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**Australia - Key Statistics**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unit** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Operation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tonnes treated/milled | Mt | 10.7 | 10.5 | 10.2 |
| &nbsp;&nbsp;&nbsp;Pay limit | oz/t | 0.05 | 0.06 | 0.06 |
|  | g/t | 1.69 | 1.89 | 1.95 |
| &nbsp;&nbsp;&nbsp;Recovered grade | oz/t | 0.050 | 0.047 | 0.054 |
|  | g/t | 1.56 | 1.47 | 1.68 |
| &nbsp;&nbsp;&nbsp;Gold production (attributable) | 000oz | 538 | 494 | 554 |
| &nbsp;&nbsp;&nbsp;Cost of sales | $m | 783 | 740 | 705 |
| &nbsp;&nbsp;Total cash costs per ounce <sup>(1)</sup>  | $/oz | 1157 | 1196 | 968 |
| &nbsp;&nbsp;All-in sustaining costs per ounce<sup>(1)</sup>  | $/oz | 1345 | 1500 | 1225 |
| &nbsp;&nbsp;&nbsp;Capital expenditure | $m | 202 | 185 | 142 |
| &nbsp;&nbsp;&nbsp;**Safety** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of fatalities |  | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;TRIFR | Per million hours worked | 3.82 | 6.59 | 3.74 |
| &nbsp;&nbsp;&nbsp;**People** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average no of employees: Total |  | 1532 | 1332 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent employees |  | 314 | 288 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractors |  | 1218 | 1044 | 971 |

---

<sup>(1)</sup> *"Total cash costs per ounce" and "all-in sustaining costs per ounce" are non-GAAP measures. For further information on these non-GAAP measures, see "Item 5A: Operating Results—Non-GAAP analysis".*

**Performance summary**

Production for the Australia region was up nine percent for the year ended 31 December 2022 at 538,000 ounces compared to 494,000 ounces for the year ended 31 December 2021.

Safety performance improved – there were no occupational fatalities and a TRIFR of 3.82 per million hours worked was recorded (2021: 6.59 per million hours worked).

Regional community investment amounted to $0.99 million (2021: $1.01 million).

Sunrise Dam and Tropicana are certified under the Cyanide Code, ISO 45000 (health and safety) and ISO 14001 (environmental management).

The first site to complete an assessment as part of the FP review programme was Sunrise Dam, where the biggest opportunity is to increase productivity in development and achieve a step-change in underground production. The proposed improvements include an underground workshop to lift jumbo utilisation and improvements to planning and scheduling which, together are expected to support an increase in underground volumes. During the second half of 2022, Tropicana also completed an assessment to identify performance improvement initiatives as part of the FP review programme.

For more information regarding production performance in the Australia region, refer to *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*.

For more information regarding operating performance in the Australia region, refer to *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021"*.

For more information regarding capital expenditure in the Australia region, refer to *"Item 5A: Operating Results—Comparison of capital expenditure in 2022, 2021 and 2020—Comparison of capital expenditure in 2022 with 2021"*.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**SOUTH AFRICA**

![au-20221231_g5.jpg](au-20221231_g5.jpg)<br>

The sale of the South African assets to Harmony closed on 30 September 2020. As a result, the figures in this section relate

to the nine months ended on 30 September 2020, unless the context indicates otherwise.

**South Africa Key Statistics**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unit** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Operation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tonnes treated/milled | Mt |  |  | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pay limit <sup>(1)</sup>  | oz/t |  |  | 0.40 |
|  | g/t |  |  | 14.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovered grade <sup>(1)</sup>  | oz/t |  |  | 0.120 |
|  | g/t |  |  | 3.75 |
| &nbsp;&nbsp;&nbsp;Gold production | 000oz |  |  | 241 |
| &nbsp;&nbsp;&nbsp;Cost of sales | $m |  |  | 287 |
| &nbsp;&nbsp;Total cash costs per ounce <sup>(2)</sup>  | $/oz |  |  | 1149 |
| &nbsp;&nbsp;All-in sustaining costs per ounce<sup>(2)</sup>  | $/oz |  |  | 1296 |
| &nbsp;&nbsp;&nbsp;Capital expenditure | $m |  |  | 35 |
| &nbsp;&nbsp;&nbsp;**Safety** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Number of fatalities |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;TRIFR | Per million hours worked |  |  | 6.12 |
| &nbsp;&nbsp;&nbsp;**People** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average no of employees: Total |  |  |  | 8297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent employees |  |  |  | 7012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractors |  |  |  | 1285 |

---

*(1)Refers to underground operations only.*

*(2)"Total cash costs per ounce" and "all-in sustaining costs per ounce" are non-GAAP measures. For further information on these non-GAAP measures, see "Item 5A: Operating Results—Non-GAAP analysis".*

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**EXPLORATION REVIEW**

Our greenfields exploration programmes are designed to discover new Mineral Resource that will ultimately lead to the development of new, stand-alone gold mines and support the sustainability of our business.

In 2022, the Silicon and Merlin prospects in Nevada were handed over to our Beatty project team, following which the greenfields exploration team refocused its efforts on the discovery of the next significant project to add to the AngloGold Ashanti portfolio.

**Greenfields exploration**

In 2022, $29 million was spent on greenfields exploration. Our greenfields exploration tenements cover over 9,500km<sup>2</sup> of highly prospective ground in six countries – Australia, Argentina, Brazil, Guinea, Tanzania, and the United States.

**Americas**

In the United States, following the handover of the Silicon discovery to the Beatty Project team in the first quarter of 2022, the greenfields exploration function shifted its focus to seven, 100 percent-owned, earlier-stage greenfields projects located elsewhere in the Great Basin of Nevada. Work completed at these various projects included prospect mapping, surface sampling and geophysical surveys. Diamond drilling is planned for the Midnight Star and CR projects during 2023.

In Brazil, 1,330 stream sediments, 1,200 soil samples and 1,060 rock chip samples were collected. From the SBB terrane in the state of Minas Gerais, four districts have been identified by stream sediment sampling. Infill sampling is in progress to define projects in these districts. At the WBC terrane, which is located in the state of Matto Grosso do Sul to the south-west of Minas Gerais, one project has been advanced and will be considered for drilling in 2023.

In Argentina, an option agreement was signed with Latin Metals for the Organullo project in Salta Province. Work completed since June 2022 included soil sampling, mapping, acquisition of various spectral data sets and community engagement. At the 100 percent-held El Cori project, four drilling targets were identified from surface exploration.

**Africa**

In Guinea, we received six reconnaissance permits for the Shira district in the Siguiri Basin of Guinea. Community engagement work has started and field exploration is scheduled for the first quarter of 2023.

In Tanzania, target generation activities continued.

**Australia**

In Australia, we carried out exploration work in the Laverton District and, in Queensland, greenfields exploration took place at the Chillagoe and Georgetown projects.

**Brownfields exploration**

In the Beatty District, brownfields exploration continued at North Bullfrog, and successfully defined and expanded the Silicon and Merlin targets. Elsewhere across our operations, exploration continued, on one hand to add confidence to the mine plans by upgrading the Mineral Resource and on the other to search for new Mineral Resource with a high likelihood for conversion to Mineral Reserve.

In 2022, our brownfields exploration teams across the globe completed 799km of capital and 358km of expensed drilling at a cost of $79 million and $67 million, respectively. The drilled metre achievement was ten percent below the 2022 budget of 1,281km with the gap closing each quarter after slow start ups at a few operations. Total expenditure of $146 million was 12 percent below budget.

Brownfields exploration activities resulting in the most notable economic intercepts, by operation, for 2022 are listed below by region.

**Africa**

• **Geita:** The key area drilled was Geita Hill which is split into six blocks. The drilling was conducted from both surface and underground and was designed to upgrade the underground project and to prepare for mining. Other significant intercepts were drilled at Star and Comet underground at Cut 3 and Ridge 8, extending the potential of the underground complex at Star and Comet. Drilling at the Nyamulilima open pit expanded and further defined the mineralisation.

• **Obuasi:** Drilling at Block 8, Block 10 and Sansu continued to define the limits of mineralisation and prepare these areas for mining. Late in the year drilling started at Cote D'Or examining the potential to open a second mining area.

• **Siguiri:** The key exploration activities were at Kounkoun (Block 3) where infill and definition drilling continue as part of the overall assessment of Block 3 as a future mining area. Drilling to extend and define the known mineralisation in Blocks 1 and 2 was conducted.

• **Kibali:** Two notable drilling intercepts, at Mengu Hill and Oere, were recorded during the year.

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**Americas**

• **Cerro Vanguardia:** Numerous veins were drilled and later in the year emphasis moved to the northwest of the property and onto the Condor ground.

• **AGA Mineração, CdS:** Drilling of underground opportunities at both CdS I and II delivered significant intercepts at Sangue De Boi, Mutuca, Rosalino, Pinta Bem and Pneu.

• **AGA Mineração, Cuiabá:** Drilling to extend the depth extents of Fonte Grande Sul below 21 level continued while at a shallower depth drilling to define the satellite ore bodies continued to deliver.

• **Serra Grande:** One significant intercept, at Angicão, was drilled during the year.

• **Beatty:** Definition and infill drilling continued at Silicon and Merlin in Nevada. Drilling at North Bullfrog started to deliver later in the year.

**Australia**

• **Sunrise Dam:** The key areas delivering significant intercepts were at Frankie and Vogue as part of programmes designed to define and extend mineralisation in these areas. As is typical of the Sunrise Dam mineralisation, most drilling programmes drilled significant intercepts which reflect the nuggety nature of the mineralisation.

• **Tropicana:** Successful drilling was aimed at the three underground projects, namely, Boston Shaker, Havana and Tropicana.

While many of the significant economic intersections are for unmined underground opportunities, Nevada is delivering significant intersections that will most likely be excavated through open pit mining.

**PROJECTS**

**Quebradona**

Following the decision of Colombia's national environmental agency (ANLA) in November 2021 to archive the Company's environmental licence application for the Quebradona project, AngloGold Ashanti filed an appeal seeking to secure further details on the specific additional information required for ANLA to make a decision on AngloGold Ashanti's licence submission. On 29 April 2022, ANLA dismissed the appeal and confirmed its decision to archive the Company's application. AngloGold Ashanti continues to review and analyse the additional information identified as part of ANLA's decision. The objective is to prepare, submit and process a new environmental licence request for Quebradona following completion of a new environmental impact assessment.

**Gramalote**

Following completion of the feasibility study on the Gramalote gold project, a joint operation with B2Gold, both partners have determined that the Gramalote project does not meet their investment thresholds for development. The project continues to benefit from federal and local government support as well as continuing support from local communities.

AngloGold Ashanti and B2Gold have completed a comprehensive review of the alternatives and consider that it would be in the best interest of all stakeholders for a new party to own the Gramalote project. The partners appointed a corporate advisor in the fourth quarter of 2022 to assist with the sale process for the Gramalote project, which is currently ongoing.

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**4C.&nbsp;&nbsp;&nbsp;&nbsp;ORGANISATIONAL STRUCTURE**

**GROUP STRUCTURE**

AngloGold Ashanti's operations are divided into the following regions:

• Africa — operations in Ghana, Guinea and Tanzania and a joint venture operation in the DRC;

• Australia — operations in Australia; and

• Americas — operations in Argentina and Brazil, and exploration projects in the United States and Colombia.

The above regions correspond to AngloGold Ashanti's business segments. The South Africa region is recognised for financial statement purposes as discontinued operations as we sold our remaining South African producing assets and related liabilities in 2020. In addition, a new segment, Projects has been introduced from the implementation of the new Operating Model (previously reported under the America's segment). The Projects segment comprises all the major non-sustaining capital projects with the potential to be developed into operating entities.

Day-to-day management of the Group is entrusted to AngloGold Ashanti's executive management team, chaired by the Chief Executive Officer. See *"Item 6: Directors, Senior Management and Employees"*.

Support is provided to the executive management team in managing AngloGold Ashanti's corporate activities at both the central and local levels.

**SUBSIDIARIES**

AngloGold Ashanti Limited has investments in principal subsidiaries and joint venture interests, see *"Item 19: Exhibits to Form 20-F—Exhibit 19.8 List of AngloGold Ashanti Limited subsidiaries"* for details.

On 16 March 2023, AngloGold Ashanti and Gold Fields announced that they have agreed the key terms of a proposed joint venture in Ghana between Gold Fields' Tarkwa and AngloGold Ashanti's neighbouring Iduapriem Mines (the "Proposed Joint Venture"). There can be no certainty that the parties will enter into a definitive agreement with respect to the Proposed Joint Venture or about the timing, terms and conditions of any such definitive agreement. Implementation of the Proposed Joint Venture is subject to, among other matters, reaching agreement with the Government of Ghana regarding the Proposed Joint Venture, conclusion of confirmatory due diligence and securing all requisite regulatory approvals. For further information, refer to *"Item 18: Financial Statements—Note 35—Subsequent Events".*

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**4D.&nbsp;&nbsp;&nbsp;&nbsp;[PROPERTY,](#ibb94ccdae08f46aca5461e90134bc605_589) PLANTS AND EQUIPMENT**

**Locations of properties**

![au-20221231_g1.jpg](au-20221231_g1.jpg)

<u>Notes:</u>

<sup>(1)</sup> Gramalote is managed by B2Gold Corp ("B2Gold").

<sup>(2)</sup> AngloGold Ashanti acquired North Bullfrog and Mother Lode as part of the Corvus Gold Inc.("Corvus Gold") acquisition in January 2022.

<sup>(3)</sup> AngloGold Ashanti acquired Sterling (which includes the Crown Block deposits of SNA, Secret Pass and Daisy) through the Coeur Sterling, Inc. ("Coeur Sterling") acquisition in November 2022.

<sup>(4)</sup> Kibali is operated by Barrick Gold Corporation ("Barrick").

The locations of AngloGold Ashanti's properties are shown above. Percentages indicate the ownership interest held by AngloGold Ashanti. All operations are 100 percent wholly-owned unless otherwise indicated.

**Overview of mining properties and operations**

The overview for each mining property is disclosed below and includes information on the following items:

• Location of the properties;

• For each material property, locality maps showing the location of such properties as well as infrastructure and licences;

• Type and amount of ownership interests;

• Identity of the operator or operators;

• Titles, mineral rights, leases or options and acreage involved;

• Stages of the properties (exploration, development or production);

• Key permit conditions;

• Mine types and mineralisation styles; and

• Processing plants and other available facilities.

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Please refer to *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"* for the aggregate annual production for each of the Company's mining properties during each of the fiscal years ended 31 December 2022, 2021 and 2020. For more information about AngloGold Ashanti's mines, including a summary of the Company's titles, mining rights, leases and licences with acreage, please refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine"*.

In its annual report on Form 20-F for the fiscal year ended 31 December 2021, AngloGold Ashanti complied for the first time with the new mining property disclosure requirements for mining registrants set forth in Subpart 1300 of Regulation S-K (17 CFR § 229.1300) ("Regulation S-K 1300") and reported on, and filed Technical Report Summaries for, all of its mining properties. During 2022, AngloGold Ashanti developed a process to determine which properties are material to its business or financial condition for purposes of the individual property disclosure requirements of Item 1304 of Regulation S-K (17 CFR § 229.1304). The key considerations taken into account by AngloGold Ashanti in its materiality assessment include (i) certain quantitative factors such as contribution to the Mineral Resource and Mineral Reserve, actual and planned production and Net Present Value, as well as (ii) certain qualitative factors, which are assessed in the context of the Company's overall business and financial condition. The materiality assessment covers all of the Company's mining properties (regardless of the stage of the mining property) and all of its mining and related activities from exploration through extraction, and will be reviewed by the Company on an annual basis. Based on these considerations, AngloGold Ashanti has determined that its material properties for purposes of Regulation S-K 1300 are Geita, Kibali and Obuasi. With respect to Geita, an updated Technical Report Summary (effective date: 31 December 2022) has been prepared by the relevant Qualified Persons, and is filed as Exhibit 19.15.4 hereto. With respect to Kibali and Obuasi, AngloGold Ashanti has determined that (i) there are no material changes to the Mineral Reserve or Mineral Resource reported in the Technical Report Summaries for these properties (effective date: 31 December 2021) which were filed as exhibits to AngloGold Ashanti's annual report on Form 20-F for the fiscal year ended 31 December 2021, and (ii) all material assumptions and information pertaining to the disclosure of the Mineral Resource and Mineral Reserve for Kibali and Obuasi remain current in all material respects as of 31 December 2022, based on all facts and circumstances, both quantitative and qualitative. As a result, the Technical Report Summaries for Kibali and Obuasi (effective date: 31 December 2021), which were initially filed as exhibits to AngloGold Ashanti's annual report on Form 20-F for the fiscal year ended 31 December 2021, are filed as Exhibits 19.15.7 and 19.15.5, respectively, hereto.

AngloGold Ashanti's operating mines are all accessible by road, although for some, personnel access is better achieved by air.

AngloGold Ashanti's exploration programmes are based on consistent standards and processes across its portfolio and are guided by peer review. Part of AngloGold Ashanti's investment strategy is focused on exploration drilling and Mineral Reserve development to grow the Mineral Resource and by converting these, the Company allows for expansion of the Mineral Reserve. The process involves identifying the best group of drill targets and prioritising those that have the highest potential for success to be advanced first. Greenfields exploration aims to discover large, high-value Mineral Resource, which will eventually lead to the development of new gold mines. Brownfields exploration focuses on delivering value through accretive additions to the Mineral Reserve at existing mines as well as new discoveries in defined areas around operations.

This annual report on Form 20-F is not being submitted in support of the disclosure of exploration results and therefore no disclosure of drilling or sample results is provided. AngloGold Ashanti has elected not to provide drilling results for its operating mines as drilling at its brownfields operations is generally intended to provide incremental additions, or conversions to already reported Mineral Resource and therefore they are not seen as material. While drilling at the Company's brownfields operations increases confidence in its Mineral Resource as well as adds LOM extensions, the incremental additions that occur on a yearly basis are not material to that operation or the Company as a whole. In cases where the drilling projects are supporting a non-sustaining addition, these projects are commented on. In the Company's major greenfields projects, if any single drill result is considered material and may change the reported Mineral Resource significantly then it is reported. Refer to *"Item 4B: Business Overview—Exploration review"*.

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**<u>AFRICA</u>**

AngloGold Ashanti has five mining operations within the Africa region:

• Kibali Gold Mine in the Democratic Republic of the Congo ("DRC"), a joint venture ("JV") between AngloGold Ashanti (45%), Barrick Gold Corporation ("Barrick") (following its merger with Randgold Resources Limited ("Randgold")) (45%), and Société Minière de Kilo-Moto S.A. ("SOKIMO"), a state-owned gold mining company (10%);

• Iduapriem Gold Mine ("Iduapriem") and Obuasi Gold Mine ("Obuasi") in Ghana;

• Siguiri Gold Mine ("Siguiri") in Guinea, co-owned by AngloGold Ashanti (85%) and the government of Guinea (15%); and

• Geita Gold Mine ("GGM" or "Geita") in Tanzania.

Mining is from both open pit and underground, with Obuasi being an underground mine, Iduapriem and Siguiri being open pit mines, and Kibali and Geita being a combination of open pit and underground mines.

**<u>DRC</u>**

**<u>KIBALI</u>**

For additional information, please refer to the Technical Report Summary for Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto.

**Property description**

Kibali is a joint venture co-owned by AngloGold Ashanti (45%), Barrick (45%), and SOKIMO (10%). SOKIMO is wholly-owned by the DRC government. The consolidated lease is made up of ten exploitation permits. The metallurgical plant comprises a twin-circuit sulphide and oxide plant with conventional carbon-in-leach ("CIL"), including gravity recovery as well as a float and ultra-fine grind circuit. Barrick operates the mine, which comprises both open pit and underground operations.

Kibali is a gold mining, processing and exploration project. Operations currently focus on open pit and underground mining. The mine was originally developed and operated by Randgold. Following the completion of the merger of Randgold and Barrick in 2019, Barrick became the operator at Kibali for both exploration and mining. Kibali is currently a production stage property.

**Location**

Kibali is located in the northeastern part of the DRC near the international borders with Uganda and South Sudan. The mine is located adjacent to the village of Doko, which is located to the west of the lease area. Kibali is approximately 210km by road from Arua and immediately north of the district capital of Watsa. The operational area falls within the administrative territory of Watsa in Haut-Uélé province.

**Mineralisation style**

Gold deposits of the Kibali district are classified as Archaean orogenic gold deposits. At Kibali, the gold deposits are largely hosted in siliciclastic rocks, banded iron formations ("BIFs") and chert that were deformed, altered and transposed during several events. This occurred at or near greenschist metamorphic conditions. Ore-forming H2O-CO2-rich fluids migrated along a linked network of gently northeast-dipping shears and north-northeast plunging fold axes that are commonly referred to as the KZ Trend. The auriferous KZ Trend is a complexly deformed fault system specifically developed along the boundary between the younger sedimentary basin in the west of the belt that juxtaposes the older rocks to the east. Mineralisation occurred during the later stages of subsequent regional deformation which resulted in inversion of the basin and the development of reverse faults and folds. Ongoing deformation during hydrothermal activity resulted in the development of lodes in a variety of related structural settings within the KZ Trend.

**History**

On 15 October 2009, AngloGold Ashanti acquired a 50 percent indirect interest in Moto Goldmines Limited through a JV with Randgold, with Moto holding a 70 percent stake in Kibali and the DRC parastatal SOKIMO holding the remaining 30 percent stake. On 21 December 2009, Randgold and AngloGold Ashanti increased their JV interest in Kibali to 90 percent, while SOKIMO retained a 10 percent holding. On 2 January 2019, Randgold merged with Barrick, and the JV is now held by the combined company, trading as Barrick.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Democratic Republic of the Congo (DRC)—AngloGold Ashanti's rights and permits"*.

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**Mining method**

The operation comprises both open pit and underground mining. Open pit mining is carried out using conventional drill, blast, load and haul surface mining methods. From 2022 onwards, open pit production will come from the Sessenge, Aerodrome, Pamao, Gorumbwa, Megi-Marakeke-Sayi, Kalimva-Ikamva, Oere, Pakaka, and Karagba, Chauffeur and Durba ("KCD") deposits. Open pit mining is conducted by contractor Kibali Mining Services, a local subsidiary of DTP Terrassement, using either free-dig or conventional drill, blast, load and haul methods.

For the underground operation, longitudinal and transverse longitudinal stoping methods with paste backfill are the nominated mining methods. The Kibali KCD underground mine is designed to extract the KCD deposit directly beneath the KCD open pit. A 50m crown pillar separates the pit bottom from the top of the underground mine. The first gold was poured in September 2013 from the open pit operations and development of the underground mine commenced in the same year. Stoping commenced in 2015 and ore production has ramped up to 3.8Mt in 2022. Initial production was truck hauled by a twin decline to surface. In 2017, the haulage shaft (740m deep) and materials handling system was commissioned. From 2018 onwards, underground ore has predominantly been hoisted up the shaft. The decline to surface will continue to be used to haul some of the shallower zones and to supplement shaft haulage.

**Processing plants and other available facilities**

Infrastructure in the DRC is generally poor as a result of limited investment in maintenance, upgrades and extensions of the road networks established during colonial times. The mine site is located within 160km of the border with Uganda and all transport links take place through Uganda to Kenya or Tanzania. Access by air to Kibali involves a commercial flight to Entebbe in Uganda followed by a charter flight to Doko airport, situated on the mine property. The Doko airstrip was upgraded by Kibali and is equipped with runway lights and precision approach path indicator lights. For the number of persons employed at the mine, refer to *"Item 4B: Business Overview—Operating Performance—Africa Region"*.

Kibali is a large-scale gold mining operation, with a number of sources of ore, that has been in operation since 2013. The physical condition of the equipment, facilities, and infrastructure at Kibali is in good working order, with the mine investing heavily in maintaining and upgrading its assets to ensure that they remain reliable and efficient. Surface infrastructure associated with the overall Kibali operation includes a processing plant, tailings storage facility ("TSF"), camp, airstrip, underground shaft, workshops and offices. Power to the mine is self-generated by a combination of hydroelectric and diesel generators. The underground mine has also been extensively developed, with the construction of both shaft and portal and strategically placed development drives that access and further explore the gold-bearing ore.

The "Property, Plant, and Equipment" as of 31 December 2022, including lease assets, buildings and mine infrastructure, mining assets, mineral rights and dumps, decommissioning assets, capitalised exploration costs and deferred stripping, had a carrying value of $983 million (reported as attributable; 45% owned by AngloGold Ashanti).

**Mineral processing**

The current processing plant can treat both oxide and fresh sulphide material and uses flotation with ultra-fine grind of the flotation concentrate, a treatment that is required for the sulphide ore type before leaching. Kibali has a processing operation capable of producing an average of 730kozpa of gold for 10 years treating at least 7.2Mtpa throughput. The ore is blended using both KCD underground ore plus ore sourced from satellite open pits at Kibali.

**Mineral Resource**

Refer to the below table, prepared in accordance with Table 1 to Paragraph (D)(1) of Item 1304 of Regulation S-K, which summarises the gold Mineral Resource (exclusive of Mineral Reserve) for Kibali at the end of the fiscal year ended 31 December 2022, based on a gold price estimate of $1,700/oz. Refer to *"—Material Assumptions for the Mineral Resource—Key Parameters (Open Pit and Underground)"* for additional information on cut-off grades and metallurgical recovery.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category** | | | **Contained Gold** | **Contained Gold** |
| **Mineral Resource**<br>**as at 31 December 2022** | **Category** | **Tonnes**<br>**million** | **Grade**<br>**g/t** | **tonnes** | **Moz** |
| **Kibali (45 percent)** | Measured | 7.22 | 3.18 | 22.97 | 0.74 |
| **Kibali (45 percent)** | Indicated | 22.15 | 2.64 | 58.44 | 1.88 |
| **Kibali (45 percent)** | Measured & Indicated | 29.37 | 2.77 | 81.41 | 2.62 |
| **Kibali (45 percent)** | Inferred | 13.16 | 2.61 | 34.43 | 1.11 |

---

<u>Notes:</u>

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. The Mineral Resource estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Resource at the end of the last completed fiscal year and the preceding fiscal year is detailed in the table below. To

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reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

1. All disclosure of Mineral Resource is exclusive of Mineral Reserve. The Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource") is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.

2. Mineral Resource attributable to AngloGold Ashanti's percentage interest shown.

3."Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

4. Operated by Barrick. AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have relied on information provided by Barrick. Based on a gold price of $1,700/oz.

5. Property currently in a production stage.

6. Refer to *"—Material Assumptions for the Mineral Resource—Key Parameters (Open Pit and Underground)"* for additional information on cut-off grades and metallurgical recovery.

**Year on year changes in Mineral Resource - Moz** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **as at 31 December 2022** | **Kibali** | **Kibali** | **Kibali** | **Kibali** |
| **Category** | **Measured** | **Indicated** | **Measured and Indicated total** | **Inferred** |
| Previous Year | 0.78 | 1.76 | 2.54 | 0.89 |
| Depletion | (0.01) |  | (0.01) |  |
| Exploration | 0.01 |  | 0.01 | 0.10 |
| Methodology |  |  |  |  |
| Price | 0.03 | 0.16 | 0.19 | 0.13 |
| Cost | (0.01) | (0.02) | (0.03) | (0.02) |
| Geotechnical | (0.07) | (0.02) | (0.09) |  |
| Metallurgical |  | 0.01 | 0.01 | 0.01 |
| Acquisition / Disposal |  |  |  |  |
| Other |  |  |  |  |
| Current Year | 0.74 | 1.88 | 2.62 | 1.11 |
| Net Difference | (0.04) | 0.12 | 0.08 | 0.22 |
| % Difference | (5) | 7 | 3 | 24 |

---

<u>Notes:</u>

All figures are expressed on an attributable basis unless otherwise indicated. AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have relied on information provided by Barrick.

Changes were driven both by exploration and an increase in the Mineral Resource gold price from $1,500/oz as at 31 December 2021 to $1,700/oz as at 31 December 2022, with gains seen from the open pits, specifically Ikamva, Oere and Gorumbwa, as well as from continued definition of the 11000 lode in the KCD underground. A maiden underground Inferred Mineral Resource at Gorumbwa was also reported.

**Material Assumptions for the Mineral Resource**

**Key Parameters (Open Pit and Underground)**

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| | | |
|:---|:---|:---|
| **Kibali** | **Unit** | **Open Pit** |
| **<u>Costs</u>** | | |
| Waste cost | $/tonne mined | 2.92-3.09<sup>(1)</sup> |
| Extra Ore Cost – Grade Control + Ore – Rehandle + Overhaul | $/tonne mined | 1.27 |
| Grade Control cost | $/tonne mined | 0.75 |
| Dilution | **%** | 10 |
| Ore Loss | % | 3 |
| Processing cost | $/tonne milled | 15.04-17.85<sup>(1)</sup> |
| G&A | $/tonne milled | 8.47 |
| **<u>Other Parameters</u>** |  |  |
| Gold Royalties (4.7%) | $/oz | 70.50 |
| Metallurgical Recovery Factor | %MetRF | 86.1-90.1<sup>(1)</sup> |
| Mineral Resource cut-off grade | g/t | 0.6-0.7<sup>(1)</sup> |

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| | | |
|:---|:---|:---|
| **Kibali** | **Unit** | **Open Pit** |
| Mineral Resource price | $/oz | 1700 <sup>(2)</sup> |
| <u>Notes:</u><br>AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have relied on information provided by Barrick.<br><sup>(1)</sup> Vary according to rock type.<br><sup>(2)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,500, the gold price<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; used to estimate the Mineral Resource in 2021). | <u>Notes:</u><br>AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have relied on information provided by Barrick.<br><sup>(1)</sup> Vary according to rock type.<br><sup>(2)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,500, the gold price<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; used to estimate the Mineral Resource in 2021). | <u>Notes:</u><br>AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have relied on information provided by Barrick.<br><sup>(1)</sup> Vary according to rock type.<br><sup>(2)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,500, the gold price<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; used to estimate the Mineral Resource in 2021). |

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| | | |
|:---|:---|:---|
| **Kibali** | **Unit** | **Underground** |
| **<u>Costs</u>** | | |
| Mine Production | $/tonne ore mined | 36.17 |
| Capital | $/tonne ore mined | 3.97 |
| G&A | $/tonne ore milled | 8.47 |
| Processing cost | $/tonne ore milled | 17.85 |
| **<u>Other Parameters</u>** |  |  |
| Gold Royalties (4.7%) | $/oz | 70.50 |
| Mining cut-off grade | g/t | 1.62 |
| Mineral Resource price | $/oz | 1700 <sup>(1)</sup> |
| Metallurgical Recovery Factor | %MetRF | 90 |
| Notes:<br>AngloGold Ashanti has recognised that in preparing this report, the Qualified Persons have relied on information provided by Barrick.<br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary for <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,500, the gold price used<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to estimate the Mineral Resource in 2021). | Notes:<br>AngloGold Ashanti has recognised that in preparing this report, the Qualified Persons have relied on information provided by Barrick.<br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary for <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,500, the gold price used<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to estimate the Mineral Resource in 2021). | Notes:<br>AngloGold Ashanti has recognised that in preparing this report, the Qualified Persons have relied on information provided by Barrick.<br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary for <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,500, the gold price used<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to estimate the Mineral Resource in 2021). |

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**Estimation**

Mineral Resource estimation is undertaken by Barrick in-house technical experts or by approved external consultants. The results of both diamond drilling ("DD") and reverse circulation ("RC") drilling are used in the estimation process. 3D mineralised envelopes are established using grade and geology, and these are then statistically verified to confirm their validity for use in grade estimation. Appropriate domaining of homogeneous zones is conducted whereby high-grade central core areas are modelled separately from the lower-grade surrounding halos. Volumes are filled with block model cells and interpolated for density, rock type and grade – the latter using ordinary kriging.

Grade top cuts and restricted searches are applied to drill hole data to prevent the spread of high-grades during the estimation process. Drill hole spacing is used to guide the Mineral Resource classification. The open pit Mineral Resource is quoted within a limiting shell. The underground Mineral Resource is constrained by the application of optimised mineable Mineral Resource shapes, which applies reasonable mineability constraints including a minimum mining width, a reasonable distance from current or planned development, and a measure of assumed profitability at the related Mineral Resource cut-off grade.

**Mineral Reserve**

Refer to the below table, prepared in accordance with Table 2 to Paragraph (D)(1) of Item 1304 of Regulation S-K, which summarises the gold Mineral Reserve for Kibali at the end of the fiscal year ended 31 December 2022, based on a gold price estimate of $1,300/oz. Refer to *"—Material Assumptions for the Mineral Reserve—Modifying factors and price estimates"* for additional information on cut-off grades and metallurgical recovery.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category** | | | **Contained Gold** | **Contained Gold** |
| **Mineral Reserve**<br>**as at 31 December 2022** | **Category** | **Tonnes**<br>**million** | **Grade**<br>**g/t** | **tonnes** | **Moz** |
| **Kibali (45 percent)** | Proven | 14.49 | 3.47 | 50.33 | 1.62 |
| **Kibali (45 percent)** | Probable | 29.17 | 3.15 | 91.86 | 2.95 |
| **Kibali (45 percent)** | Total | 43.67 | 3.26 | 142.19 | 4.57 |

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<u>Notes:</u>

1. Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. The Mineral Reserve estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Reserve at the end of the last completed fiscal year and the preceding fiscal year is detailed in the table below. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

2. Mineral Reserve attributable to AngloGold Ashanti's percentage interest shown.

3."Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

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4. Operated by Barrick. AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have relied on information provided by Barrick. Open Pits and underground were based on a gold price of $1,300/oz, with the exception of the Pamoa Main pit (based on a gold price of $1,400/oz) and the Pamoa South pit (based on a gold price of $1,500/oz).

5. Property currently in a production stage.

6. Refer to *"—Material Assumptions for the Mineral Reserve—Modifying factors and price estimates"* for additional information on cut-off grades and metallurgical recovery.

**Year on year changes in Mineral Reserve - Moz** 

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| | | | |
|:---|:---|:---|:---|
| **as at 31 December 2022** | **Kibali** | **Kibali** | **Kibali** |
| **Category** | **Proven** | **Probable** | **Total** |
| Previous Year | 1.74 | 2.59 | 4.33 |
| Depletion | (0.28) | (0.12) | (0.40) |
| Exploration | 0.11 | 0.42 | 0.53 |
| Methodology |  |  |  |
| Price | 0.03 | 0.12 | 0.15 |
| Cost | (0.01) | (0.03) | (0.04) |
| Geotechnical |  |  |  |
| Metallurgical |  |  |  |
| Operational | 0.03 |  | 0.03 |
| Other |  | (0.03) | (0.03) |
| Acquisition / Disposal |  |  |  |
| Current Year | 1.62 | 2.95 | 4.57 |
| Net Difference | (0.12) | 0.36 | 0.24 |
| % Difference | (7) | 14 | 6 |

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<u>Notes:</u>

All figures are expressed on an attributable basis unless otherwise indicated. AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have relied on information provided by Barrick.

The increase in Mineral Reserve was primarily as a result of the conversion of the 11000 lode in the KCD underground, and growth in the Ikamva and Oere pits due to exploration successes. The gold price used for pit optimisation changed from $1,200/oz as at 31 December 2021 to $1,300/oz as at 31 December 2022 which also contributed to the increase seen.

**Material Assumptions for the Mineral Reserve**

**Modifying factors and price estimates**

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| | | |
|:---|:---|:---|
| **as at 31 December 2022** | **as at 31 December 2022** | **Kibali** |
| Primary Commodity Price | $/oz | 1300<sup>(1)(6)</sup> |
| Cut-off grade | g/t | 1.50<sup>(3)(5)</sup>; 1.96<sup>(4)</sup> |
| Stoping width | cm | 2990<sup>(4)</sup> |
| Dilution | % | 2.0-12.5<sup>(4)</sup>; 10<sup>(5)</sup> |
| Mining Recovery Factor | MRF based on tonnes (%) | 91.6<sup>(4)</sup>; 97<sup>(5)</sup> |
| Mine Call Factor | MCF (%) | 97 |
| Metallurgical Recovery Factor | MetRF (%) | 89-90<sup>(2)</sup> |
| <u>Notes:</u><br>AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have, relied on information provided by Barrick.<br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Reserve reported in the 2021 Technical Report Summary for <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,200, the gold price <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; used to estimate the Mineral Reserve in 2021). <br><sup>(2)</sup> Vary according to rock type. <sup>(3)</sup> Stockpile. <br><sup>(4)</sup> Underground.<br><sup>(5)</sup> Open pit. <br><sup>(6)</sup> Open Pits and underground were based on a gold price of $1,300/oz, with the exception of the Pamoa Main pit (based on a gold price<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $1,400/oz) and the Pamoa South pit (based on a gold price of $1,500/oz).  | <u>Notes:</u><br>AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have, relied on information provided by Barrick.<br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Reserve reported in the 2021 Technical Report Summary for <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,200, the gold price <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; used to estimate the Mineral Reserve in 2021). <br><sup>(2)</sup> Vary according to rock type. <sup>(3)</sup> Stockpile. <br><sup>(4)</sup> Underground.<br><sup>(5)</sup> Open pit. <br><sup>(6)</sup> Open Pits and underground were based on a gold price of $1,300/oz, with the exception of the Pamoa Main pit (based on a gold price<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $1,400/oz) and the Pamoa South pit (based on a gold price of $1,500/oz).  | <u>Notes:</u><br>AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have, relied on information provided by Barrick.<br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Reserve reported in the 2021 Technical Report Summary for <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.7 hereto if this updated gold price is used (instead of $1,200, the gold price <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; used to estimate the Mineral Reserve in 2021). <br><sup>(2)</sup> Vary according to rock type. <sup>(3)</sup> Stockpile. <br><sup>(4)</sup> Underground.<br><sup>(5)</sup> Open pit. <br><sup>(6)</sup> Open Pits and underground were based on a gold price of $1,300/oz, with the exception of the Pamoa Main pit (based on a gold price<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $1,400/oz) and the Pamoa South pit (based on a gold price of $1,500/oz).  |

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**Estimation**

The open pit Mineral Reserve shell optimisations were run on the Mineral Resource models. The process incorporated the mining layout, operating factors, stripping ratio, relevant cut-off grades and modifying factors for

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reporting the Mineral Reserve. An open pit underground interface was set at 5,685 metres relative level ("mRL") between the KCD open pit and underground mine.

A cut-off grade analysis of $1,300/oz was used to determine a cut-off grade of 1.96g/t for the underground mine. Longitudinal and transverse longhole open stoping methods with paste backfill are the current preferred mining methods. Underground stope designs were updated from the previously reported Mineral Reserve using the latest Mineral Resource models. Modifying factors for planned and unplanned rock dilution, backfill dilution and ore loss were applied to obtain the reported Mineral Reserve.

Metallurgical, environmental, social, legal, marketing and economic factors were adequately considered in the Kibali feasibility study and have been updated as the project has developed.

**Map showing Kibali planned infrastructure and licences** 

Below is a map that shows Kibali infrastructure and licences, with the total mining lease area insert shown in the top right corner. The coordinates of the mine, as represented by the plant, are depicted on the map and are in the geographic coordinate system.

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![au-20221231_g6.jpg](au-20221231_g6.jpg)

**<u>GHANA</u>**

AngloGold Ashanti has two mines in Ghana. Obuasi and Iduapriem are both wholly-owned and operated by AngloGold Ashanti.

Obuasi is an underground mine operating at depths of up to 1,500m with a continuous history of mining dating back to the 1890s. Iduapriem is an open pit mine.

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Obuasi is located in the Ashanti region of southern Ghana, approximately 60km south of Kumasi. Mining was temporarily suspended at the end of 2014 while a series of economic studies progressed. Obuasi underground development restarted in the first half of 2019, with the first gold produced in December 2019. The ramp-up of the redevelopment project was delayed by the temporary stoppage of underground activities after a fall of ground incident in May 2021. Production remained suspended for several months to allow for reviews and investigations, but slowly resumed in the latter part of 2021.

Iduapriem is located in western Ghana, some 85km from the coast and south of Obuasi, near the town of Tarkwa.

**<u>OBUASI</u>** 

For additional information, refer to the Technical Report Summary for Obuasi (effective date: 31 December 2021) filed as Exhibit 19.15.5 hereto.

**Property description**

Obuasi is wholly-owned by AngloGold Ashanti and is a production stage property. All required mineral rights to the property are held by the Company. The mine is an underground operation, and it has been in operation since 1897 (more than 120 years). It has been operated by AngloGold Ashanti since 2004.

**Location**

The mine is in the municipality of Obuasi, in the Ashanti region of Ghana, about 240km northwest of the capital, Accra, and 60km south of Kumasi.

**Mineralisation style**

Geologically, Obuasi is in the Ashanti belt on the eastern margin of the Pre-Cambrian West African craton. This craton consists of Lower Proterozoic volcanic and flysch sediments which make up the Birimian system, overlain in part by the molasse sediments of the Middle Proterozoic Tarkwaian. The Ashanti belt is the most prominent of the five Birimian Supergroup gold belts found in Ghana.

Gold mineralisation is associated with shear zones and pervasive silica, carbonate and sulphide hydrothermal alteration which occur in tightly folded Lower Birimian schists, phyllites, meta-greywackes, and tuffs, along the eastern limb of the Kumasi anticlinorium. They are found near the contact with harder metamorphosed and metasomatically altered intermediate to basic upper Birimian volcanics. There are two broad styles of gold mineralisation including free milling quartz vein gold and sulphide-rich, disseminated and refractory gold which form alteration haloes around the quartz vein lodes. Sulphide mineralisation is dominated by arsenopyrite and quartz mineralisation, which is associated with spatially variable, but exceptionally high-grade visible gold in quartz veins.

**History**

Obuasi has a long mining history dating back to 1897. It has been owned and operated by various operators during this time. The current operator became involved in 2004 following the merger of former AngloGold Limited of South Africa and the Ashanti Goldfields Company Limited of Ghana. However, for several years leading up to 2014, the mine began to struggle due to ailing infrastructure and outdated methodologies. The company realised that significant rationalisation and/or replacement of current infrastructure would be necessary to enable the delivery of better utilisation and productivity metrics.

In 2014, a feasibility study commenced that considered the optimum mining methodology and schedules for the underground mine, based on modern mechanised mining methods and refurbishment of underground, surface and process plant infrastructure. During this time, Obuasi operated in a limited operating phase with underground activities essentially restricted to the continued development of the Obuasi deeps decline and underground infill drilling. The limited operating phase was brought to a halt after an incursion by illegal miners on Obuasi's concession in February 2016, at which point the mine was placed under care and maintenance. However, the study continued and in 2017, a favourable feasibility study was completed and indicated a strong technical and economic case with an anticipated 20-year life of mine ("LOM"). In 2018, approval was received from the AngloGold Ashanti board and the government of Ghana to proceed with the project.

The redevelopment project began in late 2018 and first gold was poured during the fourth quarter of 2019. Phase 1 of the redevelopment project was completed by the end of September 2020, and the mine began commercial production on 1 October 2020. Phase 2 of the redevelopment project, which focused on construction and mine development, was completed in 2021. Phase 3 of the redevelopment project is currently underway to develop the infrastructure necessary to support the planned ramp-up in production.

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**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Ghana—AngloGold Ashanti's rights and permits"*.

**Mining method**

Obuasi is an underground operation, utilising both vertical shafts and declines as main access routes to the underground workings. The mine has seen extensive historical mining activities with varying applications of different mining methods to date. The current LOM design employs mostly the Long Hole Open Stoping ("LHOS") mining method for ore extraction. LHOS is a highly selective and productive method of mining that can be employed for orebodies of varying thicknesses and dips. The main distinct variations of the LHOS used at Obuasi are longitudinal retreat stoping ("LRS"), and transverse open stoping ("TOS"). The blind upper stoping is a form of LRS or TOS used for partial sill pillar recovery.

**Processing plants and other available facilities**

All significant surface activities, including ore processing, environmental management and community engagement are carried out by Obuasi staff. Existing infrastructure includes a recently refurbished and upgraded 2.2Mtpa processing plant with flotation and bacterial oxidation ("BIOX"), extensive underground development, hoisting shafts and associated infrastructure, mine ventilation and refrigeration facilities, emergency standby power and water reticulation, office complexes, workshops, and company housing estates. Power is supplied to the mine by the Volta River Authority and Ghana Grid Company Limited ("GRIDCo"). There is a focus mine development plan supported by the existing infrastructure, and ongoing upgrades of critical underground infrastructure to sustain the operations. The mine can be accessed by paved road network from Kumasi and by road or chartered air transport from the capital, Accra. For the number of persons employed at the mine, refer to *"Item 4B: Business Overview—Operating Performance—Africa Region"*.

The "Property, Plant, and Equipment" as of 31 December 2022, including buildings and mine infrastructure, mining assets, decommissioning assets and assets under construction, had a carrying value of $1,009 million.

**Mineral processing**

The plant is configured for both conventional and flash flotation and BIOX treatment which is required for the refractory sulphide ore. The gravity gold recovery system is also integrated with Knelson concentrators and inline leach reactors.

**Mineral Resource**

Refer to the below table, prepared in accordance with Table 1 to Paragraph (D)(1) of Item 1304 of Regulation S-K, which summarises the gold Mineral Resource (exclusive of Mineral Reserve) for Obuasi at the end of the fiscal year ended 31 December 2022, based on a gold price estimate of $1,750/oz for underground and $1,600 for open pit Mineral Resource. Refer to *"—Material Assumptions for the Mineral Resource—Key Parameters"* for additional information on cut-off grades and metallurgical recovery.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category** | | | **Contained Gold** | **Contained Gold** |
| **Mineral Resource**<br>**as at 31 December 2022** | **Category** | **Tonnes**<br>**million** | **Grade**<br>**g/t** | **tonnes** | **Moz** |
| **Obuasi** | Measured | 1.96 | 8.44 | 16.59 | 0.53 |
| **Obuasi** | Indicated | 27.66 | 6.06 | 167.59 | 5.39 |
| **Obuasi** | Measured & Indicated | 29.63 | 6.22 | 184.18 | 5.92 |
| **Obuasi** | Inferred | 39.80 | 8.50 | 338.17 | 10.87 |

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<u>Notes:</u>

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. The Mineral Resource estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Resource at the end of the last completed fiscal year and the preceding fiscal year is detailed in the table below. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

1. All disclosure of Mineral Resource is exclusive of Mineral Reserve. The Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource") is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.

2."Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

3. Property currently in a production stage.

4. Refer to *"—Material Assumptions for the Mineral Resource—Key Parameters"* for additional information on cut-off grades and metallurgical recovery.

5. Open pit based on a gold price of $1,600/oz, underground based on a gold price of $1,750/oz.

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**Year on year changes in Mineral Resource - Moz** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **as at 31 December 2022** | **Obuasi** | **Obuasi** | **Obuasi** | **Obuasi** |
| **Category** | **Measured** | **Indicated** | **Measured and Indicated total** | **Inferred** |
| Previous Year | 0.66 | 5.84 | 6.50 | 12.05 |
| Depletion |  |  |  |  |
| Exploration |  |  |  | (0.06) |
| Methodology | 0.02 | 0.28 | 0.30 | (0.53) |
| Price | 0.02 | 0.58 | 0.60 | 1.11 |
| Cost | (0.17) | (0.97) | (1.14) | (1.31) |
| Geotechnical |  |  |  |  |
| Metallurgical |  |  |  |  |
| Acquisition / Disposal |  |  |  |  |
| Other |  | (0.33) | (0.33) | (0.37) |
| Current Year | 0.53 | 5.39 | 5.92 | 10.87 |
| Net Difference | (0.12) | (0.45) | (0.57) | (1.17) |
| % Difference | (19) | (8) | (9) | (10) |

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<u>Notes:</u>

All figures are expressed on an attributable basis unless otherwise indicated.

The decrease in Mineral Resource is mainly due to depletion attributed to mining from Sansu, and Blocks 8 and 10 and an increase in costs which resulted in higher cut-off grades as well as the sterilisation of stopes in the depletion process. The decrease was partially offset by model changes primarily from the inclusion of new drilling data from ongoing operational drilling activities and the increase in Mineral Resource price.

**Material Assumptions for the Mineral Resource**

**Key Parameters**

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| | | |
|:---|:---|:---|
| **Obuasi** | **Unit** | **Underground** |
| **<u>Costs</u>** | | |
| Mining cost | $/tonne mined | 64.26-79.44<sup>(1)</sup> |
| Processing cost | $/tonne treated | 42.57 |
| G&A | $/tonne treated | 21.96 |
| **<u>Other Parameters</u>** |  |  |
| Royalties | % | 3.0 |
| MSO<sup>(2)</sup> optimising cut-off | g/t | 3.43-3.75<sup>(1)</sup> |
| Mineral Resource cut-off grade | g/t | 3.43-3.75<sup>(1)</sup> |
| Mineral Resource price | $/oz | 1600-1750<sup>(3)(4)</sup> |
| Metallurgical Recovery Factor | %MetRF | 87 |
| <u>Notes:</u><br><sup>(1)</sup> Vary according to area.<br><sup>(2)</sup> Datamine Mineable Shape Optimiser ("MSO"). <br><sup>(3)</sup> Open pit based on a gold price of $1,600/oz, Underground based on a gold price of $1,750/oz.<br><sup>(4)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Obuasi (effective date: 31 December 2021) filed as Exhibit 19.15.5 hereto if this updated gold price is used (instead of $1,500, the gold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price used to estimate the Mineral Resource in 2021). | <u>Notes:</u><br><sup>(1)</sup> Vary according to area.<br><sup>(2)</sup> Datamine Mineable Shape Optimiser ("MSO"). <br><sup>(3)</sup> Open pit based on a gold price of $1,600/oz, Underground based on a gold price of $1,750/oz.<br><sup>(4)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Obuasi (effective date: 31 December 2021) filed as Exhibit 19.15.5 hereto if this updated gold price is used (instead of $1,500, the gold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price used to estimate the Mineral Resource in 2021). | <u>Notes:</u><br><sup>(1)</sup> Vary according to area.<br><sup>(2)</sup> Datamine Mineable Shape Optimiser ("MSO"). <br><sup>(3)</sup> Open pit based on a gold price of $1,600/oz, Underground based on a gold price of $1,750/oz.<br><sup>(4)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Obuasi (effective date: 31 December 2021) filed as Exhibit 19.15.5 hereto if this updated gold price is used (instead of $1,500, the gold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price used to estimate the Mineral Resource in 2021). |

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**Estimation**

The estimation technique is ordinary kriging and the primary estimation unit size is 20m x 5m x 15m. This estimation unit size is representative of the underground mining units and is considered appropriate given the style of mineralisation and mining methods. Compositing by length is employed and the influence of extreme grades is restricted by grade capping. Sample spacing is highly variable across the deposit and ranges from 10m x 10m (for grade control areas) up to 200m x 200m (for exploration targets). However, for the Mineral Resource, the maximum extrapolation from data points is 100m. Any areas beyond this are not classified and are considered to be upside potential rather than Mineral Resource.

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**Mineral Reserve**

Refer to the below table, prepared in accordance with Table 2 to Paragraph D(1) of Item 1304 of Regulation S-K, which summarises the gold Mineral Reserve for Obuasi at the end of the fiscal year ended 31 December 2022, based on a gold price estimate of $1,400/oz. Refer to *"—Material Assumptions for the Mineral Reserve—Modifying factors and price estimates"* for additional information on cut-off grades and metallurgical recovery.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category** | | | **Contained Gold** | **Contained Gold** |
| **Mineral Reserve**<br>**as at 31 December 2022** | **Category** | **Tonnes**<br>**million** | **Grade**<br>**g/t** | **tonnes** | **Moz** |
| **Obuasi** | Proven | 4.47 | 9.55 | 42.73 | 1.37 |
| **Obuasi** | Probable | 21.25 | 9.26 | 196.67 | 6.32 |
| **Obuasi** | Total | 25.72 | 9.31 | 239.40 | 7.70 |

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<u>Notes:</u>

1. Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. The Mineral Reserve estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Reserve at the end of the last completed fiscal year and the preceding fiscal year is detailed in the table below. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

2."Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

3. Property currently in a production stage.

4. Refer to *"—Material Assumptions for the Mineral Reserve—Modifying factors and price estimates"* for additional information on cut-off grades and metallurgical recovery.

5. Based on a gold price of $1,400/oz.

**Year on year changes in Mineral Reserve - Moz**

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| | | | |
|:---|:---|:---|:---|
| **as at 31 December 2022** | **Obuasi** | **Obuasi** | **Obuasi** |
| **Category** | **Proven** | **Probable** | **Total** |
| Previous Year | 1.19 | 7.08 | 8.26 |
| Depletion | (0.23) |  | (0.23) |
| Exploration |  | (0.77) | (0.77) |
| Methodology | 0.54 |  | 0.54 |
| Price | 0.11 | 1.49 | 1.60 |
| Cost | (0.23) | (1.48) | (1.71) |
| Geotechnical |  |  |  |
| Metallurgical |  |  |  |
| Operational |  |  |  |
| Other |  |  |  |
| Acquisition / Disposal |  |  |  |
| Current Year | 1.37 | 6.32 | 7.70 |
| Net Difference | 0.19 | (0.75) | (0.57) |
| % Difference | 16 | (11) | (7) |

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<u>Notes:</u>

All figures are expressed on an attributable basis unless otherwise indicated.

The key changes were primarily associated with depletion, exploration, block model changes, and economic parameters. Depletion was mainly due to mining, while exploration changes were as a result of Mineral Resource drilling. This was offset by changes in the block model methodology involving estimation parameters, interpretations, classification and density. The economic factors that also influenced the changes to the Obuasi Mineral Reserve included an increased gold price assumption which was partially offset by an increase in mining cost and sustaining capital.

**Material Assumptions for the Mineral Reserve**

**Modifying factors and price estimates**

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| | | |
|:---|:---|:---|
| **as at 31 December 2022** | **as at 31 December 2022** | **Obuasi** |
| Primary Commodity Price | $/oz | 1400<sup>(1)</sup> |
| Cut-off grade | g/t | 4.29-4.69<sup>(2)</sup> |

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| | | |
|:---|:---|:---|
| **as at 31 December 2022** | **as at 31 December 2022** | **Obuasi** |
| Dilution | % | 12-17<sup>(2)</sup> |
| Mining Recovery Factor | %MRF based on tonnes | 95-98<sup>(2)</sup> |
| Mining Recovery Factor | %MRF based on g/t | 100 |
| Mine Call Factor | %MCF | 100 |
| Metallurgical Recovery Factor | %MetRF | 87 |
| <u>Notes:</u><br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Reserve reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Obuasi (effective date: 31 December 2021) filed as Exhibit 19.15.5 hereto if this updated gold price is used (instead of $1,200, the gold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price used to estimate the Mineral Reserve in 2021).<br><sup>(2)</sup> Vary according to area.  | <u>Notes:</u><br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Reserve reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Obuasi (effective date: 31 December 2021) filed as Exhibit 19.15.5 hereto if this updated gold price is used (instead of $1,200, the gold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price used to estimate the Mineral Reserve in 2021).<br><sup>(2)</sup> Vary according to area.  | <u>Notes:</u><br><sup>(1)</sup> AngloGold Ashanti has determined that there is no material change to the Mineral Reserve reported in the 2021 Technical Report Summary <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Obuasi (effective date: 31 December 2021) filed as Exhibit 19.15.5 hereto if this updated gold price is used (instead of $1,200, the gold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price used to estimate the Mineral Reserve in 2021).<br><sup>(2)</sup> Vary according to area.  |

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**Estimation**

The Mineral Reserve estimation considers mining criteria for the economic cut-off grade and minimum mining width for the anticipated mining method. All design and scheduling work is undertaken to an applicable level of detail by mine planning engineers in consultation with other technical specialists using Datamine Studio UG<sup>TM</sup> and Enhanced Production Scheduler<sup>TM</sup> ("EPS") software.

The cut-off grade parameters used include projected mining, processing, and general and administrative costs. A Mineral Reserve gold price of $1,400/oz was used. The cut-off grade also considers the metallurgical recovery factor (87 percent applied for all blocks), mining dilution and recovery, tonne-kilometre haulage cost from all blocks, as well as the backfill type.

**Map showing Obuasi planned infrastructure and licences**

Below is a map that shows the location, infrastructure and mining licence area for Obuasi. The coordinates of the mine, as represented by the plant, are depicted on the map and are in the geographic coordinate system.

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![au-20221231_g7.jpg](au-20221231_g7.jpg)

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**<u>IDUAPRIEM</u>**

**Property description**

Iduapriem mine is wholly-owned and operated by AngloGold Ashanti and a production stage property. The mine is a multiple open pit operation that currently sources ore from the Block 3W, Block 5, Ajopa, and Blocks 7 and 8 pits.

**Location**

The mine is located in the western region of Ghana, some 70km north of the coastal city of Takoradi and approximately 10km southwest of the town of Tarkwa. The Iduapriem mine is bordered to the north by Gold Fields Ghana Limited (Tarkwa Mine) and to the east by the Ghana Manganese Company Limited (a manganese mine in existence since the 1920s).

**Mineralisation style**

There are four recognised conglomerate reefs namely A, B, C and D, which are equivalent to the Tarkwaian Sub-basal, Basal (or Main), Middle (or West), and Breccia Reefs, respectively. The B and C Reefs are oligomictic and consist of well-sorted conglomerates and have been mined underground in some areas more than a century ago. The A and D Reefs have a lower gold tenor and are polymictic, containing both well-rounded and angular fragments. Gold is found within the matrix that binds the pebbles together. The gold content is a function of the size and amount (packing) of quartz pebbles present within a conglomeratic unit. The gold is fine-grained, particulate and free-milling.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Ghana—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Surface infrastructure associated with Iduapriem's operation includes a primary crusher, overland conveyor, CIL processing plant next to the main office building, a TSF and four camp areas for contractors and company employees. Tarkwa town is also adjacent to the tenement. Power is supplied to the mine by the Volta River Authority and GRIDCo.

**Mineral processing**

The current processing plant treats free-milling material from open pit mining, by a conventional crush with a semi-autogenous ball milling circuit and cyanide leach. Iduapriem operates a two-stage crushing circuit consisting of a Metso Superior MKIII primary gyratory crusher and two GP550 gyratory crushers for secondary crushing. The Iduapriem treatment plant has two semi-autogenous grinding mills ("SAG mills") and two ball mills which run in two parallel circuits,each with a SAG mill and a ball mill. The second ball mill, a new thickener, a cluster of cyclones and a Knelson concentrator were commissioned in March 2009. In July 2017, three of the four leach tanks were converted into CIL tanks by introducing carbon into the each of the tanks with the installation of inter-tank screens and carbon recovery screens. Carbon for elution is harvested from one of the leach tanks to the acid wash column, and the carbon recovery screen underflow is pumped back to the leach tanks.

**<u>GUINEA</u>**

**<u>SIGUIRI</u>**

**Property description**

Siguiri is AngloGold Ashanti's only operation in the Republic of Guinea. The mine is co-owned by AngloGold Ashanti (85 percent) and the government of Guinea (15 percent). The mine is a conventional open pit operation situated in the Siguiri district in the northeast of Guinea.

Siguiri is a production stage property, operated by AngloGold Ashanti. Gold-bearing ore is mined from several pits (generally three pits at any one time). Mining occurs primarily in Kami and Bidini pits in Block 1, as well as Saraya pit in Block 2. The pre-feasibility study level of work on the geotechnical design for Sanutinti pit is ongoing.

**Location**

Siguiri is located approximately 850km north-northeast of Conakry, 25km northwest of the town of Siguiri and 220km southeast of the Malian capital Bamako, near the Malian border.

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**Mineralisation style**

Siguiri is situated in the northern part of the Siguiri Basin of Guinea, and is underlain by Lower Proterozoic rocks of the Birimian metasedimentary and volcano-sedimentary formations. Primary gold mineralisation occurs in all three lithostratigraphic units of the Siguiri region, although most of the known mineralisation is found in the central and more competent Fatoya Formation. In some deposits, the mineralisation shows strong lithological control and is preferentially developed in coarser-grained units with higher fracture or vein densities than fine-grained rocks. Mineralised veins are more intensely developed along major structural trends, with quartz-carbonate-sulphide veining developed along structures. Some of these structures have developed as incipient faults and are represented by discrete stockworks of mineralised quartz-carbonate veins occurring along a trend instead of clearly defined continuous structures.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Guinea—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Siguiri includes a processing plant, a TSF, and other infrastructure such as a mine village, a water supply system, roads, power supply by on-site generators and communications systems. Additional infrastructure includes on-site offices, accommodation and workshops to support remote mining. Power to the mine is self-generated using heavy fuel oil.

The town of Siguiri can be accessed via a small airfield and a well-paved road that connects Siguiri to Bamako in the north and Kouroussa in the south. Access to the mine via roads and to Siguiri is easily passable through most of the year, although some secondary roads are seasonal with limited access during the wet season. While Siguiri encounters encroachment of villages onto, and artisanal and small-scale mining invasion in, its mining areas as well as increasing community demands and expectations, mitigation plans are in place to significantly reduce the impact of these issues.

**Mineral processing**

The mined ore is processed using a hybrid CIL circuit plant and can treat 50 percent hard ore post-commissioning of a new ball mill and three-stage crushing plant in 2019. Unit operations include comminution, leaching, carbon adsorption and desorption, smelting and tailings disposal. Further modification of three leach tanks to CIL tanks was carried out in the fourth quarter of 2020, giving a total of seven tanks in the hybrid circuit. The combination plant treats up to 50 percent fresh rock and 50 percent soft ore, with a total throughput of 11.4Mt per annum. The recovery of Bidini, which has been impacted by the presence of carbonaceous ore and the performance of the combination plant to achieve the required mill throughput and recovery, could have an impact on the economic extraction of the estimated Mineral Resource and Mineral Reserve until the plant stabilises. There are mitigation plans in place to address any TSF capacity issues and the mine is also doing further optimisation work.

**<u>TANZANIA</u>**

**<u>GEITA</u>**

For additional information, see the Technical Report Summary for Geita (effective date: 31 December 2022) filed as Exhibit 19.15.4 hereto.

**Property description**

Geita ("GGM"), one of AngloGold Ashanti's flagship mines, is located in northwestern Tanzania, in the Lake Victoria goldfields of the Mwanza region, about 120km from Mwanza and 4km west of the town of Geita. The Geita gold deposits are mined as a multiple open pit and underground operation, with ore production from Star and Comet, Nyankanga and Geita Hill underground mines, and from Nyamulilima open pit. The mine is currently serviced by a CIL processing plant with an annual capacity of 5.2Mt.

GGM is wholly-owned and operated by AngloGold Ashanti. GGM currently has three underground mines (Star and Comet, Nyankanga and Geita Hill) and one open pit (Nyamulilima Cuts 1, 2 and 3) which is in production since 2021. The property is currently in a production stage.

**Location**

GGM is located approximately 1,200km from the main Tanzanian business centre of Dar es Salaam. It falls within the Lake Zone of northwestern Tanzania, approximately 120km west of Mwanza and 4km west of the town of Geita. The mining lease area falls within the Archaean Sukumaland Greenstone Belt of the Lake Victoria goldfields.

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**Mineralisation style**

Geita is hosted in the Geita Greenstone Belt, which is a northern segment of the Sukumaland Greenstone Belt, located in the north-western part of the Tanzania Craton and south of Lake Victoria. Gold mineralisation occurred late in the tectonic history of the greenstone belt, synchronous with the development of brittle-ductile shear zones. Mineralisation is dominantly sulfide replacement of magnetite-rich layers in ironstone, with local replacement of ferromagnesian phases and magnetite in the diorite intrusions. Primary gold mineralisation is associated with the intersection of the brittle-ductile shear zones and pre-existing fold hinges, with higher grade concentrations associated with banded iron formation lithologies and with diorite dyke and sill contacts.

**History**

Gold mineralisation is reported to be first discovered in the Geita district in 1898 by a German prospector. A regional survey by a Kenyan company, Saragura Prospecting Syndicate, followed in 1930. The first mine was developed in 1934, and between 1936 and 1966, Geita was the largest gold mine in East Africa, producing 1Moz of gold from underground operations.

In 1996, Ashanti Goldfields Company Limited acquired the Geita tenure through the acquisition of Cluff Resources, and acquired the Kukuluma and Matandani in 1998 from Samax Resources Limited. In December 2000, Ashanti Goldfields Company Limited reached an agreement to sell a 50 percent interest in Geita to AngloGold Limited for $324 million. AngloGold Limited added its neighbouring Nyamulilima Hill deposits into the JV company. In 2004, the merger of AngloGold Limited and Ashanti Goldfields Company Limited resulted in the operation being wholly run by the combined company AngloGold Ashanti.

GGM commenced open pit mining in 1999, with open pit mining at Nyankanga between 1999 and 2020, at Geita Hill between 2001 and 2019, at Kukuluma and Matandani between 2002 and 2007, and at Star and Comet between 2007 and 2014. In 2015, a decision was taken to go underground at Star and Comet, and the underground development started in 2016. In 2017, the Nyankanga underground operation commenced and in 2020 the Geita Hill underground commenced and is scheduled to ramp up to full production by the end of 2023.

The Nyankanga open pit, the only remaining operating pit at the time, was mined to completion in September 2020. In April 2021, the Nyamulilima open pit commenced operations.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Tanzania—AngloGold Ashanti's rights and permits"*.

**Mining method**

Mining at Geita uses both open pit and underground mining methods. The Nyamulilima open pit commenced production in April 2021 and reached full production during 2022. Open pit mining is by conventional truck and shovel methods, where production mining equipment is operated by GGM with Capital Mining Services Tanzania Limited providing production and grade control drilling services, and Orica providing blasting and explosives services. Underground mining commenced at Star and Comet in 2016 and subsequently at Nyankanga in 2017, and most recently Geita Hill in 2020. Star and Comet underground has successfully transitioned to owner mining and the mining contractor African Underground Mining Services is used at Nyankanga and Geita Hill for underground development and stoping. The underground mining method is a combination of LOS and TOS. Cemented aggregate fill backfill is used at Nyankanga to fill the primary stopes and allows for the mining of secondary stopes. Ore is hauled from the Nyamulilima open pit (22km) and from Star and Comet (17km), Nyankanga (4km) and Geita Hill (2km) underground operations to the central run-of-mine ("ROM") pad by the Geita surface mining fleet.

**Processing plants and other available facilities**

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The "Property, Plant, and Equipment" as of 31 December 2022, including lease assets, buildings and mine infrastructure, mining assets, capitalised exploration costs, decommissioning assets, assets under construction and deferred stripping, had a carrying value of $418m.

**Mineral processing**

Geita's ore processing method is a conventional CIL process with a throughput capacity of 5.2Mtpa. The circuit contains a primary gyratory crusher, secondary and tertiary crushers, a SAG mill, a ball mill and 12 leach tanks. This is coupled with a gravity circuit using two Knelson concentrators. In planning the plant feed blend material, hardness grade, oxide and sulphide content are considered in order to optimise throughput and recovery.

**Mineral Resource**

The below table, prepared in accordance with Table 1 to Paragraph (D)(1) of Item 1304 of Regulation S-K, summarises the gold Mineral Resource (exclusive of Mineral Reserve) for Geita at the end of the fiscal year ended 31 December 2022, based on a gold price estimate of $1,750/oz. Refer to *"—Material Assumptions for the Mineral Resource—Key Parameters"* for additional information on cut-off grades and metallurgical recovery.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category** | | | **Contained Gold** | **Contained Gold** |
| **Mineral Resource**<br>**as at 31 December 2022** | **Category** | **Tonnes**<br>**million** | **Grade**<br>**g/t** | **tonnes** | **Moz** |
| **Geita** | Measured | 1.80 | 4.15 | 7.50 | 0.24 |
| **Geita** | Indicated | 40.32 | 2.03 | 81.96 | 2.63 |
| **Geita** | Measured & Indicated | 42.12 | 2.12 | 89.45 | 2.88 |
| **Geita** | Inferred | 36.21 | 2.64 | 95.71 | 3.08 |

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<u>Notes:</u>

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. The Mineral Resource estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Resource at the end of the last completed fiscal year and the preceding fiscal year is detailed in the table below. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

1. All disclosure of Mineral Resource is exclusive of Mineral Reserve. The Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource") is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.

2."Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

3. Property currently in a production stage.

4. Refer to *"—Material Assumptions for the Mineral Resource—Key Parameters"* for additional information on cut-off grades and metallurgical recovery.

5. Based on a gold price of $1,750/oz.

**Year on year changes in Mineral Resource - Moz** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **as at 31 December 2022** | **Geita** | **Geita** | **Geita** | **Geita** |
| **Category** | **Measured** | **Indicated** | **Measured and Indicated total** | **Inferred** |
| Previous Year | 0.21 | 1.87 | 2.08 | 3.26 |
| Depletion |  |  |  |  |
| Exploration | 0.02 | 0.09 | 0.11 | 0.12 |
| Methodology | 0.03 | 0.49 | 0.52 | (0.57) |
| Price | 0.01 | 0.17 | 0.18 | 0.19 |
| Cost | (0.03) | 0.19 | 0.16 | 0.07 |
| Geotechnical |  |  |  |  |
| Metallurgical |  | 0.02 | 0.02 | 0.02 |
| Acquisition / Disposal |  |  |  |  |
| Other |  | (0.20) | (0.20) |  |
| Current Year | 0.24 | 2.63 | 2.88 | 3.08 |
| Net Difference | 0.03 | 0.77 | 0.80 | (0.18) |
| % Difference | 16 | 41 | 38 | (6) |

---

<u>Notes:</u>

All figures are expressed on an attributable basis unless otherwise indicated.

The increase is largely as a result of exploration success due to accelerated drilling activities because of the planned reinvestment, and changes in methodology were as a result of revised estimation parameters, and refined ore wireframes. The increase in the Mineral Resource price and favourable cost reductions in open pit haulage, general

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and administrative expenses and new underground contract rates led to lower cut-off grades resulting in additional Mineral Resource, which was partially offset by depletion.

**Material Assumptions for the Mineral Resource**

**Key Parameters** 

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| | | |
|:---|:---|:---|
| **Geita** | **Unit** | **Open Pit** |
| **<u>Costs</u>** | | |
| Ore mining cost | $/tonne mined | 3.3 |
| Waste mining cost | $/tonne mined | 3.3 |
| Material handling | $/tonne mined | 2.03 |
| Processing cost | $/tonne treated | 18.63 |
| G&A | $/tonne treated | 8.43 |
| **<u>Other Parameters</u>** |  |  |
| Metallurgical Recovery Factor | %MetRF | 89 |
| Slope angles | degree | 55 |
| Mineral Resource cut-off grade | g/t | 0.65 |
| Mineral Resource price | $/oz | 1750 |
| Royalties | % | 7.3 |

---

---

| | | |
|:---|:---|:---|
| **Geita** | **Unit** | **Underground** |
| **<u>Costs</u>** | | |
| Production (Mining cost) | $/tonne ore mined | 47.68-82.88<sup>(1)</sup> |
| Mine Services | $/tonne ore mined | 21.97-25.78(1) |
| Processing cost | $/tonne treated | 18.46-19.11<sup>(2)</sup> |
| **<u>Other Parameters</u>** |  |  |
| Mineral Resource cut-off grade | g/t | 1.86-3.01<sup>(2)</sup> |
| Mineral Resource price | $/oz | 1750 |
| Metallurgical Recovery Factor | %MetRF | 70.4-91.4<sup>(1)</sup> |
| Royalties | % | 7.3 |
| <u>Notes:</u><br><sup>(1)</sup> Mining cost includes backfilling at Nyankanga, and material handling costs. <sup>(2)</sup> Variable according to area. <br><sup>(3)</sup> %MetRF: Ridge 8, 70.4%, Star and Comet Cut 5, 80.4%, Star and Comet Cut 2, 88.3%, Star and Comet Cut 3, 88.4%, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geita Hill 87.2%, Nyankanga Block 5, 89.8%, Nyankanga Block 1, 2, 3 and 4, 91.4%.<br><sup>(4)</sup> Datamine Mineable Shape Optimiser ("MSO"). | <u>Notes:</u><br><sup>(1)</sup> Mining cost includes backfilling at Nyankanga, and material handling costs. <sup>(2)</sup> Variable according to area. <br><sup>(3)</sup> %MetRF: Ridge 8, 70.4%, Star and Comet Cut 5, 80.4%, Star and Comet Cut 2, 88.3%, Star and Comet Cut 3, 88.4%, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geita Hill 87.2%, Nyankanga Block 5, 89.8%, Nyankanga Block 1, 2, 3 and 4, 91.4%.<br><sup>(4)</sup> Datamine Mineable Shape Optimiser ("MSO"). | <u>Notes:</u><br><sup>(1)</sup> Mining cost includes backfilling at Nyankanga, and material handling costs. <sup>(2)</sup> Variable according to area. <br><sup>(3)</sup> %MetRF: Ridge 8, 70.4%, Star and Comet Cut 5, 80.4%, Star and Comet Cut 2, 88.3%, Star and Comet Cut 3, 88.4%, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geita Hill 87.2%, Nyankanga Block 5, 89.8%, Nyankanga Block 1, 2, 3 and 4, 91.4%.<br><sup>(4)</sup> Datamine Mineable Shape Optimiser ("MSO"). |

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**Estimation**

For the open pits, mineralisation boundaries for the individual deposits are defined from detailed logging of all geological drill holes. This information is validated and then geological wireframes are interpreted to create a 3D geological model. The geological model is subsequently used in conjunction with an appropriately dimensioned block model. Ordinary kriging is used to interpolate values into block models, and uniform conditioning ("UC") and localised uniform conditioning ("LUC") methods are used to generate a recoverable Mineral Resource block model, which estimates the proportion of ore that occurs above the Mineral Resource cut-off grade assuming a specified SMU. The open pit Mineral Resource is reported within a $1,750/oz optimised pit shell and above the calculated mineralised waste cut-off grade per pit.

For the underground Mineral Resource, the geological model is generated in the same way as for the open pits. However, a high-grade wireframe is delineated within the broader, lower-grade mineralised envelope. In this instance, all geological controls are adhered to when determining this domain. Ordinary kriging models are then constructed within the low- and high-grade domains, and numerous validation exercises are completed to ensure robust estimates are achieved. The underground Mineral Resource is reported inside a MSO volume generated using a unique underground cut-off grade for each deposit.

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The ultimate open pit designs are used as the limiting boundaries between the open pits and underground during model compilation. The underground stopes and development are evaluated using the ordinary kriging block models and the open pit designs are evaluated using the LUC block models.

Stockpiled material above mineralised waste cut-off grade is included in the Mineral Resource.

**Mineral Reserve**

The below table, prepared in accordance with Table 2 to Paragraph (D)(1) of Item 1304 of Regulation S-K, summarises the gold Mineral Reserve for Geita at the end of the fiscal year ended 31 December 2022, based on a gold price estimate of $1,400/oz. Refer to *"—Material Assumptions for the Mineral Reserve—Modifying factors and price estimates"* for additional information on cut-off grades and metallurgical recovery.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category** | | | **Contained Gold** | **Contained Gold** |
| **Mineral Reserve**<br>**as at 31 December 2022** | **Category** | **Tonnes**<br>**million** | **Grade**<br>**g/t** | **tonnes** | **Moz** |
| **Geita** | Proven | 9.54 | 1.02 | 9.70 | 0.31 |
| **Geita** | Probable | 38.95 | 2.60 | 101.19 | 3.25 |
| **Geita** | Total | 48.49 | 2.29 | 110.89 | 3.57 |

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<u>Notes:</u>

1. Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. The Mineral Reserve estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Reserve at the end of the last completed fiscal year and the preceding fiscal year is detailed in the table below. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

2."Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

3. Property currently in a production stage.

4. Refer to *"—Material Assumptions for the Mineral Reserve—Modifying factors and price estimates"* for additional information on cut-off grades and metallurgical recovery.

5. Based on a gold price of $1,400/oz.

**Year on year changes in Mineral Reserve - Moz**

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| | | | |
|:---|:---|:---|:---|
| **as at 31 December 2022** | **Geita** | **Geita** | **Geita** |
| **Category** | **Proven** | **Probable** | **Total** |
| Previous Year | 0.09 | 2.55 | 2.65 |
| Depletion | (0.06) | (0.49) | (0.55) |
| Exploration |  | 0.87 | 0.87 |
| Methodology |  |  |  |
| Price |  | 0.40 | 0.40 |
| Cost | 0.18 | 0.06 | 0.25 |
| Geotechnical |  |  |  |
| Metallurgical |  |  |  |
| Operational | 0.04 | (0.10) | (0.06) |
| Other | 0.06 | (0.04) | 0.02 |
| Acquisition / Disposal |  |  |  |
| Current Year | 0.31 | 3.25 | 3.57 |
| Net Difference | 0.22 | 0.70 | 0.92 |
| % Difference | 241 | 27 | 35 |

---

<u>Notes:</u>

All figures are expressed on an attributable basis unless otherwise indicated.

The increase is mainly due to ongoing exploration drilling success resulting in larger pit designs at Nyamulilima and in the first-time reporting of the Geita Hill underground Mineral Reserve based on a feasibility study currently being completed. An increase in the Mineral Reserve price and reduced costs mostly by reductions in hauling cost on surface and contractor rates is partially offset by depletion and operational changes.

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**Material Assumptions for the Mineral Reserve**

**Modifying factors and price estimates**

---

| | | |
|:---|:---|:---|
| **as at 31 December 2022** | **as at 31 December 2022** | **Geita** |
| Primary Commodity Price | $/oz | 1400 |
| Cut-off grade | g/t | 0.70<sup>(2)</sup>-4.20<sup>(3)</sup> |
| Stoping width | cm | 450-2500<sup>(3)</sup> |
| Dilution | % | 11.6<sup>(2)</sup>;10-17<sup>(3)</sup> |
| Resource Modification Factor | %RMF based on tonnes | 99.5<sup>(2)</sup>-100<sup>(3)</sup> |
| Resource Modification Factor | %RMF based on g/t | 93<sup>(2)</sup>-100<sup>(3)</sup> |
| Mining Recovery Factor | %MRF based on tonnes | 86-100<sup>(1)</sup> |
| Mining Recovery Factor | %MRF based on g/t | 86-100<sup>(1)</sup> |
| Mine Call Factor | %MCF | 100 |
| Metallurgical Recovery Factor | %MetRF | 80.4-91.4<sup>(1)</sup> |
| <u>Notes:</u><br><sup>(1)</sup> Vary according to rock type / area. <sup>(2)</sup> Open pit. <sup>(3)</sup> Underground.  | <u>Notes:</u><br><sup>(1)</sup> Vary according to rock type / area. <sup>(2)</sup> Open pit. <sup>(3)</sup> Underground.  | <u>Notes:</u><br><sup>(1)</sup> Vary according to rock type / area. <sup>(2)</sup> Open pit. <sup>(3)</sup> Underground.  |

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**Estimation**

The Mineral Resource models are used as the basis for Mineral Reserve estimation. Input parameters for estimating the Mineral Reserve include gold price, mining dilution and recovery, geotechnical information, stay-in-business capital, operating costs, metallurgical recovery, processing capacity and mining equipment capacities.

Appropriate Mineral Reserve cut-off grades are applied and optimised pit shells are generated for the open pit sources. Pit designs are then done on selected shells and signed off by all relevant parties to ensure compliance to specifications. Underground designs are completed and evaluated. These designs are incorporated into the production and treatment scheduling stages to yield ore tonnes and grades. Financial evaluations are completed for production and treatment schedules to check the cash flow analysis from the estimated Mineral Reserve.

The Mineral Reserve for Geita's operating and prospective pits, as well as underground mine areas is estimated using updated economic factors, latest Mineral Resource models, geological, geotechnical, mining engineering and metallurgical parameters. Environmental, sociopolitical, legal and regulatory factors are also considered.

**Map showing Geita planned infrastructure and licences**

Below is a map that shows the location, infrastructure and mining license area for Geita. The coordinates of the mine, as represented by the plant, are depicted on the map and are in the geographic coordinate system.

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![au-20221231_g8.jpg](au-20221231_g8.jpg)

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**<u>AMERICAS</u>**

The Americas region includes the mining jurisdictions Brazil and Argentina, in which AngloGold Ashanti has three operations. In Argentina, the Company has one mining operation: the Cerro Vanguardia Mine, co-owned by AngloGold Ashanti (92.5%) and Fomento Minero de Santa Cruz Sociedad del Estado ("Fomicruz SE") (7.5%). In Brazil, the Company has two mining operations: (i) the AngloGold Ashanti Córrego do Sítio Mineração operations ("AGA Mineração") which include the Cuiabá, Lamego and Córrego do Sítio ("CdS") mines, and (ii) Mineração Serra Grande ("Serra Grande").

**<u>ARGENTINA</u>**

**<u>CERRO VANGUARDIA</u>**

**Property description**

Cerro Vanguardia, a production stage gold-silver operation, is the Company's sole operation in Argentina. The mine is operated by Cerro Vanguardia S.A. ("CVSA"), which is a company formed by AngloGold Ashanti (92.5%) and Fomicruz SE, a state-owned company operating in the province of Santa Cruz (7.5%). The climate is semi-arid and although snow does occur, winter is mild and exploration activities are normally possible all year round. Cerro Vanguardia operates multiple small open pits with high stripping ratios and multiple narrow-vein underground mines located within the property and mined simultaneously. Cerro Vanguardia has been in operation for more than 20 years. Silver is produced as a by-product.

**Location**

Cerro Vanguardia is located in the Santa Cruz province, southern Patagonia, Argentina, approximately 110km north-northwest of the coastal town of Puerto San Julián. Access to the area is by aircraft from Buenos Aires to Comodoro Rivadavia (380km) or Rio Gallegos (510km) and then by road to the mine site.

**Mineralisation style**

Cerro Vanguardia is in the core of the 60,000km<sup>2</sup> Deseado Massif, one of the most extensive volcanic complexes in southern Patagonia. The Deseado Massif is deposited over Paleozoic low-grade metamorphic basement rocks. The mineralisation is concentrated in steeply-dipping quartz veins that cut the flat-lying ignimbrites and volcanoclastic rocks. The Cerro Vanguardia district contains more than 100 gold and silver-bearing epithermal veins for a cumulative exposed vein strike extension of more than 240km, of which 55 veins are currently known to contain economic gold and silver mineralisation. The veins at Cerro Vanguardia consist mainly of quartz and adularia and contain minor electrum, native gold, silver sulphides and native silver as fine-grained disseminations.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Argentina—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Infrastructure for Cerro Vanguardia is mostly located on-site. It includes a camp site with a capacity of 1,300 people, a Merrill Crowe plant, heap leaching facilities, cyanide recycling plant, mine laboratory, maintenance facilities, warehouses and sewage processing plant. Four natural gas power generators, fed by a 40km long pipeline, provide electricity to the operation. Natural gas is also used for heating. Mine office facilities are located in the main mining area.

Dewatering supplies water for use both as processing water and camp consumption. Due to the particular features of the mine, and in order to optimise hauling, all pits have local, single or multiple waste dumps. The TSF is located in and is contained by a natural depression.

**Mineral processing**

The metallurgical plant has a daily capacity estimated at 3,500tpd (1.2Mtpa), with gold and silver grade of around 4.25g/t and 120g/t, respectively. The plant comprises the following stages: crushing, milling, conventional leaching in tanks, counter current decant system in thickeners ("CCD circuit"), a CIL process, acid wash, elution, conventional Merrill Crowe process to recover gold and silver with metallic zinc, and a cyanide recovery plant ("Cyanisorb"). The tailings go directly to a conventional TSF, where there is also a reclaim water system for the plant.

In addition to the processing plant there is a heap leach pad, with an annual capacity of 1.5Mtpa, and gold and silver grades of around 0.7g/t and 20g/t, respectively. The pregnant solution from this process goes directly to the CCD circuit in the process plant and to the Merrill Crowe process for gold and silver recovery.

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**<u>BRAZIL</u>**

AngloGold Ashanti's operations in Brazil comprise AGA Mineração in the Quadrilátero Ferrífero, Minas Gerais state and Serra Grande in the Goiás state. AGA Mineração consists of several operations, namely Cuiabá, Lamego, and CdS.

Ore from the Cuiabá and Lamego underground mines is processed at the Cuiabá gold plant. The concentrate produced is transported by aerial ropeway to the Queiroz plant for processing and refining. The Queiroz hydrometallurgical plant also produces sulphuric acid as a by-product.

CdS consists of open pit and underground mines. The oxide ore mined is treated by heap leach and a pressure leaching plant treats sulphide ore. The distance from the main underground mine to the metallurgical plant is around 15km.

Serra Grande comprises three mechanised underground mines, Mina III, Mina Nova and Mina Palmeiras, and an open pit as well as a dedicated metallurgical plant.

**<u>AGA MINERAÇÃO</u>**

AGA Mineração encompasses mining operations at Cuiabá, Lamego and CdS. The AGA Mineração mining complex is located in southeastern Brazil in the state of Minas Gerais. Operations are 30km from the capital of the state (Belo Horizonte) in the case of Cuiabá and Lamego, and approximately 100km in the case of CdS.

**<u>AGA MINERAÇÃO - CÓRREGO DO SÍTIO</u>**

**Property description**

CdS is wholly-owned by AngloGold Ashanti. It has been in operation since 1989 and consists of multiple open pit (conventional bench mining) and underground mines (mainly using sub-level stoping). The property is currently in a production stage and operated by AGA Mineração.

**Location**

The CdS complex is located in the municipalities of Santa Bárbara and Barão de Cocais, that are located 100km east of the city of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil. These operations are included in an important mining district referred to as the Quadrilátero Ferrífero (Iron Quadrangle), the second biggest Brazilian area for the production of iron, gold and manganese.

**Mineralisation style**

The CdS gold deposit is located in the eastern part of the lower to middle greenschist facies of the Rio das Velhas Archaean, in the Iron Quadrangle region, on the southern margin of the São Francisco Craton in Brazil. CdS is an orogenic gold deposit hosted in intensely deformed clastic, volcanoclastic, carbonaceous schists and metagreywackes in an approximately 30km northeast-southwest striking shear zone. Hydrothermal alteration phases associated with the mineralisation are dominated by sericite and carbonate.

The CdS I, II and III, gold deposits and associated targets are located in a gold trend that extends for approximately 14km in a north-easterly direction, from Grota Funda (CdS I) in the south to Anomalia (CdS III) in the north, which developed in a compressional tectonic regime. Gold is associated with quartz and fine grained acicular arsenopyrite. The main gold targets and deposits are distributed over three trends, namely the CdS Trend and the Cristina Trend hosted in metasedimentary rocks, and the Donana Trend hosted in BIF.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

CdS infrastructure consists of the sulphide plant at CdS II (used to process refractory sulphide material), and the heap leach plant at CdS I (for oxide ore mined by open pit). The site also has an ore sorting plant, a TSF for the sulphide plant, a neutralised tailings deposit for the oxide material and numerous waste dumps for the open pit mines at CdS I. For further information on the regulatory framework governing TSFs in Brazil, see *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil"*.

Ancillary facilities comprise a water treatment facility, effluent treatment facilities, equipment workshops, laboratory, warehouses, explosives and accessories magazines, fuel stations, electric substations as well as offices, medical

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clinic, mess rooms, dressing rooms, bathrooms, storerooms, garage, fuel stations, a centre of environmental studies, nursery and other facilities required to operate the mine.

Water is primarily sourced from recycling the underground mine water and supplementary water catchment wells. The power for the operations is supplied and purchased on the open market. Good communication infrastructure is available in the area.

**Mineral processing**

There are two metallurgical plants at CdS: the heap leach plant for oxide ore and the sulphide plant. The sulphide process consists of crushing, grinding and gravity concentration, flotation, thickening, pressure oxidation (POX autoclave), CIL extraction, elution, neutralisation, electrowinning and dry stack tailings. The sulphide plant and POX circuit have a capacity of 900ktpa. The heap leaching process consists of crushing, agglomeration, stacking, leaching, adsorption, elution and electrowinning, with capacity of 860ktpa.

**<u>AGA MINERAÇÃO - CUIABÁ</u>**

**Property description**

Cuiabá is an underground operation (mainly using sub-level long hole open stoping), wholly-owned by AngloGold Ashanti, within one of the most important metallogenetic provinces in Brazil known as the Iron Quadrangle. This region is an important producer of iron ore, manganese and gold in Brazil. The property is currently in a production stage and operated by AGA Mineração.

**Location**

Cuiabá is located 30km to the east of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil.

**Mineralisation style**

Cuiabá mine is located in the Iron Quadrangle, which is a geotectonic unit on the southern edge of the São Francisco Craton, comprising Archaean and Proterozoic terrains, and bordered by Neoproterozoic mobile belts. From a regional viewpoint, Cuiabá mine is located in the eastern extension of the Serra do Curral inverted homocline, located on the northeastern edge of the Iron Quadrangle. The mine lithostratigraphy consists of an intermediate metavolcanic sedimentary sequence of the greenstone belt type and is hosted in the Nova Lima Group at the bottom of the Rio das Velhas Supergroup.

Gold mineralisation is associated with sulphides and quartz veins in BIF and volcanic sequences. Structural control and fluid flow are the most important factors for gold mineralisation with a common association between large-scale shear zones and their associated structures. Where BIF is mineralised, the ore appears strongly stratiform due to the selective sulphidation of the iron-rich layers. Steeply plunging shear zones tend to control the ore shoots, which commonly plunge parallel to intersections between the shears and other structures. Mineralisation is hosted in the limbs of a fold system.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

The metallurgical plants (Cuiabá gold plant and Queiroz plant) are connected by an aerial ropeway and power to the mine is provided by a set of small hydropower plants (Rio de Peixe hydroelectric complex). Cuiabá mine has a shaft system (846m deep) for production and personnel transport, the current nominal airflow capacity for which is 1,035m<sup>3/</sup>s, of which 320m<sup>3</sup>/s are refrigerated. Tailings deposition is at one of four sites located at Cuiabá, Calcinados, Rapaunha and Cocuruto. Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil"* for further information on the Company's TSFs in Brazil. The Rio de Peixe hydroelectric complex is a set of seven small hydropower plants that generate energy from three dams (Ingleses, Miguelo and Codorna), and are directly connected to the Queiroz plant.

**Mineral processing**

Cuiabá and Lamego mines feed the Cuiabá gold (crushing, milling and flotation) and Queiroz (roaster, carbon circuit and refinery) plants, currently at 1.9Mtpa with a metallurgical recovery of 91.8 percent for the combined feed. At the Cuiabá gold plant, ore is crushed and milled followed by flotation and filtration to produce a concentrate (32 percent sulphur), which is transported by an aerial ropeway to Queiroz for further treatment. Approximately 30 percent of gold is recovered through a gravity circuit at the Cuiabá gold plant. The concentrate, transported by aerial ropeway, is received at the Queiroz plant which is located in Nova Lima and comprises the refractory ore circuit (from Cuiabá or

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Lamego) with facilities for pyrometallurgy and hydrometallurgy. The concentrate is roasted and the calcine proceeds to a carbon-in-pulp ("CIP") with Merrill Crowe circuits for further refining. The sulphide gas is captured for processing at the acid plant. Sulphuric acid is produced as a by-product.

**<u>AGA MINERAÇÃO - LAMEGO</u>**

**Property description**

Lamego is an underground operation (mainly using long hole stoping) that is wholly-owned by AngloGold Ashanti, within one of the most important metallogenetic provinces in Brazil, known as the Iron Quadrangle. This region is an important producer of iron, manganese and gold in Brazil. The property is currently in a production stage and operated by AGA Mineração.

**Location**

Lamego is located 30km to the east of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil.

**Mineralisation style**

The Lamego mine is located in the Iron Quadrangle, which is a geotectonic unit at the southern edge of the São Francisco Craton, comprising Archaean and Proterozoic terrains, and bordered by Neoproterozoic mobile belts. From a regional viewpoint, the Lamego mine is located in the eastern extension of the Serra do Curral inverted homocline, located on the northern edge of the Iron Quadrangle.

Gold mineralisation is characterised by orebodies associated with two horizons of chemical sedimentary rocks: BIF and metachert, with shear zones containing abundant quartz veinlets. The proportions of these lithotypes vary substantially from one deposit to another. In the BIF, sulphide mineralisation is associated with gold, while in the metachert it is associated with quartz veins. The gold occurs either as native gold or in sulphides. Lamego has a similar rock assemblage to Cuiabá, but with higher structural complexity. The mineralised BIF is more structurally deformed and contains more silica when compared to Cuiabá, which reacted less with the hydrothermal fluid.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Lamego operates as a satellite mine to the Cuiabá mine. Ore is transported to surface via ramps where it is crushed, stockpiled and transported daily to the Cuiabá gold plant, where it is blended with Cuiabá ore on the ROM pad.

The two plants (Cuiabá gold plant and Queiroz plant) are connected by an aerial ropeway. Power to the mine is provided by a set of small hydropower plants (Rio de Peixe hydroelectric complex) and supplied by Cemig, a state-owned company. The Rio de Peixe hydroelectric complex is a set of seven small hydropower plants that generate energy from three dams (Ingleses, Miguelo and Codorna), and are directly connected to the Queiroz plant. Tailings deposition is at one of four sites located at Cuiabá, Calcinados, Rapaunha and Cocuruto. Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil"* for further information on the Company's TSFs in Brazil.

Lamego has a natural water supply system and a plant for water and sewage treatment.

**Mineral processing**

Cuiabá and Lamego mines feed the Cuiabá gold (crushing, milling and flotation) and Queiroz (roaster, carbon circuit and refinery) plants, currently at 1.9Mtpa with a metallurgical recovery of 91.8 percent for the combined feed. At the Cuiabá gold plant, ore is crushed and milled followed by flotation and filtration to produce a concentrate (32 percent sulphur), which is transported by an aerial ropeway to Queiroz for further treatment. Approximately 30 percent of gold is recovered through a gravity circuit at the Cuiabá gold plant. The concentrate, transported by aerial ropeway, is received at the Queiroz plant which is located in Nova Lima and comprises the refractory ore circuit (from Cuiabá or Lamego) with facilities for pyrometallurgy and hydrometallurgy. The concentrate is roasted and the calcine proceeds to a CIP with Merrill Crowe circuits for further refining. The sulphide gas is captured for processing at the acid plant. Sulphuric acid is produced as a by-product.

**<u>SERRA GRANDE</u>**

**Property description**

Mineração Serra Grande ("MSG" or "Serra Grande") is wholly-owned and operated by AngloGold Ashanti and is located in the northwest of the state of Goiás, in central Brazil. It operates three underground mines (using sub-level

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stoping (bottom-up and top-down), cut-and-fill and room-and-pillar mining methods) and two open pit mines. The property is currently in a production stage.

**Location**

Serra Grande is located 5km south of the town of Crixás, 420km from the Brazilian capital, Brasília and approximately 350km from the state capital of Goiás, Goiánia. The employment of 1,120 persons in this largely rural area makes mining the principal economic activity in the region.

**Mineralisation style**

The Serra Grande gold deposit is an orogenic mesothermal deposit, associated with the development of shear zones that belong to the Upper Archaean Crixás Group. Gold mineralisation is associated with metasediments and metavolcanics from the Ribeirão das Antas and Rio Vermelho Formations respectively. The Crixás Greenstone Belt is surrounded by granitic gneiss terrains from the Ribeirão das Antas and Caiamar complexes and metasedimentary rocks from the Santa Terezinha Group, which is part of the Goiás magmatic arc. Mineralisation at Serra Grande is associated with quartz veins and massive to disseminated sulphides in metasedimentary, metavolcanoclastic and metabasalt rocks, with variable degrees of hydrothermal alteration developed over orogenic stacked thrust layers (duplexes).

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Serra Grande operates a single TSF, which will support the LOM production and has government environmental licensing in place. The water used in metallurgical processing comes from the underground mines. The state road GO-337 passes close to the operation providing access for logistics. The power for the mine is supplied and purchased in the open market (grid electricity) and diesel self-generation. Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil"* for further information on the Company's TSFs in Brazil.

**Mineral processing**

The metallurgical plant has the capacity to process 1.5Mtpa, combining CIL and gravimetric circuits. The ore is blended to feed the crushing circuit, which has a capacity of 4,500tpd. There are two mills in operation, and 20 leach tanks with a capacity of 4,800m3 divided between pre-liming and cyanidation stages. Approximately 45 percent of gold is captured in the parallel gravity circuit. The tailings are filtered and stacked in piles. The rest of the gold is recovered by the CIL process to form the doré that is sent to Nova Lima for refining. The total gold recovery is approximately 93.4 percent.

**<u>AUSTRALIA</u>**

AngloGold Ashanti operates two mines and has one new project in Western Australia.

Sunrise Dam, wholly-owned by AngloGold Ashanti, is located 205km north-northeast of Kalgoorlie and 55km south of Laverton.

Tropicana is a joint operation between AngloGold Ashanti (70 percent and the operator), and AFB Resources Pty Limited (30 percent), a subsidiary of Regis Resources Limited. Tropicana is located 200km east of Laverton and 330km east-northeast of Kalgoorlie in Western Australia.

The Butcher Well project is a joint venture between AngloGold Ashanti (70 percent) and Northern Star Resources Limited ("Northern Star Resources") (30 percent). The project is managed by AngloGold Ashanti. Butcher Well is located 20km southwest of the Sunrise Dam mine and is considered to be a potential satellite operation.

**<u>SUNRISE DAM</u>**

**Property description**

Sunrise Dam is a production stage property with an active underground (using sub-level open stoping methods and narrow open-stoping methods) and open pit mine that is wholly-owned and operated by AngloGold Ashanti. AngloGold Ashanti conducts all brownfield exploration activities on the site and all tenements and permits are in good standing.

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**Location**

Sunrise Dam is approximately 205km north-northeast of Kalgoorlie and 55km south of Laverton in Western Australia.

**Mineralisation style**

Sunrise Dam is a mesothermal gold deposit located in the Archaean greenstone belts of Western Australia. The deposit is complex and structurally controlled with multiple ore zones displaying differing characteristics, from ductile shear zones to brittle stockwork complexes to intrusive hosted mineralisation. Mineralisation is typically hosted within quartz-carbonate veins with varying quantities of pyrite and arsenopyrite. Strong alteration of the country host rock is common proximal to controlling structures.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Australia—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

All required infrastructure is in place including a fully functional camp, process plant, tailings facility, gas pipeline, power plant and electrical reticulation, offices, airstrip and road system. The underground infrastructure caters for all ventilation and dewatering needs with provisions made in the budget for extensions and upgrades.

**Mineral processing**

Processing at Sunrise Dam is via a conventional three-stage crushing / two-stage milling, CIL circuit, with a pyrite flotation and ultrafine grinding circuit commissioned in 2018. The gravity circuit recovers approximately 30 percent of the gold, with the CIL circuit, Acacia<sup>TM</sup> reactor and Anglo American Research Laboratories ("AARL") elution used to recover the remainder. Electrowinning recovers gold from the Acacia reactor and is eluted to produce gold doré. Plant throughput at Sunrise Dam is approximately 4.1Mtpa.

**<u>BUTCHER WELL</u>**

**Property description**

Butcher Well is a joint venture between AngloGold Ashanti (70 percent) and Northern Star Resources (30 percent). Butcher Well encompasses two tenement packages, Butcher Well and Lake Carey, covering approximately 339.56km<sup>2</sup>. AngloGold Ashanti also holds a significant tenement package adjacent to the Northern Star joint venture properties.

The project is in the exploration stage in the early stages of study, with no Mineral Reserve declared. An Inferred Mineral Resource is stated, which has been the focus of a conceptual study. As the project is still in a concept study phase, no mining has taken place. Both open pit and underground mining options (using transverse longhole open stoping) are being explored.

**Location**

The Butcher Well project is located in the Laverton district of Western Australia, 20km southwest of AngloGold Ashanti's Sunrise Dam mine and 180km northeast of Kalgoorlie. Butcher Well is considered as a potential satellite operation to Sunrise Dam.

The Sunrise Dam airstrip is approximately 70km by road from the project, with a travel time of approximately 90 minutes on the road on the circumference of the southern part of Lake Carey. Lake Carey is a large salt lake that covers a part of the western project area,with Sunrise Dam located to the east of the lake and the Butcher Well project located on the western shore.

**Mineralisation style**

The Butcher Well Mineral Resource is an orogenic-style gold system hosted within the Laverton Greenstone Belt. The mineralisation is hosted within a basalt and is spatially associated with syenite dykes. Gold mineralisation within fresh rock principally occurs within steeply dipping north-south trending panels. Supergene gold dispersion and enrichment broadens the mineralised envelope within the near-surface saprolitic material. Much of this material has been previously exploited in shallow open pits.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Australia—AngloGold Ashanti's rights and permits"*.

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**Processing plants and other available facilities**

Power is likely to be generated on-site via diesel generators. Water can be sourced from the existing flooded pits or bores. Ore material will be trucked to Sunrise Dam via existing secondary roads.

**Mineral processing**

Ore from Butcher Well will be processed at AngloGold Ashanti's Sunrise Dam processing plant. Processing at Sunrise Dam is via a conventional three-stage crushing, two-stage milling CIL circuit, with a pyrite flotation and ultrafine grinding circuit commissioned in 2018. The gravity circuit recovers approximately 30 percent of the gold, with the CIL circuit and AARL elution used to recover the remainder. Electrowinning recovers gold from the Acacia reactor and eluate to produce gold doré. Plant throughput at Sunrise Dam is 4.1Mtpa, and Butcher Well ore will supplement ore production from the Sunrise Dam underground mine to maintain the mill throughput.

**<u>TROPICANA</u>**

**Property description**

Tropicana mine is a currently operating gold mine, and is a production stage property. It produces gold bearing ore from a number of open pits named from north to south: Boston Shaker, Tropicana, Havana and Havana South, and from an underground mine beneath the Boston Shaker and Tropicana open pits. The project is a joint operation between AngloGold Ashanti (70 percent), as operator, and AFB Resources Pty Limited, a subsidiary of Regis Resources Limited (30 percent).

**Location**

Tropicana is located 330km northeast of Kalgoorlie and 200km east of Laverton, Western Australia.

**Mineralisation style**

The Tropicana deposit is hosted in an Archaen quartz-feldspathic gneiss within a major tectonic suture zone between the Yilgarn Craton and the Albany-Fraser Orogen. Mineralisation is associated with a strong hydrothermal alteration assemblege of biotite-sericite-pyrite, which post-dates peak graulite facies metamorphism. Gold is found within the pyrite.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Australia—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

All surface infrastructure facilities are in place and operational. The processing plant and TSF are operating well, consistent with design specifications. The infrastructure includes, but is not limited to water supply, processing plant, mine, dewatering infrastructure, TSF, workshops, camp facilities and airstrips. Power is supplied to the mine by on-site gas and diesel power stations, and natural gas is supplied via an APA Operations (Pty) Limited pipeline. Underground development and production is ongoing.

**Mineral processing**

The processing plant has a capacity of 9.3Mtpa. The crushing circuit consists of a primary gyratory crusher, feeding a set of secondary cone crushers and tertiary rolls crushers. A 14MW and 6MW ball mill in parallel completes the grinding circuit. A CIL circuit is used to extract the gold from the ore, and a standard AARL elution and recovery systems is used to form gold doré bars.

The power provider, Kalgoorlie Power Systems, has built a dedicated power station consisting of a combination of diesel and gas powered generators with a capacity of 48.5MW.

**<u>PROJECTS</u>**

The projects in Colombia form a significant contribution to AngloGold Ashanti's Mineral Resource with the three projects: La Colosa, Minera de Cobre Quebradona ("Quebradona") and Gramalote, the latter of which is a joint operation between AngloGold Ashanti (50 percent) and B2Gold Corp. ("B2 Gold") (50 percent). Mineral Reserve was declared for the first time at Quebradona in 2018.

During 2022, the Company's project team in the United States integrated the Mineral Resource resulting from AngloGold Ashanti's acquisitions of Corvus Gold Inc. ("Corvus Gold") and Coeur Sterling, Inc. ("Coeur Sterling") using the Company's evaluation framework. AngloGold Ashanti acquired North Bullfrog and Mother Lode as part of the Corvus Gold acquisition in January 2022 and Sterling (which includes the Crown Block deposits of SNA, Secret Pass and Daisy) through the acquisition of Coeur Sterling in November 2022.

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**<u>COLOMBIA</u>**

AngloGold Ashanti Colombia has three greenfields projects: Gramalote, La Colosa and Quebradona.

The Gramalote project is a joint operation between AngloGold Ashanti (50 percent) and B2Gold (50 percent). The project is managed by B2Gold. It is situated in the Department of Antioquia, 124km northeast of Medellín.

The La Colosa project is wholly-owned and managed by AngloGold Ashanti. It is located in the Department of Tolima, 150km west of Bogotá, and 30km west of the major town of Ibagué.

The Quebradona project is wholly-owned and managed by AngloGold Ashanti and comprises the Nuevo Chaquiro deposit, a significant copper-gold porphyry. The Quebradona project is situated in the Middle Cauca region of Colombia, in the Department of Antioquia, 60km southwest of Medellín.

**<u>GRAMALOTE</u>** 

**Property description**

Gramalote is a joint operation between AngloGold Ashanti (50 percent) and B2Gold (50 percent), with B2Gold being the manager. The property is currently an exploration stage project, with no Mineral Reserve declared. Gramalote is a semi-massive, superficial low-grade gold deposit suitable to be mined as a conventional open pit truck and shovel operation.

Following the completion of a feasibility study optimised work in the second half of 2022, both joint operation partners determined that the Gramalote project does not meet their investment thresholds for development. Following a comprehensive review of the alternatives relating to the project, both parties have commenced a joint sales process for the project, which is currently ongoing.

**Location**

The Gramalote property is located near the towns of Providencia and San José del Nus within the municipality of San Roque in the Department of Antioquia in the northwest of Colombia. It is approximately 230km northwest of Bogotá and 124km northeast of Medellín, which is the capital of the Antioquia Department.

**Mineralisation style**

Gramalote is a pluton-related, mesothermal gold deposit genetically related to the host intrusion. The alteration and mineralisation are structurally controlled, restricted to small halos along veins, sheeted veins and stockwork arrays with sulphide content being less than five percent. There are three distinct mineral deposits: Gramalote Central, Monjas West (also referred to as Monjas) and Trinidad. These all have similar mineralisation and alteration styles, with vertical to sub-vertical mineralised zones extending from tens of metres to over 200m width, with variable strike lengths of up to 1km, and extending to depths of several hundred metres. Mineralisation is controlled by northeast to southwest trending strike-slip shear zones, north-northwest to south-southeast trending extensional shear zones and dilatational fractures. Gold mineralisation is associated with stockwork veining and in particular quartz with fine pyrite veins, quartz-carbonate veins, and quartz with coarse pyrite veins.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Colombia—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Key infrastructure planned includes: a TSF, waste rock facility, site water management, a creek diversion, roads and bridges, central workshop, offices and camp, and a process plant. Power is expected to be supplied from the national power grid some 25km away. Access is through a national road located less than 1km from the project.

**Mineral processing**

A range of treatment options for sulphide ore were investigated in previous studies, including whole ore leaching, heap leaching and a float leach process. The float leach process was selected as offering much better economics. Most of the metallurgical designs have been confirmed during the technical update to the feasibility study conducted during 2022. The process design is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Processing by a semi-autogenous grinding stream treating approximately 11Mtpa of sulphide ore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold recovery post milling by flotation and concentrate leach; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conventional tailings deposition.

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**<u>LA COLOSA</u>**

**Property description**

La Colosa is wholly-owned and managed by AngloGold Ashanti. It is currently in force majeure due to delays in granting environmental permits by national and local environmental authorities and, as a result, the project remains on hold. La Colosa is an exploration stage project with no Mineral Reserve declared. However, open pit mining (with potentially some underground mining) is the preferred mining method.

The La Colosa project is currently at an early project stage and has identified a number of possible technical options all of which are capital intensive. The most recent one year grant of force majeure, during which time the specified timelines for completing the various phases of the mining project under the concession contract are suspended, will expire on 22 June 2023.

**Location**

The project is located 150km west of Bogotá, and 30km west of the major town of Ibagué, which is the capital of the Tolima Department. Ibagué is the location of local government entities monitoring the project.

**Mineralisation style**

La Colosa is a large porphyry Au deposit located on the eastern flank of the Central Cordillera of Colombia. Mineralisation is exposed on the surface. The La Colosa site contains an intrusive complex with two magmatic centers known as the La Colosa and San Antonio porphyry stocks, hosted by schistose country rocks. The complex is present over a map area of 3.5km<sup>2</sup> and includes a series of porphyry intrusions with compositions ranging from diorite to tonalite. The predominant type of hydrothermal alteration in the early porphyries is moderately intense potassic alteration (secondary biotite+K-feldspar). Pyrite is the most abundant sulphide, followed by pyrrhotite, which is commonly found close to the contacts with the country rocks. Gold mineralisation at La Colosa occurs predominantly as native gold and electrum. Sub-microscopic gold has been observed in sulphides (pyrite, due to its abundance) and iron oxide (magnetite-hematite).

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Colombia—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Currently, the project has field infrastructure that supports access to the Mineral Resource with roads, accommodation, and office and surface infrastructure for pre-logging and organisation of the drilling core. There is a core shed facility in the city of Ibagué where geological and geotechnical logging was performed in the past.

**Mineral processing**

The project is currently at an early stage. However, flotation of sulphide ore is being considered as a treatment option.

**<u>QUEBRADONA</u>**

**Property description**

The Quebradona project is wholly-owned and managed by AngloGold Ashanti and comprises the Nuevo Chaquiro deposit, a significant copper-gold porphyry. The project was previously a joint venture between AngloGold Ashanti and B2Gold. It completed a conceptual study in 2016 as well as a pre-feasibility study in 2018, which supported first-time reporting of a Mineral Reserve. When B2Gold's participation dropped below five percent during 2019, AngloGold Ashanti became the 100 percent owner and manager of the project. B2Gold will be entitled to a royalty equal to two percent of the net profit generated from the sale of any mineral product by the project.

Quebradona will be a copper mine with gold and silver as by-products and is at a development stage. The preferred mining method is sub-level caving to extract the mineral deposit from underground. While the permits for the construction and mining operation had been approved by the relevant mining authority (*Secretaría de Minas de Antioquia*), the national environmental authority (*Autoridad Nacional de Licencias Ambientales or "ANLA"*) archived AngloGold Ashanti's environmental licence application relating to the Quebradona project in November 2021. AngloGold Ashanti is in the process of preparing a new Environmental Impact Assessment for the Quebradona project to submit to ANLA in connection with its environmental licence application.

**Location**

The Quebradona project is situated in the Middle Cauca region of Colombia, in the Department of Antioquia, 90km southwest (104km commute via the national highway) of Medellín, the capital of the Antioquia Department.

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**Mineralisation style**

Five main targets have been identified in the exploration work, namely Nuevo Chaquiro, Aurora, Tenedor, Isabela, and La Sola. Nuevo Chaquiro is the most advanced and the sole mineral deposit considered in the feasibility study and licensing process. Nuevo Chaquiro, a significant copper-gold porphyry-style mineralised system, is one of five known porphyry centres on the property and has been the focus of exploration activities since the beginning of 2011 with more than 75km of drilling. Quebradona will be a copper mine with gold and silver as by-products.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Colombia—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

The Quebradona project site is close to an existing national highway, as well as state and rural roads, and high or medium voltage power infrastructure. The planned underground infrastructure consists of twin adits to access the orebody and number of internal vertical ore passes that gravity feeds to the main ore transfer level. The material will be transferred to a centralised (underground) crusher by load and haul dump vehicles.

Crushed material will then be transferred downhill to surface via a 6km conveyor, through a dedicated adit to a single coarse ore stockpile.

**Mineral processing**

Feasibility study test work confirmed that the ore will be treated by a typical porphyry copper flotation circuit producing copper and gold concentrate from the processing of approximately 6.2Mtpa of underground ore over a 23-year operating period. Ore extracted from the sub-level cave is crushed underground where tramp metal is removed before loading onto the underground conveyor system for delivery to the surface processing coarse ore stockpile with a 24-hour live capacity (approximately 21,300t).

The feasibility study proposes a processing circuit that includes primary crushing underground, secondary crushing, high pressure grinding rolls, ball milling, rougher-scavenger flotation for all elements (copper, gold, silver as well as pyrite), followed by regrinding of the concentrate and cleaning using a mix of column and mechanically agitated cells. The majority of the pyrite in the ore reports to the cleaner circuit tails and will be stored in a lined and eventually sealed impoundment within the TSF to avoid any potential acid rock drainage from the bulk high volume rougher tails. Molybdenum is present in the ore and is not planned for recovery in the initial stages of production.

**<u>UNITED STATES OF AMERICA (NEVADA)</u>**

All projects are exploration stage properties wholly-owned by AngloGold Ashanti. The Silicon project is located approximately 12km east of the town of Beatty in Nye County, Nevada, USA. The North Bullfrog project is located approximately 14km northwest of the town of Beatty. The Mother Lode project is located 10km east of the town of Beatty. The Secret Pass and Daisy deposits of the Sterling project are located 6km east of the town of Beatty. The remaining deposits of the Sterling project are located 14km southeast of the town of Beatty.

North Bullfrog and Mother Lode were acquired through the acquisition of Corvus Gold in January 2022. Sterling, which includes the Crown Block deposits of SNA, Secret Pass and Daisy, was acquired through the acquisition of Coeur Sterling in November 2022. The addition of the North Bullfrog project as well as the Mother Lode and Sterling projects into the AngloGold Ashanti North America portfolio, together with the Silicon project and other exploration targets, provides the opportunity to develop a world-class operational cluster within the Beatty district in Nevada.

The North Bullfrog project is the most advanced of AngloGold Ashanti's exploration properties within the Beatty district, an area with a long history of gold mining. A first-time Mineral Resource at Silicon was declared in 2021. North Bullfrog, Mother Lode and Sterling declared Mineral Resource for the first time in 2022. The North Bullfrog project is currently progressing through a feasibility study, while the Silicon project is progressing through a pre-feasibility study.

**<u>NORTH BULLFROG</u>**

**Property description**

The North Bullfrog project is an exploration stage property wholly-owned and managed by AngloGold Ashanti. North Bullfrog is currently progressing through a feasibility study. The proposed mining method is conventional open pit mining. No Mineral Reserve has been declared at North Bullfrog.

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An additional geotechnical study is underway for feasibility study level pit design slope recommendations. The blast fragmentation size is another area of opportunity to deliver improved value in heap leach ROM ore recovery. The mining rate is an area of notable opportunity, as are selectivity studies.

Further metallurgical testing will be needed during operation to ensure that ore is routed to the correct processing option. The study and definition of the unoxidised mineralised zones below the current mine plan are a significant opportunity and will add value if they are found to be sufficiently amenable to the process flowsheets available in the North Bullfrog project.

**Location**

The North Bullfrog project is located approximately 14km northwest of the town of Beatty in Nye County, Nevada, USA. The project is within the Bullfrog Hills subdistrict, of the Bullfrog Hills-Bare Mountains District.The Bullfrog Hills-Bare Mountains District is an historic mining centre that produced approximately 3Moz of gold and 4Moz of silver, primarily from the Barrick-owned Bullfrog pit.

**Mineralisation style**

The project lays within the Walker Lane mineral belt and the Southwestern Nevada Volcanic Field ("SWNVF"). The regional stratigraphy includes a basement of Late Proterozoic to Late Paleozoic metamorphic and sedimentary rocks. The North Bullfrog project is a combination of four mineralised deposits comprised of YellowJacket, Sierra Blanca, Jolly Jane, and Mayflower. The YellowJacket deposit is a very continuous high-grade vein within the moderate-grade stockwork mineralisation. The other three deposits are low to medium-grade.

Gold mineralisation at North Bullfrog is primarily hosted in the middle Miocene Sierra Blanca tuff. Two styles of precious metal epithermal mineralisation are present at the project: high-grade, structurally controlled fissure veins and associated stockwork zones, and low-grade disseminated or replacement deposits within altered volcanic rocks. Two district-scale north striking normal faults are the dominant structural features in the project area, but several smaller-scale faults between them are important controls for distribution of hydrothermal alteration and gold mineralisation.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—United States of America (Nevada)—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Currently, there is minimal infrastructure on-site, as it is an exploration area. Current access roads are unsealed and will require upgrading prior to commencing the project. The North Bullfrog project is in Nevada, which has several large mining operations currently in production, and as such provides access to all required major mining and processing equipment. The transport infrastructure in Nevada is very well established and maintained.

The town of Beatty and urban centres in the region such as Pahrump and Las Vegas offer infrastructure and services that can support the operation.

**Mineral processing**

Processing will include heap leaching of lower grade oxide ores that have demonstrated amenability to this process during metallurgical characterisation programs. Higher grade material containing some coarse gold will be processed in a mill. The leached tails from the mill will be dewatered and combined with heap leach material delivered from the mine.

**<u>SILICON</u>**

**Property description**

The Silicon project is an exploration stage property wholly-owned and managed by AngloGold Ashanti. Mineral Resource conversion drilling was a focus during 2022, which supported an ongoing pre-feasibility study. The nature of the Silicon mineralisation lends itself to conventional large scale open pit mining. No Mineral Reserve has been declared at Silicon.

**Location**

The Silicon project is located approximately 12km east of the town of Beatty in Nye County, Nevada, USA. The project is within the Bare Mountains subdistrict, of the Bullfrog Hills-Bare Mountains District.

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**Mineralisation style**

The project resides within the southern extension of the Walker Lane trend and overlies the far-western margins of the SWNVF. The main mineralisation event occurred at approximately 11.6Ma in the hiatus between large scale ignimbrite events, in apparent association with rhyolitic volcanism. There is a strong structural control to the higher-grade mineralisation, with it being centred on the Silicon-Tramway faults. Lower-grade disseminated gold mineralisation is hosted in a rhyolite flow ascribed to the rhyolite of Picture Rock. Actual gold deposition appears to have occurred under less acidic and low to intermediate sulphidation conditions. Mineralisation at Silicon exhibits a strong vertical control and is strongly associated with the emplacement of hydrothermal breccias and banded epithermal veins. Pre-existing subvertical faults, particularly centred on the Silicon-Tramway fault system, strongly controlled the emplacement of the quartz ± pyrite veinlet zones. Disseminated adularia-quartz-pyrite mineralisation is a second-order stratigraphic feature and is closely associated with a favourable lava flow unit within the approximately 14Ma rhyolite of Picture Rock.

**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—United States of America (Nevada)—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

The Silicon project area currently has minimal infrastructure on site, as it is an exploration area. Current access roads are unsealed and will require upgrading prior to commencing the project. The scope of the Silicon project is similar to several large mining operations currently in production, and existing suppliers are well established in Nevada to support mining and processing operations. The transport infrastructure in Nevada is very well established and maintained.

The town of Beatty and urban centres in the region such as Pahrump and Las Vegas offer infrastructure and services that can support the operation.

**Mineral processing**

Mineralised rock from the Silicon project will be processed on heap leach pads. Material found to be amenable to leaching at coarse sizes will be delivered directly to the pad from the mine for leaching (ROM heap leaching). Deeper, less weathered mineralised rock that was found to be more sensitive to the particle size will be crushed as needed to improve the production from the leach facility.

**<u>MOTHER LODE</u>**

**Property description**

The Mother Lode project is an exploration stage property wholly-owned and managed by AngloGold Ashanti. A preliminary economic assessment was completed by Corvus Gold in 2020, resulting in the declaration of a Mineral Resource. AngloGold Ashanti acquired Corvus Gold in January 2022. The Mother Lode gold deposits contain mineralisation at or near the surface that is suitable for open pit mining methods. No Mineral Reserve has been declared at Mother Lode.

**Location**

The Mother Lode project is located approximately 10km east of the town of Beatty in Nye County, Nevada, USA. The project is within the Bare Mountains subdistrict, of the Bullfrog Hills-Bare Mountains District.

**Mineralisation style** 

The project lies within the Walker Lane mineral belt and the SWNVF. Mother Lode is characterised as a sediment, intrusive and locally volcanic-hosted disseminated gold deposit. Mineralisation most closely resembles Carlin-type sediment-hosted gold deposits of north-central Nevada. Mother Lode consists of structurally and stratigraphically-controlled disseminated gold mineralisation hosted primarily in rhyolite porphyry dykes, sedimentary rocks of Joshua Hollow, and to a lesser degree, Paleozoic sedimentary rocks. The primary structural control feeding mineralisation at Mother Lode is a series of north-trending, 50° to 70° west-dipping rhyolite dyke-filled structures. Mineralisation is both semi-tabular and highly irregular as fluids ascended along dyke-filled structures in the underlying Paleozoic rocks through the Tertiary unconformity and expanded upward into the Tertiary section. Mineralising fluids appear to have bled out laterally away from mineralised dykes into favourable permeable lithologies and secondary structures.

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**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—United States of America (Nevada)—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

The Mother Lode project area currently has minimal infrastructure on-site, as it is an exploration area with a reclaimed overburden facility and a small open pit. Current access roads are unsealed and will require upgrading prior to commencing the project. The Mother Lode project is in Nevada, which has several large mining operations currently in production, and as such provides access to all required major mining and processing equipment. The transport infrastructure in Nevada is very well established and maintained.

The town of Beatty and urban centres in the region such as Pahrump and Las Vegas offer infrastructure and services that can support the operation.

**Mineral processing**

Previous operations included crushing and heap leaching of oxide ores from the Mother Lode pit. Mineralised material from the expanded pit will be processed either without crushing on a heap leach pad (oxidised material) or in a mill using agitated tank bio-oxidation and cyanidation (sulphide). Although the sulphide mineral samples responded well to this method, additional work will need to be done to ensure that bio-oxidation is the most appropriate pre-oxidation process for this project.

**<u>STERLING</u>**

**Property description**

The Sterling project is an exploration stage property, wholly-owned and managed by AngloGold Ashanti. In November 2022, AngloGold Ashanti acquired the Sterling project through its acquisition of Coeur Sterling. The Sterling project includes the Crown Block deposits of SNA, Secret Pass and Daisy, and the tenements surrounding the properties. The elevation of the operation is around 1,200m, on the lower, eastern slopes of Bare Mountain. The local terrain is characterised by rounded or craggy ridges separated by ephemeral washes. The northern "Crown" strip comprises the general area of Fluorspar Canyon. No Mineral Reserve has been declared at Sterling.

Open pit mining of the Sterling mine deposit began in 1980 and continued until 1989. Underground mining began in 1980 and proceeded until mid-1997 when market conditions impacted profitability. The Crown deposits contain mineralisation at or near the surface that is suitable for open pit mining methods.

The Mineral Resource is based on estimates that contain inherent risk and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analyses. Based on uncertainty due to geological interpretation from widespread drill hole information, an Inferred Mineral Resource confidence was applied to all of the Sterling Mineral Resource. Further Mineral Resource drilling and appropriate analyses will be required to upgrade the confidence to an Indicated Mineral Resource.

**Location**

The Sterling property is situated in southern Nye County, Nevada, near the town of Beatty, about 185 km northwest of Las Vegas. The project is within the Bare Mountains subdistrict, of the Bullfrog Hills-Bare Mountains District. The Secret Pass and Daisy deposits of the Sterling project are located 6km east of the town of Beatty. The remaining deposits of the Sterling project are located 14km southeast of the town of Beatty.

**Mineralisation style** 

The Sterling deposits are characterised as either epithermal deposits (Secret Pass) like the North Bullfrog and Silicon deposits or Carlin type deposits (Daisy, Sterling and SNA). The Carlin-type deposits are sediment-hosted, disseminated precious metal deposits, found in the Great Basin province of eastern Nevada which formed during profound crustal extension and high heat flow beginning in the mid-Tertiary (approximately 35Ma to 40Ma).

Sterling is typical of sediment-hosted, disseminated precious metal deposits also termed Carlin-type deposits. Gold occurs in the rims of microscopic arsenian pyrite grains. Significant mineralisation occurs in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gouge or breccia in the Reudy Fault zone and locally along the dyke margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjacent to the fault (on both sides) in Bonanza King silty dolostone or dolostone, and to a lesser degree in underlying Carrara silty limestone or limestone (proximity to the Reudy Fault is not requisite for mineralisation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In hydrothermal breccias derived from the above lithologies.

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**Legal aspects and tenure**

Refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—United States of America (Nevada)—AngloGold Ashanti's rights and permits"*.

**Processing plants and other available facilities**

Sterling is accessible by road from Las Vegas, a distance of 185km via U.S. Highway 95. A good secondary, 13km long gravel road turns off the north side of the highway at mile 45.9, 24km southeast of the town of Beatty. The gravel road is maintained by Nye County and Sterling personnel. Las Vegas is the nearest major airport. Mine buildings consist of several trailers used for office work, geological research and logging, sample preparation (during mining), and personnel facilities. A large steel container is used to securely store 144 Zone drill core, pulps, and rejects. There is also a large mechanical shop for on-site maintenance of equipment and vehicles. Electrical power is provided by a generator on-site. The mine has no living quarters or canteen and is currently on care and maintenance.

The town of Beatty and urban centres in the region such as Pahrump and Las Vegas offer infrastructure and services that can support the operation.

**Mineral processing**

Previous processing included heap leaching the oxidised Sterling mine ore. After mine production ceased, the heap leach pad continued to be turned over until October 2001, with additional ore from a low-grade stockpile added in early 2001. Gold recovery continued until August 2002 when a final strip was carried out. Mineralised material from the Crown deposits will be processed either without crushing on a heap leach pad (oxidised material) or in a mill using agitated tank bio-oxidation and cyanidation (sulphide).

**MINERAL RESOURCE AND MINERAL RESERVE**

In October 2018, the United States Securities and Exchange Commission ("SEC") adopted Subpart 1300 of Regulation S-K (17 CFR § 229.1300) ("Regulation S-K 1300"), along with amendments to related rules and guidance, in order to modernise the property disclosure requirements for mining registrants under the Securities Act and the Securities Exchange Act. Registrants engaged in mining operations were required to comply with the final rules of Regulation S-K 1300 for the first fiscal year beginning on or after 1 January 2021. Accordingly, this is the second fiscal year in which the Company is providing disclosure in compliance with Regulation S-K 1300.

Mineral Resource and Mineral Reserve are estimates that contain inherent risk and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. For additional information on the risks and uncertainties associated with AngloGold Ashanti's mining properties, see "Item 3D: Risk Factors".

**Price assumptions**

The Mineral Resource and Mineral Reserve are based on the use of reasonable economic assumptions which provide a reasonable basis for establishing the reasonable prospects of economic extraction for the Mineral Resource, and for establishing the expected price for the Mineral Reserve. These economic assumptions, which include long-range commodity price, exchange rate forecasts and management estimates using a range of techniques including historic price averages, are prepared in-house and reviewed annually. AngloGold Ashanti selects a conservative Mineral Reserve price relative to its peers. This is done to fit into its strategy of including a margin in the mine planning process. The resultant plan is then valued at a higher business planning price.

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**Gold price**

The following gold prices were used as the basis for estimation, unless otherwise stated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Local prices of gold**<sup>(1)</sup> | **Local prices of gold**<sup>(1)</sup> | **Local prices of gold**<sup>(1)</sup> | **Local prices of gold**<sup>(1)</sup> |
| |<br>**Gold price**<sup>(1)</sup><br>**$/oz** | **Australia**<br>**AUD/oz** | **Brazil**<br>**BRL/oz** | **Argentina**<br>**ARS/oz** | **Colombia**<br>**COP/oz** |
| **Mineral Reserve** | | | | | |
| **2022** | **1400** | **1919** | **7830** | **208000** | **4261380** |
| 2021 | 1200 | 1633 | 6182 | 134452 | 3849000 |
| **Mineral Resource** |  |  |  |  |  |
| **2022** | **1750** | **2416** | **9401** | **253500** | **6076725** |
| 2021 | 1500 | 2072 | 7940 | 173065 | 5336250 |

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**Copper price**

The following copper prices<sup>(2)</sup> were used as the basis for estimation, unless otherwise stated:

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| | | |
|:---|:---|:---|
| | **Copper price**<sup>(1)(2)</sup><br>**$/lb** | **Local price of copper**<sup>(1)(2)</sup><br>**COP/lb** |
| **Mineral Reserve** | | |
| **2022** | **2.90** | **9302** |
| 2021 | 2.90 | 9302 |
| **Mineral Resource** |  |  |
| **2022** | **3.50** | **12451** |
| 2021 | 3.50 | 12451 |

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<u>Notes:</u>

<sup>(1)</sup> Considered over the period 2012 to 2022.

<sup>(2)</sup> Only applicable to the Quebradona project.

The Mineral Resource, as reported, is exclusive<sup>(1)</sup> of the Mineral Reserve component. Mineral Resource and Mineral Reserve estimates are reported as at 31 December 2022 and are net of 2022 production depletion.

**MINERAL RESOURCE**

**Gold**

The AngloGold Ashanti gold Measured and Indicated Mineral Resource (exclusive of Mineral Reserve<sup>(\*)</sup>) increased from 51.7Moz as at 31 December 2021 to 60.6Moz as at 31 December 2022. The net increase of 8.8Moz for Measured and Indicated Mineral Resource includes 3.6Moz in relation to the first-time reporting of the Mineral Resource for North Bullfrog and Mother Lode (following the Corvus Gold acquisition). Increases due to changes in economic assumptions of 1.3Moz, and exploration and modelling changes of 6.6Moz were partially offset by other factors of 2.7Moz.

The AngloGold Ashanti gold Inferred Mineral Resource (exclusive of Mineral Reserve<sup>(\*)</sup>) decreased from 42.3Moz as at 31 December 2021 to 40.8Moz as at 31 December 2022. The net decrease of 1.6Moz for Inferred Mineral Resource includes decreases due to exploration and modelling changes of 3.1Moz and other factors of 1.3Moz. This decrease was partially offset by an increase of 1.5Moz in relation to the first-time reporting of the Mineral Resource for North Bullfrog, Mother Lode and Sterling (following the Corvus Gold and Coeur Sterling acquisitions), and changes in economic assumptions of 1.3Moz.

The Mineral Resource was estimated using a gold price of $1,750/oz, unless otherwise stated (2021: $1,500/oz). Refer to the below table, prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K.

**Copper**

The AngloGold Ashanti copper Mineral Resource (exclusive of Mineral Reserve<sup>(\*)</sup>) remained unchanged at 1.32Mt (2,902Mlb) Measured and Indicated Mineral Resource and 1.47Mt (3,231Mlb) Inferred Mineral Resource as at 31 December 2022 as compared to 31 December 2021, as a feasibility study optimisation is still ongoing and no

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additional exploration has been completed at Quebradona. The Mineral Resource was estimated at a copper price of $3.50/lb, unless otherwise stated (2021: $3.50/lb). Refer to the below table, prepared in accordance with [Table 1 to Paragraph (b)](#i56949ee54fe6470abe92afb884b616fc_73) of Item 1303 of Regulation S-K.

**MINERAL RESERVE**

**Gold**

The AngloGold Ashanti gold Mineral Reserve increased from 28.1Moz as at 31 December 2021 to 28.8Moz as at 31 December 2022. This excludes Gramalote, as the joint operation partner has decided not to publish the Mineral Reserve. This annual net increase of 0.7Moz includes additions due to exploration and modelling changes of 2.9Moz and changes in economic assumptions of 1.0Moz. This increase was partially offset by depletion of 2.9Moz and reductions due to other factors of 0.3Moz. The Mineral Reserve was estimated using a gold price of $1,400/oz, unless otherwise stated (2021: $1,200/oz). Refer to the below table, prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K.

**Copper**

The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) as at 31 December 2022 as compared to 31 December 2021, as a feasibility study optimisation is still ongoing and no additional exploration has been completed at Quebradona. The Mineral Reserve was estimated at a copper price of $2.90/lb, unless otherwise stated (2021: $2.90/lb). Refer to the below table, prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K.

<u>Notes:</u>

<sup>(\*)</sup> The Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource") is defined as the Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.

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The below table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K - Summary Mineral Resource<sup>(1)</sup> (exclusive of Mineral Reserve) for gold at the end of the fiscal year ended 31 December 2022, based on an estimated gold price of $1,750/oz, unless otherwise stated.

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Resource** <sup>(1)</sup> | **Measured** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Measured and Indicated Total** | **Measured and Indicated Total** | **Measured and Indicated Total** | **Measured and Indicated Total** | **Inferred** | **Inferred** | **Inferred** | **Inferred** |
| | | | **Contained Gold** | **Contained Gold** | | | **Contained Gold** | **Contained Gold** | | | **Contained Gold** | **Contained Gold** | | | **Contained Gold** | **Contained Gold** |
| **Gold**<br>**as at 31 December 2022** | **Tonnes** <sup>(3)</sup><br>**Million** | **Grade**<br>**g/t** | **Tonnes** | **Moz** | **Tonnes** <sup>(3)</sup><br>**Million** | **Grade**<br>**g/t** | **Tonnes** | **Moz** | **Tonnes** <sup>(3)</sup><br>**Million** | **Grade**<br>**g/t** | **Tonnes** | **Moz** | **Tonnes** <sup>(3)</sup><br>**Million** | **Grade**<br>**g/t** | **Tonnes** | **Moz** |
| **Africa Region** | **11.14** | **4.23** | **47.19** | **1.52** | **259.42** | **1.93** | **499.44** | **16.06** | **270.57** | **2.02** | **546.63** | **17.57** | **201.72** | **3.01** | **607.95** | **19.55** |
| &nbsp;&nbsp;**Democratic Republic of the Congo** | **7.22** | **3.18** | **22.97** | **0.74** | **22.15** | **2.64** | **58.44** | **1.88** | **29.37** | **2.77** | **81.41** | **2.62** | **13.16** | **2.61** | **34.43** | **1.11** |
| &nbsp;&nbsp;&nbsp;&nbsp;Kibali (45 %)<sup>(2)(9)(13)</sup> | 7.22 | 3.18 | 22.97 | 0.74 | 22.15 | 2.64 | 58.44 | 1.88 | 29.37 | 2.77 | 81.41 | 2.62 | 13.16 | 2.61 | 34.43 | 1.11 |
| &nbsp;&nbsp;**Ghana** | **2.12** | **7.89** | **16.72** | **0.54** | **82.17** | **2.94** | **241.81** | **7.77** | **84.28** | **3.07** | **258.53** | **8.31** | **73.25** | **5.27** | **385.68** | **12.40** |
| &nbsp;&nbsp;&nbsp;&nbsp;Iduapriem<sup>(13)</sup> | 0.15 | 0.89 | 0.14 |  | 54.50 | 1.36 | 74.21 | 2.39 | 54.66 | 1.36 | 74.35 | 2.39 | 33.45 | 1.42 | 47.52 | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obuasi<sup>(13)(14)</sup> | 1.96 | 8.44 | 16.59 | 0.53 | 27.66 | 6.06 | 167.59 | 5.39 | 29.63 | 6.22 | 184.18 | 5.92 | 39.80 | 8.50 | 338.17 | 10.87 |
| &nbsp;&nbsp;**Guinea** | **—** | **—** | **—** | **—** | **114.79** | **1.02** | **117.24** | **3.77** | **114.79** | **1.02** | **117.24** | **3.77** | **79.10** | **1.16** | **92.13** | **2.96** |
| &nbsp;&nbsp;&nbsp;&nbsp;Siguiri (85 %)<sup>(2)(13)</sup> |  | **—** |  |  | 114.79 | 1.02 | 117.24 | 3.77 | 114.79 | 1.02 | 117.24 | 3.77 | 79.10 | 1.16 | 92.13 | 2.96 |
| &nbsp;&nbsp;**Tanzania** | **1.80** | **4.15** | **7.50** | **0.24** | **40.32** | **2.03** | **81.96** | **2.63** | **42.12** | **2.12** | **89.45** | **2.88** | **36.21** | **2.64** | **95.71** | **3.08** |
| &nbsp;&nbsp;&nbsp;&nbsp;Geita<sup>(13)</sup> | 1.80 | 4.15 | 7.50 | 0.24 | 40.32 | 2.03 | 81.96 | 2.63 | 42.12 | 2.12 | 89.45 | 2.88 | 36.21 | 2.64 | 95.71 | 3.08 |
| **Americas Region** | **16.88** | **4.20** | **70.94** | **2.28** | **41.41** | **2.77** | **114.85** | **3.69** | **58.29** | **3.19** | **185.78** | **5.97** | **61.85** | **3.57** | **220.98** | **7.10** |
| &nbsp;&nbsp;**Argentina** | **4.82** | **2.88** | **13.89** | **0.45** | **17.49** | **2.23** | **39.09** | **1.26** | **22.31** | **2.37** | **52.98** | **1.70** | **5.00** | **2.35** | **11.74** | **0.38** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerro Vanguardia (92.5 %)<sup>(2)(4)(13)</sup> | 4.82 | 2.88 | 13.89 | 0.45 | 17.49 | 2.23 | 39.09 | 1.26 | 22.31 | 2.37 | 52.98 | 1.70 | 5.00 | 2.35 | 11.74 | 0.38 |
| &nbsp;&nbsp;**Brazil** | **12.06** | **4.73** | **57.05** | **1.83** | **23.92** | **3.17** | **75.76** | **2.44** | **35.98** | **3.69** | **132.80** | **4.27** | **56.85** | **3.68** | **209.24** | **6.73** |
| &nbsp;&nbsp;&nbsp;&nbsp;AGA Mineração - Córrego do Sítio<sup>(13)</sup> | 3.07 | 3.31 | 10.18 | 0.33 | 7.92 | 3.19 | 25.24 | 0.81 | 10.99 | 3.22 | 35.42 | 1.14 | 20.46 | 3.94 | 80.63 | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGA Mineração - Cuiabá<sup>(5)(13)</sup> | 4.17 | 7.66 | 31.96 | 1.03 | 2.73 | 5.83 | 15.93 | 0.51 | 6.91 | 6.93 | 47.89 | 1.54 | 12.56 | 4.95 | 62.20 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGA Mineração - Lamego<sup>(5)(13)</sup> | 1.18 | 2.92 | 3.44 | 0.11 | 3.05 | 1.98 | 6.05 | 0.19 | 4.23 | 2.24 | 9.49 | 0.31 | 4.56 | 2.12 | 9.65 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Serra Grande<sup>(13)</sup> | 3.63 | 3.15 | 11.46 | 0.37 | 10.21 | 2.79 | 28.54 | 0.92 | 13.85 | 2.89 | 40.01 | 1.29 | 19.26 | 2.95 | 56.76 | 1.82 |
| **Australia Region** | **38.85** | **1.44** | **55.96** | **1.80** | **30.58** | **1.58** | **48.40** | **1.56** | **69.44** | **1.50** | **104.36** | **3.36** | **55.36** | **2.25** | **124.79** | **4.01** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrise Dam<sup>(13)</sup> | 20.31 | 1.64 | 33.27 | 1.07 | 22.79 | 1.56 | 35.60 | 1.14 | 43.09 | 1.60 | 68.87 | 2.21 | 29.28 | 2.02 | 59.19 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Butcher Well (70 %)<sup>(2)(11)</sup> |  |  |  |  |  |  |  |  |  |  |  |  | 3.06 | 3.49 | 10.67 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tropicana (70 %)<sup>(2)(13)</sup> | 18.55 | 1.22 | 22.69 | 0.73 | 7.79 | 1.64 | 12.80 | 0.41 | 26.34 | 1.35 | 35.49 | 1.14 | 23.02 | 2.39 | 54.93 | 1.77 |
| **Projects** | **98.19** | **0.40** | **38.96** | **1.25** | **1311.77** | **0.77** | **1007.67** | **32.40** | **1409.96** | **0.74** | **1046.63** | **33.65** | **682.59** | **0.46** | **314.29** | **10.10** |
| &nbsp;&nbsp;**Colombia** | **45.15** | **0.37** | **16.93** | **0.54** | **1071.76** | **0.78** | **838.58** | **26.96** | **1116.91** | **0.77** | **855.51** | **27.51** | **558.94** | **0.44** | **244.17** | **7.85** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gramalote (50 %)<sup>(2)(10)(11)</sup> |  |  |  |  | 89.36 | 0.70 | 62.38 | 2.01 | 89.36 | 0.70 | 62.38 | 2.01 | 35.11 | 0.53 | 18.67 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;La Colosa<sup>(7)(11)</sup> |  |  |  |  | 833.49 | 0.87 | 726.31 | 23.35 | 833.49 | 0.87 | 726.31 | 23.35 | 217.89 | 0.71 | 154.86 | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quebradona<sup>(4)(6)(8)(12)</sup> | 45.15 | 0.37 | 16.93 | 0.54 | 148.91 | 0.34 | 49.89 | 1.60 | 194.06 | 0.34 | 66.82 | 2.15 | 305.94 | 0.23 | 70.64 | 2.27 |
| &nbsp;&nbsp;**United States of America** | **53.04** | **0.42** | **22.04** | **0.71** | **240.01** | **0.70** | **169.09** | **5.44** | **293.05** | **0.65** | **191.12** | **6.14** | **123.65** | **0.57** | **70.13** | **2.25** |
| &nbsp;&nbsp;&nbsp;&nbsp;North Bullfrog<sup>(4)(11)</sup> | 28.71 | 0.24 | 6.77 | 0.22 | 82.54 | 0.37 | 30.18 | 0.97 | 111.25 | 0.33 | 36.95 | 1.19 | 44.35 | 0.25 | 11.07 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon<sup>(4)(11)</sup> |  |  |  |  | 121.56 | 0.87 | 105.90 | 3.40 | 121.56 | 0.87 | 105.90 | 3.40 | 36.03 | 0.70 | 25.23 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mother Lode<sup>(4)(8)(11)</sup> | 24.33 | 0.63 | 15.26 | 0.49 | 35.91 | 0.92 | 33.01 | 1.06 | 60.24 | 0.80 | 48.28 | 1.55 | 9.86 | 0.55 | 5.39 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling<sup>(11)(15)</sup> |  |  |  |  |  |  |  |  |  |  |  |  | 33.41 | 0.85 | 28.43 | 0.91 |
| **AngloGold Ashanti Total** | **165.06** | **1.29** | **213.05** | **6.85** | **1643.18** | **1.02** | **1670.35** | **53.70** | **1808.25** | **1.04** | **1883.40** | **60.55** | **1001.52** | **1.27** | **1268.02** | **40.77** |

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<u>Notes:</u>

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. The Mineral Resource estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Resource at the end of the last completed fiscal year and the preceding fiscal year will be detailed for material properties, if applicable. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

<sup>(1)</sup> All disclosure of Mineral Resource is exclusive of Mineral Reserve. The Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. <sup>(2)</sup> Mineral Resource attributable to AngloGold Ashanti's percentage interest shown.

<sup>(3) "</sup>Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

<sup>(4)</sup> The inclusive Mineral Resource contains 81.7Moz of silver for Cerro Vanguardia; 92.9Moz of silver for Quebradona; 6.0Moz of silver for North Bullfrog;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8Moz of silver for Silicon and 1.9Moz of silver for Mother Lode as a by-product.

<sup>(5)</sup> The inclusive Mineral Resource contains 1.60 million tonnes of sulphur as a by-product for AGA Mineração - Cuiabá and Lamego.

<sup>(6)</sup> The inclusive Mineral Resource contains 89.3 kilotonnes of molybdenum as a potential by-product. 

<sup>(7)</sup> Based on a gold price of $1,400/oz.

<sup>(8)</sup> Based on a gold price of $1,500/oz.

<sup>(9)</sup> Operated by Barrick Gold Corporation ("Barrick"). AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have, relied on information provided by Barrick. Based on a gold price of $1,700/oz. <sup>(10)</sup> Managed by B2Gold Corp. Based on a gold price of $1,800/oz.

<sup>(11)</sup> Property currently in an exploration stage.

<sup>(12)</sup> Property currently in a development stage.

<sup>(13)</sup> Property currently in a production stage.

<sup>(14)</sup> Open pit based on a gold price of $1,600/oz.

<sup>(15)</sup> Based on a gold price of $1,700/oz.

The below table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K - Summary Mineral Resource<sup>(1)</sup> (exclusive of Mineral Reserve) for copper at the end of the fiscal year ended 31 December 2022, based on an estimated copper price of $3.50/lb, unless otherwise stated.

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Resource** <sup>(1)</sup> | **Measured** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Measured and Indicated Total** | **Measured and Indicated Total** | **Measured and Indicated Total** | **Measured and Indicated Total** | **Inferred** | **Inferred** | **Inferred** | **Inferred** |
| | | | **Contained Copper** | **Contained Copper** | | | **Contained Copper** | **Contained Copper** | | | **Contained Copper** | **Contained Copper** | | | **Contained Copper** | **Contained Copper** |
| **Copper**<br>**as at 31 December 2022** | **Tonnes** <sup>(2)</sup><br>**Million** | **Grade**<br>**%Cu** | **Tonnes Million** | **Pounds Million** | **Tonnes** <sup>(2)</sup><br>**Million** | **Grade**<br>**%Cu** | **Tonnes Million** | **Pounds Million** | **Tonnes** <sup>(2)</sup><br>**Million** | **Grade**<br>**%Cu** | **Tonnes Million** | **Pounds Million** | **Tonnes** <sup>(2)</sup><br>**Million** | **Grade**<br>**%Cu** | **Tonnes Million** | **Pounds Million** |
| **Americas Region** | **45.15** | **0.69** | **0.31** | **684** | **148.91** | **0.68** | **1.01** | **2218** | **194.06** | **0.68** | **1.32** | **2902** | **305.94** | **0.48** | **1.47** | **3231** |
| &nbsp;&nbsp;**Colombia** | **45.15** | **0.69** | **0.31** | **684** | **148.91** | **0.68** | **1.01** | **2218** | **194.06** | **0.68** | **1.32** | **2902** | **305.94** | **0.48** | **1.47** | **3231** |
| &nbsp;&nbsp;&nbsp;&nbsp;Quebradona<sup>(3)(4)(5)</sup> | 45.15 | 0.69 | 0.31 | 684 | 148.91 | 0.68 | 1.01 | 2218 | 194.06 | 0.68 | 1.32 | 2902 | 305.94 | 0.48 | 1.47 | 3231 |
| **AngloGold Ashanti Total** | **45.15** | **0.69** | **0.31** | **684** | **148.91** | **0.68** | **1.01** | **2218** | **194.06** | **0.68** | **1.32** | **2902** | **305.94** | **0.48** | **1.47** | **3231** |

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<u>Notes:</u>

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage and grade to two decimals and content for copper with no decimals. "Mlb" refers to million pounds. <sup>(1)</sup> All disclosure of Mineral Resource is exclusive of Mineral Reserve. The Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is defined as the Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.

<sup>(2)</sup> "Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

<sup>(3)</sup> The inclusive Mineral Resource contains 92.9Moz of silver as a by-product.

<sup>(4)</sup> The inclusive Mineral Resource contains 89.3 kilotonnes of molybdenum as a potential by-product.

<sup>(5)</sup> Property currently in a development stage.

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The below table is prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K - Summary Mineral Reserve for gold at the end of the fiscal year ended 31 December 2022, based on an estimated gold price of $1,400/oz, unless otherwise stated.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Reserve** | **Proven** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Probable** | **Total Mineral Reserve** | **Total Mineral Reserve** | **Total Mineral Reserve** | **Total Mineral Reserve** |
| | | | **Contained Gold** | **Contained Gold** | | | **Contained Gold** | **Contained Gold** | | | **Contained Gold** | **Contained Gold** |
| **Gold**<br>**as at 31 December 2022** | **Tonnes** <sup>(2)</sup><br>**Million** | **Grade**<br>**g/t** | **Tonnes** | **Moz** | **Tonnes** <sup>(2)</sup><br>**Million** | **Grade**<br>**g/t** | **Tonnes** | **Moz** | **Tonnes** <sup>(2)</sup><br>**Million** | **Grade**<br>**g/t** | **Tonnes** | **Moz** |
| **Africa Region** | **50.54** | **2.37** | **120.00** | **3.86** | **213.89** | **2.43** | **520.44** | **16.73** | **264.43** | **2.42** | **640.45** | **20.59** |
| &nbsp;&nbsp;**Democratic Republic of the Congo** | **14.49** | **3.47** | **50.33** | **1.62** | **29.17** | **3.15** | **91.86** | **2.95** | **43.67** | **3.26** | **142.19** | **4.57** |
| &nbsp;&nbsp;&nbsp;&nbsp;Kibali (45 %)<sup>(1)(5)(8)</sup> | 14.49 | 3.47 | 50.33 | 1.62 | 29.17 | 3.15 | 91.86 | 2.95 | 43.67 | 3.26 | 142.19 | 4.57 |
| &nbsp;&nbsp;**Ghana** | **11.31** | **4.42** | **50.03** | **1.61** | **70.08** | **3.78** | **264.67** | **8.51** | **81.39** | **3.87** | **314.70** | **10.12** |
| &nbsp;&nbsp;&nbsp;&nbsp;Iduapriem<sup>(8)</sup> | 6.84 | 1.07 | 7.30 | 0.23 | 48.83 | 1.39 | 68.00 | 2.19 | 55.67 | 1.35 | 75.30 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obuasi<sup>(8)</sup> | 4.47 | 9.55 | 42.73 | 1.37 | 21.25 | 9.26 | 196.67 | 6.32 | 25.72 | 9.31 | 239.40 | 7.70 |
| &nbsp;&nbsp;**Guinea** | **15.20** | **0.65** | **9.95** | **0.32** | **75.68** | **0.83** | **62.72** | **2.02** | **90.88** | **0.80** | **72.67** | **2.34** |
| &nbsp;&nbsp;&nbsp;&nbsp;Siguiri (85 %)<sup>(1)(8)</sup> | 15.20 | 0.65 | 9.95 | 0.32 | 75.68 | 0.83 | 62.72 | 2.02 | 90.88 | 0.80 | 72.67 | 2.34 |
| &nbsp;&nbsp;**Tanzania** | **9.54** | **1.02** | **9.70** | **0.31** | **38.95** | **2.60** | **101.19** | **3.25** | **48.49** | **2.29** | **110.89** | **3.57** |
| &nbsp;&nbsp;&nbsp;&nbsp;Geita<sup>(8)</sup> | 9.54 | 1.02 | 9.70 | 0.31 | 38.95 | 2.60 | 101.19 | 3.25 | 48.49 | 2.29 | 110.89 | 3.57 |
| **Americas Region** | **8.16** | **3.39** | **27.64** | **0.89** | **23.64** | **2.79** | **65.88** | **2.12** | **31.80** | **2.94** | **93.53** | **3.01** |
| &nbsp;&nbsp;**Argentina** | **2.22** | **3.20** | **7.11** | **0.23** | **9.16** | **1.75** | **16.00** | **0.51** | **11.38** | **2.03** | **23.11** | **0.74** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerro Vanguardia (92.5 %)<sup>(1)(3)(8)</sup> | 2.22 | 3.20 | 7.11 | 0.23 | 9.16 | 1.75 | 16.00 | 0.51 | 11.38 | 2.03 | 23.11 | 0.74 |
| &nbsp;&nbsp;**Brazil** | **5.93** | **3.46** | **20.54** | **0.66** | **14.48** | **3.44** | **49.88** | **1.60** | **20.41** | **3.45** | **70.41** | **2.26** |
| &nbsp;&nbsp;&nbsp;&nbsp;AGA Mineração - Córrego do Sítio<sup>(8)</sup> | 1.17 | 2.95 | 3.44 | 0.11 | 2.21 | 4.32 | 9.53 | 0.31 | 3.37 | 3.84 | 12.97 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGA Mineração - Cuiabá<sup>(4)(8)</sup> | 2.37 | 4.57 | 10.82 | 0.35 | 5.99 | 4.22 | 25.28 | 0.81 | 8.35 | 4.32 | 36.11 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;AGA Mineração - Lamego<sup>(4)(8)</sup> | 0.35 | 2.54 | 0.89 | 0.03 | 1.18 | 2.71 | 3.20 | 0.10 | 1.53 | 2.67 | 4.10 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Serra Grande<sup>(8)</sup> | 2.05 | 2.63 | 5.38 | 0.17 | 5.10 | 2.32 | 11.86 | 0.38 | 7.15 | 2.41 | 17.24 | 0.55 |
| **Australia Region** | **21.96** | **1.54** | **33.88** | **1.09** | **22.30** | **2.15** | **47.88** | **1.54** | **44.26** | **1.85** | **81.76** | **2.63** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrise Dam<sup>(8)</sup> | 12.02 | 1.51 | 18.17 | 0.58 | 6.55 | 2.72 | 17.83 | 0.57 | 18.57 | 1.94 | 36.00 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tropicana (70 %)<sup>(1)(8)</sup> | 9.94 | 1.58 | 15.71 | 0.51 | 15.74 | 1.91 | 30.05 | 0.97 | 25.69 | 1.78 | 45.76 | 1.47 |
| **Projects** | **—** | **—** | **—** | **—** | **120.01** | **0.67** | **80.83** | **2.60** | **120.01** | **0.67** | **80.83** | **2.60** |
| &nbsp;&nbsp;**Colombia** | **—** | **—** | **—** | **—** | **120.01** | **0.67** | **80.83** | **2.60** | **120.01** | **0.67** | **80.83** | **2.60** |
| &nbsp;&nbsp;&nbsp;&nbsp;Quebradona<sup>(3)(6)(7)</sup> |  | **—** |  |  | 120.01 | 0.67 | 80.83 | 2.60 | 120.01 | 0.67 | 80.83 | 2.60 |
| **AngloGold Ashanti Total** | **80.66** | **2.25** | **181.53** | **5.84** | **379.84** | **1.88** | **715.03** | **22.99** | **460.49** | **1.95** | **896.56** | **28.83** |

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<u>Notes:</u>

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. The Mineral Reserve estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Reserve at the end of the last completed fiscal year and the preceding fiscal year will be detailed for material properties, if applicable. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

<sup>(1)</sup> Mineral Reserve attributable to AngloGold Ashanti's percentage interest shown.

<sup>(2)</sup> "Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

<sup>(3)</sup> The Mineral Reserve contains 21.9Moz of silver for Cerro Vanguardia and 28.1Moz of silver for Quebradona to be recovered as a by-product.

<sup>(4)</sup> The Mineral Reserve contains 0.29 million tonnes of sulphur to be recovered as a by-product for AGA Mineração - Cuiabá and Lamego.

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<sup>(5)</sup> Operated by Barrick. AngloGold Ashanti has recognised that in preparing this annual report, the Qualified Persons have relied on information provided by Barrick. Based on a gold price of $1,300/oz. Pamoa Main pit was based on a gold price of $1,400/oz and Pamoa South pit was based on a gold price of $1,500/oz. <sup>(6)</sup> Based on a gold price of $1,200/oz. <sup>(7)</sup> Property currently in a development stage.

<sup>(8)</sup> Property currently in a production stage.

The below table is prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K - Summary Mineral Reserve for copper at the end of the fiscal year ended 31 December 2022, based on an estimated copper price of $2.90/lb, unless otherwise stated.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Reserve** | **Proven** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Probable** | **Total Mineral Reserve** | **Total Mineral Reserve** | **Total Mineral Reserve** | **Total Mineral Reserve** |
| | | | **Contained Copper** | **Contained Copper** | | | **Contained Copper** | **Contained Copper** | | | **Contained Copper** | **Contained Copper** |
| **Copper**<br>**as at 31 December 2022** | **Tonnes** <sup>(1)</sup><br>**Million** | **Grade**<br>**%Cu** | **Tonnes Million** | **Pounds Million** | **Tonnes** <sup>(1)</sup><br>**Million** | **Grade**<br>**%Cu** | **Tonnes Million** | **Pounds Million** | **Tonnes** <sup>(1)</sup><br>**Million** | **Grade**<br>**%Cu** | **Tonnes Million** | **Pounds Million** |
| **Americas Region** | **—** | **—** | **—** | **—** | **120.01** | **1.23** | **1.47** | **3250** | **120.01** | **1.23** | **1.47** | **3250** |
| &nbsp;&nbsp;**Colombia** | **—** | **—** | **—** | **—** | **120.01** | **1.23** | **1.47** | **3250** | **120.01** | **1.23** | **1.47** | **3250** |
| &nbsp;&nbsp;&nbsp;&nbsp;Quebradona<sup>(2)(3)</sup> |  | **—** |  |  | 120.01 | 1.23 | 1.47 | 3250 | 120.01 | 1.23 | 1.47 | 3250 |
| **AngloGold Ashanti Total** | **—** | **—** | **—** | **—** | **120.01** | **1.23** | **1.47** | **3250** | **120.01** | **1.23** | **1.47** | **3250** |

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<u>Notes:</u>

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage and grade to two decimals and content for copper with no decimals. "Mlb" refers to million pounds. <sup>(1)</sup> "Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

<sup>(2)</sup> The Mineral Reserve contains 28.1Moz of silver to be recovered as a by-product.

<sup>(3)</sup> Property currently in a development stage.

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**BY-PRODUCTS**

Several by-products are expected to be recovered as a result of processing of the gold Mineral Reserve and copper Mineral Reserve. These include 0.29Mt of sulphur from Brazil, 21.9Moz of silver from Argentina and 28.1Moz of silver from Colombia. Molybdenum, at present, is not planned for recovery at Quebradona. The Quebradona process plant has been designed to treat underground ore and to produce copper concentrate with provision of space in the plant site for a molybdenum plant in the future.

**CORPORATE GOVERNANCE**

AngloGold Ashanti has an established Mineral Resource and Mineral Reserve Leadership Team ("RRLT") that is responsible for setting and overseeing its Mineral Resource and Mineral Reserve governance framework, and for ensuring that it meets the Company's goals and objectives while complying with all relevant regulatory codes.

The Audit and Risk Committee as well as the Investment Committee of the Company's board of directors ("board"), review the Mineral Resource and Mineral Reserve and make a recommendation to the board, which provides the final approval for the publication of the Mineral Resource and Mineral Reserve estimates.

AngloGold Ashanti has developed and implemented a rigorous system of internal and external reviews aimed at providing assurance in respect of Mineral Resource and Mineral Reserve estimates. In 2022, the following operations and projects were subject to an external review on the basis that each operation or project will be reviewed by an independent third-party on average once every three years:

• &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource and Mineral Reserve at Geita;

• &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource and Mineral Reserve at Cerro Vanguardia; and

• &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource at North Bullfrog project.

No material risks were identified following completion of these external reviews.

In addition, numerous internal Mineral Resource and Mineral Reserve process reviews were completed by suitably qualified technical experts from within AngloGold Ashanti and no significant deficiencies were identified. The Mineral Resource and Mineral Reserve governance framework is underpinned by appropriate Mineral Resource management processes and protocols that ensure adequate corporate governance. These procedures have been developed to be compliant with the guiding principles of the U.S. Sarbanes-Oxley Act of 2002 ("SOX").

AngloGold Ashanti makes use of a web-based group reporting database called the Resource and Reserve Reporting System ("RCubed") for the compilation and authorisation of Mineral Resource and Mineral Reserve reporting. It is a fully integrated system for the reporting and reconciliation of Mineral Resource and Mineral Reserve that supports various regulatory reporting requirements, including the SEC reporting requirements under Regulation S-K 1300, and the JSE reporting requirements under the SAMREC Code. AngloGold Ashanti uses RCubed to ensure a documented chain of responsibility exists from the technical experts at the operations to the Company's RRLT.

AngloGold Ashanti has also developed an enterprise-wide risk management tool that provides consistent and reliable data that allows for visibility of risks and actions across the group. This tool is used to facilitate, control and monitor material risks to the Mineral Resource and Mineral Reserve, thus ensuring that the appropriate risk management and mitigation plans are in place.

If technical experts involved in the estimation of Mineral Resource or Mineral Reserve feel that their technical advice has been ignored which may represent a risk to the Mineral Resource or Mineral Reserve to be published, they are obliged to inform the RRLT in writing. In addition, AngloGold Ashanti's "Speak-up" programme can also be used if the technical experts deem they may be compromised in the process. .

**QUALIFIED PERSONS**

The information in this annual report on Form 20-F relating to Mineral Resource and Mineral Reserve on AngloGold Ashanti's material properties is based on information compiled by, or under the supervision of, Qualified Persons, as defined in Regulation S-K 1300. All Qualified Persons were employed by AngloGold Ashanti at the time of preparing the Technical Report Summaries in respect of AngloGold's material properties. However, two of the Qualified Persons who provided the information for the Technical Report Summaries (effective date: 31 December 2021) in respect of Kibali and Obuasi are no longer employed by AngloGold Ashanti as of the date hereof. Mr. Richard Peattie, the Qualified Person providing information in respect of the Mineral Resource at Kibali, is now employed by Barrick, which has a 45 percent interest in Kibali. Ms. Emmarentia Maritz, the Qualified Person providing information in respect of the Mineral Resource at Obuasi, is now employed by Barrick. Both of these Qualified Persons have

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provided updated consents to the use of the their names, or any quotation from, or summarisation of, the Technical Report Summaries (effective date: 31 December 2021) prepared by them in this annual report, and to the filing of the Technical Report Summaries (effective date: 31 December 2021) as exhibits hereto. All Qualified Persons have sufficient experience relevant to the style of mineralisation and the type of deposit under consideration, and relevant to the activity which they are undertaking. AngloGold Ashanti has recognised that in preparing this annual report with respect to Kibali, the Qualified Persons have relied on information provided by Barrick. The legal tenure of each material property has been verified to the satisfaction of the accountable Qualified Person and all of the Mineral Reserve has been confirmed to be covered by the required mining permits or there exists a realistic expectation that these permits will be issued. The Qualified Persons have provided consent to the inclusion of Mineral Resource and Mineral Reserve information in this annual report, in the form and context in which it appears as well as the public filing of the Technical Report Summary for each respective material mining property filed as exhibits hereto.

**Qualified Persons**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Responsibility** | **Qualified Person** | **Professional organisation** | **Membership number** | **Relevant experience** | **Qualification** |
| Kibali Mineral Resource | Richard Peattie <sup>(1)</sup> | FAusIMM | 301 029 | 26 years | MPhil (Geostatistics) |
| Kibali Mineral Reserve | Romulo Sanhueza | MAusIMM | 211 794 | 25 years | BSc Eng (Mining) |
| Obuasi Mineral Resource | Emmarentia Maritz<sup>(1)</sup> | SACNASP&nbsp;&nbsp;&nbsp;&nbsp; | 118345&nbsp;&nbsp;&nbsp;&nbsp; | 19 years | MSc (Mineral Resource Evaluation) |
| Obuasi Mineral Reserve | Douglas Atanga | MAusIMM | 334 391 | 14 years | BSc (Mining Engineering) |
| Geita Mineral Resource | Damon Elder | MAusIMM | 208 240 | 26 years | BSc Hons (Geology) |
| Geita Mineral Reserve | Duan Campbell | ECSA | 202 101 953 | 20 years | BEng (Mining) |

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<u>Notes:</u>

All Qualified Persons were employed by AngloGold Ashanti at the time of preparing the Technical Report Summaries in respect of AngloGold's material properties.

<sup>(1)</sup> Two of the Qualified Persons who provided the information for the Technical Report Summaries (effective date: 31 December 2021) in respect of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kibali and Obuasi Mineral Resource are no longer employed by AngloGold Ashanti as of the date hereof and are currently employed by Barrick.

Accordingly, the Chairperson of the Mineral Resource and Mineral Reserve Leadership Team, Mrs. TM Flitton, Master of Engineering (Mining), Bachelor of Science (Honours, Geology), RM SME, Pr.Sci.Nat (SACNASP), FGSSA, assumes responsibility for the Mineral Resource and Mineral Reserve processes for AngloGold Ashanti. Mrs. TM Flitton has 21 years' experience in mining with ten years directly leading and managing Mineral Resource and Mineral Reserve reporting. She is employed full-time by AngloGold Ashanti and can be contacted at the following address: 112 Oxford Road, Houghton Estate, Johannesburg, 2198, South Africa. Mrs. TM Flitton consents to the inclusion of Mineral Resource and Mineral Reserve information in this annual report, in the form and context in which it appears in the narrative disclosure and in the exhibits filed hereto.

**GENERAL CONSIDERATIONS**

**The following considerations should be noted in respect of the information in this "Item 4D: Property plants and equipment":**

• All figures are expressed on an attributable basis unless otherwise indicated;

• All disclosure of Mineral Resource is exclusive of Mineral Reserve;

• Unless otherwise stated, $ or dollar refers to U.S. dollars;

• Group and Company are used interchangeably;

• Mine, operation, business unit and property are used interchangeably;

• Rounding of numbers may result in computational discrepancies;

• To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals and content for copper with no decimals;

• Metric tonnes (t) are used throughout this annual report and all ounces are Troy ounces;

• Abbreviations used in this annual report include: gold– Au, copper – Cu, silver – Ag, Sulphur – S, molybdenum – Mo;

• Internal controls are discussed in the *"—Corporate Governance"* section above as well as in the *"—Mineral Resource and Mineral Reserve Internal Controls Disclosure"* section below;

• Maps presented for material properties in this Item 4D show infrastructure, licences and coordinates of the mine, as represented by the plant (or stated otherwise), in the geographic coordinate system.

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Refer to the *"Glossary of selected terms—Mining terms"* for terminology and definitions used in Mineral Resource and Mineral Reserve reporting under Regulation S-K 1300. In addition, the Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource") is defined as the Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. The Exclusive Mineral Resource consists of the following components:

• Inferred Mineral Resource, including that within the Mineral Reserve design or stope shape;

• Mineral Resource that sits above the Mineral Resource cut-off grade but below the Mineral Reserve cut-off grade that resides within the defined Mineral Reserve volume;

• Mineral Resource that lies between the life of mine ("LOM") pit shell or mine design and the Mineral Resource pit shell/mine design (this material will become economic if the gold price increases); and

• Mineral Resource in which the technical studies to engineer a Mineral Reserve have not yet been completed.

All reports of Mineral Resource must satisfy the requirement that there are reasonable prospects for economic extraction, regardless of the classification of the Mineral Resource. Portions of a deposit that do not have reasonable prospects for eventual economic extraction are not included in a Mineral Resource. The Mineral Resource is estimated using all relevant drilling and sampling information along with a detailed geological model.

The geological models are based on combinations of core and/or chip logging, mapping, geophysics, geochemistry and geological understanding and have been developed for each deposit. Most of our deposits have been the subject of research by third-party specialists in the relevant class of gold deposit.

The grade estimation for each deposit has been developed over the life of the mine, and is constantly reviewed in terms of grade control information and reconciliation with the metallurgical plant. In general, the open pits and shallow underground mines use kriging with post processing by Uniform Conditioning ("UC") or Localised Uniform Conditioning ("LUC") to generate a recoverable Mineral Resource model where appropriate.

In order to comply with the economic requirement of the definition of Mineral Resource, all our Mineral Resource is constrained at an upside gold price, with all other parameters being kept the same as used for estimation of the Mineral Reserve. In the underground gold mines, scoping studies are conducted on all coherent blocks of ground that lie above the calculated Mineral Resource cut-off grade. These studies include all cost and capital requirements to access the block. In the case of open pit operations, pit optimisations are conducted at the Mineral Resource gold price and all material outside these shells is excluded from the Mineral Resource unless it is potentially mineable from underground.

It is the opinion of AngloGold Ashanti that the Mineral Resource represents a realistic view of an upside potential to the Mineral Reserve. In interpreting the Mineral Resource it is critical to factor in the following:

• That there is a reasonable expectation of economic extraction;

• The Mineral Resource is quoted in situ and has not been corrected for dilution, mining losses or recovery; and

• Many of the areas lying in the Exclusive Mineral Resource are currently being actively drilled and are the subject of economic and technical studies. It can, however, not be assumed at this stage that the Company has intent to mine these areas.

The Inferred Mineral Resource category is intended to cover situations in which a mineral concentration or occurrence has been identified and limited measurements and sampling have been completed, but in which the data are insufficient to allow the geological or grade continuity to be interpreted with confidence. While it would be reasonable to expect that the majority of Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued exploration, due to the uncertainty of Inferred Mineral Resource, it should not be assumed that such upgrading will always occur.

In order to reduce this risk, AngloGold Ashanti limits the use of Inferred Mineral Resource in its Mineral Reserve estimation process but the Inferred Mineral Resource is included in the pit shell or underground extraction shape determination. As such the Inferred Mineral Resource may influence the extraction shape. The quoted Mineral Reserve from these volumes includes only the converted Measured and Indicated Mineral Resource and no Inferred Mineral Resource is converted to Mineral Reserve. The cash flow analysis does not include the Inferred Mineral Resource in demonstrating the economic viability of the Mineral Reserve.

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**MINERAL RESOURCE AND MINERAL RESERVE INTERNAL CONTROLS DISCLOSURE**

AngloGold Ashanti has a tiered internal review process whereby newly issued Mineral Resource and Mineral Reserve are reviewed at a regional level prior to publication. Selected corporate reviews happen after that process. Each property has an external Mineral Resource and Mineral Reserve audit on a three-year rolling basis, and issues raised in these audits are addressed by a formal audit reply from each mine on which the progress is tracked.

AngloGold Ashanti's Mineral Reserve is an outcome of the Company's business planning process which runs annually. This process operates within a comprehensive framework where all inputs, including costs and capital requirements, are generated by the operation, and reviewed at a regional and corporate level within the Company, thereby providing confidence in the estimates.

A group wide Mineral Resource to production reconciliation system is also in place whereby the Mineral Resource mined each month is reconciled all the way to the produced gold doré. Oversight for this process is handled at the group level. A comprehensive sample and assay QC/QA process is in place, and our laboratories are inspected frequently by on-site teams.

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**ITEM 4A:&nbsp;&nbsp;&nbsp;&nbsp;UNRESOLVED STAFF COMMENTS**

Not applicable.

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**ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

The following discussion provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of AngloGold Ashanti Limited under IFRS for the three years ended and as at 31 December 2022, 2021 and 2020. The discussion of operating and financial results in this *"Item 5: Operating and Financial Review and Prospects"* relates to the Company's continuing operations (unless the context indicates otherwise).

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.

**<u>Overview</u>**

AngloGold Ashanti is a global gold mining company headquartered in Johannesburg, South Africa. AngloGold Ashanti's main product is gold. As part of extracting gold the Company also produces silver and sulphuric acid as by-products. By-product revenue from continuing operations amounted to $113 million in 2022 (2021: $126 million; 2020: $105 million) out of total revenue from product sales from continuing operations of $4,501 million in 2022 (2021: $4,029 million; 2020: $4,595 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"), 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 greenfields projects located in Colombia and Nevada, USA. Until 30 September 2020, AngloGold Ashanti also conducted gold-mining operations in South Africa. On 1 October 2020, Harmony Gold Mining Company Limited ("Harmony") took effective control of the Company's remaining South African producing assets and related liabilities, which were recorded as discontinued operations for the year ended and as at 31 December 2020. In addition, AngloGold Ashanti sold its interests in the Morila and Sadiola gold mines in Mali in November and December 2020, respectively. None of our Malian assets were recorded as discontinued operations. For more information on the Company's business and operations, see *"Item 4B: Business Overview"*.

Under the new Operating Model, the manner in which the financial results are reported to the chief operating decision maker and the composition of the operating segments continue to be reported per geographical region (Africa, Australia and the Americas). In addition, a new segment, Projects has been introduced from the implementation of the new Operating Model (previously reported under the Americas segment). The Projects segment comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. The comparative information of the affected operating segment information has been restated. AngloGold Ashanti's segmental information is described in *"Item 18: Financial Statements—Note 2—Segmental Information"*.

As at 31 December 2022, the Company reported, on an attributable basis, Proven and Probable Mineral Reserve for gold of approximately 24.25 million ounces in subsidiaries and 4.57 million ounces in equity-accounted joint ventures. For the year ended 31 December 2022, AngloGold Ashanti reported an attributable gold production of approximately 2.41 million ounces from subsidiaries and 0.34 million ounces from equity-accounted joint ventures. As at 31 December 2022, the Company reported an attributable Proven and Probable Mineral Reserve for copper of 3,250 million pounds. As at 31 December 2022, the Company reported, on an attributable basis, Measured and Indicated Mineral Resource (exclusive of Mineral Reserve<sup>(1)</sup>) for gold of approximately 57.94 million ounces in subsidiaries and 2.62 million ounces in equity-accounted joint ventures. As at 31 December 2022, the Company reported, on an attributable basis, Inferred Mineral Resource (exclusive of Mineral Reserve<sup>(1)</sup>) for gold of approximately 39.66 million ounces in subsidiaries and 1.11 million ounces in equity-accounted ventures. As at 31 December 2022, the Company reported an attributable Measured and Indicated Mineral Resource (exclusive of Mineral Reserve<sup>(1)</sup>) for copper of 2,902 million pounds and Inferred Mineral Resource (exclusive of Mineral Reserve<sup>(1)</sup>) for copper of 3,231 million pounds. For further information on the Company's Mineral Resource and Mineral Reserve, see *"Item 4D: Property, Plants and Equipment—Mineral Resource and Mineral Reserve Summary Disclosure"*.

AngloGold Ashanti's costs and expenses consist primarily of total cash costs, amortisation, corporate administration, other expenses, and exploration and evaluation costs. 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. 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 cash costs.

*(1) The Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource") is defined as the Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.*

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**5A:&nbsp;&nbsp;&nbsp;&nbsp;OPERATING RESULTS**

**<u>Introduction</u>**

The US real gross domestic product rose by 2.1 percent in 2022, compared with an increase of 5.9 percent in 2021. While many components expanded in the last quarter of 2022, they also showed softening, and expectations remain for the US economy to slip into a recession in 2023.

Stock markets rounded off a tumultuous year with gains in the fourth quarter of 2022. Asian shares were boosted by China's relaxation of its zero-Covid policy, and European equities also advanced strongly. As prices fell, government bond yields edged up towards the end of the fourth quarter of 2022. This reflected some market disappointment with major central banks reiterating plans to tighten monetary policy, even as inflation showed signs of peaking. Commodities gained in the fourth quarter of 2022, led by industrial metals.

The year 2022 was the strongest year for gold demand in over a decade and showed how gold's diverse sources of demand and supply can counterbalance one another, providing gold with its uniquely stable performance as an investment asset. Annual gold demand increased by 18 percent to 4,741 tonnes with investment demand increasing by ten percent and reaching 1,107 tonnes. Demand for gold bars and coins increased by two percent to 1,217 tonnes. The need for wealth protection in the global inflationary environment remained a primary motive for gold investment purchases. Holdings of gold ETFs fell by a smaller amount (down 110 tonnes) than in 2021 (down 189 tonnes).

Central bank net purchases in the fourth quarter of 2022 totalled 417 tonnes increasing full year net purchases to a high of 1,136 tonnes. Geopolitical uncertainty and high inflation were highlighted as key reasons for holding gold by central banks.

Gold jewellery demand softened slightly in 2022 with total annual demand declining by three percent to 2,086 tonnes. Declines in Chinese demand for gold jewellery throughout 2022 had an outsized impact on the world total.

Worsening global economic conditions in the fourth quarter of 2022, together with trade restrictions and supply chain issues generated a seven percent decline in annual demand for gold in technology. Electronics demand mirrored the seven percent annual decline in the broader sector, dropping sharply in the fourth quarter of 2022 in response to the deteriorating global economic picture and supply chain challenges, particularly in China.

Annual mine production increased one percent year-on-year although this remains below the record high seen in 2018. Full year recycled gold supply increased by one percent but remains 30 percent below the all-time high seen in 2012, despite a record annual average gold price in 2022. In the aggregate, total supply of gold increased by two percent year-on-year.

For the 2022 year, the average market spot gold price was $1,802 per ounce, gold income of the Company was $4,388 million and the average gold price received by the Company was $1,793 per ounce. The market spot gold price increased by one percent over 2022, starting on 1 January 2022 at approximately $1,801 per ounce and ending on 30 December 2022 at approximately $1,824 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. It gives an investor insight into the performance of the gold price and its impact on company results.

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**<u>Key factors affecting results</u>**

**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 (such as the war between Russia and Ukraine), production and cost levels in major gold-producing regions and, to a lesser extent during 2022, the impact of global health crises and pandemics (such as the COVID-19 pandemic).

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.

Yearly average market spot gold prices have changed during the three years under review as follows:

• 2020 - $1,772 per ounce

• 2021 - $1,798 per ounce

• 2022 - $1,802 per ounce

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold income of the Company has changed during the three years under review as follows:

• 2020 - $4,490 million

• 2021 - $3,903 million

• 2022 - $4,388 million

Yearly average gold prices received by the Company have changed during the three years under review as follows:

• 2020 - $1,778 per ounce

• 2021 - $1,796 per ounce

• 2022 - $1,793 per ounce

Gold income of the Company increased by $485 million, or 12 percent, from $3,903 million in 2021 to $4,388 million in 2022. The average gold price received by the Company decreased by $3 per ounce, from $1,796 per ounce for the year ended 31 December 2021 to $1,793 per ounce for the year ended 31 December 2022. The average market spot gold price increased by $4 per ounce, from $1,798 per ounce for the year ended 31 December 2021 to $1,802 per ounce for the year ended 31 December 2022.

The market spot gold price opened the year on 1 January 2022 at $1,801 per ounce (compared to $1,905 per ounce on 4 January 2021). The market spot gold price in 2022 has been subject to volatile short-term swings, with a year high of $2,052 per ounce on 8 March 2022 and a year low of $1,622 per ounce on 26 September 2022. The average market spot gold price for 2022 was $1,802 per ounce. The market spot gold price at closing on 30 December 2022 was $1,824 per ounce (compared to $1,828 per ounce on 31 December 2021). Between 1 January 2023 and 10 March 2023, the market spot gold price traded between a low of $1,811 per ounce and a high of $1,950 per ounce. On 10 March 2023, the market spot gold price was $1,868 per ounce.

If income from gold sales falls for an extended period below the Company's total cash costs at its operations, AngloGold Ashanti could determine that it is not economically feasible to continue production at some or all of its operations. Declining gold prices may also force a reassessment of the feasibility of a particular exploration or development project or projects, and could lead to the curtailment or suspension of such projects. A sustained decrease in gold prices may force the Company to change its dividend payment policies, reduce expenditures and undertake measures to address its cost base. In addition, the

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use of lower gold prices in Mineral Reserve estimates and life-of-mine plans could result in material write downs of the Company's investment in mining properties and increase amortisation, environmental rehabilitation and mine closure charges.

**Production levels**

In addition to gold prices, AngloGold Ashanti's gold income in any year is also influenced by its level of gold production. Production levels are in turn influenced by grades, tonnages mined and processed through the plant, and metallurgical recoveries. Attributable gold production (including joint ventures) fluctuated between 2020 to 2022, from 2.81 million ounces in 2020 to 2.47 million ounces in 2021 to 2.74 million ounces in 2022. For more information on the Company's business and operations, see *"Item 4B: Business Overview"*.

**Operational impacts resulting from the COVID-19 pandemic**

The COVID-19 pandemic resulted in disruption and volatility in global financial markets and capital markets and a significant decrease in global economic activity, which had an adverse effect on worldwide demand for gold and adversely affected the profitability of the Company's operations.

The direct impact on the Company's production from COVID-19 for 2022 was estimated at 19,000 ounces, a decrease of 28,000 ounces, or 60 percent, compared with an estimated production impact of 47,000 ounces for 2021. The direct COVID-19 impact on the Company's cost of sales was estimated at $6 million for 2022, a decrease of $8 million, or 57 percent, compared to $14 million for 2021. The direct impact from COVID-19 on the Company's AISC was estimated at $12 per ounce, a decrease of $22 per ounce, or 65 percent, compared with an estimated $34 per ounce for 2021.

The Company remains mindful of the extent to which the COVID-19 pandemic could impact the Company's results depending on the scale, duration and geographic reach of future developments, which are highly uncertain and cannot be predicted, including the possibility of a recurrence or multiple waves of the outbreak and new variants. The Company continues to observe strict health protocols and to exercise vigilance in relation to business continuity including supply chain. The Company remains mindful that the COVID-19 pandemic, its impacts on communities and economies, and the actions authorities may take in response to it, are subject to change in response to current and future conditions.

**Geopolitical tensions**

The 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 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 and severe weather conditions believed to be caused 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 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 reduce GHG emissions, both in terms of absolute emissions and in intensity of emissions per tonne mined, is likely to increase in the future.

In 2008, AngloGold Ashanti targeted a 30 percent reduction in absolute GHG emissions of its portfolio by 2022, from a 2007 base level. This target was reached by 2018, and at the end of 2021 Scope 1 and 2 GHG emissions were 46.6 percent below 2007 levels. The GHG emission reductions are due to changes in the Company's asset mix, as well as energy-efficiency and fuel switching initiatives implemented at the Company's operations and projects. In October 2022, AngloGold Ashanti released a carbon emissions reduction target that aims to achieve a 30 percent absolute reduction in its Scope 1 and Scope 2 GHG emissions by 2030, as compared to 2021, through a combination of renewable energy projects, fleet electrification and lower-emission power sources. The capital cost required to achieve these reductions by 2030 is anticipated to be approximately $1.1 billion, of which $350 million is expected to be funded over that period by AngloGold Ashanti and the remaining $750 million through third-party funding, including from providers of renewable energy infrastructure. The Company has also committed to achieving net zero Scope 1 and Scope 2 GHG emissions by 2050.

The Company is also tracking the carbon intensity of its energy mix by measuring GHG emissions per Gigajoule ("GJ") of energy used. This measure increased by 2.7 percent year-on-year in 2022 to approximately 65 kilograms of CO2e emitted per GJ of energy compared to 2021 as the Company's direct and indirect energy consumption was four percent higher than in 2021. Absolute Scope 1 and Scope 2 GHG emissions in 2022 increased by seven percent to 1.47Mt compared to 2021, which is the Company's new baseline year.

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**Foreign exchange fluctuations**

Total cash costs in all business segments are partly incurred in local currency where the relevant operation is located. US dollar denominated total cash 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 Brazilian real, Australian dollar, and, to a lesser extent, the Argentinean peso and other local currencies. As set out below, during the year ended 31 December 2022, the Australian dollar and Argentinean peso weakened and the Brazilian real strengthened against the US dollar, which collectively had a favourable impact on AngloGold Ashanti's US dollar denominated total cash costs.

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| | | | |
|:---|:---|:---|:---|
| **Average annual exchange rates to the US dollar** | **2022** | **2021** | **2020** |
| Brazilian real | 5.16 | 5.40 | 5.15 |
| Australian dollar | 1.44 | 1.33 | 1.45 |
| Argentinean peso | 130.87 | 95.21 | 70.71 |

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In 2022, the Company derived 47 percent (41 percent including joint ventures) of its revenues from Brazil, Australia and Argentina, and incurred 49 percent (45 percent including joint ventures) of its total cash costs in Brazil, Australia and Argentina. Based on average exchange rates in 2022, the Company estimates that a one percent strengthening of all of the Brazilian real, Argentinean peso, Australian dollar, Ghanaian cedi and the South African rand against the US dollar, other factors remaining equal, would have resulted in an increase in cost of sales and total cash costs per ounce of approximately $13 million and $6 per ounce, respectively. As a result of the sale of its remaining South African operations, AngloGold Ashanti's exposure to fluctuations in the strength of the South African rand has been reduced.

Certain exchange controls were in force in emerging markets in which the Company operates during the period under review, including, for example in Argentina. In the case of Argentina, although the exchange rate of the Argentinean peso is primarily market determined, its value at any time may not be considered a true reflection of the underlying value while exchange controls exist. It is not possible to predict whether or when the Argentinean government will relax exchange controls or the future value of the Argentinean peso.

**Total cash costs and effects of inflation**

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. The mining industry continues to experience price increases for costs of inputs used in the production of gold, which leads to higher total cash 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 a material adverse effect on results of operations"*.

At 31 December 2022, AngloGold Ashanti employs globally on average approximately 32,594 people, 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 cash costs and are impacted by annual wage increases. During 2022, COVID-19 continued to – although to a lesser extent than in prior years – present challenges with travel restrictions and shortages of critical skills resulting in higher labour and contractors' costs at certain operations.

Energy costs, comprising power, fuel and lubricants, are another material component of total cash 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 price of Brent Crude oil has increased from $42 per barrel in 2020 to $71 per barrel in 2021 to $97 per barrel in 2022, a $55, or a 131 percent per barrel increase over the three-year period. AngloGold Ashanti estimates that for each $1.00 per barrel rise or fall in the oil price, other factors remaining equal, cost of sales and total cash costs per ounce of all its operations change by approximately $1 million or $0.50 per ounce, respectively. The sensitivity analysis includes the impacts of oil hedges. In July 2022, AngloGold Ashanti entered into forward contracts for a total of 999,000 barrels of Brent Crude oil for the period January 2023 to December 2023 that will be cash settled on a monthly basis against the contract price. The average price achieved on the forward contracts is $89.20 per barrel of Brent Crude oil. At 31 December 2022, the mark-to-market value of these oil derivatives was an unrealised loss of $6 million. The cost of sales and total cash costs per ounce of certain of the Company's mines, particularly Siguiri, Geita, Iduapriem and Tropicana, which are more dependent on fuel, are most sensitive to changes in the price of oil. AngloGold Ashanti continues to monitor the developments in the war between Russia and Ukraine and their impact on the oil price. The escalation of the conflict dominated market sentiments during 2022, pushing oil prices higher to levels last seen during the 2008 global financial crisis. In recent weeks, the oil price has declined and, as of 10 March 2023, the price of oil was at $82 per barrel of Brent Crude. See *"Item 3D: Risk Factors—The profitability of mining companies' operations and the cash flows generated by these operations are significantly affected by fluctuations in input production prices, many of which are linked to the prices of oil and steel"*.

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AngloGold Ashanti has no influence over the cost of most consumables. 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. COVID-19 continued to – although to a lesser extent than in prior years – present challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices.

Royalties (excluding joint ventures), which are generally calculated as a percentage of revenue, varied over the past three years from $181 million in 2020 to $162 million in 2021 to $185 million in 2022, a two percent increase over the three-year period, primarily due to the variations in the gold prices received, production and royalty rate increases. 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 joint ventures and discontinued operations) totalled $659 million in 2020, $673 million in 2021 and $578 million in 2022. During 2021, the provisions for decommissioning and restoration increased by $14 million largely due to the recognition of a change in estimates relating to the ongoing transition to dry-stacking operations in Brazil to comply with new legal requirements in Brazil as well as changes in the methodology for calculating such estimates. During 2022, the provisions for decommissioning and restoration decreased by $95 million mainly due to 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 design of tailings storage facilities ("TSFs"). 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"*.

**Amortisation of assets**

Amortisation of tangible assets increased during the 2020 to 2022 period by $25 million, or five percent, from $526 million in 2020 to $551 million in 2022, largely due to the Obuasi redevelopment project continuing to ramp up to full production, increased investment in TSFs at Serra Grande and higher deferred stripping at Tropicana and Iduapriem.

Amortisation of right of use assets, as recognised in accordance with IFRS 16 "Leases", increased during the 2020 to 2022 period by $34 million, or 72 percent, from $47 million in 2020 to $81 million in 2022, mainly due to additional lease contracts entered into at the Brazilian operations and at the Geita mine.

Amortisation of intangible assets decreased during the 2020 to 2022 period by $1 million, or 50 percent, from $2 million in 2020 to $1 million in 2022.

**Exploration and evaluation costs**

The Company has expensed exploration expenditure during the years ended 31 December 2020, 2021 and 2022 in order to replenish depleting Mineral Reserve and bring new ore bodies into pre-feasibility or feasibility. The expensed exploration costs incurred over the last three fiscal years amounted to $124 million in 2020, $164 million in 2021 and $205 million in 2022. Exploration expenditure increased during 2022 mainly due to an increase in greenfields exploration in Nevada, United States.

**Corporate administration, marketing and related expenses**

The corporate administration, marketing and related expenses incurred amounted to $68 million in 2020, $73 million in 2021 and $79 million in 2022. The increase in 2022 of $6 million, or eight percent, was mainly due to the allocation of service costs to corporate costs following the implementation of the new Operating Model. This increase was partly offset by the exchange rate impact of a 11 percent weaker local currency.

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

For all of the AngloGold Ashanti Group's cash generating units ("CGUs") where indicators of impairment or reversal of impairment have been identified, the recoverable amounts of the CGUs were determined. With the exception of Serra Grande, the Córrego do Sítio mining complex ("CdS") and the Mineração Cuiabá mining complex ("Cuiabá") in Brazil, the recoverable amounts exceeded the carrying amounts of the CGUs and management has considered the sensitivity of the impairment calculations to various key inputs and assumptions such as the gold price and exchange rates and concluded that reasonably possible changes to these key inputs and assumptions applied would not result in any impairment loss or the reversal of a previous impairment loss to be recognised.

These sensitivities have been taken into consideration in determining the required impairments as disclosed below. Management assumptions for the value in use of tangible assets and goodwill include the gold price assumption, which

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represents management's best estimate of the future price of gold. A long-term real gold price of $1,731 per ounce (2021: $1,599 per ounce; 2020: $1,450 per ounce) is based on a range of economic and market conditions that are expected to exist over the remaining useful life of the assets.

In determining the impairment for each CGU, the real post-tax rate was derived from the weighted average cost of capital ("WACC") using the Capital Asset Pricing Model ("CAPM") to determine the required return on equity with risk factors consistent with the basis used in 2021. At 31 December 2022, the derived group WACC was 12.2 percent (real post-tax) which is 360 basis points higher than 8.6 percent at 31 December 2021, and is based on the industry average capital structure of the major gold companies considered to be appropriate peers. In determining the WACC for each CGU, sovereign and mining risk factors are considered to determine country specific risks. In certain instances, a specific risk premium was added to large projects being undertaken or the turnaround nature of a specific mine to address uncertainties in the forecast of the cash flows.

*Córrego do Sítio (CdS)*

CdS is owned and operated by AngloGold Ashanti Mineração ("AGA Mineração") in Brazil. The CdS mining complex has been in operation since 1989 and consists of open pit and underground mines. The property is currently in a production stage. In line with AngloGold Ashanti's reinvestment strategy, management took a decision during the third quarter of 2022 to carve out the underperforming complex of CdS from the AGA Mineração CGU and to investigate alternative strategic options including either to sell the complex, place the complex under care and maintenance, close the complex or to consider additional capital expenditure to regain profitability of the complex. After the strategic review of CdS, the Company has elected to retain CdS. This decision resulted in the disaggregation of the AGA Mineração CGU into two separate CGUs, being the CdS mining complex CGU and the Cuiabá mining complex CGU. As a result of these impairment indicators, the recoverable amount for the CdS mining complex CGU was determined not to support its carrying values as at 30 September 2022 and an impairment loss of $151 million ($189 million gross of taxes) was recognised and included in the Americas segment. The disaggregation of CGUs did not have an impact on reportable segments in terms of IFRS 8 "Operating Segments" as disclosed in *"Item 18: Financial Statements—Note 2—Segmental Information"*. The recoverable amount of $5 million was determined with reference to the CGU's value in use derived from a discounted cash flow model, using a discount rate of 8.5 percent, compared to the CGU's carrying amount of $156 million.

*Cuiabá*

Cuiabá is owned and operated by AGA Mineração in Brazil. It has been in operation since 1834 and is an underground mine. The property is currently in the production stage. The Cuiabá mining complex CGU, which was disaggregated from the AGA Mineração CGU, recognised an impairment loss of $57 million ($70 million gross of taxes). This was largely due to the suspension of filtered tailings deposition on the Calcinados TSF and processing of gold concentrate at the Queiroz plant in December 2022 (with both servicing the Cuiabá mining complex). For further information, refer to *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil"* and *"Item 3D: Risk Factors—Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact AngloGold Ashanti's financial condition, results of operations and reputation"*.

The recoverable amount of $304 million (compared to the CGU's carrying amount of $361 million) was determined with reference to the CGU's value in use which requires the use of estimates. The impairment result was derived from a discounted cash flow model and a discount rate of 8.5 percent.

Management modelled various scenarios, which included a combination of reasonably possible changes in key assumptions, to determine the impact on the recoverable amount. The impairment assessment required significant judgement and estimation uncertainty. The impairment loss was recognised and included in the Americas segment.

*Serra Grande*

Mineração Serra Grande ("Serra Grande") is wholly-owned by AngloGold Ashanti and is located in the northwest of Goiás state, central Brazil. It has been in operation since 1986 and consists of three underground and two open pit mines. The property is currently in the production stage. The Serra Grande CGU recognised an impairment loss of $38 million ($45 million gross of taxes) during December 2022 largely due to a projection of lower grades and ounces and an increase in the interest rates driven by global inflation and country risk which resulted in an increased discount rate. The recoverable amount of $128 million was determined with reference to the CGU's value in use derived from a discounted cash flow model, using a discount rate of 8.5 percent, compared to the CGU's carrying amount of $166 million. The impairment loss was recognised and included in the Americas segment.

**Other (expenses) income**

Other (expenses) income incurred over the last three fiscal years amounted to an expense of $57 million in 2020, an expense of $136 million in 2021 and an expense of $26 million in 2022. The decrease during 2022 was largely due to care and

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maintenance activities of $45 million incurred in 2021 at the Obuasi mine during the voluntary suspension of underground mining between May and October 2021 following a sill pillar incident, retrenchment and related costs of $18 million incurred in 2021 as part of the transition to the new Operating Model and bond settlement costs of $24 million incurred in 2021 related to the tender offer for, and subsequent redemption of, the $750 million aggregate principal amount of 5.125% notes due 2022, none of which were repeated in 2022. The non-occurrence of the aforementioned costs in 2022 contributed to a decrease in cost of $87 million. Further decreases in other expenses were primarily due to the lower cost of legacy tailings operations of $25 million, mainly at Obuasi, as a result of fewer activities at such legacy tailings operations, and lower value added tax ("VAT") of $7 million and other duties expensed. These decreases in other expenses were partly offset by higher due diligence project costs of $5 million during 2022.

**Taxation** 

Taxation decreased over the period 2020 to 2022 from an expense of $625 million in 2020 to an expense of $173 million in 2022. Decrease in taxation over the period 2020 to 2022 was largely due to lower earnings in Australia, Ghana, Tanzania and Argentina and higher impairments in Brazil.

Taxation is likely to continue to be volatile in the coming years, due to fluctuations in gold price and production.

**Production in 2022**

In 2022, AngloGold Ashanti's total attributable gold production was 2.742 million ounces, an increase of 270,000 ounces, or 11 percent, compared with its total attributable gold production of 2.472 million ounces in 2021. Production was higher year-on-year mainly due to a ten percent increase in recovered grades and the resumption of stoping activities at Obuasi during 2022, following the temporary suspension of underground stoping activities in 2021 due to a sill pillar incident in May 2021. The improving grade profile following the reinvestment programme across the portfolio was a key driver of the overall production increase. For 2022, COVID-19 had a marginal estimated direct impact of 19,000 ounces on the Company's production. By comparison, for 2021, the direct impact of COVID-19 on the Company's production was estimated at 47,000 ounces.

In the Africa region, production increased by 216,000 ounces, or 15 percent, from 1,419,000 ounces in 2021 to 1,635,000 ounces in 2022. The increase was mainly due to higher production from Obuasi, Iduapriem, Siguiri and Geita, partly offset by lower production from Kibali. Gold production at Iduapriem increased by 46,000 ounces, or 23 percent, from 202,000 ounces in 2021 to 248,000 ounces in 2022. Gold production was higher year-on-year mainly due to higher ore volumes processed, further supported by higher grades recovered as the mine accesses ore tonnes from Block 5 and Teberebie Cut 2a compared to Block 5 and the drawdown from stockpiles in 2021. Gold production at Obuasi increased by 142,000 ounces, or 131 percent, from 108,000 ounces in 2021 to 250,000 ounces in 2022. Gold production was higher year-on-year mainly due to the resumption of stoping activities during 2022 following the temporary suspension of underground stoping activities in 2021 due to a sill pillar incident in May 2021, as well as the continued ramp-up of the operations . Gold production at Siguiri increased by 21,000 ounces, or eight percent, from 258,000 ounces in 2021 to 279,000 ounces in 2022. Gold production was higher year-on-year mainly due to higher recovered grades, partly offset by lower ore volumes processed (as a result of local community protests related to employment demands which led to mining disruptions and the temporary suspension of mining activities during the month of July 2022). Gold production at Geita increased by 35,000 ounces, or seven percent, from 486,000 ounces in 2021 to 521,000 ounces in 2022. Gold production was higher year-on-year mainly due to higher ore volumes processed as well as higher recovered grades. Gold production at Kibali decreased by 28,000 ounces, or eight percent, from 365,000 ounces in 2021 to 337,000 ounces in 2022. Gold production was lower year-on-year mainly due to lower grades recovered, partly offset by a marginal increase in ore volumes processed.

In the Americas region, production increased by 10,000 ounces, or two percent, from 559,000 ounces in 2021 to 569,000 ounces in 2022. The increase was mainly due to higher production from Serra Grande and Cerro Vanguardia, partly offset by lower production from AGA Mineração. Gold production at AGA Mineração decreased by 20,000 ounces, or six percent, from 331,000 ounces in 2021 to 311,000 ounces in 2022. Gold production was lower year-on-year mainly due to lower ore volumes processed, partly offset by higher grades recovered. In addition, extreme weather including intense rainfalls followed by widespread flooding in the state of Minas Gerais in Brazil during 2022 negatively impacted production. Infrastructure was temporarily inaccessible in and around the mine and employees were confined to their homes in nearby cities during the flooding. Gold production at Serra Grande increased by 5,000 ounces, or six percent, from 83,000 ounces in 2021 to 88,000 ounces in 2022. Gold production was higher year-on-year mainly due to higher recovered grades resulting from changes to the geological model, partly offset by lower ore volumes processed. Production during 2021 was negatively impacted by COVID-19 related restrictions and stabilisation challenges during the conversion of the TSFs to dry-stacking operations to comply with legal requirements in Brazil, which were not repeated in 2022. Gold production at Cerro Vanguardia increased by 25,000 ounces, or 17 percent, from 145,000 ounces in 2021 to 170,000 ounces in 2022. Gold production was higher year-on-year mainly due to a combination of higher ore volumes processed, higher recovered grades and fewer COVID-19 related limitations and restrictions that affected the mine's ability to operate at full capacity.

In the Australia region, production increased by 44,000 ounces, or nine percent, from 494,000 ounces in 2021 to 538,000 ounces in 2022. This increase was mainly due to higher production from Sunrise Dam and Tropicana. Gold production at Sunrise Dam increased by 3,000 ounces, or one percent, from 229,000 ounces in 2021 to 232,000 ounces in 2022. Gold

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production was marginally higher year-on-year mainly due to higher recovered grades, partly offset by lower ore volumes processed following COVID-19 related production challenges. Gold production at Tropicana increased by 41,000 ounces, or 15 percent, from 265,000 ounces in 2021 to 306,000 ounces in 2022. Gold production was higher year-on-year mainly due to a combination of higher ore volumes processed from the Boston Shaker open pit and underground mine and higher recovered grades as well as the adverse impact of the wall failure in the Boston Shaker open pit in June 2021, which delayed higher grade ore delivery, and which was not repeated during 2022.

**Production in 2021**

In 2021, AngloGold Ashanti's total attributable gold production was 2.472 million ounces, a decrease of 334,000 ounces, or 12 percent, compared with its total attributable gold production of 2.806 million ounces in 2020. Production was lower mainly due to the Company undertaking significant reinvestment across key assets and the temporary suspension of underground mining activities at Obuasi, the direct impact of COVID-19 in the first half of 2021, and secondary impacts of the pandemic, including on the mobility of labour, across 2021. The direct impact on the Company's production from COVID-19 was estimated at 47,000 ounces for 2021, compared to 59,000 ounces in 2020.

In the Africa region, production decreased by 184,000 ounces, or 11 percent, from 1,603,000 ounces in 2020 to 1,419,000 ounces in 2021. The decrease was mainly due to lower production from Iduapriem, Obuasi and Geita, partly offset by higher production from Siguiri. Gold production at Iduapriem decreased by 73,000 ounces, or 27 percent, from 275,000 ounces in 2020 to 202,000 ounces in 2021. Gold production was lower year-on-year mainly due to lower grades from the depletion of ore in Cut 1 and delayed waste stripping at Cut 2 of the Teberebie pit, as well as the impact of a drawdown on stockpiles. Gold production at Obuasi decreased by 19,000 ounces, or 15 percent, from 127,000 ounces in 2020 to 108,000 ounces in 2021. Gold production was lower year-on-year mainly due to underground mining activities being voluntarily suspended between 18 May 2021 and 15 October 2021, following a sill pillar incident. From 15 October 2021, underground mining resumed to replenish the run-of-mine stockpile without corresponding gold production. Gold production at Siguiri increased by 44,000 ounces, or 21 percent, from 214,000 ounces in 2020 to 258,000 ounces in 2021. Gold production was higher year-on-year mainly due to an improvement in recovered grade which was attributable to improved plant recoveries as a result of the carbon-in-leach ("CIL") conversion done at the end of 2020 and the commencement of processing Block 2 material in the second half of 2021. Gold production at Geita decreased by 137,000 ounces, or 22 percent, from 623,000 ounces in 2020 to 486,000 ounces in 2021. Gold production was lower year-on-year mainly due to mining lower grades and the drawdown on stockpiles, as significant reinvestments progressed across the Geita lease during 2021. Gold production at Kibali increased by 1,000 ounces, or less than one percent, from 364,000 ounces in 2020 to 365,000 ounces in 2021. Gold production was marginally higher year-on-year as the mine delivered a good overall performance from the metallurgical plant, with increased tonnage during 2021, driven by higher open pit tonnes mined as compared to 2020.

In the Americas region, production decreased by 90,000 ounces, or 14 percent, from 649,000 ounces in 2020 to 559,000 ounces in 2021. Lower production was encountered at AGA Mineração, Serra Grande and Cerro Vanguardia. Gold production at AGA Mineração decreased by 31,000 ounces, or nine percent, from 362,000 ounces in 2020 to 331,000 ounces in 2021. The Córrego do Sítio mining complex was mainly impacted by challenges in the crushing and milling circuit and lower tonnes of ore treated. Production was also adversely impacted by a seven-day strike by mine workers in September 2021. The Cuiabá mining complex recorded an increase in tonnes of ore treated year-on-year, which was partly offset by lower grades. Gold production at Serra Grande decreased by 31,000 ounces, or 27 percent, from 114,000 ounces in 2020 to 83,000 ounces in 2021. Gold production was lower year-on-year mainly due to lower tonnage resulting from various delays in accessing mine stopes, as well as lower feed grades, the negative impact of COVID-19 on mining operations as well as operational impacts of the fatality that occurred in February 2021. The production performance was further impacted by stabilisation challenges during the commissioning of the new filter process in connection with work to convert the TSFs to dry-stacking operations to comply with new legal requirements in Brazil. Gold production at Cerro Vanguardia decreased by 28,000 ounces, or 16 percent, from 173,000 ounces in 2020 to 145,000 ounces in 2021. Gold production was lower year-on-year mainly due to the effect of lower grades as per the mine plan for 2021 as well as COVID-19 related limitations and restrictions that affected the mine's ability to operate at full capacity.

In the Australia region, production decreased by 60,000 ounces, or 11 percent, from 554,000 ounces in 2020 to 494,000 ounces in 2021. This decrease was mainly due to lower production from Sunrise Dam and Tropicana. Gold production at Sunrise Dam decreased by 27,000 ounces, or 11 percent, from 256,000 ounces in 2020 to 229,000 ounces in 2021. Gold production was lower year-on-year mainly due to lower head grade and a decrease in metallurgical recovery, which was partly offset by higher tonnes mined in the underground mine. Mine-to-mill grade reconciliations stabilised during the second half of 2021 and access to higher-grade underground ore was achieved at the end of 2021 in the newly accessed Frankie orebody. Gold production at Tropicana decreased by 33,000 ounces, or 11 percent, from 298,000 ounces in 2020 to 265,000 ounces in 2021. Gold production was lower year-on-year mainly due to a lower mill feed grade as stockpile drawdowns increased while mining focused on waste removal in the Havana Stage 2 Cutback. Production was also adversely impacted by the wall failure in the Boston Shaker open pit in June 2021, which delayed higher grade ore delivery. Production at Tropicana was also adversely affected by labour market shortages which had an impact on open pit and underground material movement.

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**<u>Comparison of financial performance in 2022, 2021 and 2020</u>**

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| | | | |
|:---|:---|:---|:---|
| | **Year ended 31 December** | **Year ended 31 December** | **Year ended 31 December** |
| **Financial performance of AngloGold Ashanti**<br>**(in $ millions)** | **2022** | **2021** | **2020** |
|  |  |  | **Restated** |
| **Continuing operations** |  |  |  |
| Revenue from product sales | **4501** | **4029** | **4595** |
| Cost of sales | **(3362)** | **(2857)** | **(2829)** |
| Total of all other (expenses) income | **(816)** | **(463)** | **(417)** |
| Share of associates and joint ventures' profit (loss) | **166** | **249** | **278** |
| Taxation | **(173)** | **(312)** | **(625)** |
| **Discontinued operations** |  |  |  |
| Profit (loss) from discontinued operations | **—** | **—** | **7** |
| **Profit for the period** | **316** | **646** | **1009** |
| Net profit (loss) attributable to equity shareholders |  |  |  |
| - Continuing operations | **297** | **622** | **984** |
| - Discontinued operations | **—** | **—** | **7** |
| Net profit (loss) attributable to non-controlling interests |  |  |  |
| - Continuing operations | **19** | **24** | **18** |

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**<u>Comparison of total cost of sales in 2022, 2021 and 2020</u>**

The following table presents cost of sales from continuing operations for the AngloGold Ashanti Group for the three-year period ended 31 December 2022:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended 31 December** | **Year ended 31 December** | **Year ended 31 December** |
| **Cost of sales for AngloGold Ashanti**<br>**(in $ millions)** | **2022** | **2021** | **2020** |
|  |  |  | **Restated** |
| **Total cost of sales** | **3362** | **2857** | **2829** |
| Inventory change | **30** | **(6)** | **(14)** |
| Amortisation of tangible assets | **(551)** | **(411)** | **(526)** |
| Amortisation of intangible assets | **(1)** | **(3)** | **(2)** |
| Amortisation of right of use assets | **(81)** | **(63)** | **(47)** |
| Retrenchment costs | **(6)** | **(2)** | **(2)** |
| Rehabilitation and other non-cash costs | **—** | **(38)** | **(32)** |
| **Total cash costs** | **2753** | **2334** | **2206** |

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**<u>Comparison of financial performance in 2022 with 2021</u>**

Our gold income is materially impacted by price and volume variances. All of our costs are impacted by the consequences of average exchange rate movements.

Exchange fluctuations in, and the average exchange rates for, the Brazilian real, Australian dollar and, to a lesser extent, the Argentinean peso and other local currencies have effects on the various components that make up our costs based on the level of local procurement of each of these costs. For a discussion of the effect of foreign exchange fluctuations on our financial results, see *"Item 5A: Operating Results—Key factors affecting results—Foreign exchange fluctuations"*.

**Revenue from product sales**

Revenue from product sales increased by $472 million, or 12 percent, from $4,029 million in 2021 to $4,501 million in 2022, mainly as a result of an increase in gold income, partly offset by a decrease in by-product revenue. Gold income increased by $485 million, or 12 percent, from $3,903 million in 2021 to $4,388 million in 2022. This increase was mainly due to an increase in ounces of gold sold, partly offset by a decrease in the average gold price received of $3 per ounce. Gold sold increased by

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269,000 ounces, or 13 percent, from 2.116 million ounces in 2021 to 2.385 million ounces in 2022, which resulted in an increase in gold income of $491 million. The average gold price received decreased by $3 per ounce, from $1,796 per ounce during 2021 to $1,793 per ounce in 2022, which resulted in a decrease in gold income of $6 million. By-product revenue decreased by $13 million, or ten percent, from $126 million in 2021 to $113 million in 2022, mainly due to a decrease in revenue from silver.

Revenue from product sales from the Africa operations (excluding equity-accounted joint ventures) increased by $400 million, or 20 percent, from $1,988 million in 2021 to $2,388 million in 2022, mainly as a result of an increase in gold income. Gold income (excluding equity-accounted joint ventures) increased by $400 million, or 20 percent, from $1,985 million in 2021 to $2,385 million in 2022. This increase was mainly due to higher ounces of gold sold, partly offset by a decrease in the average gold price received. Gold sold increased by 221,000 ounces, or 21 percent, from 1.060 million ounces in 2021 to 1.281 million ounces in 2022, which resulted in an increase in gold income of $403 million. There was an increase in production across all Africa operations in 2022 when compared to 2021. For a discussion of the increase in production at the Africa operations during 2022, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*. The decrease in the average gold price received resulted in a decrease in gold income of $3 million. By-product revenue (excluding equity-accounted joint ventures) of $3 million in 2022 remained unchanged from $3 million in 2021.

Revenue from product sales from the Americas operations decreased by $5 million, from $1,147 million in 2021 to $1,142 million in 2022, mainly as a result of a decrease in by-product revenue, partly offset by an increase in gold income. Gold income increased by $8 million, or one percent, from $1,028 million in 2021 to $1,036 million in 2022. This increase was mainly due to higher ounces of gold sold, partly offset by a decrease in the average gold price received. Gold sold increased by 4,000 ounces, or one percent, from 561,000 ounces in 2021 to 565,000 ounces in 2022, which resulted in an increase in gold income of $10 million. There was an increase in production at Cerro Vanguardia and Serra Grande, partly offset by a decrease in production at AngloGold Ashanti Mineração. For a discussion of the increase in production at the Americas operations during 2022, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*. The decrease in average gold price received resulted in a decrease in gold income of $2 million. By-product revenue decreased by $13 million, or 11 percent, from $119 million in 2021 to $106 million in 2022, mainly due to a decrease in silver revenue from lower silver production in Argentina.

Revenue from product sales from the Australia operations increased by $77 million, or nine percent, from $894 million in 2021 to $971 million in 2022, mainly as a result of an increase in gold income. Gold income increased by $77 million, or nine percent, from $890 million in 2021 to $967 million in 2022. This increase was mainly due to higher ounces of gold sold, partly offset by a decrease in the average gold price received. Gold sold increased by 44,000 ounces, or nine percent, from 495,000 ounces in 2021 to 539,000 ounces in 2022, which resulted in an increase in gold income of $79 million. There was an increase in production at Tropicana which was partly offset by a decrease in production at Sunrise Dam. For a discussion of the increase in production at the Australia operations during 2022, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*. The decrease in the average gold price received resulted in a decrease in gold income of $2 million. By-product revenue of $4 million in 2022 remained unchanged from $4 million in 2021.

**Cost of sales**

Cost of sales increased by $505 million, or 18 percent from $2,857 million in 2021 to $3,362 million in 2022. The increase was primarily due to an increase in cash operating costs by $394 million, or 18 percent, from $2,160 million in 2021 to $2,554 million in 2022, an increase in amortisation of tangible assets by $140 million, or 34 percent, from $411 million in 2021 to $551 million in 2022, an increase in amortisation of right of use assets by $18 million, or 29 percent, from $63 million in 2021 to $81 million in 2022 and an increase in royalties paid by $23 million, or 14 percent, from $162 million in 2021 to $185 million in 2022, mainly due to higher ounces sold. This increase was partly offset by a decrease in environmental rehabilitation and other non-cash costs by $38 million, or 100 percent, from $38 million in 2021 to nil in 2022, an inventory change of $36 million, or 600 percent, from a charge of $6 million in 2021 to a credit of $30 million in 2022, and a decrease in amortisation of intangible assets by $2 million, or 67 percent, from $3 million in 2021 to $1 million in 2022.

The increase in cash operating costs was mainly due to higher labour and contractors' costs, commodity prices, logistics costs, consumable stores, services, other charges, fuel and power costs. Higher labour and contractors' costs were mainly due to the resumption of stoping activities during 2022 at Obuasi, following the temporary suspension of underground mining activities in 2021 due to a sill pillar incident in May 2021. At Geita, with the acceleration of the heavy mobile equipment ("HME") fleet rebuilds as the open pit mine expanded, higher underground mining contractors' costs were incurred. Higher labour and contractors' costs were also due to shortages of critical skills at certain operations. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, explosives, timber and reagents. Higher fuel and power costs were mainly due to the increase in the average price of Brent Crude oil, which increased from $71 per barrel in 2021 to $97 per barrel in 2022, a $26, or a 37 percent, per barrel increase. The increase in amortisation of tangible assets was mainly due to the Obuasi redevelopment project continuing to ramp up to full production, higher deferred stripping amortisation at Tropicana and Iduapriem, and higher Mineral Reserve development amortisation at Tropicana and Geita. The increase in amortisation of right of use assets was mainly due to the business strategy whereby certain heavy mobile equipment is leased, mainly at the Brazil and Africa operations. The increase in royalties paid primarily arose from an increase in ounces of gold sold in 2022 as compared to 2021. The decrease in environmental rehabilitation and other non-cash costs primarily arose from

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the changes to restoration provision cash flows in 2022 compared to 2021. The change in restoration provision cash flows was attributable to changes in discount rates due to changes in global economic assumptions, changes in mine plans resulting in a change in cash flows, changes in design of our TSFs in Brazil due to new legal requirements, and changes in the methodology used to calculate such estimates in response to comments from environmental regulatory authorities. The inventory change was mainly due to higher gold on hand at Obuasi, Siguiri, Geita, Tropicana and Sunrise Dam related to the timing of gold pours and shipments, lower amortisation of inventories in Brazil due to the suspension of tailings disposal and processing plant effluents treatment and lower amortisation of inventories at Cerro Vanguardia due to a higher volume of gold in process. The decrease in amortisation of intangible assets was mainly due to lower software and licence expenditure at Obuasi as compared to 2021.

In Africa, cost of sales increased by $354 million, or 21 percent, from $1,650 million in 2021 to $2,004 million in 2022. The increase was mainly due to an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, services, other charges, fuel and power costs, royalties paid and amortisation of tangible assets. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, explosives, timber and reagents. Higher fuel and power costs were mainly due to the increase in the price of Brent Crude oil. The increase in cost of sales was partly offset by lower environmental rehabilitation and other non-cash costs and inventory changes in 2022 as compared to 2021.

In the Americas, cost of sales increased by $91 million, or 11 percent, from $822 million in 2021 to $913 million in 2022. The increase was mainly due to an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, amortisation of tangible and right of use assets, services and other charges, power and fuel cost, and write down of inventory. Royalties paid were higher mainly due to an increase in ounces of gold sold in 2022 as compared to 2021. The higher labour and contractors' costs were mainly due to cost increases resulting from shortages of critical skills. Higher commodity costs were due to an increase in the prices of steel, support and construction materials, explosives, timber and reagents. Higher fuel and power costs were mainly due to the increase in the price of Brent Crude oil. The strengthening of the Brazilian real by four percent against the US dollar further increased costs. The increase in cost of sales was partly offset by lower environmental rehabilitation and other non-cash costs, inventory changes and the weakening of the Argentinean peso by 37 percent against the US dollar, as compared to 2021.

In Australia, cost of sales increased by $43 million, or six percent, from $740 million in 2021 to $783 million in 2022. The increase was mainly due to an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, services and other charges, power and fuel costs, amortisation of tangible assets, and royalties paid mainly due to an increase in ounces of gold sold in 2022 as compared to 2021. The higher labour and contractors' costs were mainly due to shortages of critical skills. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, explosives, timber and reagents. Higher fuel and power costs were mainly due to the increase in the price of Brent Crude oil. The increase in cost of sales was partly offset by lower environmental rehabilitation and other non-cash costs, and the weakening of the Australian dollar against the US dollar by eight percent as compared to 2021.

*Total cash costs*

Total cash costs increased by $419 million, or 18 percent, from $2,334 million in 2021 to $2,753 million in 2022. The increase was primarily due to an increase in cash operating costs and royalties paid. 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. The strengthening of the Brazilian real against the US dollar contributed to the increase in total cash costs, which was partly offset by the weakening of local currencies against the US dollar in Australia and Argentina.

Cash operating costs increased by $394 million, or 18 percent, from $2,160 million in 2021 to $2,554 million in 2022, primarily due to higher labour and contractors' costs, commodity prices, logistics costs, consumable stores, services and other charges as well as higher fuel and power costs.

The strengthening of the Brazilian real against the US dollar contributed to the increase in total cash costs, which was partly offset by the weakening of local currencies against the US dollar in Australia and Argentina. Cash operating costs include salaries and wages, stores, explosives, reagents, logistics, fuel, power, water and contractors' costs.

Royalties, which are generally calculated as a percentage of revenue, increased by $23 million, or 14 percent, from $162 million in 2021 to $185 million in 2022. The increase was primarily due to an increase in gold sales across all mining operations with the exception of Sunrise Dam, AGA Mineração and Kibali. The increase was partly offset by a decrease in the average gold price received per ounce.

*Retrenchment costs*

Retrenchment costs included in cost of sales increased by $4 million, or 200 percent, from $2 million in 2021 to $6 million in 2022.

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*Rehabilitation and other non-cash costs*

Environmental rehabilitation and other non-cash costs decreased by $38 million, or a 100 percent, from $38 million in 2021 to nil in 2022. The decrease was mainly due to changes in mine plans resulting in a change in cash flows, changes in the methodology used to calculate such estimates in response to comments from environmental regulatory authorities and changes in global economic assumptions. Lower restoration in Australia was mainly due to the completion of a study into reduced waste capping of waste dumps and TSFs, partly offset by ongoing changes in design of TSFs in Brazil to comply with new legal requirements.

*Amortisation of tangible, intangible and right of use assets*

Amortisation of tangible, intangible and right of use assets expense increased by $156 million, or 33 percent, from $477 million in 2021 to $633 million in 2022.

Amortisation of tangible assets increased by $140 million, or 34 percent, from $411 million in 2021 to $551 million in 2022. 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), at Tropicana (mainly due to higher deferred stripping amortisation due to mining and depletion of different ore bodies and due to increased capital additions), at Serra Grande (mainly due to higher gold production), at Obuasi (mainly due to higher production and the reset of the useful life for the mining fleet), at Geita (mainly due to the useful life reset done in 2022 for Mineral Reserve development and heavy mining equipment coming into production), at Cerro Vanguardia (mainly due to lower reserves at the end of 2022 compared with at the end of 2021 and higher deferred stripping amortisation) and at Siguiri (mainly due to higher gold production), partially offset by lower amortisation at CdS (mainly due to lower gold production and reduction in asset cost due to the impairment that occurred during 2022) and at Sunrise Dam (mainly due to a decrease in Mineral Reserve development due to strategy focusing on exploration activities).

Amortisation of intangible assets decreased by $2 million, or 67 percent, from $3 million in 2021 to $1 million in 2022, mainly due to lower software and licence expenditure at Obuasi as compared to 2021.

Amortisation of right of use assets increased by $18 million, or 29 percent, from $63 million in 2021 to $81 million in 2022, mainly due to additional lease contracts for heavy mobile equipment entered into at AGA Mineração, Serra Grande and Geita.

*Inventory change* 

Inventory change was a charge of $6 million in 2021 as compared to a credit of $30 million in 2022, which represents a change of $36 million. This change was primarily due to lower cost of unsold gold at Obuasi of $16 million as a result of timing of shipments, lower cost at Siguiri of $5 million and at Geita of $7 million due to an increase in gold on hand, lower cost at the Australian operations of $3 million due to timing of gold pours and shipments, lower amortisation of inventories at the Brazil operations resulting from the suspension of tailings disposal and processing plant effluents treatment of $3 million, and lower amortisation of inventories at Cerro Vanguardia due to a higher volume of gold in process of $5 million. This change was partly offset by an increased cost due to higher sales and higher production in 2022 at Cerro Vanguardia of $3 million.

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

Impairment, derecognition of assets and profit (loss) on disposal was a profit of $11 million in 2021 as compared to a loss of $304 million in 2022, which represents a change of $315 million. This change was mainly due to the impairment of the Córrego do Sítio mining complex CGU of $189 million (gross of taxation), the impairment of the Serra Grande CGU of $45 million (gross of taxation), the impairment of the Cuiabá CGU of $70 million (gross of taxation) and asset derecognitions at Siguiri, Obuasi and Geita of $4 million, partly offset by disposal of properties held in Brazil of $4 million. For further information on the impairment losses in Brazil during 2022, refer to *"Item 5A: Operating Results—Key factors affecting results—Impairment, derecognition of assets and profit (loss) on disposal"*.

**Other (expenses) income**

Other (expenses) income decreased by $110 million, or 81 percent, from an expense of $136 million in 2021 to an expense of $26 million in 2022. The decrease during 2022 was largely due to care and maintenance activities of $45 million incurred in 2021 at the Obuasi mine during the voluntary suspension of underground mining between May and October 2021 following a sill pillar incident, retrenchment and related costs of $18 million incurred in 2021 as part of the transition to the new Operating Model and bond settlement costs of $24 million incurred in 2021 related to the tender offer for, and subsequent redemption of, the $750 million aggregate principal amount of 5.125% notes due 2022, none of which were repeated in 2022. The non-occurrence of the aforementioned costs in 2022 contributed to a decrease in cost of $87 million. Further decreases in other expenses were primarily due to the lower cost of legacy tailings operations, mainly at Obuasi, as a result of fewer activities at such legacy tailings operations, and lower VAT and other duties expensed. These decreases in other expenses were partly offset by higher due diligence project costs during 2022.

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**Finance costs and unwinding of obligations**

Finance costs increased by $9 million, or eight percent, from $110 million in 2021 to $119 million in 2022, mainly due to a decrease in capitalisation of interest against the Obuasi redevelopment project, lower finance costs from borrowings and higher amortisation fees compared to 2021. Unwinding of obligations increased by $24 million, or 400 percent, from $6 million in 2021 to $30 million in 2022, mainly due to an increase in unwinding of other indirect taxes at Geita and non-current receivables at Siguiri as well as higher unwinding on the environmental rehabilitation provisions.

**Share of associates and joint ventures' profit**

Share of associates and joint ventures' profit decreased by $83 million, or 33 percent, from a profit of $249 million in 2021 to a profit of $166 million in 2022, mainly as a result of a decrease in equity earnings of $77 million at Kibali due to lower revenues and higher legal and dividend settlement fees, and $5 million at Rand Refinery (Pty) Limited.

**Taxation**

A taxation expense of $173 million was recorded in 2022, compared to a taxation expense of $312 million in 2021, which represents a $139 million, or 45 percent, decrease. Charges for current tax in 2022 amounted to $231 million, compared to $248 million in 2021, which represents a $17 million, or seven percent, decrease. The decrease in current tax was mainly due to lower pre-tax profit in Brazil. Charges for deferred tax in 2022 amounted to a deferred tax credit of $58 million, compared to an expense of $64 million in 2021, which represents a $122 million, or 191 percent, decrease. The decrease in deferred tax was mainly due to higher deferred tax assets raised in Ghana and higher impairments in Brazil.

**<u>Comparison of financial performance in 2021 with 2020</u>**

Our gold income is materially impacted by price and volume variances. All of our costs are impacted by the consequences of average exchange rate movements.

Exchange fluctuations in and the average exchange rates for the South African rand, Brazilian real, Australian dollar and the Argentinean peso have effects on the various components that make up our costs based on the level of local procurement of each of these costs. For a discussion of the effect of foreign exchange fluctuations on our financial results, see *"Item 5A: Operating Results—Key factors affecting results—Foreign exchange fluctuations"*.

**Revenue from product sales**

Revenue from product sales decreased by $566 million, or 12 percent, from $4,595 million in 2020 to $4,029 million in 2021, mainly as a result of a decrease in gold income, partly offset by an increase in by-product revenue. Gold income decreased by $587 million, or 13 percent, from $4,490 million in 2020 to $3,903 million in 2021. This decrease was mainly due to a decrease in ounces of gold sold, partly offset by an increase in the average gold price received of $18 per ounce. Gold sold decreased by 354,000 ounces, or 14 percent, from 2.470 million ounces in 2020 to 2.116 million ounces in 2021, which resulted in a decrease in gold income of $619 million. The average gold price received increased by $18 per ounce, or one percent, from $1,778 per ounce during 2020 to $1,796 per ounce in 2021, which resulted in an increase in gold income of $32 million. By-product revenue increased by $21 million, or 20 percent, from $105 million in 2020 to $126 million in 2021, mainly due to an increase in revenue from silver.

Revenue from product sales from the Africa operations (excluding equity-accounted joint ventures) decreased by $305 million, or 13 percent, from $2,293 million in 2020 to $1,988 million in 2021, mainly as a result of a decrease in gold income. Gold income (excluding equity-accounted joint ventures) decreased by $305 million, or 13 percent, from $2,290 million in 2020 to $1,985 million in 2021. This decrease was mainly due to lower ounces of gold sold, partly offset by an increase in the average gold price received. Gold sold decreased by 189,000 ounces, or 15 percent, from 1.249 million ounces in 2020 to 1.060 million ounces in 2021, which resulted in a decrease in gold income of $317 million. The decrease was mainly due to lower production from Iduapriem, Obuasi and Geita, partly offset by higher production at Siguiri. For a discussion of the decrease in production at the Africa operations during 2021, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2021"*. The increase in the average gold price received resulted in an increase in gold income of $12 million. By-product revenue (excluding equity-accounted joint ventures) of $3 million in 2021 remained unchanged from $3 million in 2020.

Revenue from product sales from the Americas operations decreased by $163 million, or 12 percent, from $1,310 million in 2020 to $1,147 million in 2021, mainly as a result of a decrease in gold income, partly offset by an increase in by-product revenue. Gold income decreased by $183 million, or 15 percent, from $1,211 million in 2020 to $1,028 million in 2021. This decrease was mainly due to lower ounces of gold sold, partly offset by an increase in the average gold price received. Gold sold decreased by 103,000 ounces, or 16 percent, from 664,000 million ounces in 2020 to 561,000 ounces in 2021, which resulted in a decrease in gold income of $194 million. For a discussion of the decrease in production at the Americas operations during 2021, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2021"*. The increase in average gold price received resulted in an increase of gold income of $11 million. By-product revenue increased by $20 million, or 20 percent, from $99 million in 2020 to $119 million in 2021, mainly due to an increase in revenue from silver.

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Revenue from product sales from the Australia operations decreased by $98 million, or ten percent, from $992 million in 2020 to $894 million in 2021, mainly as a result of a decrease in gold income, partly offset by an increase in by-product revenue. Gold income decreased by $99 million, or ten percent, from $989 million in 2020 to $890 million in 2021. This decrease was mainly due to lower ounces of gold sold, partly offset by an increase in the average gold price received. Gold sold decreased by 62,000 ounces, or 11 percent, from 557,000 million ounces in 2020 to 495,000 ounces in 2021, which resulted in a decrease in gold income of $108 million. For a discussion of the decrease in production at the Australia operations during 2021, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2021"*. The increase in the average gold price received resulted in an increase in gold income of $9 million. By-product revenue increased by $1 million, or 33 percent, from $3 million in 2020 to $4 million in 2021, mainly due to an increase in revenue from silver.

**Cost of sales**

Cost of sales increased by $28 million, or one percent, from $2,829 million in 2020 to $2,857 million in 2021. The increase was primarily due to an increase in cash operating costs by $148 million, or seven percent, from $2,012 million in 2020 to $2,160 million in 2021, an increase in environmental rehabilitation and other non-cash costs by $6 million, or 19 percent, from $32 million in 2020 to $38 million in 2021, and an increase in amortisation of right of use assets by $16 million, or 34 percent, from $47 million in 2020 to $63 million in 2021. The increase was partly offset by a decrease in royalties paid by $19 million, or ten percent, from $181 million in 2020 to $162 million in 2021, a decrease in amortisation of tangible assets of $115 million, or 22 percent, from $526 million in 2020 to $411 million in 2021 and an inventory change of $8 million, or 57 percent, from a charge of $14 million in 2020 to a charge of $6 million in 2021. The increase in cash operating costs was mainly due to higher labour and contractors' costs, commodity prices, logistics costs, consumable stores, COVID-19 pandemic related expenditure, services, other charges, fuel and power costs. Higher labour and contractors' costs were mainly due to COVID-19 related cost increases resulting from challenges with travel restrictions and shortages of critical skills at certain operations. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, lime and other reagents. COVID-19 presented challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices. Higher fuel and power costs were mainly due to the increase in the average price of Brent Crude oil, which increased from $42 per barrel in 2020 to $71 per barrel in 2021, a $29, or a 69 percent, per barrel increase. The increase in environmental rehabilitation and other non-cash costs primarily arose from the changes to restoration provision cash flows in 2021 compared to 2020. The change in restoration provision cash flows was attributable to changes in discount rates due to changes in global economic assumptions, changes in mine plans resulting in a change in cash flows, changes in design of our TSFs in Brazil due to new legal requirements, and changes in the methodology used to calculate such estimates in response to comments from environmental regulatory authorities. The increase in amortisation of right of use assets was mainly due to an increase in number of right of use assets in 2021 as compared to 2020 largely due to a change in business strategy whereby certain heavy mobile equipment is leased. The decrease in royalties paid primarily arose from a decrease in ounces of gold sold in 2021 as compared to 2020. The decrease in amortisation of tangible assets was mainly due to lower amortisation of waste stripping and lower gold production in 2021 as compared to 2020.

In Africa, cost of sales decreased by $62 million, or five percent, from $1,362 million in 2020 to $1,300 million in 2021. The decrease was mainly due to lower amortisation of waste stripping and lower royalties paid due to a decrease in ounces of gold sold in 2021 as compared to 2020. The decrease in cost of sales was partly offset by an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, environmental rehabilitation and other non-cash costs, amortisation of right of use assets, services and other charges, power and fuel costs and higher ore stockpile adjustments. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, lime and other reagents. COVID-19 presented challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices. The higher fuel and power costs were mainly due to the increase in the price of Brent Crude oil.

In the Americas, cost of sales increased by $58 million, or eight percent, from $764 million in 2020 to $822 million in 2021. The increase was mainly due to an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, amortisation of right of use assets, services and other charges, power and fuel cost, write down of inventory and environmental rehabilitation and other non-cash costs. The higher labour and contractors' costs were mainly due to COVID-19 related cost increases resulting from challenges with travel restrictions and shortages of critical skills. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, lime and other reagents. COVID-19 presented challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices. The higher fuel costs were mainly due to the increase in the price of Brent Crude oil. The increase in cost of sales was partly offset by lower royalties paid due to a decrease in ounces of gold sold in 2021 as compared to 2020, lower amortisation of tangible assets due to a decrease in ounces of gold produced in 2021 as compared to 2020 and the weakening of the local currencies against the US dollar. The Argentinean peso weakened by 35 percent and the Brazilian real by five percent, against the US dollar.

In Australia, cost of sales increased by $35 million, or five percent, from $705 million in 2020 to $740 million in 2021. The increase was mainly due to an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, amortisation of right of use assets, services and other charges, power and fuel costs, ore stockpile adjustments and the strengthening of the Australian dollar against the US dollar by eight percent. The higher labour and contractors' costs were

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mainly due to COVID-19 related cost increases resulting from challenges with travel restrictions and shortages of critical skills. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, lime and other reagents. COVID-19 presented challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices. The higher fuel costs were mainly due to the increase in the price of Brent Crude oil. The increase in cost of sales was partly offset by lower environmental rehabilitation and other non-cash costs, lower amortisation of waste stripping due to lower levels of stripping in 2021 as compared to 2020 and lower royalties paid due to a decrease in ounces of gold sold in 2021 as compared to 2020.

*Total cash costs*

Total cash costs increased by $128 million, or six percent, from $2,206 million in 2020 to $2,334 million in 2021. The increase was primarily due to an increase in cash operating costs, partly offset by a decrease in royalties paid. 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. The strengthening of the Australian dollar against the US dollar contributed to the increase in total cash costs, which was partly offset by the weakening of local currencies against the US dollar in Brazil and Argentina.

Cash operating costs increased by $148 million, or seven percent, from $2,012 million in 2020 to $2,160 million in 2021, primarily due to higher labour and contractors' costs, commodity prices, logistics costs, consumable stores, COVID-19 pandemic related expenditure, services and other charges as well as higher fuel and power costs. The strengthening of the Australian dollar against the US dollar contributed to the increase in total cash costs, which was partly offset by the weakening of local currencies against the US dollar in Brazil and Argentina. Cash operating costs includes salaries and wages, stores, explosives, reagents, logistics, fuel, power, water and contractors' costs.

Royalties, which are generally calculated as a percentage of revenue, decreased by $19 million, or ten percent, from $181 million in 2020 to $162 million in 2021. The decrease was primarily due to a decrease in gold sales across all mining operations with the exception of Siguiri and Kibali. The decrease was partly offset by an increased average gold price received per ounce.

*Retrenchment costs*

Retrenchment costs included in cost of sales remained unchanged at $2 million in 2021 as compared to 2020.

*Rehabilitation and other non-cash costs*

Environmental rehabilitation and other non-cash costs increased by $6 million, or a 19 percent, from $32 million in 2020 to $38 million in 2021. The increase was mainly due to changes in design of TSFs in Brazil to dry-stacked structures to comply with new legal requirements, changes in mine plans resulting in a change in cash flows and changes in the methodology used to calculate such estimates in response to comments from environmental regulatory authorities and changes in global economic assumptions.

*Amortisation of tangible, intangible and right of use assets*

Amortisation of tangible, intangible and right of use assets expense decreased by $98 million, or 17 percent, from $575 million in 2020 to $477 million in 2021.

Amortisation of tangible assets decreased by $115 million, or 22 percent, from $526 million in 2020 to $411 million in 2021. The decrease was mainly due to lower amortisation at Geita due to lower production and the closure of the Nyankanga Cut 8 open pit in 2021, the reset of useful life in February 2021 for the heavy moving equipment fleet resulting in lower amortisation compared to 2020, and the reset of the useful life in February 2021 for Mineral Reserve development amortisation drivers and lower Mineral Reserve development capital expenditures in 2021 compared to 2020. At Iduapriem, amortisation was lower than in 2020 mainly due to lower production and lower deferred stripping amortisation in 2021 at Teberebie Cut 1 and Cut 3, at AGA Mineração, amortisation was lower mainly due to lower production, and at Tropicana, amortisation was lower mainly due to lower production and lower deferred stripping amortisation, partly offset by higher Mineral Reserve development amortisation. This decrease was partly offset by higher amortisation at Obuasi as the redevelopment project progressed.

Amortisation of intangible assets increased by $1 million, or 50 percent, from $2 million in 2020 to $3 million in 2021, mainly due to higher software and licence expenditure at Obuasi as compared to 2020.

Amortisation of right of use assets increased by $16 million, or 34 percent, from $47 million in 2020 to $63 million in 2021 largely at AGA Mineração, Serra Grande and Geita mainly due to a change in business strategy whereby certain heavy mobile equipment is leased at these operations.

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*Inventory change* 

Inventory change decreased from a charge of $14 million in 2020 to a charge of $6 million in 2021, which represents a $8 million, or 57 percent, decrease. This decrease was primarily due to lower cost and amortisation at Cerro Vanguardia of $23 million due to fewer ounces produced and sold than in 2020 and lower cost at Geita of $11 million with fewer ounces produced and sold, partly offset by an inventory valuation upward adjustment at Obuasi of $14 million as a result of timing of shipment.

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

Impairment, derecognition of assets and profit (loss) on disposal increased by $12 million from a loss of $1 million in 2020 to a profit of $11 million in 2021. During 2021, profit on disposal of assets was $17 million mainly due to the disposal of properties held in Brazil, partly offset by derecognition of assets at Obuasi of $4 million, impairment of assets at the Corporate office of $1 million due to relocation to new premises and impairment of the La Cascada hydroelectric power plant assets at Gramalote of $1 million. This compares to a $1 million loss from real estate activities in Brazil in 2020.

**Other (expenses) income**

Other (expenses) income increased by $79 million, or 139 percent, from an expense of $57 million in 2020 to an expense of $136 million in 2021. The increase in expenses during 2021 was largely due to care and maintenance activities at the Obuasi mine, retrenchment and related costs, premium on settlement of bonds and a refund from an insurance claim in 2020 which was not repeated in 2021. Underground mining activities were voluntarily suspended between 18 May 2021 and 15 October 2021 at the Obuasi mine, following a sill pillar incident. From 15 October 2021, underground mining resumed to replenish the run-of-mine stockpile without corresponding gold production. Since the voluntary suspension of underground mining activities, care and maintenance costs of $45 million were incurred at Obuasi during 2021. Retrenchment and related costs of $18 million were incurred during 2021 as part of the transition to the new Operating Model. Bond settlement costs during 2021 related to costs associated with the tender offer for, and subsequent redemption of, the $750 million aggregate principal amount of 5.125% notes due 2022 and amounted to $24 million. These increases in expenses were partly offset by the lower cost of legacy tailings operations, mainly at Obuasi, due to fewer activities at such legacy tailings operations, lower VAT and other duties expensed.

**Finance costs and unwinding of obligations**

Finance costs decreased by $28 million, or 20 percent, from $138 million in 2020 to $110 million in 2021, mainly due to an increase in capitalisation of interest against the Obuasi redevelopment project, lower finance costs from borrowings and amortisation fees as 2020 included finance costs related to a $1.0 billion standby credit facility not repeated in 2021. Unwinding of obligations decreased by $33 million, or 85 percent, from $39 million in 2020 to $6 million in 2021, mainly due to a decrease in unwinding of other indirect taxes at Geita.

**Share of associates and joint ventures' profit**

Share of associates and joint ventures' profit decreased by $29 million, or ten percent, from a profit of $278 million in 2020 to a profit of $249 million in 2021 mainly as a result of a decrease in equity earnings of $7 million at Kibali and $5 million at Rand Refinery (Pty) Limited, as well as a profit of $19 million on the sale of the Morila and Sadiola mines in Mali during 2020 not repeated in 2021, partly offset by losses of $2 million at Gramalote during 2020 not repeated during 2021.

**Taxation**

A taxation expense of $312 million was recorded in 2021, compared to a taxation expense of $625 million in 2020, which represents a $313 million, or 50 percent, decrease. Charges for current tax in 2021 amounted to $248 million, compared to $562 million in 2020, which represents a $314 million, or 56 percent, decrease. The decrease in current tax was mainly due to lower pre-tax profit in Ghana, Australia, Brazil, Argentina and Tanzania. Charges for deferred tax in 2021 amounted to a deferred tax expense of $64 million, compared to $63 million in 2020, which represents a $1 million, or two percent, increase.

**Discontinued operations**

A profit from discontinued operations of $7 million was recorded in 2020, which was not repeated in 2021. The profit of $7 million consists of an operating loss after tax of $9 million and an impairment reversal of $16 million. As a result of the sale of the Company's remaining South African producing assets and related liabilities in September 2020, the South African operations were accounted for as discontinued operations for the year ended and as at 31 December 2020.

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**<u>Comparison of capital expenditure in 2022, 2021 and 2020</u>**

The following table presents capital expenditure data from continuing operations for the AngloGold Ashanti Group for the three-year period ended 31 December 2022:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended 31 December** | **Year ended 31 December** | **Year ended 31 December** |
| **Capital expenditure data for AngloGold Ashanti**<br>**(in $ millions)** | **2022** | **2021** | **2020** |
|  |  |  | **Restated** |
| &nbsp;&nbsp;&nbsp;Capital expenditure | **1118** | **1100** | **795** |
| &nbsp;&nbsp;&nbsp;- Consolidated entities | **1028** | **1028** | **739** |
| &nbsp;&nbsp;&nbsp;- Equity-accounted joint ventures | **90** | **72** | **56** |

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**<u>Comparison of capital expenditure in 2022 with 2021</u>**

Total capital expenditure (including equity-accounted joint ventures) increased by $18 million, or two percent, from $1,100 million in 2021 to $1,118 million in 2022. This increase was mainly due to increased expenditure on sustaining capital ($1 million) and non-sustaining project capital ($17 million). AngloGold Ashanti embarked on a multi-year initiative at the beginning of 2020 to increase investment in Mineral Reserve development and brownfields exploration. The aim of this investment is to increase the rate of Mineral Reserve conversion, extend the reserve lives of our assets, enhance mining flexibility and further improve our knowledge of the ore bodies in the portfolio.

In Africa (including equity-accounted joint ventures), capital expenditure increased by $70 million, or 14 percent, from $506 million in 2021 to $576 million in 2022. At Iduapriem in Ghana, capital expenditure increased by $41 million from $105 million in 2021 to $146 million in 2022, mainly due to waste stripping at Cut 2 and increased non-sustaining project capital expenditure for work relating to buttressing the TSF, partly offset by lower pre-stripping activities. At Obuasi in Ghana, capital expenditure decreased by $9 million from $168 million in 2021 to $159 million in 2022, mainly due to lower non-sustaining project capital expenditure as construction of Phase 2 of the Obuasi redevelopment project was completed at the end of December 2021. Phase 3 of the Obuasi redevelopment project, which relates principally to capital expenditure to refurbish existing infrastructure around the KMS Shaft, as well as to service the mine in deeper production areas, continues to progress. At Siguiri in Guinea, capital expenditure decreased by $11 million from $38 million in 2021 to $27 million in 2022, mainly due to lower non-sustaining project capital expenditure at Block 2 during 2022 and lower stay-in-business capital expenditure due to expenditure relating to the construction of a haul road by Block 2 during 2021 not being repeated in 2022. At Geita in Tanzania, capital expenditure increased by $31 million from $123 million in 2021 to $154 million in 2022, mainly due to an increase in sustaining capital expenditure, partly offset by lower non-sustaining capital expenditure. Sustaining capital expenditure increased mainly due to an increase in deferred stripping, higher stay-in-business capital expenditure and Mineral Reserve development expenditure as the underground portal development at Geita Hill East progressed according to plan. Lower non-sustaining project capital expenditure was mainly due to the Nyamulilima open pit being commissioned during 2022. At Kibali in the DRC, capital expenditure increased by $18 million from $72 million in 2021 to $90 million in 2022, mainly due to increased sustaining capital expenditure on the cyanide recovery plant and increased non-sustaining exploration.

In the Americas, capital expenditure decreased by $24 million, or seven percent, from $346 million in 2021 to $322 million in 2022. In Brazil, AngloGold Ashanti completed the conversion of existing TSFs to dry-stacking facilities at all mine sites, in a market characterised by increased competition for skills and engineering resources due to the COVID-19 pandemic and the industry-wide requirements to meet regulatory deadlines relating to TSFs. Capital expenditures required in 2022 to implement this new technology amounted to approximately $83 million. At AGA Mineração in Brazil, capital expenditure increased by $4 million from $195 million in 2021 to $199 million in 2022, mainly due to higher sustaining capital expenditure for mine development costs and continuing expenditure on TSFs to meet regulatory requirements. At Serra Grande in Brazil, capital expenditure decreased by $25 million from $82 million in 2021 to $57 million in 2022, mainly due to lower mine development expenditure offset by higher TSF expenditure. At Cerro Vanguardia in Argentina, capital expenditure decreased by $3 million from $69 million in 2021 to $66 million in 2022, mainly due to lower expenditure on TSF embankment raise and lower deferred stripping capital compared to 2021.

In Australia, capital expenditure increased by $17 million, or eight percent, from $185 million in 2021 to $202 million in 2022. At Sunrise Dam in Australia, capital expenditure decreased by $12 million from $62 million in 2021 to $50 million in 2022, mainly due to non-sustaining project capital expenditure incurred on the Golden Delicious open pit growth project having been commissioned in 2021 and not repeated in 2022. At Tropicana in Australia, capital expenditure increased by $30 million from $122 million in 2021 to $152 million in 2022, mainly due to increased non-sustaining project capital expenditure for increased waste mining in the Havana Cutback Project during 2022. At Australia other, capital expenditure decreased by $1 million from $1 million in 2021 to nil in 2022, mainly due to lower exploration equipment expenditure.

In Projects, capital expenditure decreased by $35 million, or 67 percent, from $52 million in 2021 to $17 million in 2022. At Quebradona in Colombia, capital expenditure decreased by $28 million from $33 million in 2021 to $5 million in 2022, mainly due to the higher capitalisation of land and feasibility study costs for the growth project in 2021. At Gramalote in Colombia, capital expenditure decreased by $9 million from $19 million in 2021 to $10 million in 2022, mainly due to the purchase of the

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La Cascada property in 2021 and higher feasibility study costs of the growth project in 2021. During 2022, there was no capital expenditure at La Colosa in Colombia. In Nevada, USA, capital expenditure increased by $1 million from nil in 2021 to $1 million in 2022, mainly due to pre-feasibility studies, and purchase of light motor vehicles and land.

At the Corporate Office in Johannesburg, capital expenditure decreased by $10 million from $11 million in 2021 to $1 million in 2022, mainly due to expenditure on new furniture and computer equipment in connection with the relocation of the Corporate Office to a new building having been incurred in 2021 and not being repeated in 2022.

**<u>Comparison of capital expenditure in 2021 with 2020</u>**

Total capital expenditure (including equity-accounted joint ventures) increased by $304 million, or 38 percent, from $796 million in 2020 to $1,100 million in 2021. This increase was mainly due to increased expenditure on sustaining capital ($281 million) and non-sustaining project capital ($23 million). AngloGold Ashanti embarked on a multi-year initiative at the beginning of 2020 to increase investment in Mineral Reserve development and brownfields exploration. The aim of this investment is to increase the rate of Mineral Reserve conversion, extend the reserve lives of our assets, enhance mining flexibility and further improve our knowledge of the ore bodies in the portfolio.

In Africa (including equity-accounted joint ventures), capital expenditure increased by $71 million, or 16 percent, from $435 million in 2020 to $506 million in 2021. At Iduapriem in Ghana, capital expenditure increased by $45 million from $60 million in 2020 to $105 million in 2021, mainly due to higher pre-stripping activities and stay-in-business capital expenditure. At Obuasi in Ghana, capital expenditure increased by $38 million from $130 million in 2020 to $168 million in 2021, mainly due to a change in scoping activities, the commissioning and ramping up of underground activities and the start of Phase 3 of the Obuasi redevelopment project. Phase 2 construction was completed at the end of December 2021. At Siguiri in Guinea, capital expenditure increased by $8 million from $30 million in 2020 to $38 million in 2021, mainly due to increased stay-in-business capital expenditure incurred to construct a haul road by Block 2. At Geita in Tanzania, capital expenditure increased by $36 million from $87 million in 2020 to $123 million in 2021, mainly due to an increase in non-sustaining project capital expenditure with the start of the Nyamulilima project, an increase in non-sustaining exploration costs, partly offset by lower stay-in-business capital expenditure mainly related to Mineral Reserve development expenditure. At Kibali in the DRC, capital expenditure increased by $20 million from $52 million in 2020 to $72 million in 2021, mainly due to higher deferred stripping and non-sustaining project capital expenditure.

In the Americas, capital expenditure increased by $178 million, or 106 percent, from $168 million in 2020 to $346 million in 2021. In Brazil, AngloGold Ashanti continued its investment to convert existing TSFs to dry-stacking facilities at all mine sites, in a market characterised by increased competition for skills and engineering resources due to the COVID-19 pandemic and the industry-wide requirements to meet regulatory deadlines relating to TSFs. Capital expenditures required in 2021 to implement this new technology amounted to approximately $140 million. At AGA Mineração in Brazil, capital expenditure increased by $92 million from $103 million in 2020 to $195 million in 2021, mainly due to higher mine development costs and higher expenditure on TSFs. At Serra Grande in Brazil, capital expenditure increased by $49 million from $33 million in 2020 to $82 million in 2021, mainly due to higher mine development and TSF expenditures. At Cerro Vanguardia in Argentina, capital expenditure increased by $38 million from $31 million in 2020 to $69 million in 2021, mainly due to higher expenditure on TSF embankment raise and higher deferred stripping capital.

In Australia, capital expenditure increased by $42 million, or 29 percent, from $143 million in 2020 to $185 million in 2021. At Sunrise Dam in Australia, capital expenditure increased by $9 million from $53 million in 2020 to $62 million in 2021, mainly due to non-sustaining project capital expenditure incurred on the Golden Delicious open pit growth project. At Tropicana in Australia, capital expenditure increased by $33 million from $89 million in 2020 to $122 million in 2021, mainly due to higher deferred stripping, Mineral Reserve and other stay-in-business capital expenditure, as well as increased non-sustaining project capital expenditure with the approval of the Havana Cutback Project in 2021. At Australia other, capital expenditure increased by $1 million from nil in 2020 to $1 million in 2021, mainly due to exploration equipment expenditure.

In Projects, capital expenditure increased by $3 million, or six percent, from $49 million in 2020 to $52 million in 2021. At Quebradona in Colombia, capital expenditure decreased by $7 million from $40 million in 2020 to $33 million in 2021, mainly due to the higher capitalisation of land for the growth project in 2020. At Gramalote in Colombia, capital expenditure increased by $10 million from $9 million in 2020 to $19 million in 2021, mainly due to higher feasibility study costs of the growth project. During 2021, there was no capital expenditure at La Colosa in Colombia or in Nevada, USA.

At the Corporate Office in Johannesburg, capital expenditure increased by $9 million from $2 million in 2020 to $11 million in 2021, mainly due to expenditure on new furniture and computer equipment in connection with the relocation of the Corporate Office to a new building.

**<u>Comparison of operating performance on a segment basis for 2022, 2021 and 2020</u>**

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 geographic segments. Therefore, information regarding separate geographic segments is provided.

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**Gold income**

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Year ended 31 December** | **Year ended 31 December** | **Year ended 31 December** |
|  | **2022** | **2021** | **2020** |
|  | $**percent** | $**percent** | $**percent** |
|  |  |  | **Restated** |
| Geographical analysis of gold income by origin is as follows: |  |  |  |
| Africa | **68** | **68** | **60** |
| Australia | **22** | **23** | **20** |
| Americas | **24** | **26** | **25** |
| Less : Associates and equity-accounted joint ventures included above | **(14)** | **(17)** | **(13)** |
| Continuing operations |  |  |  |
| Discontinued operations | **—** | **—** | **8** |
|  | **100** | **100** | **100** |

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**Assets**

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Year ended 31 December** | **Year ended 31 December** | **Year ended 31 December** |
|  | **2022** | **2021** | **2020** |
|  | $**percent** | $**percent** | $**percent** |
|  |  | **Restated** | **Restated** |
| Geographical analysis of assets by origin is as follows: |  |  |  |
| Africa | **51** | **53** | **52** |
| Australia | **12** | **13** | **13** |
| Americas | **17** | **20** | **18** |
| Projects <sup>(1)</sup> | **11** | **4** | **3** |
| Other, including non-gold producing subsidiaries | **9** | **10** | **14** |
| **Total assets** | **100** | **100** | **100** |

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<sup>(1)</sup> A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new Operating Model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated.

At 31 December 2022, 31 December 2021 and 31 December 2020, none of AngloGold Ashanti's producing assets were located in South Africa, compared with ten percent at 31 December 2019, as a result of the sale of the Company's remaining South African producing assets and related liabilities to Harmony in September 2020. The remaining operations collectively accounted for approximately 100 percent of AngloGold Ashanti's total assets at 31 December 2022 compared to 90 percent at the end of the same period in 2019.

**<u>Non-GAAP analysis</u>**

**All-in sustaining costs and all-in costs**

During 2018, the World Gold Council ("WGC"), an industry body, published an updated Guidance Note on "all-in sustaining costs" and "all-in costs" metrics, which gold mining companies can use to supplement their overall non-GAAP disclosure. The WGC worked closely with its members (including AngloGold Ashanti) to develop these non-GAAP measures which are intended to provide further transparency into the full cost associated with producing gold. It is expected that these metrics, in particular, the "all-in sustaining cost" and "all-in cost" metrics which AngloGold Ashanti provides in this annual report on Form 20-F, will be helpful to investors, governments, local communities and other stakeholders in understanding the economics of gold mining. "All-in sustaining costs" is a non-GAAP measure which is an extension of the existing "total cash costs net of by-product revenue" metric and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with developing and maintaining gold mines. In addition, this metric includes the cost associated with Corporate Office structures that support these operations, the community and environmental rehabilitation costs attendant with responsible mining and any exploration and evaluation cost associated with sustaining current operations. "All-in sustaining costs per ounce" is arrived at by dividing the dollar value of this cost metric by the ounces of gold sold. "All-in

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costs" is a non-GAAP measure comprising "all-in sustaining costs" including additional costs which reflect the varying costs of producing gold over the life-cycle of a mine including costs incurred at new operations and costs related to growth projects at existing operations, which are expected to increase production. "All-in costs per ounce" is arrived at by dividing the dollar value of this cost metric by the ounces of gold sold.

**Total cash costs net of by-product revenue**

"Total cash costs net of by-product revenue" is calculated in accordance with the guidelines of the Gold Institute industry standard and industry practice and is a non-GAAP measure. The Gold Institute, which has been incorporated into the National Mining Association, is a non-profit international association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform format for reporting total cash costs on a per ounce basis. The guidance was first adopted in 1996 and revised in November 1999.

"Total cash costs net of by-product revenue" as calculated and reported by AngloGold Ashanti include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by-products, but exclude amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and related costs, capital costs and exploration costs. "Total cash costs per ounce" is calculated by dividing attributable total cash costs net of by-product revenue by attributable ounces of gold produced.

**Average gold price received per ounce**

"Average gold price received per ounce" is a non-GAAP measure which gives an indication of revenue earned per unit of gold sold and includes gold income and realised non-hedge derivatives in its calculation and serves as a benchmark of performance against the market spot gold price. This metric is calculated by dividing attributable gold income (price received) by attributable ounces of gold sold.

"All-in sustaining costs", "all-in sustaining costs per ounce", "all-in costs", "all-in costs per ounce", "total cash costs net of by-product revenue", "total cash costs per ounce" and "average gold price received per ounce" should not be considered by investors in isolation or as alternatives to cost of sales, profit/(loss) applicable to equity shareholders, profit/(loss) before taxation, cash flows from operating activities or any other measure of financial performance presented in accordance with IFRS or as an indicator of the Company's performance. While the WGC has published guidance on how to define "all-in sustaining costs" and "all-in costs" and the Gold Institute has provided definitions for the calculation of "total cash costs per ounce", the calculation of these metrics may vary significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold mining companies.

However, AngloGold Ashanti believes that "all-in sustaining costs", "all-in costs" and "total cash costs net of by-product revenue" in total by mine and per ounce by mine as well as "average gold price received per ounce", are useful indicators to investors and management as they provide:

• an indication of profitability, efficiency and cash flows;

• the trend in costs as the mining operations mature over time on a consistent basis; and

• an internal benchmark of performance to allow for comparison against other mines, both within the AngloGold Ashanti Group and at other gold mining companies.

**Reconciliations**

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 years in the period ended 31 December 2022 is presented on a total basis in the table below.

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| | | | |
|:---|:---|:---|:---|
| | **Year ended 31 December** | **Year ended 31 December** | **Year ended 31 December** |
| **Average gold price received per ounce for AngloGold Ashanti** | **2022** | **2021** | **2020** |
|  |  |  | **Restated** |
| Gold income (million US dollars) | **4388** | **3903** | **4490** |
| Adjusted for non-controlling interests (million US dollars) | **(112)** | **(103)** | **(95)** |
|  | **4276** | **3800** | **4395** |
| Associates and joint ventures' share of gold income including realised non-hedge derivatives (million US dollars) | **596** | **659** | **647** |
| Attributable gold income (million US dollars) | **4872** | **4459** | **5042** |
| Attributable gold sold - oz (000) | **2717** | **2483** | **2835** |
| **Average gold price received per ounce ($/oz)** | **1793** | **1796** | **1778** |

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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", "all-in costs", "all-in costs per ounce", "total cash costs net of by-product revenue" and "total cash costs per ounce" for each of the three years in the period ended 31 December 2022 is presented on a total and segment basis in the tables below starting on page 173. In addition, the Company has provided detail of the attributable ounces of gold produced and sold by mine for each of those periods below.

The following table presents selected total operating data from continuing operations for the AngloGold Ashanti Group for the three-year period ended 31 December 2022:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended 31 December** | **Year ended 31 December** | **Year ended 31 December** |
| **Operating data for AngloGold Ashanti operations - Total**<br>(continuing operations) | **2022** | **2021** | **2020** |
|  |  |  | **Restated** |
| &nbsp;&nbsp;&nbsp;Cost of sales (million US dollars) - Subsidiaries | **3362** | **2857** | **2829** |
| &nbsp;&nbsp;&nbsp;Cost of sales (million US dollars) - Joint Ventures | **342** | **350** | **340** |
| &nbsp;&nbsp;All-in sustaining costs per ounce ($/oz) - Subsidiaries<sup>(1)</sup> | **1439** | **1441** | **1082** |
| &nbsp;&nbsp;All-in sustaining costs per ounce ($/oz) - Joint Ventures<sup>(1)</sup> | **979** | **856** | **810** |
| &nbsp;&nbsp;All-in costs per ounce ($/oz) - Subsidiaries<sup>(1)</sup> | **1658** | **1695** | **1259** |
| &nbsp;&nbsp;All-in costs per ounce ($/oz) - Joint Ventures<sup>(1)</sup> | **1075** | **900** | **824** |
| &nbsp;&nbsp;Total cash costs per ounce ($/oz) - Subsidiaries<sup>(1)</sup> | **1066** | **1017** | **836** |
| &nbsp;&nbsp;Total cash costs per ounce ($/oz) - Joint Ventures<sup>(1)</sup> | **725** | **647** | **629** |

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<sup>(1)</sup> *"All-in sustaining costs per ounce", "all-in costs per ounce" and "total cash costs per ounce" are non-GAAP measures. For a detailed reconciliation of "all-in sustaining costs per ounce", "all-in costs per ounce" and "total cash costs per ounce" for the Company's total operations for each of the three years in the period ended 31 December 2022, refer to the relevant "AngloGold Ashanti operations - Total" tables below.*

**<u>Comparison of operating performance on a segment basis in 2022 with 2021</u>**

**Cost of sales**

In Africa - Subsidiaries, cost of sales increased by $362 million, or 28 percent, from $1,300 million in 2021 to $1,662 million in 2022. The increase was largely due to an increase in labour and contractors' costs, commodity prices, consumable stores, services, other charges, fuel and power costs, royalties paid and amortisation of tangible assets. Higher fuel and power costs were mainly due to the increase in the average price of Brent Crude oil, which increased from $71 per barrel in 2021 to $97 per barrel in 2022, a $26, or a 37 percent, per barrel increase. COVID-19 continued to present challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices, but to a lesser extent than in 2021.

At Iduapriem in Ghana, cost of sales increased by $76 million, or 32 percent, from $238 million in 2021 to $314 million in 2022. Cost of sales at Iduapriem increased year-on-year mainly due to higher amortisation of tangible assets as a result of higher production and higher capital expenditure in 2022. This increase in cost of sales was partly offset by lower environmental rehabilitation and other non-cash costs in 2022.

At Obuasi in Ghana, cost of sales increased by $102 million, or 62 percent, from $164 million in 2021 to $266 million in 2022. Cost of sales at Obuasi increased year-on-year mainly due to the resumption of stoping activities during 2022, following the temporary suspension of underground stoping activities in 2021 due to a sill pillar incident in May 2021. Amortisation of heavy mobile equipment increased mainly due to the reset of the useful life of the mining fleet and Mineral Reserve development amortisation increased as the assets were transferred from being under construction to Mineral Reserve development assets in 2022. Royalties paid were higher due to higher ounces of gold sold in 2022. Phase 3 of the Obuasi redevelopment project, which relates principally to capital expenditure to refurbish existing infrastructure around the KMS Shaft, as well as to service the mine in deeper production areas, continued to progress. This increase in cost of sales was partly offset by lower environmental rehabilitation and other non-cash costs, and favourable gold inventory movements due to the lower cost of unsold gold with the timing of gold shipments.

At Siguiri in Guinea, cost of sales increased by $78 million, or 19 percent, from $410 million in 2021 to $488 million in 2022. Cost of sales at Siguiri increased year-on-year mainly due to higher fuel costs and an unfavourable movement in the exchange rate of the Guinean franc against the US dollar. This increase in cost of sales was partly offset by lower environmental rehabilitation and other non-cash costs.

At Geita in Tanzania, cost of sales increased by $106 million, or 22 percent, from $488 million in 2021 to $594 million in 2022. Cost of sales at Geita increased year-on-year mainly due to higher fuel costs, increased engineering costs from the acceleration of HME fleet rebuilds as the open pit mine expanded, as well as higher underground mining contractors' costs and higher royalties paid. Mineral Reserve development amortisation increased mainly due to a variation in the expenditure pattern which did not occur in 2021. Amortisation of leases increased mainly due to contract modifications in 2022. Amortisation of

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tangible assets increased mainly due to a reset of the amortisation drivers early in 2022. This increase in cost of sales was partly offset by lower inventory costs.

In Africa - Joint Ventures, cost of sales decreased by $8 million, or two percent, from $350 million in 2021 to $342 million in 2022. The decrease was mainly due to lower amortisation of tangible assets, favourable movements in stockpiles and lower royalties paid due to a decrease in ounces sold, partly offset by higher fuel costs. The Kibali mine in the DRC was the only operating asset in Africa - Joint Ventures in 2022.

In the Americas, cost of sales increased by $91 million, or 11 percent, from $822 million in 2021 to $913 million in 2022. The increase was mainly due to an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, amortisation of right of use assets, services and other charges, power and fuel cost, and write down of inventory, and the strengthening of the Brazilian real against the US dollar. The higher labour and contractors' costs were mainly due to challenges relating to shortages of critical skills. Higher commodity costs were mainly due to increases in the prices of steel, support and construction materials, explosives, timber and reagents. COVID-19 continued to present challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices, but to a lesser extent than in 2021. The higher fuel costs were mainly due to the increase in the price of Brent Crude oil. The increase was partly offset by lower environmental rehabilitation and other non-cash costs in 2022 as compared with 2021 as well as the weakening of the Argentinean peso against the US dollar.

At AGA Mineração in Brazil, cost of sales increased by $42 million, or ten percent, from $435 million in 2021 to $477 million in 2022. Cost of sales at AGA Mineração increased year-on-year mainly due to higher commodity prices (oil, iron ore and construction materials) and higher costs of services, fuel, power and labour, write down of inventory, and a four percent strengthening of the Brazilian real against the US dollar.

At Serra Grande in Brazil, cost of sales increased by $39 million, or 32 percent, from $123 million in 2021 to $162 million in 2022. Cost of sales at Serra Grande increased year-on-year mainly due to higher commodity prices, higher cost of labour, consumables, fuel and power as well as activity changes primarily caused by various production challenges encountered during 2022. Cost of sales was further increased by a four percent strengthening of the Brazilian real against the US dollar.

At Cerro Vanguardia in Argentina, cost of sales increased by $12 million, or five percent, from $261 million in 2021 to $273 million in 2022. Cost of sales at Cerro Vanguardia increased year-on-year mainly due to higher salary increases, fuel costs, higher materials consumption (such as fuel, explosives, and spare parts) because of higher tonnes mined. This increase was partly offset by a 37 percent weakening of the Argentinean peso against the US dollar, and favourable inventory change movements.

In the Americas other segment, cost of sales decreased by $2 million, or 67 percent, from $3 million in 2021 to $1 million in 2022.

In Australia, cost of sales increased by $43 million, or six percent, from $740 million in 2021 to $783 million in 2022. The increase was mainly due to an increase in mining contractors' costs, commodity prices, logistics costs, consumable stores, services and other charges, power and fuel costs, gold in process adjustments, deferred stripping amortisation and amortisation of mining assets. This increase was partly offset by an eight percent weakening of the Australian dollar against the US dollar. The higher mining contractors' costs were mainly due to cost increases resulting from challenges with shortages of critical skills. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, explosives, timber and reagents. COVID-19 continued to present challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices, but to a lesser extent than in 2021. The higher fuel costs were mainly due to the increase in the price of Brent Crude oil. The increase in deferred stripping amortisation was mainly due to the mining and depletion of different ore bodies. The increase in the amortisation of mining assets was mainly due to higher production in 2022 compared with 2021. These increases were partly offset by a decrease in environmental rehabilitation and other non-cash costs in 2022.

At Sunrise Dam in Australia, cost of sales increased by $7 million, or two percent, from $364 million in 2021 to $371 million in 2022. Cost of sales at Sunrise Dam increased year-on-year primarily due to higher mining contractors' costs (mainly higher cost of labour due to critical skill shortages), and higher fuel and mining costs. This increase was partly offset by a lower cost of gold inventory changes due to timing of gold pours and shipments.

At Tropicana in Australia, cost of sales increased by $36 million, or ten percent, from $346 million in 2021 to $382 million in 2022. Cost of sales at Tropicana increased year-on-year mainly due to higher mining contractors' costs (mainly higher cost of labour due to critical skill shortages), consumable stores, service costs, fuel and power costs, gold inventory changes, royalties paid and higher Mineral Reserve development and deferred stripping amortisation. This increase was partly offset by lower environmental rehabilitation and other non-cash costs and ore stockpile movements.

Overall, the subsidiaries' cost of sales increased by $505 million, or 18 percent, from $2,857 million in 2021 to $3,362 million in 2022. The increase was primarily due to an increase in cash operating costs by $394 million, or 18 percent, from $2,160 million in 2021 to $2,554 million in 2022, an increase in royalties paid by $23 million, or 14 percent, from $162 million in 2021

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to $185 million in 2022, an increase in amortisation of tangible assets of $140 million, or 34 percent, from $411 million in 2021 to $551 million in 2022, an increase in amortisation of right of use assets of $18 million, or 29 percent, from $63 million in 2021 to $81 million in 2022. This increase was partly offset by an inventory change of $36 million, from a charge of $6 million in 2021 to a credit of $30 million in 2022, and a decrease in environmental rehabilitation and other non-cash costs of $38 million, or 100 percent, from $38 million in 2021 to nil in 2022. The increase in cash operating costs was primarily due to higher labour and contractors' costs, commodity prices, logistics costs, consumable stores, services and other charges as well as fuel and power costs in 2022 compared to 2021. The increase in royalties paid was mainly due to higher ounces sold in 2022 compared to 2021. The increase in amortisation of tangible assets was mainly due to the Obuasi redevelopment project continuing to ramp up to full production, higher deferred stripping amortisation at Tropicana and Iduapriem, and higher Mineral Reserve development amortisation at Tropicana and Geita in 2022 compared to 2021. The increase in amortisation of right of use assets was mainly due to a change in business strategy whereby certain heavy mobile equipment is leased, mainly at the Brazil operations. The decrease in inventory change was mainly due to lower amortisation of inventories resulting from the suspension of tailings disposal and processing plant effluents treatment. The decrease in environmental rehabilitation and other non-cash costs was mainly due to changes to restoration provision cash flows, lower costs and discount rates in 2022 compared to 2021.

**All-in sustaining costs per ounce**

In Africa - Subsidiaries, all-in sustaining costs increased by $27 per ounce, or two percent, from $1,264 per ounce in 2021 to $1,291 per ounce in 2022. This increase was mainly due to an increase in cost of sales and an increase in sustaining capital expenditure, partly offset by an increase in ounces of gold sold. For a discussion of the increase in cost of sales in Africa - Subsidiaries during 2022, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021—Cost of sales"*. Sustaining capital expenditure in Africa - Subsidiaries increased as the region continued to implement its reinvestment programme. At Iduapriem in Ghana, sustaining capital expenditure decreased year-on-year mainly due to lower pre-stripping expenditure in Cut 2. At Obuasi in Ghana, sustaining capital expenditure increased year-on-year mainly due to the ongoing progress of Phase 3 of the Obuasi redevelopment project, which relates principally to capital expenditure to refurbish existing infrastructure around the KMS Shaft, as well as to service the mine in deeper production areas. At Siguiri in Guinea, sustaining capital expenditure increased year-on-year mainly due to increased stay-in-business capital expenditure in 2022. At Geita, sustaining capital expenditure increased year-on-year mainly due to higher deferred stripping activities, stay-in-business capital expenditure and Mineral Reserve development capital expenditure. Gold sold in Africa - Subsidiaries increased by 221,000 ounces, or 21 percent, from 1.060 million ounces in 2021 to 1.281 million ounces in 2022. The increase was largely due to higher production across all operations in Africa other than Kibali. For a discussion of the increase in production at the Africa operations (other than Kibali) during 2022, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*.

In Africa - Joint Ventures, all-in sustaining costs increased by $123 per ounce, or 14 percent, from $856 per ounce in 2021 to $979 per ounce in 2022. This increase was mainly due to an increase in sustaining capital expenditure and lower ounces of gold sold, partly offset by lower cost of sales. For a discussion of the decrease in cost of sales in Africa - Joint Ventures during 2022, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021—Cost of sales"*. Sustaining capital expenditure in Africa - Joint Ventures increased mainly due to higher stay-in-business capital expenditure. Gold sold in Africa - Joint Ventures decreased by 35,000 ounces, or ten percent, from 367,000 ounces in 2021 to 332,000 ounces in 2022. The decrease was mainly due to lower production from Kibali. For a discussion of the decrease in production at Kibali during 2022, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*.The Kibali mine in the DRC was the only operating asset in Africa - Joint Ventures in 2022.

In the Americas, all-in sustaining costs increased by $136 per ounce, or 9 percent, from $1,582 per ounce in 2021 to $1,718 per ounce in 2022. This increase was mainly due to an increase in cost of sales, partly offset by lower sustaining capital expenditure and higher ounces of gold sold. For a discussion of the increase in cost of sales in the Americas during 2022, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021—Cost of sales"*. Sustaining capital expenditure in the Americas decreased as the region had lower investment in TSF projects in 2022 as compared to 2021. At AGA Mineração in Brazil, sustaining capital expenditure increased year-on-year mainly due to higher Mineral Reserve development expenditures. At Serra Grande in Brazil, sustaining capital expenditure decreased year-on-year mainly due to lower TSF expenditures, partly offset by higher Mineral Reserve development expenditures. At Cerro Vanguardia in Argentina, sustaining capital expenditure decreased year-on-year mainly due to lower expenditure on TSFs in 2022, partly offset by higher deferred stripping capital and Mineral Reserve development expenditures in 2022. Gold sold in the Americas increased by 4,000 ounces, or one percent, from 561,000 ounces in 2021 to 565,000 ounces in 2022. This increase was mainly due to higher production from Serra Grande and Cerro Vanguardia, partly offset by lower production from AGA Mineração. For a discussion of the increase in production at the Americas operations during 2022, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*.

In Australia, all-in sustaining costs decreased by $155 per ounce, or ten percent, from $1,500 per ounce in 2021 to $1,345 per ounce in 2022. The decrease was mainly due to lower sustaining capital expenditure and an increase in ounces of gold sold, partly offset by an increase in cost of sales. For a discussion of the increase in cost of sales in Australia during 2022, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021—Cost of sales"*. Sustaining capital expenditure decreased in Australia mainly due to lower stripping and pre-stripping expenditure. At Sunrise

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Dam in Australia, sustaining capital expenditure increased year-on-year mainly due to the camp extension. At Tropicana in Australia, sustaining capital expenditure decreased year-on-year mainly due to lower deferred stripping and pre-stripping expenditure due to mining different ore bodies and at different phases to 2021. Gold sold in Australia increased by 44,000 ounces, or 9 percent, from 495,000 ounces in 2021 to 539,000 ounces in 2022. This increase was mainly due to higher production at Sunrise Dam and Tropicana. For a discussion of the increase in production at the Australia operations during 2022, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*.

**All-in costs per ounce**

In Africa - Subsidiaries, all-in costs decreased by $82 per ounce, or five percent, from $1,516 per ounce in 2021 to $1,434 per ounce in 2022. This decrease was mainly due to an increase in gold sold, lower non-sustaining project capital expenditure and lower care and maintenance costs, partly offset by higher all-in sustaining costs. At Obuasi in Ghana, Phase 3 of the Obuasi redevelopment project, which relates principally to capital expenditure to refurbish existing infrastructure around the KMS Shaft, as well as to service the mine in deeper production areas, continues to progress. Care and maintenance activities of $45 million incurred in 2021 at the Obuasi mine during the voluntary suspension of underground mining between May and October 2021 following a sill pillar incident were not repeated in 2022. Non-sustaining project capital expenditure at Obuasi was lower mainly due to different project scopes and cash flows. This decrease was largely offset by higher non-sustaining project capital expenditure at Iduapriem in Ghana mainly due to increased TSF investment in 2022. For a discussion of the increase in ounces of gold sold in Africa - Subsidiaries during 2022, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021—All-in sustaining costs per ounce"*.

In Africa - Joint Ventures, all-in costs increased by $175 per ounce, or 19 percent, from $900 per ounce in 2021 to $1,075 per ounce in 2022. This increase was mainly due to an increase in all-in sustaining costs and higher non-sustaining project capital expenditure, and lower gold sold. For a discussion of the decrease in ounces of gold sold in Africa - Joint Ventures during 2022, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021—All-in sustaining costs per ounce"*. The Kibali mine in the DRC was the only operating asset in Africa - Joint Ventures in 2022.

In the Americas, all-in costs decreased by $83 per ounce, or 4 percent, from $1,858 per ounce in 2021 to $1,775 per ounce in 2022. This decrease was mainly due to higher ounces of gold sold and lower non-sustaining exploration and study cost expenditure at the Colombian and Nevada growth projects, partly offset by higher all-in sustaining costs. For a discussion of the increase in ounces of gold sold in the Americas during 2022, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021—All-in sustaining costs per ounce"*.

In Australia, all-in costs decreased by $94 per ounce, or 5 percent, from $1,725 per ounce in 2021 to $1,631 per ounce in 2022. This decrease was mainly due to lower all-in sustaining costs, lower non-sustaining exploration and study costs relating to growth deposits at Sunrise Dam and Tropicana, and higher ounces of gold sold, partly offset by higher non-sustaining project capital expenditure at Tropicana on the Havana cutback project. For a discussion of the increase in ounces of gold sold in Australia during 2022, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2022 with 2021—All-in sustaining costs per ounce"*.

**Total cash costs per ounce**

The currencies of Argentina and Australia were, on average, weaker against the US dollar during 2022 as compared to 2021, which positively impacted total cash costs per ounce for 2022. This positive impact was partly offset by the currency of Brazil being, on average, stronger against the US dollar during 2022 as compared to 2021. Total production in 2022 was higher as compared to 2021, which positively impacted total cash costs per ounce for 2022. For a discussion of production during 2022, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2022"*.

In Africa - Subsidiaries, total cash costs per ounce increased by $32 per ounce, or three percent, from $991 per ounce in 2021 to $1,023 per ounce in 2022. The increase was mainly due to an increase in total cash costs, partly offset by a 244,000 ounce increase in production.

At Iduapriem in Ghana, total cash costs per ounce decreased by $111 per ounce, or ten percent, from $1,081 per ounce in 2021 to $970 per ounce in 2022. Total cash costs per ounce decreased year-on-year mainly due to higher production and favourable movements in stockpiles, partly offset by an increase in fuel costs and higher royalties paid.

At Obuasi in Ghana, total cash costs per ounce decreased by $198 per ounce, or 18 percent, from $1,112 per ounce in 2021 to $914 per ounce in 2022. Total cash costs per ounce decreased year-on-year mainly due to higher production.

At Siguiri in Guinea, total cash costs per ounce increased by $119 per ounce, or ten percent, from $1,200 per ounce in 2021 to $1,319 per ounce in 2022. Total cash costs per ounce increased year-on-year mainly due to higher fuel costs and an unfavourable movement in the exchange rate of the Guinean franc against the US dollar, partly offset by an increase in production.

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At Geita in Tanzania, total cash costs per ounce increased by $122 per ounce, or 15 percent, from $822 per ounce in 2021 to $944 per ounce in 2022. Total cash costs per ounce increased year-on-year mainly due to higher fuel costs, increased engineering costs from the heavy mining equipment maintenance as the open-pit mine expanded, as well as higher underground mining contractors' costs and higher royalties paid. This increase was partly offset by higher gold production.

In Africa - Joint Ventures, total cash costs per ounce increased by $78 per ounce, or 12 percent, from $647 per ounce in 2021 to $725 per ounce in 2022. The increase was mainly due to lower production and higher fuel costs, partly offset by favourable movements in stockpiles and lower royalties paid. The Kibali mine in the DRC was the only operating asset in Africa - Joint Ventures in 2022.

In the Americas, total cash costs per ounce increased by $157 per ounce, or 17 percent, from $921 per ounce in 2021 to $1,078 per ounce in 2022. The increase was mainly due to an increase in total cash costs, partly offset by a 10,000 ounce increase in production.

At AGA Mineração in Brazil, total cash costs per ounce increased by $230 per ounce, or 27 percent, from $858 per ounce in 2021 to $1,088 per ounce in 2022 . Total cash costs per ounce were higher year-on-year mainly due to lower production, higher fuel costs, lower by-product revenue, unfavourable movement in inventories, repair costs incurred in the second half of 2022 due to extreme weather earlier in 2022, and an unfavourable movement in the exchange rate of the Brazilian real against the US dollar.

At Serra Grande in Brazil, total cash costs per ounce increased by $163 per ounce, or 14 percent, from $1,192 per ounce in 2021 to $1,355 per ounce in 2022. Total cash costs per ounce increased year-on-year mainly due to higher fuel costs, higher royalties paid and an unfavourable movement in the exchange rate of the Brazilian real against the US dollar, partly offset by higher production.

At Cerro Vanguardia in Argentina, total cash costs per ounce increased by $19 per ounce, or two percent, from $894 per ounce in 2021 to $913 per ounce in 2022. Total cash costs per ounce were higher year-on-year mainly due to higher fuel costs, higher materials consumption (such as fuel, explosives, and spare parts) as a result of higher tonnes mined and lower by-product revenue due to lower silver sales. This increase was partly offset by higher gold production and a favourable movement in the exchange rate of the Argentinean peso against the US dollar.

In Australia, total cash costs per ounce decreased by $39 per ounce, or three percent, from $1,196 per ounce in 2021 to $1,157 per ounce in 2022, primarily due to a 44,000 ounce increase in production, partly offset by an increase in total cash costs.

At Sunrise Dam in Australia, total cash costs per ounce increased by $81 per ounce, or six percent, from $1,321 per ounce in 2021 to $1,402 per ounce in 2022. Total cash costs per ounce were higher year-on-year primarily due to higher fuel and mining costs, partly offset by a favourable movement in the exchange rate of the Australian dollar against the US dollar.

At Tropicana in Australia, total cash costs per ounce decreased by $106 per ounce, or 11 percent, from $987 per ounce in 2021 to $881 per ounce in 2022. Total cash costs per ounce decreased year-on-year mainly due to higher gold production, lower mining costs related to an increase in ore mining volumes in the Boston Shaker open pit and underground mine, a favourable movement in ore stockpiles and a favourable movement in the exchange rate of the Australian dollar against the US dollar, partly offset by higher fuel costs and higher royalties paid.

Overall the subsidiaries' total cash costs per ounce increased by $49, or five percent, from $1,017 per ounce in 2021 to $1,066 per ounce in 2022. The increase was mainly due to an increase in total cash costs partly offset by a 298,000 ounce increase in production.

**<u>Comparison of operating performance on a segment basis in 2021 with 2020</u>**

**Cost of sales**

In Africa - Subsidiaries, cost of sales decreased by $62 million, or five percent, from $1,362 million in 2020 to $1,300 million in 2021. The decrease was mainly due to a significant amount of waste stripping capitalised, a decrease in royalties paid due to lower ounces of gold sold in 2021 and improved efficiencies, partly offset by an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, environmental rehabilitation and other non-cash costs, amortisation of right of use assets, services and other charges, power and fuel costs and higher ore stockpile adjustments. COVID-19 presented challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices. Higher fuel and power costs were mainly due to the increase in the average price of Brent Crude oil, which increased from $42 per barrel in 2020 to $71 per barrel in 2021, a $29, or a 69 percent, per barrel increase.

At Iduapriem in Ghana, cost of sales decreased by $42 million, or 15 percent, from $280 million in 2020 to $238 million in 2021. Cost of sales at Iduapriem decreased year-on-year mainly due to a significant amount of waste stripping capitalised at

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Teberebie Cut 2 in 2021 compared to 2020, together with a decrease in royalties paid due to lower ounces of gold sold and an inventory change due to ore stockpile movements.

At Obuasi in Ghana, cost of sales in 2021 remained unchanged from 2020 at $164 million. Phase 1 of the Obuasi redevelopment project commenced commercial production from 1 October 2020. Underground mining activities were voluntarily suspended between 18 May 2021 and 15 October 2021 at the Obuasi mine, following a sill pillar incident. From 15 October 2021, underground mining resumed to replenish the run-of-mine stockpile without corresponding gold production and related cost of sales. Since the voluntary suspension of underground mining activities, care and maintenance costs of $45 million were incurred at Obuasi during 2021.

At Siguiri in Guinea, cost of sales increased by $33 million, or nine percent, from $377 million in 2020 to $410 million in 2021. Cost of sales at Siguiri increased year-on-year mainly as a result of additional volumes of ore mined resulting in higher operating costs, increases on fuel and reagent costs, and higher royalties paid from additional volumes sold in 2021.

At Geita in Tanzania, cost of sales decreased by $54 million, or ten percent, from $542 million in 2020 to $488 million in 2021. Cost of sales at Geita decreased year-on-year mainly due to lower royalties paid and improved efficiencies in that more open pit tonnes were mined in 2021 at a lower rate per tonne than in 2020. This decrease was partly offset by lower grades as well as the depletion of ore stockpiles in 2021 compared to an increase in ore stockpiles during 2020.

In Africa - Joint Ventures, cost of sales increased by $10 million, or three percent, from $340 million in 2020 to $350 million in 2021. The increase was mainly due to lower open-pit recovered grades, unfavourable movements in stockpiles, higher royalties paid due to an increase in the average gold price received, and additional reagent consumption costs, as compared to 2020. The Kibali mine in the DRC was the only operating asset in Africa - Joint Ventures in 2021.

In the Americas, cost of sales increased by $58 million, or eight percent, from $764 million in 2020 to $822 million in 2021. The increase was mainly due to an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, amortisation of right of use assets, services and other charges, power and fuel cost, write down of inventory and environmental rehabilitation and other non-cash costs. The higher labour and contractors' costs were mainly due to COVID-19 related cost increases resulting from challenges with travel restrictions and shortages of critical skills. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, lime and other reagents. COVID-19 presented challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices. The higher fuel costs were mainly due to the increase in the price of Brent Crude oil. The increase in cost of sales was partly offset by lower royalties paid due to lower ounces of gold sold in 2021 as compared to 2020, lower amortisation of tangible assets due to lower ounces of gold produced in 2021 as compared to 2020 as well as the weakening of the local currencies against the US dollar.

At AGA Mineração in Brazil, cost of sales increased by $43 million, or 11 percent, from $392 million in 2020 to $435 million in 2021. Cost of sales at AGA Mineração increased year-on-year mainly due to higher commodity prices (oil, iron ore and construction materials) and higher costs of services and labour. This increase was partly offset by lower royalties paid due to lower ounces of gold sold and a five percent weakening of the Brazilian real against the US dollar.

At Serra Grande in Brazil, cost of sales increased by $22 million, or 22 percent, to $123 million in 2021 from $101 million in 2020. Cost of sales at Serra Grande increased year-on-year mainly due to higher commodity prices and higher cost of services and labour as well as inefficiencies primarily caused by higher absenteeism due to COVID-19 and various production challenges encountered during 2021. This increase was partly offset by a five percent weakening of the Brazilian real against the US dollar.

At Cerro Vanguardia in Argentina, cost of sales decreased by $8 million, or three percent, from $269 million in 2020 to $261 million in 2021. Cost of sales at Cerro Vanguardia decreased year-on-year mainly due to a 35 percent weakening of the Argentinean peso against the US dollar, and favourable inventory change movements. This decrease was partly offset by higher salary increases, additional costs relating to COVID-19 tests and other related medical costs in line with COVID-19 protocols and higher materials consumption (such as fuel, explosives and spare parts) as a result of higher tonnes mined.

In the Americas other segment, cost of sales increased by $1 million, or 50 percent, from $2 million in 2020 to $3 million in 2021.

In Australia, cost of sales increased by $35 million, or five percent, from $705 million in 2020 to $740 million in 2021. The increase was mainly due to an increase in labour and contractors' costs, commodity prices, logistics costs, consumable stores, amortisation of right of use assets, services and other charges, power and fuel costs, ore stockpile adjustments and the strengthening of the Australian dollar against the US dollar by eight percent. The higher labour and contractors' costs were mainly due to COVID-19 related cost increases resulting from challenges with travel restrictions and shortages of critical skills. Higher commodity costs were mainly due to an increase in the prices of steel, support and construction materials, lime and other reagents. COVID-19 presented challenges within the overall logistics sector resulting in higher cost of transportation, warehousing and inventory prices. The higher fuel costs were mainly due to the increase in the price of Brent Crude oil. This

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increase in cost of sales was partly offset by a decrease in environmental rehabilitation and other non-cash costs, amortisation of waste stripping and royalties paid.

At Sunrise Dam in Australia, cost of sales increased by $22 million, or six percent, from $342 million in 2020 to $364 million in 2021. Cost of sales at Sunrise Dam increased year-on-year primarily due to higher mining costs (mainly higher cost of labour due to critical skill shortages), partly offset by lower royalties paid.

At Tropicana in Australia, cost of sales increased by $8 million, or two percent, from $338 million in 2020 to $346 million in 2021. Cost of sales at Tropicana increased year-on-year mainly due to higher mining costs (mainly higher cost of labour due to critical skill shortages), inventory movements and the impact of higher underground and open pit mining costs.

Overall the subsidiaries' cost of sales increased by $28 million, or one percent, from $2,829 million in 2020 to $2,857 million in 2021. The increase was primarily due to an increase in cash operating costs by $148 million, or seven percent, from $2,012 million in 2020 to $2,160 million in 2021, an increase in environmental rehabilitation and other non-cash costs by $6 million, or 19 percent, from $32 million in 2020 to $38 million in 2021, an increase in amortisation of right of use assets by $16 million, or 34 percent, from $47 million in 2020 to $63 million in 2021. This increase was partly offset by a decrease in royalties paid by $19 million, or ten percent, from $181 million in 2020 to $162 million in 2021, a decrease in amortisation of tangible assets of $115 million, or 22 percent, from $526 million in 2020 to $411 million in 2021 and an inventory change of $8 million, or 57 percent, from a charge of $14 million in 2020 to a charge of $6 million in 2021. The increase in cash operating costs was mainly due to higher labour and contractors' costs, commodity prices, logistics costs, consumable stores, COVID-19 pandemic related expenditure, services and other charges as well as fuel and power costs. The increase in environmental rehabilitation and other non-cash costs was mainly due to the changes to restoration provision cash flows, cost increases and discount rates in 2021 compared to 2020. The increase in amortisation of right of use assets was mainly due to an increase in number of right of use assets in 2021 as compared to 2020. The decrease in royalties paid was mainly due to a decrease in ounces of gold sold in 2021 as compared to 2020. The decrease in amortisation of tangible assets was mainly due to lower amortisation of waste stripping and lower gold production in 2021 as compared to 2020.

**All-in sustaining costs per ounce**

In Africa - Subsidiaries, all-in sustaining costs increased by $262 per ounce, or 26 percent, from $1,002 per ounce in 2020 to $1,264 per ounce in 2021. This increase was mainly due to an increase in cost of sales, an increase in sustaining capital expenditure and a decrease in ounces of gold sold. For a discussion of the increase in cost of sales in Africa - Subsidiaries during 2021, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2021 with 2020—Cost of sales"*. Sustaining capital expenditure in Africa - Subsidiaries increased as the region continued to implement its re-investment programme. At Iduapriem in Ghana, sustaining capital expenditure increased year-on-year mainly due to higher pre-stripping activities and stay-in-business capital expenditure. At Obuasi in Ghana, the Obuasi redevelopment project led to an increase in sustaining capital expenditure as Phase 2 of the project was completed at the end of December 2021. At Siguiri in Guinea, sustaining capital expenditure increased year-on-year mainly due to increased stay-in-business capital expenditure. At Geita in Tanzania, sustaining capital expenditure increased year-on-year mainly due to an increase in deferred stripping and Mineral Reserve development expenditure as the underground portal development at Geita Hill East progressed according to plan. Gold sold in Africa - Subsidiaries decreased by 189,000 ounces, or 15 percent, from 1.249 million ounces in 2020 to 1.060 million ounces in 2021. The decrease was mainly due to lower production from Iduapriem and Geita, partly offset by higher production from Siguiri. For a discussion of the decrease in production at the Africa operations (other than Kibali) during 2021, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2021"*.

In Africa - Joint Ventures, all-in sustaining costs increased by $46 per ounce, or six percent, from $810 per ounce in 2020 to $856 per ounce in 2021. This increase was mainly due to an increase in cost of sales and an increase in sustaining capital expenditure, partly offset by higher ounces of gold sold. For a discussion of the increase in cost of sales in Africa - Joint Ventures during 2021, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2021 with 2020—Cost of sales"*. Sustaining capital expenditure in Africa - Joint Ventures increased mainly due to higher deferred stripping. The increase was partly offset by an increase in gold sold in Africa - Joint Ventures by 2,000 ounces, or one percent, from 365,000 ounces in 2020 to 367,000 ounces in 2021. The marginal increase was mainly due to a marginally higher production from Kibali. For a discussion of the marginal increase in production at Kibali during 2021, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2021"*. The Kibali mine in the DRC was the only operating asset in Africa - Joint Ventures in 2021.

In the Americas, all-in sustaining costs increased by $584 per ounce, or 58 percent, from $1,003 per ounce in 2020 to $1,587 per ounce in 2021. This increase was mainly due to an increase in cost of sales, an increase in sustaining capital expenditure and lower ounces of gold sold. For a discussion of the increase in cost of sales in the Americas during 2021, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2021 with 2020—Cost of sales"*. Sustaining capital expenditure in the Americas increased as the region continued to implement its re-investment programme and the transition of the TSFs in Brazil to dry-stacked structures to comply with new legal requirements. At AGA Mineração and Serra Grande in Brazil, sustaining capital expenditure increased year-on-year mainly due to higher mine development and TSF expenditures. At Cerro Vanguardia in Argentina, sustaining capital expenditure increased year-on-year mainly due to higher expenditure on TSFs and higher deferred stripping capital. Gold sold in the Americas decreased by 103,000 ounces, or 16

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percent, from 664,000 ounces in 2020 to 561,000 ounces in 2021. This decrease was mainly due to lower production from all of the Americas operations. For a discussion of the decrease in production at the Americas operations during 2021, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2021"*.

In Australia, all-in sustaining costs increased by $275 per ounce, or 22 percent, from $1,225 per ounce in 2020 to $1,500 per ounce in 2021. This increase was mainly due to an increase in cost of sales, an increase in sustaining capital expenditure and lower ounces of gold sold. For a discussion of the increase in cost of sales in Australia during 2021, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2021 with 2020—Cost of sales"*. Sustaining capital expenditure increased in Australia as Mineral Reserve development, deferred stripping and other stay-in-business capital expenditure increased. At Sunrise Dam in Australia, sustaining capital expenditure increased year-on-year mainly due to an increase in Mineral Reserve development. At Tropicana in Australia, sustaining capital expenditure increased year-on-year mainly due to higher deferred stripping, Mineral Reserve development and other stay-in-business capital expenditure. Gold sold in Australia decreased by 62,000 ounces, or 11 percent, from 557,000 ounces in 2020 to 495,000 ounces in 2021. This decrease was mainly due to lower production from Sunrise Dam and Tropicana. For a discussion of the decrease in production at the Australia operations during 2021, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2021"*.

**All-in costs per ounce**

In Africa - Subsidiaries, all-in costs increased by $323 per ounce, or 27 percent, from $1,193 per ounce in 2020 to $1,516 per ounce in 2021. This increase was mainly due to an increase in all-in sustaining costs, higher care and maintenance expenditure and higher non-sustaining project capital expenditure. At Obuasi in Ghana, underground mining activities were voluntarily suspended between 18 May 2021 and 15 October 2021, following a sill pillar incident. From 15 October 2021, underground mining resumed to replenish the run-of-mine stockpile without corresponding gold production. Since the voluntary suspension of underground mining activities, care and maintenance costs of $45 million were incurred at Obuasi during 2021. Non-sustaining capital expenditure at Geita in Tanzania increased mainly due to an increase in project capital with the start of the Nyamulilima project. For a discussion of the decrease in ounces of gold sold in Africa - Subsidiaries during 2021, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2021 with 2020—All-in sustaining costs per ounce"*.

In Africa - Joint Ventures, all-in costs increased by $76 per ounce, or nine percent, from $824 per ounce in 2020 to $900 per ounce in 2021. This increase was mainly due to an increase in all-in sustaining costs and higher non-sustaining project capital expenditure . For a discussion of the increase in ounces of gold sold in Africa - Joint Ventures during 2021, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2021 with 2020—All-in sustaining costs per ounce"*. The Kibali mine in the DRC was the only operating asset in Africa - Joint Ventures in 2021.

In the Americas, all-in costs increased by $603 per ounce, or 58 percent, from $1,032 per ounce in 2020 to $1,635 per ounce in 2021. This increase was mainly due to an increase in closure and social responsibility costs not related to current operations. For a discussion of the decrease in ounces of gold sold in the Americas during 2021, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2021 with 2020—All-in sustaining costs per ounce"*.

In Australia, all-in costs increased by $369 per ounce, or 27 percent, from $1,356 per ounce in 2020 to $1,725 per ounce in 2021. This increase was mainly due to an increase in all-in sustaining costs, higher non-sustaining project capital expenditure at Sunrise Dam on the Golden Delicious open pit growth project and at Tropicana on the Havana cutback project, and higher non-sustaining exploration and study costs relating to growth deposits at Sunrise Dam and Tropicana. For a discussion of the decrease in ounces of gold sold in Australia during 2021, see *"Item 5A: Operating Results—Comparison of operating performance on a segment basis in 2021 with 2020—All-in sustaining costs per ounce"*.

**Total cash costs per ounce**

The currencies of Argentina and Brazil were, on average, weaker against the US dollar during 2021 as compared to 2020, which positively impacted total cash costs per ounce for 2021. This positive impact was partly offset by the currency of Australia being, on average, stronger against the US dollar during 2021 as compared to 2020. Total production in 2021 was lower as compared to 2020, which negatively impacted total cash costs per ounce for 2021. For a discussion of production during 2021, see *"Item 5A: Operating Results—Key factors affecting results—Production in 2021"*.

In Africa - Subsidiaries, total cash costs per ounce increased by $150 per ounce, or 18 percent, from $841 per ounce in 2020 to $991 per ounce in 2021. The increase was mainly due to a 185,000 ounce decrease in production and an increase in total cash costs.

At Iduapriem in Ghana, total cash costs per ounce increased by $350 per ounce, or 48 percent, from $731 per ounce in 2020 to $1,081 per ounce in 2021. Total cash costs per ounce increased year-on-year mainly due to lower production and ore stockpile movements. This increase was partly offset by a significant amount of waste stripping capitalised at Teberebie Cut 2 in 2021 compared to 2020, together with a decrease in royalties paid due to lower volumes sold.

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At Obuasi in Ghana, total cash costs per ounce decreased by $195 per ounce, or 15 percent, from $1,307 per ounce in 2020 to $1,112 per ounce in 2021. Total cash costs per ounce decreased year-on-year mainly due to the ramp-up of Phase 2 production, despite the temporary suspension of underground stoping activities in 2021 due to a sill pillar incident in May 2021. During the temporary suspension period, care and maintenance costs of $45 million were incurred until underground stoping activities resumed in mid-October 2021.

At Siguiri in Guinea, total cash costs per ounce decreased by $93 per ounce, or seven percent, from $1,293 per ounce in 2020 to $1,200 per ounce in 2021. Total cash costs per ounce decreased year-on-year mainly as a result of higher production, partly offset by higher operating costs, increases on fuel and reagent costs, and higher royalties paid from additional volumes sold in 2021.

At Geita in Tanzania, total cash costs per ounce increased by $181 per ounce, or 28 percent, from $641 per ounce in 2020 to $822 per ounce in 2021. Total cash costs per ounce increased year-on-year mainly due to lower grades, together with the depletion of ore stockpiles in 2021 compared to an increase in ore stockpiles during 2020. This increase was partly offset by lower royalties paid and improved efficiencies in that more open pit tonnes were mined in 2021 at a lower rate per tonne than in 2020.

In Africa - Joint Ventures, total cash costs per ounce increased by $18 per ounce, or three percent, from $629 per ounce in 2020 to $647 per ounce in 2021. The increase was mainly due to an increase in total cash costs, partly offset by a 1,000 ounce increase in production. Total cash costs per ounce increased year-on-year mainly as a result of lower open-pit recovered grades, unfavourable movements in stockpiles, higher royalties paid due to an increase in the average gold price received, and additional reagent consumption, as compared to 2020. The Kibali mine in the DRC was the only operating asset in Africa - Joint Ventures in 2021.

In the Americas, total cash costs per ounce increased by $200 per ounce, or 28 percent, from $721 per ounce in 2020 to $921 per ounce in 2021. The increase was mainly due to a 90,000 ounce decrease in production and an increase in total cash costs.

In Brazil, at AGA Mineração, total cash costs per ounce increased by $111 per ounce, or 15 percent, from $747 per ounce in 2020 to $858 per ounce in 2021. Total cash costs per ounce increased year-on-year mainly due to lower production and higher commodity prices (oil, iron ore and construction materials) and higher costs of services and labour. This increase was partly offset by higher sulphuric acid by-product revenue and lower royalties paid due to lower volumes sold.

At Serra Grande, total cash costs per ounce increased by $527 per ounce, or 79 percent, from $665 per ounce in 2020 to $1,192 per ounce in 2021. Total cash costs per ounce increased year-on-year mainly due to lower production, higher commodity prices (oil, iron ore and construction materials) and higher cost of services and labour as well as inefficiencies primarily caused by higher absenteeism due to COVID-19 and various production challenges encountered during 2021.

In Argentina, at Cerro Vanguardia, total cash costs per ounce increased by $195 per ounce, or 28 percent, from $699 per ounce in 2020 to $894 per ounce in 2021. Total cash costs per ounce increased year-on-year mainly due to salary increases, additional costs relating to COVID-19 tests and other related medical costs in line with COVID-19 protocols, higher commodity prices and higher materials consumption (such as fuel, explosives and spare parts) as a result of higher tonnes mined. The increase was partly offset by the weakening of the Argentinean peso against the US dollar and higher by-product revenue derived from higher ounces of silver sold.

In Australia, total cash costs per ounce increased by $228 per ounce, or 24 percent, from $968 per ounce in 2020 to $1,196 per ounce in 2021, primarily due to a 60,000 ounce decrease in production and an increase in total cash costs.

At Sunrise Dam, total cash costs per ounce increased by $252 per ounce, or 24 percent, from $1,069 per ounce in 2020 to $1,321 per ounce in 2021. Total cash costs per ounce increased year-on-year primarily due to lower production and higher mining costs (mainly higher cost of labour due to critical skill shortages), partly offset by lower royalties paid.

At Tropicana, total cash costs per ounce increased by $180 per ounce, or 22 percent, from $807 per ounce in 2020 to $987 per ounce in 2021. Total cash costs per ounce increased year-on-year mainly due to lower grades, inventory movements and the impact of higher underground and open pit mining costs.

Overall the subsidiaries' total cash costs per ounce increased by $181, or 22 percent, from $836 per ounce in 2020 to $1,017 per ounce in 2021. The increase was mainly due to an increase in total cash costs and a 335,000-ounce decrease in production.

**Reconciliations** 

The following tables present 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", "all-in costs", "all-in costs per ounce", "total cash costs net of by-product revenue" and "total cash costs per ounce" for each of the three years in the period ended 31 December 2022 on a total

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and segment basis. In addition, the Company has provided detail of the attributable ounces of gold produced and sold by mine for each of those periods below.

**For the year ended 31 December 2022**

**<u>Corporate and other</u>**

(in $ millions, except as otherwise noted)

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| | |
|:---|:---|
| | **Corporate** <sup>(4)</sup> |
| **All-in sustaining costs** | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 4 |
| By-product revenue |  |
| Cost of sales | 4 |
| Realised other commodity contracts |  |
| Amortisation of tangible, intangible and right of use assets | (4) |
| Adjusted for decommissioning and inventory amortisation |  |
| Corporate administration and marketing expenditure | 79 |
| Lease payment sustaining | 2 |
| Sustaining exploration and study costs |  |
| Total sustaining capital expenditure | 1 |
| **All-in sustaining costs** | 82 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 82 |
| **All-in sustaining costs** | 82 |
| Non-sustaining project capital expenditure |  |
| Non-sustaining lease payments |  |
| Non-sustaining exploration and study costs |  |
| Care and maintenance |  |
| Closure and social responsibility costs not related to current operations | 7 |
| Other provisions | 14 |
| **All-in costs** | 103 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 103 |
| **Gold sold - oz (000)**<sup>(2)</sup> |  |
| **All-in sustaining cost per unit - $/oz**<sup>(3)</sup> |  |
| **All-in cost per unit - $/oz**<sup>(3)</sup> |  |

---

<sup>(1)</sup> *Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.* 

<sup>(2)</sup> *Attributable portion.*

<sup>(3)</sup> *In addition to the operational performances of the mines, "all-in sustaining cost per ounce", "all-in cost per ounce" and "total cash costs per ounce" are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports "all-in sustaining cost per ounce" and "all-in cost 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.*

<sup>(4)</sup> *Corporate includes non-gold producing subsidiaries.*

<sup>(5)</sup> *Refer to "Item 18: Financial Statements—Note 2—Segmental Information".*

<sup>(6)</sup> *A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new Operating Model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated.*

*Rounding of figures may result in computational discrepancies.*

------

**For the year ended 31 December 2022**

**<u>Corporate and other</u>**

(in $ millions, except as otherwise noted)

---

| | |
|:---|:---|
| | **Corporate**<sup>(4)</sup> |
| **Total cash costs** | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 4 |
| By-product revenue |  |
| Inventory change |  |
| Amortisation of tangible assets | (3) |
| Amortisation of right of use assets | (1) |
| Amortisation of intangible assets |  |
| Rehabilitation and other non-cash costs |  |
| Retrenchment costs |  |
| **Total cash costs net of by-product revenue** |  |
| Adjusted for non-controlling interests and non-gold producing companies <sup>(1)</sup> |  |
| **Total cash costs adjusted for non-controlling interests and non-gold producing companies** |  |
| **Gold produced – oz (000)**<sup>(2)</sup> |  |
| **Total cash costs per unit – $/oz**<sup>(3)</sup> |  |

---

<sup>(1)</sup> *Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.* 

<sup>(2)</sup> *Attributable portion.*

<sup>(3)</sup> *In addition to the operational performances of the mines, "all-in sustaining cost per ounce", "all-in cost per ounce" and "total cash costs per ounce" are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports "all-in sustaining cost per ounce" and "all-in cost 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.*

<sup>(4)</sup> *Corporate includes non-gold producing subsidiaries.*

<sup>(5)</sup> *Refer to "Item 18: Financial Statements—Note 2—Segmental Information".*

<sup>(6)</sup> *A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new Operating Model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated.*

*Rounding of figures may result in computational discrepancies.*

------

**For the year ended 31 December 2022**

**<u>Operations Africa</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** |
| | **Kibali** | **Other** | **Joint Ventures** | **Iduapriem** | **Obuasi** | **Siguiri** | **Geita** | **Africa Other** | **Subsidiaries** |
| **All-in sustaining costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 342 |  | 342 | 314 | 266 | 488 | 594 |  | 1662 |
| By-product revenue | (1) |  | (1) | (1) | (1) |  | (1) |  | (3) |
| Cost of sales | 341 |  | 341 | 313 | 265 | 488 | 593 |  | 1659 |
| Realised other commodity contracts |  |  |  |  |  |  |  |  |  |
| Amortisation of tangible, intangible and right of use assets | (95) |  | (95) | (80) | (40) | (50) | (102) |  | (272) |
| Adjusted for decommissioning and inventory amortisation |  |  |  |  |  |  |  |  |  |
| Corporate administration and marketing expenditure |  |  |  |  |  |  |  |  |  |
| Lease payment sustaining | 8 |  | 8 | 4 |  | 1 | 22 |  | 27 |
| Sustaining exploration and study costs |  |  |  | 2 |  | 5 | 8 |  | 15 |
| Total sustaining capital expenditure | 71 |  | 71 | 81 | 79 | 23 | 111 |  | 294 |
| **All-in sustaining costs** | 325 |  | 325 | 320 | 304 | 467 | 632 |  | 1723 |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  |  | (70) |  |  | (70) |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 325 |  | 325 | 320 | 304 | 397 | 632 |  | 1653 |
| **All-in sustaining costs** | 325 |  | 325 | 320 | 304 | 467 | 632 |  | 1723 |
| Non-sustaining project capital expenditure | 19 |  | 19 | 65 | 80 | 4 | 43 |  | 192 |
| Non-sustaining lease payments |  |  |  |  |  |  | 3 |  | 3 |
| Non-sustaining exploration and study costs | 2 |  | 2 | 1 |  | 7 | 5 |  | 13 |
| Care and maintenance |  |  |  |  |  |  |  |  |  |
| Closure and social responsibility costs not related to current operations | 10 | 1 | 11 | 1 | (23) |  |  |  | (22) |
| Other provisions |  |  |  |  |  |  |  |  |  |
| **All-in costs** | 356 | 1 | 357 | 387 | 361 | 478 | 683 |  | 1909 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |  |  |  |  | (72) |  |  | (72) |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 356 | 1 | 357 | 387 | 361 | 406 | 683 |  | 1837 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 332 |  | 332 | 247 | 241 | 278 | 515 |  | 1281 |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 979 |  | 979 | 1299 | 1264 | 1428 | 1227 |  | 1291 |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 1072 |  | 1075 | 1570 | 1499 | 1461 | 1325 |  | 1434 |

---

------

**For the year ended 31 December 2022**

**<u>Operations Africa</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** |
| | **Kibali** | **Other** | **Joint Ventures** | **Iduapriem** | **Obuasi** | **Siguiri** | **Geita** | **Africa other** | **Subsidiaries** |
| **Total cash costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 342 |  | 342 | 314 | 266 | 488 | 594 |  | 1662 |
| By-product revenue | (1) |  | (1) | (1) | (1) |  | (1) |  | (3) |
| Inventory change | 3 |  | 3 | 3 | 6 | 4 | 7 | (1) | 19 |
| Amortisation of tangible assets | (93) |  | (93) | (77) | (39) | (49) | (77) |  | (242) |
| Amortisation of right of use assets | (2) |  | (2) | (3) |  | (1) | (25) |  | (29) |
| Amortisation of intangible assets |  |  |  |  | (1) |  |  |  | (1) |
| Rehabilitation and other non-cash costs | (4) |  | (4) | 4 | (2) | (8) | (7) |  | (13) |
| Retrenchment costs |  |  |  |  |  |  |  |  |  |
| **Total cash costs net of by-product revenue** | 245 |  | 245 | 240 | 229 | 434 | 491 | (1) | 1393 |
| Adjusted for non-controlling interests non-gold producing companies and other<sup>(1)</sup> |  |  |  |  |  | (65) |  |  | (65) |
| **Total cash costs adjusted for non-controlling interests and non-gold producing companies and other** | 245 |  | 245 | 240 | 229 | 369 | 491 | (1) | 1328 |
| **Gold produced - oz (000)**<sup>(2)</sup> | 337 |  | 337 | 248 | 250 | 279 | 521 |  | 1298 |
| **Total cash costs per unit - $/oz**<sup>(3)</sup> | 725 |  | 725 | 970 | 914 | 1319 | 944 |  | 1023 |

---

------

**For the year ended 31 December 2022**

**<u>Operations in Australia, America and Projects</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **PROJECTS** <sup>(6)</sup> |
| | **Sunrise Dam** | **Tropicana** | **Australia other** | **Total Australia** | **Cerro Vanguardia** | **AngloGold Ashanti <br>Mineração** | **Serra Grande** | **Americas other** | **Total Americas** | **PROJECTS** <sup>(6)</sup> |
| **All-in sustaining costs** | | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 371 | 382 | 30 | 783 | 273 | 477 | 162 | 1 | 913 |  |
| By-product revenue | **(1)** | **(3)** | **—** | **(4)** | **(75)** | **(31)** | **—** | **—** | **(106)** | **—** |
| Cost of sales | 370 | 379 | 30 | 779 | 198 | 446 | 162 | 1 | 807 |  |
| Realised other commodity contracts |  |  |  |  |  |  |  |  |  |  |
| Amortisation of tangible, intangible and right of use assets | (54) | (117) | (1) | (172) | (39) | (106) | (40) |  | (185) |  |
| Adjusted for decommissioning and inventory amortisation |  | 1 |  | 1 | 6 |  | (1) |  | 5 |  |
| Corporate administration and marketing expenditure |  |  |  |  |  |  |  |  |  |  |
| Lease payment sustaining | 12 | 11 | 1 | 24 |  | 32 | 4 |  | 36 | 1 |
| Sustaining exploration and study costs | 1 | 1 |  | 2 | 3 | 1 |  |  | 4 |  |
| **Total sustaining capital expenditure** | 50 | 41 |  | 91 | 66 | 199 | 57 |  | 322 |  |
| **All-in sustaining costs** | 379 | 316 | 30 | 725 | 234 | 572 | 182 | 1 | 989 | 1 |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  | (18) |  |  |  | (18) |  |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 379 | 316 | 30 | 725 | 216 | 572 | 182 | 1 | 971 | 1 |
| **All-in sustaining costs** | 379 | 316 | 30 | 725 | 234 | 572 | 182 | 1 | 989 | 1 |
| Non-sustaining project capital expenditure |  | 111 |  | 111 |  |  |  |  |  | 17 |
| Non-sustaining lease payments |  |  |  |  |  |  |  |  |  |  |
| Non-sustaining exploration and study costs | 18 | 6 | 19 | 43 | 1 | 9 | 3 | 1 | 14 | 113 |
| Care and maintenance |  |  |  |  |  |  |  |  |  |  |
| Closure and social responsibility costs not related to current operations |  |  |  |  |  | 16 | 2 |  | 18 |  |
| Other provisions |  |  |  |  |  |  |  |  |  |  |
| **All-in costs** | 397 | 433 | 49 | 879 | 235 | 597 | 187 | 2 | 1021 | 131 |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  | (18) |  |  |  | (18) |  |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 397 | 433 | 49 | 879 | 217 | 597 | 187 | 2 | 1003 | 131 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 228 | 311 |  | 539 | 166 | 310 | 89 |  | 565 |  |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 1666 | 1014 |  | 1345 | 1301 | 1841 | 2053 |  | 1718 |  |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 1746 | 1391 |  | 1631 | 1309 | 1923 | 2102 |  | 1775 |  |

---

------

**For the year ended 31 December 2022**

**<u>Operations in Australia, America and Projects</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** |
| | **Sunrise Dam** | **Tropicana** | **Australia other** | **Total Australia** | **Cerro Vanguardia** | **AngloGold Ashanti <br>Mineração** | **Serra Grande** | **Americas other** | **Total Americas** |
| **Total cash costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 371 | 382 | 30 | 783 | 273 | 477 | 162 | 1 | 913 |
| By-product revenue | (1) | (3) |  | (4) | (75) | (31) |  |  | (106) |
| Inventory change | 8 | (5) |  | 3 | 9 | 1 | (1) | (1) | 8 |
| Amortisation of tangible assets | (43) | (109) |  | (152) | (39) | (79) | (36) |  | (154) |
| Amortisation of right of use assets | (11) | (8) | (1) | (20) |  | (27) | (4) |  | (31) |
| Amortisation of intangible assets |  |  |  |  |  |  |  |  |  |
| Rehabilitation and other non-cash costs | 2 | 12 | (1) | 13 | 2 | (1) | (1) |  |  |
| Retrenchment costs |  |  | (1) | (1) | (2) | (2) | (1) |  | (5) |
| **Total cash costs net of by-product revenue** | 326 | 269 | 27 | 622 | 168 | 338 | 119 |  | 625 |
| Adjusted for non-controlling interests, non-gold producing companies and other<sup>(1)</sup> |  |  |  |  | (13) |  |  |  | (13) |
| **Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies** | 326 | 269 | 27 | 622 | 155 | 338 | 119 |  | 612 |
| **Gold produced – oz (000)**<sup>(2)</sup> | 232 | 306 |  | 538 | 170 | 311 | 88 |  | 569 |
| **Total cash costs per unit – $/oz**<sup>(3)</sup> | 1402 | 881 |  | 1157 | 913 | 1088 | 1355 |  | 1078 |

---

------

**For the year ended 31 December 2022**

**<u>AngloGold Ashanti operations – Total</u>**

(in $ millions, except as otherwise noted)

---

| | | |
|:---|:---|:---|
| | **JOINT VENTURES** | **SUBSIDIARIES** |
| **All-in sustaining costs** | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 342 | 3362 |
| By-product revenue | (1) | (113) |
| Cost of sales | 341 | 3249 |
| Realised other commodity contracts |  |  |
| Amortisation of tangible, intangible and right of use assets | (95) | (633) |
| Adjusted for decommissioning and inventory amortisation |  | 6 |
| Corporate administration and marketing expenditure |  | 79 |
| Lease payment sustaining | 8 | 90 |
| Sustaining exploration and study costs |  | 21 |
| Total sustaining capital expenditure | 71 | 708 |
| **All-in sustaining costs** | 325 | 3520 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  | (88) |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 325 | 3432 |
| **All-in sustaining costs** | 325 | 3520 |
| Non-sustaining project capital expenditure | 19 | 320 |
| Non-sustaining lease payments |  | 3 |
| Non-sustaining exploration and study costs | 2 | 183 |
| Care and maintenance |  |  |
| Closure and social responsibility costs not related to current operations | 11 | 3 |
| Other provisions |  | 14 |
| **All-in costs** | 357 | 4043 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  | (90) |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 357 | 3953 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 332 | 2385 |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 979 | 1439 |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 1075 | 1658 |

---

------

**For the year ended 31 December 2022**

**<u>AngloGold Ashanti operations – Total</u>**

(in $ millions, except as otherwise noted)

---

| | | |
|:---|:---|:---|
| | **JOINT VENTURES** | **SUBSIDIARIES** |
| **Total cash costs** | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 342 | 3362 |
| By-product revenue | (1) | (113) |
| Inventory change | 3 | 30 |
| Amortisation of tangible assets | (93) | (551) |
| Amortisation of right of use assets | (2) | (81) |
| Amortisation of intangible assets |  | (1) |
| Rehabilitation and other non-cash costs | (4) |  |
| Retrenchment costs |  | (6) |
| **Total cash costs net of by-product revenue** | 245 | 2640 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  | (78) |
| **Total cash costs net of by-product revenue adjusted for non-controlling interests and <br>non-gold producing companies** | 245 | 2562 |
| **Gold produced – oz (000)**<sup>(2)</sup> | 337 | 2405 |
| **Total cash costs (adjusted) per unit – $/oz**<sup>(3)</sup> | 725 | 1066 |

---

------

**For the year ended 31 December 2021**

**<u>Corporate and other</u>**

(in $ millions, except as otherwise noted)

---

| | |
|:---|:---|
| | **Corporate** <sup>(4)</sup> |
| **All-in sustaining costs** | |
| **Cost of sales per segmental information**<sup>(5)</sup> | (5) |
| By-product revenue |  |
| Cost of sales | (5) |
| Realised other commodity contracts |  |
| Amortisation of tangible, intangible and right of use assets | (3) |
| Adjusted for decommissioning and inventory amortisation |  |
| Corporate administration and marketing expenditure | 73 |
| Lease payment sustaining | 3 |
| Sustaining exploration and study costs |  |
| Total sustaining capital expenditure | 11 |
| **All-in sustaining costs** | 79 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 79 |
| **All-in sustaining costs** | 79 |
| Non-sustaining project capital expenditure |  |
| Non-sustaining lease payments |  |
| Non-sustaining exploration and study costs |  |
| Care and maintenance |  |
| Closure and social responsibility costs not related to current operations | 4 |
| Other provisions | 1 |
| **All-in costs** | 84 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 84 |
| **Gold sold - oz (000)**<sup>(2)</sup> |  |
| **All-in sustaining cost per unit - $/oz**<sup>(3)</sup> |  |
| **All-in cost per unit - $/oz**<sup>(3)</sup> |  |

---

<sup>(1)</sup> *Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.* 

<sup>(2)</sup> *Attributable portion.*

<sup>(3)</sup> *In addition to the operational performances of the mines, "all-in sustaining cost per ounce", "all-in cost per ounce" and "total cash costs per ounce" are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports "all-in sustaining cost per ounce" and "all-in cost 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.*

<sup>(4)</sup> *Corporate includes non-gold producing subsidiaries.*

<sup>(5)</sup> *Refer to "Item 18: Financial Statements—Note 2—Segmental Information".*

<sup>(6)</sup> *A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new Operating Model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated.*

*Rounding of figures may result in computational discrepancies.*

------

**For the year ended 31 December 2021**

**<u>Corporate and other</u>**

(in $ millions, except as otherwise noted)

---

| | |
|:---|:---|
| | **Corporate** <sup>(4)</sup> |
| **Total cash costs** | |
| **Cost of sales per segmental information**<sup>(5)</sup> | (5) |
| By-product revenue |  |
| Inventory change |  |
| Amortisation of tangible assets | (1) |
| Amortisation of right of use assets | (1) |
| Amortisation of intangible assets | (1) |
| Rehabilitation and other non-cash costs |  |
| Retrenchment costs |  |
| **Total cash costs net of by-product revenue** | (8) |
| Adjusted for non-controlling interests,<sup>(1)</sup> |  |
| **Total cash costs for non-controlling interests** | (8) |
| **Gold produced – oz (000)** <sup>(2)</sup> |  |
| **Total cash costs per unit – $/oz**<sup>(3)</sup> |  |

---

<sup>(1)</sup> *Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.* 

<sup>(2)</sup> *Attributable portion.*

<sup>(3)</sup> *In addition to the operational performances of the mines, "all-in sustaining cost per ounce", "all-in cost per ounce" and "total cash costs per ounce" are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports "all-in sustaining cost per ounce" and "all-in cost 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.*

<sup>(4)</sup> *Corporate includes non-gold producing subsidiaries.*

<sup>(5)</sup> *Refer to "Item 18: Financial Statements—Note 2—Segmental Information".*

<sup>(6)</sup> *A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new Operating Model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated.*

*Rounding of figures may result in computational discrepancies.*

------

**For the year ended 31 December 2021**

**<u>Operations Africa</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** |
| | **Kibali** | **Other** | **Joint Ventures** | **Iduapriem** | **Obuasi** | **Siguiri** | **Geita** | **Africa Other** | **Subsidiaries** |
| **All-in sustaining costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 350 |  | 350 | 238 | 164 | 410 | 488 |  | 1300 |
| By-product revenue | (2) |  | (2) | (1) |  | (1) | (1) |  | (3) |
| Cost of sales | 348 |  | 348 | 237 | 164 | 409 | 487 |  | 1297 |
| Realised other commodity contracts |  |  |  |  |  |  |  |  |  |
| Amortisation of tangible, intangible and right of use assets | (105) |  | (105) | (19) | (22) | (47) | (75) |  | (163) |
| Adjusted for decommissioning and inventory amortisation | 1 |  | 1 | 1 |  |  | 1 |  | 2 |
| Corporate administration and marketing expenditure |  |  |  |  |  |  |  |  |  |
| Lease payment sustaining | 9 |  | 9 | 2 |  | 1 | 19 |  | 22 |
| Sustaining exploration and study costs |  |  |  | 1 |  | 3 | 4 |  | 8 |
| Total sustaining capital expenditure | 61 |  | 61 | 103 | 46 | 18 | 65 |  | 232 |
| **All-in sustaining costs** | 314 |  | 314 | 325 | 188 | 384 | 501 |  | 1398 |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  |  | (58) |  |  | (58) |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 314 |  | 314 | 325 | 188 | 326 | 501 |  | 1340 |
| **All-in sustaining costs** | 314 |  | 314 | 325 | 188 | 384 | 501 |  | 1398 |
| Non-sustaining project capital expenditure | 11 |  | 11 | 2 | 122 | 20 | 58 |  | 202 |
| Non-sustaining lease payments |  |  |  |  |  |  | 2 |  | 2 |
| Non-sustaining exploration and study costs | 2 |  | 2 | 3 | 2 | 2 | 1 |  | 8 |
| Care and maintenance |  |  |  |  | 45 |  |  |  | 45 |
| Closure and social responsibility costs not related to current operations | 3 |  | 3 |  | 10 |  |  |  | 10 |
| Other provisions |  |  |  |  |  |  | 3 |  | 3 |
| **All-in costs** | 330 |  | 330 | 330 | 367 | 406 | 565 |  | 1668 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |  |  |  |  | (61) |  |  | (61) |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 330 |  | 330 | 330 | 367 | 345 | 565 |  | 1607 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 367 |  | 367 | 201 | 114 | 258 | 487 |  | 1060 |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 856 |  | 856 | 1619 | 1653 | 1267 | 1029 |  | 1264 |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 898 |  | 900 | 1642 | 3229 | 1340 | 1161 |  | 1516 |

---

------

**For the year ended 31 December 2021**

**<u>Operations Africa</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** |
| | **Kibali** | **Other** | **Joint Ventures** | **Iduapriem** | **Obuasi** | **Siguiri** | **Geita** | **Africa other** | **Subsidiaries** |
| **Total cash costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 350 |  | 350 | 238 | 164 | 410 | 488 |  | 1300 |
| By-product revenue | (2) |  | (2) | (1) |  | (1) | (1) |  | (3) |
| Inventory change | (1) |  | (1) | 1 | (10) | (1) | (1) |  | (11) |
| Amortisation of tangible assets | (100) |  | (100) | (17) | (21) | (46) | (55) |  | (139) |
| Amortisation of right of use assets | (5) |  | (5) | (2) |  | (1) | (20) |  | (23) |
| Amortisation of intangible assets |  |  |  |  | (1) |  |  |  | (1) |
| Rehabilitation and other non-cash costs | (5) |  | (5) | (1) | (12) | 2 | (12) |  | (23) |
| Retrenchment costs |  |  |  |  |  |  |  |  |  |
| **Total cash costs net of by-product revenue** | 237 |  | 237 | 218 | 120 | 363 | 399 |  | 1100 |
| Adjusted for non-controlling interests non-gold producing companies and other<sup>(1)</sup> |  |  |  |  |  | (55) |  |  | (55) |
| **Total cash costs adjusted for non-controlling interests and non-gold producing companies and other** | 237 |  | 237 | 218 | 120 | 308 | 399 |  | 1045 |
| **Gold produced - oz (000)**<sup>(2)</sup> | 365 |  | 365 | 202 | 108 | 258 | 486 |  | 1054 |
| **Total cash costs per unit - $/oz**<sup>(3)</sup> | 647 |  | 647 | 1081 | 1112 | 1200 | 822 |  | 991 |

---

------

**For the year ended 31 December 2021**

**<u>Operations in Australia, America and Projects</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **PROJECTS** <sup>(6)</sup> **Restated** |
| | **Sunrise Dam** | **Tropicana** | **Australia other** | **Total Australia** | **Cerro Vanguardia** | **AngloGold Ashanti <br>Mineração** | **Serra Grande** | **Americas other** | **Total Americas** | **PROJECTS** <sup>(6)</sup> **Restated** |
| **All-in sustaining costs** | | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 364 | 346 | 30 | 740 | 261 | 435 | 123 | 3 | 822 |  |
| By-product revenue | (1) | (3) |  | (4) | (93) | (26) |  |  | (119) |  |
| Cost of sales | 363 | 343 | 30 | 736 | 168 | 409 | 123 | 3 | 703 |  |
| Realised other commodity contracts |  |  |  |  |  |  |  |  |  |  |
| Amortisation of tangible, intangible and right of use assets | (60) | (88) | (2) | (150) | (27) | (108) | (25) | (1) | (161) |  |
| Adjusted for decommissioning and inventory amortisation | 1 | 1 |  | 2 |  | (4) |  |  | (4) |  |
| Corporate administration and marketing expenditure |  |  |  |  |  |  |  |  |  |  |
| Lease payment sustaining | 13 | 12 |  | 25 |  | 15 | 4 | 1 | 20 |  |
| Sustaining exploration and study costs |  |  |  |  | 1 | 1 |  |  | 2 |  |
| **Total sustaining capital expenditure** | 47 | 82 | 1 | 130 | 69 | 193 | 82 |  | 344 |  |
| **All-in sustaining costs** | 364 | 350 | 29 | 743 | 211 | 506 | 184 | 3 | 904 |  |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  | (16) |  |  |  | (16) |  |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 364 | 350 | 29 | 743 | 195 | 506 | 184 | 3 | 888 |  |
| **All-in sustaining costs** | 364 | 350 | 29 | 743 | 211 | 506 | 184 | 3 | 904 |  |
| Non-sustaining project capital expenditure | 15 | 40 |  | 55 |  | 2 |  |  | 2 | 52 |
| Non-sustaining lease payments |  |  |  |  |  |  |  |  |  |  |
| Non-sustaining exploration and study costs | 27 | 8 | 21 | 56 | 1 | 11 | 4 | 1 | 17 | 72 |
| Care and maintenance |  |  |  |  |  |  |  |  |  |  |
| Closure and social responsibility costs not related to current operations |  |  |  |  |  | 7 | 2 | 1 | 10 |  |
| Other provisions |  |  |  |  |  |  |  |  |  |  |
| **All-in costs** | 406 | 398 | 50 | 854 | 212 | 526 | 190 | 5 | 933 | 124 |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  | (16) |  |  |  | (16) |  |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 406 | 398 | 50 | 854 | 196 | 526 | 190 | 5 | 917 | 124 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 231 | 264 |  | 495 | 144 | 334 | 83 |  | 561 |  |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 1573 | 1326 |  | 1500 | 1353 | 1519 | 2220 |  | 1587 |  |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 1757 | 1506 |  | 1725 | 1362 | 1582 | 2283 |  | 1635 |  |

---

------

**For the year ended 31 December 2021**

**<u>Operations in Australia, America and Projects</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** |
| | **Sunrise Dam** | **Tropicana** | **Australia other** | **Total Australia** | **Cerro Vanguardia** | **AngloGold Ashanti <br>Mineração** | **Serra Grande** | **Americas other** | **Total Americas** |
| **Total cash costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 364 | 346 | 30 | 740 | 261 | 435 | 123 | 3 | 822 |
| By-product revenue | (1) | (3) |  | (4) | (93) | (26) |  |  | (119) |
| Inventory change | (3) | 3 |  |  | 7 | (3) | 1 |  | 5 |
| Amortisation of tangible assets | (49) | (80) |  | (129) | (27) | (94) | (21) |  | (142) |
| Amortisation of right of use assets | (11) | (8) | (1) | (20) |  | (14) | (4) | (1) | (19) |
| Amortisation of intangible assets |  |  | (1) | (1) |  |  |  |  |  |
| Rehabilitation and other non-cash costs | 3 | 3 | (1) | 5 | (8) | (12) |  |  | (20) |
| Retrenchment costs |  |  |  |  | (1) | (1) |  |  | (2) |
| **Total cash costs net of by-product revenue** | 303 | 261 | 27 | 591 | 139 | 285 | 99 | 2 | 525 |
| Adjusted for non-controlling interests, non-gold producing companies and other<sup>(1)</sup> |  |  |  |  | (10) |  |  |  | (10) |
| **Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies** | 303 | 261 | 27 | 591 | 129 | 285 | 99 | 2 | 515 |
| **Gold produced – oz (000)**<sup>(2)</sup> | 229 | 265 |  | 494 | 145 | 331 | 83 |  | 559 |
| **Total cash costs per unit – $/oz**<sup>(3)</sup> | 1321 | 987 |  | 1196 | 894 | 858 | 1192 |  | 921 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For the year ended 31 December 2021**

**<u>AngloGold Ashanti operations – Total</u>**

(in $ millions, except as otherwise noted)

---

| | | |
|:---|:---|:---|
| | **JOINT VENTURES** | **SUBSIDIARIES** |
| **All-in sustaining costs** | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 350 | 2857 |
| By-product revenue | (2) | (126) |
| Cost of sales | 348 | 2731 |
| Realised other commodity contracts |  |  |
| Amortisation of tangible, intangible and right of use assets | (105) | (477) |
| Adjusted for decommissioning and inventory amortisation | 1 |  |
| Corporate administration and marketing expenditure |  | 73 |
| Lease payment sustaining | 9 | 70 |
| Sustaining exploration and study costs |  | 10 |
| Total sustaining capital expenditure | 61 | 717 |
| **All-in sustaining costs** | 314 | 3124 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  | (74) |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 314 | 3050 |
| **All-in sustaining costs** | 314 | 3124 |
| Non-sustaining project capital expenditure | 11 | 311 |
| Non-sustaining lease payments |  | 2 |
| Non-sustaining exploration and study costs | 2 | 153 |
| Care and maintenance |  | 45 |
| Closure and social responsibility costs not related to current operations | 3 | 24 |
| Other provisions |  | 4 |
| **All-in costs** | 330 | 3663 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  | (77) |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 330 | 3586 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 367 | 2116 |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 856 | 1441 |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 900 | 1695 |

---

------

**For the year ended 31 December 2021**

**<u>AngloGold Ashanti operations – Total</u>**

(in $ millions, except as otherwise noted)

---

| | | |
|:---|:---|:---|
| | **JOINT VENTURES** | **SUBSIDIARIES** |
| **Total cash costs** | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 350 | 2857 |
| By-product revenue | (2) | (126) |
| Inventory change | (1) | (6) |
| Amortisation of tangible assets | (100) | (411) |
| Amortisation of right of use assets | (5) | (63) |
| Amortisation of intangible assets |  | (3) |
| Rehabilitation and other non-cash costs | (5) | (38) |
| Retrenchment costs |  | (2) |
| **Total cash costs net of by-product revenue** | 237 | 2208 |
| Adjusted for non-controlling interests, non-gold producing companies and other<sup>(1)</sup> |  | (65) |
| **Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies** | 237 | 2143 |
| **Gold produced – oz (000)**<sup>(2)</sup> | 365 | 2107 |
| **Total cash costs per unit – $/oz**<sup>(3)</sup> | 647 | 1017 |

---

------

**For the year ended 31 December 2020**

**<u>Corporate and other</u>**

(in $ millions, except as otherwise noted)

---

| | |
|:---|:---|
| | **Corporate** <sup>(4)</sup> |
| **All-in sustaining costs** | |
| **Cost of sales per segmental information**<sup>(5)</sup> | (2) |
| By-product revenue |  |
| Cost of sales | (2) |
| Realised other commodity contracts | 5 |
| Amortisation of tangible, intangible and right of use assets | (2) |
| Adjusted for decommissioning and inventory amortisation | (1) |
| Corporate administration and marketing expenditure | 67 |
| Lease payment sustaining | 3 |
| Sustaining exploration and study costs | 1 |
| Total sustaining capital expenditure | 2 |
| **All-in sustaining costs** | 73 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 73 |
| **All-in sustaining costs** | 73 |
| Non-sustaining project capital expenditure |  |
| Non-sustaining lease payments |  |
| Non-sustaining exploration and study costs |  |
| Care and maintenance |  |
| Closure and social responsibility costs not related to current operations | 9 |
| Other provisions |  |
| **All-in costs** | 82 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 82 |
| **Gold sold - oz (000)**<sup>(2)</sup> |  |
| **All-in sustaining cost per unit - $/oz**<sup>(3)</sup> |  |
| **All-in cost per unit - $/oz**<sup>(3)</sup> |  |

---

<sup>(1)</sup> *Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.* 

<sup>(2)</sup> *Attributable portion.*

<sup>(3)</sup> *In addition to the operational performances of the mines, "all-in sustaining cost per ounce", "all-in cost per ounce" and "total cash costs per ounce" are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports "all-in sustaining cost per ounce" and "all-in cost 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.*

<sup>(4)</sup> *Corporate includes non-gold producing subsidiaries.*

<sup>(5)</sup> *Refer to "Item 18: Financial Statements—Note 2—Segmental Information".*

<sup>(6)</sup> *A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new Operating Model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated.*

*Rounding of figures may result in computational discrepancies.*

------

**For the year ended 31 December 2020**

**<u>Corporate and other</u>**

(in $ millions, except as otherwise noted)

---

| | |
|:---|:---|
| | **Corporate** <sup>(4)</sup> |
| **Total cash costs** | |
| **Cost of sales per segmental information**<sup>(5)</sup> | (2) |
| By-product revenue |  |
| Inventory change |  |
| Amortisation of tangible assets |  |
| Amortisation of right of use assets |  |
| Amortisation of intangible assets | (2) |
| Rehabilitation and other non-cash costs |  |
| Retrenchment costs |  |
| **Total cash costs net of by-product revenue** | (4) |
| Adjusted for non-controlling interests, non-gold producing companies and other<sup>(1)</sup> |  |
| **Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies** | (4) |
| **Gold produced – oz (000)**<sup>(2)</sup> |  |
| **Total cash costs per unit – $/oz**<sup>(3)</sup> |  |

---

<sup>(1)</sup> *Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.* 

<sup>(2)</sup> *Attributable portion.*

<sup>(3)</sup> *In addition to the operational performances of the mines, "all-in sustaining cost per ounce", "all-in cost per ounce" and "total cash costs per ounce" are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports "all-in sustaining cost per ounce" and "all-in cost 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.*

<sup>(4)</sup> *Corporate includes non-gold producing subsidiaries.*

<sup>(5)</sup> *Refer to "Item 18: Financial Statements—Note 2—Segmental Information".*

<sup>(6)</sup> *A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new Operating Model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated.*

*Rounding of figures may result in computational discrepancies.*

------

**For the year ended 31 December 2020**

**<u>Operations in South Africa (Discontinued operations)</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Mponeng** | **West Wits Operations** | **Surface Operations** | **South Africa other** | **Total South Africa (Operations)** |
| All-in sustaining costs |  |  |  |  |  |
| Cost of sales per segmental information(5) | 158 | 158 | 124 | 4 | 287 |
| By-product revenue | (1) |  |  |  | (1) |
| Cost of sales | 157 | 158 | 124 | 4 | 286 |
| Realised other commodity contracts |  |  |  |  |  |
| Amortisation of tangible, intangible and right of use assets |  |  |  |  |  |
| Adjusted for decommissioning and inventory amortisation |  |  |  |  |  |
| Corporate administration and marketing expenditure |  |  |  |  |  |
| Lease payment sustaining |  |  |  |  |  |
| Sustaining exploration and study costs |  |  |  |  |  |
| Total sustaining capital expenditure | 27 | 27 | 7 | 1 | 35 |
| All-in Sustaining costs | 184 | 185 | 131 | 5 | 321 |
| Adjusted for non-controlling interests and non gold producing companies (1) |  |  |  |  |  |
| All-in Sustaining costs adjusted for non-controlling interests and non-gold producing companies | 184 | 185 | 131 | 5 | 321 |
| All-in Sustaining costs | 184 | 185 | 131 | 5 | 321 |
| Non-Sustaining project capital expenditure |  |  |  |  |  |
| Non-sustaining lease payments |  |  |  |  |  |
| Non-sustaining exploration and study costs |  |  |  |  |  |
| Care and maintenance |  |  |  | 17 | 17 |
| Closure and social responsibility costs not related to current operations |  |  |  |  |  |
| Other provisions |  |  |  |  |  |
| All-in costs | 184 | 185 | 131 | 22 | 338 |
| Adjusted for non-controlling interests and non gold producing companies (1) |  |  |  |  |  |
| All-in costs adjusted for non-controlling interests and non-gold producing companies | 184 | 185 | 131 | 22 | 338 |
| Gold sold - oz (000) | 135 | 135 | 109 |  | 247 |
| All-in sustaining cost per unit $/oz | 1365 | 1365 | 1201 |  | 1296 |
| All-in cost per unit $/oz | 1366 | 1366 | 1201 |  | 1367 |

---

------

**For the year ended 31 December 2020**

**<u>Operations in South Africa (Discontinued operations)</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Mponeng** | **West Wits Operations** | **Surface Operations** | **South Africa other** | **Total South Africa (Operations)** |
| **Total cash costs** | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 158 | 158 | 124 | 4 | 287 |
| By-product revenue | (1) | (1) |  |  | (1) |
| Inventory change | (1) | (1) | (2) | (4) | (7) |
| Amortisation of tangible assets |  |  |  |  |  |
| Amortisation of right of use assets |  |  |  |  |  |
| Amortisation of intangible assets |  |  |  |  |  |
| Rehabilitation and other non-cash costs |  |  |  |  |  |
| Retrenchment costs | (1) | (1) |  |  | (2) |
| **Total cash costs net of by-product revenue** | 155 | 155 | 122 |  | 277 |
| Adjusted for non-controlling interests, non-gold producing companies  |  |  |  |  |  |
| **Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies** | 155 | 155 | 122 |  | 277 |
| **Gold produced – oz (000)**<sup>(2)</sup> | 134 | 134 | 107 |  | 241 |
| **Total cash costs per unit – $/oz**<sup>(3)</sup> | 1164 | 1164 | 1131 |  | 1149 |

---

------

**For the year ended 31 December 2020**

**<u>Operations Africa</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** |
| | **Kibali** | **Other** | **Joint Ventures** | **Iduapriem** | **Obuasi Restated** | **Siguiri** | **Geita** | **Africa Other** | **Subsidiaries Restated** |
| **All-in sustaining costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 340 |  | 340 | 280 | 164 | 377 | 542 | (1) | 1362 |
| By-product revenue | (1) |  | (1) | (1) |  |  | (2) |  | (3) |
| Cost of sales | 339 |  | 339 | 279 | 164 | 377 | 540 | (1) | 1359 |
| Realised other commodity contracts |  |  |  |  |  |  |  |  |  |
| Amortisation of tangible, intangible and right of use assets | (104) |  | (104) | (74) | (11) | (41) | (124) |  | (250) |
| Adjusted for decommissioning and inventory amortisation | 1 |  | 1 | 1 |  |  | 4 |  | 5 |
| Corporate administration and marketing expenditure |  |  |  |  |  |  |  |  |  |
| Lease payment sustaining | 9 |  | 9 |  |  |  | 17 |  | 17 |
| Sustaining exploration and study costs |  |  |  | 3 |  | 2 | 5 |  | 10 |
| Total sustaining capital expenditure | 52 |  | 52 | 60 | 7 | 15 | 80 | 1 | 163 |
| **All-in sustaining costs** | 296 |  | 297 | 269 | 161 | 353 | 522 |  | 1304 |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  |  | (53) |  |  | (53) |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 296 |  | 297 | 269 | 161 | 300 | 522 |  | 1251 |
| **All-in sustaining costs** | 296 |  | 297 | 269 | 161 | 353 | 522 |  | 1304 |
| Non-sustaining project capital expenditure |  |  |  |  | 199 | 15 | 7 |  | 220 |
| Non-sustaining lease payments |  |  |  |  |  |  | 2 |  | 2 |
| Non-sustaining exploration and study costs |  |  |  | 2 | 2 | 5 | 2 |  | 11 |
| Care and maintenance |  |  |  |  |  |  |  |  |  |
| Closure and social responsibility costs not related to current operations | 2 | 3 | 4 |  | 10 |  |  |  | 10 |
| Other provisions |  |  |  |  |  |  |  |  |  |
| **All-in costs** | 298 | 3 | 301 | 271 | 371 | 373 | 533 |  | 1546 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  |  |  |  |  | (56) |  |  | (56) |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 298 | 3 | 301 | 271 | 371 | 317 | 533 |  | 1490 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 365 |  | 365 | 274 | 120 | 215 | 639 |  | 1249 |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 809 |  | 810 | 985 | 1332 | 1397 | 814 |  | 1002 |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 817 |  | 824 | 992 | 3078 | 1476 | 831 |  | 1193 |

---

------

**For the year ended 31 December 2020**

**<u>Operations Africa</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** | **AFRICA** |
| | **Kibali** | **Other** | **Joint Ventures** | **Iduapriem** | **Obuasi Restated** | **Siguiri** | **Geita** | **Africa other** | **Subsidiaries Restated** |
| **Total cash costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 340 |  | 340 | 280 | 164 | 377 | 542 | (1) | 1362 |
| By-product revenue | (1) |  | (1) | (1) |  |  | (2) |  | (3) |
| Inventory change | (1) |  | (1) | 1 | 16 | (1) | (12) |  | 3 |
| Amortisation of tangible assets | (101) |  | (101) | (74) | (11) | (40) | (108) |  | (232) |
| Amortisation of right of use assets | (3) |  | (3) |  |  | (1) | (16) |  | (17) |
| Amortisation of intangible assets |  |  |  |  |  |  |  |  |  |
| Rehabilitation and other non-cash costs | (4) |  | (4) | (6) | (2) | (9) | (5) |  | (22) |
| Retrenchment costs |  |  |  |  |  |  |  |  |  |
| **Total cash costs net of by-product revenue** | 230 |  | 230 | 200 | 166 | 326 | 399 | (1) | 1092 |
| Adjusted for non-controlling interests non-gold producing companies and other<sup>(1)</sup> |  |  |  |  |  | (49) |  |  | (49) |
| **Total cash costs adjusted for non-controlling interests and non-gold producing companies and other** | 230 |  | 230 | 200 | 166 | 277 | 399 | (1) | 1043 |
| **Gold produced - oz (000)**<sup>(2)</sup> | 364 |  | 364 | 275 | 127 | 215 | 623 |  | 1239 |
| **Total cash costs per unit - $/oz**<sup>(3)</sup> | **629** | **0** | **629** | **731** | **1307** | **1293** | **641** | **0** | **841** |

---

------

**For the year ended 31 December 2020**

**<u>Operations in Australia, America and Projects</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **PROJECTS** <sup>(6)</sup> **Restated** |
| | **Sunrise Dam** | **Tropicana** | **Australia other** | **Total Australia** | **Cerro Vanguardia** | **AngloGold Ashanti <br>Mineração** | **Serra Grande** | **Americas other Restated** | **Total Americas** | **PROJECTS** <sup>(6)</sup> **Restated** |
| **All-in sustaining costs** | | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 342 | 338 | 25 | 705 | 269 | 391 | 102 | 2 | 764 |  |
| By-product revenue | (1) | (2) |  | (3) | (82) | (17) |  |  | (99) |  |
| Cost of sales | 341 | 336 | 25 | 702 | 187 | 374 | 102 | 2 | 665 |  |
| Realised other commodity contracts |  |  |  |  |  |  |  |  |  |  |
| Amortisation of tangible, intangible and right of use assets | (64) | (94) | (2) | (160) | (26) | (109) | (27) | (1) | (163) |  |
| Adjusted for decommissioning and inventory amortisation | 2 | 1 |  | 3 | (7) | 3 |  |  | (4) |  |
| Corporate administration and marketing expenditure |  |  |  |  |  |  |  |  |  |  |
| Lease payment sustaining | 11 | 10 | 1 | 22 |  | 8 | 2 |  | 10 |  |
| Sustaining exploration and study costs |  | 1 |  | 1 | 2 | 2 |  |  | 4 |  |
| **Total sustaining capital expenditure** | **50** | **64** | **—** | **114** | **31** | **103** | **33** | **—** | **167** | **—** |
| **All-in sustaining costs** | 340 | 318 | 24 | 682 | 187 | 381 | 110 | 1 | 679 |  |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  | (14) |  |  |  | (14) |  |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 340 | 318 | 24 | 682 | 173 | 381 | 110 | 1 | 665 |  |
| **All-in sustaining costs** | **340** | **318** | **24** | **682** | **187** | **381** | **110** | **1** | **679** | **—** |
| Non-sustaining project capital expenditure | 3 | 25 |  | 28 |  |  |  |  |  | 49 |
| Non-sustaining lease payments |  |  |  |  |  |  |  |  |  |  |
| Non-sustaining exploration and study costs | 22 | 5 | 17 | 44 | 1 | 6 | 3 |  | 10 | 47 |
| Care and maintenance |  |  |  |  |  |  |  |  |  |  |
| Closure and social responsibility costs not related to current operations |  |  |  |  |  | 8 | 2 |  | 10 |  |
| Other provisions |  |  |  |  |  |  |  |  |  |  |
| **All-in costs** | 365 | 348 | 41 | 754 | 188 | 395 | 115 | 1 | 699 | 96 |
| Adjusted for non-controlling interests and non - gold producing companies<sup>(1)</sup> |  |  |  |  | (14) |  |  |  | (14) |  |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 365 | 348 | 41 | 754 | 174 | 395 | 115 | 1 | 685 | 96 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 258 | 299 |  | 557 | 186 | 364 | 114 |  | 664 |  |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 1320 | 1061 |  | 1225 | 931 | 1050 | 953 |  | 1003 |  |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 1417 | 1164 |  | 1356 | 934 | 1091 | 997 |  | 1032 |  |

---

------

**For the year ended 31 December 2020**

**<u>Operations in Australia, America and Projects</u>**

(in $ millions, except as otherwise noted)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AUSTRALIA** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** | **AMERICAS** |
| | **Sunrise Dam** | **Tropicana** | **Australia other** | **Total Australia** | **Cerro Vanguardia** | **AngloGold Ashanti <br>Mineração** | **Serra Grande** | **Americas other** | **Total Americas** |
| **Total cash costs** | | | | | | | | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 342 | 338 | 25 | 705 | 269 | 391 | 102 | 2 | 764 |
| By-product revenue | (1) | (2) |  | (3) | (82) | (17) |  |  | (99) |
| Inventory change | (1) | (1) |  | (2) | (16) | 1 |  |  | (16) |
| Amortisation of tangible assets | (54) | (86) |  | (141) | (26) | (100) | (25) |  | (151) |
| Amortisation of right of use assets | (10) | (8) | (1) | (18) |  | (8) | (2) | (1) | (11) |
| Amortisation of intangible assets |  |  | (1) | (1) |  | (1) |  |  | (1) |
| Rehabilitation and other non-cash costs | (2) | (1) | (1) | (4) | (13) | 4 | 3 | (1) | (6) |
| Retrenchment costs |  |  |  |  |  | (1) |  |  | (2) |
| **Total cash costs net of by-product revenue** | 274 | 240 | 22 | 536 | 132 | 269 | 77 |  | 478 |
| Adjusted for non-controlling interests, non-gold producing companies and other<sup>(1)</sup> |  |  |  |  | (10) |  |  |  | (10) |
| **Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies** | 274 | 240 | 22 | 536 | 122 | 269 | 77 |  | 468 |
| **Gold produced – oz (000)**<sup>(2)</sup> | 256 | 298 |  | 554 | 173 | 362 | 114 |  | 649 |
| **Total cash costs per unit – $/oz**<sup>(3)</sup> | 1069 | 807 |  | 968 | 699 | 747 | 665 |  | 721 |

---

------

**For the year ended 31 December 2020**

**<u>AngloGold Ashanti operations – Total</u>**

(in $ millions, except as otherwise noted)

---

| | | |
|:---|:---|:---|
| | **JOINT VENTURES** | **SUBSIDIARIES EXCLUDING<br>DISCONTINUED OPERATIONS RESTATED** |
| **All-in sustaining costs** | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 340 | 2829 |
| By-product revenue | (1) | (105) |
| Cost of sales | 339 | 2724 |
| Realised other commodity contracts |  | 5 |
| Amortisation of tangible, intangible and right of use assets | (104) | (575) |
| Adjusted for decommissioning and inventory amortisation | 1 | 4 |
| Corporate administration and marketing expenditure |  | 67 |
| Lease payment sustaining | 9 | 52 |
| Sustaining exploration and study costs |  | 15 |
| Total sustaining capital expenditure | 52 | 445 |
| **All-in sustaining costs** | 297 | 2740 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  | (67) |
| **All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies** | 297 | 2672 |
| **All-in sustaining costs** | 297 | 2740 |
| Non-sustaining project capital expenditure |  | 298 |
| Non-sustaining lease payments |  | 2 |
| Non-sustaining exploration and study costs |  | 112 |
| Care and maintenance |  |  |
| Closure and social responsibility costs not related to current operations | 4 | 29 |
| Other provisions |  |  |
| **All-in costs** | 301 | 3179 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  | (70) |
| **All-in costs adjusted for non-controlling interests and non-gold producing companies** | 301 | 3109 |
| **Gold sold – oz (000)**<sup>(2)</sup> | 365 | 2470 |
| **All-in sustaining cost per unit – $/oz**<sup>(3)</sup> | 810 | 1082 |
| **All-in cost per unit – $/oz**<sup>(3)</sup> | 824 | 1259 |

---

------

**For the year ended 31 December 2020**

**<u>AngloGold Ashanti operations – Total</u>**

(in $ millions, except as otherwise noted)

---

| | | |
|:---|:---|:---|
| | **JOINT VENTURES** | **SUBSIDIARIES EXCLUDING<br>DISCONTINUED OPERATIONS RESTATED** |
| **Total cash costs** | | |
| **Cost of sales per segmental information**<sup>(5)</sup> | 340 | 2829 |
| By-product revenue | (1) | (105) |
| Inventory change | (1) | (16) |
| Amortisation of tangible assets | (101) | (526) |
| Amortisation of right of use assets | (3) | (47) |
| Amortisation of intangible assets |  | (3) |
| Rehabilitation and other non-cash costs | (4) | (32) |
| Retrenchment costs |  | (2) |
| **Total cash costs net of by-product revenue** | 230 | 2101 |
| Adjusted for non-controlling interests and non-gold producing companies<sup>(1)</sup> |  | (59) |
| **Total cash costs net of by-product revenue adjusted for non-controlling interests and <br>non-gold producing companies** | 230 | 2042 |
| **Gold produced – oz (000)**<sup>(2)</sup> | 364 | 2442 |
| **Total cash costs (adjusted) per unit – $/oz**<sup>(3)</sup> | 629 | 836 |

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**5B.&nbsp;&nbsp;&nbsp;&nbsp;LIQUIDITY AND CAPITAL RESOURCES**

In the board's opinion, AngloGold Ashanti's working capital is sufficient to meet the Company's present requirements.

**<u>Comparison of cash flows in 2022 with 2021</u>**

**Cash flows from operating activities**

Cash flows from operating activities increased by $536 million, or 42 percent, from $1,268 million in 2021 to $1,804 million in 2022. The increase in cash flows from operating activities was mainly due to an increase in dividends received from joint ventures, an increase in receipts from customers as a result of an increase in gold production, as well as lower taxation paid due to lower profit before taxation in Australia, Brazil, Argentina and Tanzania. This increase was partly offset by an increase in payments to suppliers and employees as a result of higher production costs, and unfavourable working capital movements.

Net cash outflow from operating working capital items amounted to $137 million in 2022, compared with an inflow of $53 million in 2021. The outflow from operating working capital in 2022 mainly related to an increase in inventories and an increase in trade, other receivables and other assets, partly offset by an increase in trade, other payables and provisions.

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 in Argentina. In Tanzania, net overdue recoverable VAT input credit refunds (after discounting provisions) increased by $11 million, or eight percent, from $142 million in 2021 to $153 million in 2022, as a result of new claims submitted to the Tanzania Revenue Authority ("TRA") during 2022 and despite offsetting verified VAT claims of $45 million against corporate tax payments in 2022. AngloGold Ashanti expects to continue offsetting verified VAT claims against corporate taxes. See *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa—Tanzania"*. In Argentina, the net export duty receivables (after discounting provisions) decreased by $10 million, or 53 percent, from $19 million at 31 December 2021 to $9 million at 31 December 2022. In addition, Cerro Vanguardia's cash balance decreased by $23 million (equivalent), or 17 percent, from $139 million (equivalent) at 31 December 2021 to $116 million (equivalent) at 31 December 2022. While the approvals of the Argentinean Central Bank to purchase US dollars to distribute offshore dividends to AngloGold Ashanti are pending, 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—Argentina"*.

Dividends received from joint ventures increased by $463 million, or 200 percent, from $231 million in 2021 to $694 million in 2022. 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 2022, AngloGold Ashanti's cumulative cash receipts from the Kibali joint venture, in the form of dividends from Kibali (Jersey) Limited, amounted to $694 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: $658 million) and dividends (net of withholding taxes) (AngloGold Ashanti's attributable share: $36 million). AngloGold Ashanti's attributable share of the outstanding cash balances awaiting repatriation from the DRC decreased by $459 million, or 92 percent, from $499 million at 31 December 2021 to $40 million at 31 December 2022. 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 2022, 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 $13 million, or 18 percent, from $73 million at 31 December 2021 to $86 million at 31 December 2022. See *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa—Democratic Republic of the Congo (DRC)"*.

Net taxation paid decreased by $182 million, or 58 percent, from $316 million in 2021 to $134 million in 2022. The decrease in net taxation paid was mainly due to lower profit before taxation in Australia, Brazil, Argentina and Tanzania.

**Cash flows from investing activities**

Cash flows from investing activities amounted to a net outflow of $1,461 million in 2022, $521 million, or 55 percent, higher than an outflow of $940 million in 2021. The increase in outflow from investing activities was largely due to the acquisition of assets of $517 million during 2022 and movements in cash restricted for use, partly offset by higher interest received in Argentina due to higher cash and cash equivalent balances in 2022. The acquisition of assets mainly consists of the Company's acquisition of Corvus Gold Inc. ("Corvus Gold") and Coeur Sterling, Inc. ("Coeur Sterling") during 2022. On 18 January 2022, the Company completed its acquisition of all of the outstanding stock of Corvus Gold (not already owned by AngloGold Ashanti). The cash consideration paid, including transaction costs, amounted to $365 million. On 4 November 2022, the Company completed its acquisition of all of the outstanding stock of Coeur Sterling, Inc. (a subsidiary of Coeur Mining, Inc.). The cash consideration paid, including transaction costs, amounted to $152 million.

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**Cash flows from financing activities**

Cash flows from financing activities in 2022 amounted to a net outflow of $323 million, which is a change of $133 million from an outflow of $456 million in 2021. The decrease in outflow was mainly due to lower net repayment of borrowings, finance costs and dividends paid, partly offset by an increase in repayment of lease liabilities.

Cash inflows from proceeds from borrowings decreased by $556 million from $822 million in 2021 to $266 million in 2022. In 2021, AngloGold Ashanti Holdings plc issued, at the end of October 2021, the $750 million 2028 notes (as defined below). In 2022, AngloGold Ashanti drew the remaining undrawn commitments under the $150 million 2021 Geita RCF (as defined below), fully drew on the $65 million 2022 Siguiri RCF (as defined below) and partially drew on the $1.4 billion 2022 multi-currency RCF (as defined below).

Cash outflows from repayment of borrowings decreased by $636 million from $820 million in 2021 to $184 million in 2022. In 2021, AngloGold Ashanti Holdings plc repurchased the $750 million 2022 notes (as defined below) by way of a tender offer in October 2021 followed by a redemption in November 2021. In 2022, AngloGold Ashanti repaid $95 million under, and cancelled, the $1.4 billion 2018 multi-currency RCF (as defined below) and repaid $35 million under, and cancelled, the $65 million 2016 Siguiri RCF (as defined below).

Finance costs paid decreased by $11 million from $120 million in 2021 to $109 million in 2022. The decrease was mainly due to lower interest paid on the 2028 notes issued in 2021, compared to the 2022 notes which were repurchased and redeemed in 2021.

Other borrowing costs decreased by $24 million from $35 million in 2021 to $11 million in 2022. The other borrowing costs paid in 2021 were for the underwriting fees for the issuance of the 2028 notes as well as the tender offer premium and redemption premium costs of the 2022 notes. The other borrowing costs paid in 2022 mainly related to the transaction costs of the new $1.4 billion 2022 multi-currency RCF.

Dividends paid decreased by $37 million from $240 million in 2021 to $203 million in 2022. Dividends paid to non-controlling interests increased by $6 million from $16 million in 2021 to $22 million in 2022. These dividends were paid by our non-wholly owned subsidiaries CVSA and Siguiri to their respective non-AGA related shareholders. During 2022, the Company declared and paid a dividend of $181 million to its shareholders, compared to $224 million in 2021.

**<u>Comparison of cash flows in 2021 with 2020</u>**

**Cash flows from operating activities**

Cash flows from operating activities from continuing operations decreased by $315 million, or 20 percent, from $1,583 million in 2020 to $1,268 million in 2021. The decrease in cash flows from continuing operations was mainly due to a decrease in receipts from customers as a result of a decrease in gold production and an increase in payments to suppliers and employees as a result of higher production costs. This decrease was partly offset by lower taxation paid due to lower profit before tax, an increase in dividends received from joint ventures and favourable working capital movements.

Net cash inflow from operating working capital items amounted to $53 million in 2021, compared with an outflow of $238 million in 2020. The inflow from operating working capital in 2021 mainly related to a decrease in inventories and an increase in trade, other payables and provisions, partly offset by a decrease in trade, other receivables and other assets.

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 in Argentina. In Tanzania, net overdue recoverable VAT input credit refunds (after discounting provisions) increased by $3 million, or two percent, from $139 million in 2020 to $142 million in 2021, as a result of new claims submitted to the Tanzania Revenue Authority ("TRA") during 2021 and despite offsetting verified VAT claims of $54 million against corporate tax payments in 2021. See *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa—Tanzania"*. In Argentina, the net export duty receivables (after discounting provisions) decreased by $4 million, or 17 percent, from $23 million at 31 December 2020 to $19 million at 31 December 2021. In addition, Cerro Vanguardia's cash balance increased by $2 million (equivalent), or one percent, from $137 million (equivalent) at 31 December 2020 to $139 million (equivalent) at 31 December 2021. While the approval of the Argentinean Central Bank to purchase US dollars to distribute an offshore dividend to AngloGold Ashanti is pending, the cash remains fully available for Cerro Vanguardia's operational requirements. See *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Argentina"*.

Dividends received from joint ventures increased by $83 million, or 56 percent, from $148 million in 2020 to $231 million in 2021. 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 2021, AngloGold Ashanti's cumulative cash receipts from the Kibali joint venture, in the form of dividends from Kibali (Jersey) Limited, amounted to $231 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: $150 million) and dividends (net of withholding taxes) (AngloGold Ashanti's attributable share: $81 million). AngloGold Ashanti's

------

attributable share of the outstanding cash balances awaiting repatriation from the DRC increased by $75 million, or 18 percent, from $424 million at 31 December 2020 to $499 million at 31 December 2021. 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 2021, 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 $4 million, or six percent, from $69 million at 31 December 2020 to $73 million at 31 December 2021. See *"Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa—Democratic Republic of the Congo (DRC)"*.

Net taxation paid decreased by $115 million, or 27 percent, from $431 million in 2020 to $316 million in 2021. The decrease in net taxation paid was mainly due to lower profit before taxation in Ghana, Australia, Brazil, Argentina and Tanzania.

Cash flows from operating activities from discontinued operations were nil in 2021, compared to a net cash inflow of $109 million in 2020.

**Cash flows from investing activities**

Cash flows from investing activities from continuing operations amounted to a net outflow of $940 million in 2021, $454 million, or 93 percent, higher than 2020 outflow of $486 million. The increase in outflow from continuing operations was largely due to higher capital expenditure of $288 million, or 39 percent, from $739 million in 2020 to $1,027 million in 2021, mainly due to increased conversion of Mineral Reserve, waste stripping at open pit mines and improved rates of underground development, and the transition of our TSFs in Brazil to dry-stacked structures to comply with new legal requirements, as well as proceeds from the disposals in 2020 of the South African assets of $200 million and certain joint ventures (Sadiola and Morila) of $26 million not being repeated in 2021. The increase in outflows was partly offset by the disposal of certain assets in Brazil and higher interest receipts in Argentina due to higher cash and cash equivalent balances in 2021.

Cash flows from investing activities from discontinued operations were nil in 2021, compared to a net cash outflow of $31 million in 2020.

**Cash flows from financing activities**

Cash flows from financing activities from continuing operations in 2021 amounted to a net outflow of $456 million, which is a change of $127 million from an outflow of $329 million in 2020. The increase in outflow was mainly due to an increase in dividends paid, partly offset by lower net repayment of borrowings.

Cash inflows from proceeds from borrowings decreased by $1,404 million from $2,226 million in 2020 to $822 million in 2021. In 2020, AngloGold Ashanti fully drew on the $1.4 billion 2018 multi-currency RCF in March 2020 and AngloGold Ashanti Holdings plc issued, at the start of October 2020, the $700 million 2030 notes (as defined below). In 2021, AngloGold Ashanti Holdings plc issued, at the end of October 2021, the $750 million 2028 notes.

Cash outflows from repayment of borrowings decreased by $1,490 million from $2,310 million in 2020 to $820 million in 2021. In 2020, AngloGold Ashanti Holdings plc repaid, at maturity in April 2020, the $700 million 2020 notes (as defined below) and AngloGold Ashanti repaid the fully drawn $1.4 billion 2018 multi-currency RCF in October 2020. In 2021, AngloGold Ashanti Holdings plc repurchased the $750 million 2022 notes by way of a tender offer in October 2021 followed by a redemption in November 2021.

Finance costs paid increased by $2 million from $118 million in 2020 to $120 million in 2021. The increase was mainly due to lower interest capitalised against the Obuasi redevelopment project and higher lease liabilities.

Other borrowing costs increased by $2 million from $33 million in 2020 to $35 million in 2021. The other borrowing costs paid in 2020 included the costs of AngloGold Ashanti's $1.0 billion standby credit facility and the underwriting fees for the issuance of the 2030 notes. The other borrowing costs paid in 2021 were for the underwriting fees for the issuance of the 2028 notes as well as the tender offer premium and redemption premium costs of the 2022 notes.

Dividends paid increased by $193 million from $47 million in 2020 to $240 million in 2021. Dividends paid to non-controlling interests increased by $7 million from $9 million in 2020 to $16 million in 2021. These dividends were paid by our non-wholly owned subsidiaries CVSA and Siguiri to their respective non-AGA related shareholders. During 2021, the Company declared and paid a dividend of $224 million to its shareholders, compared to $38 million in 2020.

Cash flows from financing activities from discontinued operations were nil in 2020 and 2021.

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**<u>Liquidity</u>**

**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 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.

*Cash and cash equivalents*

AngloGold Ashanti's cash and cash equivalents decreased by $48 million, or four percent, from $1.154 billion at 31 December 2021 to $1.106 billion at 31 December 2022. At 31 December 2022, 78 percent of the Company's cash and cash equivalents were held in US dollars, three percent in Australian dollars, eight percent in South African rands, ten percent in Argentinean pesos and one percent in other currencies. Amounts are converted to US dollars at exchange rates as of 31 December 2022.

*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.

*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 24—Borrowings"*.

<u>Bonds</u>

During April 2010, AngloGold Ashanti Holdings plc issued two rated bonds, fully and unconditionally guaranteed by AngloGold Ashanti Limited. The 10-year ($700 million) bond with a semi-annual coupon of 5.375% per annum (the "2020 notes") was repaid at maturity in April 2020 and is no longer outstanding. 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—2020 Notes and 2040 Notes"*.

During July 2012, AngloGold Ashanti Holdings plc issued a rated bond, fully and unconditionally guaranteed by AngloGold Ashanti Limited. The 10-year ($750 million) bond with a semi-annual coupon of 5.125% per annum (the "2022 notes") was repurchased in part in October 2021 with the remainder redeemed in November 2021 and is no longer outstanding. See also *"Item 10C: Material Contracts—Notes—2022 Notes"*.

During October 2020, AngloGold Ashanti Holdings plc issued a rated bond, fully and unconditionally guaranteed by AngloGold Ashanti Limited. 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 Limited. 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"*.

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<u>Credit facilities</u>

During August 2016, Société AngloGold Ashanti de Guinée S.A., as borrower, entered into a three-year unsecured revolving credit facility of $65 million with Nedbank Limited, as lender (the "2016 Siguiri RCF"). In February 2019, the 2016 Siguiri RCF was renewed for a further three years. The interest rate charged was LIBOR plus 8.50%. In April 2022, the 2016 Siguiri RCF, which was due to mature in May 2022, was extended for a further three months and the interest rate was amended to a fixed rate plus 8.50%. On 3 August 2022, the 2016 Siguiri RCF was repaid and cancelled.

During October 2018, AngloGold Ashanti Holdings plc and AngloGold Ashanti Australia Limited, as borrowers, entered into a five-year unsecured multi-currency syndicated revolving credit facility of $1.4 billion (the "2018 multi-currency RCF") with the Bank of Nova Scotia, as facility agent, and certain financial institutions party thereto, as lenders. The loan consisted of (i) a US dollar based facility with interest charged at a margin of 1.45% above LIBOR 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 was subject to a ratings grid. In this regard, the interest margin reduced if the Group's credit rating improved from its current BB+/Baa3 status and increased if its credit rating worsened. The A$500 million portion of the 2018 multi-currency RCF was 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 9 June 2022, the 2018 multi-currency RCF was repaid and cancelled.

During December 2021, Geita Gold Mining Limited, as borrower, entered into a three-year unsecured multi-currency revolving credit facility of $150 million with Nedbank Limited, as underwriter and agent, and certain financial institutions party thereto, as original banks (the "2021 Geita RCF"). The 2021 Geita RCF consisted of a Tanzanian shilling component capped at the equivalent of $87 million bearing interest at 12.5% and a US dollar component bearing interest at LIBOR plus 6.7%. On 27 February 2023, the 2021 Geita RCF was amended to, among other matters, increase its size to $277 million and change the reference rate to Term SOFR. The amended 2021 Geita RCF consists of a Tanzanian shilling component capped at the equivalent of $148 million bearing interest at 12.5% and a US dollar component of $129 million bearing interest at Term SOFR plus 6.7%. The 2021 Geita RCF will mature during August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement. As of 31 December 2022, the 2021 Geita RCF was fully drawn at $150 million.

AngloGold Ashanti Limited, as borrower, seeks to renew its corporate overnight facility of ZAR 150 million (the "RMB corporate overnight facility") with FirstRand Bank Limited on an annual basis. During October 2021, the RMB corporate overnight facility was reduced from ZAR 500 million to ZAR 150 million. As of 31 December 2022, the ZAR 150 million RMB corporate overnight facility was undrawn.

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 2018 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. 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. The 2022 multi-currency RCF will mature on 9 June 2027, with the option, upon application, to be extended by two years. As of 31 December 2022, the equivalent of $1,362 million was undrawn under the 2022 multi-currency RCF (with the equivalent of $37 million being drawn under the AUD portion). See also *"Item 10C: Material Contracts—Multi-currency Revolving Credit Facility"*.

On 13 October 2022, Société AngloGold Ashanti de Guinée S.A., as borrower, entered into a three-year unsecured revolving credit facility of $65 million with Nedbank Limited, as lender (the "2022 Siguiri RCF"). The current interest rate charged is Term SOFR plus 8%. The Siguiri RCF will mature on 13 October 2025. As of 31 December 2022, the 2022 Siguiri RCF was fully drawn.

*Environmental obligations* 

Pursuant to environmental regulations in the countries in which AngloGold Ashanti operates, in connection with plans for the eventual end-of-life of our mines, AngloGold Ashanti 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 all or a portion of the estimated environmental rehabilitation obligations.

In most cases, the environmental obligations expire on completion of the rehabilitation although, in some cases, AngloGold Ashanti 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$11 million for a

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current carrying value of the liability of A$107 million. At Iduapriem, AngloGold Ashanti has provided a bond comprising a cash component of $12 million with a further bond guarantee amounting to $14 million issued by ABSA Bank Ghana Limited and Standard Chartered Bank Ghana Ltd for a current carrying value of the liability of $46 million. At Obuasi, AngloGold Ashanti has provided a bond comprising a cash component of $22 million with a further bank guarantee amounting to $30 million issued by Stanbic Bank Ghana Limited and Standard Chartered Bank Ghana PLC for a current carrying value of the liability of $171 million. In some circumstances, the Company 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 $33 million from $51 million at 31 December 2021 to $18 million at 31 December 2022. See *"Item 18: Financial Statements—Note 24—Borrowings"*.

**Non-current borrowings**

AngloGold Ashanti's non-current borrowings increased by $107 million from $1,858 million at 31 December 2021 to $1,965 million at 31 December 2022. See *"Item 18: Financial Statements—Note 24—Borrowings"*.

As at 31 December 2022, AngloGold Ashanti's total non-current borrowings, including the short-term portion maturing within 2022, was made up as follows:

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| | |
|:---|:---|
| | **$(million)** |
| Unsecured borrowings | 1983 |
| Total borrowings | 1983 |
| Less: Short-term maturities (current borrowings) | 18 |
| **Total non-current borrowings** | **1965** |

---

Amounts falling due are scheduled as follows:

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| | |
|:---|:---|
| | **$(million)** |
| Within one year | 18 |
| Between one and two years | 149 |
| Between two and five years | 102 |
| After five years | 1714 |
| **Total** | **1983** |

---

At 31 December 2022, the currencies in which the borrowings were denominated were as follows:

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| | |
|:---|:---|
| | **$(million)** |
| United States dollar | 1858 |
| Australian dollar | 37 |
| South African rand |  |
| Tanzanian shilling | 88 |
| Brazilian real |  |
| **Total** | **1983** |

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At 31 December 2022, AngloGold Ashanti had the following undrawn amounts available under its borrowing facilities:

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| | |
|:---|:---|
| | **$(million)** |
| FirstRand Bank Limited corporate overnight facility (R150 million) – SA rand | 9 |
| Multi-currency syndicated revolving credit facility ($1.4 billion) – US dollar / Australian dollar | 1362 |
| Geita revolving credit facility ($150 million) – US dollar / Tanzanian shilling <sup>(1)</sup> |  |
| Siguiri revolving credit facility ($65 million) – US dollar |  |
| **Total undrawn facilities** | **1371** |

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<sup>(1)</sup> *On 27 February 2023, the size of the 2021 Geita RCF was increased from $150 million to $277 million.*

AngloGold Ashanti had no other committed lines of credit as of 31 December 2022.

As of 31 December 2022, the Company was in compliance with all debt covenants and provisions related to potential defaults.

See *"Item 18: Financial Statements—Note 34—Capital Management"* and *"Item 10C: Material Contracts"*.

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At 31 December 2022, lease liabilities were as follows:

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| | |
|:---|:---|
| | **$(million)** |
| Non-current | 102 |
| Current | 84 |
| **Total** | **186** |

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AngloGold Ashanti, through its executive committee, reviews its short-, medium- and long-term funding, treasury and liquidity requirements and positions monthly.

**<u>Supplemental parent guarantor and subsidiary issuer financial information</u>**

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 31 December 2022 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 (the "2040 notes");

• a $750 million 7-year bond, with a maturity date of 1 November 2028 and a fixed coupon of 3.375% payable semi-annually (the "2028 notes"); 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 "2030 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. 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 31 December 2022, 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 for the year ended and as at 31 December 2022, see *"Item 18: Financial Statements"*.

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**Income statement information**

---

| | |
|:---|:---|
|<br>**$(million)** | **Obligor Group**<sup>(1)</sup><br>**Year ended 31 December 2022** |
| Revenues from Non-Obligor Subsidiaries | 1 |
| Revenues from Investments | 18 |
| Net intergroup dividends, interest, royalties and fees with Non-Obligor Subsidiaries | 1 |
| Loss for the period from continuing operations | (141) |
| Loss for the period | (141) |

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<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*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**

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| | |
|:---|:---|
|<br>**$(million)** | **Obligor Group**<br>**Year ended 31 December 2022** |
| **ASSETS** | |
| Receivables due from Non-Obligor Subsidiaries | 1640 |
| Other current assets | 604 |
| Total current assets | 2244 |
| Non-current assets | 36 |
| **LIABILITIES** |  |
| Payables due to Non-Obligor Subsidiaries | 276 |
| Other current liabilities | 198 |
| Total current liabilities | 474 |
| Non-current liabilities | 1806 |

---

**<u>Contractual commitments and contingencies</u>**

For a detailed discussion of commitments and contingencies, see *"Item 18: Financial Statements—Note 32—Contractual Commitments and Contingencies"*.

As at 31 December 2022, capital commitments can be summarised over the periods shown below as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Expiration per period | Expiration per period | Expiration per period | Expiration per period | Expiration per period |
| Commitment | Total<br>amount | Less than<br>1 year | 1 – 3<br>years | 4 – 5<br>years | Over 5<br>years |
| (in millions) | $ | $ | $ | $ | $ |
| Capital expenditure (contracted and not yet contracted)<sup>(1)</sup> | 437 | 398 | 39 |  |  |
| Other commercial commitments<sup>(2)</sup> | 1011 | 436 | 447 | 128 |  |
| Total | 1448 | 834 | 486 | 128 |  |

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<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*There were no commitments through contractual arrangements with equity-accounted joint ventures.*

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Excludes commitments through contractual arrangements with equity-accounted joint ventures.*

To service the above capital commitments and other operational requirements, the Group is dependent on existing cash resources, cash generated from operations and borrowings (in the form of bonds and credit facilities).

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**<u>Contractual obligations</u>**

As at 31 December 2022, AngloGold Ashanti had the following known contractual obligations:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**(in millions)** | **Total**<br>**$** | **Less than<br>1 year**<br>**$** | **1 – 3<br>years**<br>**$** | **4 – 5<br>years**<br>**$** | **More than<br>5 years**<br>**$** |
| Long-term debt obligations including interest<sup>(1)</sup> | 2775 | 102 | 392 | 183 | 2098 |
| Capital lease obligations | 203 | 79 | 100 | 22 | 2 |
| Purchase obligations |  |  |  |  |  |
| - Contracted capital expenditure<sup>(2)</sup> | 178 | 178 |  |  |  |
| - Other purchase obligations<sup>(3)</sup> | 1011 | 436 | 447 | 128 |  |
| Environmental rehabilitation costs<sup>(4)</sup> | 734 | 61 | 109 | 83 | 481 |
| Provision for silicosis<sup>(5)</sup> | 43 | 12 | 13 | 15 | 3 |
| Pensions and other post-retirement medical obligations<sup>(6)</sup> | 71 | 8 | 18 | 16 | 29 |
| **Total** | **5015** | **876** | **1079** | **447** | **2613** |

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<sup>(1)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;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 24—Borrowings").*

<sup>(2)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Represents contracted capital expenditure for which contractual obligations exist.*

<sup>(3)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Other purchase obligations represent contractual obligations for mining contract services, purchase of power, supplies, consumables, inventories, explosives and activated carbon.* 

<sup>(4)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;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". Amounts stated include a total estimated liability of $17 million in respect of equity-accounted joint ventures.*

<sup>(5)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;In South Africa, AngloGold Ashanti has been subject to numerous claims, including class action litigation with respect to alleged occupational lung diseases. The settlement agreement in relation to the silicosis and tuberculosis class action came into effect in December 2019, following the approval of the settlement by the High Court in Johannesburg in July 2019. As a result, a trust (Tshiamiso Trust) was established for a minimum of 13 years responsible for making payments to eligible beneficiaries. The amount of monetary compensation will vary depending on the nature and seriousness of the disease. See "Item 3D: Risk Factors—The prevalence of occupational health diseases and other diseases and the potential costs and liabilities related thereto may have an adverse effect on the business and results of operations of AngloGold Ashanti", "Item 4B: Business Overview—Sustainability and Environmental, Social and Governance ("ESG") Matters" and "Item 18: Financial Statements—Note 1.2—Statement of Compliance—Significant Accounting Judgements and Estimates—Provision for silicosis".*

<sup>(6)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Represents payments for unfunded plans or plans with insufficient funding. A $12 million reimbursive asset relating to annuities purchase to fund the asset has been separately recognised.*

**<u>Off-balance sheet arrangements</u>**

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. The most significant off-balance sheet item are the unaccrued future rehabilitation obligations.

**<u>Recent developments</u>**

Recent developments disclosed in *"Item 18: Financial Statements—Note 35—Subsequent Events"* include the following details:

**Dividend declaration** - On 22 February 2023, the directors of AngloGold Ashanti declared a gross cash dividend per ordinary share of 322 South African cents (assuming an exchange rate of ZAR 17.53/$, the gross dividend payable per ADS is equivalent to 18 US cents) which was approximately $75 million.

**AngloGold Ashanti and Gold Fields Propose Joint Arrangement in Ghana -** Gold Fields and AngloGold Ashanti (the "Parties") have agreed the key terms of a proposed joint venture in Ghana between Gold Fields' Tarkwa and AngloGold Ashanti's neighbouring Iduapriem Mines (the "Proposed Joint Venture"). The Tarkwa Mine is held by Gold Fields Ghana, in which Gold Fields currently owns a 90% share and the Government of Ghana (the "GoG") holds 10%. The Iduapriem Mine is currently 100% owned by AngloGold Ashanti. Both mines are located near the town of Tarkwa in the country's Western Region. The Parties have agreed in principle on the key terms of the Proposed Joint Venture and will engage with the GoG and other key stakeholders, including relevant regulators, with a view to implementing the Proposed Joint Venture as soon as practically possible. The Parties have agreed to mutual exclusivity during this engagement. It is intended that the Proposed Joint Venture will be an incorporated joint venture, constituted within Gold Fields Ghana and operated by Gold Fields.

AngloGold Ashanti will contribute its 100% interest in the Iduapriem Mine to Gold Fields Ghana in return for a shareholding in that company. Excluding the interest to be held by the GoG, Gold Fields will have an interest of 66.7%, or two-thirds, and

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AngloGold Ashanti will have an interest of 33.3%, or one-third, in the Proposed Joint Venture. There can be no certainty that the Parties will enter into a definitive agreement with respect to the Proposed Joint Venture or about the timing, terms and conditions of any such definitive agreement. Implementation of the Proposed Joint Venture is subject to, among other matters, reaching agreement with the GoG regarding the Proposed Joint Venture, conclusion of confirmatory due diligence and securing all requisite regulatory approvals.

**<u>Related party transactions</u>**

For a detailed discussion of related party transactions, see *"Item 7B: Related Party Transactions"*.

**<u>Recently adopted accounting policies and pending adoption of new accounting standards</u>**

AngloGold Ashanti adopted the amendment to IAS 16 "Property, Plant and Equipment—Proceeds before Intended Use" on 1 January 2022. The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss. The cost allocation requires significant judgement in terms of this amendment. In accordance with the transitional provisions of IAS 16 an entity applies the amendments retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment.

The adoption of the amendment on 1 January 2022 resulted in a retrospective increase in property, plant and equipment and a decrease in accumulated losses of $33 million as of 31 December 2020. There was no impact on the 2021 results as no revenue was capitalised in 2021. The effects of the 2020 restatement are included in the accumulated losses opening balance of the 2021 financial reporting period. The impact arises from the reclassification of revenue, cost of sales, and tangible assets and the resulting amortisation recalculation, resulting exclusively from the redevelopment of the Obuasi mine. No other operation was impacted by the adoption of the amendment.

AngloGold Ashanti's accounting policies are described in *"Item 18: Financial Statements—Note 1—Statement of Compliance—Accounting Standards, Interpretations and Amendments to Published Accounting Standards"*.

**<u>Critical accounting policies</u>**

AngloGold Ashanti's accounting policies are described in *"Item 18: Financial Statements—Note 1.2—Statement of Compliance—Significant Accounting Judgements and Estimates"*.

**<u>Use of estimates and making of assumptions</u>**

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; environmental, reclamation, rehabilitation and closure obligations; asset impairments/reversals (including impairments of goodwill); production start dates; and write downs of inventory to net realisable value. Other estimates include employee benefit liabilities and unrecognised tax positions.

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 *"Item 18: Financial Statements—Note 1.2—Statement of Compliance—Significant Accounting Judgements and Estimates"*.

**5C.&nbsp;&nbsp;&nbsp;&nbsp;RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.**

Research and development expenditure included in the income statement amounted to $1 million during each of 2022, 2021 and 2020.

**5D.&nbsp;&nbsp;&nbsp;&nbsp;TREND INFORMATION**

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For a discussion of trends affecting AngloGold Ashanti's business and operations, see *"Item 5A: Operating Results—Key factors affecting results"*.

**5E.&nbsp;&nbsp;&nbsp;&nbsp;CRITICAL ACCOUNTING ESTIMATES**

Not applicable.

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**ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**6A. DIRECTORS AND SENIOR MANAGEMENT**

**Directors**

As at 10 March 2023, AngloGold Ashanti has a unitary board comprising ten directors - eight independent non-executive directors and two executive directors. Certain information with respect to AngloGold Ashanti's directors is set forth below:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Year first**<br>**appointed**<sup>(1)</sup> |
| Alberto Calderon | 63 | Executive director and Chief Executive Officer | 2021 |
| Gillian Doran | 46 | Executive director and Chief Financial Officer | 2023 |
| Maria Ramos | 64 | Independent non-executive director and chairperson | 2019 |
| Rhidwaan Gasant | 63 | Lead independent non-executive director | 2010 |
| Kojo Busia | 60 | Independent non-executive director | 2020 |
| Alan Ferguson | 65 | Independent non-executive director | 2018 |
| Albert Garner | 67 | Independent non-executive director | 2015 |
| Scott Lawson | 61 | Independent non-executive director | 2021 |
| Maria Richter | 68 | Independent non-executive director | 2015 |
| Jochen Tilk | 59 | Independent non-executive director | 2019 |

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<sup>(1)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;One-third of the directors (if their number is not a multiple of three, then the number nearest to but not less than one-third), must retire at each annual general meeting, according to those who have been longest in office or by lot but may be re-elected, if eligible. A director may not serve for a period of more than three years without retiring. Directors appointed since the previous annual general meeting must be approved by shareholders at the next annual general meeting ("AGM").* 

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| | |
|:---|:---|
| **Maria Ramos (64)** | **Maria Ramos (64)** |
| MSc, BCom (Hons), Banker Diploma, Certified Associate of the Institute of Bankers (SA) | MSc, BCom (Hons), Banker Diploma, Certified Associate of the Institute of Bankers (SA) |
| **Independent Non-Executive Director and Chairperson** | **Independent Non-Executive Director and Chairperson** |
| **Appointed:** 1 June 2019 and as chairperson of the board on 5 December 2020 | **Appointed:** 1 June 2019 and as chairperson of the board on 5 December 2020 |
| **Board committee memberships:** | Nominations and Governance Committee (Chairperson) |

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Maria Ramos is an independent non-executive director of Standard Chartered Plc and serves on the board of Compagnie Financière Richemont SA. She served as Group chief executive officer of Absa Group (previously Barclays Africa Group Limited), retiring in 2019. Prior to that she was CEO of Transnet and served as Director General of South Africa's National Treasury.

She recently served as independent non-executive director on the boards of the Public Investment Corporation and Saudi British Bank. She also co-chaired the United Nations Secretary General's Task Force on Digital Financing of the Sustainable Development Goals.

Ms. Ramos has in the past served as a non-executive and independent director on the boards of Sanlam Ltd, Remgro Ltd and SABMiller Plc. She was a member of the World Economic Forum's International Business Council and member of its executive committee and its chairperson for two years.

She is a member of the Group of Thirty and serves on the International Advisory Board of the Blavatnik School of Government, Oxford University.

**Rhidwaan Gasant (63)**

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| | |
|:---|:---|
| BCompt (Hons), CA (SA), ACIMA, CGMA, Executive Development Programme | BCompt (Hons), CA (SA), ACIMA, CGMA, Executive Development Programme |
| **Lead Independent Non-Executive Director** | **Lead Independent Non-Executive Director** |
| **Appointed:** 12 August 2010 | **Appointed:** 12 August 2010 |
| **Board committee memberships:** | Audit and Risk Committee<br>Nominations and Governance Committee<br>Remuneration and Human Resources Committee Social, Ethics and Sustainability Committee |

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Rhidwaan Gasant was previously the CEO of Energy Africa Limited. He is currently the independent non-executive chairman of Growthpoint Properties Limited and chairs the board audit committee of MTN Nigeria Communications Plc.

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| | |
|:---|:---|
| **Kojo Busia (60)** | **Kojo Busia (60)** |
| PhD, MA, BA | PhD, MA, BA |
| **Independent Non-Executive Director** | **Independent Non-Executive Director** |
| **Appointed:** 1 August 2020 | **Appointed:** 1 August 2020 |
| **Board committee memberships:** | Social, Ethics and Sustainability Committee (Chairperson)<br>Investment Committee<br>Nominations and Governance Committee |

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Kojo Busia has over 25 years of professional experience in African natural resources governance and management working at both bilateral and multilateral organisations. He recently held the position of Chief of the Natural Resources Management Section, Technology, Climate Change and Natural Resource Management Division, at the United Nations Economic Commission for Africa (UNECA).

He previously served as coordinator of the African Mineral Development Centre (AMDC) at the UNECA. Prior to heading the AMDC, Dr. Busia spent nearly a decade leading the African Peer Review Mechanism Support Section, Governance and Public Administration Division, also at the UNECA. In addition, Dr Busia has served on several advisory boards including the Responsible Mining Foundation Advisory Council, Advisory Director of Global Mining Sustainability, and Mining Indaba's Sustainability Advisory Committee. He is a founding director of the Africa Resource Management, Environment and Climate Change Institute, a think-do-tank recently established in Accra, Ghana.

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| | |
|:---|:---|
| **Alan Ferguson (65)** | **Alan Ferguson (65)** |
| BSc; CA (Scotland) | BSc; CA (Scotland) |
| **Independent Non-Executive Director** | **Independent Non-Executive Director** |
| **Appointed:** 1 October 2018 | **Appointed:** 1 October 2018 |
| **Board committee memberships:** | Audit and Risk Committee (Chairperson)<br>Remuneration and Human Resources Committee<br>Nominations and Governance Committee |

---

Alan Ferguson was a former chief financial officer of a number of FTSE-listed entities, including Lonmin Plc. Since 2011 he has held non-executive directorships on a number of boards including Johnson Matthey, Croda International and Marshall Motors Holdings where he chaired their audit committees and was the Senior Independent Director. He currently serves on the board of Harbour Energy, where he chairs the audit committee. In addition, Mr. Ferguson serves as a member of the Business Policy Panel of the Institute of Chartered Accountants of Scotland and is a member of the leadership team of the UK Audit Committee Chair's Independent Forum.

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| | |
|:---|:---|
| **Albert Garner (67)** | **Albert Garner (67)** |
| BSE | BSE |
| **Independent Non-Executive Director** | **Independent Non-Executive Director** |
| **Appointed:** 1 January 2015 | **Appointed:** 1 January 2015 |
| **Board committee memberships:** | Investment Committee<br>Remuneration and Human Resources Committee |

---

Albert Garner has extensive experience in capital markets, corporate finance and mergers and acquisitions having worked with Lazard Frères & Co. LLC for over 40 years in various leadership positions. He is one of the most senior bankers at Lazard,

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currently leading their special committee practice and chairing their fairness opinion committee. He formerly led Lazard's corporate finance practice. Mr. Garner became a general partner in 1989 and is now Vice Chair of Investment Banking.

---

| | |
|:---|:---|
| **Maria Richter (68)** | **Maria Richter (68)** |
| BA, Juris Doctor | BA, Juris Doctor |
| **Independent Non-Executive Director** | **Independent Non-Executive Director** |
| **Appointed:** 1 January 2015 |  |
| **Board committee memberships:** | Remuneration and Human Resources Committee (Chairperson)<br>Nominations and Governance Committee Social, Ethics and Sustainability Committee |

---

Maria Richter is an experienced non-executive director who has served on a diverse range of US and international company boards. She previously served on the board of Barclays International, Barclays Bank plc and National Grid plc where she was the chairperson of the finance committee and member of the audit and nominations committees. She currently sits on the boards of Rexel Group, France, a global leader in the professional distribution of energy products and services, and Bessemer Trust, a US wealth management company, and is a member of the audit and nominations committees of Rexel and the remuneration committee of Bessemer Trust.

During Ms. Richter's professional career she served in various positions at the former Dewey Ballantine, Prudential, Salomon Brothers Inc. and Morgan Stanley & Co.

---

| | |
|:---|:---|
| **Scott Lawson (61)** | **Scott Lawson (61)** |
| BSc, Civil Engineering, MBA | BSc, Civil Engineering, MBA |
| BSc, MBA | BSc, MBA |
| **Independent Non-Executive Director** | **Independent Non-Executive Director** |
| **Appointed:** 1 December 2021 | **Appointed:** 1 December 2021 |
| **Board committee memberships:** | Investment Committee<br>Social, Ethics and Sustainability Committee |

---

Scott Lawson has over 35 years in the mining industry and is an experienced global mining executive who has served in a broad range of roles. He is the former executive vice president and chief integration officer of Newmont Corporation. Prior to this Mr. Lawson served as executive vice president and chief technology officer and other executive technical roles for Newmont Corporation.

Mr. Lawson spent 22 years with Rio Tinto in executive roles with Rio Tinto Alcan, Rio Tinto Technology and Innovation and Rio Tinto Kennecott. He is the former senior vice president, engineering services at Peabody Energy responsible for global engineering and technical services support.

---

| | |
|:---|:---|
| **Jochen Tilk (59)** | **Jochen Tilk (59)** |
| Bachelors in Mining Engineering, Masters in Mining Engineering | Bachelors in Mining Engineering, Masters in Mining Engineering |
| **Independent Non-Executive Director** | **Independent Non-Executive Director** |
| **Appointed:** 1 January 2019 | **Appointed:** 1 January 2019 |
| **Board committee memberships:** | Investment Committee (Chairperson)<br>Social, Ethics and Sustainability Committee<br>Nominations and Governance Committee<br>Audit and Risk Committee |

---

Jochen Tilk is the former executive chair of Nutrien Inc., a Canadian global supplier of agricultural products and services. He is the former president and CEO of Potash Corporation. Mr. Tilk, previously spent 25 years with Inmet Mining Corporation, a Canadian-based, international metals company, with five of those years as the company's president and chief executive officer. He is also a director of Emera Inc., a publicly listed energy utility company and the Princess Margaret Cancer Foundation, a not-for-profit organization.

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---

| |
|:---|
| **Alberto Calderon (63)** |
| PhD, MPhil, MA, Juris Doctor, BA |
| **Chief Executive Officer and Executive Director** |
| **Appointed:** 1 September 2021 |
| **Board committee memberships:** |

---

Alberto Calderon's executive experience includes leadership roles across the mining, petroleum, and energy sectors. He served as the chief executive officer of Orica and was also an executive at BHP Group Plc. During his time with BHP Group Plc, Mr. Calderon held a number of key leadership positions, including group executive and chief executive aluminum, nickel and corporate development, group executive and chief commercial officer.

Mr. Calderon was also CEO of Cerrejón Coal Company, an integrated thermal coal mine in Colombia, and CEO of the Colombian oil company, Ecopetrol. Prior to this, Mr. Calderon held senior leadership positions in the International Monetary Fund and the Colombian government and has been a board member of a range of private, public and non-government organisations.

---

| | |
|:---|:---|
| **Gillian Doran (46)** | **Gillian Doran (46)** |
| Fellow Member of Association of Chartered Certified Accountants (FCCA) | Fellow Member of Association of Chartered Certified Accountants (FCCA) |
| **Chief Financial Officer and Executive Director** | **Chief Financial Officer and Executive Director** |
| **Appointed:** 1 January 2023 | **Appointed:** 1 January 2023 |
| **Board committee memberships:** | Investment Committee |

---

Gillian Doran brings more than 25 years of experience in finance and commercial roles across a number of industries, predominantly natural resources and also construction and manufacturing. Prior to joining the Company, Ms. Doran served as chief financial officer for Rio Tinto's Global Aluminium division. Ms. Doran's career at Rio Tinto spanned over 15 years in a number of senior finance roles within operations, regional business unit and Group headquarters. A seasoned international executive leader having previously worked and lived in Europe, North America and Australia, Ms. Doran brings to AngloGold Ashanti deep experience in financial accounting, planning, performance management, investment, transformation and strategy.

**Board movements during 2022 and subsequent to year-end**

The following changes to the board of directors took place during the period from 1 January 2022 to 31 December 2022 and subsequent to year-end:

• On 30 June 2022, Ms. Christine Ramon retired from the Company's Board of Directors as an Executive Director.

• On 30 October 2022, Ms. Nelisiwe Magubane passed away. Ms. Magubane was a Non-Executive Director of the Company and a member of the Audit and Risk Committee and the Social, Ethics and Sustainability Committee.

• Effective 1 January 2023, Ms. Gillian Doran joined the Company's Board of Directors as an Executive Director.

• On 22 February 2023, the below changes to the membership of certain board committees became effective, unless otherwise noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ms. Maria Richter stepped down from the Audit and Risk Committee and was appointed as a member of the Social, Ethics and Sustainability Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Albert Garner was appointed as a member of the Audit and Risk Committee, subject to shareholder approval at the 2023 AGM (scheduled for 15 May 2023).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Scott Lawson was appointed as a member of the Audit and Risk Committee, subject to shareholder approval at the 2023 AGM (scheduled for 15 May 2023).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Rhidwaan Gasant stepped down from the Investment Committee and was appointed as a member of the Social, Ethics and Sustainability Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ms. Gillian Doran was appointed as a member of the Investment Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ms. Maria Ramos stepped down from the Social, Ethics and Sustainability Committee.

In terms of the Company's Memorandum of Incorporation (MoI), one-third of the directors are required to retire at each AGM and if they are eligible and available for re-election, will be put forward for re-election by the shareholders. The board has determined that the directors to retire at the next AGM are Messrs. Ferguson, Garner and Gasant, who are eligible and have offered themselves for re-election.

**EXECUTIVE COMMITTEE**

AngloGold Ashanti's executive management team (the "Executive Committee") currently comprises eight members of whom two are executive directors. The Executive Committee oversees the day-to-day management of the Group's activities and is supported by country and regional management teams as well as by Group corporate functions.

In addition to Mr. Alberto Calderon and Ms. Gillian Doran, the following people are members of the Executive Committee:

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**Lisa Ali (55)**

*BSc (Hons) in Chemistry, Analytical Chemistry, Biochemistry; Executive MBA*

**Chief People Officer** 

Lisa Ali was appointed as Chief People Officer of the Company and a member of the Executive Committee with effect from 1 April 2022. In this role, Ms. Ali is responsible for Group human resources.

Ms. Ali has over 30 years of experience, most of which has been in extractive industries. Since 2020, Ms. Ali has served as Chief People and Sustainability Officer at Newcrest Mining Limited. Prior to joining Newcrest, Ms. Ali was Head of Transformation at Trinidad Petroleum Holdings Ltd. and its subsidiary companies, and has held several senior positions at BP International PLC.

**Stewart Bailey (49)**

**Chief Sustainability and Corporate Affairs Officer** 

Stewart Bailey's portfolio includes stakeholder relations and the broader ambit of sustainability policy and oversight. He leads a strong team of specialists covering community and government relations, communications and investors relations, reporting and environment. Throughout 13 years with AngloGold Ashanti, based both in the US and South Africa, he has built an in-depth knowledge of the Company, its operations and its stakeholders. Mr. Bailey, formerly Senior Vice President of Investor Relations and Group Communications, was appointed to his current role in 2019. In his previous role, Mr. Bailey covered debt and equity investors in the US, South Africa, the UK, Europe and Asia. He also held line responsibility for AngloGold Ashanti's corporate communications programme, which included engagement with financial news media in South Africa, the US and the UK. He is a former financial journalist with Bloomberg LP in New York and Johannesburg.

**Terry Briggs (50)**

*BSc (Hons) in Geology; MEng*

**Chief Development Officer** 

Terry Briggs was appointed as Chief Development Officer of the Company and a member of the Executive Committee with effect from 1 April 2022. His portfolio at AngloGold Ashanti includes Corporate Strategy and Business Planning, Business Development and greenfields exploration.

Mr. Briggs has 25 years of experience, spanning site-based technical and management roles at several underground and open pit base and precious metal operations at all stages of development from start-up to closure, as well as regional and corporate leadership roles. Since 2008, Mr. Briggs worked at Newmont Corporation where, most recently, he served as Vice President Planning. Prior to serving in this role, Mr. Briggs held various leadership roles in Technical Services, Corporate Development and Finance at Newmont Corporation.

Mr. Briggs has represented on various geology and mining industry bodies and authored several publications on engineering, geology and exploration.

**Ludwig Eybers (56)**

*BSc, Post graduate qualifications*

**Chief Operating Officer**

Ludwig Eybers has over 33 years international mining experience. He joined AngloGold Ashanti in 2011 as Senior Vice President, based in Perth Australia. In 2013, he relocated to AngloGold Ashanti in South Africa to take-up the position of Senior Vice President, Africa Region. He was subsequently promoted to Chief Operations Officer- International in 2017. Mr. Eybers is currently responsible for overall strategic and operational responsibilities for production at the Company's mining operations.

**Marcelo Godoy (51)**

*PhD Strategic Mine Planning, Masters Geostatistics*

**Chief Technology Officer**

Marcelo Godoy has over 25 years of experience in the mining industry and was previously Senior Vice President, Exploration at Newmont Corporation where he led the development of numerous innovation programs, including a world-class orebody risk management system that delivered a step change in the reliability of production forecasts. Mr. Godoy is a recognised leader in the field of mine planning under uncertainty and a champion of diversity and inclusion. Prior to joining Newmont, he was Mining Sector Leader for Golder Associates in South America and a Director at Golder's Global Board of Directors. During his tenure at Golder Associates, Mr. Godoy managed major mining feasibility studies and reserve compliance audits for the world's top producers of base Metals, iron ore and gold.

He brings to AngloGold Ashanti experience in resource modelling, mine planning and project development, as well as a track record in leading technical teams and introducing technology to drive sustainable competitive advantage.

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**Lizelle Marwick (45)**

*B.Proc, LLB, LLM*

**Chief Legal Officer**

Lizelle Marwick was appointed as Executive Vice President: General Counsel and Compliance on 1 July 2020, after previously serving as Senior Vice President: Deputy General Counsel. She joined the Company in 2011 establishing and heading up the legal function for the Africa operations. She is familiar with all aspects of the organisation and well versed on multi-jurisdictional legal work covering a wide range of subjects, with extensive experience in governance, corporate transactions and government negotiations. Prior to joining AngloGold Ashanti, Ms. Marwick practiced law at Bowman Gilfillan in South Africa and Herbert Smith in the United Kingdom. She is admitted as an attorney in South Africa and a solicitor in England and Wales.

**Executive Committee movements during 2022 and subsequent to year-end**

The following movements to the Executive Committee took place during the period from 1 January 2022 to 31 December 2022 and subsequent to year-end:

• Ms. Lisa Ali was appointed as Chief People Officer of the Company and a member of the Executive Committee with effect from 1 April 2022. Ms. Ali replaced Ms. Italia Boninelli, who served as Interim Group Human Resources Executive Consultant and prescribed officer with effect from 1 April 2021 until 31 March 2022.

• Mr. Terry Briggs was appointed as Chief Development Officer of the Company and a member of the Executive Committee with effect from 1 April 2022. Mr. Briggs replaced Mr. Vaughan Chamberlain, who was appointed as Interim Chief Development Officer of the Company and an interim member of the Executive Committee with effect from 1 October 2021 until 31 March 2022.

• Ms. Christine Ramon took early retirement from her role as Chief Financial Officer and a member of the Executive Committee of the Company effective 30 June 2022.

• Mr. Ian Kramer was appointed Interim Chief Financial Officer of the Company and an interim member of the Executive Committee with effect from 1 July 2022. He resumed his role as Senior Vice President: Group Finance with effect from 1 January 2023, stepping down from the Executive Committee.

• Ms. Gillian Doran was appointed as Chief Financial Officer and a member of the Company's Executive Committee with effect from 1 January 2023.

**MINERAL RESOURCE AND MINERAL RESERVE LEADERSHIP TEAM**

**Tarryn Flitton (44)**

*MEng (Mining), BSc (Hons) (Geology), RM SME, Pr.Sci.Nat (SACNASP), FGSSA*

Tarryn Flitton is the Chairperson of the AngloGold Ashanti Mineral Resource and Mineral Reserve Leadership Team. Mrs. Flitton has 21 years' experience in mining with ten years directly leading and managing Mineral Resource and Mineral Reserve reporting. Mrs. Flitton joined AngloGold Ashanti in 2001 and currently holds the position of Vice President: Resource and Reserve and is the Chairperson of the Company's Mineral Resource and Mineral Reserve Leadership Team.

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**6B.&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION**

**REMUNERATION AND HUMAN RESOURCES COMMITTEE**

**Remuneration and Human Resources Committee (the "Remco")**

The Remco is composed of four non-executive directors. Its purpose is to discharge the responsibilities of the board relating to all compensation, including all salary and equity compensation of the Company's executives. The Remco establishes and administers the Company's executive remuneration and its broad objectives include: aligning executive remuneration with Company performance and shareholder interests; setting remuneration standards aimed at attracting, motivating and retaining a competent executive team; linking individual executive pay with operational and Company performance aligned to strategic objectives; and evaluating the compensation of executives including approval of salary, equity and incentive based awards.

With respect to its mandate on human resources, the Remco has oversight to all strategic aspects of people development and human resource issues. The Remco also considers and makes recommendations to shareholders on non-executive director's fees.

The performance of the executive team, including the executive directors, is considered relative to the prevailing business climate and market conditions, as well as to annual evaluations of the achievement of key performance objectives. Bonuses paid to the executives are a reflection of performance of each of the executives and the Company as a whole.

In 2022, the Remco was composed of the following members:

**Members**

Maria Richter (Chairperson)

Alan Ferguson

Albert Garner

Rhidwaan Gasant

The meetings of the Remco are attended by the Chief Executive Officer and Chief People Officer, except when they are conflicted or have a personal financial interest, such as when their own remuneration or benefits are being discussed.

**Remuneration policy**

Our remuneration policy is designed to allow AngloGold Ashanti to compete in a global market where we strive to retain and remunerate our employees using fair, robust and appropriate remuneration and to reward our employees for their contributions. Cost management and shareholder value remain fundamental drivers of our policy.

Linking pay and performance for our executives is important and by having a large portion of executive pay defined as at-risk pay, the policy ensures that executive compensation is aligned with the overall performance of the Company, the regions in which it operates and its business units. The executives have an overriding focus on social sustainability including safety, and a large percentage of variable pay is directly linked to keeping our employees safe.

**Total reward**

When determining remuneration AngloGold Ashanti considers all elements of short-term and long-term fixed and variable pay and ensures that it is consistent with the overall strategic direction of the Company and each employee's individual performance.

For a description of share-based compensation and awards (including cash awards) see *"Item 6E: Share Ownership"*.

Our executive directors do not receive payment of directors' fees or committee fees.

**Benchmarking** 

Our executive employees and non-executive director's remuneration is evaluated against a global group of comparator companies. AngloGold Ashanti's size and complexity as well as each individual executive's role is reviewed against our peer group and benchmarked based on guaranteed and variable pay. Performance (Company and individual) is a key factor influencing the remuneration of the executive employees.

Our salary benchmarks are targeted at the market median of a global market in our industry. Where there is a shortage of specialist and/or key technically skilled employees, we may offer a salary that is higher than the benchmark salary.

Each executive's role is individually sized to ensure the best match possible. The comparison is done for the same or similar roles irrespective of location of work. Each component of remuneration (base salary, short-term incentives, long-term incentives

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and employee benefits and allowances) is analysed and compared with our global peer group's market range and the overall package is reviewed accordingly. Our incentive scheme, the Deferred Share Plan (the "DSP"), was implemented in January 2018. For a description of the DSP, see *"Item 6E: Share Ownership—AngloGold Deferred Share Plan (DSP)"*.

**Retirement benefits/pension**

Retirement benefits are granted to all executives. All new executives and employees receive retirement benefits under defined contribution plans. Contributions vary based on the employee's retirement plan. See *"Item 18: Financial Statements—Note 8—Employee Benefits"* and *"Item 18: Financial Statements—Note 26—Provision for Pension and Post-Retirement Benefits"*.

**EXECUTIVE DIRECTORS' AND EXECUTIVE MANAGEMENT REMUNERATION**

For the amounts paid and benefits granted to executive directors and executive management in 2022, see *"Item 18: Financial Statements—Note 31—Related Parties—Directors and other key management personnel—Executive Directors' and Prescribed Officers' remuneration"*.

For details of the share-based awards and rights to subscribe for ordinary shares in the Company granted to, and exercised by executive directors and executive management team members, see *"Item 6E: Share Ownership—AngloGold Deferred Share Plan ("DSP")* and *"Item 6E: Share Ownership—Participation by Executive Directors, Executive Management Team Members and Other Managers in the AngloGold Share Incentive Scheme"*.

**NON-EXECUTIVE DIRECTORS' FEES AND ALLOWANCES**

The fees of non-executive directors are fixed by shareholders at the annual general meeting. In addition to their compensation, the non-executive directors receive fees for their participation on board committees and allowances for travelling internationally to attend board meetings. Non-executive directors do not receive further payments from the Company and are precluded from participation in the Company's share incentive scheme. For amounts paid to non-executive directors in 2022, see *"Item 18: Financial Statements—Note 31—Related Parties—Directors and other key management personnel—Non-Executive Directors' fees and allowances"*.

**6C.&nbsp;&nbsp;&nbsp;&nbsp;BOARD PRACTICES**

**The Board of Directors**

The Company is governed by a unitary board of directors, the composition of which promotes the balance of authority and precludes any one director from dominating decision-making. Our board membership at year-end comprised nine directors, eight independent non-executive directors and one executive director. Subsequent to year-end, an additional executive director joined the Company's board.

The board is supported by its committees and has delegated certain functions to these committees without abdicating any of its own responsibilities. This process of formal delegation involves approved and documented terms of reference, which are reviewed annually.

See *"Item 6A: Directors and Senior Management"* for information about the composition of the board and directors' term of office and year of appointment.

**Appointment and rotation of directors**

Several factors, including the requirements of relevant legislation, best practice recommendations, qualifications and skills of a prospective board member and the requirements of the Director's Fit and Proper Standards of the Company, as well as regional demographics, are considered in appointing board members. New directors are appointed pursuant to the recommendations of the Nominations and Governance Committee, which conducts a rigorous assessment of the credentials of each candidate. Newly appointed directors are elected at the next annual general meeting following their appointment and to stand for approval by shareholders.

At the next AGM, Ms. Gillian Doran will be named for election by shareholders as a director of AngloGold Ashanti.

In terms of the Company's MoI, one-third of the directors are required to retire at each AGM and if they are eligible and available for re-election, will be put forward for re-election by the shareholders. The board has determined that the directors to retire at the next AGM are Messrs. Ferguson, Garner and Gasant, and being eligible, such directors have offered themselves for re-election.

The Company's MoI does not set a mandatory retirement age for non-executive directors. However, in accordance with recommendations of King IV, any independent non-executive director serving more than nine years should be subjected to a rigorous review of his or her independence and performance by the board.

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**Service contracts**

*Non-Executive Directors*

Non-executive directors receive fees for their services as directors which are approved by shareholders at AGMs. Non-executive directors do not participate in the Company's share incentive scheme.

Non-executive directors do not hold service contracts with the Company.

*Executive* Committee

All members of the Executive Management team have permanent employment contracts which entitle them to standard group benefits as defined by their specific region and participation in the Company's DSP. Interim appointments (interim Chief Financial Officer and interim Chief Development Officer) include an allowance aligned to the Company's acting allowance policy to recognise the additional responsibilities associated with these roles.

South African-based executives are paid a portion of their remuneration offshore, which is detailed under a separate contract. This reflects global roles and responsibilities and takes account of offshore business requirements.

The executive contracts are reviewed annually and include a change of control provision. The change of control is subject to the following triggers:

• The acquisition of all or part of AngloGold Ashanti; or

• A number of shareholders holding less than thirty-five percent of the Company's issued share capital consorting to gain a majority of the board and make management decisions; and

• The contracts of executive committee members are either terminated or their role and employment conditions are curtailed.

In the event of a change of control becoming effective, an executive will receive the change of control terms at the end of the relevant notice period in line with their contractual agreement. The notice and change of control periods applied per category of executive (excluding interim appointments) as at 31 December 2022 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Executive Committee member | Notice period | Change of control |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer | 12 months | 12 months |
| &nbsp;&nbsp;&nbsp;Chief Financial Officer | 6 months | 6 months |
| &nbsp;&nbsp;&nbsp;Other Executive Management team members | 6 months | 6 months |

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**Key activities of the board and committees during 2022**

The activities of the board and committees during 2022 were aimed at promoting the economic stability of the business. This entailed ensuring that its operations were conducted with due regard to the expectations and needs of stakeholders, the safety and health of employees and communities, and the development of systems to ensure proper access to and dissemination of credible information.

**Board and committee meeting attendance**

Directors' attendance at board and committee meetings during 2022 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Board** <sup>(3)</sup> | **Audit and Risk** | **Investment** | **Remuneration and Human Resources** | **Social, Ethics and Sustainability** | **Nominations and Governance** <sup>(4)</sup> |
| **Number of meetings in 2022** | **9** | **7** | **7** | **9** | **5** | **7** |
| MDC Ramos | 9 | n/a | n/a | n/a | 5 | 6 |
| KOF Busia | 9 | n/a | 7 | n/a | 5 | 6 |
| A Calderon | 9 | n/a | n/a | n/a | n/a | n/a |
| AM Ferguson | 9 | 7 | n/a | 9 | n/a | 7 |
| AH Garner | 9 | n/a | 6 | 9 | n/a | n/a |
| R Gasant | 9 | 7 | 7 | 9 | n/a | 7 |
| SP Lawson | 9 | n/a | 7 | n/a | 5 | n/a |
| NVB Magubane <sup>(1)</sup> | 6 | 4 | n/a | n/a | 4 | n/a |
| KC Ramon <sup>(2)</sup> | 4 | n/a | 5 | n/a | n/a | n/a |
| MC Richter | 9 | 7 | n/a | 9 | n/a | 6 |
| JE Tilk | 9 | 7 | 7 | n/a | 5 | 6 |

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<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*NVB Magubane passed away on 30 October 2022.*

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*KC Ramon retired from the Board effective 30 June 2022.*

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*During 2022, the Board held six scheduled Board meetings and three special Board meetings.*

<sup>(</sup><sup>4)</sup> *Members of the Nominations and Governance Committee participated in an additional meeting in respect of the recruitment of the CFO.*

<sup>(5</sup><sup>)</sup> *All committees held four scheduled meetings during the year.* 

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**Audit and Risk Committee**

The Audit and Risk Committee comprises three (pending shareholder approval at the 2023 AGM of the appointment of two additional non-executive directors to the Audit and Risk Committee) independent non-executive directors who collectively possess the skills and knowledge to oversee and assess the strategies and processes developed and implemented by management to manage the business within a continually evolving mining environment.

The Audit and Risk Committee's duties as required by section 94(7) of the SA Companies Act, King IV and JSE Listing Requirements are set out in its board-approved terms of reference which is reviewed and updated annually. These duties were discharged as follows:

• reviewed the quarterly market updates and the half year results;

• confirmed the integrity of the Group's Integrated Report, Annual Financial Statements and the Form 20-F;

• reviewed the expertise, experience and performance of the finance function and Chief Financial Officer;

• assessed the scope and effectiveness of the systems to identify, manage and monitor financial and non-financial risks;

• reviewed the procedures for detecting, monitoring and managing the risk of fraud;

• reviewed the scope, resources, results and effectiveness of the internal audit department;

• approved the internal audit plan and subsequent changes to the approved plan;

• ensured that a combined assurance model is applied to provide a coordinated approach to all assurance activities;

• nominated the appointment of independent external auditors by the shareholders;

• reviewed and approved the terms of engagement as contained in the engagement letter of the external auditors;

• approved the remuneration of the external auditors;

• pre-approved all non-audit services in line with a revised formal policy on non-audit services;

• assessed the external auditors' independence;

• considered the suitability, after assessing the information provided by the audit firm in terms of section 22.15(h) of the JSE Listings Requirements, for appointment of the audit firm and the designated individual partner;

• assessed the effectiveness of the Group's external audit function;

• reviewed developments in reporting standards, corporate governance and best practice;

• monitored the governance of information technology (IT) and the effectiveness of the Group's information systems; and

• reviewed the adequacy and effectiveness of the Group's compliance function.

*Proceedings and Performance Review*

The Audit and Risk Committee formally met seven times in 2022.

The current members of the Audit and Risk Committee are:

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| | |
|:---|:---|
| **Audit and Risk Committee Members** <sup>(1)</sup> | AM Ferguson (Chairman and independent NED) |
| **Audit and Risk Committee Members** <sup>(1)</sup> | R Gasant (Independent NED) |
| **Audit and Risk Committee Members** <sup>(1)</sup> | JE Tilk (Independent NED) |
| **Number of meetings held from January to December 2022** | Seven |

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*NED - Non-Executive Director*

<sup>(1)</sup> *The appointments of Mr Albert Garner and Mr Scott Lawson as members of the Audit and Risk Committee on 22 February 2023 is subject to shareholder approval at the annual general meeting on 15 May 2023.* 

The Chief Financial Officer; Senior Vice President: Finance; Chief Legal Officer; Senior Vice President: Group Internal Audit; Vice President: Group Tax; Group Risk Manager; Senior Vice President: Digital Technology; Vice President: Group Compliance; the external auditors, as well as other assurance providers regularly attend committee meetings in an ex officio capacity and provide responses to questions raised by committee members during meetings. The full Audit and Risk Committee meets separately during closed sessions with management (including the Chief Executive Officer), internal audit and external audit at every scheduled quarterly meeting.

The effectiveness of the board and its committees, including the Audit and Risk Committee, is assessed at least every two years, and every alternate year there is an opportunity for consideration, reflection and discussion by the board of its performance and that of its committees.

**Remuneration and Human Resources Committee ("Remco")**

The Remco activities are governed by the Terms of Reference (these were reviewed and approved by the board in May 2022). The purpose of the Remco is to assist the Board in discharging its oversight responsibilities relating to all compensation, including annual base salary, annual incentive compensation, employment, severance pay and ongoing perquisites or special benefit items and equity compensation of the Company's executives, including the Chief Executive Officer, as well as retention strategies, design and application of material compensation programmes and share ownership guidelines.

With respect to its mandate on human resources, the Remco has strategic oversight of matters relating to the development of the Company's human resources with the main objective of creating a competitive human resource for the Group.

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The Remco operates in an independent role, operating as an overseer with accountability to the Board. This is accomplished by:

• Determining specific remuneration packages for the Executive Committee (the "ExCom") members, and reviewing these annually. The broad framework and cost of executive remuneration shall be a matter for the Board on the recommendation and advice of the Remco;

• Reviewing and approving corporate goals and objectives relevant to the compensation of the ExCom members;

• Evaluating the performance of the ExCom (excluding executive directors) in light of these goals and objectives annually and setting compensation based on such evaluations;

• Ensuring that the mix of fixed and variable pay, base pay, shares and other elements of compensation for each ExCom member meets the Company's requirements and strategic objectives;

• Determining any long-term incentive component of each ExCom member's compensation based on awards given to such member in past years and the Company's performance against set targets;

• Considering other matters relating to the remuneration of or terms of employment applicable to ExCom members that may be referred to the Remco by the Board;

• On an annual basis, or at intervals that the Remco may deem necessary, considering the results of independent research into executive remuneration trends, to assist the Remco in its decision-making regarding executive remuneration;

• Ensuring that all benefits, including retirement benefits and other financial arrangements are justified and correctly valued and reviewed annually;

• Considering the payment of performance linked non-pensionable bonuses to ExCom members, and setting the criteria for, and relative value of such payments;

• Satisfying itself as to the accuracy of recorded performance measures that govern the vesting of share awards and incentives;

• On an annual basis, approving the granting of share options or performance shares to qualifying employees of the Company;

• Regularly reviewing incentive schemes to ensure continued contribution to shareholder value and ensuring that these are administered in terms of the rules of the relevant incentive scheme;

• As and when required, considering proposed amendments to the rules of the incentive schemes and making recommendations for their approval by shareholders;

• Reviewing the executive director's termination payments and ensuring that they are included in the remuneration policy together with any obligations arising from such contracts which would give rise to termination payments; and

• Appointing an independent remuneration advisor to provide consultation to the executive directors, who make recommendations to the Board and shareholders on the remuneration of non-executive directors, taking into consideration market trends on non-executive directors' remuneration, the views and sentiments of shareholders and the financial position of the Company.

The current members of the Remco are:

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| | |
|:---|:---|
| **Remuneration and Human Resource Committee Members** | MC Richter (Chairperson and independent NED) |
| **Remuneration and Human Resource Committee Members** | R Gasant (Independent NED) |
| **Remuneration and Human Resource Committee Members** | AM Ferguson (Independent NED) |
| **Remuneration and Human Resource Committee Members** | A Garner (Independent NED) |
| **Number of meetings held from January to December 2022** | Nine |
| **Other individuals who regularly attended meetings (attended by invitation or if needed to contribute pertinent insights and information)**  | A Calderon (CEO) |
| **Other individuals who regularly attended meetings (attended by invitation or if needed to contribute pertinent insights and information)**  | KC Ramon (former CFO) <sup>(1)</sup> |
| **Other individuals who regularly attended meetings (attended by invitation or if needed to contribute pertinent insights and information)**  | I Kramer (Interim CFO) |
| **Other individuals who regularly attended meetings (attended by invitation or if needed to contribute pertinent insights and information)**  | L Ali (Chief People Officer) |
| **Other individuals who regularly attended meetings (attended by invitation or if needed to contribute pertinent insights and information)**  | A Sidat representing Deloitte (Independent advisor to the Remco) |
| **Other individuals who regularly attended meetings (attended by invitation or if needed to contribute pertinent insights and information)**  | EM Mabuza (VP: Performance and Reward) |
| **Other individuals who regularly attended meetings (attended by invitation or if needed to contribute pertinent insights and information)**  | CM van Dyk (Remuneration and Benefits Consultant) |

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(1) Ms. Christine Ramon ceased to serve as CFO and executive director of the Company at the end of June 2022.

**Remuneration Consultants**

When appropriate, the Remco obtains advice from independent remuneration consultants. These consultants are employed directly by the Remco and engage directly with them to ensure independence.

With the appointment of PwC as the independent auditors the Remco was required to tender for new advisors. In May 2022, Deloitte was appointed to replace PwC to provide specialist, independent remuneration advice on all forms of executive and non-executive pay.

Mercer performs an independent bespoke executive survey and its advice is primarily around salary benchmarking for both executive and non-executive pay.

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**6D.&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEES**

The average number of attributable employees (including contractors) in the AngloGold Ashanti Group over the last three financial years was:

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| Africa | 19807 | 17260 | 16829 |
| Australia | 1532 | 1332 | 1230 |
| Americas | 9498 | 9972 | 8789 |
| Other, including corporate and non-gold producing subsidiaries | 1757 | 1997 | 1807 |
| South Africa - discontinued operations <sup>(1)</sup> |  |  | 8297 |
| **Total\*** | 32594 | 30561 | 36952 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;*The number of contractors employed on average during 2022 was 18,599.*

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*In 2020, represents the monthly average number of employees for the nine months as discontinued operations before completion of sale on 30 September 2020.*

***Labour relations and collective bargaining***

The AngloGold Ashanti approach to employee relations is predicated on a relationship-based model. We strive to establish constructive relations with our employees and their union representatives based on our Company values and our determination to embed interest-based collective bargaining. Working closely with our sites we are also at the forefront of ensuring that we comply with local legislation and regulatory obligations.

A global Employee Relations Standard governs employee and labour relations. The standard enables an approach to employee relations that is based on effective mechanisms for communication and participation, through direct and thoughtful engagement with employees, and where applicable, their representatives, such as trade unions.

Employees at most of our operations are unionised except those in Australia, Colombia and the United States. Although these employees are not unionised, the Company ensures sound employee relations through compliance with labour legislation in these countries, fair company policies and procedures and promoting healthy relationships through effective line management practices. The right to freedom of association and collective bargaining is not at risk at any of our operations.

Where our employees are unionised, we seek to build and maintain positive relations with representative unions as part of our overall stakeholder management philosophy. The table below shows the percentage of unionised employees covered by collective bargaining agreements by country:

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| | |
|:---|:---|
| **Employees covered by collective bargaining agreements** | **Employees covered by collective bargaining agreements** |
| Argentina | 90 percent |
| Brazil | 100 percent |
| Ghana | 86 percent |
| Guinea | 94 percent |
| Tanzania | 86 percent |

---

No wage agreements in Africa were due or made during the reporting period. Biannual collective bargaining and negotiations are expected to commence towards the second quarter of 2023.

In Africa, there were no labour incidents which resulted in stopping of operations in 2022, with the exception of one incident at the end of the second quarter of 2022 when community unrest affected operations at the Siguiri mine. The unrest was related to unemployment and demands for the mine to employ members of the community. The incident was resolved by the Siguiri mine.

In Brazil, all three collective agreements (Nova Lima/Sabará, Santa Bárbara and Crixás) were signed with the unions and implemented effective August 2022. The country has experienced a higher inflation rate of 10.12 percent (Aug/21 – Jul/22) mostly generated by the political uncertainty and expectations around the Presidential campaign and the October electoral process. Despite this context, there was no operational impact or attempt to strike, unlike in 2021.

In Argentina, CVSA completed the annual salary negotiation, aligned with country inflation, with a final increase of 100.2 percent for 12 months (May 22 to April 23). The percentage of fulfilment of the 2022 objectives was also agreed with the unions.

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Full time employees receive a number of benefits not afforded to contractor employees. These include retirement, accommodation for selective employees, production and safety related bonus schemes, and reasonable and fair conditions of services in addition to resultant benefits emanating from collective bargaining.

The minimum notice period regarding operational changes varies from country to country. The Company does, however, comply with all relevant legislation.

**6E.&nbsp;&nbsp;&nbsp;&nbsp;SHARE OWNERSHIP**

**DIRECTORS' AND PRESCRIBED OFFICERS' INTERESTS IN ORDINARY SHARES**

The interests of directors and prescribed officers in the ordinary shares of the Company at 31 December 2022, which individually did not exceed one percent of the Company's issued ordinary share capital are included in the annual financial statements; see *"Item 18: Financial Statements—Note 31—Related Parties—Directors' and Prescribed Officers' interests in AngloGold Ashanti shares"*.

A register detailing Directors and Prescribed Officers' interests in contracts is available for inspection at the Company's registered and corporate office. See *"Item 10H: Documents on Display"*.

**CHANGE IN DIRECTORS' AND PRESCRIBED OFFICERS' INTERESTS IN ANGLOGOLD ASHANTI SHARES SINCE 31 DECEMBER 2022**

Refer to *"Item 18: Note 31—Related Parties—Directors' and Prescribed Officers' interests in AngloGold Ashanti shares".*

**SHARE OWNERSHIP OF EXECUTIVE OFFICERS/EXECUTIVE MANAGEMENT**

To the best of its knowledge, AngloGold Ashanti believes that its ordinary shares held by executive officers, in aggregate, do not exceed one percent of the Company's issued ordinary share capital.

**MINIMUM SHAREHOLDING REQUIREMENT FOR EXECUTIVE MANAGEMENT**

With effect from March 2013, a minimum shareholding requirement (MSR) was introduced for the executive management team (including executive directors). All executive management team members (including executive directors) are required to have a minimum shareholding in the Company as per the table below.

The MSR was extended to include a 12-month post-termination holding, effective 1 January 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Role** | **Within three years of appointment/from introduction of MSR (1 January 2020)** | **Within six years of appointment/from introduction of MSR (1 January 2020)** | **Holding requirement** | **12-month Post-Termination Holding** **(1 January 2022)** |
| CEO | 150% of net annual base salary | 300% of net annual base salary | Throughout employment as a director or prescribed officer | The post-termination MSR will be the requirement based on the MSR policy at the time of termination. Should the executive depart (or no longer serve as director or prescribed officer) before they have achieved the MSR, all vested shares allocated effective 1 January 2022 onwards from the Company's share incentive will be held for a one-year post-termination period. The holding will be up to their required MSR. |
| CFO | 125% of net annual base salary | 250% of net annual base salary | Throughout employment as a director or prescribed officer | The post-termination MSR will be the requirement based on the MSR policy at the time of termination. Should the executive depart (or no longer serve as director or prescribed officer) before they have achieved the MSR, all vested shares allocated effective 1 January 2022 onwards from the Company's share incentive will be held for a one-year post-termination period. The holding will be up to their required MSR. |
| Executive Management Team | 100% of net annual base salary | 200% of net base salary | Throughout employment as a director or prescribed officer | The post-termination MSR will be the requirement based on the MSR policy at the time of termination. Should the executive depart (or no longer serve as director or prescribed officer) before they have achieved the MSR, all vested shares allocated effective 1 January 2022 onwards from the Company's share incentive will be held for a one-year post-termination period. The holding will be up to their required MSR. |
| The following count towards an individual MSR:<br>• Shares purchased on the market, either directly or indirectly<br>• Vested shares from AngloGold Ashanti's share incentive schemes<br>Accumulation of the post-termination holding commences on 1 January 2022, Executives have five years from introduction or appointment to accumulate holding.  | The following count towards an individual MSR:<br>• Shares purchased on the market, either directly or indirectly<br>• Vested shares from AngloGold Ashanti's share incentive schemes<br>Accumulation of the post-termination holding commences on 1 January 2022, Executives have five years from introduction or appointment to accumulate holding.  | The following count towards an individual MSR:<br>• Shares purchased on the market, either directly or indirectly<br>• Vested shares from AngloGold Ashanti's share incentive schemes<br>Accumulation of the post-termination holding commences on 1 January 2022, Executives have five years from introduction or appointment to accumulate holding.  | The following count towards an individual MSR:<br>• Shares purchased on the market, either directly or indirectly<br>• Vested shares from AngloGold Ashanti's share incentive schemes<br>Accumulation of the post-termination holding commences on 1 January 2022, Executives have five years from introduction or appointment to accumulate holding.  | The following count towards an individual MSR:<br>• Shares purchased on the market, either directly or indirectly<br>• Vested shares from AngloGold Ashanti's share incentive schemes<br>Accumulation of the post-termination holding commences on 1 January 2022, Executives have five years from introduction or appointment to accumulate holding.  |

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The table below summarises each executive director and executive committee member's accomplishment of the MSR:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Executive** | **Six-year target achievement date** | **MSR holding as at 31 December 2022 as a percentage**<br>**of net base pay** | **Three-year MSR target achievement percentage** | **Six-year MSR target achievement percentage** |
| **Executive directors** | | | | |
| A Calderon | September 2027 | 38% | 150% | 300% |
| **Prescribed officers** |  |  |  |  |
| L Ali <sup>(1)</sup> | April 2028 | 56% | 100% | 200% |
| SD Bailey | January 2025 | 298% | 100% | 200% |
| TJ Briggs <sup>(1)</sup> | April 2028 | 0% | 100% | 200% |
| L Eybers | March 2023 | 491% | 100% | 200% |
| MC Godoy | October 2027 | 206% | 100% | 200% |
| I Kramer <sup>(2)</sup> | July 2028 | 4% | 100% | 200% |
| L Marwick | July 2026 | 144% | 100% | 200% |

---

---

| |
|:---|
| <sup>(1)</sup> *Appointed prescribed officer with effect from 1 April 2022 and the 3-year MSR achievement is due in April 2025* |
| <sup>(2)</sup> *Appointed prescribed officer with effect from 1 July 2022 to 31 December 2022. The MSR holding is not required subsequent to the appointment period.* |

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**MINIMUM SHAREHOLDING REQUIREMENT FOR NON-EXECUTIVE DIRECTORS ("NEDs")**

During February 2022, the board approved an MSR for NEDs. In terms of the policy, NEDs are required to acquire and hold an MSR in AngloGold Ashanti shares, equivalent to 150 percent of their annual base fee within four years of the effective date of the policy for existing NEDs and from the effective date of appointment for new NEDs.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Four-year target achievement date** | **MSR holding as at** <br>**31 December 2022 as a percentage of annual base fee** | **Two-year MSR target achievement percentage** | **Four-year MSR target achievement percentage** |
| **Non-Executive Directors** | | | | |
| MDC Ramos (Chairperson) | February 2026 | 0% | 75% | 150% |
| R Gasant (Lead independent director) | February 2026 | 0% | 75% | 150% |
| KOF Busia | February 2026 | 36% | 75% | 150% |
| AM Ferguson | February 2026 | 90% | 75% | 150% |
| AH Garner | February 2026 | 404% | 75% | 150% |
| SP Lawson | February 2026 | 51% | 75% | 150% |
| MC Richter | February 2026 | 203% | 75% | 150% |
| JE Tilk | February 2026 | 50% | 75% | 150% |

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**ANGLOGOLD DEFERRED SHARE PLAN (DSP)**

On 16 May 2017, the shareholders approved the introduction of the DSP. The DSP became effective 1 January 2018 and was designed to better align the interests of Company management with those of shareholders by rewarding decision-making that promotes the long-term health of the business by increasing the maximum vesting period of shares from two to five years, and introducing a claw-back provision, reducing the impact of uncontrollable factors, like gold price and currency fluctuations, in determining remuneration, providing better incentive for prudent, value-adding capital allocation, capping the number of shares that can be issued under the DSP in any given year to one percent of total shares in issue, and providing greater incentives for excellence in the broad area of sustainability, which covers the safety, environmental, health, governance, community relations and human capital disciplines.

The scope of participation in the DSP includes Executive Directors, members of the Executive Committee and senior management employees of the Company and its subsidiaries. The intention of the incentive scheme is to ensure that the medium- to long-term interests of the executives and senior management employees are aligned with the shareholders' interests, providing rewards to the executives and senior management employees and wealth creation opportunities to the shareholders when the strategic performance drivers are achieved.

Non-Executive Directors are not eligible to participate in the DSP.

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DSP awards are payable in cash and where applicable (depending on stratum level), the balance will be delivered in one of two compensation components, either deferred cash or deferred shares, vesting equally over a period of two to five years. For each member of the Executive Management Team, the deferred portion is paid entirely in deferred shares vesting over a five-year period. Deferred shares have a right to receive dividend equivalents during the deferral period.

The total incentive is determined based on a combination of Company and individual performance measures, which are defined annually with weightings applied to each measure. Each metric is weighted and has a threshold, target and stretch achievement level related to the Company budget and the desired stretch targets for the year. Below-threshold achievement results in no payment. At the end of each financial year, the Company's and the CEO and CFO's performance is assessed by the Remco and the board and the performance of the other members of the executive management team is assessed by the Remco against the defined metrics to determine the quantum of the cash portion and the quantum of the deferred portion as a percentage of base salary based on on-target achievement:

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| | | | |
|:---|:---|:---|:---|
| | **Cash** | **Shares** | **Total Incentive** |
| Level | On-Target Achievement | On-Target Achievement | On-Target Achievement |
| CEO | 100.00% | 200.00% | **300.00%%%** |
| CFO | 85.00%% | 185.00%% | **270.00%%%** |
| Executive Management Team | 75.00%% | 174.00%% | **249.00%%%** |

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*CEO means Chief Executive Officer.*

*CFO means Chief Financial Officer.*

The graphs below illustrate the threshold, on-target and stretch for the DSP scheme and performance measure weightings (Company and individual) as a percentage of base salary:

![au-20221231_g9.jpg](au-20221231_g9.jpg)

One set of performance metrics is used to determine the cash portion and deferred portion. Future vesting of the deferred portion is subject to continued employment with the exception of the ExCom members who have post-termination vesting for good-leavers. Individual KPIs account for 20 percent of the performance scorecard in the DSP incentive scheme and Company performance accounts for the remaining 80 percent. Company metrics are relative total shareholder return, absolute total shareholder return, normalized cash return on equity, production, all-in sustaining costs, total cash costs, mineral reserve additions pre-depletion, mineral resource additions pre-depletion, safety, health, environment and community metrics and people metrics.

Company and individual performance measures are assessed over each financial year, with the exception of certain Company measures that are measured over a trailing three-year basis. The first allocation under the DSP was made in February 2019 in respect of the 2018 performance year. For further information about the DSP, see *"Exhibit 19.4.1.3"*.

The DSP was amended and restated by the board of directors on 20 February 2023 to reflect our current practice by adding flexibility to grant sign-on awards to new employees of AngloGold Ashanti and to compensate them for incentive awards that they have forfeited from their previous employer.

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The Committee approved the 2022 DSP metrics Company performance achievement of 94.86 percent. This was an important year for the Company and the following results, among others, demonstrate re-alignment of the strategic priorities and focused delivery.

Key highlights include:

• Incorporating a diverse new executive team and making significant changes at the senior vice president and critical skills level in the areas of Supply, Projects, Digital Technology and Operations

• Achieving an unprecedented safety performance which positions the Company well below the industry average in key metrics and demonstrates significant progress in resetting the safety culture

• Surpassing the production budget for the first time since 2017 and delivering Obuasi targets

• Reducing real cash costs which were less than one percent above the top end of guidance, rising by six percent year on year, which was roughly half the inflation rate experienced for the Company's basket of goods and services

• Consolidating Nevada as a multi-decade, cost-competitive new growth project

The table below summarises AngloGold Ashanti's remuneration metrics, their weightings, and performance against these metrics applicable to the DSP during 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DSP performance measure** | **DSP performance measure** | **Weighting** | **Threshold measures** | **Target measures** | **Stretch measures** | **2022 achievement %** |
| **Financial measures** | Relative total shareholder return (measured in US$) | 12.50% | Median TSR of comparators | Halfway between median and upper quartile | Upper quartile TSR of comparators | 0.00% |
|  | Absolute total shareholder return (measured in US$) | 7.50% | USD COE (6%) | USD COE + 2% (8%) | USD COE + 6% (12%) | 11.25% |
|  | Normalised cash return on equity (nCROE) | 15.00% | USD COE (6%) | USD COE + 9% (15%) | USD COE + 18% (24%) | 22.50% |
|  | Production | 15.00% | 2,550 oz (000) | 2,734 oz (000) | 2,837 oz (000) | 15.60% |
|  | Total cash cost | 10.00% | $1,015 / oz | $963 / oz | $915 / oz | 0.00% |
|  | All-in sustaining costs | 5.00% | $1,425 / oz | $1,355 / oz | $1,285 / oz | 4.00% |
| **Future optionality** | Mineral Reserve additions (pre-depletion, asset sales, mergers and acquisitions) | 5.50% | Plus 1.6 Moz | Plus 3.2 Moz | Plus 4.8 Moz | 5.98% |
|  | Mineral Resources (pre-depletion, asset sales, mergers and acquisitions) | 5.50% | Plus 4.2 Moz | Plus 8.3 Moz | Plus 12.5 Moz | 4.10% |
| **Safety** | All injury frequency rate (AIFR) – one year | 8.00% | ≥2.5%<br>performance improvement (2.07) | ≥5%<br>performance improvement (2.01) | ≥7.5%<br>performance improvement (1.96) | 11.24% |
|  | Major hazard control compliance |  | 95% critical control compliance | 99% critical control compliance | 99.5% critical control compliance |  |
| **Health, Environmental and Community** | **Health** (2.5%): Reduction in workforce exposed to high respirable crystalline silica dust | 12.00% | 4% reduction | 7% reduction | 13% reduction | 17.33% |
|  | **Environment** (7.5%): Greenhouse gas emissions management |  | 110% of budgeted carbon emission intensity (37.91) | 100% of budgeted carbon emission intensity (34.46) | 95% of budgeted carbon emission intensity (32.74) |  |
|  | **Community** (2%): Business disruptions as a result of community unrest |  | 2 | 1 | 0 |  |
| **People** | Gender diversity | 4.00% | 21% female representation | 23% female representation | 25% female representation | 2.86% |
|  | Key staff retention |  | 85% pa | 90% pa | 95% pa |  |
|  | **Total** | **100%** |  |  |  | **94.86%** |

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Relative TSR measures the Company's share price performance compared to the peer group on a relative basis. It is measured on a three-year trailing average. A total of seven peers (Agnico Eagle Ltd, Barrick Gold Corp, Gold ETF, Gold Fields Ltd, Kinross Gold Corp, Newcrest Mining Ltd and Newmont Mining Corp) are measured and numerically ranked; the positioning of AngloGold Ashanti in the ranking determines the bonus achievement.

Based on the criteria below for 2022, AngloGold Ashanti was ranked seventh and was therefore positioned below the median at a growth percentage of 13.00 percent; therefore, the achievement was calculated at below threshold (0 percent).

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**Criteria table for relative TSR**

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| | | |
|:---|:---|:---|
| Threshold achievement (50%) | 33.93% | Median |
| Target achievement (100%) | 49.05% | Halfway between median and upper quartile |
| Stretch achievements (150%) | 64.17% | Upper quartile |

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Absolute TSR measures the Company's share price performance on a three-year trailing average and compares it to a percentage increase relating to US cost of equity (US COE). The stretch target is achieved if US COE plus 6 percent is exceeded based on this calculation. Currently the US COE is 6 percent, resulting in the stretch target being 12 percent.

**Criteria table for absolute TSR**

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| | | |
|:---|:---|:---|
| Threshold achievement (50%) | US cost of equity (COE) | 6.00% |
| Target achievement (100%) | COE + 2% | 8.00% |
| Stretch achievements (150%) | COE + 6% | 12.00% |

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The Company's growth percentage of 13.00 percent places them above the US COE plus 6 percent (12 percent); therefore, the achievement is on stretch (11.25 percent). Refer to the TSR ranking table above.

Additional details regarding the award outcomes for the CEO and CFO under the DSP for 2022 are provided below.

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**CEO: Key Objectives and Achievements for 2022:** 

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| | | |
|:---|:---|:---|
| **Scorecard** | **Weighting** | **Comments** |
| **Health, safety, environment and community**<br>• Safety – 12.5%<br>• Health, environment and community – 12.5%<br>• Results aligned to Company DSP outcome | **25%** | **AngloGold Ashanti's safety performance improved year-on-year**<br>• Total recordable injury frequency rate improved 41% to a record 1.26 in 2022 – less than half the 2021 ICMM member average of 2.90 <br>• Lost-time injury frequency rate fell 40% to 0.65 year-on-year <br>• Visible leadership on Major Hazard Critical Controls programme <br>• Set new Scope 1 and 2 greenhouse gas reduction targets for 2030, including detailed programme of projects and capital estimates  |
| **Financial and production**<br>• Achievement of budget production oz's and cash cost / oz <br>• Significantly advance Project Full Potential: Identify the full potential of 5-6 operations and the measures to close the gap during following 24 months<br>• Build major projects for the company's long- term future inclusive of significant progress made on:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ Obuasi – 5%<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ Colombia project – 5%<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ Nevada project – 5%<br>• Support the move of major capital projects through development phases | **55%** | **Exceeded budgeted production for first time since 2017. Achieved real cash cost reduction of 6% in volatile, inflationary environment, closing the gap vs. peer group, where costs increased above inflation:** <br>• Improvement projects helped offset significant exogenous factors, including flooding in Brazil and Covid impact on labour in Australia <br>• Siguiri management intervention helped exceed planned production amid challenging operating conditions <br>• Obuasi production met market expectations <br>**Initiated Full Asset Potential Programme:** <br>• Six sites underwent FP programme; potential cost reductions identified <br>• Workbooks in place to realise efficiencies over c.24 months <br>**Growth Projects:** <br>• Quebradona Optimised Feasibility Study progressed; Environmental Impact assessment is in progress <br>• North Bullfrog feasibility study expected now in first half of 2023; Feasibility study for Silicon rescheduled to include Merlin and other orebodies  |
| **Individual KPIs**<br>• Embed Operating Model changes<br>• Effective stakeholder management through: | **20%** | • Implemented new Operating Model; achieved planned personnel efficiencies in corporate functions and business units, with commensurate cost benefits  |
| &nbsp;&nbsp;&nbsp;&nbsp;▪ Good corporate governance and risk management |  | Corporate governance - simplified Delegation of Authority framework and implemented review of Group policies and standards |
| &nbsp;&nbsp;&nbsp;&nbsp;▪ Effective relationships with shareholders and investors |  | • Worked to develop relationship with shareholders and analysts through industry conferences, roadshows and roundtable meetings. Improved market understanding of overall strategy and Full Asset Potential process, aided by engagement during results reporting and set-piece engagements  |
| &nbsp;&nbsp;&nbsp;&nbsp;▪ Good relations with governments in operating countries |  | • Government relations strengthened - increased personal interactions with key officials, including high-level meetings with governments of Ghana and Tanzania to strengthen relationships and discuss issues of mutual interest  |
| &nbsp;&nbsp;&nbsp;&nbsp;▪ Effective regular communication with board, executive committee, operations, projects and employees |  | • Employee townhalls, site visits and visible leadership on mental wellbeing and sexual harassment prevention campaigns. Culture survey results and subsequent workshops and feedback sessions have effectively boosted employee morale and engagement  |
|  |  | • Implemented an integrated new ExCom and significant changes at senior management level to ensure robust capability to deliver the business plan  |
|  |  | • Global implementation of the anti-discrimination and sexual harassment standards  |
| **Total** | **100%** |  |

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| | | |
|:---|:---|:---|
| **CEO: Performance incentive outcome 2022** | | |
| **2022 DSP performance outcome** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Weighting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DSP award outcome** |
| Financial performance targets |  |  |
| Relative total shareholder return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Absolute total shareholder return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25% |
| Normalised cash return on equity (nCROE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.50% |
| Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.60% |
| Total Cash Costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| All-in sustaining costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% |
| Mineral Reserve pre-depletion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% |
| Mineral Resource additions pre-depletion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% |
| Safety | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24% |
| Health, Environment and Community | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.33% |
| Core value: People | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% |
| **Total % for Company performance:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94.86%** |
|  |  | &nbsp;&nbsp;&nbsp;. |

---

------

---

| | |
|:---|:---|
| Organisational performance weighting: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;= |
| **A - Organisational performance weighted outcome:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75.89%** |
| Individual performance results |  |
| Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets |  |
| Individual performance weighting: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;X |
| Performance rating award correlation: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.00% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;= |
| **B - DSP opportunity based on individual performance:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.00%** |
| **Total % of DSP pay opportunity (A+B)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**105.89%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;x |
| On-target total cash bonus opportunity (as % of base pay) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |
| On-target total deferred share award opportunity (as % of base pay) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200.00% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;= |
| **Final cash bonus result (as % of base pay)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**105.89%** |
| **Final deferred share result (as % of base pay)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211.78%** |
| Base pay as at 31 December 2022 (all offshore payments converted to ZAR at exchange rate of ZAR16.3655: USD1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26184800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;= |
| **Annual cash portion of DSP:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27726561** |
| **Annual deferred share portion of DSP (to vest over five years):** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55453122** |
| **Total 2022 deferred share plan award:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83179683** |

---

CFO: Key Objectives and Achievements for 2022:

---

| | | |
|:---|:---|:---|
| **Scorecard** | **Weighting** | **Comments** |
| **Leadership and stakeholder engagement** | **5%** | • Maintained effective relationships with equity and debt investors, banks, ratings agencies, auditors and joint venture partners <br>• Continued to provide input at relevant stakeholders' forums on financial, tax and regulatory matters  |
| **Liquidity, credit ratings and balance sheet management** | **15%** | • Refinanced $1.4bn multi-currency RCF by mid-June 2022 at favourable terms, for a five-year tenure with two one-year extensions <br>• Proactively engaged the ratings agencies on the Company's strategy, operational performance, and cost initiatives. AngloGold Ashanti's credit ratings were maintained by all three credit ratings agencies  |
| **Cost discipline and cash preservation measures** | **50%** | &nbsp;&nbsp;&nbsp;&nbsp;• Production and cost guidance remained on track for the year in the first half of 2022 <br>• Maintained focus on optimising corporate costs, as well as non-essential expenditure <br>• Proactively managed supply chain risks across the business amidst challenging market conditions resulting from COVID-19-related impacts and the Russia/Ukraine war  |
|  |  | • Adequate levels of consumables and spares (3-6 months) have been maintained across the operations to maintain business continuity. Targeted supply chain savings remained on track despite inflationary pressures due to stocking and pricing strategies and ensured that the full asset potential programme was adequately supported  |
| **Governance and risk management** | **15%** | • Ensured that a strong culture of compliance and consistency of accounting practices prevailed through regular interaction with business units <br>• Ensured a strong focus on the Tanzanian tax matters and that there is appropriate disclosure of all tax exposures <br>• Assessed oil hedging at various intervals earlier in the year  |
| **Implementation of the Operating Model** | **15%** | • The approved Operating Model structures for the Finance and Supply functions were embedded well before the end of June 2022; appropriate transition plans developed identified risks <br>• Ensured that the business process optimisation initiatives had been progressed and that projects have been put in place to address the recommendations  |
| **Total** | **100%** |  |

---

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---

| | | |
|:---|:---|:---|
| **CEO: Performance incentive outcome 2022** | | |
| **2022 DSP performance outcome** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Weighting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DSP award outcome** |
| Financial performance targets |  |  |
| Relative total shareholder return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Absolute total shareholder return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25% |
| Normalised cash return on equity (nCROE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.50% |
| Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.60% |
| Total Cash Costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| All-in sustaining costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% |
| Mineral Reserve pre-depletion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% |
| Mineral Resource additions pre-depletion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% |
| Safety | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24% |
| Health, Environment and Community | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.33% |
| Core value: People | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% |
| **Total % for Company performance:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94.86%** |
| Organisational performance weighting: |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00% |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;= |
| **A - Organisational performance weighted outcome:** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75.89%** |
| Individual performance results |  |  |
| Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets |  |  |
| Individual performance weighting: |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00% |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;X |
| Performance rating award correlation: |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.50% |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;= |
| **B - DSP opportunity based on individual performance:** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.50%** |
| **Total % of DSP pay opportunity (A+B)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98.39%** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;x |
| On-target total cash bonus opportunity (as % of base pay) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.00% |
| On-target total deferred share award opportunity (as % of base pay) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185.00% |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;= |
| **Final cash bonus result (as % of base pay)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83.63%** |
| **Final deferred share result (as % of base pay)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.00%**<sup>(1)</sup> |
| Base pay for six months as at 30 June 2022 (all offshore payments converted to ZAR at exchange rate of ZAR16.3655: USD1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;= |
| **Annual cash portion of DSP:** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4550781** |
| **Annual deferred share portion of DSP (to vest over five years):** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total 2022 deferred share plan award:** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4550781** |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Deferred share award was not payable because of the CFO's termination of service.

**PARTICIPATION BY EXECUTIVE DIRECTORS, EXECUTIVE MANAGEMENT TEAM MEMBERS AND OTHER MANAGERS IN THE ANGLOGOLD SHARE INCENTIVE SCHEME**

For details of the share-based awards and rights to subscribe for ordinary shares in the Company granted to, and exercised by, executive directors, executive management team members and other managers on an aggregate basis during the year to 31 December 2022 and subsequent to year end up to 10 March 2023, see *"Item 18: Financial Statements—Note 31—Related Parties—Directors and other key management personnel"*.

**PARTICIPATION BY EMPLOYEES IN THE ANGLOGOLD SHARE INCENTIVE SCHEME**

For details of the share-based awards and rights to subscribe for ordinary shares in the Company granted to, and exercised by, employees on an aggregate basis during the year to 31 December 2022, see *"Item 18: Financial Statements—Note 9—Share- Based Payments"*.

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**ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**Overview**

***Description of AngloGold Ashanti's share capital***

AngloGold Ashanti's share capital consists of one class of stock:

• Ordinary shares, par value 25 South African cents each (the "ordinary shares");

The authorised and issued share capital of AngloGold at 31 December 2022 is set out below:

---

| | | |
|:---|:---|:---|
| **Title of class** <sup>(1)</sup> | **Authorised** | **Issued** |
| Ordinary shares | 600000000 | 418600473 |

---

(1) During December 2021, the A and B redeemable preference shares were redeemed and the preference share certificates cancelled. All redeemable preference shares were removed from the authorised share capital at the AGM held on 16 May 2022.

All the issued ordinary shares are fully paid and are not subject to further calls or assessment by AngloGold Ashanti.

The following are the movements in the ordinary issued share capital at 31 December:

***Ordinary shares***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Rand** | **Number of<br>Shares** | **Rand** | **Number of<br>Shares** | **Rand** |
| | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| At 1 January | 417501452 | 104375363 | 416890087 | 104222522 | 415301215 | 103825304 |
| Issued during the year: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercise of options by participants in the AngloGold Share Incentive Scheme | 1099021 | 274755 | 611365 | 152841 | 1588872 | 397218 |
| 31 December | 418600473 | 104650118 | 417501452 | 104375363 | 416890087 | 104222522 |

---

During the period from 1 January 2023 to and including 10 March 2023, 246,930 ordinary shares were issued at an average issue price of R270.27 per share, resulting in 418,847,403 ordinary shares being in issue at 10 March 2023.

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**7A.&nbsp;&nbsp;&nbsp;&nbsp;MAJOR SHAREHOLDERS**

According to information available to the directors, the following are the only shareholders or their associates holding, directly or indirectly, in excess of five percent of the ordinary issued share capital of the Company:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ordinary shares held at** | **31 December 2022** | **31 December 2022** | **31 December 2021** | **31 December 2021** | **31 December 2020** | **31 December 2020** |
| **Shareholder\*** | **Number of<br>Shares** | **Percent<br>Voting<br>Rights** | **Number of<br>Shares** | **Percent<br>Voting<br>Rights** | **Number of<br>Shares** | **Percent<br>Voting<br>Rights** |
| Public Investment Corporation of South Africa | 51477205 | 12.30 | 44332506 | 10.62 | 39846637 | 9.56 |
| BlackRock Inc. | 29536274 | 7.06 | 27155066 | 6.50 | 27956084 | 6.71 |
| Van Eck Associates Corporation | 23602172 | 5.64 | n/a | n/a | 26488311 | 6.35 |
| Coronation Holdings | n/a | n/a | 37322250 | 8.94 | n/a | n/a |

---

*\* Shares may not necessarily reflect the beneficial shareholder.*

At 31 December 2022, a total of 125,736,908 shares (or 30 percent of issued ordinary share capital) were held by The Bank of New York Mellon, as Depositary for the Company's American Depositary Receipt programme. Each American Depositary Share (ADS) is equivalent to one ordinary share. At 31 December 2022, the number of persons who were registered holders of ADSs was reported at 1,928. AngloGold Ashanti is aware that many ADSs are held of record by brokers and other nominees, and accordingly the above numbers are not necessarily representative of the actual number of persons who are beneficial holders of ADSs or the number of ADSs beneficially held by these persons.

All ordinary shareholders have the same voting rights.

As at 31 December 2022, there were 25,543 holders on record of AngloGold Ashanti ordinary shares. Of these holders 478 had registered addresses in the United States and held a total of 179,898,324 ordinary shares, or 42.98 percent of the total outstanding ordinary shares. In addition, certain accounts on record with registered addresses outside the United States, hold AngloGold Ashanti ordinary shares, in whole or in part, beneficially for United States persons.

At 10 March 2023, a total of 124,073,857 ADSs or 29.62 percent of total issued ordinary share capital were issued and outstanding and held on record by 1,914 registered holders.

Insofar as is known to AngloGold Ashanti, there was no person who, directly or indirectly, jointly or severally, exercised or could exercise control over AngloGold Ashanti, nor is AngloGold Ashanti aware of any arrangements which might result in a change in control of AngloGold Ashanti.

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**7B.&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY TRANSACTIONS**

The Company had the following transactions with related parties during the year ended 31 December:

---

| | |
|:---|:---|
| | **2022** |
|<br>**(in million)** | **Purchases from related party**<br>**$** |
| **Purchases of goods and services from related parties** |  |
| Rand Refinery (Pty) Limited | 14 |

---

Amounts due to joint ventures and associates arising from purchases of goods and services are unsecured and non-interest bearing.

As at 31 December 2022, there are no outstanding balances arising from loans owed to or by related parties.

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**7C.&nbsp;&nbsp;&nbsp;&nbsp;INTERESTS OF EXPERTS AND COUNSEL**

Not applicable.

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**ITEM 8: FINANCIAL INFORMATION**

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**8A.&nbsp;&nbsp;&nbsp;&nbsp;CONSOLIDATED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION**

See *"Item 18: Financial Statements"*.

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**LEGAL PROCEEDINGS**

There is no material proceeding in which a director, officer or affiliate of AngloGold Ashanti is either a party adverse or has a material interest adverse to the Company.

In addition to the proceedings described below, the Company becomes involved, from time to time, in various claims, legal proceedings and complaints incidental to the ordinary course of its business.

**TAX MATTERS**

• **The State of Minas Gerais v. Mineração Serra Grande S.A. (MSG):** In Brazil, MSG received a tax assessment in October 2003 from the State of Minas Gerais related to VAT on gold bullion transfers. The tax administrators rejected MSG's appeal against the assessment, which amounted to approximately $9.6 million. MSG appealed the dismissal of the case to the State Court of Minas Gerais. Any possible payment by MSG would be set off by an indemnity from Kinross Gold Corporation (Kinross) of $5 million provided for as part of the company's acquisition of Kinross' interest in MSG in 2012. The matter is currently pending in the State Court of Minas Gerais.

• **Brazilian tax authorities v. AngloGold Ashanti Córrego do Sítio Mineração SA and Mineração Serra Grande S.A. (MSG):** AngloGold Ashanti's subsidiaries in Brazil, including AGA Mineração (formerly AngloGold Ashanti Brasil Mineração Ltda) and MSG, are involved in various disputes with the Brazilian tax authorities. These disputes date back as far as 2007 and involve federal tax assessments including income tax, royalties, social contributions, VAT and annual property tax. Collectively, the total possible amount involved across all tax disputes in Brazil is approximately $46.5 million, which include VAT claims and social security payments of $36 million.

• **Colombian Tax Office (DIAN) v. AngloGold Ashanti Colombia S.A.S. (AGAC) and Gramalote Colombia Limited (Gramalote):** Since 2013, AGAC received various notices from the DIAN that it disagreed with the company's tax treatment of exploration expenditure in its 2010, 2011, 2013 and 2014 income tax returns and its 2011 equity tax return. However, AGAC believes that the DIAN has applied the tax legislation incorrectly and subsequently filed lawsuits before the Administrative Court of Cundinamarca (the trial court for tax litigation) challenging each of the DIAN's rulings in respect of those tax returns. In 2018, the Administrative Court of Cundinamarca denied AGAC's arguments with respect to the 2010 and 2011 tax litigation. AGAC subsequently appealed these judgments to the Council of State of Colombia (the highest court for tax matters). In November and December 2022, the Council of State ruled against AGAC upon appeal. The Council of State ordered AGAC to pay $34 million of additional taxes (which includes interest) in respect of the 2010 and 2011 tax returns, but it fully waived any related penalties (which were originally assessed in the amount of $47 million). In December 2022, a tax reform was adopted in Colombia, enacting changes which may lead to a reduction of interest charged on outstanding tax obligations in certain circumstances. In February 2023, AGAC paid $25 million of additional taxes (which includes interest) in respect of the 2011 income and equity tax returns, after taking into account a reduction of $6 million in interest under the tax reform. Following this payment, the 2011 tax litigation was fully settled. AGAC is still awaiting the final decision under the new tax reform in respect of the 2010 tax litigation. AGAC's other lawsuits with respect to its 2013 and 2014 tax returns are still pending before the Administrative Court of Cundinamarca and the company has disclosed a contingent liability of $5.0 million in respect thereof (mainly covering related penalties).

Since 2019, Gramalote also received various notices from the DIAN that it disagreed with its 2013 and 2014 income tax returns on the same basis as the abovementioned AGAC returns, calculating additional taxes as well as penalties and interest. However, Gramalote also believes that the DIAN has applied the tax legislation incorrectly and subsequently filed lawsuits before the Administrative Court of Cundinamarca challenging each of the DIAN's rulings in respect of those tax returns. Gramalote's lawsuits with respect to its 2013 and 2014 tax returns are still pending before the Administrative Court of Cundinamarca. The company has disclosed a contingent liability of $3.0 million in relation to Gramalote's 2013 and 2014 tax returns (mainly covering related penalties).

The total amount claimed by the DIAN, related to the above tax matters that remain outstanding amounted to $8.1 million of which $8.0 million related to penalties as of 31 December 2022. Following a judgment of the Council of State in July 2019 holding that duplicate penalties may not be charged, the company expects that certain penalties will likely be waived, reducing the overall exposure to $0.1 million in respect of those tax matters. In addition, from 2017 onwards, the deduction of exploration costs is prohibited following a change in Colombian tax legislation. As a result, exploration costs have been treated in accordance with the amended tax legislation subsequent to that date.

• **Argentina Tax Authority (AFIP) v. Cerro Vanguardia S.A. (CVSA):** In July 2013, CVSA received a notification from the AFIP requesting corrections to the 2007, 2008 and 2009 income tax returns of about $0.9 million relating to the non-deduction of tax losses previously claimed on hedge contracts. The AFIP is of the view that the financial derivatives could not be considered as hedge contracts, as hedge contract losses could only be offset against gains derived from the same kind of hedging contracts. Penalties and interest on the disputed amounts are estimated at a further $4.2 million. CVSA and AFIP have corresponded on this issue over the past several years, and the Argentinian tax authorities continue to assert their position regarding the use of the financial derivatives. CVSA filed an appeal with the Tax Court in June 2015, and the parties submitted their final reports in July 2017. The matter is pending with the Tax Court.

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• **Ghanaian tax authorities v. AngloGold Ashanti (Ghana) Limited (AGAG) withholding tax audits:** AGAG received a final tax audit report from the Ghana Revenue Authority (GRA) in which the GRA demanded payment of $9.0 million in respect of withholding taxes on payments to non-resident persons. AGAG objected to the GRA's assessment of withholding taxes on the basis that AGAG was duly exempted by the government of Ghana from withholding taxes on payments made to non-residents during the relevant periods in terms of the Deed of Warranty signed with the government of Ghana. In 2017, AGAG met with the Commissioner-General of the GRA and provided its position in writing together with the relevant supporting documents. AGAG has not yet received a response from the Commissioner-General. Due to the statute of limitations applicable to tax assessments in Ghana, the amount of the tax uncertainty is estimated at $6.0 million as at 31 December 2022.

**COLOMBIA**

• **Santa María-Montecristo and La Colosa class action lawsuits:** Class action lawsuits have been filed in relation to each of AngloGold Ashanti Colombia S.A.S.'s (AGAC) Santa María-Montecristo and La Colosa projects. Each of the two lawsuits aims to stop exploration and mining in certain restricted areas affected by the projects due to environmental concerns.

In respect of the Santa María-Montecristo class action lawsuit, in September 2011, the Administrative Court of Tolima granted one of the plaintiffs a preliminary injunction suspending AGAC's mining concession contracts in relation to this project. AGAC has challenged this injunction, nevertheless, it remains in place during the course of the court proceedings. In May 2019, the Administrative Court of Tolima ruled that a technical study be prepared to define the places in which mining activities could be performed in the Combeima canyon without posing any threat to the water reservoirs of Ibagué, the capital of the Tolima department. In September 2020, the Council of State of Colombia (the highest court for administrative matters) on appeal overruled the decision of the Administrative Court of Tolima. The Council of State's decision, which is final and not subject to further appeal, determined that AGAC, as concessionaire, has a right to develop the project if it can demonstrate to the mining and environmental authorities on the basis of technical studies that its mining exploration and, eventually, exploitation activities, will not impact the water resources of the Coello River basin and its tributaries. On 25 October 2022, AGAC returned the tenements involved in the Santa María-Montecristo project to the government of Colombia. This return is pending acceptance by the Colombian Mining Authority (*Agencia Nacional de Minería*) following which the Administrative Court of Tolima still needs to dismiss the case. Until such time, the injunction remains in place.

The consolidated La Colosa class action lawsuit originally consisted of four separate class actions. In relation to this project, in October 2016, Tolima's Administrative Court ordered that a technical study be prepared by a panel of seven experts (selected by the plaintiff, AGAC, universities, the Colombian government and an NGO) to determine whether the La Colosa project presents a "threat" to the environment during its exploration phase. In December 2017, Ibagué's Third Administrative Court ordered that another technical study, similar to the one described in the October 2016 order, be prepared for the La Colosa project. AGAC appealed both orders. In September 2018, Tolima's Administrative Court consolidated all class actions in relation to the La Colosa project into one single class action lawsuit which is currently pending before the Council of State. The orders to prepare the technical studies have been temporarily suspended pending resolution by the Council of State. If AGAC's appeal before the Council of State is not successful, the Company may have to perform one or more technical studies in relation to the La Colosa project. If the studies were to conclude that a "threat" exists, certain development activities at the La Colosa project may be suspended.

Further, while the plaintiffs in the La Colosa class action have petitioned the courts to cancel the mining concession contracts, the Company believes that the judiciary system in Colombia does not have the authority to order such cancellation. Such power, by law, vests solely in the Colombian government which, through the relevant Colombian mining authorities, has the discretion to declare concessions void if a concession holder breaches applicable environmental laws or regulations. The Colombian government, as the authority granting the mining concession contracts, is also a defendant in this class action lawsuit together with AGAC. AGAC continues to oppose, through a variety of integrated legal and political strategies, the class action lawsuit that was filed against it. However, if the plaintiffs prevail and AGAC is unable to perform its core concession contracts as a result of the judicial decision, the Company would be required to abandon the project.

• **Cortolima's injunction against AngloGold Ashanti Colombia S.A.S. (AGAC):** In March 2013, Cortolima, a regional environmental authority in the Tolima department, issued a regulatory injunction against AGAC alleging, among other things, that in relation to certain of AGAC's La Colosa mine design-related activities in the municipality of Piedras, AGAC engaged in drilling and other activities that could have negative effects on the environment. The injunction did not include any allegation that AGAC's actions actually caused any environmental damages in Piedras. AGAC's challenge of the injunction was unsuccessful before Cortolima. In August 2013, AGAC initiated legal proceedings before the Council of State of Colombia (the highest court for administrative matters) seeking annulment of the injunction as well as restoration of its rights to continue its activities in the area. In November 2019, the Council of State ruled that the competent judicial authority to decide on this matter is the Administrative Court of Tolima and referred the case to that court. In July 2020, the Twelfth Administrative Court of Tolima ruled that since the injunction is a preliminary and temporary measure imposed as part of the administrative approval process within Cortolima and not a final decision, it is not yet amenable to administrative judicial review. In July 2021, this decision was reversed on appeal by the Administrative Superior Court of Tolima in a ruling that such injunctions are amenable to administrative judicial review. The appellate court ordered the Twelfth Administrative Court of Tolima to review the matter and issue a decision thereon. Consequently, the Twelfth Administrative Court of Tolima admitted the case and a first hearing was held on 21 April 2022. Trial evidence was accepted. On 25 October 2022, another hearing was held to gather testimonies. The case remains pending. The Company expects that a final resolution of this

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matter will include payment of a penalty by AGAC in an amount that is not expected to be material. While the injunction remains in place, AGAC is not able to engage in certain of its activities related to the La Colosa project.

• **Piedras and Cajamarca popular consultations:** In 2013, the local council of the city of Piedras, near the La Colosa project, organised a popular consultation to ban all mining activities in Piedras (Piedras popular consultation), the result of which was validated by the Administrative Court of Tolima as part of an administrative procedure. Although the Piedras popular consultation did not have an immediate impact on the La Colosa project (due to its distant location from the project), AGAC believes the Piedras popular consultation was in violation of national law in Colombia. In 2013, AGAC filed a 'tutela' action (a legal action alleging a violation of constitutional rights) with the Council of State of Colombia (the highest court for administrative issues). In 2014, AGAC's 'tutela' action was dismissed by the Council of State for lack of standing on the grounds that AGAC did not have mining tenements in Piedras. In addition, in 2015, AGAC filed a request for annulment of the administrative acts adopted by the local authorities in furtherance of the results of the Piedras popular consultation, which was rejected by the Second Administrative Court of Ibagué. AGAC subsequently appealed this ruling. In July 2021, AGAC was notified that the Administrative Superior Court of Tolima ruled on appeal that, in light of the 2018 decision of the Constitutional Court of Colombia (the highest court for constitutional issues) holding that local municipalities or regions are not entitled to veto mining activities through popular consultations (as further described below), the results of the Piedras popular consultation, and the administrative acts adopted in furtherance thereof, were not enforceable. An extraordinary appeal against this ruling was submitted on 22 March 2022, which is pending. In addition, in September 2021, a third party filed a 'tutela' action with the Council of State arguing that the Administrative Superior Court of Tolima did not have the authority to determine that the results of the Piedras popular consultation, and the administrative acts adopted in furtherance thereof, were not enforceable. In December 2021, the Council of State dismissed this 'tutela' action for lack of standing.

In March 2017, the residents of the municipality of Cajamarca also voted in a popular consultation to disapprove mining projects in the municipality, including the La Colosa project (Cajamarca popular consultation). However, the Mining Minister of Colombia subsequently publicly confirmed that Cajamarca's vote does not apply retroactively implying the Cajamarca popular consultation did not have an immediate impact on AGAC's rights with respect to the La Colosa project. In April 2017, AGAC nevertheless suspended all exploration activities at the La Colosa project until there is more certainty about mining activity in Colombia. In October 2018, the Colombian Constitutional Court issued ruling SU-095-2018 stating that local municipalities or regions were not entitled to veto mining activities through popular consultations. The Constitutional Court also ordered the national legislative body, the Congress of Colombia, to enact a law within two years to ensure that local communities and groups are adequately consulted in the approval of mining activities in accordance with specific criteria set out in its ruling. Subsequently, a group of citizens submitted an annulment claim before the Administrative Court of Cundinamarca to cancel AGAC's mining contract in Cajamarca on the grounds of the results of the Cajamarca popular consultation. After having admitted the annulment claim in December 2019, the Administrative Court of Cundinamarca dismissed the plaintiffs' claim in May 2021 on procedural grounds. The plaintiffs subsequently appealed this decision and the appeal is currently pending before the Council of State.

• **La Colosa Human Rights Litigation:** In November 2014, the Personero (Ombudsman) of Ibagué, the capital of the Tolima department, filed a petition against the Colombian government before the Inter-American Commission on Human Rights (Commission), based in Washington, D.C., for alleged human rights violations protected by the American Convention on Human Rights (Convention) which has been ratified by Colombia along with many other Central and South American countries. The Commission has the power to refer a case to the Inter-American Court of Human Rights (Court) which is an autonomous judicial institution based in San José, Costa Rica whose purpose is the application and interpretation of the Convention. The petition alleges that the Colombian government denied justice to the Personero as a result of the failure of the Colombian judiciary to resolve the issues raised in two class actions filed by him before the local Colombian administrative courts within a reasonable period of time. Although AGAC is not a party to the suit, its outcome is nevertheless important to the development of the La Colosa project. The Commission currently has not accepted nor referred the case to the Court. If the case would be accepted or referred in the future, the Colombian government will have to defend itself against the lawsuit and will be bound by the findings of the Court. AGAC continues to regularly follow up with the Colombian government for updates.

• **Paramo Delimitation:** In November 2016, the Colombian government issued Resolution 1987/2016 delineating certain wetlands or moorlands as environmentally important protected areas, which designation includes certain areas in and around the La Colosa project. In these areas there are limitations, or in some instances outright bans, on mining and mining-related activities. These limitations and bans could potentially adversely impact the design, operations and production of the mining project at the La Colosa project. In June 2017, AGAC filed suit against the Colombian Ministry of the Environment in the Administrative Court of Cundinamarca to annul Resolution 1987/2016 on technical and other grounds. The lawsuit was admitted in April 2019. The Ministry of the Environment, as defendant in this action, is expected to file its response to the annulment claim.

• **Zonte Metals:** A Canadian junior mining company, Zonte Metals, filed applications for title to certain corridors, or small slivers of land, overlaying sections of the Gramalote project. The Secretary of Mines of Antioquia, the department in which the Gramalote project is located, denied the applications filed by Zonte Metals. However, Zonte Metals then filed a claim against the Colombian National Mining Agency (ANM) and the Antioquia Secretary of Mines before the Council of State of Colombia, by which it seeks to (i) revoke the resolution that denied its application and (ii) obtain the rights over the corridors requested in its application. The Council of State subsequently enjoined the Antioquia Secretary of Mines and Gramalote Colombia Limited (Gramalote) from progressing a pending application to integrate the disputed corridors with Gramalote's tenement. The Antioquia Secretary of Mines has filed its response to the Zonte Metals claim, which includes arguments

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aligned with the interests and position of Gramalote. In September 2017, the Council of State approved Gramalote's request to be made an interested party to the lawsuit, but it rejected Gramalote's request to join the Antioquia Secretary of Mines as a co-defendant in August 2019. In January 2019, the Council of State also re-affirmed that the Council of State is the competent judicial authority to hear the matter. The date for the first hearing is currently pending.

**GHANA**

• **Pompora Treatment Plant Litigation:** In April 2013, AngloGold Ashanti (Ghana) Limited (AGAG) received a summons from Abdul Waliyu and 152 others in which the plaintiffs allege that they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emissions and/or other environmental impacts arising in connection with the current and/or historical operations of the Pompora Treatment Plant (PTP), which was decommissioned in 2000. The plaintiffs' alleged injuries include respiratory infections, skin diseases and certain cancers. The plaintiffs subsequently did not file their application for directions in time. In February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships resulting from the failure of their crops. This matter has been adjourned indefinitely. As plaintiffs in these matters have not actively pursued these legal proceedings, AGAG is taking steps to have these matters dismissed for want of prosecution.

• **Ghana Mining Licenses Litigation**: In January 2019, AGAG and AngloGold Ashanti (Iduapriem) Limited (AAIL), along with other Ghanaian mining companies, were served with writs by two members of the Ghanaian Parliament seeking to invoke the jurisdiction of the Ghanaian Supreme Court (highest court in Ghana) for a declaration that the mining companies were not entitled to carry out any exploitation of minerals otherwise allowed under their relevant mining leases unless the leases had been timely ratified by the Parliament of Ghana. In January 2019, the Ghanaian Attorney General filed its statement of case, agreeing with the position of the plaintiffs (that the mining leases required parliamentary ratification) and requesting that the Supreme Court order the mining companies to pay the Ghanaian government all revenue related to mining activities accrued during the time such mining leases were unratified. In April 2019, AGAG and AAIL, in coordination with the other mining companies, filed their statement of case. The Supreme Court has not yet set a date for the first hearing to commence the case.

**GUINEA**

• **Government of Guinea (National Claim Commission) v. Société AngloGold Ashanti Goldfields de Guinée SA (SAG)**: A national claim recovery commission established by the government of Guinea has demanded that SAG pay $43 million in dividends and penalties that would allegedly have been owed to the government of Guinea for the accounting years 2004 - 2007. SAG opposes the claim. Even though both parties had originally decided to submit their dispute to an independent audit firm to be appointed by a common accord, the independent audit firm was never appointed. In December 2010, the national claim recovery commission was disbanded and the matter was turned over to the Inspector General of the Ministry of Finance of Guinea. This matter has been dormant since it was handed over to the Inspector General.

**TANZANIA**

• **Geita Gold Mining Limited (GGM):** In January 2007, Jackson Manyelo and other plaintiffs filed a suit against GGM in the Mwanza High Court alleging that they were affected by blasting activities in the Katoma area carried out by GGM and had suffered damages in the amount of TZS9.6 billion (approximately $6 million). In April 2015, the High Court issued a judgment in favour of GGM. In 2016, plaintiffs appealed to the Court of Appeal, where the matter is pending.

• **Geita Gold Mining Limited (GGM) and Samax Resources Limited (Samax) v. Government of Tanzania:** In July 2017, GGM and Samax filed a notice of arbitration against the government of Tanzania arising from the enactment by the government of certain legislation that purports to make a number of changes to the operating environment of Tanzania's extractive industries, including mining. The notice of arbitration was submitted in accordance with Article 12 of the Agreement for the Development of a Gold Mine at Geita, Mwanza between the government of Tanzania and each of GGM and Samax (the MDA), and under the 1976 Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL). The Arbitral Tribunal has been duly constituted. Since January 2019, at the request of the parties, the arbitral proceedings have been stayed several times in order to afford the parties the opportunity to achieve an amicable resolution of the dispute and as a result of the impact of the COVID-19 pandemic. In October 2022, the parties agreed to stay the arbitration proceedings for a further period of 12 months until 6 November 2023.

• **Arbitration under the United Kingdom-Tanzania Bilateral Investment Treaty (UK-Tanzania BIT)**: Unrelated to the arbitration proceedings under the MDA described above, in September 2017, GGM and Samax, together with Cluff Oil Limited and Cluff Mineral Exploration Limited, notified the government of Tanzania in writing that the Tanzanian government's conduct amounted to a breach of its commitments under the UK-Tanzania BIT. This notice triggered a 'cooling-off' period under the UK-Tanzania BIT, pursuant to which the parties had six months to achieve an amicable resolution to their dispute. Following the expiry of the 'cooling off' period in March 2018, GGM, Samax, Cluff Oil Limited and Cluff Mineral Exploration Limited are now entitled to submit their dispute with the government of Tanzania to ICSID arbitration in accordance with the terms of the UK-Tanzania BIT to the extent that they may deem this necessary.

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**BRAZIL**

• **Public Civil Action between Mineração Serra Grande S.A. (MSG) and the Goiás State Public Prosecutor's Office (Prosecutor)**: In August 2019, the Prosecutor filed a public civil action against MSG in the local court of Crixás (Court) arguing that the Serra Grande tailings dam should be deactivated and decommissioned due to its size and upstream construction method. The Prosecutor requested the Court to grant an injunction ordering MSG to, inter alia, completely deactivate the tailings dam by 15 September 2021 and decommission the tailings dam, including complete removal of tailings material, by 15 September 2022. Further, the Prosecutor requested that a daily penalty of approximately $245,000 be imposed for MSG's failure to comply with such injunction. MSG submitted its defence in September 2019 and contends that it has not violated any Brazilian laws or regulations applicable to operations of the Serra Grande tailings dam. In February 2020, the Court granted an injunction in respect of a number of the requests made by the Prosecutor. In line with the legal requirements of ANM Resolution No. 13/19, the injunction ordered the deactivation of the Serra Grande tailings dam by 15 September 2021, but did not include requirements to decommission the tailings dam, or to conduct complete removal of tailings material, by 15 September 2022. MSG filed a motion for clarification in relation to certain items of the Court's decision. In May 2020, the Court clarified that its injunction should be interpreted in line with the legal requirements of ANM Resolution No. 13/19. In June 2020, the Prosecutor presented further technical arguments in court, reiterating its request for an injunction ordering MSG to, inter alia, deactivate the tailings dam by September 2021 and to decommission the tailings dam, including complete removal of tailings material. Afterwards, MSG filed an interlocutory appeal against the preliminary injunction granted in February 2020 and a motion for further clarification. In August 2020, both MSG and the Prosecutor filed petitions informing the Court that the parties did not wish to produce oral evidence at a hearing. In May 2021, the Court upheld the preliminary injunction ordering the deactivation of the Serra Grande tailings dam by 15 September 2021 and its decommissioning by 15 September 2025, both of which are consistent with the deadlines established by existing legal and regulatory requirements. In June 2021, the Prosecutor appealed this decision. The Court of Appeals of Goiás tried the case on 4 August 2022 and has affirmed the first instance decision. On 3 November 2022, the Prosecutor appealed this decision to the Superior Court of Justice.

• **Public Civil Action between AngloGold Ashanti Córrego do Sítio Mineração SA (AGA Mineração) and the Minas Gerais State Public Prosecutor's Office (Prosecutor)**: In March 2020, the Prosecutor filed a public civil action against AGA Mineração in the local court of Sabará (Court) alleging a violation of Minas Gerais Law No. 23.291/19, which was adopted in February 2019. Article 12 of this law prohibits the grant of an environmental license for construction, installation, expansion or raising of a tailings dam if the "dam break" studies identify communities that are located in the self-rescue zone. In February 2020, the state of Minas Gerais approved AGA Mineração's permit to operate the Cuiabá tailings dam following the determination by the Minas Gerais' Attorney's Office that Law No. 23.291/19 does not apply to tailings dams already in operation. In its lawsuit, the Prosecutor requested the Court to grant an injunction ordering the suspension of AGA Mineração's operational permit for the Cuiabá tailings dam on the grounds that it was issued in violation of this law. During the months of March through May 2020, all parties presented their arguments in court. In June 2020, the Court rejected the Prosecutor's request to grant an injunction. In July 2020, the Court's decision not to grant an injunction was upheld on appeal by the Court of Appeals of Minas Gerais. Subsequently, the Court issued an order proposing a conciliation hearing between the parties, to which none of the parties objected. On 28 January 2022, the parties filed a joint petition requesting the cancellation of the conciliation hearing and the suspension of the legal proceedings in view of negotiations between the parties to explore a possible settlement. On 2 June 2022, AGA Mineração and the Prosecutor entered into a settlement. Pursuant to the settlement, AGA Mineração will, among other measures, update the emergency action plan and decommission the Cuiabá tailings dam according to the schedule filed with the relevant mining and environmental agencies. AGA Mineração will also prepare a technical study to assess the potential evacuation of communities from the self-rescue zone during the decommission stages. The Court approved the settlement on 29 July 2022 and the public civil action was terminated.

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**DIVIDENDS**

**General**

Dividends are proposed by and approved by the board of directors of AngloGold Ashanti (the "board"), based on the Company's financial performance and compliance with applicable laws, including in respect of the solvency and liquidity test contemplated in the SA Companies Act. Dividends are recognised when declared by the Board. AngloGold Ashanti's dividend policy allows the Board to declare a semi-annual dividend to be based on 20 percent of the free cash flow generated by the business for that financial year, before taking into account growth capital expenditure, subject to applicable laws required to be complied with before a dividend may be declared by the Board. The Board may exercise its discretion on an annual basis, taking into consideration the prevailing market conditions, balance sheet flexibility and future capital commitments of the Group.

As a company incorporated in accordance with and bound by the company laws of the Republic of South Africa with its primary listing on the Johannesburg Stock Exchange, AngloGold Ashanti is required to declare dividends in South African rands. Therefore, dividends are declared in South African rands and paid in Australian dollars, South African rands, British pounds and Ghanaian cedis. Dividends paid to registered holders of AngloGold Ashanti ADSs are paid in US dollars converted from South African rands by The Bank of New York Mellon, as Depositary, in accordance with the deposit agreement. Exchange rate fluctuations may therefore affect the value of the dividends received by registered shareholders and distributions paid by the relevant Depositary to investors holding AngloGold Ashanti securities. Moreover, fluctuations in the exchange rates of the US dollar may affect the US dollar price of the ADSs on the NYSE. For details on taxation and exchange controls applicable to holders of ordinary shares or ADSs, see *"Item 10D: Exchange Controls", "Item 10E: Taxation—South African Taxation—Taxation of dividends" and "Item 10E: Taxation—United States Taxation—Taxation of dividends"*.

Dividends declared (in the ordinary course from trading and non-trading profits) to foreign shareholders are not subject to the approval by the South African Reserve Bank (SARB) in terms of South African foreign exchange control regulations. Dividends are freely transferable to foreign shareholders from both trading and non-trading profits earned in South Africa by publicly listed companies. Dividends in specie or special dividends may require SARB approval prior to declaration and payment to foreign shareholders.

Under South African law, the Company may declare and pay dividends from any reserves included in total shareholder's equity (including share capital and share premium) calculated in accordance with International Financial Reporting Standards (IFRS), subject to the solvency and liquidity test.

**Withholding tax**

South Africa currently imposes a Dividend Withholding Tax on Companies (dividends tax) at a rate of 20 percent on the net amount of the dividend declared and paid by a resident company, other than a Headquarter Company.

The dividends tax is generally imposed on the beneficial owner of the dividends. The dividends paid to South African shareholders may be exempt from dividend withholding tax in terms of certain domestic exemptions, or may be reduced to a lower rate under an applicable double tax treaty, if the required declarations and undertakings are provided by the beneficial owner of the dividend. In the case of dividends paid to a US holder with respect to shares, the Convention Between the Government of the United States of America and the Republic of South Africa for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains, signed 17 February 1997 (the "US/SA Double Taxation Treaty") would generally limit the dividends tax rate to five percent of the gross amount of the dividends if a corporate US holder holds directly at least ten percent of the voting stock of AngloGold Ashanti. In all other cases, the maximum tax rate under the US/SA Double Taxation Treaty is 15 percent of the gross amount of the dividend. Different rules may apply if the beneficial owner of the dividends is a US resident who carries on business in South Africa through a permanent establishment situated in South Africa, or performs in South Africa independent personal services from a permanent establishment situated in South Africa, and the dividends are attributable to such permanent establishment.

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**8B.&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT CHANGES**

Refer to *"Item 18: Financial Statements—Note 35—Subsequent Events"*.

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**ITEM 9: THE OFFER AND LISTING**

**9A.&nbsp;&nbsp;&nbsp;&nbsp;OFFER AND LISTING DETAILS**

The principal trading markets for AngloGold Ashanti's ordinary shares are the New York Stock Exchange (NYSE), in the form of ADSs, under the symbol "AU" and the JSE Limited, in the form of ordinary shares, under the symbol "ANG". Each ADS represents one ordinary share.

**9B.&nbsp;&nbsp;&nbsp;&nbsp;PLAN OF DISTRIBUTION**

Not applicable.

**9C.&nbsp;&nbsp;&nbsp;&nbsp;MARKETS**

**NATURE OF TRADING MARKET**

The principal trading markets for AngloGold Ashanti's ordinary shares are the NYSE, in the form of ADSs, under the symbol "AU" (each representing one ordinary share) and the JSE Limited, in the form of ordinary shares, under the symbol "ANG".

AngloGold Ashanti's ordinary shares are also listed on the Ghana Stock Exchange, as ordinary shares under the symbol "AGA" and in the form of Ghanaian Depositary Shares or GhDSs (each representing one one-hundredth of an ordinary share) under the symbol "AAD", and the Australian Securities Exchange, in the form of CHESS Depositary Interests (each representing one-fifth of an ordinary share) under the symbol "AGG". AngloGold Ashanti was approved for a secondary listing on A2X Markets (A2X) in South Africa and its shares were admitted to trading on A2X on 6 June 2022 under the symbol "ANG".

**9D.&nbsp;&nbsp;&nbsp;&nbsp;SELLING SHAREHOLDERS**

Not applicable.

**9E.&nbsp;&nbsp;&nbsp;&nbsp;DILUTION**

Not applicable.

**9F.&nbsp;&nbsp;&nbsp;&nbsp;EXPENSES OF THE ISSUE**

Not applicable.

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**ITEM 10:&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION**

**10A.**&nbsp;&nbsp;&nbsp;&nbsp;**SHARE CAPITAL**

Not applicable.

**10B.**&nbsp;&nbsp;&nbsp;&nbsp;**MEMORANDUM OF INCORPORATION** 

At the annual general meeting held on 16 May 2022, AngloGold Ashanti received approval from shareholders (by way of a special resolution) to amend the MoI as follows:

1. by the deletion of the phrase "*Subject to 9.4.3, this*" at the beginning of clause 1.3 and the replacement thereof with the word "*This*";

2. by the deletion of clause 9 (Rights Attaching to Preference Shares) in its entirety; and

3. by the amendment of Schedule 1 (Authorised Shares) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;by the deletion of paragraphs 2, 3 and 4 of Schedule 1 in their entirety; and

&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;by the deletion of the table at the end of Schedule 1 in its entirety and the replacement thereof with the following new table:

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| | |
|:---|:---|
| **Share capital** | **South African Rands** |
| 600,000,000 ordinary shares of R0.25 each | 150,000,000 |

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The reason for these amendments is to comply with the provisions of the SA Companies Act and the JSE Listings Requirements and, following the recent redemption of all of the A redeemable preference shares and B redeemable preference shares of the Company, to remove all references in the MoI to the A redeemable preference shares, the B redeemable preference shares and the C redeemable preference shares, as well as all of the provisions relating to all such redeemable preference shares, and thereby to remove all such redeemable preference shares from the authorised share capital of the Company.

**Registration**

AngloGold Ashanti is incorporated under the company laws of the Republic of South Africa and is registered with the Companies and Intellectual Property Commission under registration number 1944/017354/06. The SA Companies Act has abolished the requirement for specific "object and purpose" provisions to be included in a memorandum of incorporation and although the MoI is silent on the matter, the company continues to carry on as its main business, gold exploration, the mining and production of gold, the manufacturing, marketing and selling of gold products and the development of markets for gold.

AngloGold Ashanti's MoI is available for inspection as set out in *"Item 10H: Documents on Display"* and a summary of the pertinent provisions, including the rights of the holders of shares in AngloGold Ashanti, are set out below.

This summary does not contain all the information pertaining to the rights of holders of AngloGold Ashanti's ordinary shares and is qualified in its entirety by reference to the laws of South Africa and AngloGold Ashanti's governing corporate documents. As well as being governed by the provisions of the MoI, the rights of holders of AngloGold Ashanti's ordinary shares are governed by the JSE Listings Requirements, the SA Companies Act and the Companies Regulations, 2011, promulgated under the SA Companies Act (the "Regulations"), which include the Takeover Regulations. Further, the rights of holders of AngloGold Ashanti ADSs are governed by the Deposit Agreement between AngloGold Ashanti and The Bank of New York Mellon. See *"Item 10C: Material Contracts—The Deposit Agreement"*.

The SA Companies Act provides that shares will no longer have a par or nominal value and hence no new shares having a nominal or par value may be authorised. However, any shares which have a nominal or par value authorised prior to 1 May 2011 (the effective date of the SA Companies Act) continue to have that nominal or par value and can be issued as such for so long as there are par value shares in the company's authorised share capital. Should the company wish, it may also elect to convert its authorised par value shares to shares of no par value, subject to the relevant process and approvals contemplated in the SA Companies Act.

**Directors**

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The management and control of any business of AngloGold Ashanti is vested in its board of directors (board). The authority of the board to manage and direct the business and affairs of the company is not limited, restricted or qualified by the MoI.

***Appointment and Retirement of Directors***

The shareholders of the Company have the power to elect the directors, and shareholders are also entitled to elect one or more alternate directors, in accordance with the provisions of the MoI and the SA Companies Act.

The board may appoint any person who satisfies the requirements for election as a director to fill any vacancy and serve as a director on a temporary basis until the vacancy is filled by election by shareholders entitled to exercise voting rights in such an election.

The MoI authorises the chairperson of the board, subject to the written approval of the majority of the directors, to appoint any person as a director provided that such appointment is approved by shareholders at the next shareholders' meeting or annual general meeting.

At every annual general meeting one-third of the directors will retire by rotation, or if their number is not a multiple of three, then the number nearest to but not less than one third. The directors to retire at every annual general meeting will be those who have been the longest in office since their last election. Directors retiring by rotation are eligible for re-election. Directors who voluntarily decide not to make themselves available for re-election may be counted towards the one-third of directors required to retire at the relevant annual general meeting.

The MoI contains no provision for directors to hold qualification shares. The MoI does not impose an age limit for the retirement of directors.

***Remuneration***

In accordance with the SA Companies Act, the MoI provides that the directors are entitled to such remuneration for their services as directors as AngloGold Ashanti's shareholders may approve by special resolution in a general meeting or annual general meeting within the previous two years of the date of payment of such remuneration. If a director is employed in any other capacity, or holds an executive office or performs services that, in the opinion of the board, are outside the scope of the ordinary duties of a director, he or she may be paid such additional remuneration as a disinterested quorum of directors may reasonably determine.

***Interests of Directors and Restriction on Voting***

Although the interests of directors are not dealt with in the MoI, the provisions of the SA Companies Act in this regard are unalterable and will automatically apply, together with the applicable common law rules. Under the SA Companies Act, the procedures to deal with the personal financial interests of directors also apply to prescribed officers (i.e., persons who exercise general executive control over and management of the whole, or a significant portion, of the business and activities of the company or regularly participate to a material degree in the exercise of general executive control over and management of the whole, or a significant portion, of the business and activities of the company, irrespective of the office held or function performed by such persons) and any person who is a member of a committee of the board of the company, whether or not that person is also a member of the company's board. The SA Companies Act provides that a director or such other person with a personal financial interest must disclose this to the board and cannot vote on or, after having made the disclosures to the meeting as prescribed by the SA Companies Act, remain present during the meeting when the matter in which he/she has interest is being discussed but will be counted as present for the purposes of a quorum (but is not to be regarded as being present at the meeting for the purposes of determining whether a resolution has sufficient support to be adopted).

**Share Rights, Preferences and Restrictions**

***Allotment and Issue of Ordinary Shares***

Subject to the JSE Listings Requirements, the SA Companies Act and/or with approval of shareholders in a general meeting, unissued ordinary shares must be offered to existing ordinary shareholders, pro rata to their ordinary shareholdings, unless they are issued for the acquisition of assets. The shareholders in a general meeting may authorise the board to issue any unissued ordinary shares.

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***Dividends, Rights and Distributions***

The ordinary shares participate fully in all dividends, other distributions and entitlements as and when declared by AngloGold Ashanti in respect of fully paid ordinary shares. Under South African law, AngloGold Ashanti may declare and pay distributions (as defined in the SA Companies Act, which includes dividends), subject to the Company satisfying the solvency and liquidity test as set out in section 4 of the SA Companies Act and the board passing a resolution acknowledging that such test has been applied and has reasonably concluded that the Company would satisfy such test immediately after completing the distribution. Dividends are payable to shareholders registered at a record date after the date of declaration of the dividend.

As a Company incorporated and registered in the Republic of South Africa with its primary listing on the Johannesburg Stock Exchange, AngloGold Ashanti is required to declare dividends in South African rands. Dividends are paid in South African rands, Australian dollars, Ghanaian cedis and British pounds. Registered holders of AngloGold Ashanti ADSs are paid dividends in US dollars by The Bank of New York Mellon as Depositary, in accordance with the Deposit Agreement. See *"Item 10C: Material Contracts—The Deposit Agreement".*

Although not stated in the MoI, but subject to the JSE Listings Requirements and the SA Companies Act, any dividend may be paid and satisfied, either wholly or in part, by the distribution of specific assets, or in paid-up securities of AngloGold Ashanti or of any other Company, or in cash, or in any one or more of such ways as the directors may at the time of declaring the dividend determine and direct.

All dividends remaining unclaimed for a period of not less than three years from the date on which they became payable, may, by a resolution of the directors, become forfeited for the benefit of the Company.

***Voting Rights***

Each ordinary share confers the right to vote at all general meetings. Each holder present in person or by proxy or, in the case of a corporate entity, represented, has one vote on a show of hands. If a poll is held, holders present or any duly appointed proxy will have one vote for each ordinary share held. A holder of ordinary shares is entitled to appoint a proxy to attend, speak and vote at any meeting on his or her behalf and the proxy need not be a shareholder. Holders of ADSs are not entitled to vote in person at meetings, but may vote by way of proxy through The Bank of New York Mellon as the ADS issuer. Holders of Australian Chess Depositary Interests (CDIs) and Ghanaian Depositary Shares (GhDSs) are not entitled to vote in person or by proxy at meetings, but may vote by instructing Chess Depository Nominees and NTHC Limited as Depositary, respectively, how to vote their shares.

There are no limitations on the right of non-South African registered shareholders to hold or exercise voting rights attaching to any of the ordinary shares.

The MoI specifies that the rights relating to any class of shares may be modified or abrogated with the sanction of a resolution passed as if it were a special resolution of the holders of shares in that class at a separate general meeting.

***Increase and Reduction of Capital***

The Company is authorised to issue the shares specified in the MoI and all such shares are required to be issued as fully paid up in accordance with the applicable approval and/or other requirements of the SA Companies Act and the JSE Listings Requirements.

The directors are authorised, subject to any requirements of the JSE Listings Requirements, the SA Companies Act, the Regulations and the MoI, to increase or decrease the number of authorised shares of any class of shares, reclassify any shares that have been authorised but not issued, classify any unclassified shares that have been authorised but not issued, and determine the preferences, rights, limitations or other terms of any class of authorised shares or amend any preferences, rights, limitations or other terms as determined. However, such capital amendments require an amendment to be made to the MoI. The SA Companies Act and the JSE Listings Requirements currently do not allow the MoI to be amended to give effect to such capital amendments without the approval of ordinary shareholders by special resolution.

***Rights Upon Liquidation***

In the event of the winding up of AngloGold Ashanti the ordinary shares confer the right to participate equally in any surplus arising from the liquidation of all assets of AngloGold Ashanti.

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***Shareholders' Meetings***

The directors may convene meetings of AngloGold Ashanti shareholders. Subject to the provisions of the SA Companies Act, the shareholders may requisition for the convening of a meeting.

Notice of each AngloGold Ashanti annual general meeting and general meeting of AngloGold Ashanti shareholders must be delivered at least 15 business days before that shareholders' meeting is to begin. In accordance with the SA Companies Act, business days are calculated by excluding the first day, including the last day and excluding Saturdays, Sundays and any public holiday in the Republic of South Africa. In terms of the MoI, all shareholders are entitled to attend shareholders' meetings at which they are entitled to vote.

The quorum of a shareholders' meeting is sufficient persons present, in person or by proxy, at the meeting to exercise, in aggregate, at least 25 percent of all of the voting rights that are entitled to be exercised in respect of at least one matter to be decided at the meeting and a quorum must remain present for the continuation of that shareholders meeting, provided that at least three shareholders must be present and remain at the meeting. Such quorum requirement also applies for the consideration of any matter to be decided at the meeting. If the meeting is not quorate within 30 minutes after the appointed time for the meeting to begin (or such longer or shorter period as the chairperson may determine), it will be postponed, without motion, vote or further notice, for 1 week and the shareholders present, in person or by proxy, at the postponed meeting will constitute a quorum.

For an ordinary resolution to be approved by shareholders, it must be supported by more than 50 percent of the voting rights exercised on the resolution. For a special resolution to be approved by shareholders, it must be supported by at least 75 percent of the voting rights exercised on the resolution.

**Disclosure of Interest in Shares**

Under South African law, a person must notify AngloGold Ashanti within three business days after that person (i) acquires a beneficial interest in sufficient securities of a class of securities issued by AngloGold Ashanti such that, as a result of the acquisition, the person holds a beneficial interest in securities amounting to five percent, ten percent, fifteen percent or any further whole multiple of five percent of the issued securities of that class or (ii) disposes of any beneficial interest in sufficient securities of a class of securities issued by AngloGold Ashanti such that, as a result of the disposition, the person no longer holds a beneficial interest in securities amounting to a particular multiple of five percent of issued securities of that class. When AngloGold Ashanti has received the notice referred to above it must file a copy with the Takeover Regulation Panel and report the information to holders of the relevant class of securities unless the notice concerned is a disposition of less than one percent of the class of securities.

If the securities of AngloGold Ashanti are registered in the name of a person who is not the holder of the beneficial interest in all of the securities in AngloGold Ashanti held by that person, that registered holder of the securities must disclose the identity of the person on whose behalf that security is held and the identity of each person with a beneficial interest in securities so held, the number and the class of securities held for each such person with a beneficial interest and the extent of each such beneficial interest. This information must be disclosed in writing to the Company within five business days after the end of every month during which a change has occurred in the information or more promptly or frequently to the extent so provided by the requirements of a Central Securities Depository. A Company that knows or has reasonable cause to believe that any of its securities are held by one person for the beneficial interest of another may by notice in writing require either of those persons to confirm or deny that fact, provide particulars of the extent of the beneficial interest held during the three years preceding the date of the notice and disclose the identity of each person with a beneficial interest in the securities held by that person, which information must be provided within ten business days of the receipt of the notice.

AngloGold Ashanti is obligated to establish and maintain a register of the disclosures described above and to publish in its annual financial statements a list of the persons who hold beneficial interests equal to or in excess of five percent of the total number of ordinary shares issued by AngloGold Ashanti together with the extent of those beneficial interests.

**Rights of Minority Shareholders**

Majority shareholders of South African companies have no fiduciary obligations under South African common law to minority shareholders. However, under the SA Companies Act, a shareholder or director may, under certain circumstances, seek relief from a court if he has been unfairly prejudiced by any act or omission of the Company or a related person, by the conduct of the business of the Company or a related person in a particular manner, or the exercise of the powers of the directors of the Company or a related person in a particular manner. There may also be personal and derivative actions available to a shareholder of a Company.

Pursuant to the SA Companies Act, a shareholder may petition a South African court for relief from the actions or omissions or business conduct of the Company or the actions of the Company's directors or officers that is oppressive or unfairly prejudicial to, or unfairly disregards the interest of the shareholder. In addition, a shareholder who voted against a resolution to amend the Company's MoI, or to approve a fundamental transaction (and complied with other requirements set out in the SA Companies

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Act) may exercise its appraisal right to demand that the Company pay to it the fair value for all the shares of the Company held by that shareholder.

**Description of ADSs**

The Bank of New York Mellon registers and delivers AngloGold Ashanti's American Depositary Shares, or ADSs. Please see *"Item 10C: Material Contracts—Description of AngloGold Ashanti ADSs"*.

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**10C.**&nbsp;&nbsp;&nbsp;&nbsp;**MATERIAL CONTRACTS**

**Multi-currency Revolving Credit Facility**

***General***

On 23 October 2018, AngloGold Ashanti Holdings plc ("AGAH") and AngloGold Ashanti Australia Limited, as borrowers, entered into a five-year unsecured multi-currency syndicated revolving credit facility of $1.4 billion (the "2018 multi-currency RCF") with the Bank of Nova Scotia, as facility agent, and certain financial institutions party thereto, as lenders. The loan consisted of (i) a US dollar based facility with interest charged at a margin of 1.45% above LIBOR and (ii) an Australian dollar based facility capped at A$500 million with interest charged at a margin of 1.45% above BBSY. The A$500 million portion of the 2018 multi-currency RCF was 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 9 June 2022, the 2018 multi-currency RCF was repaid and cancelled, and replaced with the 2022 multi-currency RCF (as defined below).

On 9 June 2022, AGAH 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") maturing in June 2027, with the option of two one-year extensions on application. The 2022 multi-currency RCF was entered into with The Bank of Nova Scotia, as facility agent, and certain financial institutions party thereto, as lenders. The 2022 multi-currency RCF consists of (i) a US dollar based facility (base currency) and (ii) an Australian dollar based facility capped at A$500 million which 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). The 2022 multi-currency RCF was entered into on substantially similar terms to the 2018 multi-currency RCF, save in respect of the basis for the US dollar interest rate which transitioned from LIBOR to Compounded SOFR. As of 10 March 2023, the equivalent of $37 million was drawn under the AUD portion of the 2022 multi-currency RCF.

***Guarantees***

The 2022 multi-currency RCF is guaranteed by AGAH and AngloGold Ashanti Australia Limited. The guarantees constitute unconditional obligations of the guarantors and rank at least *pari passu* with all other future unsecured obligations of the guarantors, except for obligations mandatorily preferred by law.

***Security***

Save as set out under the heading *"—Guarantees"* above, the obligations under the 2022 multi-currency RCF are unsecured.

***Amount and repayment of borrowings***

Loans under the 2022 multi-currency RCF must be for a minimum of $10 million, if the currency selected is the base currency (US dollar), or a minimum of A$10 million (or for the balance of the undrawn total commitments at the time of the drawing), if the currency selected is Australian dollars. No more than 14 loans may be outstanding at any time. Each loan must be repaid on the maturity date in the same currency as the maturing loan. All loans must be repaid in full on the final maturity date. The 2022 multi-currency RCF matures in June 2027, with the option of two one-year extensions on application.

***Interest rates and fees***

The interest rate under the 2022 multi-currency RCF is calculated based on Compounded SOFR in the case of loans drawn in US dollars and BBSY in the case of loans drawn in Australian dollars, in each case plus a margin. The initial margin is 1.45 percent per annum, but may vary between 0.90 percent and 2.15 percent per annum depending on the long-term debt rating of AGAH. 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. Interest on each loan is payable on the last day of the relevant loan's interest period and, if the interest period exceeds six months, on the dates falling at six-monthly intervals after the first day of the interest period.

The borrowers under the 2022 multi-currency RCF are required to pay a commitment fee in the base currency equal to 35 percent of the then applicable margin per annum on the undrawn and uncancelled amount of each lender's commitment during the commitment period. The borrowers are also required to pay a utilisation fee of 0.10 percent per annum (if the aggregate outstanding loans are less than one third of the total commitments then in effect), 0.20 percent per annum (if the aggregate outstanding loans are equal to or greater than one third but less than two-thirds of the total commitments then in effect) or 0.40 percent per annum (if the aggregate outstanding loans are equal to or greater than two-thirds of the total commitments then in effect).

***Financial covenant***

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The 2022 multi-currency RCF includes a financial maintenance covenant which requires that the ratio of Total Net Financial Indebtedness to EBITDA (as such terms are defined in the revolving credit agreement) does not at any time exceed 3.50 to 1.00, with the proviso that this ratio may exceed 3.50 to 1.00 once during the life of the revolving credit agreement, for one six-month period subject to certain criteria. Refer to *"Item 18: Financial Statements—Note 34—Capital Management"* for the formulae used in the revolving credit agreement to test compliance with the covenants.

***Change of control***

If a lender so requires, the commitment of such lender under the 2022 multi-currency RCF will be cancelled and the participation of such lender in all outstanding loans, together with accrued interest and all other amounts accrued, will become immediately due and payable in case any person or group of persons acting in concert becomes (directly or indirectly) the beneficial owner of more than 50 percent of the issued share capital of AngloGold Ashanti Limited or (as applicable) an eligible successor holding company of AGAH.

***Undertakings***

The 2022 multi-currency RCF contains a negative pledge covenant, including restrictions on the granting of security, a change of business of AngloGold Ashanti Limited and its subsidiaries, acquisitions or participations in joint ventures and mergers and disposals.

The 2022 multi-currency RCF also contains, among other things, the following affirmative covenants: mandatory periodic reporting of financial and other information, notice upon the occurrence of events of default and certain other events, compliance with environmental laws and other obligations requiring each of AGAH and its subsidiaries to maintain its corporate existence and qualifications to conduct its business as currently conducted in all applicable jurisdictions and to maintain insurance coverage. The covenants are subject to exceptions and materiality thresholds.

***Events of default***

The 2022 multi-currency RCF contains events of default including failure to make payment of amounts due, breach of obligations under the loan documents, defaults under other agreements evidencing indebtedness, certain bankruptcy events and a cessation of business and the occurrence of a material adverse change in the business and financial condition of the borrowers and guarantors under the revolving credit agreement, or AngloGold Ashanti and its subsidiaries as a whole, or in the ability of the borrowers and guarantors to perform their payment obligations under the loan documents. The occurrence of an event of default could result in the immediate and automatic cancellation of all commitments and the acceleration of all payment obligations under the 2022 multi-currency RCF and the other loan documents.

The above description is only a summary of certain provisions of the 2022 multi-currency RCF and is qualified in its entirety by reference to the provisions of the 2022 multi-currency RCF, a copy of which is attached hereto as Exhibit 19.4.4.1 and is incorporated herein by reference.

**Notes**

Each of the series of notes described below were issued under the indenture, dated as of 28 April 2010, among AngloGold Ashanti Holdings plc ("AGAH"), as issuer, AngloGold Ashanti Limited, as guarantor, and The Bank of New York Mellon, as trustee (the "Indenture"). The below descriptions are only a summary of certain provisions of those series of notes and are qualified in their entirety by reference to the provisions of the Indenture and such relevant series of notes, a copy of each – in respect of the outstanding series of notes – is attached hereto as Exhibits 19.2.1, 19.2.2, 19.2.3, 19.2.4 and 19.2.5 and is incorporated herein by reference.

***2028 Notes***

On 22 October 2021, AGAH issued $750 million 3.375 percent Notes due 2028 (the "2028 notes"). The interest on the 2028 notes is payable semi-annually on 1 May and 1 November of each year, commencing on 1 May 2022. AGAH may on any one or more occasions redeem all or part of the 2028 notes, at a redemption price equal to the greater of (1) 100 percent of the principal amount of the 2028 notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2028 notes (excluding any portion of such payments of interest accrued or unpaid as of the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate, plus 30 basis points, plus accrued and unpaid interest, if any, to the date of redemption. AGAH has agreed to pay certain additional amounts in respect of any withholdings or deductions for certain types of taxes in certain jurisdictions on payments to holders of the 2028 notes. The 2028 notes are unsecured and unsubordinated and are fully and unconditionally guaranteed by AngloGold Ashanti Limited.

AGAH has agreed to observe certain covenants with respect to the 2028 notes restricting, subject to certain limitations, the ability of AngloGold Ashanti Limited and AGAH to amalgamate, reconstruct, consolidate or merge with another company or other legal entity, and the ability of AngloGold Ashanti Limited and its restricted subsidiaries to pledge their assets to secure certain borrowings, create or incur liens on certain of their property or to engage in sale and leaseback transactions. In case of a change

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of control of the guarantor and a downgrade, within a specified period, of the 2028 notes by three rating agencies, holders of the 2028 notes have the right to require the issuer to repurchase all or any part of their 2028 notes in cash for a value equal to 101 percent of the aggregate principal amount of 2028 notes repurchased, plus accrued and unpaid interest, if any, on the 2028 notes repurchased to the date of repurchase.

The offering of the 2028 notes was registered under the Securities Act. The 2028 notes were listed on the New York Stock Exchange.

***2030 Notes***

On 1 October 2020, AGAH issued $700 million 3.750 percent Notes due 2030 (the "2030 notes"). The interest on the 2030 notes is payable semi-annually on 1 April and 1 October of each year, commencing on 1 April 2021. AGAH may on any one or more occasions redeem all or part of the 2030 notes, at a redemption price equal to the greater of (1) 100 percent of the principal amount of the 2030 notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2030 notes (excluding any portion of such payments of interest accrued or unpaid as of the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate, plus 50 basis points, plus accrued and unpaid interest, if any, to the date of redemption. AGAH has agreed to pay certain additional amounts in respect of any withholdings or deductions for certain types of taxes in certain jurisdictions on payments to holders of the 2030 notes. The 2030 notes are unsecured and unsubordinated and are fully and unconditionally guaranteed by AngloGold Ashanti Limited.

AGAH has agreed to observe certain covenants with respect to the 2030 notes restricting, subject to certain limitations, the ability of AngloGold Ashanti Limited and AGAH to amalgamate, reconstruct, consolidate or merge with another company or other legal entity, and the ability of AngloGold Ashanti Limited and its restricted subsidiaries to pledge their assets to secure certain borrowings, create or incur liens on certain of their property or to engage in sale and leaseback transactions. In case of a change of control of the guarantor and a downgrade, within a specified period, of the 2030 notes by three rating agencies, holders of the 2030 notes have the right to require the issuer to repurchase all or any part of their 2030 notes in cash for a value equal to 101 percent of the aggregate principal amount of 2030 notes repurchased, plus accrued and unpaid interest, if any, on the 2030 notes repurchased to the date of repurchase.

The offering of the 2030 notes was registered under the Securities Act. The 2030 notes were listed on the New York Stock Exchange.

***2022 Notes***

On 30 July 2012, AGAH issued $750 million 5.125 percent Notes due 2022 (the "2022 notes"). The interest on the 2022 notes was payable semi-annually on 1 February and 1 August of each year, commencing on 1 February, 2013. AGAH was permitted on any one or more occasions to redeem all or part of the 2022 notes, at a redemption price equal to the greater of (1) 100 percent of the principal amount of the 2022 notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2022 notes (excluding any portion of such payments of interest accrued or unpaid as of the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate, plus 50 basis points, plus accrued and unpaid interest, if any, to the date of redemption. AGAH had agreed to pay certain additional amounts in respect of any withholdings or deductions for certain types of taxes in certain jurisdictions on payments to holders of the 2022 notes. The 2022 notes were unsecured and unsubordinated and were fully and unconditionally guaranteed by AngloGold Ashanti Limited.

AGAH had agreed to observe certain covenants with respect to the 2022 notes restricting, subject to certain limitations, the ability of AngloGold Ashanti Limited and AGAH to amalgamate, reconstruct, consolidate or merge with another company or other legal entity, and the ability of AngloGold Ashanti Limited and its restricted subsidiaries to pledge their assets to secure certain borrowings, create or incur liens on certain of their property or to engage in sale and leaseback transactions. In case of a change of control of the guarantor and a downgrade, within a specified period, of the 2022 notes below an investment grade rating by two rating agencies, holders of the 2022 notes had the right to require the issuer to repurchase all or any part of their 2022 notes in cash for a value equal to 101 percent of the aggregate principal amount of 2022 notes repurchased, plus accrued and unpaid interest, if any, on the 2022 notes repurchased to the date of purchase.

The offering of the 2022 notes was registered under the Securities Act. The 2022 notes were listed on the New York Stock Exchange.

The 2022 notes were redeemed in October and November 2021 and are no longer outstanding.

***2020 Notes and 2040 Notes***

On 28 April 2010, AGAH issued $700 million 5.375 percent Notes due 2020 (the "2020 notes") and $300 million 6.500 percent Notes due 2040 (the "2040 notes" and together with the 2020 notes, the "2010 notes"). The interest on the 2010 notes is payable

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semi-annually on 15 April and 15 October of each year, commencing on 15 October 2010. AGAH may on any one or more occasions redeem all or part of the 2010 notes, at a redemption price equal to the greater of (1) 100 percent of the principal amount of the 2010 notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2010 notes (excluding any portion of such payments of interest accrued or unpaid as of the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate, plus 25 basis points with respect to the 2020 notes and 30 basis points with respect to the 2040 notes, plus accrued and unpaid interest, if any, to the date of redemption. AGAH has agreed to pay certain additional amounts in respect of any withholdings or deductions for certain types of taxes in certain jurisdictions on payments to holders of the 2010 notes. The 2010 notes are unsecured and unsubordinated and are fully and unconditionally guaranteed by AngloGold Ashanti Limited.

AGAH has agreed to observe certain covenants with respect to the 2010 notes restricting, subject to certain limitations, the ability of AngloGold Ashanti Limited and AGAH to amalgamate, reconstruct, consolidate or merge with another company or other legal entity, and the ability of AngloGold Ashanti Limited and its restricted subsidiaries to pledge their assets to secure certain borrowings, create or incur liens on certain of their property or to engage in sale and leaseback transactions. In case of a change of control of the guarantor and a downgrade, within a specified period, of a series of 2010 notes below an investment grade rating by two rating agencies, holders of the 2010 notes have the right to require the issuer to repurchase all or any part of their 2010 notes in cash for a value equal to 101 percent of the aggregate principal amount of 2010 notes repurchased, plus accrued and unpaid interest, if any, on the 2010 notes repurchased to the date of purchase.

The offering of the 2010 notes was registered under the Securities Act. The 2010 notes were listed on the New York Stock Exchange. The 2020 notes were repaid at maturity on 15 April 2020 and are no longer outstanding.

For further information, see *"Item 18: Financial Statements—Note 24—Borrowings","Item 5B: Liquidity and Capital Resources"* and *"Item 19: Exhibits to Form 20-F"*.

**Description of AngloGold Ashanti ADSs**

The Bank of New York Mellon registers and delivers AngloGold Ashanti's American Depositary Shares, or ADSs. Each ADS represents the ownership interest of one ordinary share of AngloGold Ashanti.

***The Deposit Agreement***

This section provides a summary description of AngloGold Ashanti's ADSs.

AngloGold Ashanti has entered into an Amended and Restated Deposit Agreement dated 3 June 2008 with The Bank of New York Mellon as Depositary and the owners and beneficial owners of American Depositary Receipts (the "Deposit Agreement").

The following is a summary of the material provisions of the Deposit Agreement. For more complete information, read the entire Deposit Agreement and the Form of American Depositary Receipt, which AngloGold Ashanti has filed with the SEC as an exhibit to AngloGold Ashanti's registration statements on Form F-6 (Registration Nos. 333-133049 and 333-159248) on 27 May 2008 and 14 May 2009, respectively. A copy thereof is also attached hereto as Exhibit 19.2.6 and is incorporated herein by reference. See *"Item 10H: Documents on Display"*. Copies of the Deposit Agreement are also available for inspection at the Corporate Trust Office of The Bank of New York Mellon currently located at 240 Greenwich Street, New York, New York 10286.

***Description of the ADSs***

The Bank of New York Mellon, as Depositary, registers and delivers ADSs. Each ADS represents one ordinary share (or a right to receive one share) deposited with Standard Bank of South Africa Limited or HSBC Bank Australia Limited, each as a custodian for The Bank of New York Mellon, and both of which are referred to collectively as the "Custodian". Each ADS also represents any other securities, cash or other property which may be held by The Bank of New York Mellon. The Bank of New York Mellon's Corporate Trust Office at which the ADSs are administered is located at 240 Greenwich Street, New York, New York 10286. The Bank of New York Mellon's principal executive office is also located at 240 Greenwich Street, New York, New York 10286.

ADSs may be held either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in the holder's name, or (ii) by having ADSs registered in a holder's name in the Direct Registration System, or (B) indirectly by holding a security entitlement in ADSs through a broker or other financial institution. If ADSs are held directly, such holders are ADS holders. This description applies to AngloGold Ashanti's ADS holders. If ADSs are held indirectly, such holders must rely on the procedures of their broker or other financial institution to assert the rights of ADS registered holders described in this section. Such holders should consult with their broker or financial institution to find out what those procedures are.

The Direct Registration System, or DRS, is a system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated ADSs, which ownership will be evidenced by periodic statements sent by the Depositary to the registered holders of uncertificated ADSs.

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AngloGold Ashanti does not treat ADS holders as its shareholders and ADS holders do not have shareholder rights. South African law governs shareholder rights. The Bank of New York Mellon is the holder of the shares underlying the ADSs. Registered holders of ADSs have ADS holder rights. The Deposit Agreement sets out ADS holder rights as well as the rights and obligations of The Bank of New York Mellon. New York law governs the Deposit Agreement and the ADSs.

***Dividends and Other Distributions***

The Bank of New York Mellon has agreed to pay to holders of ADSs the cash dividends or other distributions it or a Custodian receives on AngloGold Ashanti ordinary shares or other deposited securities after deducting any fees and expenses and any applicable withholding taxes. Holders of ADSs will receive these distributions in proportion to the number of AngloGold Ashanti's ordinary shares that their ADSs represent.

***Cash***

The Bank of New York Mellon will convert any cash dividend or other cash distribution (in South African rands) that AngloGold Ashanti pays on ordinary shares into US dollars (unless AngloGold Ashanti pays such dividend or cash distribution in US dollars) and distribute to registered holders of ADSs. If that is no longer possible or if any approval from any government is needed and cannot be obtained, The Bank of New York Mellon may distribute non-US currency only to those ADS holders to whom it is possible to make this type of distribution.

The Bank of New York Mellon may hold the non-US currency it cannot convert for the account of holders of ADSs who for one reason or the other have not been paid. It will not invest the non-US currency, and it will not be liable for interest on such amounts. Before making a distribution, any withholding taxes that must be paid will be deducted. See *"—Payment of Taxes"* below. The Bank of New York Mellon will distribute only whole US dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when The Bank of New York Mellon cannot convert the non-US currency, holders of ADSs may lose some or all of the value of the distribution.

***Ordinary Shares***

The Bank of New York Mellon may distribute to holders of ADSs additional ADSs representing ordinary shares that AngloGold Ashanti distributes as a dividend or free distribution, if AngloGold Ashanti provides it promptly with satisfactory evidence that it is legal to do so. If The Bank of New York Mellon does not distribute additional ADSs, the outstanding ADSs will also represent the newly distributed AngloGold Ashanti ordinary shares. The Bank of New York Mellon will only distribute whole ADSs. It will sell AngloGold Ashanti ordinary shares that would require it to deliver a fraction of an ADS and distribute the net proceeds in the same way as it distributes cash. The Bank of New York Mellon may sell a portion of the distributed shares sufficient to pay its fees and expenses in connection with that distribution.

***Rights to Subscribe for Additional Ordinary Shares***

If AngloGold Ashanti offers holders of its ordinary shares any rights to subscribe for additional AngloGold Ashanti ordinary shares or any other rights, The Bank of New York Mellon, after consultation with AngloGold Ashanti, may make these rights available to holders of ADSs or sell the rights and distribute the proceeds in the same way as it distributes cash. If The Bank of New York Mellon cannot do either of these things for any reason, it may allow these rights to lapse. In that case, holders of ADSs will receive no value for them.

If The Bank of New York Mellon makes these types of subscription rights available to holders of ADS, upon instruction from holders of ADSs, it will exercise the rights and purchase AngloGold Ashanti's ordinary shares on their behalf. The Bank of New York Mellon will then deposit the AngloGold Ashanti ordinary shares and deliver ADSs to the holders of ADSs. It will only exercise these rights if holders of ADSs pay it the exercise price and any other charges the rights require them to pay.

US securities laws may restrict the sale, deposit, cancellation and transfer of the ADSs issued after exercise of rights. For example, holders of ADSs may not be able to trade the ADSs freely in the United States. In this case, The Bank of New York Mellon may deliver ADSs which are "restricted securities" within the meaning of Rule 144 which will have the same provisions as the ADSs described here, except for the changes needed to put the restrictions in place.

***Other Distributions***

The Bank of New York Mellon will send to holders of ADSs any other distributions that AngloGold Ashanti makes on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, The Bank of New York Mellon may decide to sell what AngloGold Ashanti distributes, and then distribute the net proceeds in the same way as it distributes cash, or it may decide to hold what AngloGold Ashanti distributes, in which case the outstanding ADSs will also represent the newly distributed property. However, The Bank of New York Mellon is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from AngloGold Ashanti that it is legal to make that distribution. The Bank of New York Mellon may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution.

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The Bank of New York Mellon is not responsible if, based on available information, it decides that it is unlawful or impractical to make a distribution available to any ADS holders. AngloGold Ashanti has no obligation to register ADSs, AngloGold Ashanti ordinary shares, rights or other securities under the Securities Act. AngloGold Ashanti also has no obligation to take any other action to permit the distribution of ADSs, AngloGold Ashanti ordinary shares, or any other rights to ADS holders. This means that the holders of ADSs may not receive the distribution AngloGold Ashanti makes on its ordinary shares or any value for them if it is illegal or impracticable for AngloGold Ashanti to make them available to the holders of ADSs.

***Deposit, Withdrawal and Cancellation***

The Bank of New York Mellon will deliver ADSs if a holder of AngloGold Ashanti's ordinary shares or its broker deposits AngloGold Ashanti's ordinary shares or evidence of rights to receive ordinary shares with the Custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, The Bank of New York Mellon will register the appropriate number of ADSs in the names such holder of AngloGold Ashanti ordinary shares requests and will deliver the ADSs at its Corporate Trust Office to the persons such holders request.

Holders of ADSs may turn in their ADSs at The Bank of New York Mellon's Corporate Trust Office. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, The Bank of New York Mellon will deliver (1) the underlying ordinary shares to an account designated by the relevant holder of ADSs and (2) any other deposited securities underlying the ADSs at the office of the Custodian, or, at the request, risk and expense of ADS holders, The Bank of New York Mellon will deliver the deposited securities at its Corporate Trust Office.

***Interchange Between Certificated ADSs and Uncertificated ADSs***

ADS registered holders may surrender their ADS to The Bank of New York Mellon for the purpose of exchanging such ADS for uncertificated ADSs. The Bank of New York Mellon will cancel that ADS and will send to the ADS registered holder a statement confirming that the ADS registered holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by The Bank of New York Mellon of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, The Bank of New York Mellon will execute and deliver to the ADS registered holder an ADS evidencing those ADSs.

***Voting Rights***

ADS registered holders may instruct The Bank of New York Mellon to vote the number of deposited shares their ADSs represent. The Bank of New York Mellon will notify ADS registered holders of shareholders' meetings and arrange to deliver AngloGold Ashanti's voting materials to them if AngloGold Ashanti asks it to. Those materials will describe the matters to be voted on and explain how ADS registered holders may instruct The Bank of New York Mellon how to vote. For instructions to be valid, they must reach The Bank of New York Mellon by a date set by The Bank of New York Mellon.

Otherwise, ADS registered holders will not be able to exercise their right to vote unless they withdraw the shares. However, ADS registered holders may not know about the meeting sufficiently in advance to withdraw the shares.

The Bank of New York Mellon will try, as far as practicable, to vote or to have its agents vote the ordinary shares or other deposited securities as holders of ADSs instruct, but this is subject to South African law, the provisions of AngloGold Ashanti's MoI and of the deposited securities and any applicable rule of the JSE. The Bank of New York Mellon will only vote or attempt to vote as such holders of ADSs instruct.

AngloGold Ashanti cannot assure the holders of ADSs that they will receive the voting materials in time for them to instruct The Bank of New York Mellon to vote their ordinary shares. In addition, The Bank of New York Mellon and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that holders of ADSs may not be able to exercise their right to vote and there may be nothing they can do if their ordinary shares are not voted as they requested.

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**Fees and Expenses**

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| | |
|:---|:---|
| **ADS holders must pay:** | **For:** |
| $5.00 (or less) per 100 ADSs | Each issuance of an ADS, including as a result of a distribution of AngloGold Ashanti ordinary shares or rights or other property<br>Each cancellation of an ADS, including if the Deposit Agreement terminates |
| $0.02 (or less) per ADS | Any cash payment |
| Registration or transfer fees | Transfer and registration of AngloGold Ashanti ordinary shares on the AngloGold Ashanti share register to or from the name of The Bank of New York Mellon or its agent when AngloGold Ashanti ordinary shares are deposited or withdrawn |
| $0.02 (or less) per ADS per year | Depositary services |
| Expenses of The Bank of New York Mellon | Conversion of non-US currency to US dollars<br>Cable, telex and facsimile transmission expenses<br>Servicing the deposited securities |
| Taxes and other governmental charges that The Bank of New York Mellon or any Custodian has to pay on any ADS or AngloGold Ashanti ordinary share underlying an ADS; for example, stock transfer taxes, stamp duty or withholding taxes | As necessary |
| A fee equivalent to the fee that would have been payable if the securities distributed had been ordinary shares deposited for issuance of ADSs | Distribution of securities distributed to holders of deposited securities that are distributed by The Bank of New York Mellon to ADS holders |

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**Payment of Taxes**

Holders of ADSs will be responsible for any taxes or other governmental charges payable on their ADSs or on the deposited securities underlying their ADSs. The Bank of New York Mellon may refuse to transfer their ADSs or allow them to withdraw the deposited securities underlying their ADSs until such taxes or other charges are paid. It may apply payments owed to holders of ADSs or sell deposited securities underlying their ADSs to pay any taxes they owe, and they will remain liable for any deficiency. If The Bank of New York Mellon sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to holders of ADSs any proceeds, or send to them any property remaining after it has paid the taxes.

**Reclassifications**

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| | |
|:---|:---|
| **If AngloGold Ashanti:** | **Then:** |
| &nbsp;&nbsp;&nbsp;Reclassifies, splits up or consolidates any of the deposited securities; | The cash, ordinary shares or other securities received by The Bank of New York Mellon will become deposited securities. Each ADS will automatically represent its equal share of the new deposited securities. |
| Distributes securities on the ordinary shares that are not distributed to holders of ADSs; or<br>Recapitalises, reorganises, merges, liquidates, sells all or substantially all of AngloGold Ashanti's assets, or takes any similar action. | The Bank of New York Mellon may, and will if AngloGold Ashanti asks it to, distribute some or all of the cash, AngloGold Ashanti ordinary shares or other securities it receives. It may also issue new ADSs or ask holders of ADSs to surrender their outstanding ADSs in exchange for new ADSs identifying the new deposited securities. |

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***Amendment and Termination***

AngloGold Ashanti may, for any reason, agree with The Bank of New York Mellon to amend the Deposit Agreement and the ADSs without the consent of holders. If the amendment increases fees or charges (except for taxes and other governmental charges or registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses) or if the amendment prejudices an important right of ADS holders, it will only become effective 30 days after The Bank of New York Mellon notifies holders of ADSs of the amendment. At the time an amendment becomes effective, holders of ADSs are considered, by continuing to hold their ADSs, to agree to the amendment and to be bound by the ADSs and the agreement as amended.

The Bank of New York Mellon may terminate the Deposit Agreement by mailing notice of termination to ADS holders at least 30 days prior to the date fixed in the notice if AngloGold Ashanti asks it to do so. The Bank of New York Mellon may also terminate the Deposit Agreement if The Bank of New York Mellon has told AngloGold Ashanti that it would like to resign and AngloGold Ashanti has not appointed a new Depositary bank within 90 days. In both cases, The Bank of New York Mellon must notify holders of AngloGold Ashanti ADSs at least 30 days before termination.

After termination, The Bank of New York Mellon and its agents will be required to do only the following under the Deposit Agreement: collect distributions on the deposited securities, sell rights, and, upon surrender of ADSs, deliver AngloGold Ashanti ordinary shares and other deposited securities. Four months after the date of termination or later, The Bank of New York Mellon may sell any remaining deposited securities by public or private sale and will hold the proceeds of the sale, as well as any other cash it is holding under the Deposit Agreement, for the pro rata benefit of the ADS holders who have not surrendered their ADSs. It will not invest the money and will have no liability for interest. The Bank of New York Mellon's only obligations will be to account for the proceeds of the sale and other cash. After termination, AngloGold Ashanti's only obligations will be with respect to indemnification of, and payment of certain amounts to, The Bank of New York Mellon.

***Limitations on Obligations and Liability to ADS Holders***

The Deposit Agreement expressly limits AngloGold Ashanti's obligations and the obligations of The Bank of New York Mellon, and limits AngloGold Ashanti's liability and the liability of The Bank of New York Mellon. AngloGold Ashanti and The Bank of New York Mellon:

• are only obligated to take the actions specifically set forth in the Deposit Agreement without negligence or bad faith;

• are not liable if either of AngloGold Ashanti or The Bank of New York Mellon is prevented or delayed by law or circumstances beyond their control from performing their obligations under the Deposit Agreement;

• are not liable if either of AngloGold Ashanti or The Bank of New York Mellon exercises discretion permitted under the Deposit Agreement;

• are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the Deposit Agreement, or for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement;

• have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the Deposit Agreement on behalf of the holders of ADSs or on behalf of any other party;

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• may rely on advice of or information from legal counsel, accountants, and any persons presenting AngloGold Ashanti's ordinary shares for deposit, any registered holder or any other person believed by AngloGold Ashanti in good faith to be competent to give such advice or information; and

• pursuant to the Deposit Agreement, agree to indemnify each other under certain circumstances.

***Requirements for Depositary Action***

Before The Bank of New York Mellon will issue, transfer or register the transfer of an ADS, make a distribution on an ADS, or allow withdrawal of AngloGold Ashanti ordinary shares, The Bank of New York Mellon may require:

• payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any ordinary shares or other deposited securities;

• production of satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and

• compliance with regulations it may establish, from time to time, consistent with the Deposit Agreement, including presentation of transfer documents.

The Bank of New York Mellon may refuse to deliver, transfer or register transfers of ADSs generally when the books of The Bank of New York Mellon or AngloGold Ashanti are closed, or at any time if either AngloGold Ashanti or The Bank of New York Mellon thinks it advisable to do so.

Holders of ADSs have the right to cancel their ADSs and withdraw the underlying ordinary shares at any time except:

• when temporary delays arise because: (1) either AngloGold Ashanti or The Bank of New York Mellon have closed AngloGold Ashanti's transfer books; (2) the transfer of the ordinary shares is blocked in connection with voting at a general meeting of shareholders; or (3) AngloGold Ashanti is paying a dividend on the ordinary shares;

• when ADS holders seeking to withdraw the ordinary shares are liable for unpaid fees, taxes and similar charges; or

• when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of the ordinary shares or other deposited securities.

This right of withdrawal may not be limited by any other provision of the Deposit Agreement.

***Pre-release of ADSs***

In certain circumstances, subject to the provisions of the Deposit Agreement, The Bank of New York Mellon may deliver ADSs before deposit of the underlying ordinary shares. This is called a pre-release of the ADSs.

The Bank of New York Mellon may also deliver AngloGold Ashanti ordinary shares upon cancellation of pre-released ADSs (even if the ADSs are cancelled before the pre-release transaction has been closed out). A pre-release is closed out as soon as the underlying AngloGold Ashanti ordinary shares are delivered to The Bank of New York Mellon. The Bank of New York Mellon may receive ADSs instead of ordinary shares to close out a pre-release.

The Bank of New York Mellon may pre-release ADSs only under the following conditions:

• before or at the time of the pre-release, the person to whom the pre-release is being made must represent to The Bank of New York Mellon in writing that it or its customer: (a) owns the ordinary shares or ADSs to be remitted, (b) assigns all beneficial rights, title and interest in such ADSs or ordinary shares, as the case may be, to The Bank of New York Mellon in its capacity as the Depositary and for the benefit of the ADS holders, and (c) will not take any action with respect to such ADSs or ordinary shares, as the case may be, that is consistent with the transfer of beneficial ownership (including, without the consent of The Bank of New York Mellon, disposing of such ADSs or ordinary shares, as the case may be) other than satisfaction of such pre-release;

• the pre-release must be fully collateralised with cash, US government securities, or other collateral that The Bank of New York Mellon considers appropriate; and

• The Bank of New York Mellon must be able to close out the pre-release on not more than five business days' notice. Each pre-release will be subject to any further indemnities and credit regulations that The Bank of New York Mellon deems appropriate. The Bank of New York Mellon will normally limit the number of AngloGold Ashanti ordinary shares not deposited but represented by ADSs outstanding at any time as a result of pre-release so that they do not exceed 30 percent of the ordinary shares deposited, although The Bank of New York Mellon may disregard this limit from time to time, if it thinks it is appropriate to do so.

***Direct Registration System***

In the Deposit Agreement, all parties to the Deposit Agreement acknowledge that the DRS and Profile Modification System, or Profile, will apply to uncertificated ADSs upon acceptance thereof to DRS by The Depository Trust Company, also referred to as DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated ADSs, which ownership will be evidenced by periodic statements sent by the Depositary to the registered holders of uncertificated ADSs. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of a registered holder of ADSs, to direct the Depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to

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the DTC account of that DTC participant without receipt by the Depositary of prior authorisation from the ADS registered holder to register that transfer.

In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the Deposit Agreement understand that The Bank of New York Mellon will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the Deposit Agreement, the parties agree that The Bank of New York Mellon's reliance on and compliance with instructions received by The Bank of New York Mellon through the DRS/Profile System and in accordance with the Deposit Agreement will not constitute negligence or bad faith on the part of The Bank of New York Mellon.

***Shareholder Communications: Inspection of Register of Holders of ADSs***

The Bank of New York Mellon will make available for inspection at its office all communications that it receives from AngloGold Ashanti as a holder of deposited securities that AngloGold Ashanti makes generally available to holders of deposited securities. The Bank of New York Mellon will send copies of those communications if requested by AngloGold Ashanti. ADS holders have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to AngloGold Ashanti's business or the ADSs.

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**10D.**&nbsp;&nbsp;&nbsp;&nbsp;**Exchange controls**

**Exchange controls and other limitations affecting security holders**

The following is a general outline of South African exchange controls and such outline may not apply to former residents of South Africa. Investors should consult a professional advisor as to the exchange control implications of their particular investments.

South African law provides for exchange control regulations, which restrict the export of capital from South Africa. Exchange controls are administered by the Financial Surveillance Department of the South African Reserve Bank (SARB), in terms of the Exchange Control Regulations, and regulate transactions involving South African residents and non-residents, with the exception of transactions between South African residents and residents of the Common Monetary Area, which comprises the Kingdoms of Lesotho and Eswatini (formerly Swaziland) and the Republic of Namibia. The purpose of exchange controls is to mitigate the decline of foreign capital reserves in South Africa.

The Government of South Africa has, however, committed itself to relaxing exchange controls gradually and significant relaxation has occurred in recent years.

The comments below relate, in general, to exchange controls in place at the date of this annual report.

**Investments in South African companies**

Acquisitions of shares or assets of South African companies by non-South African purchasers are generally subject to review and approval by the SARB, particularly where the consideration is payable in a form other than cash. In this regard, the SARB will give approval where it is persuaded, inter alia, that the consideration payable for the acquisition of the shares or assets is an arm's-length consideration and that such acquisition offers benefits to South Africa. In addition, where shares in a South African company are acquired by a non-resident, the share certificates issued to the non-resident shareholder must be endorsed "non-resident" by the SARB (or an Authorised Dealer).

**Dividends**

Dividends declared to foreign stockholders in public companies listed on the Johannesburg Stock Exchange (JSE) are not subject to the approval of the SARB, provided that the shares in respect of which the dividends are declared have been endorsed "non-resident" by the SARB or an Authorised Dealer at the time of acquisition. Dividends are freely transferable to foreign stockholders from both trading and non-trading profits earned in South Africa by public listed companies.

**Voting rights**

There are no limitations imposed by South African law, including South African exchange controls, or by the Memorandum of Incorporation of AngloGold Ashanti on the rights of non-South African shareholders to vote their ordinary shares.

**Overseas financing, interest and investments**

Interest on foreign loans, if paid from cash generated from operations in South Africa, may be remittable abroad, provided that the loans and the payment of the relevant interest in respect of such loans have received prior SARB approval.

AngloGold Ashanti and its South African subsidiaries require SARB approval to raise debt from and repay debt to non-residents of the Common Monetary Area, mainly in respect of the terms of repayment applicable to such loans, as well as any guarantees that may be provided in respect of such loans, by AngloGold Ashanti or its South African subsidiaries.

Debt raised outside the Common Monetary Area by AngloGold Ashanti's non-South African subsidiaries is not restricted under South African exchange control regulations and can be used for investment outside the Common Monetary Area, subject to the relevant conditions imposed by the SARB in connection with such investment, the establishing of such a non-South African subsidiary or in raising the debt by such subsidiary. For example, AngloGold Ashanti and its South African subsidiaries would require SARB approval in order for AngloGold Ashanti and/or its South African subsidiaries to provide guarantees for the obligations of any of its non-South African subsidiaries. In addition, funds obtained from non-residents of the Common Monetary Area and debt raised outside the Common Monetary Area by AngloGold Ashanti's non-South African subsidiaries must be repaid or serviced by AngloGold Ashanti's foreign subsidiaries unless otherwise approved by the SARB.

A listing by a South African company on any stock exchange other than the JSE in connection with raising capital requires permission from the SARB.

Under current exchange control regulations, offshore investments by AngloGold Ashanti and its subsidiaries require the approval of the SARB. Subject to such prior approval of the SARB, there is no limit on the amount of capital that may be invested offshore.

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**10E.**&nbsp;&nbsp;&nbsp;&nbsp;**Taxation**

**South African taxation** 

***General***

The following section provides a summary of the South African tax consequences consequent upon the ownership and disposition of shares by South African residents or ADSs by a US holder (as defined below) and is not intended to constitute tax advice. This summary is based upon current South African tax law and practice of the South African Revenue Service (SARS), the US/SA Double Taxation Treaty, and in part upon representations made by the Depositary, on the basis that it assumes that each obligation provided for in, or otherwise contemplated by, a Deposit Agreement and any related agreement will be performed in accordance with its respective terms.

The following summary of the South African tax considerations does not address the tax consequences to a US holder that is resident in South Africa for South African tax purposes, whose holding of shares or ADSs is effectively connected with a permanent establishment in South Africa through which such US holder carries on business activities or, in the case of an individual, with a fixed base situated therein, or who is otherwise not entitled to the full benefits under the US/SA Double Taxation Treaty. It should be appreciated that South Africa ratified the Multilateral Convention to Implement Tax Treaty-related measures to prevent Base Erosion and Profit Shifting (BEPS MLI) on 30 September 2022 and that one should thus read the applicable treaty, including the US/SA Double Taxation Treaty, in this context.

The statements of law set forth below are subject to any changes (which may be applied retroactively) in South African law or in the interpretation thereof by SARS, or in the US/SA Double Taxation Treaty, occurring after the date hereof. It should be expressly noted that South African tax law does not specifically address the treatment of ADSs. However, it is reasonable to assume (although no assurance can be made) that the tax treatment of US holders of shares is also applicable to US holders of ADSs.

Holders are strongly urged to consult their own tax advisors as to the consequences under South African, US federal, state and local, and other applicable laws, of the ownership and disposition of shares or ADSs.

**Taxation of dividends**

South Africa currently imposes a Dividend Withholding Tax on Companies (dividends tax) at a rate of 20 percent on the net amount of the dividend declared and paid by a resident company, other than a Headquarter Company.

The dividends tax is generally imposed on the beneficial owner of the dividends. The dividends tax is subject to domestic exemptions or relief in terms of an applicable double taxation treaty. The application of such domestic exemptions or relief in terms of an applicable double taxation treaty is subject to the making of certain declarations and undertakings by the beneficial owner of the dividends to the regulated intermediary making payment of the dividend. In terms of the latest amendments to the tax provisions, the declaration and undertaking entitling the beneficial owner to a reduced dividend withholding tax rate must be renewed every five years, subject to certain exemptions.

The dividends tax could be reduced to a lower rate under an applicable double tax treaty, if all requirements are met. In the case of dividends paid to a US holder with respect to shares, the US/SA Double Taxation Treaty would generally limit the dividends tax rate to five percent of the gross amount of the dividends if a corporate US holder holds directly at least ten percent of the voting stock of the Company, provided that the applicable declaration and undertaking are given by the beneficial owner that the reduced rate applies.

In all other cases, the maximum tax rate under the US/SA Double Taxation Treaty is 15 percent of the gross amount of the dividend.

Different rules may apply if the beneficial owner of the dividends is a US resident who carries on business in South Africa through a permanent establishment situated in South Africa, or performs in South Africa services from a permanent establishment situated in South Africa, and the dividends are attributable to such permanent establishment or fixed base.

Moreover, if the dividends tax rate is reduced under the auspices of an applicable double tax treaty, certain South African compliance requirements must be met in order to obtain the double tax treaty relief, including amongst others the completion of a declaration and undertaking by the beneficial owners in favour of the Company and/or the relevant regulated intermediary.

In terms of the latest tax provisions the declaration and undertaking need to be renewed at least every five years unless the regulated intermediary is subject to the provisions of inter alia the US Foreign Account Tax Compliance legislation.

A dividend is currently defined as any amount transferred or applied by a company that is a resident (including the Company) for the benefit or on behalf of any person in respect of any share in that company, whether that amount is transferred or applied by way of a distribution made by the company, or as consideration for the acquisition of any share in that company. The definition of

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a dividend specifically excludes any amount transferred or applied by the Company that results in a reduction of so-called contributed tax capital (CTC) of the relevant class of shares, or constitutes shares in the Company or constitutes an acquisition by the Company of its own securities by way of a general repurchase of securities in terms of the JSE Listings Requirements. A distinction is thus made between a general repurchase of securities and a specific repurchase of securities. If the Company embarks upon a general repurchase of securities, the proceeds of such repurchase would not constitute a dividend, whereas, in the case of a specific repurchase of securities where the purchase price is not funded out of CTC of that class of shares, the proceeds would likely constitute a dividend.

The concept of CTC effectively means the sum of the stated capital or share capital and share premium of a company that existed on 1 January 2011, excluding any transfers from reserves to the share premium account or stated capital account, plus proceeds from the issue of any new shares by a company, less the amount of CTC that has been returned to shareholders. Any application of CTC is limited to the holders of a class of shares. In addition, a distribution of CTC attributable to a specific class must be made proportionately to the number of shares held by a shareholder in a specific class. The definition of CTC is subject to various provisos. Recently the definition of CTC was amended to make it clear that CTC can only be transferred to shareholders proportionally.

For dividends tax purposes a dividend is defined as any dividend as indicated above that is paid by a company that is a resident or paid by a foreign company if the share in respect of which that foreign dividend is paid is a listed share and to the extent that the foreign dividend does not constitute a distribution of an asset in kind.

Dividends are generally exempt from the payment of income tax, subject to various exclusions. If a dividend is not exempt from income tax it follows that dividends tax will not also be levied.

**Taxation of capital gains on sale or other disposition**

South African residents are taxed on their worldwide income, while non-residents are only taxed on South African sourced income (subject to the provisions of any relevant double taxation agreement). The general corporate income tax rate has recently been reduced to 27 percent.

Capital gains tax is not a separate tax to income tax; instead, a percentile of the taxpayer's net capital gain (that is the taxable capital gain) is included in its taxable income on which it is taxed at the income tax rate.

Non-residents are only subject to the South African capital gains tax provisions in respect of the disposal of any immovable property (such as land and buildings or mining rights) or any interest or right of whatever nature to or in immovable property situated in South Africa, or any asset of a permanent establishment through which that non-resident is carrying on a trade in South Africa. In the instance of a shareholder holding shares in a South African company, the 'interest in immovable property' requirements are met if 80 percent or more of the market value of the shares is directly or indirectly attributable to South African immovable property held on capital account, and that shareholder (whether alone or together with any connected person in relation to that person), directly or indirectly, holds at least 20 percent of the equity shares of that South African company.

Gains realised on the sale of ordinary shares are deemed to be of a capital nature and subject to capital gains tax provided the ordinary shares have been held for a continuous period of at least three years. This deeming provision is applicable to "equity shares" as defined in section 1 of the South African Income Tax Act, No. 58 of 1962 (the "SA Income Tax Act"), and may not extend to preference shares or ADSs where the preference shares or ADSs do not constitute "equity shares" as so defined.

The meaning of the word "resident" is different for individuals and corporations and is governed by the Act and by the Treaty. In the event of conflict, the Treaty, which contains a tie breaker clause or mechanism to determine residency if a holder is resident in both countries, will prevail. In terms of the Act and Treaty, a US resident holder of shares or ADSs will not be subject to capital gains tax on the disposal of securities held as capital assets unless the securities are linked to a permanent establishment conducted in South Africa or constitute an interest in immovable property as indicated above. In contrast, gains on the disposal of securities which are not capital in nature are usually subject to income tax. Any asset held as a long-term investment will be considered a capital asset and subject to capital gains tax on the disposal of such an asset. Any asset acquired for purposes of resale as part of a profit-making scheme will not be considered a capital asset and will be subject to income tax on the disposal of such an asset. However, even in the latter case, a US resident holder will not be subject to income tax, unless the US resident holder carries on business in South Africa through a permanent establishment situated therein.

**Securities transfer tax (STT)**

No securities transfer tax, or STT, is payable in South Africa with respect to the issue of a security, but STT is payable upon transfer, redemption or cancellation thereof.

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STT on transfers of securities is charged at a rate of 0.25 percent on the 'taxable amount' in respect of the 'transfer' of every security issued by a company incorporated in South Africa, or a company incorporated outside South Africa, but listed on an exchange in South Africa, subject to certain exemptions.

The word 'transfer' is broadly defined and includes the transfer, sale, assignment or cession or disposal in any other manner of a security which results in a change in beneficial ownership. The cancellation or redemption of a security is also regarded as a 'transfer' unless the Company is being liquidated. However, the transfer of a security that does not result in a change in beneficial ownership is not regarded as a 'transfer' for STT purposes. A security is also defined as a depositary receipt in a company. Apart from STT thus being payable upon the conversion of ADSs to shares and vice versa, , STT could also be payable on the transfer of a depositary receipt issued by a company, including specifically the ADSs issued by the Company. Generally, the central securities Depositary that has been accepted as a participant in terms of the Financial Markets Act, is liable for the payment of the STT, on the basis that it is recoverable from the person to whom it is transferred.

STT is levied on the 'taxable amount' of a security. The taxable amount of a listed security is the greater of the consideration for the security declared by the transferee or the closing price of that security as traded on the stock exchange concerned. The person to whom the listed security is transferred is liable for payment of the STT, and such tax must be paid through the member or the participant holding the security in custody, or where the listed security is not held in custody, the company that issued the listed security. The tax so payable may be recovered from the person to whom the security is transferred. The tax must be paid by the fourteenth day of the month following the month during which the transfer occurred.

**Withholding tax on interest**

Generally, a 15 percent withholding tax may apply to the payments of interest. Under the US/SA Double Taxation Treaty, interest derived and beneficially owned by a resident of the United States will be taxable only in the United States (and therefore not subject to interest withholding tax in South Africa), subject to certain exclusions.

**Value-Added Tax** 

The issue or transfer of shares is not a taxable supply for value-added tax ("VAT") purposes. However, fees charged by independent service providers are subject to VAT at the standard rate of 15 percent.

**United States Taxation**

***General***

The following is a general summary of certain material US federal income tax consequences of the ownership and disposition of shares or ADSs to a US holder (as defined below) that holds its shares or ADSs as a capital asset. With respect to the following, references to shares includes references to ADSs unless the context indicates otherwise. This summary does not address any aspect of US federal gift or estate tax, or the state, local or non-US tax consequences to a US holder of shares. This summary is based on US tax laws including the Internal Revenue Code of 1986, as amended (the "Code"), Treasury regulations promulgated thereunder, rulings, judicial decisions, administrative pronouncements, and the US/SA Double Taxation Treaty, all as currently in effect as of the date of this annual report, and all of which are subject to change or changes in interpretation, possibly with retroactive effect. In addition, this summary is based in part upon the representations of the Depositary and the assumption that each obligation in the Deposit Agreement relating to the ADSs and any related agreement will be performed in accordance with its terms.

This summary does not address all aspects of US federal income taxation that may apply to holders that are subject to special tax rules, including US expatriates, non-resident aliens present in the United States for at least 183 days during the calendar year, insurance companies, tax-exempt entities, banks, certain financial institutions, persons subject to the alternative minimum tax, regulated investment companies, securities broker-dealers, traders in securities who elect to apply a mark-to-market method of accounting, investors that own (directly, indirectly or by attribution) ten percent or more of the outstanding share capital or voting stock of AngloGold Ashanti, partnerships or other entities treated as partnerships for US federal income tax purposes or persons holding shares through such entities, persons holding their shares as part of a straddle, hedging or conversion transaction, persons who acquired their shares pursuant to the exercise of employee stock options or otherwise as compensation, or persons whose functional currency is not the US dollar. Such holders may be subject to US federal income tax consequences different from those set forth below.

As used herein, the term "US holder" means a beneficial owner of shares that is: (a) a citizen or individual resident of the United States for US federal income tax purposes; (b) a corporation (or other entity taxable as a corporation for US federal income tax purposes) created or organised in or under the laws of the United States, any state thereof or the District of Columbia; (c) an estate the income of which is subject to US federal income taxation regardless of its source; or (d) a trust if (i) a court within the

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United States can exercise primary supervision over the administration of the trust and one or more US persons are authorised to control all substantial decisions of the trust or (ii) it has a valid election in effect under applicable Treasury regulations to be treated as a United States person.

If a partnership (including for this purpose any entity treated as a partnership for US federal income tax purposes) holds shares, the tax treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. If a US holder is a partner in a partnership that holds shares, the holder is urged to consult its own tax advisor regarding the specific tax consequences of the ownership and disposition of the shares.

US holders should consult their own tax advisors regarding the specific South African and US federal, state and local tax consequences of owning and disposing of shares in light of their particular circumstances as well as any consequences arising under the laws of any other taxing jurisdiction. In particular, US holders are urged to consult their own tax advisors regarding whether they are eligible for benefits under the US/SA Double Taxation Treaty.

For US federal income tax purposes, a US holder of ADSs should generally be treated as owning the underlying shares represented by those ADSs. Therefore, deposits or withdrawals by a US holder of shares for ADSs or of ADSs for shares will not be subject to US federal income tax. The following discussion (except where otherwise expressly noted) applies equally to US holders of shares and US holders of ADSs.

***▪ Taxation of dividends***

The gross amount of any distribution (including the amount of any South African withholding tax thereon) paid to a US holder by AngloGold Ashanti generally will be taxable as dividend income to the US holder for US federal income tax purposes on the date the distribution is actually or constructively received by the US holder, in the case of shares, or by the Depositary, in the case of ADSs. Corporate US holders will not be eligible for the dividends received deduction in respect of dividends paid by AngloGold Ashanti. For foreign tax credit limitation purposes, dividends paid by AngloGold Ashanti will be income from sources outside the United States.

As noted above in *"Taxation—South African taxation—Taxation of dividends"*, the South African government has enacted a dividend withholding tax. As a result, US holders who are eligible for benefits under the current US/SA Double Taxation Treaty will be subject to a maximum withholding tax of 15 percent on the gross amount of dividend distributions paid by AngloGold Ashanti.

The amount of any distribution paid in foreign currency (including the amount of any South African withholding tax thereon) generally will be includible in the gross income of a US holder of shares in an amount equal to the US dollar value of the foreign currency calculated by reference to the spot rate in effect on the date of receipt by the US holder, in the case of shares, or by the Depositary, in the case of ADSs, regardless of whether the foreign currency is converted into US dollars on such date. If the foreign currency is converted into US dollars on the date of receipt, a US holder of shares generally should not be required to recognise foreign currency gain or loss in respect of the dividend. If the foreign currency received in the distribution is not converted into US dollars on the date of receipt, a US holder of shares generally will have a tax basis in the foreign currency equal to its US dollar value on the date of receipt. Any gain or loss recognised upon a subsequent conversion or other disposition of the foreign currency generally will be treated as US source ordinary income or loss. In the case of a US holder of ADSs, the amount of any distribution paid in a foreign currency generally will be converted into US dollars by the Depositary upon its receipt. Accordingly, a US holder of ADSs generally will not be required to recognise foreign currency gain or loss in respect of the distribution. Special rules govern and specific elections are available to accrual method taxpayers to determine the US dollar amount includible in income in the case of taxes withheld in a foreign currency. Accrual basis taxpayers are therefore urged to consult their own tax advisors regarding the requirements and elections applicable in this regard.

Subject to certain limitations, South African withholding taxes will be treated as foreign taxes eligible for credit against a US holder's US federal income tax liability. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. Dividend income generally will constitute "passive category" income, or in the case of certain US holders, "general category" income. The use of foreign tax credits is subject to complex conditions and limitations. In lieu of a credit, a US holder who itemises deductions may elect to deduct all of such holder's foreign taxes in the taxable year. A deduction does not reduce US tax on a dollar-for-dollar basis like a tax credit, but the deduction for foreign taxes is not subject to all the same limitations applicable to foreign tax credits. US holders are urged to consult their own tax advisors regarding the availability of foreign tax credits.

Certain US holders (including individuals) are eligible for reduced rates of US federal income tax in respect of "qualified dividend income" received. AngloGold Ashanti currently believes that dividends paid with respect to its shares should constitute qualified dividend income for US federal income tax purposes. Each individual US holder of AngloGold Ashanti shares is urged to consult his own tax advisor regarding the availability of the reduced dividend tax rate in light of his own particular situation.

------

The US Treasury has expressed concern that parties to whom ADSs are pre-released may be taking actions that are inconsistent with the claiming of foreign tax credits for US holders of ADSs. Such actions would also be inconsistent with the claiming of the reduced rate of tax described above, applicable to dividends received by certain non-corporate holders. Accordingly, the analysis of the creditability of South African withholding taxes or the availability of qualified dividend treatment could be affected by future actions that may be taken by the US Treasury with respect to ADSs.

• ***Taxation of dispositions***

If a US holder is a resident of the United States for purposes of the US/SA Double Taxation Treaty, such holder will not be subject to South African tax on any capital gain if it sells or disposes of its shares. Special rules apply to individuals who are residents of more than one country.

Subject to the passive foreign investment company considerations discussed below, upon the sale, exchange or other disposition of shares, a US holder generally will recognise capital gain or loss for US federal income tax purposes in an amount equal to the difference between the US dollar value of the amount realised on the disposition and the holder's tax basis, determined in US dollars, in the shares. Such gain or loss generally will be US source gain or loss, and will be treated as a long-term capital gain or loss if the holder's holding period in the shares exceeds one year at the time of disposition. If the US holder is an individual, any capital gain generally will be subject to US federal income tax at preferential rates if specified minimum holding periods are met. The deductibility of capital losses is subject to limitations under the Code.

A US holder's tax basis in a share will generally be its US dollar cost. The US dollar cost of a share purchased with foreign currency will generally be the US dollar value of the purchase price on the settlement date for the purchase (in the case of shares traded on an established securities market that are purchased by a cash basis US holder or an electing accrual basis US holder), or the date of purchase in all other cases. The amount realised on a sale or other disposition of shares for an amount in foreign currency will be the US dollar value of this amount on the settlement date for the sale or disposition (in the case of shares traded on an established securities market that are sold by a cash basis US holder or an electing accrual basis US holder), or the date of sale or disposition in all other cases. In addition, in such other cases, the US holder will recognise US source foreign currency gain or loss (taxable as ordinary income or loss) equal to the difference (if any) between the US dollar value of the amount received based on the exchange rates in effect on the date of sale or other disposition and the settlement date. If an accrual basis US holder makes either of the elections described above, it must be applied consistently from year to year and cannot be revoked without the consent of the Internal Revenue Services (IRS).

Foreign currency received on the sale or other disposition of a share will have a tax basis equal to its US dollar value on the settlement date. Any gain or loss recognised on a sale or other disposition of foreign currency (including its use to purchase shares or upon exchange for US dollars) will be US source ordinary income or loss.

▪ ***Passive foreign investment company considerations***

A foreign corporation will be classified a passive foreign investment company (PFIC) for any taxable year if at least 75 percent of its gross income consists of passive income (such as dividends, interest, rents or royalties (other than rents or royalties derived in the active conduct of a trade or business and received from an unrelated person), or gains on the disposition of certain minority interests), or at least 50 percent of the average value of its assets consists of assets that produce, or are held for the production of, passive income. AngloGold Ashanti believes that it was not treated as a PFIC for the taxable year ended 31 December 2022 or any prior taxable years and does not expect to become a PFIC in the foreseeable future. If AngloGold Ashanti were characterised as a PFIC for any taxable year, a US holder would suffer adverse tax consequences with respect to that taxable year and all future years during which it holds AngloGold Ashanti ordinary shares.

These consequences may include having gain realised on the disposition of shares treated as ordinary income rather than capital gain and being subject to punitive interest charges on the receipt of certain dividends and on the proceeds of the sale or other disposition of the shares. Furthermore, dividends paid by AngloGold Ashanti would not be "qualified dividend income" and would be taxed at the higher rates applicable to other items of ordinary income. US holders should consult their own tax advisors regarding the potential application of the PFIC rules to their ownership of the shares.

▪ ***US information reporting and backup withholding***

In general, dividend payments made to a US holder and proceeds paid from the sale, exchange, or other disposition of shares may be subject to information reporting to the IRS and possible backup withholding. US federal backup withholding generally is imposed at a current rate of 24 percent on specified payments including dividends and gross sale proceeds to persons who fail to furnish required information. Backup withholding will not apply to a US holder who furnishes a correct taxpayer identification number and makes any other required certification or who is otherwise exempt from backup withholding. US persons who are required to establish their exempt status generally must provide IRS Form W-9 (Request for Taxpayer Identification Number and Certification). Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a holder's US federal income tax liability. A holder may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information.

------

▪ ***Information with respect to foreign financial assets***

Individuals that own "specified foreign financial assets" with an aggregate value in excess of $50,000 are generally required to file information reports with respect to such assets with their U.S. federal income tax returns. Depending on the individual's circumstances, higher threshold amounts may apply. "Specified foreign financial assets" include any financial accounts maintained by foreign financial institutions, as well as any of the following, but only if they are not held in accounts maintained by financial institutions: (i) stocks and securities issued by foreign persons, (ii) financial instruments and contracts held for investment that have foreign issuers or counterparties and (iii) interests in foreign entities. Therefore, the shares may be treated as specified foreign financial assets. In such cases, certain US holders may be subject to this information reporting regime and be required to file IRS Form 8938 listing these assets with their U.S. federal income tax returns. Failure to file information reports may subject a US holder to penalties. US holders are urged to consult their own tax advisors regarding their obligations to file information reports with respect to the shares.

------

**10F.&nbsp;&nbsp;&nbsp;&nbsp;DIVIDENDS AND PAYING AGENTS**

Not applicable.

**10G.&nbsp;&nbsp;&nbsp;&nbsp;STATEMENT BY EXPERTS**

Not applicable.

**10H.**&nbsp;&nbsp;&nbsp;&nbsp;**Documents on Display**

AngloGold Ashanti files annual reports on Form 20-F and reports on Form 6-K with the SEC. You may access this information at the SEC's home page (<u>http://www.sec.gov</u>). Copies of the documents referred to herein may be inspected at AngloGold Ashanti's offices by contacting AngloGold Ashanti at 112 Oxford Road, Houghton Estate, Johannesburg, 2198 (Private Bag X 20, Rosebank, 2196) South Africa, Attention: Company Secretary, telephone number: +27 11 637 6000.

No material on the AngloGold Ashanti website forms any part of, or is incorporated by reference into, this annual report on Form 20-F. References herein to the Company's website shall not be deemed to cause such incorporation.

**10I.&nbsp;&nbsp;&nbsp;&nbsp;SUBSIDIARY INFORMATION**

Not applicable.

**10J. &nbsp;&nbsp;&nbsp;&nbsp;Annual Report to Security Holders** 

AngloGold Ashanti intends to submit its annual report provided to security holders in electronic format as an exhibit to a current report on Form 6-K.

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**ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**TREASURY POLICY**

Risk management activities within the Group are the ultimate responsibility of the board. The Chief Financial Officer is responsible to the board for the design, implementation and monitoring of the risk management plan. The Audit and Risk Committee is responsible for overseeing risk management plans and systems, as well as financial risks which include a review of treasury activities and exposure to the Group's counterparties.

Under the financial and risk management policy, hedges may be put in place once approved by the Board, using approved instruments over the Group's planned gold production and resultant gold sales and currency exposures. The financial and risk management policy sets trading limits for the various levels of treasury management from dealer, through treasurer, executive management team and board members.

The financial risk management activities objectives of the Group are as follows:

• Safeguarding the Group's core earnings stream from its major assets through the effective control and management of gold and other commodity price risk, foreign exchange risk and interest rate risk;

• Effective and efficient usage of credit facilities in both the short- and long-term through the adoption of reliable liquidity management planning and procedures;

• Ensuring that investment and hedging transactions are undertaken with creditworthy counterparts; and

• Ensuring that all contracts and agreements related to financial risk management activities are co-ordinated and consistent throughout the Group and comply where necessary with all relevant regulatory and statutory requirements.

Under the financial and risk management policy, treasury reports are produced at the following minimum intervals for review by management and the board of directors:

•  Daily Treasury Manager

•  Weekly Treasurer

•  Monthly Treasurer

•  Quarterly Audit and Risk Committee and Board of Directors

The Treasury Risk Analyst is responsible for monitoring all reports for completeness and accuracy which are reviewed by the Treasurer.

At AngloGold Ashanti, all front office (dealing), middle office (risk reporting), back office (deal confirmations) and payment (treasury settlements) activities are segregated. All treasury transactions are captured on a third party developed treasury and risk management system that is widely used in corporate treasuries. The Group internal audit function conducts regular and ad hoc reviews of the activities of treasury and the Group's treasury system.

**Gold price and other commodities risk management activities**

In the normal course of its operations, the Group is exposed to gold and other commodity price, currency, interest rate, equity price, liquidity and non-performance risk, which includes credit risk. The Group is also exposed to certain by-product commodity price risk. In order to manage these risks, the Group may enter into transactions which make use of derivatives. The Group has developed a risk management process to facilitate, control and monitor these risks.

Gold price risk arises from the risk of an adverse effect of current or future earnings resulting from fluctuations in the price of gold.

As at 31 December 2022, the Group had no commitments against future production potentially settled in cash.

In July 2022, AngloGold Ashanti entered into forward contracts for a total of 999,000 barrels of Brent Crude oil for the period January 2023 to December 2023 that will be cash settled on a monthly basis against the contract price. The average price achieved on the forward contracts is $89.20 per barrel of Brent Crude oil. At 31 December 2022, the mark-to-market value of these oil derivatives was an unrealised loss of $6 million.

**Foreign exchange price risk protection agreements**

The Group, from time to time, may enter into currency forward exchange and currency option contracts to hedge certain anticipated transactions denominated in foreign currencies. The objective of the Group's foreign currency hedging activities is to protect the Group from the risk that the eventual cash flows resulting from transactions denominated in US dollars will be adversely affected by changes in exchange rates.

------

As at 31 December 2022 and 2021, the Group had no open forward exchange or currency option contracts in its currency hedge position.

Cash flows related to these instruments designated as qualifying hedges are reflected in the consolidated statement of cash flows in the same category as the cash flow from the items being hedged. Accordingly, cash flows relating to the settlement of forward sale commodity derivatives contracts hedging the forecasted sale of production into the spot market will be reflected upon settlement as a component of operating cash flows.

**Interest rate and liquidity risk**

Fluctuations in interest rates impact interest paid and received on the short-term cash investments and financing activities, giving rise to interest rate risk.

In the ordinary course of business, the Group receives cash from the proceeds of its gold sales and is required to fund its working capital requirements. This cash is managed to ensure that surplus funds are invested in a manner to achieve market related returns while minimising risks.

The Group is able to actively source financing at competitive rates. The counterparts are financial and banking institutions and their credit ratings are regularly monitored by the Group.

**Cash and loans advanced maturity profile**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** |
|<br>**Maturity date** | **Fixed rate<br>investment<br>amount<br>(million)** | **Effective<br>rate %** | **Floating rate<br>investment<br>amount<br>(million)** | **Effective<br>rate %** | **Fixed rate<br>investment<br>amount<br>(million)** | **Effective<br>rate %** | **Floating rate<br>investment<br>amount<br>(million)** | **Effective<br>rate %** |
| All less than one year | $8 |  | 507 | 3.48 | 1 |  | 301 | 0.10 |
|  | 1471 | 6.87 |  |  | 1337 | 3.54 |  |  |
|  |  |  | 49 | 1.07 |  |  | 72 |  |
|  |  |  | 52 | 11.57 |  |  | 106 | 4.27 |
|  | 18178 | 66.50 | 2362 | 65.50 | 13256 | 34.00 |  |  |
|  |  |  |  |  |  |  | 353 | 0.19 |
|  |  |  | 2 | 1.54 |  |  |  |  |

---

**Borrowings maturity profile** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Within one year** | **Within one year** | **Between<br>One and two years** | **Between<br>One and two years** | **Between Two<br>and five years** | **Between Two<br>and five years** | **After five years** | **After five years** | |
| **Borrowings<br>amount<br>(million)** | **Effective<br>rate%** | **Borrowings<br>amount<br>(million)** | **Effective<br>rate%** | **Borrowings<br>amount<br>(million)** | **Effective<br>rate%** | **Borrowings<br>amount<br>(million)** | **Effective<br>rate%** | **Total**<br>**Borrowings amount (million)** |
| $16 | 5.5 | 63 | 11.9 | 58 | 12.4 | 1721 | 4.1 | 1858 |
|  |  |  |  | 54 | 4.5 |  |  | 54 |
| 3586 | 12.5 | 201542 | 12.5 |  |  |  |  | 205128 |

---

*The table above is based on the borrowings as at 31 December 2022 including borrowing cost and accrued interest but excludes any fair value adjustments.*

------

**Interest rate risk** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fixed for less than one year** | **Fixed for less than one year** | **Fixed for between one and three years** | **Fixed for between one and three years** | **Fixed for greater than three years** | **Fixed for greater than three years** | |
| **Borrowings<br>amount<br>(million)** | **Effective<br>rate%** | **Borrowings<br>amount<br>(million)** | **Effective<br>rate%** | **Borrowings<br>amount<br>(million)** | **Effective<br>rate%** |<br>**Total<br>Borrowings<br>amount<br>(million)** |
| $16 | 5.5 | 128 | 12.1 | 1714 | 4.1 | 1858 |
|  |  |  |  | 54 | 4.5 | 54 |
| 3586 | 12.5 | 201542 | 12.5 |  |  | 205128 |

---

*The table above is based on the borrowings as at 31 December 2022 including borrowing cost and accrued interest but excludes any fair value adjustments.*

**Non-performance risk**

Realisation of contracts is dependent upon counterparts' performance. The group has not obtained collateral or other security to support the financial instruments subject to non-performance risk, but the credit standing of counterparts was monitored on a regular basis throughout the year. The group spreads its business over a number of financial and banking institutions to minimise the risk of potential non-performance. Furthermore, the approval process of counterparts and the limits applied to each counterpart were monitored by the board of directors. Where possible, ISDA netting agreements were put in place.

The combined maximum credit risk exposure at balance sheet date amounts to $1,210 million in 2022 for financial assets (2021: $1,300 million) and nil for financial guarantees (2021: nil). Credit risk exposure netted by open derivative positions with counterparts was nil (2021: nil). No set-off is applied to balance sheet amounts due to the different maturity profiles of assets and liabilities.

**Fair value of financial instruments**

The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information. The estimated fair values of the Group's financial instruments, as measured at 31 December, are as follows (assets (liabilities)):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2021** | **2021** |
| | **Carrying<br>Amount** | **Fair<br>value** | **Carrying<br>Amount** | **Fair<br>value** |
|<br>**(millions)** | **$** | **$** | **$** | **$** |
| Cash and cash equivalents | 1108 | 1108 | 1154 | 1154 |
| Restricted cash | 60 | 60 | 58 | 58 |
| Deferred compensation asset | 12 | 12 | 25 | 25 |
| Short-term borrowings | (18) | (18) | (51) | (51) |
| Long-term borrowings | (1965) | (1808) | (1858) | (1960) |
| Listed investments - FVTOCI | 2 | 2 | 116 | 116 |
| Listed and unlisted investments | 1 | 1 | 1 | 1 |

---

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

**Cash restricted for use, cash and cash equivalents**

The carrying amounts approximate fair value.

**Trade and other receivables and trade and other payables**

The carrying amounts approximate fair value because of the short-term duration of these instruments, except for the deferred compensation asset which is carried at fair value in level 3 of the fair value hierarchy.

**Other investments** 

Listed equity investments classified as FVTOCI and FVTPL are carried at fair value in level 1 of the fair value hierarchy.

**Borrowings**

------

The interest rate on borrowings is reset on a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value.

**Derivatives**

The fair values of volatility-based instruments (i.e., options) are estimated based on market prices, volatilities, credit risk and interest rates for the periods under review.

**Gain (loss) on non-hedge derivatives and other commodity contracts recognised**

---

| | | |
|:---|:---|:---|
| | **Year ended 31 December** | **Year ended 31 December** |
| | **2022** | **2021** |
|<br>**(millions)** | **$** | **$** |
| Other commodity contracts | (6) |  |

---

**Foreign exchange risk**

Foreign exchange risk arises on financial instruments that are denominated in a foreign currency.

The following table discloses the approximate foreign exchange risk sensitivities of borrowings at 31 December 2022 (actual changes in the timing and amount of the following variables may differ from the assumed changes below).

---

| | | |
|:---|:---|:---|
| | **2022** | **2022** |
| | **Change in<br>exchange rate** | **Change in**<br>**borrowings**<br>**Total**<br>**$M** |
| **Debt** |  |  |
| TZS denominated (TZS/$) | Spot (+TZS250) | (9) |
| AUD denominated (AUD/$) | Spot (+AUD0.1) | (2) |

---

---

| | | |
|:---|:---|:---|
| | **2022** | **2022** |
| | **Change in<br>exchange rate** | **Change in<br>borrowings<br>Total**<br>**$M** |
| **Debt** |  |  |
| TZS denominated (TZS/$) | Spot (-TZS250) | 11 |
| AUD denominated (AUD/$) | Spot (-AUD0.1) | 2 |

---

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**ITEM 12:&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

**12A.&nbsp;&nbsp;&nbsp;&nbsp;DEBT SECURITIES**

Not applicable

**12B.&nbsp;&nbsp;&nbsp;&nbsp;WARRANTS AND RIGHTS**

Not applicable

**12C.&nbsp;&nbsp;&nbsp;&nbsp;OTHER SECURITIES**

Not applicable

**12D.&nbsp;&nbsp;&nbsp;&nbsp;AMERICAN DEPOSITARY SHARES**

**12D.3.&nbsp;&nbsp;&nbsp;&nbsp;DEPOSITARY FEES AND CHARGES**

AngloGold Ashanti's American Depositary Shares, or ADSs, each representing one of AngloGold Ashanti's ordinary shares, are traded on the New York Stock Exchange under the symbol "AU". The ADSs are evidenced by American Depositary Receipts, or ADRs, issued by The Bank of New York Mellon, as Depositary under the Amended and Restated Deposit Agreement dated as of 3 June 2008, among AngloGold Ashanti Limited, The Bank of New York Mellon and owners and beneficial owners from time to time of ADRs. ADS holders may have to pay the following service fees to the Depositary:

---

| | | |
|:---|:---|:---|
| **Service** | **Fees (USD)** | **Fees (USD)** |
| Issuance of ADSs | Up to 5 cents per ADS | <sup>(1)</sup> |
| Cancellation of ADSs | Up to 5 cents per ADS | <sup>(1)</sup> |
| Distribution of cash dividends or other cash distributions | Up to 2 cents per ADS | <sup>(2)</sup> |
| Distribution of securities pursuant to |  |  |
| &nbsp;&nbsp;&nbsp;(i) stock dividends, free stock distributions or |  |  |
| &nbsp;&nbsp;&nbsp;(ii) exercises of rights to purchase additional ADSs | Up to 5 cents per ADS | <sup>(2)</sup> |
| <u>ADR Depositary Services fee</u> | Up to 2 cents per year | <sup>(2)</sup> |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;***These fees are typically paid to the Depositary by the brokers on behalf of their clients receiving the newly-issued ADSs from the Depositary and by the brokers on behalf of their clients delivering the ADSs to the Depositary for cancellation. The brokers in turn charge these transaction fees to their clients.***

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;***In practice, the Depositary has not collected these fees. If collected, such fees are offset against the related distribution made to the ADR holder.***

In addition, ADS holders are responsible for certain fees and expenses incurred by the Depositary on their behalf including (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of ordinary shares generally on the share register and applicable to transfers of ordinary shares to the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals, and (3) such cable, telex and facsimile transmission expenses as are expressly incurred by the Depositary in the conversion of foreign currency.

Fees and other charges payable by the Depositary, any of the Depositary's agents, including the Custodian, or the agents of the Depositary's agents in connection with the servicing of Shares or other Deposited Securities, shall be collected at the sole discretion of the Depositary by billing such owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions.

For further information, refer to *"Item 10C: Material Contracts—The Deposit Agreement"*.

**12D.4.&nbsp;&nbsp;&nbsp;&nbsp;DEPOSITARY PAYMENTS FOR 2022**

For the year ended 31 December 2022, The Bank of New York Mellon, as Depositary, reimbursed AngloGold Ashanti an amount of $934,248 (2021: $1,083,405) mainly for investor relations-related expenses.

------

**PART II**

**ITEM 13:&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

None.

------

**ITEM 14:&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

None.

------

**ITEM 15: CONTROLS AND PROCEDURES**

*(a) Disclosure Controls and Procedures:* As of 31 December 2022, (the "Evaluation Date"), the Company, under the supervision and with the participation of its management, including the chief executive officer and chief financial officer has evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a - 15(e) and 15d - 15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Based on such evaluation, the chief executive officer and chief financial officer have concluded that, as of the Evaluation Date, the Company's disclosure controls and procedures are effective, and are reasonably designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. These disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding disclosure.

*(b)&nbsp;&nbsp;&nbsp;&nbsp;Management's Annual Report on Internal Control over Financial Reporting:* Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company, as defined in the Exchange Act Rule 13a - 15(f) and 15d -15(f). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external purposes in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

The Company's internal control over financial reporting includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and the Directors of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of the Evaluation Date. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organisations of the Treadway Commission (COSO) in Internal Control - Integrated Framework and related illustrative documents released on 14 May 2013. Based on this assessment, and using those criteria, management concluded that the Company's internal control over financial reporting was effective as of the Evaluation Date.

*(c)&nbsp;&nbsp;&nbsp;&nbsp;Changes in Internal Control over Financial Reporting:* The Company maintains a system of internal control over financial reporting that is designed to provide reasonable assurance that its books and records accurately reflect transactions and that established policies and procedures are followed.

There have been no changes in the Company's internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rule 13(a) - 15 during the year ended 31 December 2022 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting.

See also "*Item 3D: Risk Factors*—*AngloGold Ashanti's inability to maintain an effective system of internal control over financial reporting may have an adverse effect on investors*' *confidence in the reliability of its financial statements."*

*(d)&nbsp;&nbsp;&nbsp;&nbsp;Attestation Report of the Registered Public Accounting Firm:* The Company's independent registered accounting firm, Ernst & Young Inc., has issued an attestation report on the effectiveness of the Company's internal control over financial reporting. This report appears below.

/s/ G A Doran

**Gillian Ann Doran**

**Chief Financial Officer**

/s/ A Calderon

**Alberto Calderon** 

**Chief Executive Officer**

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and the Board of Directors of AngloGold Ashanti Limited**

*Opinion on Internal Control over Financial Reporting*

We have audited AngloGold Ashanti Limited's (the Company) internal control over financial reporting as of 31 December 2022, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of 31 December 2022, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of 31 December 2022, 2021 and 2020, the related consolidated statements of income, comprehensive income, cash flows and changes in equity for each of the three years in the period ended 31 December 2022, and the related notes and our report dated 17 March 2023 expressed an unqualified opinion thereon.

*Basis for Opinion*

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young Inc.

Johannesburg, Republic of South Africa

17 March 2023

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**ITEM 16A:&nbsp;&nbsp;&nbsp;&nbsp;AUDIT COMMITTEE FINANCIAL EXPERT**

Membership of the Audit and Risk Committee, including its chairman, comprises only independent non-executive directors, in compliance with the Sarbanes-Oxley Act. This also fulfils the guidelines of King IV, which became effective 1 November 2016, and the requirements of the SA Companies Act, which became effective on 1 May 2011. The Sarbanes-Oxley Act requires the board to identify a financial expert from within its ranks. The board has resolved that Mr. Alan Ferguson is the Audit and Risk Committee's financial expert. Individually, the remaining members of the Audit and Risk Committee have considerable knowledge and experience in associated areas such as audit, risk and corporate governance to help oversee and guide the board and the Company.

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**ITEM 16B:&nbsp;&nbsp;&nbsp;&nbsp;CODE OF ETHICS AND WHISTLE-BLOWING POLICIES**

In order to comply with the Company's obligation in terms of the Sarbanes-Oxley Act and King IV, and in the interests of good governance, the Company has systems and procedures to introduce, monitor and enforce its ethical codes and has adopted a code of business principles and ethics for employees and directors, a code of ethics for the Chief Executive Officer, Chief Financial Officer and Senior Financial Officers, and a whistle-blowing policy that encourages employees to report anonymously if they wish and without fear of retaliation acts of an unethical or illegal nature that affect the Company's interests. The code of business principles and ethics expresses the Company's commitment to the conduct of its business in line with ethical standards and is designed to enable employees and directors to perform their roles and duties with integrity and responsibility.

The whistle-blowing policy provides channels for employees to report acts and practices that are in conflict with the Company's code of business principles and ethics or are unlawful, including financial malpractice or dangers to the public or the environment. Reports may be made to management or through several mediums including the intranet, internet, telephone, short messaging system (sms), fax and post. All reports not made to management are administered by a third party, Tip-Offs Anonymous, to ensure independence of the process. Reported cases are relayed to management through group compliance. A report is provided by group compliance to the Serious Concerns Committee, a management committee, on a quarterly basis as well as the Social, Ethics and Sustainability Committee and the Audit and Risk Committee on a quarterly basis. Reporters have the option to request feedback on reported cases. The whistle-blowing policy encourages reports to be made in good faith in a responsible and ethical manner. Employees are encouraged to first seek resolution of alleged malpractices through discussion with their direct managers, if appropriate, or other management including legal, compliance, human resources or internal audit.

The code of business principles and ethics for employees and directors and the code of ethics for the Chief Executive Officer, Chief Financial Officer and Senior Financial Officers are available on the Company's website at https://www.anglogoldashanti.com/sustainability/governance/policies-standards/ .

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**ITEM 16C:&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Ernst & Young Inc. has served as AngloGold Ashanti's independent public accountants for each of the financial years in the three-year period ended 31 December 2022, for which audited financial statements appear in this annual report on Form 20-F.

The following table presents the aggregate fees for professional services and other services rendered by Ernst & Young Inc. to AngloGold Ashanti in 2022 and 2021.

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| | | |
|:---|:---|:---|
| | **2022** | 2021 |
| **(in millions)** | **$** | $ |
| Audit fees<sup>(1)</sup> | **6.45** | 5.87 |
| Audit-related fees<sup>(2)</sup> | **1.91** | 2.10 |
| Tax fees<sup>(3)</sup> | **0.22** | 0.03 |
| All other fees<sup>(4)</sup> | **0.02** | 0.01 |
| **Total** | **8.60** | 8.01 |

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Rounding may result in computational differences.

<sup>(1)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;The Audit fees consist of fees billed for the annual audit services engagement and other audit services, which are those services that only the external auditor reasonably can provide, and include the Company audit; statutory audits; attest services; and assistance with and review of documents filed with the SEC.*

<sup>(2)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Audit-related fees consist of fees billed for assurance and related services.*

<sup>(3)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Tax fees include fees billed for tax advice and tax compliance services.*

<sup>(4)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;All other fees include non-audit services.*

***Audit and Risk Committee Pre-approval Policies and Procedures***

It is the policy of AngloGold Ashanti to maintain compliance with the requirements of the various applicable legislation and good governance practices when appointing or assigning work to the Company's external auditor. Non-audit services may not be undertaken without an employee of AngloGold Ashanti obtaining the pre-approval of the Audit and Risk Committee as is laid out in the procedures relating to the pre-approval process.

The Audit and Risk Committee has delegated the approval authority to the chairman of the committee, Mr. Alan Ferguson or his designated official. The approval may take the form of a written or oral instruction, and in the case of an oral instruction this would be ratified at the next Audit and Risk Committee meeting. On a half yearly basis a summary of all approvals and work to date is tabled at the Audit and Risk Committee meeting.

All non-audit services provided to AngloGold Ashanti by the principal independent registered public accounting firm during 2022 were reviewed and approved according to the procedures above. None of the services provided during 2022 were approved under the *de minimis* exception allowed under the Exchange Act.

**ITEM 16D:&nbsp;&nbsp;&nbsp;&nbsp;EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**

Not applicable.

**ITEM 16E:&nbsp;&nbsp;&nbsp;&nbsp;PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

Neither the issuer nor any affiliate of the issuer purchased any of the Company's shares during 2022.

**ITEM 16F:&nbsp;&nbsp;&nbsp;&nbsp;CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

On 19 November 2021, PwC was appointed by the AngloGold Ashanti Limited's Board of Directors as the Company's independent principal accountants for the financial year ending 31 December 2023 after a formal tender process to appoint a new independent registered public accounting firm. The appointment of PwC was approved by AngloGold Ashanti's shareholders at the AGM on 16 May 2022. Ernst & Young Inc. (EY) will resign as independent principal accountants of the Group on conclusion of its responsibilities relating to the 31 December 2022 financial year audit, which is expected to conclude during April 2023.

The reports of EY on the Company's consolidated financial statements for the past two fiscal years did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles. In connection with the audits of the Company's financial statements for each of the two fiscal years ended 31 December 2022, there were (i) no disagreements with EY, as that term is used in Item 16F(a)(1)(iv) of Form 20-F over any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which, if not resolved to the satisfaction of EY, would have caused EY to make reference to the matter in their report and (ii) there were no "reportable events" as defined in Item 16F(a)(1)(v) of Form 20-F.

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AngloGold Ashanti has provided EY with a copy of the foregoing disclosure and has requested EY to provide it with a letter addressed to the SEC stating whether or not EY agrees with the above statements. A copy of such letter, dated 17 March 2023, in which EY state they agree with such disclosure, is filed as an exhibit to this annual report on Form 20-F, see *"Item 19: Exhibits to the Form 20-F—Exhibit 19.15.9. "Letter from Ernst & Young Inc. to the Securities and Exchange Commission regarding a change in registrant's certifying accountant".*

**ITEM 16G:&nbsp;&nbsp;&nbsp;&nbsp;CORPORATE GOVERNANCE**

AngloGold Ashanti's corporate governance practices are regulated by the JSE Listings Requirements. The following is a summary of the significant ways in which South Africa's corporate governance standards which are followed by AngloGold Ashanti differ from those followed by US domestic companies under the NYSE Listing Standards. At this time, as described further below, AngloGold Ashanti complies with all of the NYSE Listing Standards as well as the JSE Listings Requirements.

The NYSE Listing Standards require that non-management directors of US-listed companies meet at regularly scheduled executive sessions without management. The JSE Listings Requirements do not require such meetings of listed company non-executive directors. However, management is invited to attend the executive section of board meetings.

The NYSE Listing Standards require US-listed companies to have a nominating/corporate governance committee composed entirely of independent directors. The JSE Listings Requirements do not require such a committee but AngloGold Ashanti currently has a Nominations and Governance Committee composed of six non-executive directors, all of whom are independent under the JSE Listings Requirements and NYSE Listing Standards. The Nominations and Governance Committee is chaired by the Chairperson of the AngloGold Ashanti Board.

The NYSE Listing Standards also require US-listed companies to have a compensation committee composed entirely of independent directors. The JSE Listings Requirements merely require that boards have such a committee but not that its members be independent. AngloGold Ashanti has appointed a Remuneration and Human Resources Committee, currently comprised of four non-executive directors, all of whom are independent under the JSE Listings Requirements and NYSE Listing Standards.

The NYSE Listings Standards require US-listed companies to have an audit committee composed entirely of independent directors. The SA Companies Act requires that the members of the Audit Committee be approved by shareholders on an annual basis at a company's annual general meeting. Both the SA Companies Act and the JSE Listings Requirements require that the audit committee be composed entirely of independent directors. AngloGold Ashanti has appointed an Audit and Risk Committee, currently comprising three (pending shareholder approval at the 2023 AGM of the appointment of two additional non-executive directors to the Audit and Risk Committee) non-executive directors, all of whom are independent, as defined under the SA Companies Act, the JSE Listings Requirements and the NYSE Listing Standards.

The SA Companies Act and the JSE Listings Requirements require the appointment of a Social and Ethics Committee, and AngloGold Ashanti has appointed a Social, Ethics and Sustainability Committee, comprising independent non-executive directors.

**ITEM 16H:&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURE**

The information concerning certain mine safety violations or other regulatory matters required pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and this Item 16H of Form 20-F is included in Exhibit 19.16 to this annual report on Form 20-F.

**ITEM 16I:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT**

**INSPECTIONS**

Not applicable.

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**PART III**

**ITEM 17:&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS**

Not applicable.

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**ITEM 18:&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS**

The consolidated financial statements for the year ended 31 December 2022 were authorised for issue by the Board of Directors on 15 March 2023 and were signed on its behalf by Gillan A Doran, Chief Financial Officer, Maria DC Ramos, Chairperson of the Board of Directors, and Alan Ferguson, Chairperson of the Audit and Risk Committee.

The report of independent registered public accounting firm Ernst & Young Inc. Johannesburg, Republic of South Africa (PCAOB ID # 1698) is included in Item 18.

F - 1

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**Report of independent registered public accounting firm** 

**To the Shareholders and the Board of Directors of AngloGold Ashanti Limited**

*Opinion on the Financial Statements*

We have audited the accompanying consolidated statement of financial position of AngloGold Ashanti Limited (the Company) as of 31 December 2022, 2021 and 2020, the related consolidated statements of income, comprehensive income, cash flows and changes in equity for each of the three years in the period ended 31 December 2022, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, based on our audits and the report of other auditors, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at 31 December 2022, 2021 and 2020, and the results of its operations and its cash flows for the years then ended, in conformity with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.

We did not audit the financial statements of Kibali (Jersey) Limited (Kibali), a corporation in which the Company has a 50% interest. In the consolidated financial statements, the Company's investment in Kibali was stated at $1,063 million, $1,604 million and $1,604 million as of 31 December 2022, 2021 and 2020, respectively, and the Company's equity in the net income of Kibali was stated at $153 million in 2022, $231 million in 2021 and, $238 million in 2020. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for Kibali, is based solely on the report of the other auditors.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of 31 December 2022, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated 17 March 2023 expressed an unqualified opinion thereon.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits and the report of other auditors provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

F - 2

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| | |
|:---|:---|
| ***Description of the<br>Matter*** | **Geita VAT recoverability** |
|  | As disclosed in Note 20 to the consolidated financial statements, at 31 December 2022, the Company's Geita mine has recorded $155 million of VAT receivables due from the Tanzanian Revenue Authority (TRA). <br>The VAT input claims and offsets from July 2017 to June 2020 remain disallowed in the current year.<br>In the current year, new correspondence and information was received from the TRA and draft agreements relating to the recovery of the historical VAT claims has been exchanged between The Government of Tanzania and Geita Gold Mine (GGM). <br>Auditing management's probability weighted discounted model and their expected timing of recovery of these receivables involved significant auditor judgement, including the involvement of our tax specialists, to assess the likelihood of the recovery of the historical VAT claims and related recovery mechanisms in relation to VAT offsetting against taxable income, as well as assessing the impact, if any, of the terms of the draft agreements exchanged with The Government of Tanzania. This is because the timing of VAT offsetting depends on forecasts of Geita's available taxable income, which includes judgements around Geita's business plan, VAT claims as a percentage of corporate tax offset, assigned weighting and probability per scenario in the model and the interaction with the timing of the mining license renewal and the end of life of the mine. |
| ***How We Addressed the Matter in Our Audit*** | Our procedures to address this matter included, among others, obtaining an understanding, evaluating the design and testing the operating effectiveness of controls over the Company's assessment of tax law and the process to estimate the recoverability of the VAT receivable. <br>We read correspondence between management and the Tanzanian authorities, including correspondence related to the tax returns and assessments received during the period, to evaluate management's assumptions, primarily related to the expected timing of the VAT recoverability. <br>As part of our audit procedures, we met with management to understand their strategy to resolve the matter and obtain an update on progress made and discussions that took place with the relevant parties during the year. We also assessed whether the draft agreements exchanged with the Government of Tanzania were consistent with management's stated strategy to fully recover the carrying value of the receivables. <br>We read the external legal counsel opinions obtained by management to support their interpretation of the tax legislation for set-offs, of the manner undertaken or proposed by the Company.<br>We involved our tax professionals to assist us in evaluating the recoverability of the VAT receivable, based on the above correspondence and their interpretation of legislation, including historical payments and offsets received to date, for claims in the period July 2017 to June 2020. <br>We assessed the judgements around the timing of VAT offsetting by comparing the Company's business plan to historical performance. We also evaluated the reasonableness of the annual percentage of VAT to corporate tax offset and weighted probabilities in the model, by assessing the recoverability of forecast VAT offsets and the discounting calculation performed by management on VAT refunds owing.<br>We evaluated management's assessment of the various scenarios in the model, by performing a sensitivity analysis, taking into account alternative weighting probability scenarios.<br>We assessed the adequacy of the disclosures in Note 20 in the consolidated financial statements. |

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F - 3

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| | |
|:---|:---|
| ***Description of the Matter*** | **Environmental rehabilitation obligations** |
|  | At 31 December 2022, the provision for decommissioning and the provision for restoration in aggregate amounted to $578 million in the consolidated financial statements.<br>The Company incurs obligations to close, restore and rehabilitate its mine sites. Auditing the Group's rehabilitation and decommissioning provision was complex due to the significance, as well as the high estimation uncertainty, of the provision. The determination of the provision is based on, among other things, judgements and estimates of current damage caused, nature, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates and discount rates. These assumptions are inherently judgemental and subject to change due to continued mining activity and rehabilitation, legislation and environmental changes, which cannot be predicted with certainty and thus requires specific focus each year and the involvement of specialists on our team.<br>The consolidated disclosures are included in Note 1.2 and Note 25 to the consolidated financial statements. |
| ***How We Addressed the Matter in Our Audit*** | Our procedures to address this matter included, among others, obtaining an understanding, evaluating the design and testing the operating effectiveness of controls over the Group's process to estimate rehabilitation and decommissioning provisions. For example, we tested controls over the determination of key inputs such as life of mine reserves and production profile, discount rates, inflation and exchange rates, and the nature, amount and timing of future rehabilitation costs.<br>With the support of our valuation specialists, we assessed management's macro-economic assumptions in their rehabilitation models by comparing them to available market information. The most significant of these macro-economic assumptions were the risk-free interest rates, expected inflation and exchange rates. <br>To assess the rehabilitation models prepared by management, among other procedures, we tested the mathematical accuracy and compared the timing of the expected cash flows with reference to the life of mine plans for the respective mines and compared the current year cash flow assumptions to those of the prior year and considered management's explanations where these have changed or deviated. We compared the cost rates used by management to publicly available information, as well as ongoing rehabilitation activities undertaken by the Company. <br>With the support of our environmental specialists, we inquired of operational management whether additional environmental damage or changes in the relevant legislation occurred since the prior year that would require additional rehabilitation in the future and compared this information to the current mine plan and the currently applicable legislation. Also, with the support of our environmental specialists, we inspected reports of the Group's mine closure plans and assessments of the timing and determination of costs to be incurred prepared by management. |
| ***Description of the Matter*** | **Impairment assessment of AGA Mineração** |
|  | As described in Notes 1.2 and 13 to the consolidated financial statements, the Group conducts an impairment test whenever events or changes in circumstances indicate that the carrying amount for a cash generating unit ("CGU") may not be recoverable. An impairment loss is recognised in the income statement for the amount by which the asset's carrying amount exceeds its recoverable amount. During the year, the AGA Mineração CGU was disaggregated into two separate CGUs, namely Córrego do Sítio (CdS) and Cuiabá, following management's reinvestment strategy to assess strategic options for CdS, as a result of the continued underperformance of the CdS complex. Further and in December 2022, processing of gold concentrate at the Queiroz plant which services the Cuiabá mine complex was suspended. These events were impairment indicators, which required the Group to conduct an impairment test on these CGUs. <br>A gross impairment of $189 million for CdS and $70 million for Cuiabá was recorded for the year ended 31 December 2022. Auditing the assessment of the recoverable amount of these CGUs involved significant auditor judgment, since there are a number of forward looking and other assumptions that require significant estimation, including the extent of economic mineral resource and reserve and associated life of mine plans, discount rate, future gold prices, foreign exchange rates and specifically for Cuiaba, the probability weighted discounted cash flows including the period of suspension of operations at the Queiroz plant due to the completion of structural improvements, as well as the application of judgment around the disaggregation of the AGA Mineração CGU into two CGUs. |

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F - 4

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| | |
|:---|:---|
| ***How We Addressed the Matter in Our Audit*** | Our procedures to address this matter included, among others, obtaining an understanding, evaluating the design and testing the operating effectiveness of controls over the Company's impairment trigger assessment and the preparation, review and approval of the impairment calculation. For example, we evaluated management's methods, processes and controls determining the carrying values, and the associated recoverable amounts of each CGU.<br>We assessed management's disaggregation of the CGUs by, among other procedures, reference to whether an active market exists for the output produced by each CGU. <br>With the support of our valuation specialists, we assessed management's macro-economic assumptions, including future gold prices and foreign exchange rates in their valuation models by comparing them to the latest available market information. <br>We also involved our valuation specialists to evaluate the discount rate, by independently calculating a discount rate range using available market information and comparing to management's discount rate.<br>In addition, we performed sensitivity analyses to evaluate the impact of reasonably possible changes in the key assumptions including discount rate, future gold prices and for Cuiabá, the impact of delay in the net cash flows due to possible delays in the projected timelines of completion of structural improvements. <br>To assess the cash flow models prepared by management, among other procedures, we tested the mathematical accuracy and compared relevant data therein to historical performance, as well as to the latest long-term business plans used by management to manage and monitor the performance of the CGUs. We compared the production and cost assumptions in the cash flow models to the current approved life of mine plans. <br>To test management's assessment of the scenarios used in the Cuiaba probability weighted discounted cash flow model, we involved our internal valuation and mining engineer specialists to assess the reasonableness of management's assumptions.<br>We compared our results to management's estimated recoverable amounts. <br>We assessed the adequacy of the disclosures in Note 13 in the consolidated financial statements. |

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/s/ Ernst & Young Inc.

We have served as the Company's auditor since 1944

Johannesburg, Republic of South Africa

17 March 2023

F - 5

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*PAGE LEFT BLANK INTENTIONALLY*

F - 6

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**ANGLOGOLD ASHANTI LIMITED**

**Group – income statement**

**FOR THE YEARS ENDED December 31, 2022, 2021 and 2020** 

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| | | | | |
|:---|:---|:---|:---|:---|
| Figures in millions | Notes | **2022** | 2021 | 2020 |
|  |  |  |  | Restated <sup>(1)</sup> |
|  |  | US Dollars | US Dollars | US Dollars |
| **Continuing operations** |  |  |  |  |
| Revenue from product sales | 3 | **4501** | 4029 | 4595 |
| Cost of sales | 4 | **(3362)** | (2857) | (2829) |
| (Loss) gain on non-hedge derivatives and other commodity contracts |  | **(6)** |  | (19) |
| **Gross profit** | 2 | **1133** | 1172 | 1747 |
| Corporate administration, marketing and related expenses |  | **(79)** | (73) | (68) |
| Exploration and evaluation costs |  | **(205)** | (164) | (124) |
| Impairment, derecognition of assets and profit (loss) on disposal |  | **(304)** | 11 | (1) |
| Other (expenses) income | 5 | **(26)** | (136) | (57) |
| **Operating profit** |  | **519** | 810 | 1497 |
| Interest income |  | **81** | 58 | 27 |
| Dividend received |  | **—** |  | 2 |
| Foreign exchange and fair value adjustments |  | **(128)** | (43) |  |
| Finance costs and unwinding of obligations | 6 | **(149)** | (116) | (177) |
| Share of associates and joint ventures' profit | 7 | **166** | 249 | 278 |
| **Profit before taxation** |  | **489** | 958 | 1627 |
| Taxation | 10 | **(173)** | (312) | (625) |
| **Profit after taxation from continuing operations** |  | **316** | 646 | 1002 |
| **Discontinued operations** |  |  |  |  |
| Profit (loss) from discontinued operations |  | **—** |  | 7 |
| **Profit (loss) for the year** |  | **316** | 646 | 1009 |
| *Allocated as follows:* |  |  |  |  |
| **Equity shareholders** |  |  |  |  |
| - Continuing operations |  | **297** | 622 | 984 |
| - Discontinued operations |  | **—** |  | 7 |
| **Non-controlling interests** |  |  |  |  |
| - Continuing operations |  | **19** | 24 | 18 |
|  |  | **316** | 646 | 1009 |
| **Basic earnings (loss) per ordinary share (cents)** | 11 | **71** | 148 | 236 |
| Earnings per ordinary share from continuing operations |  | **71** | 148 | 234 |
| Earnings (loss) per ordinary share from discontinued operations |  | **—** |  | 2 |
| **Diluted earnings (loss) per ordinary share (cents)** | 11 | **71** | 148 | 236 |
| Earnings per ordinary share from continuing operations |  | **71** | 148 | 234 |
| Earnings (loss) per ordinary share from discontinued operations |  | **—** |  | 2 |

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<sup>(1)</sup> *Comparative periods have been retrospectively restated, where indicated, due to the initial application of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022. Refer to note 1.*

F - 7

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**ANGLOGOLD ASHANTI LIMITED**

**Group – statement of comprehensive income**

**FOR THE YEARS ENDED December 31, 2022, 2021 and 2020** 

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| | | | |
|:---|:---|:---|:---|
| Figures in millions | **2022** | 2021 | 2020 |
|  |  |  | Restated <sup>(1)</sup> |
|  | US Dollars | US Dollars | US Dollars |
| **Profit (loss) for the year** | **316** | 646 | 1009 |
| **Items that will be reclassified subsequently to profit or loss:** | **(27)** | (22) | 38 |
| Exchange differences on translation of foreign operations | **(27)** | (22) | 38 |
| **Items that will not be reclassified subsequently to profit or loss:** | **(47)** | (83) | 86 |
| Exchange differences on translation of non-foreign operations | **(1)** | (3) | (16) |
| Net (loss) gain on equity investments | **(50)** | (73) | 98 |
| Actuarial (loss) gain recognised | **(10)** | (1) | 10 |
| Deferred taxation thereon | **14** | (6) | (6) |
| **Other comprehensive (loss) income for the year, net of tax** | **(74)** | (105) | 124 |
| **Total comprehensive income for the year, net of tax** | **242** | 541 | 1133 |
| *Allocated as follows:* |  |  |  |
| Equity shareholders |  |  |  |
| - Continuing operations | **223** | 517 | 1159 |
| - Discontinued operations | **—** |  | (44) |
| Non-controlling interests |  |  |  |
| - Continuing operations | **19** | 24 | 18 |
|  | **242** | 541 | 1133 |

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<sup>(1)</sup> *Comparative periods have been retrospectively restated, where indicated, due to the initial application of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022. Refer to note 1.*

F - 8

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**ANGLOGOLD ASHANTI LIMITED**

**Group – statement of financial position**

**AS AT December 31, 2022, 2021 and 2020** 

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| | | | | |
|:---|:---|:---|:---|:---|
| Figures in millions | Notes | **2022** | 2021 | 2020 |
|  |  |  | Restated <sup>(1)</sup> | Restated <sup>(1)</sup> |
|  |  | US Dollars | US Dollars | US Dollars |
| **ASSETS** |  |  |  |  |
| **Non-current assets** |  |  |  |  |
| Tangible assets | 13 | **4209** | 3493 | 2917 |
| Right of use assets | 14 | **156** | 175 | 142 |
| Intangible assets | 15 | **106** | 122 | 131 |
| Investments in associates and joint ventures | 17 | **1100** | 1647 | 1651 |
| Other investments | 18 | **3** | 117 | 188 |
| Inventories | 19 | **5** | 27 | 69 |
| Trade, other receivables and other assets | 20 | **231** | 237 | 235 |
| Reimbursive right for post-retirement benefits | 26 | **12** |  |  |
| Deferred taxation | 27 | **72** | 7 | 7 |
| Cash restricted for use | 21 | **33** | 32 | 31 |
|  |  | **5927** | 5857 | 5371 |
| **Current assets** |  |  |  |  |
| Inventories | 19 | **773** | 703 | 733 |
| Trade, other receivables and other assets | 20 | **237** | 260 | 229 |
| Cash restricted for use | 21 | **27** | 26 | 42 |
| Cash and cash equivalents | 22 | **1108** | 1154 | 1330 |
|  |  | **2145** | 2143 | 2334 |
| **Total assets** |  | **8072** | 8000 | 7705 |
| **EQUITY AND LIABILITIES** |  |  |  |  |
| Share capital and premium | 23 | **7239** | 7223 | 7214 |
| Accumulated losses and other reserves |  | **(3139)** | (3181) | (3486) |
| Shareholders' equity |  | **4100** | 4042 | 3728 |
| Non-controlling interests |  | **34** | 52 | 45 |
| **Total equity** |  | **4134** | 4094 | 3773 |
| **Non-current liabilities** |  |  |  |  |
| Borrowings | 24 | **1965** | 1858 | 1789 |
| Lease liabilities | 14 | **102** | 124 | 116 |
| Environmental rehabilitation and other provisions | 25 | **634** | 729 | 731 |
| Provision for pension and post-retirement benefits | 26 | **71** | 77 | 83 |
| Trade, other payables and provisions | 28 | **7** | 7 | 8 |
| Deferred taxation | 27 | **300** | 313 | 246 |
|  |  | **3079** | 3108 | 2973 |
| **Current liabilities** |  |  |  |  |
| Borrowings | 24 | **18** | 51 | 142 |
| Lease liabilities | 14 | **84** | 61 | 37 |
| Trade, other payables and provisions | 28 | **710** | 647 | 627 |
| Bank overdraft |  | **2** |  |  |
| Taxation | 29 | **45** | 39 | 153 |
|  |  | **859** | 798 | 959 |
| **Total liabilities** |  | **3938** | 3906 | 3932 |
| **Total equity and liabilities** |  | **8072** | 8000 | 7705 |

---

<sup>(1)</sup> *The tangible assets and accumulated losses and other reserve balances for 31 December 2021 and 31 December 2020 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022. Refer to note 1.*

F - 9

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**ANGLOGOLD ASHANTI LIMITED**

**Group – statement of cash flows**

**FOR THE YEARS ENDED December 31, 2022, 2021 and 2020** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Figures in millions | Notes | **2022** | 2021 | 2020 |
|  |  |  |  | Restated <sup>(1)</sup> |
|  |  | US Dollars | US Dollars | US Dollars |
| **Cash flows from operating activities** |  |  |  |  |
| Receipts from customers |  | **4517** | 4054 | 4580 |
| Payments to suppliers and employees |  | **(3273)** | (2701) | (2714) |
| Cash generated from operations | 30 | **1244** | 1353 | 1866 |
| Dividends received from joint ventures |  | **694** | 231 | 148 |
| Taxation refund | 29 | **32** | 20 |  |
| Taxation paid | 29 | **(166)** | (336) | (431) |
| Net cash inflow (outflow) from operating activities from continuing operations |  | **1804** | 1268 | 1583 |
| Net cash inflow (outflow) from operating activities from discontinued operations |  | **—** |  | 109 |
| Net cash inflow (outflow) from operating activities |  | **1804** | 1268 | 1692 |
| **Cash flows from investing activities** |  |  |  |  |
| Capital expenditure |  |  |  |  |
| - project capital | 13 | **(378)** | (392) | (369) |
| - stay-in-business capital | 13 | **(650)** | (635) | (370) |
| Interest capitalised and paid |  | **(2)** | (14) | (17) |
| Acquisition of assets | 13 | **(517)** |  |  |
| Acquisition of intangible assets |  | **—** | (1) | (1) |
| Dividends from associates and other investments |  | **18** | 22 | 9 |
| Proceeds from disposal of tangible assets |  | **8** | 25 | 3 |
| Other investments and assets acquired |  | **(16)** | (4) | (8) |
| Proceeds from disposal of other investments |  | **—** |  | 9 |
| Proceeds from disposal of joint ventures |  | **—** | 2 | 26 |
| Loans advanced |  | **(1)** | (15) |  |
| Loans repaid by associates and joint ventures |  | **—** |  | 12 |
| Recognition of joint operation - cash |  | **—** |  | 2 |
| Proceeds from disposal of discontinued assets and subsidiaries |  | **—** |  | 200 |
| Decrease (increase) in cash restricted for use |  | **(4)** | 14 | (9) |
| Interest received |  | **81** | 58 | 27 |
| Net cash inflow (outflow) from investing activities from continuing operations |  | **(1461)** | (940) | (486) |
| Net cash outflow from investing activities from discontinued operations |  | **—** |  | (31) |
| Cash in subsidiaries sold and transferred to held for sale |  | **—** |  | 3 |
| Net cash inflow (outflow) from investing activities |  | **(1461)** | (940) | (514) |
| **Cash flows from financing activities** |  |  |  |  |
| Proceeds from borrowings | 24 | **266** | 822 | 2226 |
| Repayment of borrowings | 24 | **(184)** | (820) | (2310) |
| Repayment of lease liabilities | 14 | **(82)** | (63) | (47) |
| Finance costs - borrowings | 24 | **(99)** | (111) | (110) |
| Finance costs - leases | 14 | **(10)** | (9) | (8) |
| Other borrowing costs |  | **(11)** | (35) | (33) |
| Dividends paid |  | **(203)** | (240) | (47) |
| Net cash outflow from financing activities from continuing operations |  | **(323)** | (456) | (329) |
| **Net increase (decrease) in cash and cash equivalents** |  | **20** | (128) | 849 |
| **Translation** |  | **(68)** | (48) | 25 |
| **Cash and cash equivalents at beginning of year** |  | **1154** | 1330 | 456 |
| **Cash and cash equivalents at end of year** <sup>(2)</sup> | 22 | **1106** | 1154 | 1330 |

---

<sup>(1)</sup> *Comparative periods have been retrospectively restated, where indicated, due to the initial application of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022. Refer to note 1.*

<sup>(2)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at the end of December 2022 is net of a bank overdraft of $2m.*

F - 10

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**ANGLOGOLD ASHANTI LIMITED**

**Group – statement of changes in equity**

**FOR THE YEARS ENDED December 31, 2022, 2021 and 2020** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Equity holders of the parent** | **Equity holders of the parent** | **Equity holders of the parent** | **Equity holders of the parent** | **Equity holders of the parent** | **Equity holders of the parent** | | | |
|<br>**Figures in millions** | **Share capital<br>and premium** | **Other capital reserves**<sup>(2)</sup> | **Retained earnings (Accumulated**<br>**losses)**<sup>(1)</sup> | **Fair value through OCI** | **Actuarial<br>gains<br>(losses)** | **Foreign**<br>**currency**<br>**translation**<br>**reserve** <sup>(3)</sup> |<br>**Total** |<br>**Non-<br>controlling<br>interests** |<br>**Total<br>equity** |
| **US Dollars** | | | | | | | | | |
| **Balance at 31 December 2019 Restated** | 7199 | 83 | (3273) | 45 | (10) | (1409) | 2635 | 36 | 2671 |
| Profit (loss) for the year |  |  | 991 |  |  |  | 991 | 18 | 1009 |
| Other comprehensive income (loss) |  |  |  | 92 | 10 | 22 | 124 |  | 124 |
| Total comprehensive income (loss) |  |  | 991 | 92 | 10 | 22 | 1115 | 18 | 1133 |
| Shares issued | 15 |  |  |  |  |  | 15 |  | 15 |
| Share-based payment for share awards net of exercised |  | (3) |  |  |  |  | (3) |  | (3) |
| Dividends paid (note 12) |  |  | (38) |  |  |  | (38) |  | (38) |
| Dividends of subsidiaries |  |  |  |  |  |  |  | (9) | (9) |
| Recognition of joint operation |  |  | 4 |  |  |  | 4 |  | 4 |
| Transfer on disposal and derecognition of equity investments |  |  | 6 | (6) |  |  |  |  |  |
| Translation |  | (3) | 2 |  | 1 |  |  |  |  |
| **Balance at 31 December 2020 Restated** | 7214 | 77 | (2308) | 131 | 1 | (1387) | 3728 | 45 | 3773 |
| Profit (loss) for the year |  |  | 622 |  |  |  | 622 | 24 | 646 |
| Other comprehensive income (loss) |  |  |  | (78) | (2) | (25) | (105) |  | (105) |
| Total comprehensive income (loss) |  |  | 622 | (78) | (2) | (25) | 517 | 24 | 541 |
| Shares issued | 9 |  |  |  |  |  | 9 |  | 9 |
| Share-based payment for share awards net of exercised |  | 11 |  |  |  |  | 11 |  | 11 |
| Dividends paid (note 12) |  |  | (224) |  |  |  | (224) |  | (224) |
| Dividends of subsidiaries |  |  |  |  |  |  |  | (16) | (16) |
| Translation |  | (4) | 6 |  | (1) |  | 1 | (1) |  |
| **Balance at 31 December 2021 Restated** | **7223** | **84** | **(1904)** | **53** | **(2)** | **(1412)** | **4042** | **52** | **4094** |
| Profit (loss) for the year |  |  | **297** |  |  |  | **297** | **19** | **316** |
| Other comprehensive income (loss) |  |  |  | **(36)** | **(10)** | **(28)** | **(74)** |  | **(74)** |
| Total comprehensive income (loss) | **—** | **—** | **297** | **(36)** | **(10)** | **(28)** | **223** | **19** | **242** |
| Shares issued | **16** |  |  |  |  |  | **16** |  | **16** |
| Dividends paid (note 12) | **—** | **—** | **(181)** | **—** | **—** | **—** | **(181)** | **—** | **(181)** |
| Dividends of subsidiaries |  |  |  |  |  |  | **—** | **(37)** | **(37)** |
| Transfer on derecognition of equity investment | **—** | **—** | **69** | **(69)** | **—** | **—** | **—** | **—** | **—** |
| Translation |  | **(3)** | **4** |  | (1) |  | **—** | **—** | **—** |
| **Balance at 31 December 2022** | **7239** | **81** | **(1715)** | **(52)** | **(13)** | **(1440)** | **4100** | **34** | **4134** |

---

<sup>(1)</sup> *The (Accumulated losses) Retained earnings balances have been restated, where indicated, due to the initial application of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022. Refer to note 1.*

<sup>(2)</sup> *Other capital reserves include a surplus on disposal of Company shares held by companies prior to the formation of AngloGold Ashanti Limited of $8m (2021: $9m; 2020: $10m), surplus on equity transaction of joint venture of $36m (2021: $36m; 2020: $36m), equity items for share-based payments of $39m (2021: $41m; 2020: $33m) and other reserves.*

<sup>(3)</sup> *Foreign currency translation reserve includes a loss of $1,400m (2021: $1,399m; 2020: $1,396m) that will not re-cycle through the Income statement on disposal of the non-foreign operations, and a loss of $40m (2021: $13m: 2020: $9m gain) relating to the foreign operations that will re-cycle through the Income statement on disposal.*

F - 11

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**ANGLOGOLD ASHANTI LIMITED**

**Notes to the consolidated financial statements**

**FOR THE YEARS ENDED 31 December, 2022, 2021 and 2020** 

**1&nbsp;&nbsp;&nbsp;&nbsp;STATEMENT OF COMPLIANCE**

The consolidated financial statements are prepared in compliance with International Financial Reporting Standards (IFRS) and Interpretations of those standards, as issued by the International Accounting Standards Board (IASB), SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008.

***Accounting standards, interpretations and amendments to published accounting standards***

The following amendments to IFRS were effective for the first time from 1 January 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 16 'Property, plant and equipment' relating to proceeds before intended use;

The Group adopted the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022. The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss. The cost allocation requires significant judgement in terms of this amendment. In accordance with the transitional provisions of IAS 16 an entity applies the amendments retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment.

The adoption of the amendment on 1 January 2022 resulted in a retrospective increase in property, plant and equipment and gross profit of $38m for 31 December 2020 (2019: decrease of $5m). There was no impact on the 2021 results as no revenue was capitalised in 2021. The effects of the 2019 and 2020 restatement has been included in the accumulated losses opening balance of the 2020 and 2021 financial reporting period respectively. The impact arises from the reclassification of revenue, cost of sales, and tangible assets and the resulting amortisation recalculation, resulting exclusively from the redevelopment of the Obuasi mine. No other operation was impacted by the adoption of the amendment

F - 12

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2021** | **2021** | **2021** | **2020** | **2020** | **2020** |
| **US Dollar million** | **As previously reported** | **Adjustments** | <br>**Restated** | <br>**As previously reported** | **Adjustments** | **Restated** |
| **Statement of financial position** |  |  |  |  |  |  |
| Tangible assets (note 13) | 3460 | 33 | 3493 | 2884 | 33 | 2917 |
| (Accumulated losses) and other reserves | (3214) | 33 | (3181) | (3519) | 33 | (3486) |
| **Income statement** |  |  |  |  |  |  |
| Revenue from product sales (note 3) | 4029 |  | 4029 | 4427 | 168 | 4595 |
| Cost of sales (note 4) | (2857) |  | (2857) | (2699) | (130) | (2829) |
| Gross profit | 1172 |  | 1172 | 1709 | 38 | 1747 |
| Operating profit | 810 |  | 810 | 1459 | 38 | 1497 |
| Profit before taxation | 958 |  | 958 | 1589 | 38 | 1627 |
| Profit after taxation from continuing operations | 646 |  | 646 | 964 | 38 | 1002 |
| Profit for the year | 646 |  | 646 | 971 | 38 | 1009 |
| Basic earnings per ordinary share (US cents) <sup>(1)</sup><br>(note 11) | 148 |  | 148 | 227 | 9 | 236 |
| Basic earnings per ordinary share (US cents) from continuing operations (note 11) | 148 |  | 148 | 225 | 9 | 234 |
| Diluted earnings per ordinary share (US cents) <sup>(1)</sup> <br>(note 11) | 148 |  | 148 | 227 | 9 | 236 |
| Diluted earnings per ordinary share (US cents) from continuing operations (note 11) | 148 |  | 148 | 225 | 9 | 234 |
| **Statement of Comprehensive Income** |  |  |  |  |  |  |
| Profit for the year | 646 |  | 646 | 971 | 38 | 1009 |
| Total comprehensive income for the year | 541 |  | 541 | 1095 | 38 | 1133 |
| Equity shareholders - Continuing operations | 517 |  | 517 | 1121 | 38 | 1159 |
| **Statement of changes in equity** |  |  |  |  |  |  |
| Retained earnings (Accumulated losses) | (1937) | 33 | (1904) | (2341) | 33 | (2308) |
| **Statement of cash flows** |  |  |  |  |  |  |
| Receipts from customers | 4054 |  | 4054 | 4411 | 169 | 4580 |
| Payments to suppliers and employees | (2701) |  | (2701) | (2583) | (131) | (2714) |
| Cash generated from operations (note 30) | 1353 |  | 1353 | 1828 | 38 | 1866 |
| Net cash inflow from operating activities from continuing operations | 1268 |  | 1268 | 1545 | 38 | 1583 |
| Net cash inflow from operating activities | 1268 |  | 1268 | 1654 | 38 | 1692 |
| Capital expenditure - project capital (note 13) | (392) |  | (392) | (331) | (38) | (369) |
| Net cash inflow from investing activities from continuing operations | (940) |  | (940) | (448) | (38) | (486) |
| Net cash inflow from investing activities | (940) |  | (940) | (476) | (38) | (514) |
| **Other Disclosures** |  |  |  |  |  |  |
| Basic headline earnings per share (note 11) | 146 |  | 146 | 238 | 10 | 248 |
| Diluted headline earnings per share (note 11) | 146 |  | 146 | 238 | 9 | 247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> *There was no impact on basic and diluted earnings per ordinary share from discontinued operations*

F - 13

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**1&nbsp;&nbsp;&nbsp;&nbsp;STATEMENT OF COMPLIANCE** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 37 'Provisions, Contingent Liabilities and Contingent Assets' relating to onerous contracts - costs of fulfilling a contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IFRS 3 'Business Combinations' with regards to updating a reference to the conceptual framework; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual improvements to IFRS Standards 2018 – 2020 for IFRS 16 'Leases' relating to lease incentives and IFRS 9 'Financial Instruments' relating to fees in the '10 per cent' test for derecognition of financial liabilities.

Other than the amendment to IAS 16, these amendments had no material impact on the Group.

The following amendments to IFRS were early adopted by the Group effective from 1 January 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 1 'Presentation of Financial Statements' with regards to the disclosure of accounting policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' relating to the definition of accounting estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 1 'Classification of Liabilities as Current or Non-Current'; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 1 'Non-Current Liabilities with Covenants'.

The adoption of these amendments had no material impact on the Group.

***Accounting standards, amendments and interpretations issued which are relevant to the Group, but not yet effective***

The new accounting standards and amendments to accounting standards issued which are relevant to the Group, but not yet effective on 31 December 2022, include:

***IFRS 17 'Insurance Contracts' and Amendments to IFRS 17 'Insurance Contracts'***

IFRS 17 replaces IFRS 4 'Insurance Contracts' and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts. IFRS 17 requires insurance liabilities to be measured at a current fulfilment value and provides a more uniform approach for all insurance contracts. The standard and the amendments to the standard is effective for the Group's reporting period starting on 1 January 2023 and will be applied retrospectively. The effect of the implementation of the new standard is not expected to have a material impact on the Group's results.

***Amendments to IAS 12 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction'***

This amendment narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. This should mainly impact right of use assets and lease liabilities and decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the related asset. The amendments are effective for the Group from 1 January 2023, will be applied retrospectively and are not expected to materially impact the Group.

F - 14

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**1&nbsp;&nbsp;&nbsp;&nbsp;STATEMENT OF COMPLIANCE** continued

**1.1&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION**

The financial statements are prepared according to the historical cost convention, except for the revaluation of certain assets and liabilities to fair value. The Group's accounting policies as set out below are consistent in all material respects with those applied in the previous year.

The Group financial statements are presented in US dollars.

All notes are from continuing operations unless otherwise stated.

The Group financial statements incorporate the financial statements of the Company, its subsidiaries and its interests in joint ventures and associates. The financial statements of all material subsidiaries, joint ventures and associates, are prepared for the same reporting period as the Company, using the same accounting policies.

Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control would generally exist where the Group owns more than 50% of the voting rights, unless the Group and other investors collectively control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the entity the investment is accounted for as an associate, joint venture or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which control ceases. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control.

Intra-group transactions, balances and unrealised gains and losses on transactions between group companies, including any resulting tax effects are eliminated.

The significant accounting judgements and estimates applied in the presentation of the Group and Company annual financial statements are set out below. The accounting policies adopted are detailed in Annexure A: "Summary of material accounting policies".

 **1.2&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES**

**Use of estimates**

The preparation of the financial statements requires the Group's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates.

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; environmental, reclamation and closure obligations; asset impairments/reversals (including impairments of goodwill); production start date; recoverability of indirect taxes; recoverability of deferred tax assets; and write downs of inventory to net realisable value. Other estimates include employee benefit liabilities, unrecognised tax positions and deferred compensation assets.

The complex or subjective judgements that have the most significant effect on amounts recognised and sources of estimation uncertainty where there is a significant risk of material adjustment to the carrying amounts of assets or liabilities with 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.

The judgements applied by management in the application of accounting policies, and the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.

F - 15

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**Use of estimates** continued

***Carrying value of tangible assets***

*Amortisation*

The majority of mining assets are amortised using the units-of-production method where the mine operating plan calls for production from a well-defined Proven and Probable Mineral Reserve.

For other tangible assets, the straight-line method is applied over the estimated useful life of the asset which does not exceed the estimated mine life based on Proven and Probable Mineral Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine. Assets are amortised to residual values. Residual values and useful lives are reviewed, and adjusted if appropriate, at the beginning of each financial year.

The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on Proven and Probable Mineral Reserve. This would generally arise from the following factors:

• changes in Proven and Probable Mineral Reserve;

• the grade of Mineral Reserve may vary significantly from time to time;

• differences between actual commodity prices and commodity price assumptions;

• unforeseen operational issues at mine sites; and

• changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates.

Changes in Proven and Probable Mineral Reserve could similarly impact the useful lives of assets amortised on the straight-line method, where those lives are limited to the life of the mine.

*Stripping costs*

The Group has a number of surface mining operations that are in the production phase for which production stripping costs are incurred. The benefits that accrue to the Group as a result of incurring production stripping costs include (a) ore that can be used to produce inventory and (b) improved access to further quantities of material that will be mined in future periods.

The production stripping costs relating to improved access to further quantities of material in future periods are capitalised as a stripping activity asset, if and only if, all of the following are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is probable that the future economic benefit (improved access to the orebody) associated with the stripping activity will flow to the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Group can identify the component of the orebody for which access has been improved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs relating to the stripping activity associated with that component or components can be measured reliably.

Components of the various orebodies at the operations of the Group are determined based on the geological areas identified for each of the orebodies and are reflected in the Mineral Reserve reporting of the Group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the Group uses three operational guidance measures; two of which relate to production measures, while the third relates to an average stripping ratio measure.

Once determined that any portion of the production stripping costs should be capitalised, the Group determines the amount of the production stripping costs that should be capitalised with reference to the average mine costs per tonne of the component and the actual waste tonnes that should be deferred. Stripping activity assets are amortised on the units-of-production method based on the Mineral Reserve of the component or components of the orebody to which these assets relate.

This accounting treatment is consistent with that for stripping costs incurred during the development phase of a pit, before production commences, except that stripping costs incurred during the development phase of a pit, before production commences, are amortised on the units-of-production method based on the Mineral Reserve of the pit.

Deferred stripping costs are included in 'Mine development costs', within tangible assets. These costs form part of the total investment in the relevant cash-generating unit, which is reviewed for impairment if events or a change in circumstances indicate that the carrying value may not be recoverable. Amortisation of stripping activity assets is included in cost of sales.

*Impairment*

The Group reviews and tests the carrying value of tangible assets when events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets, which is generally at the individual mine level. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows for each group of assets. Expected future cash flows used to determine the value in use of goodwill and tangible assets are inherently uncertain and could materially change over time and impact the recoverable amounts. The cash flows and value in use are significantly affected by a number of factors including published Mineral Reserve, Mineral Resource, exploration potential and production estimates, together with economic factors such as spot and future metal prices, discount rates, foreign currency exchange rates, estimates of costs to produce Mineral

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**Use of estimates** continued

Reserve and future capital expenditure. The estimated future cash flows and discount rates are post-tax. Discounting post-tax cash flows at a post-tax discount rate yields the same result as discounting pre-tax cash flows at a pre-tax discount rate.At the reporting date the Group assesses whether any of the indicators which gave rise to previously recognised impairments have changed such that the impairment loss no longer exists or may have decreased. The impairment loss is then assessed on the original factors for reversal and if indicated, such reversal is recognised.

An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36 *Impairment of Assets*.

The carrying value of tangible assets at 31 December 2022 was $4,209m (2021: $3,493m; 2020: $2,917m). The impairment and derecognition of tangible assets recognised in the consolidated financial statements for the year ended 31 December 2022 was $282m (2021: $6m; 2020: nil).

***Production start date***

The Group assesses the stage of each mine construction project to determine when a project moves into the production stage. The criteria used to assess the start date are determined by the unique nature of each mine construction project and include factors such as the complexity of a plant and its location. The Group considers various relevant criteria to assess when the construction project is substantially complete and ready for its intended use and moves into the production stage. The criteria used in the assessment would include, but are not limited to the following:

• the level of capital expenditure compared to the construction cost estimates;

• completion of a reasonable period of testing of the constructed asset;

• adequacy of stope face;

• ability to produce metals in saleable form (within specifications); and

• ability to sustain ongoing production of metal.

When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities, or Ore Reserve development.

Phase 2 of the Obuasi mine re-development project, after initially being delayed due to voluntary suspension of all underground activities following a sill pillar incident during May 2021, moved into the production stage on 1 October 2022 when it was determined that the Phase 2 assets were capable of operating in the manner intended by management.

***Carrying value of goodwill***

Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over the fair value of the attributable Mineral Resource including value beyond Proven and Probable Mineral Reserve, exploration properties and net assets is recognised as goodwill.

Goodwill is not subject to amortisation and is tested annually for impairment and whenever events or changes in circumstance indicate that the carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable independent cash flows (cash-generating units).

An individual operating mine is not a typical going-concern business because of the finite life of its Mineral Reserve. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine reporting unit. In accordance with the provisions of IAS 36, the Group performs its annual impairment review of assigned goodwill during the fourth quarter of each year, refer note 15 for impairment assumptions.

The carrying value of goodwill in the consolidated financial statements at 31 December 2022 was $105m (2021: $119m; 2020: $126m). Impairment of goodwill recognised in the consolidated financial statements for the year ended 31 December 2022 was $8m (2021: nil; 2020: nil).

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**Use of estimates** continued

***Income taxes***

The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes due to the complexity of legislation. There are many transactions and calculations for which the

ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

The Group tax reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rate, prepared in accordance with IAS 12 *Income Taxes*, applies the South African domestic corporate tax rate of 28 percent. This rate will be reduced to 27 percent with effect for years of assessment ending on or after 31 March 2023.

The Group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted.

Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods.

Carrying values at 31 December 2022:

• deferred tax asset: $72m (2021: $7m; 2020: $7m);

• deferred tax liability: $300m (2021: $313m; 2020: $246m);

• taxation liability: $45m (2021: $39m; 2020: $153m);

• taxation asset: $41m (2021: $49m; 2020: $14m), included in trade, other receivables and other assets.

The unrecognised value of deferred tax assets is $857m (2021: $834m; 2020: $487m).

***Provision for environmental rehabilitation obligations***

The Group incurs obligations to close, restore and rehabilitate its mine sites affected by mining and exploration activities which are subject to various laws and regulations governing the protection of the environment. The Group recognises management's best estimate for decommissioning and restoration obligations in the period in which they are incurred and the costs can be reasonably estimated. The determination of the provision is based on, among other considerations, judgements and estimates of current damage caused, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates and discount rates. Future changes to environmental laws and regulations, technology, life of mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision, cannot be predicted with certainty and could have a material impact on our business, financial condition, results of operations and cash flows. A sensitivity assessment is included in note 25.

The carrying amount of the rehabilitation obligations for the Group at 31 December 2022 was $578m (2021: $673m; 2020: $659m). Note 25 provides information about related environmental guarantees and bonds.

***Stockpiles and metals in process***

Costs that are incurred in or benefit the production process are accumulated in stockpiles and metals in process values. Net realisable value tests are performed at least annually and represent the estimated future sales price of the product, based on prevailing and long-term metals prices, less estimated costs to complete production and bring the product to sale.

Surface and underground stockpiles and metals in process are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile ore tonnages are verified by periodic surveys.

Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time.

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**Use of estimates** continued

Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write downs to net realisable value are accounted for on a prospective basis.

The carrying value of inventories (excluding finished goods and mine operating supplies) for the Group at 31 December 2022 was $306m (2021: $299m; 2020: $382m).

***Recoverable tax, rebates, levies and duties***

In a number of countries, particularly in Tanzania and Argentina, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. The Group uses probability weighted discounting models together with the expected timing of recovery of these refunds to estimate their fair values and related discounting effects which are updated at each reporting period. Timing of the recoverability and the resultant probabilities is updated based on several factors including ongoing correspondence and meetings with the relevant authorities and available income taxes for off-sets, if applicable. Where the recovery of the indirect tax refunds is tied to off-set arrangements against income taxes, the modeled scenarios incorporate judgements around the applicable mine's business plan and availability of future income tax off-sets. The Group consults tax and legal specialists to determine the current basis of applicable laws and regulations in the associated jurisdictions which are highly complex and subject to interpretation. Future changes to such laws and regulations or the interpretation thereof could have a material impact on the carrying value of these assets, results of operations and cash flows.

In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Tanzania, Brazil and Argentina. If the outstanding input taxes are not received and these disputes are not resolved in a manner favourable to AngloGold Ashanti, it could have a material adverse effect upon the carrying value of these assets and our results of operations.

The net carrying value of recoverable tax, rebates, levies and duties (excluding normal taxation assets) for the Group at 31 December 2022 was $307m (2021: $304m; 2020: $281m) and is included in trade, other receivables and other assets, refer note 20.

***Post-retirement obligations***

The determination of the Group's obligation and expense for post-retirement liabilities, including the Group's reimbursive asset relating to annuities purchased to fund the obligation, depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, health care inflation costs, rates of increase in compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While AngloGold Ashanti believes that these assumptions are appropriate, significant changes in the assumptions may materially affect post-retirement obligations as well as future expenses, which may result in an impact on earnings in the periods that the changes in these assumptions occur.

The carrying value of the post-retirement obligations at 31 December 2022 was $71m (2021: $77m; 2020: $83m).

***Mineral Reserve estimates***

The Group reports its Mineral Resource and Mineral Reserve in accordance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) ("Regulation S-K 1300") as well as the minimum standards described by the South African Code for the reporting of Exploration Results, Mineral Resource and Mineral Reserve, 2016 Edition (SAMREC Code).

A Mineral Reserve estimate is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. In order to estimate the Mineral Reserve, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates.

Estimating the quantity and/or grade of the Mineral Reserve requires the size, shape and depth of orebodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data.

With the change in the economic assumptions used to estimate the Mineral Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Reserve may change from

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**Use of estimates** continued

period to period. Changes in the reported Mineral Reserve may affect the Group's financial results and financial position in a number of ways, including the following:

• asset carrying values may be affected due to changes in estimated future cash flows;

• depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by the units-of-production method, or where the useful economic lives of assets change;

**•** overburden removal costs, including production stripping activities, recorded on the statement of financial position or charged in the income statement may change due to changes in stripping ratios or the units-of-production method of depreciation;

• decommissioning site restoration and environmental provisions may change where changes in the estimated Mineral Reserve affect expectations about the timing or cost of these activities; and

• the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits.

***Provision for silicosis***

The Settlement Agreement in the silicosis and tuberculosis class action litigation became operational on 10 December 2019. A settlement trust, known as the Tshiamiso Trust, was established to carry out the terms of the Settlement Agreement. Significant judgement is applied in estimating the costs that will be incurred to settle the silicosis class action claims and related expenditure. The final costs may differ from current cost estimates. The provision is based on actuarial assumptions including:

• silicosis prevalence rates;

• estimated settlement per claimant;

• benefit take-up rates;

• disease progression rates;

• timing of cashflows; and

• discount rate.

Management believes the assumptions are appropriate, however changes in the assumptions may materially affect the provision and final costs of settlement. A sensitivity assessment is included in note 25.

The carrying value of the silicosis provision at 31 December 2022 was $35m (2021: $50m; 2020: $61m).

***Deferred compensation asset***

As a consequence of the sale of the South African operations in 2020, a deferred compensation asset was recognised. The deferred compensation asset is included at fair value in level 3 of the fair value hierarchy. Management used a probability weighted discounted cash flow model to measure the deferred compensation asset. The significant inputs and assumptions used in the discounted cash flow calculation, include the production plan over the deferred compensation period and the weighted average cost of capital. Details of the valuation, including a sensitivity assessment, are included in note 33.

The carrying value of the deferred compensation asset at 31 December 2022 was $12m (2021: $25m; 2020: $28m).

***Contingencies***

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. Refer note 10 for tax uncertainties and contingencies and note 32 for legal claims and other contingencies.

When a loss is considered probable and reasonably estimable, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided.

In determining the threshold for disclosure on a qualitative and quantitative basis, management considers the potential for a disruptive effect on the normal functioning of the Group and/or whether the contingency could impact investment decisions. Such qualitative matters considered are reputational risks, regulatory compliance issues and reasonable investor considerations. For quantitative purposes, an amount of $33m has been considered. As a global company, the Group is exposed to numerous legal risks. The outcome of currently pending and future proceedings cannot be predicted with certainty. Litigation and other judicial proceedings as a rule raise difficult and complex legal issues and are subject to uncertainties and complexities including, but not

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in which each suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the Group may be forced to incur charges in excess of the presently established provisions and related insurance coverage. It is possible that the financial position, results of operations or cash flows of the Group could be materially affected by the unfavourable outcome of litigation.

**Use of estimates** continued

**Climate change considerations**

The Company's 2021 TCFD-aligned Climate Change Report outlines the Board-approved Climate Change Strategy and seeks to embed the management of physical and transition climate risks and opportunities into the Company's strategic and operational planning processes, a process that is enabled through a refreshed company-wide climate change governance framework. The report also summarises at a high level specific outcomes from the physical climate risk assessment conducted at each of the operating assets, considering the business as usual scenario. The potential effect of decarbonisation scenarios and other transition risks on the Company's business strategy and planning assumptions including the cost of energy and other key mining inputs, is an area that will be addressed through the continued implementation of the Company's Climate Change Strategy.

Unlike other major mineral resources companies, AngloGold Ashanti does not mine or extract fossil fuels such as coal, natural gas or oil. AngloGold Ashanti does, however, emit greenhouse gases directly through the combustion of fuels and other energy products at its gold mining operations and indirectly through the consumption of electricity purchased from national grids that include fossil-based energy in its production. AngloGold Ashanti has committed to a target of net zero Scope 1 and 2 greenhouse gas (GHG) emissions by 2050 in line with the ambitions of the Paris Agreement, as a member of the International Council on Mining and Metals (ICMM). As a member of the ICMM, the Company has also committed to accelerating action on Scope 3 emissions, including setting credible targets in partnership with suppliers, if not by the end of 2023, as soon as possible thereafter.

**1.3&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY OF MATERIAL ACCOUNTING POLICIES**

**Equity-accounted investments**

***Joint ventures and Associates***

A joint venture is an entity in which the Group holds a long-term interest and which the Group and one or more other ventures jointly control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities requiring unanimous consent of the parties sharing control. In a joint venture the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. An associate is an investment over which the Group exercises significant influence, but not control or joint control, over the financial and operating policies and normally owns between 20% and 50% of the voting equity.

Joint ventures and Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Any losses of equity-accounted investments are accounted for in the consolidated financial statements until the investment in such investments is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such investees.

The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding on loans advanced if the loan forms part of the net investment in the investee, any impairment / impairment reversals recognised, the share of post-acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted investments is reviewed when indicators arise and if any impairment / impairment reversal has occurred; it is recognised in the period in which the impairment arose. If necessary, impairment and impairment reversals on loans and equity are reported under share of joint ventures and associates profit and loss

In the cash flow statement, dividends received from joint ventures are included in operating activities and dividends received from associates are included in investing activities.

In determining materiality for the disclosure requirements of IFRS 12 Disclosure of Interest in Other Entities, management has assessed that amounts representing the carrying value of at least 90% of the investments in associates and joint ventures balances, reported in the statement of financial position, constitute quantitative materiality.

**Joint operations**

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A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the use of assets and obligations for the liabilities of the arrangement. The Group accounts for activities under joint operations by recognising, in relation to the joint operation, the assets it controls and the liabilities it incurs, the expenses it incurs and the revenue from the sale or use of its share of the joint operations output.

**Foreign currency translation**

***Functional currency***

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The functional currency of the parent Company is South African Rands. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss.

***Group companies***

The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency using closing rates of exchange at the reporting date for assets and liabilities, average rates of exchange for the year for income and expense items and historical rates of exchange for equity items. All resulting exchange differences are recognised in other comprehensive income and presented as a separate component of equity (foreign currency translation reserve, or FCTR).

Exchange differences arising from the translation of the net investment in foreign operations are accounted for as other comprehensive income on consolidation. On realisation of net investments in foreign operations, the resulting FCTR is recycled to the income statement. On disposal of non-foreign operations, where the parent's functional currency, is the same as the subsidiary's, associate's, joint venture's or branch's functional currency, no reclassification of FCTR is required.

**Tangible assets**

Tangible assets are recorded at cost less accumulated amortisation and impairments/reversals. Cost includes the present value of related future decommissioning costs.

Interest on borrowings relating to the financing of major capital projects under construction is capitalised during the construction phase as part of the cost of the project. Such borrowing costs are capitalised over the period during which the asset is being acquired or constructed and borrowings have been incurred. Capitalisation ceases when construction is interrupted for an extended period or when the asset is substantially complete. Other borrowing costs are expensed as incurred.

To the extent a legal or constructive obligation to a third party exists, the acquisition cost includes estimated costs of dismantling and removing the asset and restoring the site. A change in estimated expenditures for dismantling, removal and restoration is added to or deducted from the carrying value of the related asset. To the extent that the change would result in a negative carrying amount of the related asset, this effect is recognised as income. The change in depreciation charge is recognised prospectively.

For assets amortised on the units-of-production method, amortisation is calculated to allocate the cost of each asset to its residual value over its estimated useful life. For assets not amortised on the units-of-production method, amortisation is calculated over their estimated useful life as follows:

• buildings up to life of mine;

• plant and machinery up to life of mine;

• equipment and motor vehicles up to five years; and

• computer equipment up to three years.

***Mine development costs***

Capitalised mine development costs include expenditure incurred to develop new orebodies, to define further mineralisation in existing orebodies and to expand the capacity of a mine. Mine development costs include acquired Proven and Probable Mineral Reserve at cost at the acquisition date. These costs are amortised from the date on which the assets are ready for use as intended by management.

Depreciation, depletion and amortisation of mine development costs are computed by the units-of-production method based on estimated Proven and Probable Mineral Reserve. The Proven and Probable Mineral Reserve reflects estimated quantities of Mineral Reserve which can be recovered economically in the future from known mineral deposits.

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Capitalised mine development costs also include stripping activity assets relating to production stripping activities incurred in the production phase of open-pit operations of the Group. Once determined that any portion of the production stripping costs should be capitalised, the Group determines the average mine costs per tonne of the component and the waste tonnes to which the production stripping costs relate to determine the amount of the production stripping costs that should be capitalised. Stripping activity assets are amortised on a units-of-production method based on the Mineral Reserve of the component of the orebody to which these assets relate.

The average mine cost per tonne of the component is calculated as the total expected costs to be incurred to mine the relevant component of the orebody, divided by the number of tonnes expected to be mined from the component. The average mine cost per tonne of the component to which the stripping activity asset relates are recalculated annually in the light of additional knowledge and changes in estimates.

***Mine infrastructure***

Mine plant facilities, including decommissioning assets, are amortised using the lesser of their useful life or units-of-production method based on estimated Proven and Probable Mineral Reserve.

Equipment, furniture and fittings in the Company financial statements are included in Mine infrastructure in the Group financial statements.

***Land and assets under construction***

Land and assets under construction are not depreciated and are measured at historical cost less impairments.

***Mineral rights and dumps***

Mineral rights are amortised using the units-of-production method based on the estimated Proven and Probable Mineral Reserve. Dumps are amortised over the period of treatment.

***Exploration and evaluation assets***

All pre-license and exploration costs, including geological and geographical costs, labour, Mineral Resource and exploratory drilling cost, are expensed as incurred, until it is concluded that a future economic benefit will more likely than not be realised. In evaluating if expenditures meet this criterion to be capitalised, several different sources of information are used depending on the level of exploration. While the criterion for concluding that expenditure should be capitalised is always probable, the information used to make that determination depends on the level of exploration:

• Costs on greenfields sites, being those where the Group does not have any mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of Proven and Probable Mineral Reserve at this location;

• Costs on brownfields sites, being those adjacent to mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of increased inclusive Proven and Probable Mineral Resource, after which the expenditure is capitalised as mine development cost; and

• Costs relating to extensions of mineral deposits, which are already being mined or developed, including expenditure on the definition of mineralisation of such mineral deposits, are capitalised as mine development cost.

Costs relating to property acquisitions are capitalised within mine development costs.

**Impairment of non-financial assets**

The Group's non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, to determine whether there is any indication of impairment. An impairment test is performed annually on all goodwill, intangible assets not yet in use and intangible assets with indefinite useful lives irrespective of whether any impairment indicators have been identified.

For non-financial assets or cash generating units, in circumstances in which indicators of impairment are identified, a formal impairment test is required to be carried out. The impairment test compares the assets or cash generating units (CGUs) carrying amount with its recoverable amount. The recoverable amount is the higher of the amounts calculated under the fair value less cost of disposal and value in use approaches.

Value-in-use is estimated using a discounted cash flow model. The future cash flows are adjusted for risks specific to the asset and is adjusted where applicable to consider any specific risks relating to the country where the asset or cash-generating unit is

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located. Future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money.

A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The composition and nature of the Group's CGUs vary and is determined largely by identifying the smallest identifiable group of assets that generates independent cash inflows and factors specific to the Group's mining operations. The Group's CGUs are generally at the individual mine level with some operating mines consisting of a combination of shafts and/or pits.

The Group allocates regional support assets to the CGUs. If there is an indication that a regional support asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs.

Exploration assets are tested for impairment whenever facts and circumstances indicate that the carrying amount is not recoverable. Assets will be allocated to CGUs or groups of CGUs based on how the entity manages its operations i.e., by mineral within a specific geographic area. An impairment loss is recognised for the amount by which the assets or CGUs carrying amount exceeds their recoverable amount.

**Development expenditure**

Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions that may change as new information becomes available. If, after having started the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. Capitalised development costs are included as assets under construction and mine development costs in tangible assets.

**Goodwill**

Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over the fair value of the attributable Mineral Resource including value beyond Proven and Probable Mineral Reserve, exploration properties and net assets is recognised as goodwill. Goodwill in respect of subsidiaries is disclosed as goodwill.

Goodwill relating to subsidiaries is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing.

**Leases**

The Group assesses whether a contract is or contains a lease at inception of a contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less with no purchase option) and leases of low value assets, where the recognition exemption is applied. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The incremental borrowing rate is the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The Group applies the IFRS 16 portfolio approach in determining the discount rate for leases. As such a single discount rate has been used for contracts that share similar characteristics. The Group has determined that contracts that are denominated in the same currency will use a single discount rate. This rate has been determined using various factors including in-country borrowings as well as other sources of finance. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

Lease payments included in the measurement of the lease liability comprise:

• fixed lease payments (including in-substance fixed payments), less any lease incentives;

• variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

• the amount expected to be payable by the lessee under residual value guarantees;

• the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and

• payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

• the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;

• the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used);

• a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, any initial direct costs and restoration costs as described below. They are subsequently measured at cost less accumulated depreciation and impairment losses.

The lease term is determined as the non-cancellable period of a lease, together with:

• periods covered by an option to extend the lease if the Group is reasonably certain to make use of that option; and / or

• periods covered by an option to terminate the lease, if the Group is reasonably certain not to make use of that option.

Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 *Provisions, Contingent Liabilities and Contingent Assets*. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The Group applies IAS 36 *Impairment of Assets* to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss accordingly.

**Inventories**

Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and obsolete items. Cost is determined on the following bases:

• metals in process are valued at the average total production cost at the relevant stage of production;

• gold doré/bullion is valued on an average total production cost method;

• ore stockpiles are valued at the average moving cost of mining and stockpiling the ore. Stockpiles are classified as a non-current asset where the stockpile exceeds current processing capacity;

• by-products, which include silver and sulphuric acid, are valued using an average total production cost method;

• mine operating supplies are valued at average cost; and

• heap leach pad materials are measured on an average total production cost basis.

A portion of the related depreciation, depletion and amortisation charge is included in the cost of inventory. Inventory write downs are included in cost of sales.

**Provisions**

**Environmental Expenditure**

The Group has long term remediation obligations comprising decommissioning and restoration liabilities relating to its past operations which are based on the Group's environmental management plans, in compliance with current environmental and regulatory requirements. Provisions for non-recurring remediation costs are made when there is a present obligation, it is probable that expenditure on remediation work will be required and the cost can be estimated within a reasonable range of possible outcomes. The costs are based on currently available facts, technology expected to be available at the time of the clean-up, laws and regulations presently or virtually certain to be enacted and prior experience in remediation of contaminated sites.

**Decommissioning costs**

The provision for decommissioning represents the cost that will arise from rectifying damage caused before production commences. Accordingly, a provision and a decommissioning asset is recognised and included within mine infrastructure.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

Decommissioning costs are provided at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices. The unwinding of the decommissioning obligation is included in the income statement. Estimated future costs of decommissioning obligations are reviewed regularly and adjusted as appropriate for new circumstances or changes in law or technology. Changes in estimates are capitalised or reversed against the relevant asset. Estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money.

Gains or losses from the expected disposal of assets are not taken into account when determining the provision.

**Restoration costs**

The provision for restoration represents the cost of restoring site damage after the start of production. Changes in the provision are recorded in the income statement as a cost of production.

Restoration costs are estimated at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices and adjusted for risks specific to the liability. The estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money.

**Other**

Litigation and administrative proceedings are evaluated on a case-by-case basis considering the information available, including that of legal counsel, to assess potential outcomes. Where it is considered probable that an obligation will result in an outflow of resources, a provision is recorded for the present value of the expected cash outflows if these are reasonably measurable. These provisions cover the estimated payments to plaintiffs, court fees and the cost of potential settlements.

Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement is recognised only when the reimbursement is virtually certain. The amount to be reimbursed is recognised as a separate asset. Where the Group has a joint and several liability with one or more other parties, no provision is recognised to the extent that those other parties are expected to settle part or all of the obligation.

**Employee benefits**

***Post-employment benefit obligations***

Some Group companies provide post-retirement health care benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology on the same basis as that used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These obligations are valued annually by independent qualified actuaries.

Some of these obligations are funded with a purchased insurance policy to which the Group contributes premiums to. As this insurance policy does not meet the definition of a qualifying insurance policy the entity recognises its right to reimbursement under the insurance policy as a separate asset measured at fair value similar to a defined benefit plan asset. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These obligations are valued annually by independent qualified actuaries.

***Termination benefits***

Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises a liability and expense for termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after reporting date are discounted to present value.

***Share-based payments***

The Group's management awards certain employee bonuses in the form of equity-settled share-based payments on a discretionary basis.

The fair value of the equity instruments granted is calculated at grant date. For transactions with employees, fair value is based on market prices of the equity instruments granted, if available, taking into account the terms and conditions upon which those equity instruments were granted. If market prices of the equity instruments granted are not available, the fair value of the equity instruments granted is estimated using an appropriate valuation model. Vesting conditions, other than market conditions, are not taken into account when estimating the fair value of shares or share options at measurement date.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

Over the vesting period, the fair value at measurement date is recognised as an employee benefit expense with a corresponding increase in other capital reserves based on the Group's estimate of the number of instruments that will eventually vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations.

When options are exercised or share awards vest, the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium.

Where the terms of an equity settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of the modification.

In addition, the Group's management awards certain employee bonuses in the form of a cash settled scheme, whereby awards granted are linked to the performance of the Company's share price. A liability is recognised based upon the grant date fair value and is subsequently remeasured to the closing share price at each reporting date up to the date of vesting. Remeasurements to fair value are recognised in the income statement.

**Revenue recognition**

Revenue is recognised when control of the goods passes to the customer and the performance obligations of transferring control have been met. The amount of revenue recognised reflects the consideration to which the entity is entitled in exchange for the goods transferred.

Revenue from product sales comprises sales of:

• refined gold;

• by-products including silver and sulphuric acid; and

• doré bars.

Revenue from product sales is recognised at a point in time.

**Taxation**

Deferred taxation is recognised on all qualifying temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax assets are only recognised to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future and future taxable profit will be available against which the temporary difference can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date.

Deferred tax assets and liabilities are measured at future anticipated tax rates, which have been enacted or substantively enacted at the reporting date.

Current and deferred tax is recognised as income or expense and included in profit or loss for the period, except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period in other comprehensive income or directly in equity, or an acquisition that is a business combination.

Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date. Interest and penalties, if any, are recognised in the income statement as part of taxation expense if based on the specific facts and circumstances, the entity has determined that the interest (receivable or payable) and penalties payable to the tax authorities are an income tax.

**Financial instruments**

Financial instruments are initially recognised at fair value when the Group becomes a party to their contractual arrangements. Transaction costs directly attributable to the instrument's acquisition or issue are included in the initial measurement of financial

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

assets and financial liabilities, except financial instruments classified as at fair value through profit or loss (FVTPL), which are expensed. The subsequent measurement of financial instruments is dealt with below.

**Financial liabilities**

Financial liabilities are classified as measured at amortised cost using the effective interest rate method. Financial liabilities subsequently measured at amortised cost compromise of interest bearing borrowings, bank overdrafts and trade and other payables.

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case a new financial liability based on the modified terms is recognised at fair value.

**Financial assets**

A financial asset is classified as measured at:

• Amortised cost;

• Fair value through other comprehensive income (FVTOCI) - equity instruments; or

• FVTPL.

Assets at amortised cost include trade, other receivables and other assets, cash restricted for use and cash and cash equivalents. Interest income from these financial assets is included in finance income using the effective interest rate method.

On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the asset is included in profit or loss. Impairment losses are presented in the statement of profit or loss. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within foreign exchange and fair value adjustments in the period in which it arises.

*Cash and cash equivalents*

Cash and cash equivalents comprise cash on hand, deposits on call and other short-term highly liquid investments with a maturity period of three months or less at date of purchase. Cash and cash equivalents are stated at carrying amount which fairly approximates its fair value. For the purposes of the statement of cash flows cash and cash equivalents is net of bank overdrafts as it forms an integral part of the Group's cash management.

*Cash restricted for use*

Cash restricted for use comprises cash and cash equivalents including amounts held in escrow, trust, separate bank accounts and cash held by joint operations which are not available for general use by the Group. Cash restricted for use for more than 12 months is classified as a non-current financial asset.

*Equity instruments*

Listed and unlisted equity investments are included in Other investments in the Statement of financial position. Listed equity investments which are held to meet rehabilitation liabilities are classified as FVTPL. Listed equity investments held for other purposes are classified as FVTOCI.

The Group subsequently measures all equity investments at fair value. Where the Group's management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group's right to receive payments is established. Residual values in OCI are reclassified to retained earnings (accumulated losses) on derecognition of the related FVTOCI instruments. Changes in the fair value of financial assets at FVTPL are recognised in profit or loss and presented net within foreign exchange and fair value adjustments in the period in which it arises.

*Impairment of financial assets*

Financial assets at amortised cost consist of trade receivables, loans, cash and cash equivalents, cash restricted for use and debt securities. Impairment losses are assessed using the forward-looking expected credit loss (ECL) approach. An allowance is recorded for all loans and other debt financial assets not held at FVTPL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Trade receivable loss allowances are measured at an amount equal to lifetime ECL's. Loss allowances are deducted from the gross carrying amount of the assets and the movement on the loss allowance is recognised in profit and loss. Debt securities that are determined to have a low credit risk at the reporting date and bank balances, for which credit risk has not increased significantly since initial recognition, are measured at an amount equal to 12-month ECL.

*Financial guarantees in the parent company*

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value. The fair value of a financial guarantee contract is the present value of the difference between the net contractual cash flows required under a debt instrument, and the net contractual cash flows that would have been required without the guarantee. The liability is amortised in a straight line over the period the guarantee remains in place.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**2&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTAL INFORMATION**

AngloGold Ashanti's operating segments are being reported based on the financial information regularly provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are responsible for geographic regions of the business.

The reportable segment information is aligned with the Group's new operating model which was announced in 2021 and implemented during 2022.

Under the new operating model, the manner in which the financial results are reported to the CODM and the composition of the operating segments continue to be reported per geographical region. In addition, a new segment, Projects has been introduced from the implementation of the new operating model (previously reported under the America's segment). The Projects segment comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. The comparative information of the affected operating segment information has been restated.

In addition to the geographical reportable segments structure, the Group has voluntarily disaggregated and disclosed the financial information on a line-by-line basis for each mining operation to facilitate comparability of mine performance.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

Group analysis by origin is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **Gold income** | **Gold income** | **Gold income** |
| **US Dollars** | **2022** | 2021 | 2020 |
|  |  |  | Restated <sup>(8)</sup> |
| Geographical analysis of gold income by origin is as follows: |  |  |  |
| **Africa \*** <sup>(1)</sup> | **2981** | 2644 | 2937 |
| &nbsp;&nbsp;Kibali - Attributable 45% | **596** | 659 | 647 |
| &nbsp;&nbsp;Iduapriem | **443** | 361 | 485 |
| &nbsp;&nbsp;Obuasi | **431** | 204 | 219 |
| &nbsp;&nbsp;Siguiri | **591** | 545 | 453 |
| &nbsp;&nbsp;Geita | **920** | 875 | 1133 |
| **Australia \*** | **967** | 890 | 989 |
| &nbsp;&nbsp;Sunrise Dam | **410** | 416 | 459 |
| &nbsp;&nbsp;Tropicana - Attributable 70% | **557** | 474 | 530 |
| **Americas \*** | **1036** | 1028 | 1211 |
| &nbsp;&nbsp;Cerro Vanguardia | **319** | 279 | 358 |
| &nbsp;&nbsp;AngloGold Ashanti Mineração | **557** | 600 | 649 |
| &nbsp;&nbsp;Serra Grande | **160** | 149 | 204 |
|  | **4984** | 4562 | 5137 |
| Equity-accounted joint ventures included above | **(596)** | (659) | (647) |
| Continuing operations | **4388** | 3903 | 4490 |
| Discontinued operations - South Africa | **—** |  | 408 |
|  | **4388** | 3903 | 4898 |
| Foreign countries included in the above and considered material are: |  |  |  |
| Australia | **967** | 890 | 989 |
| Argentina | **319** | 279 | 358 |
| Brazil | **717** | 749 | 853 |
| Ghana | **874** | 565 | 704 |
| Guinea | **591** | 545 | 453 |
| Tanzania | **920** | 875 | 1133 |
| DRC | **596** | 659 | 647 |
| Geographical analysis of gold income by destination is as follows: |  |  |  |
| South Africa <sup>#</sup> | **599** | 669 | 661 |
| North America | **409** | 699 | 580 |
| South America | **33** | 34 | 1 |
| Australia | **967** | 890 | 989 |
| Europe | **319** | 279 | 358 |
| United Kingdom | **2066** | 1446 | 2095 |
| Other <sup>#</sup> | **591** | 545 | 453 |
|  | **4984** | 4562 | 5137 |
| Equity-accounted joint ventures included above | **(596)** | (659) | (647) |
| Continuing operations | **4388** | 3903 | 4490 |
| Discontinued operations - South Africa | **—** |  | 408 |
| Continuing and discontinued operations | **4388** | 3903 | 4898 |

---

<sup>#</sup> The Siguiri gold production is sold through an agent to multiple customers, the destination which is not determinable and as a result allocated to the Other category in the geographical analysis. The comparatives previously included under South Africa have been reclassified accordingly.

The Group's revenue is mainly derived from gold income. Approximately 55% of the Group's total gold produced is sold to three customers of the Group: ANZ Investment Bank Ltd in Australia (20%), Standard Chartered Bank in the United Kingdom (22%), and JP Morgan Chase N.A. London in the United Kingdom (13%). Due to the diversity and depth of the total gold market, the bullion banks do not possess significant pricing power.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **By product revenue** | **By product revenue** | **By product revenue** |
| **US Dollars** | **2022** | 2021 | 2020 |
| **Africa \*** <sup>(1)</sup> | **4** | 5 | 4 |
| &nbsp;&nbsp;Kibali - Attributable 45% | **1** | 2 | 1 |
| &nbsp;&nbsp;Iduapriem | **1** | 1 | 1 |
| &nbsp;&nbsp;Obuasi | **1** |  |  |
| &nbsp;&nbsp;Siguiri | **—** | 1 |  |
| &nbsp;&nbsp;Geita | **1** | 1 | 2 |
| **Australia \*** | **4** | 4 | 3 |
| &nbsp;&nbsp;Sunrise Dam | **1** | 1 | 1 |
| &nbsp;&nbsp;Tropicana - Attributable 70% | **3** | 3 | 2 |
| **Americas \*** | **106** | 119 | 99 |
| &nbsp;&nbsp;Cerro Vanguardia | **75** | 93 | 82 |
| &nbsp;&nbsp;AngloGold Ashanti Mineração | **31** | 26 | 17 |
|  | **114** | 128 | 106 |
| Equity-accounted joint ventures included above | **(1)** | (2) | (1) |
| Continuing operations | **113** | 126 | 105 |
| Discontinued operations - South Africa | **—** |  | 1 |
|  | **113** | 126 | 106 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **Cost of sales** | **Cost of sales** | **Cost of sales** |
| **US Dollars** | **2022** | 2021 | 2020 |
|  |  |  | Restated <sup>(8)</sup> |
| **Africa \*** <sup>(1)</sup> | **2004** | 1650 | 1702 |
| &nbsp;&nbsp;Kibali - Attributable 45% | **342** | 350 | 340 |
| &nbsp;&nbsp;Iduapriem | **314** | 238 | 280 |
| &nbsp;&nbsp;Obuasi | **266** | 164 | 164 |
| &nbsp;&nbsp;Siguiri | **488** | 410 | 377 |
| &nbsp;&nbsp;Geita | **594** | 488 | 542 |
| &nbsp;&nbsp;Administration and other | **—** |  | (1) |
| **Australia \*** | **783** | 740 | 705 |
| &nbsp;&nbsp;Sunrise Dam | **371** | 364 | 342 |
| &nbsp;&nbsp;Tropicana - Attributable 70% | **382** | 346 | 338 |
| &nbsp;&nbsp;Administration and other | **30** | 30 | 25 |
| **Americas \*** | **913** | 822 | 764 |
| &nbsp;&nbsp;Cerro Vanguardia | **273** | 261 | 269 |
| &nbsp;&nbsp;AngloGold Ashanti Mineração | **477** | 435 | 392 |
| &nbsp;&nbsp;Serra Grande | **162** | 123 | 101 |
| &nbsp;&nbsp;Administration and other | **1** | 3 | 2 |
| **Corporate and other** | **4** | (5) | (2) |
|  | **3704** | 3207 | 3169 |
| Equity-accounted joint ventures included above | **(342)** | (350) | (340) |
| Continuing operations | **3362** | 2857 | 2829 |
| Discontinued operations - South Africa | **—** |  | 287 |
|  | **3362** | 2857 | 3116 |

---

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **Gross profit (loss)** <sup>(2)</sup> | **Gross profit (loss)** <sup>(2)</sup> | **Gross profit (loss)** <sup>(2)</sup> |
| **US Dollars** | **2022** | 2021 | 2020 |
|  |  |  | Restated <sup>(8)</sup> |
| **Africa \*** <sup>(1)</sup> | **981** | 999 | 1239 |
| &nbsp;&nbsp;Kibali - Attributable 45% | **256** | 311 | 308 |
| &nbsp;&nbsp;Iduapriem | **130** | 124 | 206 |
| &nbsp;&nbsp;Obuasi | **165** | 41 | 55 |
| &nbsp;&nbsp;Siguiri | **103** | 135 | 76 |
| &nbsp;&nbsp;Geita | **327** | 388 | 593 |
| &nbsp;&nbsp;Administration and other | **—** |  | 1 |
| **Australia \*** | **188** | 153 | 286 |
| &nbsp;&nbsp;Sunrise Dam | **40** | 53 | 117 |
| &nbsp;&nbsp;Tropicana - Attributable 70% | **177** | 130 | 194 |
| &nbsp;&nbsp;Administration and other | **(29)** | (30) | (25) |
| **Americas \*** | **229** | 325 | 532 |
| &nbsp;&nbsp;Cerro Vanguardia | **122** | 111 | 157 |
| &nbsp;&nbsp;AngloGold Ashanti Mineração | **111** | 191 | 273 |
| &nbsp;&nbsp;Serra Grande | **(2)** | 26 | 104 |
| &nbsp;&nbsp;Administration and other | **(2)** | (3) | (2) |
| **Corporate and other** | **(9)** | 6 | (2) |
|  | **1389** | 1483 | 2055 |
| Equity-accounted joint ventures included above | **(256)** | (311) | (308) |
| Continuing operations | **1133** | 1172 | 1747 |
| Discontinued operations - South Africa | **—** |  | 83 |
|  | **1133** | 1172 | 1830 |

---

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **Amortisation** | **Amortisation** | **Amortisation** |
| **US Dollars** | **2022** | 2021 | 2020 |
|  |  |  | Restated <sup>(8)</sup> |
| **Africa \*** <sup>(1)</sup> | **367** | 268 | 354 |
| &nbsp;&nbsp;Kibali - Attributable 45% | **95** | 105 | 104 |
| &nbsp;&nbsp;Iduapriem | **80** | 19 | 74 |
| &nbsp;&nbsp;Obuasi | **40** | 22 | 11 |
| &nbsp;&nbsp;Siguiri | **50** | 47 | 41 |
| &nbsp;&nbsp;Geita | **102** | 75 | 124 |
| **Australia \*** <sup>(6)</sup> | **172** | 150 | 160 |
| &nbsp;&nbsp;Sunrise Dam | **54** | 60 | 64 |
| &nbsp;&nbsp;Tropicana - Attributable 70% | **117** | 88 | 94 |
| &nbsp;&nbsp;Administration and other | **1** | 2 | 2 |
| **Americas \*** | **185** | 161 | 163 |
| &nbsp;&nbsp;Cerro Vanguardia | **39** | 27 | 26 |
| &nbsp;&nbsp;AngloGold Ashanti Mineração | **106** | 108 | 109 |
| &nbsp;&nbsp;Serra Grande | **40** | 25 | 27 |
| &nbsp;&nbsp;Administration and other | **—** | 1 | 1 |
| **Corporate and other** | **4** | 3 | 2 |
|  | **728** | 582 | 679 |
| Equity-accounted joint ventures included above | **(95)** | (105) | (104) |
| Continuing operations | **633** | 477 | 575 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **Total assets** <sup>(3)(4)</sup> | **Total assets** <sup>(3)(4)</sup> | **Total assets** <sup>(3)(4)</sup> |
| **US Dollars** | **2022** | 2021 | 2020 |
|  |  | Restated <sup>(7)(9)</sup> | Restated <sup>(7)(9)</sup> |
| **Africa \*** <sup>(1)</sup> | **4083** | 4226 | 3989 |
| &nbsp;&nbsp;Kibali - Attributable 45% | **1063** | 1604 | 1604 |
| &nbsp;&nbsp;Iduapriem | **436** | 386 | 328 |
| &nbsp;&nbsp;Obuasi | **1268** | 1036 | 923 |
| &nbsp;&nbsp;Siguiri | **447** | 463 | 458 |
| &nbsp;&nbsp;Geita | **864** | 732 | 670 |
| &nbsp;&nbsp;Administration and other | **5** | 5 | 6 |
| **Australia \*** <sup>(6)</sup> | **960** | 1034 | 1044 |
| **Americas \*** | **1406** | 1573 | 1370 |
| &nbsp;&nbsp;Cerro Vanguardia | **514** | 491 | 456 |
| &nbsp;&nbsp;AngloGold Ashanti Mineração | **625** | 781 | 650 |
| &nbsp;&nbsp;Serra Grande | **228** | 252 | 189 |
| &nbsp;&nbsp;Administration and other | **39** | 49 | 75 |
| **Projects \*** <sup>(7)</sup> | **872** | 313 | 256 |
| &nbsp;&nbsp;Colombian projects | **244** | 211 | 176 |
| &nbsp;&nbsp;North American projects | **628** | 102 | 80 |
| **Corporate and other** | **751** | 854 | 1046 |
|  | **8072** | 8000 | 7705 |

---

F - 34

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **Non-current assets** <sup>(5)</sup> | **Non-current assets** <sup>(5)</sup> | **Non-current assets** <sup>(5)</sup> |
| **US Dollars** | **2022** | 2021 | 2020 |
|  |  | Restated <sup>(7)(9)</sup> | Restated <sup>(7)(9)</sup> |
| Non-current assets considered material, by country are: |  |  |  |
| South Africa | **40** | 61 | 59 |
| Foreign entities | **5767** | 5640 | 5086 |
| DRC | **1063** | 1604 | 1604 |
| Ghana | **1349** | 1191 | 948 |
| Tanzania | **594** | 510 | 425 |
| Australia | **758** | 806 | 849 |
| Brazil | **659** | 797 | 627 |
| North America | **617** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** |
| **US Dollars** | **2022** | 2021 | 2020 |
|  |  | Restated <sup>(7)</sup> | Restated <sup>(7)(8)</sup> |
| **Africa \*** <sup>(1)</sup> | **576** | 506 | 435 |
| &nbsp;&nbsp;Kibali - Attributable 45% | **90** | 72 | 52 |
| &nbsp;&nbsp;Iduapriem | **146** | 105 | 60 |
| &nbsp;&nbsp;Obuasi | **159** | 168 | 206 |
| &nbsp;&nbsp;Siguiri | **27** | 38 | 30 |
| &nbsp;&nbsp;Geita | **154** | 123 | 87 |
| **Australia \*** <sup>(6)</sup> | **202** | 185 | 143 |
| &nbsp;&nbsp;Sunrise Dam | **50** | 62 | 53 |
| &nbsp;&nbsp;Tropicana - Attributable 70% | **152** | 122 | 90 |
| &nbsp;&nbsp;Administration and other | **—** | 1 |  |
| **Americas \*** | **322** | 346 | 168 |
| &nbsp;&nbsp;Cerro Vanguardia | **66** | 69 | 31 |
| &nbsp;&nbsp;AngloGold Ashanti Mineração | **199** | 195 | 104 |
| &nbsp;&nbsp;Serra Grande | **57** | 82 | 33 |
| **Projects \*** <sup>(7)</sup> | **17** | 52 | 49 |
| &nbsp;&nbsp;Colombian projects | **16** | 52 | 49 |
| &nbsp;&nbsp;North American projects | **1** |  |  |
| **Corporate and other** | **1** | 11 |  |
| Continuing operations | **1118** | 1100 | 795 |
| Discontinued operations - South Africa | **—** |  | 35 |
|  | **1118** | 1100 | 830 |
| Equity-accounted joint ventures included above | **(90)** | (72) | (56) |
|  | **1028** | 1028 | 774 |

---

*• The operating segments continue to be presented per geographical region. The additional information disaggregated and disclosed for each mining operation has been provided by the Group to facilitate comparability of mine performance.*

<sup>(1)</sup> *Includes equity-accounted investments.*

<sup>(2)</sup> *The Group's segmental profit measure is gross profit (loss), which excludes the results of associates and joint ventures. For the reconciliation of gross profit (loss) to profit before taxation and discontinued operations, refer to the Group income statement.* 

<sup>(3)</sup> *Total assets include allocated goodwill of $105m (2021: $111m; 2020: $118m) for Australia and nil (2021: $8m; 2020: $8m) for Americas (note 15).* 

<sup>(4)</sup> *In 2022, the Group's pre-tax impairments and derecognition of assets of $308m were accounted for in Corporate and other of nil (2021: $1m; 2020: nil), Africa Region of $4m (2021: $4m; 2020: nil) and the Americas of $304m (2021: $1m; 2020: nil). In 2020, there was an impairment reversal of $17m in South Africa.*

<sup>(5)</sup> *Non-current assets exclude financial instruments, deferred tax assets and reimbursive right for post-retirement benefits.*

<sup>(6)</sup> *The Australia total assets include property, plant and equipment, cash, leased assets, inventory and others assets which the Group is unable to allocate and disaggregate on a reasonable basis between the different mining operations, as some of these assets represent shared assets between the mining operations within the Australia geographical region. The amortisation disaggregated segment disclosures only relate to property, plant and equipment which do not represent shared assets and for which the Group can disaggregate and allocate on a reasonable basis to the different mining operations within the geographical region.*

F - 35

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

<sup>(7)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new operating model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated.*

<sup>(8)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;The adoption of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022 resulted in a retrospective increase in gold income of $168m, cost of sales of $130m, amortisation of $5m, gross profit of $38m and capital expenditure of $38m for 31 December 2020 . Refer to note 1.*

<sup>(9)</sup> *The total asset balances for 31 December 2021 and 31 December 2020 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 "Property, Plant and Equipment - Proceeds before Intended Use" on 1 January 2022..Refer to note 1.*

**3&nbsp;&nbsp;&nbsp;&nbsp;REVENUE FROM PRODUCT SALES**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
|  |  |  | Restated |
| Revenue consists of the following principal categories: |  |  |  |
| Gold income (note 2) | **4388** | 3903 | 4490 |
| By-products (note 2) | **113** | 126 | 105 |
|  | **4501** | 4029 | 4595 |

---

**4&nbsp;&nbsp;&nbsp;&nbsp;COST OF SALES**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
|  |  |  | Restated |
| Cash operating costs | **2554** | 2160 | 2012 |
| Royalties | **185** | 162 | 181 |
| Other cash costs | **14** | 12 | 13 |
| Total cash costs | **2753** | 2334 | 2206 |
| Retrenchment costs | **6** | 2 | 2 |
| Rehabilitation and other non-cash costs | **—** | 38 | 32 |
| Amortisation of tangible assets (notes 30 and 34) | **551** | 411 | 526 |
| Amortisation of right of use assets (notes 14, 30 and 34) | **81** | 63 | 47 |
| Amortisation of intangible assets (notes 15, 30 and 34) | **1** | 3 | 2 |
| Inventory change | **(30)** | 6 | 14 |
|  | **3362** | 2857 | 2829 |

---

**5&nbsp;&nbsp;&nbsp;&nbsp;OTHER EXPENSE (INCOME)**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Care and maintenance | **—** | 45 |  |
| Governmental fiscal claims | **11** | 7 | 6 |
| Legacy TSF obligations | **(16)** | 9 | 14 |
| Pension and medical defined benefit | **7** | 7 | 8 |
| Royalty receivable impaired | **—** |  | 4 |
| Royalties received | **(2)** | (2) | (2) |
| Retrenchment and related costs | **—** | 18 |  |
| Legal fees and project costs | **15** | 10 | 9 |
| Refund from insurance claim | **—** |  | (5) |
| Other indirect taxes | **11** | 18 | 23 |
| Premium on settlement of bonds | **—** | 24 |  |
|  | **26** | 136 | 57 |

---

F - 36

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**6&nbsp;&nbsp;&nbsp;&nbsp;FINANCE COSTS AND UNWINDING OF OBLIGATIONS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Finance costs |  |  |  |
| Finance costs on bonds, bank loans and other | **102** | 109 | 124 |
| Amortisation of fees | **8** | 6 | 23 |
| Lease finance charges | **11** | 9 | 8 |
| Less: interest captalised | **(2)** | (14) | (17) |
|  | **119** | 110 | 138 |
| **Unwinding of obligations** | **30** | 6 | 39 |
| **Total finance costs and unwinding of obligations (notes 30 and 34)** | **149** | 116 | 177 |

---

*The interest included within finance costs is calculated at effective interest rates.*

**7&nbsp;&nbsp;&nbsp;&nbsp;SHARE OF ASSOCIATES AND JOINT VENTURES' PROFIT** 

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Revenue | **629** | 697 | 677 |
| Operating costs and other expenses | **(393)** | (370) | (353) |
| Profit on sale of joint ventures | **—** |  | 19 |
| Net interest received | **4** | 7 | 5 |
| Profit (loss) before taxation | **240** | 334 | 348 |
| Taxation | **(73)** | (85) | (70) |
| Profit (loss) after taxation | **167** | 249 | 278 |
| Impairment investment in joint ventures (note 17) | **(1)** |  |  |
| Share of associates and joint ventures' profit (loss) (note 30) | **166** | 249 | 278 |

---

**8&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE BENEFITS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Employee benefits including Executive Directors' and Prescribed Officers' salaries and other benefits | **650** | 593 | 644 |
| - current medical expenses | **17** | 25 | 23 |
| - defined benefit post-retirement medical expenses | **5** | 6 | 7 |
| - defined contribution | **20** | 20 | 25 |
| Retrenchment costs | **6** | 16 | 2 |
| Share-based payment expense (note 9) | **18** | 22 | 16 |
| **Included in cost of sales, other expenses and corporate administration, marketing and related expenses of continuing and discontinued operations** | **716** | 682 | 717 |

---

F - 37

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**9&nbsp;&nbsp;&nbsp;&nbsp;SHARE-BASED PAYMENTS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Equity-settled share incentive schemes** |  |  |  |
| Deferred Share Plan (DSP) | **18** | 22 | 14 |
| Other | **—** |  | 2 |
| **Total share-based payment expense (note 8)** | **18** | 22 | 16 |

---

**Equity-settled incentive schemes**

Previous equity schemes with outstanding awards exercisable include the Bonus Share Plan (BSP) and Long Term Incentive Plan (LTIP). The Deferred Share Plan (DSP) replaced all previous AngloGold Ashanti incentive schemes.

**Bonus Share Plan (BSP)**

---

| | | |
|:---|:---|:---|
| **Award date (unexercised awards)** | 2018 | 2018 |
| Calculated fair value | R | 119.14 |
| Vesting date 50% | 22 Feb 2019 | 22 Feb 2019 |
| Vesting date 50% | 22 Feb 2020 | 22 Feb 2020 |
| Expiry date | 22 Feb 2028 | 22 Feb 2028 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of shares** | **Number of shares** | **Number of shares** |
| | **2022** | 2021 | 2020 |
| Awards outstanding at beginning of year | **849683** | 1005977 | 2141415 |
| Awards lapsed during the year | **(3581)** |  |  |
| Awards exercised during the year | **(219580)** | (156294) | (1135438) |
| Awards outstanding and exercisable at end of year | **626522** | 849683 | 1005977 |

---

No cash awards were granted under the bonus share plan at year end 31 December 2022 (2021: nil; 2020: nil) and no cash awards vested or were deemed settled for the year ended 31 December 2022 (2021: nil; 2020: 12,295).

**Deferred Share Plan (DSP)**

The DSP was implemented with effect from 1 January 2018, with the first awards for the scheme allocated in March 2019. This represents a single scheme under which share awards will be allocated to certain employees from 2019 onwards, vesting equally over a period of 2, 3 and 5 years depending on the level of seniority of the participant.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Award date (unvested awards and awards vested during the year)** | **2022** | **2022** | 2021 | 2021 | 2020 | 2020 |
| Calculated fair value | **R** | **335.04** | R | 308.97 | R | 325.97 |
| <u>DSP 2 year</u> |  |  |  |  |  |  |
| Vesting date 50% | **24 Feb 2023** | **24 Feb 2023** | 24 Feb 2022 | 24 Feb 2022 | 25 Feb 2021 | 25 Feb 2021 |
| Vesting date 50% | **24 Feb 2024** | **24 Feb 2024** | 24 Feb 2023 | 24 Feb 2023 | 25 Feb 2022 | 25 Feb 2022 |
| <u>DSP 3 year</u> |  |  |  |  |  |  |
| Vesting date 33% | **24 Feb 2023** | **24 Feb 2023** | 24 Feb 2022 | 24 Feb 2022 | 25 Feb 2021 | 25 Feb 2021 |
| Vesting date 33% | **24 Feb 2024** | **24 Feb 2024** | 24 Feb 2023 | 24 Feb 2023 | 25 Feb 2022 | 25 Feb 2022 |
| Vesting date 34% | **24 Feb 2025** | **24 Feb 2025** | 24 Feb 2024 | 24 Feb 2024 | 25 Feb 2023 | 25 Feb 2023 |
| <u>DSP 5 year</u> |  |  |  |  |  |  |
| Vesting date 20% | **24 Feb 2023** | **24 Feb 2023** | 24 Feb 2022 | 24 Feb 2022 | 25 Feb 2021 | 25 Feb 2021 |
| Vesting date 20% | **24 Feb 2024** | **24 Feb 2024** | 24 Feb 2023 | 24 Feb 2023 | 25 Feb 2022 | 25 Feb 2022 |
| Vesting date 20% | **24 Feb 2025** | **24 Feb 2025** | 24 Feb 2024 | 24 Feb 2024 | 25 Feb 2023 | 25 Feb 2023 |
| Vesting date 20% | **24 Feb 2026** | **24 Feb 2026** | 24 Feb 2025 | 24 Feb 2025 | 25 Feb 2024 | 25 Feb 2024 |
| Vesting date 20% | **24 Feb 2027** | **24 Feb 2027** | 24 Feb 2026 | 24 Feb 2026 | 25 Feb 2025 | 25 Feb 2025 |
| Expiry date | **24 Feb 2032** | **24 Feb 2032** | 24 Feb 2031 | 24 Feb 2031 | 25 Feb 2030 | 25 Feb 2030 |

---

F - 38

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>** 

**Equity-settled incentive schemes** continued

---

| | | | |
|:---|:---|:---|:---|
| | **Number of shares** | **Number of shares** | **Number of shares** |
| | **2022** | 2021 | 2020 |
| Awards outstanding at beginning of year | **2692383** | 2289762 | 1599360 |
| Awards granted during the year | **793955** | 1185348 | 1176532 |
| Awards lapsed during the year | **(163697)** | (322814) | (155575) |
| Awards exercised during the year | **(839033)** | (459913) | (330555) |
| Awards outstanding at end of year | **2483608** | 2692383 | 2289762 |
| Awards exercisable at end of year | **693211** | 588694 | 183439 |

---

**Long Term Incentive Plan (LTIP)**

---

| | | |
|:---|:---|:---|
| **Award date (unexercised awards)** | **2015** | **2015** |
| Calculated fair value | R | 129.94 |
| Vesting date | 3 Mar 2018 | 3 Mar 2018 |
| Expiry date | 3 Mar 2025 | 3 Mar 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of shares** | **Number of shares** | **Number of shares** |
| | **2022** | 2021 | 2020 |
| Awards outstanding at beginning of year | **109229** | 111562 | 229639 |
| Awards exercised during the year | **(46521)** | (2333) | (118077) |
| Awards outstanding and exercisable at end of year | **62708** | 109229 | 111562 |

---

F - 39

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**10&nbsp;&nbsp;&nbsp;&nbsp;TAXATION**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **US Dollars** | **US Dollars** | **US Dollars** |
|  | **2022** | 2021 | 2020 |
| South African taxation |  |  |  |
| &nbsp;&nbsp;&nbsp;Normal taxation | **1** |  | 1 |
| &nbsp;&nbsp;&nbsp;Prior year under (over) provision | **1** | (1) |  |
| &nbsp;&nbsp;&nbsp;Deferred taxation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other temporary differences | **—** |  | 74 |
|  | **2** | (1) | 75 |
| Foreign taxation |  |  |  |
| &nbsp;&nbsp;&nbsp;Normal taxation | **198** | 252 | 553 |
| &nbsp;&nbsp;&nbsp;Prior year under (over) provision | **31** | (3) | 8 |
| &nbsp;&nbsp;&nbsp;Deferred taxation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary differences | **(7)** | 52 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior year under (over) provision | **4** | 4 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and disposal of tangible assets | **(58)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in estimate | **3** | 6 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in statutory tax rate | **—** | 2 |  |
|  | **171** | 313 | 550 |
|  | **173** | 312 | 625 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **US Dollars** | **US Dollars** | **US Dollars** |
| **Reconciliation to South African statutory rate** | **2022** | 2021 | 2020 |
| Implied tax charge at 28% | **137** | 268 | 445 |
| *Increase (decrease) due to:* |  |  |  |
| Expenses not tax deductible<sup>(1)</sup> | **84** | 22 | 29 |
| Share of associates and joint ventures' profit | **(46)** | (70) | (78) |
| Tax rate differentials<sup>(2)</sup> and withholding taxes<sup>(3)</sup> | **25** | 54 | 96 |
| Exchange variations and translation adjustments | **—** | 6 | 28 |
| Deferred tax assets recognised at Obuasi | **(56)** |  | (6) |
| *Current year tax losses (expense) not recognised:* |  |  |  |
| &nbsp;&nbsp;&nbsp;Obuasi | **(50)** | 6 |  |
| &nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings plc | **24** | 25 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | **22** | 13 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siguiri <sup>(4)</sup> | **(27)** | (37) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;SA Corporate | **20** | 18 |  |
| Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change | **3** | 6 | (14) |
| Tax effect of retained SA items | **—** |  | 16 |
| Tax allowances | **—** |  | (1) |
| Derecognition of deferred tax assets | **—** |  | 78 |
| Impact of statutory tax rate change | **—** | 2 |  |
| Adjustment in respect of prior years<sup>(5)</sup> | **36** |  | 2 |
| Other | **1** | (1) | 3 |
| **Income tax expense** | **173** | 312 | 625 |

---

<sup>(1)</sup> *Includes non-deductible corporate, legal, project, exploration and rehabilitation costs, impairments in Brazil and British Virgin Isle group losses.*

<sup>(2)</sup> *Due to different tax rates in various jurisdictions, primarily Tanzania, Ghana, Guinea, Australia, Brazil and Argentina.*

<sup>(3)</sup> *Withholding taxes on dividends paid.*

<sup>(4)</sup> *Siguiri current tax expense not recognised due to tax holiday.*

<sup>(5)</sup> *Includes $34m provided in Colombia in 2022.*

*.*

F - 40

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**10&nbsp;&nbsp;&nbsp;&nbsp;TAXATION** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **US Dollars** | **US Dollars** | **US Dollars** |
|  | **2022** | 2021 | 2020 |
| **Analysis of unrecognised deferred tax assets** |  |  |  |
| Available to be utilised against future profits |  |  |  |
| - utilisation required within one year | **107** | 54 | 62 |
| - utilisation required between one and two years | **100** | 177 | 54 |
| - utilisation required between two and five years | **1350** | 1339 | 352 |
| - utilisation required between five and twenty years | **956** | 989 | 1002 |
| - utilisation in excess of twenty years | **588** | 449 | 421 |
|  | **3101** | 3008 | 1891 |

---

At the statutory tax rates the unrecognised value of deferred tax assets is: $857m (2021: $834m; 2020: $487m), mainly relating to tax losses incurred in the United Kingdom, North America, Ghana, Colombia and South Africa. Unutilised capital allowances in Ghana of $132m (2021:$1bn) were converted into tax losses. The losses are forfeited if not utilised within five years.

On 23 February 2022, the South African finance minister announced a change in corporate tax rate from 28% to 27% for companies with years of assessment ending on or after 31 March 2023. Unrecognised deferred tax assets in South Africa was calculated at 27%. The tax rate change resulted in a $4m decrease within the South African unrecognised deferred tax assets.

**Income tax uncertainties**

AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with local government, and others are defined by the general corporate income tax laws of the country. The Group has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. In some jurisdictions, tax authorities are yet to complete their assessments for previous years. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Group is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the tax authorities over the interpretation or application of certain rules in respect of the Group's business conducted within the country involved. Significant judgement is required in determining the worldwide provisions for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.

Irrespective of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included below, to the extent that disclosure does not prejudice the Group.

**Argentina - Cerro Vanguardia SA**

The Argentina Tax Authority has challenged the deduction of certain hedge losses, with tax and penalties amounting to $4m (2021: $7m; 2020: $8m). Management has appealed this matter which has been heard by the Tax Court, with final evidence submitted in 2017. The matter is pending and judgement is expected in the next 24 months as at 31 December 2022. Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made.

**Brazil - AGA Mineração and Serra Grande**

The Brazil Tax Authority has challenged various aspects of the companies' tax returns for periods from 2005 to 2016 which individually and in aggregate are not considered to be material. Based on engagement with the Brazil Tax Authority, certain amounts have been allowed and assessments reduced, whilst objections have been lodged against the remainder of the findings. In December 2019, Serra Grande received a tax assessment of $23m (2021: $19m; 2020: $20m) relating to the amortisation of goodwill on the acquisition of mining interests, which is permitted as a tax deduction when the acquirer is a domiciled entity. Management is of the opinion that the Brazil Tax Authority is unlikely to succeed in this matter. This is supported by external legal advice and therefore no provision has been made.

**Colombia - La Colosa and Gramalote**

The tax treatment of exploration expenditure has been challenged by the Colombian Tax Authority which resulted in claims for taxes and penalties of $42m<sup>(1)</sup> (2021: $74m; 2020: $86m) pertaining to the 2010 to 2014 tax years.

These assessments were appealed in 2016 (in the case of La Colosa) and resulted in adverse judgements in the Administrative Court of Cundinamarca in 2018, which were subsequently appealed by AngloGold Ashanti. The deduction of exploration costs is prohibited from 2017 onwards following a change in legislation. Subsequent to this date, exploration costs have been treated in accordance with the amended legislation. In July 2019, the Supreme Administrative Court issued a ruling that duplicate penalties may not be charged. The impact of the ruling is that certain penalties were waived.

During November 2022, the Supreme Administrative Court issued final rulings on the tax treatment of exploration expenditure pertaining to the 2010 and 2011 tax years, partially allowing the AngloGold Ashanti tax claims as submitted. The rulings, which included tax and interest, cannot be appealed and resulted in tax liabilities of $34 million being provided for in 2022. The Court fully waived penalties for the 2010 and 2011 tax years which were originally assessed, to the value of $70m (2021: $48m; 2020: $76m). Penalties of $8m pertaining to the 2013 and 2014 tax years was not recognised as a provision in 2022 and is considered to be contingent, awaiting judgement from the Courts. A revised tax reform was adopted on 16 December 2022 in Colombia, which may lead to a reduction in interest charged on the 2010 and 2011 tax years. In February 2023, the Company paid $25m, which included a reduction of $6m in interest under the tax reform, in full settlement of the 2011 tax and equity tax claims. The final court ruling in respect of the 2010 tax year is awaited.

F - 41

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**10&nbsp;&nbsp;&nbsp;&nbsp;TAXATION** (continued)

<sup>(1)</sup> *After reduction of overall exposure by $70m (2021: $48m; 2020: $76m) as described above.*

**Ghana - Iduapriem**

The Ghana Revenue Authority completed a tax audit during the third quarter of 2020 for the 2018 year of assessment claiming a tax liability of $14m at the time (2021:$14m; 2020: $15m). The claim related to corporate income taxes, where certain business expenses have been disallowed as a deduction for tax purposes. Management filed an objection to the assessment in September 2020 and a tax appeal with the High Court during the fourth quarter of 2021. An out of court settlement was reached with the Ghana Revenue Authority during the fourth quarter of 2022, whereby the corporate income tax claims were withdrawn, at no cost to Iduapriem.

**Guinea - Siguiri**

The Guinea Tax Authority has challenged certain aspects of Société AngloGold Ashanti de Guinée S.A.'s tax return for the 2010 year of assessment totalling $8m (attributable) (2021: $8m (attributable); 2020: $8m (attributable)). Management has objected to the assessment. However, provision has been made for a portion of the total claims amounting to $2m (attributable) (2021: $2m (attributable); 2020: $2m (attributable)). A meeting was held in February 2022 under the Minister of Budget Tax advisor's chairmanship, calling for the formation of a tripartite committee to review the claim and resolve the issue. Members from government were appointed to the committee, but no meetings were held in 2022.

**Mali – Yatela and AGA Mali Services**

The Mali Tax Authority has challenged various aspects of Société des Mines de Yatela S.A. and Société AngloGold Ashanti Mali S.A.'s tax returns for periods of 2012 to 2019 totalling $4m (attributable) (2021: $4m (attributable); 2020: $1m (attributable)). Management is of the opinion that the Mali Tax Authority is unlikely to succeed in the tax matters and therefore no provision has been made.

**Tanzania - Geita Gold Mine**

The Tanzania Revenue Authority has raised audit findings on various tax matters for years from 2009 to 2021 amounting to $318m (2021: $291m; 2020: $254m) including adjusted tax assessments relating to the 2020 and 2021 tax years, which were received in June 2022 and September 2022 totalling $28 million. In addition, the Tanzania Revenue Authority has issued Agency Notices on various local bank accounts of the Company in Tanzania, enforcing payments from those bank accounts, despite the matters being on appeal. In order to continue operating its bank accounts and to not impact operations, Geita made payments under protest for which a receivable of $24m (2021: $25m) was raised. Management has objected and appealed through various levels of the administrative processes. Management has obtained external legal advice and is of the opinion that the claims of the Tanzania Revenue Authority are unlikely to succeed.

In addition, it should be noted that amendments passed to Tanzanian legislation in 2017 amended the 2010 Mining Act and new Finance Act. Effective from 1 July 2017, the gold mining royalty rate increased to 6% (from 4%) and further a 1% clearing fee on the value of all minerals exported was imposed. The Group has been paying the higher royalty and clearing fees since this date, under protest, and is of the view that this is in contravention of its Mining Development Agreement.

F - 42

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**11&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS (LOSS) PER ORDINARY SHARE**

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | 2021 | |
| | | | 2020<br>Restated |
| | **US cents per share** | **US cents per share** | **US cents per share** |
| **Basic earnings (loss) per ordinary share** | **71** | 148 | 236 |
| **- Continuing operations** | **71** | 148 | 234 |
| The calculation of basic earnings per ordinary share is based on profits attributable to equity shareholders of $297m (2021: $622m; 2020: restated $984m) and 420,197,062 (2021: 419,755,627; 2020: 419,033,516) shares being the weighted average number of ordinary shares in issue during the financial year. |  |  |  |
| **- Discontinued operations** | **—** |  | 2 |
| The calculation of basic earnings per ordinary share is based on profits attributable to equity shareholders of nil (2021: nil; 2020: $7m) and 420,197,062 (2021: 419,755,627; 2020: 419,033,516) shares being the weighted average number of ordinary shares in issue during the financial year. |  |  |  |
| **Diluted earnings (loss) per ordinary share** | **71** | 148 | 236 |
| **- Continuing operations** | **71** | 148 | 234 |
| The calculation of diluted earnings per ordinary share is based on profits attributable to equity shareholders of $297m (2021: $622m; 2020: restated $984m) and 420,869,866 (2021: 420,056,703; 2020: 419,481,450) shares being the diluted number of ordinary shares. |  |  |  |
| **- Discontinued operations** | **—** |  | 2 |
| The calculation of diluted earnings per ordinary share is based on profits attributable to equity shareholders of nil (2021: nil; 2020: $7m) and 420,869,866 (2021: 420,056,703; 2020: 419,481,450) shares being the weighted average number of ordinary shares in issue during the financial year. |  |  |  |

---

In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration:

---

| | | | |
|:---|:---|:---|:---|
| | **Number of shares** | **Number of shares** | **Number of shares** |
| | **2022** | 2021 | 2020 |
| Ordinary shares | **418260476** | 417272178 | 416399307 |
| Fully vested options and currently exercisable<sup>(1)</sup> | **1936586** | 2483449 | 2634209 |
| Weighted average number of shares | **420197062** | 419755627 | 419033516 |
| Dilutive potential of share options | **672804** | 301076 | 447934 |
| Diluted weighted average number of ordinary shares | **420869866** | 420056703 | 419481450 |

---

<sup>(1)</sup> *Employee compensation awards are included in basic earnings per share from the date that all necessary conditions have been satisfied and it is virtually certain that shares will be issued as a result of employees exercising their options.*

F - 43

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**11&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS (LOSS) PER ORDINARY SHARE** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
|  |  |  | Restated |
| **Headline earnings (loss)** <sup>(4)</sup> |  |  |  |
| The profit (loss) attributable to equity shareholders was adjusted by the following to arrive at headline earnings (loss): |  |  |  |
| Profit (loss) attributable to equity shareholders from continuing and discontinued operations | **297** | 622 | 991 |
| Impairment loss on investment in joint venture <sup>(1)</sup> | **1** |  |  |
| Net (impairment reversal) impairment on held for sale assets <sup>(1)</sup> | **—** |  | (17) |
| Impairment on property, plant and equipment and right of use asset <sup>(1)</sup> | **304** | 2 |  |
| Taxation on impairment on property, plant and equipment and right of use asset | **(58)** |  |  |
| Derecognition of assets <sup>(1)</sup> | **4** | 4 |  |
| Loss on disposal of discontinued operations | **—** |  | 80 |
| Taxation on loss on disposal of discontinued operations | **—** |  | 1 |
| Profit on sale of joint ventures <sup>(1)</sup> | **—** |  | (19) |
| Net (profit) loss on disposal of tangible assets | **(4)** | (17) | 2 |
| Taxation on net (profit) loss on disposal of assets | **—** | 1 |  |
|  | **544** | 612 | 1038 |
|  | **US Cents** | **US Cents** | **US Cents** |
| **Headline earnings** |  |  |  |
| Headline earnings per ordinary share <sup>(2)</sup> | **129** | 146 | 248 |
| Diluted headline earnings per ordinary share <sup>(3)</sup> | **129** | 146 | 247 |

---

<sup>(</sup><sup>1</sup><sup>)</sup> *Tax effect has not been disclosed as the tax is less than $1m or $nil.*

<sup>(2)</sup> *Calculated on the basic weighted average number of ordinary shares.*

<sup>(3)</sup> *Calculated on the diluted weighted average number of ordinary shares.* 

<sup>(4)</sup> *Headline earnings and headline earnings per share disclosure has been included due to Johannesburg Stock Exchange requirements.*

**12&nbsp;&nbsp;&nbsp;&nbsp;DIVIDENDS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Ordinary shares** |  |  |  |
| Dividend number 121 of 165 SA cents per share was declared on 21 February 2020 and paid on 27 March 2020 (9 US cents per share). |  |  | 38 |
| Dividend number 122 of 705 SA cents per share was declared on 22 February 2021 and paid on 26 March 2021 (48 US cents per share). |  | 199 |  |
| Dividend number 123 of 87 SA cents per share was declared on 6 August 2021 and paid on 10 September 2021 (6 US cents per share) |  | 25 |  |
| Dividend number 124 of 217 SA cents per share was declared on 22 February 2022 and paid on 25 March 2022 (15 US cents per share) | **62** |  |  |
| Dividend number 125 of 493 SA cents per share was declared on 5 August 2022 and paid on 9 September 2022 (28 US cents per share) | **119** |  |  |
|  | **181** | 224 | 38 |

---

F - 44

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**13&nbsp;&nbsp;&nbsp;&nbsp;TANGIBLE ASSETS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in millions** | **Mine<br>development<br>costs** | **Mine<br>infrastructure** | **Mineral<br>rights<br>and<br>dumps** | **Exploration<br>and<br>evaluation<br>assets** | **Assets<br>under<br>construction** | **Land and**<br>**buildings**<sup>(3)</sup> | **Total** |
| **US Dollars** | | | | | | | |
| **Cost** | | | | | | | |
| Balance at 1 January 2020 Restated <sup>(1)</sup> | 5001 | 3776 | 881 | 7 | 400 | 66 | 10131 |
| Additions |  |  |  |  |  |  |  |
| - project capital | 64 |  |  | 1 | 284 | 20 | 369 |
| - stay-in-business capital | 180 | 8 | 1 |  | 179 | 2 | 370 |
| Finance costs capitalised <sup>(4)</sup> |  |  |  |  | 17 |  | 17 |
| Disposals | (1) | (26) |  |  |  |  | (27) |
| Transfers and other movements <sup>(2)</sup> | (1076) | 186 | (699) | 2 | (320) | 24 | (1883) |
| Translation | 157 | 9 | 5 | (1) | 6 |  | 176 |
| **Balance at 31 December 2020 Restated** <sup>(1)</sup> | 4325 | 3953 | 188 | 9 | 566 | 112 | 9153 |
| **Accumulated amortisation and impairments** |  |  |  |  |  |  |  |
| Balance at 1 January 2020 | 3866 | 2803 | 846 | 4 | 25 |  | 7544 |
| Amortisation for the year | 345 | 179 | 5 | 1 |  |  | 530 |
| Disposals | (1) | (25) |  |  |  |  | (26) |
| Transfers and other movements <sup>(2)</sup> | (1208) | (33) | (699) |  |  |  | (1940) |
| Translation | 117 | 6 | 4 |  | 1 |  | 128 |
| **Balance at 31 December 2020 Restated** <sup>(1)</sup> | 3119 | 2930 | 156 | 5 | 26 |  | 6236 |
| **Net book value at 31 December 2020** | 1206 | 1023 | 32 | 4 | 540 | 112 | 2917 |
| **Cost** |  |  |  |  |  |  |  |
| Balance at 1 January 2021 Restated <sup>(1)</sup> | 4325 | 3953 | 188 | 9 | 566 | 112 | 9153 |
| Additions |  |  |  |  |  |  |  |
| - project capital | 68 |  |  | 5 | 300 | 19 | 392 |
| - stay-in-business capital | 274 | 17 |  |  | 344 |  | 635 |
| Finance costs capitalised <sup>(4)</sup> |  |  |  |  | 14 |  | 14 |
| Disposals | (2) | (23) |  |  |  | (5) | (30) |
| Transfers and other movements <sup>(2)</sup> | 140 | (207) |  | (2) | (320) |  | (389) |
| Translation | (107) | (6) | (3) |  | (5) |  | (121) |
| **Balance at 31 December 2021 Restated** <sup>(1)</sup> | 4698 | 3734 | 185 | 12 | 899 | 126 | 9654 |
| **Accumulated amortisation and impairments** |  |  |  |  |  |  |  |
| Balance at 1 January 2021 | 3119 | 2930 | 156 | 5 | 26 |  | 6236 |
| Amortisation for the year | 243 | 166 | 6 | 2 |  |  | 417 |
| Impairment and derecognition of assets<sup>(5)</sup> |  | 6 |  |  |  |  | 6 |
| Disposals | (1) | (22) |  |  |  |  | (23) |
| Transfers and other movements<sup>(2)</sup> | (79) | (311) |  |  |  |  | (390) |
| Translation | (78) | (4) | (3) |  |  |  | (85) |
| **Balance at 31 December 2021** | 3204 | 2765 | 159 | 7 | 26 |  | 6161 |
| **Net book value at 31 December 2021** | 1494 | 969 | 26 | 5 | 873 | 126 | 3493 |

---

F - 45

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**13&nbsp;&nbsp;&nbsp;&nbsp;TANGIBLE ASSETS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in millions** | **Mine<br>development<br>costs** | **Mine<br>infrastructure** | **Mineral<br>rights<br>and<br>dumps** | **Exploration<br>and<br>evaluation<br>assets** | **Assets<br>under<br>construction** | **Land and**<br>**buildings**<sup>(3)</sup> | **Total** |
| **US Dollars** | | | | | | | |
| **Cost** | | | | | | | |
| **Balance at 1 January 2022** | **4698** | **3734** | **185** | **12** | **899** | **126** | **9654** |
| Additions |  |  |  |  |  |  |  |
| - project capital | **121** | **—** | **—** | **1** | **255** | **1** | **378** |
| - stay-in-business capital | **286** | **8** | **—** | **—** | **355** | **1** | **650** |
| Finance costs capitalised <sup>(4)</sup> | **—** | **—** | **—** | **—** | **2** | **—** | **2** |
| Acquisition of assets <sup>(5)</sup> |  |  | 614 |  |  |  | **614** |
| Disposals | **(2)** | **(14)** | **—** | **—** | **—** | **—** | **(16)** |
| Transfers and other movements<sup>(2)</sup> | **290** | **379** | **—** | **(1)** | **(753)** | **1** | **(84)** |
| Translation | **(120)** | **(8)** | **(4)** | **—** | **(1)** | **—** | **(133)** |
| **Balance at 31 December 2022** | **5273** | **4099** | **795** | **12** | **757** | **129** | **11065** |
| **Accumulated amortisation and impairments** |  |  |  |  |  |  |  |
| Balance at 1 January 2022 | **3204** | **2765** | **159** | **7** | **26** | **—** | **6161** |
| Amortisation for the year | **374** | **174** | **8** | **1** | **—** | **—** | **557** |
| Impairment and derecognition of assets<sup>(6)</sup> | **109** | **149** | **16** | **—** | **—** | **8** | **282** |
| Disposals | **(1)** | **(14)** | **—** | **—** | **—** | **—** | **(15)** |
| Transfers and other movements<sup>(2)</sup> | **(11)** | **(23)** | **—** | **—** | **—** | **—** | **(34)** |
| Translation | **(86)** | **(5)** | **(3)** | **(1)** | **—** | **—** | **(95)** |
| **Balance at 31 December 2022** | **3589** | **3046** | **180** | **7** | **26** | **8** | **6856** |
| **Net book value at 31 December 2022** | **1684** | **1053** | **615** | **5** | **731** | **121** | **4209** |

---

<sup>(1)</sup> *The tangible asset cost for 31 December 2020 and 31 December 2021 has been retrospectively restated and increased by $33m due to the initial application of the amendment of IAS 16 "Property, Plant and Equipment - Proceeds before intended use" on 1 January 2022. Refer to note 1.*

<sup>(2)</sup> *Transfers and other movements include amounts from deferred stripping, changes in estimates of decommissioning assets, asset reclassifications and initial recognition of joint operation share of property, plant and equipment.*

<sup>(3)</sup> *Assets of $7m (2021: $6m; 2020: $7m) have been pledged as security.*

<sup>(4)</sup> *The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation was 4.53% (2021: 4.96%; 2020: 4.52%)*

<sup>(5)</sup> *Corvus Gold*

*On 18 January 2022, AngloGold Ashanti announced the successful completion of the previously announced plan of arrangement with Corvus Gold Inc. ("Corvus Gold"), pursuant to which AngloGold Ashanti agreed to acquire the remaining 80.5% of common shares of Corvus Gold, not already owned by AngloGold Ashanti. On acquisition, AngloGold Ashanti obtained control over Corvus Gold.* 

*Under the terms of the arrangement, the shareholders of Corvus Gold (other than the AngloGold Ashanti Group) received C$4.10 in cash per Corvus Gold share. The acquisition was concluded to represent an asset acquisition under IFRS.*

*The total consideration was $460m, including a non-cash consideration of $95m. The non-cash consideration primarily represents the fair value of $80m of the 19.5% Corvus Gold investment held by the Group prior to the acquisition of the 80.5%, and previously accounted for as an equity investment at fair value through OCI. The cash consideration paid, including transaction costs, at an exchange rate of C$1.26/$, amounted to $365m.* 

*The Company has completed its analysis to assign fair values to all identifiable assets acquired and liabilities assumed. In accordance with asset acquisition accounting, the Company has allocated the total purchase consideration to these identifiable assets based on their relative fair values at the date of the acquisition to mineral rights and dumps of $460m.*

*Coeur Sterling*

*On 4 November 2022, AngloGold Ashanti announced the successful completion of its previously announced plan to acquire all of the shares of Coeur Sterling, Inc. ("Coeur Sterling"), a wholly owned subsidiary of Coeur Mining, Inc. ("Coeur").*

*Under the terms of the arrangement, AngloGold Ashanti paid the closing consideration of $150m to Coeur in cash.* 

*Coeur estimated that the properties acquired by AngloGold Ashanti have a Mineral Resource of 914,000oz. The payment of $50m additional consideration is contingent on whether after additional exploration activities, AngloGold Ashanti declares a Mineral Resource from these properties that is greater than 3.5Moz. The additional exploration activities have not yet been performed by the Group.*

*The acquisition was concluded to represent an asset acquisition under IFRS. The Company has completed its analysis to assign fair values to all identifiable assets acquired and liabilities assumed. In accordance with asset acquisition accounting, the Company has allocated the total purchase consideration to these identifiable assets based on their relative fair values at the date of the acquisition to mineral rights and dumps of $154m and rehabilitation provisions of $2m.*

<sup>(6)</sup> *Impairment of assets is assessed as follows:*

F - 46

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**13&nbsp;&nbsp;&nbsp;&nbsp;TANGIBLE ASSETS** (continued)

**Impairment calculation assumptions as at 31 December 2022 - goodwill, tangible and intangible assets**

Management assumptions for the value in use of tangible assets and goodwill include:

• the gold price assumption represents management's best estimate of the future price of gold. A long-term real gold price of $1,731/oz (2021: $1,599/oz; 2020:$1,450/oz) is based on a range of economic and market conditions that will exist over the remaining useful life of the assets.

Annual life of mine plans take into account the following:

• Proven and Probable Mineral Reserve;

• value beyond Proven and Probable Mineral Reserve (including exploration potential) determined using the gold price assumption referred to above;

• In determining the impairment for each cash generating unit, the real post-tax rate was derived from the weighted average cost of capital (WACC) using the Capital Asset Pricing Model (CAPM) to determine the required return on equity with risk factors consistent with the basis used in 2021. In determining the WACC for each cash generating unit, sovereign and mining risk factors are considered to determine country specific risks. In certain instances, a specific risk premium was added to large projects being undertaken or the turnaround nature of a specific mine to address uncertainties in the forecast of the cash flows;

• foreign currency cash flows translated at estimated forward exchange rates and then discounted using appropriate discount rates for that currency;

• cash flows used in impairment calculations are based on life of mine plans which range from 5 years to 29 years; and

• variable operating cash flows are increased at local Consumer Price Index rates.

**Córrego do Sítio (CdS)**

CdS is owned and operated by AngloGold Ashanti Mineração (AGA Mineração) in Brazil. The CdS mining complex has been in operation since 1989 and consists of open pit and underground mines. The property is currently in a production stage. In line with AngloGold Ashanti's reinvestment strategy, management has taken a decision during the third quarter of 2022 to carve out the underperforming complex of CdS from the AGA Mineração CGU and to investigate alternative strategic options including either to sell the complex, place the complex under care and maintenance, close the complex or to consider additional capital expenditure to regain profitability of the complex. After the strategic review of CdS, the Company has elected to retain CdS. This decision resulted in the disaggregation of the AGA Mineração CGU into two separate CGUs, being the CdS mining complex CGU and the Cuiabá mining complex CGU.

As a result of these impairment indicators, the recoverable amount for the CdS mining complex CGU was determined not to support its carrying values as at 30 September 2022 and an impairment loss of $151m ($189m gross of taxes) was recognised and included in the Americas segment. The disaggregation of CGUs did not have an impact on reportable segments in terms of IFRS 8 Operating Segments as disclosed in the segmental reporting. The recoverable amount of $5m was determined with reference to the CGU's value in use derived from a discounted cash flow model, using a discount rate of 8.5% compared to the CGU's carrying amount of $156m.

**Cuiabá**

Cuiabá is owned and operated by AGA Mineração in Brazil. It has been in operation since 1834 and is an underground mine. The property is currently in the production stage. The Cuiabá mining complex CGU, which was disaggregated from the AGA Mineração CGU, recognised an impairment loss of $57m ($70m gross of taxes). This was largely due to the suspension of filtered tailings deposition on the Calcinados Tailings Storage Facility (TSF) and processing of gold concentrate at the Queiroz plant in December 2022 (with both servicing the Cuiabá mining complex), pending completion of additional buttressing to align the TSF's post liquefaction factor of safety with international standards currently considered best practice.

The recoverable amount of $304m (compared to the CGU's carrying amount of $361m) was determined with reference to the CGU's value in use which requires the use of estimates. The impairment result was derived from a discounted cash flow model and a discount rate of 8.5%.

Management modelled various scenarios, which included a combination of reasonably possible changes in key assumptions, to determine the impact on the recoverable amount. The impairment assessment required significant judgement and estimation uncertainty. The impairment loss was recognised and included in the Americas segment.

**Serra Grande**

Mineração Serra Grande ("Serra Grande") is wholly owned by AngloGold Ashanti and is located in the northwest of Goiás State, central Brazil. It has been in operation since 1986 and consists of three underground and two open pit mines. The property is currently in the production stage. The Serra Grande CGU recognised an impairment loss of $38m ($45m gross of taxes) during December 2022 largely due to a projection of lower grades and ounces and an increase in the interest rates driven by global inflation and country risk which resulted in an increased discount rate. The recoverable amount of $128m was determined with reference to the CGU's value in use derived from a discounted cash flow model, using a discount rate of 8.5% (Dec 2021: 5.6%) compared to the CGU's carrying amount of $166m. The impairment loss was recognised and included in the Americas segment.

F - 47

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**13&nbsp;&nbsp;&nbsp;&nbsp;TANGIBLE ASSETS** (continued)

**Impairment Allocation:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Generating Unit** | **Mine Development Cost** | **Mine Infrastructure** | **Mineral Rights and Dumps** | **Land and buildings** | **Total Tangible Asset<br>Impairment** | **Goodwill** | **Right of use assets** | **Total Impairment** |
| **Figures in millions - US Dollars** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| Córrego do Sítio | **58** | **98** | **16** | **6** | **178** | **—** | **11** | **189** |
| Cuiabá | **34** | **30** | **—** | **1** | **65** | **—** | **5** | **70** |
| Serra Grande | **17** | **18** | **—** | **1** | **36** | **8** | **1** | **45** |
|  | **109** | **146** | **16** | **8** | **279** | **8** | **17** | **304** |

---

**Sensitivity analysis - Impairment**

---

| | | | |
|:---|:---|:---|:---|
| **Sensitivity analysis - Impairment** | **Cuiabá** | **Córrego do Sítio** | **Serra Grande** |
| **Figures in millions - US Dollars** | **2022** | **2022** | **2022** |
| Assumed gold price and discount rate have a significant impact on the recoverable amount. A 1% change in the gold price and 1% absolute movement (discount rate) would have the following impact: |  |  |  |
| Effect of increase in assumption: |  |  |  |
| 1% change in gold price | **17** | **6** | **7** |
| 1% absolute movement in discount rate | **(21)** | **(2)** | **(6)** |
| Effect of decrease in assumption: |  |  |  |
| 1% change in gold price | **(17)** | **(6)** | **(7)** |
| 1% absolute movement in discount rate | **23** | **2** | **7** |
| Assumed cash flows have a significant impact on the recoverable amount of Cuiabá. <sup>(1)</sup> A one- and three-month delay in the net cash flows would have the following impact: |  |  |  |
| Effect of change in cash flow assumption: |  |  |  |
| One month movement in cash flows | **(4)** |  |  |
| Three month movement in cash flows | **(13)** |  |  |

---

<sup>(1)</sup> A risk assessment conducted in December 2022, with oversight from external consultants, as required by Brazilian regulations, concluded that additional buttressing should be completed at the Calcinados TSF (receiving material from the Cuiabá CGU) to align the TSF's post liquefaction factor of safety with international standards currently considered best practice. Construction at the Calcinados TSF is expected to begin later in 2023, and the timeline for completion will be determined once the engineering and geotechnical work has been completed by external consultants. Tailings deposition at the Calcinados TSF, as well as processing of gold concentrate at the Queiroz plant, which services the Cuiabá mine complex, is suspended until additional buttressing of the Calcinados TSF impoundment is complete. The extent and timing of the work requires significant estimation and judgement and management's assumptions may ultimately differ from the actual outcome.

Management modelled various scenarios, which included a combination of reasonably possible changes in key assumptions, to determine the impact on the recoverable amount. Key areas of estimation uncertainty include gold price sensitivities (as disclosed above) and projected timelines of completion of the structural improvements, where such delays could lead to loss of production. Additionally, management's assumptions for future cash flows include an estimate of costs that the Company expect to incur including capital expenditure as well as incremental revenue and costs related to potential gold concentrate sales. For a change in each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to measure the recoverable amount because these assumptions and others used in impairment testing are inextricably linked.

F - 48

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**14 RIGHT OF USE ASSETS AND LEASE LIABILITIES**

The Group leases various assets including buildings, plant and equipment and vehicles. The Group's lease obligations are secured by the lessors' title to the leased assets for such leases.

**RIGHT OF USE ASSETS**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions - US Dollars** | **Mine Infra-<br>structure** | **Land and<br>buildings** | **Total** |
| **Cost** | | | |
| Balance at 1 January 2020 | 209 | 24 | 233 |
| Additions | 23 |  | 23 |
| Derecognition and other movements <sup>(1)</sup> | (13) | 1 | (12) |
| Translation | 14 | (1) | 13 |
| **Balance at 31 December 2020** | 233 | 24 | 257 |
| **Accumulated amortisation and impairments** |  |  |  |
| Balance at 1 January 2020 | 61 | 14 | 75 |
| Amortisation for the year | 45 | 2 | 47 |
| Derecognition and other movements <sup>(1)</sup> | (11) |  | (11) |
| Translation | 5 | (1) | 4 |
| **Balance at 31 December 2020** | 100 | 15 | 115 |
| **Net book value at 31 December 2020** | 133 | 9 | 142 |
| **Cost** |  |  |  |
| Balance at 1 January 2021 | 233 | 24 | 257 |
| Additions | 95 | 7 | 102 |
| Derecognition and other movements<sup>(1)</sup> | (22) | (15) | (37) |
| Translation | (9) |  | (9) |
| **Balance at 31 December 2021** | 297 | 16 | 313 |
| **Accumulated amortisation and impairments** |  |  |  |
| Balance at 1 January 2021 | 100 | 15 | 115 |
| Amortisation for the year | 61 | 2 | 63 |
| Derecognition and other movements<sup>(1)</sup> | (22) | (15) | (37) |
| Impairment |  | 1 | 1 |
| Translation | (4) |  | (4) |
| **Balance at 31 December 2021** | 135 | 3 | 138 |
| **Net book value at 31 December 2021** | 162 | 13 | 175 |
| **Cost** |  |  |  |
| Balance at 1 January 2022 | **297** | **16** | **313** |
| Additions | **90** | **1** | **91** |
| Derecognition and other movements<sup>(1)</sup> | **(34)** | **—** | **(34)** |
| Translation | **(8)** | **(2)** | **(10)** |
| **Balance at 31 December 2022** | **345** | **15** | **360** |
| **Accumulated amortisation and impairments** |  |  |  |
| Balance at 1 January 2022 | **135** | **3** | **138** |
| Amortisation for the year | **78** | **3** | **81** |
| Derecognition and other movements<sup>(1)</sup> | **(29)** | **—** | **(29)** |
| Impairment <sup>(2)</sup> | **17** | **—** | **17** |
| Translation | **(4)** | **1** | **(3)** |
| **Balance at 31 December 2022** | **197** | **7** | **204** |
| **Net book value at 31 December 2022** | **148** | **8** | **156** |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Derecognition and other movements include amounts relating to modifications and terminations of leased assets*

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>*The Group recognised an impairment loss of $304m (gross of taxation) during December 2022, of which $17m related to right of use assets. Refer to note 13*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**LEASE EXPENSES**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions - US Dollars** | **2022** | 2021 | 2020 |
| **Amounts recognised in the income statement** <sup>(1)</sup> |  |  |  |
| Expenses on short term leases | **19** | 48 | 107 |
| Expenses on variable lease payments not included in the lease liabilities<sup>(2)</sup> | **749** | 302 | 234 |
| Expenses on leases of low value assets | **15** | 33 | 24 |

---

<sup>(1)</sup> *Short-term, low value and variable contracts continue to be recognised within cost of sales and corporate administration, marketing and related expenses.*

<sup>(2)</sup> *The variable lease payments consist mainly of mining and drilling contracts and constitutes 87% of total lease payments made during the period. The variable nature of these contracts is to allow equal sharing of pain and gain between the Group and its contractors. These payments are predominantly driven by performance measures on a per tonne or a per metre basis. The increase in variable lease payments is mainly due to the full year impact of the AMAX lease at Iduapriem (half year impact in 2021), higher leasing activity at Brazil due to their leasing strategy deployed and an increased footprint of our North American operations. The future cash flows to which the Group is potentially exposed to are not disclosed as their variability does not permit reliable forecasts.*

**LEASE LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions - US Dollars** | **2022** | 2021 | 2020 |
| **Reconciliation of lease liabilities** <sup>(1)</sup> |  |  |  |
| A reconciliation of the lease liabilities included in the statement of financial position is set out in the following table: |  |  |  |
| Opening balance | **185** | 153 | 171 |
| Lease liabilities recognised | **90** | 103 | 23 |
| Repayment of lease liabilities | **(82)** | (63) | (47) |
| Finance costs paid on lease liabilities | **(10)** | (9) | (8) |
| Interest charged to the income statement | **11** | 9 | 8 |
| Modifications and terminations | **(7)** |  | (1) |
| Translation | **(1)** | (8) | 7 |
| Closing balance | **186** | 185 | 153 |
| **Lease liabilities** |  |  |  |
| Non-current (note 34) | **102** | 124 | 116 |
| Current (note 34) | **84** | 61 | 37 |
| **Total** | **186** | 185 | 153 |

---

<sup>(1)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;The Group leases a number of assets as part of its activities. These primarily include gas pipelines, ore haulage and site services, mining equipment and property. All lease contracts contain market review clauses in the event that the Group exercises its option to renew. A maturity analysis of lease liabilities is provided in note 33.*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**15&nbsp;&nbsp;&nbsp;&nbsp;INTANGIBLE ASSETS**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions** | **Goodwill** | **Other** | **Total** |
| **US Dollars** | | | |
| **Cost** | | | |
| Balance at 1 January 2020 | 116 | 144 | 260 |
| Additions |  | 1 | 1 |
| Transfers and other movements<sup>(1)</sup> |  | (49) | (49) |
| Translation | 10 |  | 10 |
| **Balance at 31 December 2020** | 126 | 96 | 222 |
| **Accumulated amortisation and impairments** |  |  |  |
| Balance at 1 January 2020 |  | 137 | 137 |
| Amortisation for the year |  | 2 | 2 |
| Transfers and other movements<sup>(1)</sup> |  | (49) | (49) |
| Translation |  | 1 | 1 |
| **Balance at 31 December 2020** |  | 91 | 91 |
| **Net book value at 31 December 2020** | 126 | 5 | 131 |
| **Cost** |  |  |  |
| Balance at 1 January 2021 | 126 | 96 | 222 |
| Additions |  | 1 | 1 |
| Transfers and other movements<sup>(1)</sup> |  | (1) | (1) |
| Translation | (7) | (1) | (8) |
| **Balance at 31 December 2021** | 119 | 95 | 214 |
| **Accumulated amortisation and impairments** |  |  |  |
| Balance at 1 January 2021 |  | 91 | 91 |
| Amortisation for the year |  | 3 | 3 |
| Transfers and other movements<sup>(1)</sup> |  | (1) | (1) |
| Translation |  | (1) | (1) |
| **Balance at 31 December 2021** |  | 92 | 92 |
| **Net book value at 31 December 2021** | 119 | 3 | 122 |
| **Cost** |  |  |  |
| Balance at 1 January 2022 | **119** | **95** | **214** |
| Additions | **—** | **1** | **1** |
| Translation | **(6)** | **(1)** | **(7)** |
| **Balance at 31 December 2022** | **113** | **95** | **208** |
| **Accumulated amortisation and impairments** |  |  |  |
| Balance at 1 January 2022 | **—** | **92** | **92** |
| Amortisation for the year |  | **1** | **1** |
| Impairment of Goodwill <sup>(2)</sup> | **8** | **—** | **8** |
| Translation | **—** | **1** | **1** |
| **Balance at 31 December 2022** | **8** | **94** | **102** |
| **Net book value at 31 December 2022** | **105** | **1** | **106** |

---

<sup>(1)</sup> *Transfers and other movements include amounts from asset reclassifications and amounts written off.*

<sup>(2)</sup> *The Serra Grande CGU recognised an impairment loss of $45m (gross of taxation) during December 2022, of which $8m related to goodwill. Refer to note 13.*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**15&nbsp;&nbsp;&nbsp;&nbsp;INTANGIBLE ASSETS** (continued)

**Impairment calculation assumptions for goodwill**

Based on an analysis carried out by the Group in 2022, the carrying value and value in use of the most sensitive CGU with goodwill is:

---

| | | |
|:---|:---|:---|
| | **2022** | **2022** |
| | **US Dollars** | **US Dollars** |
|<br>**Figures in millions** | **Carrying<br>Value** | **Value in<br>use** |
| Sunrise Dam | **230** | **293** |

---

As at 31 December 2022, the recoverable amount of Sunrise Dam exceeded its carrying amount by $63m. Sunrise Dam had $105m goodwill at 31 December 2022. The life of mine of Sunrise Dam is planned until 2028.

It is estimated that a decrease of the long-term real gold price of $1,731/oz by 4.5%, or an increase in the discount rate of 4.6% to 13.9% would cause the recoverable amount of this CGU to equal its carrying amount. The sensitivity analysis has been provided on the basis that the key assumption changes without a change in the other assumptions. However, for a change in each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to measure the recoverable amount because these assumptions and others used in impairment testing of goodwill are inextricably linked.

Therefore, it is possible that outcomes within the next financial year that are different from the assumptions used in the impairment testing process for goodwill could require an adjustment to the carrying amounts in future periods.

Net book value of goodwill allocated to each of the CGUs:

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| Figures in millions | **2022** | 2021 | 2020 |
| - Sunrise Dam | **105** | 111 | 118 |
| - Serra Grande | **—** | 8 | 8 |
|  | 105 | 119 | 126 |
| Real post-tax discount rates applied in impairment calculations on the CGU for which the carrying amount of goodwill is significant is as follows: |  |  |  |
| - Sunrise Dam <sup>(1)</sup> | **4.6%** | 2.4% | 5.4% |

---

*Goodwill has been allocated to its respective CGUs where it is tested for impairment as part of the CGU . The Group reviews and tests the carrying value of goodwill on an annual basis for impairment. The discount rates for 2022 were determined on a basis consistent with the 2021 discount rates.*

<sup>(1)</sup> *The value in use of the CGU is $293m (2021: $389m; 2020: $538m).*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**16&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL PARTLY-OWNED SUBSIDIARIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Non-controlling interest holding** | **Non-controlling interest holding** | **Non-controlling interest holding** | **Country of incorporation and operation** |
|  | **2022** | 2021 | 2020 |  |
| Cerro Vanguardia S.A. (CVSA) | **7.5%** | 7.5% | 7.5% | Argentina |
| Société AngloGold Ashanti de Guinée S.A. (Siguiri) | **15%** | 15% | 15% | Republic of Guinea |

---

**Financial information of subsidiaries that have material non-controlling interests are provided below:**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Profit (loss) allocated to material non-controlling interests** |  |  |  |
| CVSA | **7** | 5 | 8 |
| Siguiri | **12** | 19 | 10 |
| **Accumulated balances of material non-controlling interests** |  |  |  |
| CVSA | **11** | 11 | 14 |
| Siguiri | **23** | 41 | 31 |

---

Summarised financial information of subsidiaries is as follows. The information is based on amounts including inter-company balances.

---

| | | |
|:---|:---|:---|
| | **US Dollars** | **US Dollars** |
|<br>**Figures in millions** | **CVSA** | **Siguiri** |
| **Statement of profit or loss for 2022** | | |
| Revenue | **395** | **591** |
| Profit (loss) for the year | **101** | **78** |
| **Total comprehensive income (loss) for the year, net of tax** | **101** | **78** |
| Attributable to non-controlling interests | **7** | **12** |
| Dividends paid to non-controlling interests | **(7)** | **(15)** |
| **Statement of profit or loss for 2021** |  |  |
| Revenue | 371 | 546 |
| Profit (loss) for the year | 75 | 124 |
| **Total comprehensive income (loss) for the year, net of tax** | 75 | 124 |
| Attributable to non-controlling interests | 5 | 19 |
| Dividends paid to non-controlling interests | (8) | (8) |
| **Statement of profit or loss for 2020** |  |  |
| Revenue | 440 | 453 |
| Profit (loss) for the year | 84 | 68 |
| **Total comprehensive income (loss) for the year, net of tax** | 84 | 68 |
| Attributable to non-controlling interests | 8 | 10 |
| Dividends paid to non-controlling interests | (6) | (3) |

---

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**16**&nbsp;&nbsp;&nbsp;&nbsp;**MATERIAL PARTLY-OWNED SUBSIDIARIES** (continued)

---

| | | |
|:---|:---|:---|
| | **US Dollars** | **US Dollars** |
|<br>**Figures in millions** | **CVSA** | **Siguiri** |
| **Statement of financial position as at 31 December 2022** | | |
| Non-current assets | **256** | **199** |
| Current assets <sup>(1)</sup> | **260** | **248** |
| Non-current liabilities | **(144)** | **(131)** |
| Current liabilities | **(225)** | **(165)** |
| **Total equity** | **147** | **151** |
| **Statement of financial position as at 31 December 2021** |  |  |
| Non-current assets | 240 | 229 |
| Current assets<sup>(1)</sup> | 252 | 234 |
| Non-current liabilities | (132) | (68) |
| Current liabilities | (218) | (122) |
| **Total equity** | 142 | 273 |
| **Statement of financial position as at 31 December 2020** |  |  |
| Non-current assets | 202 | 233 |
| Current assets<sup>(1)</sup> | 254 | 224 |
| Non-current liabilities | (123) | (138) |
| Current liabilities | (150) | (117) |
| **Total equity** | 183 | 202 |
| **Statement of cash flows for the year ended 31 December 2022** |  |  |
| Cash inflow (outflow) from operating activities | **142** | **140** |
| Cash inflow (outflow) from investing activities | **(5)** | **(27)** |
| Cash inflow (outflow) from financing activities | **(94)** | **(98)** |
| **Net increase (decrease) in cash and cash equivalents** | **43** | **15** |
| **Statement of cash flows for the year ended 31 December 2021** |  |  |
| Cash inflow (outflow) from operating activities | 165 | 197 |
| Cash inflow (outflow) from investing activities | (23) | (38) |
| Cash inflow (outflow) from financing activities | (112) | (143) |
| **Net increase (decrease) in cash and cash equivalents** | 30 | 16 |
| **Statement of cash flows for the year ended 31 December 2020** |  |  |
| Cash inflow (outflow) from operating activities | 169 | 63 |
| Cash inflow (outflow) from investing activities | (16) | (30) |
| Cash inflow (outflow) from financing activities | (59) | (11) |
| **Net increase (decrease) in cash and cash equivalents** | 94 | 22 |

---

<sup>(1)</sup> *CVSA had a cash balance equivalent to $116m (2021: $139m; 2020: $137m), following the payment to AngloGold Ashanti of $17m (2021: $19m; 2020: nil) offshore dividends (net of withholding taxes). The remaining declared attributable dividend of $120m (2021: $131m; 2020: $50m) is available for payment to AngloGold Ashanti's offshore and onshore investment holding companies. Applications have been made to the Argentinean Central Bank to approve the payment of $105m (2021: $114m; 2020: $11m) of the offshore declared dividends related to the 2019, 2020 and 2021 financial years. While the approval is pending, the cash remains fully available for CVSA's operational requirements.*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**17&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS IN ASSOCIATES AND JOINT VENTURES**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Carrying value** |  |  |  |
| Investments in associates | **37** | 43 | 47 |
| Investments in joint ventures | **1063** | 1604 | 1604 |
|  | **1100** | 1647 | 1651 |

---

Detailed disclosures are provided for the years in which investments in associates and joint ventures are considered to be material.

Summarised financial information of immaterial associates is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Aggregate statement of profit or loss for associates (attributable)** |  |  |  |
| Revenue | **31** | 36 | 29 |
| Operating (expenses) income <sup>(1)</sup> | **(14)** | (16) | (6) |
| Taxation | **(3)** | (2) |  |
| Profit (loss) for the year | **14** | 18 | 23 |
| **Total comprehensive profit (loss) for the year, net of tax** | **14** | 18 | 23 |

---

<sup>(1)</sup> *Includes share of associate profit.*

**Investments in material joint ventures comprise:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Effective %** | **Effective %** | **Effective %** | **Description** | **Country of incorporation and operation** |
|  | **2022** | 2021 | 2020 |  |  |
| Kibali Goldmines S.A.<sup>(1)</sup> | **45.0** | 45.0 | 45.0 | Exploration and mine<br>development | The Democratic Republic of the Congo |

---

<sup>(1)</sup> *AngloGold Ashanti Limited has a 50% interest in Kibali (Jersey) Limited (Kibali) which holds our effective 45% interest in Kibali Goldmines S.A.*

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Carrying value of joint ventures** |  |  |  |
| Kibali | **1063** | 1604 | 1604 |
| **(Impairment) reversal of investments in joint ventures** |  |  |  |
| Yatela (note 7) | **(1)** |  |  |
| **The cumulative unrecognised share of losses of the joint ventures:** |  |  |  |
| Yatela | **2** | 2 | 1 |

---

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**17&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS IN ASSOCIATES AND JOINT VENTURES** (continued)

Summarised financial information of the Kibali joint venture is as follows (not attributable) <sup>(1)</sup>:

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Statement of profit or loss** |  |  |  |
| Revenue and other income | **1329** | 1470 | 1443 |
| Other operating costs and expenses | **(588)** | (551) | (541) |
| Amortisation of tangible and intangible assets | **(208)** | (244) | (241) |
| Finance costs, unwinding of obligations and cash repatriation fee | **(50)** | (6) | (6) |
| Interest received | **5** | 6 | 7 |
| Taxation | **(156)** | (181) | (157) |
| Profit for the year | **332** | 494 | 505 |
| **Total comprehensive income for the year, net of tax** | **332** | 494 | 505 |
| Dividends received from joint venture (attributable) | **694** | 231 | 140 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Statement of financial position** |  |  |  |
| Non-current assets | **2420** | 2361 | 2459 |
| Current assets | **201** | 162 | 120 |
| Cash and cash equivalents <sup>(2)</sup> | **92** | 1115 | 944 |
| **Total assets** | **2713** | 3638 | 3523 |
| Non-current financial liabilities | **51** | 44 | 50 |
| Other non-current liabilities | **320** | 226 | 118 |
| Current financial liabilities | **56** | 14 | 15 |
| Other current liabilities | **105** | 107 | 106 |
| **Total liabilities** | **532** | 391 | 289 |
| **Net assets** | **2181** | 3247 | 3234 |
| Group's share of net assets | **1091** | 1624 | 1617 |
| Other <sup>(3)</sup> | **(28)** | (20) | (13) |
| **Carrying amount of interest in joint venture** | **1063** | 1604 | 1604 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*At the end of January and in early February 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine in the Democratic Republic of the Congo, received fifteen claims from the Direction Générale des Douanes et Accises ("Customs Authority") concerning customs duties. The Customs Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claim that the exemption available to Kibali Goldmines S.A., which was granted in relation to the original mining lease, no longer applies. Finally, the Customs Authority claims that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest, total $339m\* (AngloGold Ashanti attributable share: $153m). Five of these claims, totalling $256m\*, have been closed and we await closure minutes, before settling $4.5m\*. However, discussions are ongoing on the remaining $83m\*, dealing with a 1% service fee on gold sales, which is being claimed by two different departments. Based on discussions with the minister of finance we anticipate to settle for no more than $8m\* and therefore a total provision of $12.5m\* was raised for these customs matters.*

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Kibali cash and cash equivalents are subject to various steps before they can be distributed to joint venture shareholders. Cash balances were reduced in 2022 due to repatriations in the form of dividends and repayment of shareholder loans.*

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Includes amounts relating to additional costs and contributions at acquisition as well as minority interests.*

*\**<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>*100% (not attributable).*

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**18&nbsp;&nbsp;&nbsp;&nbsp;OTHER INVESTMENTS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Listed investments** <sup>(1)</sup> |  |  |  |
| **Non-current investments** |  |  |  |
| **Equity investments at fair value through OCI (FVTOCI)** |  |  |  |
| **Balance at beginning of year** | **116** | 186 | 72 |
| Additions | **16** | 3 | 9 |
| Capitalised to tangible assets <sup>(2)</sup> | **(80)** |  |  |
| Fair value adjustments <sup>(3)</sup> | **(50)** | (73) | 98 |
| Transfer from unlisted non-current investments | **—** |  | 7 |
| **Balance at end of year** | **2** | 116 | 186 |
| The non-current equity investments consist of ordinary shares and collective investment schemes and primarily comprise: |  |  |  |
| Corvus Gold Inc. | **—** | 80 | 59 |
| Pure Gold Mining | **1** | 35 | 126 |
| Other | **1** | 1 | 1 |
|  | **2** | 116 | 186 |

---

---

| | | | |
|:---|:---|:---|:---|
| Book value of listed investments | **2** | 116 | 186 |
| **Unlisted investments** |  |  |  |
| **Non-current investments** |  |  |  |
| **Balance at beginning of year** | **1** | 2 | 4 |
| Transfer to listed non-current investments | **—** |  | (7) |
| Fair value adjustments - FVTPL | **—** | (1) | 5 |
| **Balance at end of year** | **1** | 1 | 2 |
| The unlisted investments include: |  |  |  |
| Book value of unlisted investments | **1** | 1 | 2 |
| **Total book value of other investments** | **3** | 117 | 188 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The Group's listed equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the FVTOCI equity investments were listed on the Toronto Stock Exchange.*

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The* *19.5% investment held in Corvus Gold Inc.was capitalised to tangible assets on completion of Corvus Gold asset acquisition on 18 January 2022.*

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Includes net fair value gain of nil (2021: $21m; 2020: $18m) for Corvus Gold Inc. and a fair value loss of $50m (2021: $94m; 2020: $81m net gain) for Pure Gold Mining.*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**19&nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Non-current** |  |  |  |
| Raw materials - ore stockpiles | **5** | 27 | 69 |
| **Current** |  |  |  |
| Raw materials |  |  |  |
| - ore stockpiles | **225** | 217 | 262 |
| - heap-leach inventory | **10** | 6 | 5 |
| Work in progress |  |  |  |
| - metals in process | **66** | 49 | 46 |
| Finished goods |  |  |  |
| - gold doré/bullion | **51** | 29 | 42 |
| - by-products | **2** | 1 |  |
| Total metal inventories | **354** | 302 | 355 |
| Mine operating supplies | **419** | 401 | 378 |
|  | **773** | 703 | 733 |
| Total inventories<sup>(1)</sup> | **778** | 730 | 802 |

---

<sup>(1)</sup> *The amount of the write down of ore stockpiles, heap-leach inventory, metals in process, finished goods and mine operating supplies to net realisable value, and recognised as an expense in cost of sales is $12m (2021: $13m; 2020: $7m)*

*.*

**20&nbsp;&nbsp;&nbsp;&nbsp;TRADE, OTHER RECEIVABLES AND OTHER ASSETS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Non-current** |  |  |  |
| Deferred compensation asset | **12** | 25 | 28 |
| Prepayments | **19** | 14 | 12 |
| Recoverable tax, rebates, levies and duties <sup>(1)</sup> | **200** | 198 | 195 |
|  | **231** | 237 | 235 |
| **Current** |  |  |  |
| Trade and loan receivables | **20** | 50 | 56 |
| Prepayments | **58** | 41 | 56 |
| Recoverable tax, rebates, levies and duties <sup>(1)</sup> | **148** | 155 | 100 |
| Other receivables | **11** | 14 | 17 |
|  | **237** | 260 | 229 |
| **Total trade, other receivables and other assets** | **468** | 497 | 464 |
| There is a concentration of risk in respect of amounts due from Revenue Authorities for recoverable tax, rebates, levies and duties from subsidiaries in the Africa Region segment. These values are summarised as follows: |  |  |  |
| Recoverable value added tax | **231** | 212 | 215 |
| Appeal deposits | **43** | 43 | 34 |

---

<sup>(1)</sup> *Includes taxation asset, refer note 29.*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**20&nbsp;&nbsp;&nbsp;&nbsp;TRADE, OTHER RECEIVABLES AND OTHER ASSETS** (continued)

**Geita Gold Mine**

Geita Gold Mine (GGM) in Tanzania net indirect tax receivables balance increased by $11m to $153m (2021: $142m; 2020: $139m).

Claims relating to periods from August 2021 totalling $45m were offset against provisional tax payments in 2022. Offset against provisional corporate tax payments amounted to $54m in 2021. No refunds were received in cash or offset against provisional corporate tax payments in 2020. Amounts offset against VAT claims have been certified by an external advisor and verified by the Tanzania Revenue Authority (TRA). The remaining disputed balance relating to the period July 2017 to June 2020 was objected to as GGM believe that the claims have been correctly lodged pursuant to Tanzanian law.

An amendment, effective 20 July 2017, to Tanzania's mining legislation included an amendment to the Value Added Tax Act, 2014 (No. 5) (2015 VAT Act) to the effect that no input tax credit can be claimed for the exportation of "raw minerals". The Written Laws (Miscellaneous Amendments) (No. 2) Act, 2019, issued during 2019, provides a definition for "raw minerals". However, GGM has received notices from the TRA that they are not eligible for VAT relief from July 2017 onwards on the basis that all production constitutes "raw minerals" for this purpose.

The basis for dispute of the disqualifications is on the interpretation of the legislation. Management's view is the definition of "raw minerals" provided in the Written Laws (Miscellaneous Amendments) (No. 2) Act, 2019 excludes gold doré. Gold bearing ore is mined from the open pit and underground mining operations, where it is further crushed and milled to maximise the gold recovery process, producing gold doré exceeding 80% purity as well as beneficiated products (concentrate). On this basis the mined doré and concentrate do not constitute "raw minerals" and accordingly the VAT claims are valid. Management have obtained legal opinions that support management's view that doré does not constitute a "raw mineral".

The Finance Act 2020 became effective on 1 July 2020. The Finance Act amended the VAT Act by deleting the disqualification of VAT refunds due to the exportation of "raw minerals". The deletion is intended to ensure the recovery of VAT refunds from July 2020, although the amendment cannot be applied retrospectively, the change in the VAT Act, together with the Written Laws (Miscellaneous Amendments) (No.2) Act 2019, confirms that doré bars are not "raw minerals" and that VAT refunds from July 2017 onwards are due to GGM. On 30 January 2021, management received a proposal from the TRA to settle VAT objections filed between 2017 and 2020, confirming the TRA's position to disqualify all VAT refunds requested by GGM for the period from July 2017 to June 2020. Management is not in agreement with the proposal and are pursuing legal remedies provided to taxpayers by Tanzanian law, as well as working with the TRA towards an agreement to resolve these matters.

The total VAT claims submitted from July 2017 to June 2020 amount to $155m (net of foreign exchange revaluations). All disqualifications received from the TRA have been objected to by GGM in accordance with the provisions and time frames set out in the Tax Administration Act, 2015 (No.10). Claims of $64m (2021: $50m; 2020 $52m) were submitted to the TRA and the total claims amount to $203m (net of offsets and foreign exchange revaluations). The net indirect tax receivable at 31 December 2022 of $153m, reflects a probability weighted scenario model of the discounting effects applied to the timing of when GGM expects to offset its indirect tax claims against future income taxes of GGM.

**Cerro Vanguardia (CVSA)**

On 4 September 2018, a decree was published by the Argentinian Government, which reintroduced export duties for products exported from Argentina. The export duty rate was 12% on the freight on board (FOB) value of goods exported, including gold, paid in country. The duty was limited so as not to exceed ARS $4 for each US dollar exported. On 14 December 2019, the Government of Argentina announced that the cap of ARS $4 for each US dollar exported, would be replaced by a flat rate of 12% for 2020. On 2 October 2020, the Government of Argentina extended the export duties until 31 December 2021, at a rate of 8% for gold bullion. On 31 December 2021, the Government of Argentina extended the export duties until 31 December 2023, at a rate of 8% for gold bullion. In terms of the Stability Agreement between CVSA and the Government of Argentina, CVSA has a right of refund or offset of these amounts paid as established by its Stability Agreement, which provides for a 30% taxation cap on annual taxes and duties paid by CVSA. Export duty refunds for the years 2018 to 2022 are outstanding as at 31 December 2022 and their fair value has been estimated using a probability weighted scenario model considering various recovery time frames, estimated Argentina Peso to USD exchange rates and discounting using a country risk adjusted rate. As a result of the taxation cap, net export duty receivables amount to $9m (2021: $19m; 2020 $23m), and reflects the discounting effects applied to when CVSA expects refund of these receivables.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**21&nbsp;&nbsp;&nbsp;&nbsp;CASH RESTRICTED FOR USE** 

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Non-current** |  |  |  |
| Cash restricted for environmental and rehabilitation obligations <sup>(1)</sup> | **33** | 32 | 31 |
| **Current** |  |  |  |
| Cash restricted by prudential solvency requirements <sup>(2)</sup> | **18** | 18 | 24 |
| Cash balances held by - joint operations <sup>(3)</sup> | **9** | 8 | 18 |
|  | **27** | 26 | 42 |
| **Total cash restricted for use (note 33 and 34)** | **60** | 58 | 73 |

---

<sup>(1)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Reclamation bonds provided to the Environmental Protection Agency in Ghana for environmental and rehabilitation obligations.*

<sup>(2)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Cash held by the Group's captive insurance company to maintain the solvency capital requirement.*

<sup>(3)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Cash held by joint operations for use within those entities only.*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**22&nbsp;&nbsp;&nbsp;&nbsp;CASH AND CASH EQUIVALENTS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Cash and deposits on call | **870** | 712 | 1081 |
| Money market instruments | **238** | 442 | 249 |
| Total cash and cash equivalents (note 33 and note 34) | **1108** | 1154 | 1330 |

---

**23&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL AND PREMIUM** 

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Share capital** |  |  |  |
| Authorised <sup>(1)</sup> |  |  |  |
| 600,000,000 ordinary shares of 25 SA cents each | **23** | 23 | 23 |
| Issued and fully paid |  |  |  |
| 418,600,473 (2021: 417,501,452; 2020: 416,890,087) ordinary shares of 25 SA cents each | **17** | 17 | 17 |
| **Share premium** |  |  |  |
| Balance at beginning of year | **7206** | 7250 | 7235 |
| Ordinary shares issued - share premium | **16** | 9 | 15 |
| Preference shares redeemed<sup>(1)</sup> | **—** | (53) |  |
|  | **7222** | 7206 | 7250 |
| Less: held within the Group |  |  |  |
| Redeemable preference shares<sup>(1)</sup> |  |  | (53) |
| **Balance at end of year** | **7222** | 7206 | 7197 |
| **Share capital and premium** | **7239** | 7223 | 7214 |

---

<sup>(1)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;During December 2021 the A and B redeemable preference shares were redeemed and the preference share certificates cancelled.*

*All redeemable preference shares were removed from authorised share capital at the Annual General Meeting held on 16 May 2022.*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**24&nbsp;&nbsp;&nbsp;&nbsp;BORROWINGS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Non-current** |  |  |  |
| **Unsecured** |  |  |  |
| **Debt carried at amortised cost** |  |  |  |
| Rated bonds - issued October 2021 | **745** | 744 |  |
| Semi-annual coupons are paid at 3.375% per annum on the $750m 7-year bonds. The bonds were issued on 22 October 2021, are repayable on 1 November 2028. |  |  |  |
| Rated bonds - issued October 2020 | **694** | 693 | 692 |
| Semi-annual coupons are paid at 3.75% per annum on $700m 10-year bonds. The bonds were issued on 1 October 2020, are repayable on 1 October 2030. |  |  |  |
| Rated bonds - issued April 2010 | **296** | 296 | 295 |
| Semi-annual coupons are paid at 6.5% per annum on $300m 30-year bonds. The $300m bonds are repayable in April 2040. |  |  |  |
| Rated bonds - issued July 2012 | **—** |  | 764 |
| Semi-annual coupons were paid at 5.125% per annum on the $750m 10-year bonds. The bonds were issued on 30 July 2012 and were repaid during October 2021 and November 2021. |  |  |  |
| Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) |  | 31 |  |
| The Facility consisted of a US dollar-based facility with interest charged at a margin of 1.45% above LIBOR and an Australian dollar-based facility capped at $500m with a margin of 1.45% above BBSY. The applicable margin was subject to a ratings grid. The facility was issued on 23 October 2018 and was repaid and cancelled on 9 June 2022. |  |  |  |
| Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) - 2022 | **30** |  |  |
| This facility was entered into on 9 June 2022 and consists of a US dollar- based facility with interest charged at a margin of 1.45% above SOFR plus a credit adjustment spread and an Australian dollar-based facility capped at $500m with a margin of 1.45% above BBSY. The applicable margin is subject to a ratings grid. The facility is available until 9 June 2027, with the option on application to extend by two years. |  |  |  |
| Siguiri revolving credit facility ($65m) | **—** | 35 | 67 |
| Interest paid at 8.5% above LIBOR. The facility was issued on 23 August 2016, extended to 3 August 2022 and repaid and cancelled. |  |  |  |
| Siguiri revolving credit facility ($65m) - 2022 | 67 |  |  |
| Interest paid at 8% above term SOFR. The facility was issued on 13 October 2022 and is available until 13 October 2025. |  |  |  |
| Geita revolving credit facility ($150m) |  |  | 113 |
| Multi-currency RCF consisting of a Tanzanian shilling component which was capped at the equivalent of US$45m. Interest on this component was paid at 12.5%. Interest on the remaining USD component was paid at LIBOR plus 6.7%. The facility was cancelled during December 2021. |  |  |  |
| Geita revolving credit facility ($150m) - 2021 | **151** | 110 |  |
| A multi-currency RCF was entered into during December 2021, consisting of a Tanzanian shilling component which is capped at the equivalent of US$87m. This component bears interest at 12.5%. The remaining USD component of the facility bears interest at LIBOR plus 6.7%. The facility matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement. |  |  |  |
| Total borrowings (note 33) | **1983** | 1909 | 1931 |
| Current portion of borrowings (note 34) | **(18)** | (51) | (142) |
| Total non-current borrowings (note 34) | **1965** | 1858 | 1789 |

---

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Amounts falling due** |  |  |  |
| Within one year | **18** | 51 | 142 |
| Between one and two years | **149** | 31 | 812 |
| Between two and five years | **102** | 110 |  |
| After five years | **1714** | 1717 | 977 |
| (note 33) | **1983** | 1909 | 1931 |

---

**IBOR linked borrowings**

During the first half of 2022, the US$1.4bn multi-currency revolving credit facility ("RCF") was repaid and replaced with a new five-year unsecured $1.4bn multi-currency RCF with interest charged at a margin of 1.45% above the Secured Overnight Financing Rate ("SOFR") adjusted for credit adjustment spread. The $65m Siguiri RCF which was due to mature on 3 May 2022, was extended on 29 April 2022 for three months and the interest rate amended to a fixed rate plus 8.5%. During the second half of 2022, this Siguiri RCF was repaid and replaced with a new three-year unsecured $65m RCF with interest charged at a margin of 8% above term SOFR. The transition from LIBOR to SOFR had no impact on the Group financial statements as the relief provided by the Interbank Offered Rate ("IBOR") Phase 2 amendments was applied.

The table below provides further detail on revolving credit facilities (RCFs) which reference LIBOR. At 31 December 2022, this facility had yet to transfer to an alternative benchmark rate:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in millions - US Dollar** | **Carrying value at 31 December 2022** | **Repayable within one year** | **Repayable between one and two years** |
| Geita revolving credit facility ($150m) <sup>(1)</sup> | 63 |  | 63 |

---

<sup>(1)</sup> *The Geita RCF consists of a Tanzanian shilling component which is capped at the equivalent of US$87m and this component bears interest at 12.5%. The remaining component bears interest at LIBOR plus 6.7%. The Facility was fully drawn at 31 December 2022. The Geita RCF facility matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement.*

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

---

| | | | |
|:---|:---|:---|:---|
| **BORROWINGS continued** | | | |
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Currency** |  |  |  |
| The currencies in which the borrowings are denominated are as follows: |  |  |  |
| US dollar | **1858** | 1829 | 1884 |
| Australian dollar | **37** | 33 |  |
| SA rand | **—** |  |  |
| Tanzanian shillings | **88** | 47 | 47 |
| (notes 33) | **1983** | 1909 | 1931 |
| **Undrawn facilities** |  |  |  |
| Undrawn borrowing facilities as at 31 December are as follows: |  |  |  |
| FirstRand Bank Limited (R150m; 2021: R150m; 2020: R500m) - SA rand | **9** | 10 | 34 |
| Multi currency syndicated revolving credit facility ($1.4bn) - US Dollar | **1362** | 1367 | 1400 |
| Geita Revolving credit facility - $150m - US dollar / Tanzanian shilling | **—** | 40 | 41 |
| Siguiri Revolving credit facility - $65m - US dollar | **—** | 30 |  |
|  | **1371** | 1447 | 1475 |
| **Change in liabilities arising from financing activities:** |  |  |  |
| **Reconciliation of borrowings (excluding lease liabilities)** <sup>(1)</sup> |  |  |  |
| A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: |  |  |  |
| **Opening balance** | **1909** | 1931 | 2033 |
| Proceeds from borrowings | **266** | 822 | 2226 |
| Repayment of borrowings | **(184)** | (820) | (2310) |
| Finance costs paid on borrowings | **(89)** | (115) | (114) |
| Deferred loan fees | **(8)** | (4) | 4 |
| Other borrowing fees | **—** | (11) | (15) |
| Interest charged to the income statement | **97** | 106 | 115 |
| Translation | **(8)** |  | (8) |
| **Closing balance** | **1983** | 1909 | 1931 |
| **Reconciliation of finance costs paid:** |  |  |  |
| A reconciliation of the finance cost paid included in the statement of cash flows is set out in the following table: |  |  |  |
| Finance costs paid on borrowings | **89** | 115 | 114 |
| Capitalised finance cost | **(2)** | (14) | (17) |
| Commitment fees, utilisation fees and other borrowing costs | **12** | 10 | 13 |
| **Total finance costs paid** | **99** | 111 | 110 |

---

<sup>(1)</sup> *Refer note 14 for changes in lease liabilities arising from financing activities.*

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**<u>[Table of Content](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**25&nbsp;&nbsp;&nbsp;&nbsp;ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Environmental rehabilitation obligations** |  |  |  |
| **Provision for decommissioning** |  |  |  |
| **Balance at beginning of year** | **215** | 219 | 196 |
| Charge to income statement | **—** | 3 |  |
| Change in estimates<sup>(1)</sup> | **(55)** | (8) | 17 |
| Unwinding of decommissioning obligation | **5** | 3 | 2 |
| Translation | **(3)** | (2) | 4 |
| **Balance at end of year** | **162** | 215 | 219 |
| **Provision for restoration** |  |  |  |
| **Balance at beginning of year** | **458** | 440 | 423 |
| Charge to income statement | **(8)** | (3) | 2 |
| Change in estimates<sup>(1)</sup> | **(36)** | 29 | 15 |
| Additions | **2** |  |  |
| Unwinding of restoration obligation | **12** | 6 | 4 |
| Utilised during the year | **(8)** | (10) | (11) |
| Translation | **(4)** | (4) | 7 |
| **Balance at end of year** | **416** | 458 | 440 |
| **Provision for silicosis** |  |  |  |
| **Balance at beginning of year** | **34** | 49 | 54 |
| Change in estimates | **(1)** | 1 | 4 |
| Transfer (to) from short term provisions included in trade, other payables and provisions | **2** | (5) | (1) |
| Unwinding of silicosis provision | **3** | 3 | 4 |
| Utilised during the year | **(15)** | (10) | (9) |
| Translation | **—** | (4) | (3) |
| **Balance at end of year** | **23** | 34 | 49 |
| **Other provisions**<sup>(2)</sup> |  |  |  |
| **Balance at beginning of year** | **22** | 23 | 24 |
| Charge to income statement | **20** | 14 | 12 |
| Change in estimates | **2** |  | 1 |
| Transfer (to) from short term provisions included in trade, other payables and provisions | **(5)** | (7) | 3 |
| Utilised during the year | **(6)** | (6) | (13) |
| Translation | **—** | (2) | (4) |
| **Balance at end of year** | **33** | 22 | 23 |
| **Total environmental rehabilitation and other provisions** | **634** | 729 | 731 |
| **Sensitivity analysis - Provision for decommissioning** <sup>(3)</sup> |  |  |  |
| A change in discount rates and cash flows have a significant impact on the amounts recognised in the statement of financial position. A 10% change in the discount rate and cash flows would have the following impact: |  |  |  |
| **Effect of increase in assumptions:** |  |  |  |
| 10% change in discount rate | **(7)** | (5) | (3) |
| 10% change in cash flows | **16** | 21 | 22 |
| **Effect of decrease in assumptions:** |  |  |  |
| 10% change in discount rate | **8** | 5 | 3 |
| 10% change in cash flows | **(16)** | (21) | (22) |
| **Sensitivity analysis - Provision for restoration** <sup>(3)</sup> |  |  |  |
| A change in discount rates and cash flows have a significant impact on the amounts recognised in the income statement. A 10% change in the discount rate and cash flows would have the following impact: |  |  |  |
| **Effect of increase in assumptions:** |  |  |  |
| 10% change in discount rate | **(10)** | (5) | (3) |

---

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**<u>[Table of Content](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

---

| | | | |
|:---|:---|:---|:---|
| 10% change in cash flows | **42** | 46 | 44 |
| **Effect of decrease in assumptions:** |  |  |  |
| 10% change in discount rate | **10** | 5 | 3 |
| 10% change in cash flows | **(42)** | (46) | (44) |
| **Sensitivity analysis - Provision for silicosis** <sup>(3)</sup> |  |  |  |
| Significant judgements are applied in estimating the costs required to settle any qualifying silicosis claims and is based on certain assumptions which includes the number of claimants, take-up rates and disease progression rates. A 10% change in these assumptions would have the following impact: |  |  |  |
| **Effect of increase in assumptions:** |  |  |  |
| 10% change in take-up rates | **6** | 6 | 6 |
| 10% change in number of cases | **6** | 6 | 6 |
| 10% change in disease progression rate | **4** | 3 | 3 |
| **Effect of decrease in assumptions:** |  |  |  |
| 10% change in take-up rates | **(6)** | (6) | (6) |
| 10% change in number of cases | **(6)** | (6) | (6) |
| 10% change in disease progression rate | **(4)** | (3) | (3) |

---

<sup>(1)</sup> *The change in estimates is attributable to changes in discount rates due to changes in global economic assumptions and changes in mine plans resulting in a change in cash flows and changes in design of tailings storage facilities and in methodology following requests from the environmental regulatory authorities. These provisions are expected to unwind beyond the end of the life of mine.*

<sup>(2)</sup> O*ther provisions comprises claims filed by former employees in respect of loss of employment, work-related accident injuries and diseases, governmental fiscal claims relating to levies, surcharges and environmental legal disputes and a shareholder claim related to stamp duties. These liabilities are expected to be settled over the next two-to five-year period.*

<sup>(3)</sup> *The sensitivity analysis is based on the change of a single assumption, keeping all other assumptions constant. This may not be the case in practice where changes in assumptions may result in correlated changes in other assumptions, and a change in the provision amount.*

**Environmental obligations** 

Pursuant to environmental regulations in the countries in which we operate, in connection with plans for the eventual end-of-life of our mines, we are 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, we may be required to post bonds for potential events or conditions that could arise after the rehabilitation has been completed.

In Australia, since 2014, we have paid into a Mine Rehabilitation Fund an amount of AUD $11.2m for a current carrying value of the liability of AUD $107.4m. At Iduapriem, we have provided a bond comprising of a cash component of $11.8m with a further bond guarantee amounting to $14m issued by ABSA Bank Ghana Limited and Standard Chartered Bank Ghana Ltd for a current carrying value of the liability of $45.9m. At Obuasi, we have provided a bond comprising of a cash component of $21.54m with a further bank guarantee amounting to $30m issued by Stanbic Bank Ghana Limited and Standard Chartered Bank Ghana PLC for a current carrying value of the liability of $171.03m. In some circumstances we 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.

**26&nbsp;&nbsp;&nbsp;&nbsp;PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS** 

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Defined benefit plans** |  |  |  |
| The retirement schemes consist of the following: |  |  |  |
| Post-retirement medical scheme for AngloGold Ashanti's South African employees | **66** | 71 | 77 |
| Other defined benefit plans | **5** | 6 | 6 |
|  | **71** | 77 | 83 |

---

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**26&nbsp;&nbsp;&nbsp;&nbsp;PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| Figures in millions | **2022** | 2021 | 2020 |
|  | US Dollars | US Dollars | US Dollars |
| **Post-retirement medical scheme for AngloGold Ashanti's South African employees** |  |  |  |
| The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. | The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. | The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. | The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. |
| The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. The last valuation was performed as at 31 December 2022. | The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. The last valuation was performed as at 31 December 2022. | The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. The last valuation was performed as at 31 December 2022. | The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. The last valuation was performed as at 31 December 2022. |
| Information with respect to the defined benefit liability is as follows: |  |  |  |
| **Benefit obligation** |  |  |  |
| Balance at beginning of year | **71** | 77 | 93 |
| Interest cost | **6** | 6 | 7 |
| Benefits paid | **(7)** | (8) | (7) |
| Actuarial loss (gain) | **(1)** | 1 | (9) |
| Translation | **(3)** | (5) | (5) |
| Balance at end of year | **66** | 71 | 79 |
| Settlement gain | **—** |  | (2) |
| **Net amount recognised** | **66** | 71 | 77 |
| **Assumptions** |  |  |  |
| Assumptions used to determine benefit obligations at the end of the year are as follows: |  |  |  |
| Discount rate | **10.88%** | 9.79% | 9.14% |
| Expected increase in health care costs | **7.49%** | 7.23% | 6.06% |
| **Assumed health care cost trend rates at 31 December:** |  |  |  |
| Health care cost trend assumed for next year | **7.49%** | 7.23% | 6.06% |
| Rate to which the cost trend is assumed to decline (the ultimate trend rate) | **7.49%** | 7.23% | 6.06% |
| Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: | Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: | Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: | Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: |
| Effect on total service and interest cost – 1% point increase | **—** | 1 |  |
| Effect on post-retirement benefit obligation – 1% point increase | **4** | 5 | 4 |
| Effect on total service and interest cost – 1% point decrease | **—** |  |  |
| Effect on post-retirement benefit obligation – 1% point decrease | **(4)** | (4) | (4) |
| During 2022 the company purchased annuities to partly meet its obligations to pay medical aid contributions. Two remaining premiums of $22m are payable on 1 August 2023 and 2024. The annuities are payable monthly and cover 100% of the medical aid contributions payable to retired members. The annuities increase by South African CPI each year. | During 2022 the company purchased annuities to partly meet its obligations to pay medical aid contributions. Two remaining premiums of $22m are payable on 1 August 2023 and 2024. The annuities are payable monthly and cover 100% of the medical aid contributions payable to retired members. The annuities increase by South African CPI each year. | During 2022 the company purchased annuities to partly meet its obligations to pay medical aid contributions. Two remaining premiums of $22m are payable on 1 August 2023 and 2024. The annuities are payable monthly and cover 100% of the medical aid contributions payable to retired members. The annuities increase by South African CPI each year. | During 2022 the company purchased annuities to partly meet its obligations to pay medical aid contributions. Two remaining premiums of $22m are payable on 1 August 2023 and 2024. The annuities are payable monthly and cover 100% of the medical aid contributions payable to retired members. The annuities increase by South African CPI each year. |
| **Reimbursive right for post-retirement benefits** |  |  |  |
| Premiums paid | **26** |  |  |
| Benefits paid | **(3)** |  |  |
| Interest income | **1** |  |  |
| Actuarial loss (gain) | **(12)** |  |  |
| Translation | **—** |  |  |
| Balance at end of year | **12** |  |  |
| The fair value of the right of reimbursement has been determined as the present value of expected future annuity payments payable by the insurer in respect of continuation members, less the present value of outstanding medical aid premium payments payable on 1 August 2023 and 2024. The future annuity payments make appropriate allowance for future increases in line with CPI. The main input used in the valuation model are healthcare cost inflation of 6.2%, demographic assumptions and medical aid contribution increases of 7.49%. This is considered a level 3 fair value input. | The fair value of the right of reimbursement has been determined as the present value of expected future annuity payments payable by the insurer in respect of continuation members, less the present value of outstanding medical aid premium payments payable on 1 August 2023 and 2024. The future annuity payments make appropriate allowance for future increases in line with CPI. The main input used in the valuation model are healthcare cost inflation of 6.2%, demographic assumptions and medical aid contribution increases of 7.49%. This is considered a level 3 fair value input. | The fair value of the right of reimbursement has been determined as the present value of expected future annuity payments payable by the insurer in respect of continuation members, less the present value of outstanding medical aid premium payments payable on 1 August 2023 and 2024. The future annuity payments make appropriate allowance for future increases in line with CPI. The main input used in the valuation model are healthcare cost inflation of 6.2%, demographic assumptions and medical aid contribution increases of 7.49%. This is considered a level 3 fair value input. | The fair value of the right of reimbursement has been determined as the present value of expected future annuity payments payable by the insurer in respect of continuation members, less the present value of outstanding medical aid premium payments payable on 1 August 2023 and 2024. The future annuity payments make appropriate allowance for future increases in line with CPI. The main input used in the valuation model are healthcare cost inflation of 6.2%, demographic assumptions and medical aid contribution increases of 7.49%. This is considered a level 3 fair value input. |
| **Cash flows** |  |  |  |
| **Estimated future benefit payments** |  |  |  |
| The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid through purchased annuities: | The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid through purchased annuities: | The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid through purchased annuities: | The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid through purchased annuities: |
| 2023 | **8** |  |  |
| 2024 | **9** |  |  |
| 2025 | **9** |  |  |
| 2026 | **8** |  |  |
| 2027 | **8** |  |  |
| Thereafter | **29** |  |  |

---

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**27&nbsp;&nbsp;&nbsp;&nbsp;DEFERRED TAXATION**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Deferred taxation relating to temporary differences is made up as follows: |  |  |  |
| Liabilities |  |  |  |
| Tangible assets (owned) | **430** | 442 | 373 |
| Right-of-use assets | **52** | 53 | 40 |
| Inventories | **19** | 13 | 20 |
| Other | **13** | 22 | 13 |
|  | **514** | 530 | 446 |
| Assets |  |  |  |
| Provisions | **131** | 141 | 122 |
| Lease liabilities | **57** | 56 | 42 |
| Tax losses | **89** | 23 | 22 |
| Other | **9** | 4 | 21 |
|  | **286** | 224 | 207 |
| Net deferred taxation liability | **228** | 306 | 239 |
| Included in the statement of financial position as follows: |  |  |  |
| Deferred tax assets <sup>(1)</sup> | **72** | 7 | 7 |
| Deferred tax liabilities | **300** | 313 | 246 |
| Net deferred taxation liability | **228** | 306 | 239 |
| The movement on the net deferred tax balance is as follows: |  |  |  |
| Balance at beginning of year | **306** | 239 | 136 |
| Taxation of items included in income statement from continuing and discontinued operations | **(58)** | 64 | 53 |
| Taxation of non-current assets and liabilities included in income statement from discontinued operations | **—** |  | 28 |
| Taxation on items included in other comprehensive income | **(14)** | 6 | 6 |
| Translation | **(6)** | (3) | 16 |
| Balance at end of year | **228** | 306 | 239 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Deferred tax assets of $72m (2021: $7m; 2020: $7m) were recognised for Obuasi, resulting from generated tax losses to be utilised against future taxable income.*

Provision has been made for South African income tax or foreign taxes that may result from future remittances of undistributed earnings of foreign subsidiaries or foreign corporate joint ventures, where the Group is able to assert that the undistributed earnings are not permanently reinvested. In all other cases, the foreign subsidiaries reinvest the undistributed earnings into future capital expansion projects, maintenance capital and ongoing working capital funding requirements. Unrecognised taxable temporary differences pertaining to undistributed earnings totalled $1,393m (2021: $1,800m; 2020: $1,806m). If remitted, the undistributed earnings may be subject to withholding taxes between 0% - 10%.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**28&nbsp;&nbsp;&nbsp;&nbsp;TRADE, OTHER PAYABLES AND PROVISIONS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Non-current** |  |  |  |
| Other payables | **7** | 7 | 8 |
| **Current** |  |  |  |
| Trade payables | **391** | 406 | 403 |
| Accruals<sup>(1)</sup> | **279** | 205 | 191 |
| Short-term provisions | **30** | 31 | 30 |
| Short-term financial liabilities | **6** |  |  |
| Other payables | **4** | 5 | 3 |
|  | **710** | 647 | 627 |
| Total trade, other payables and provisions | **717** | 654 | 635 |
| Current trade and other payables are non-interest bearing and are normally settled within 60 days. |  |  |  |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Includes accrual for silicosis of $12m (2021: $16m; 2020: $12m) and retrenchments of nil (2021: $7m; 2020: nil).*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**29&nbsp;&nbsp;&nbsp;&nbsp;TAXATION**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Balance at beginning of year | **(10)** | 139 | 62 |
| Refunds during the year | **32** | 20 |  |
| Payments during the year | **(166)** | (336) | (431) |
| Taxation of items included in the income statement | **231** | 248 | 562 |
| Offset of VAT and other taxes | **(84)** | (87) | (41) |
| Transfer of Siguiri tax asset to non-current trade and other receivables | **4** |  |  |
| Withholding tax transferred from (to) trade, other payables and provisions | **—** | 7 | (7) |
| Discounting of tax receivable | **—** | 1 |  |
| Transfer from tax receivable relating to North America | **—** |  | (4) |
| Translation | **1** | (2) | (2) |
| Balance at end of year | **8** | (10) | 139 |
| Included in the statement of financial position as follows: |  |  |  |
| Taxation asset included in trade, other receivables and other assets | **(37)** | (49) | (14) |
| Taxation liability | **45** | 39 | 153 |
|  | **8** | (10) | 139 |

---

**30&nbsp;&nbsp;&nbsp;&nbsp;CASH GENERATED FROM OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Profit (loss) before taxation | **489** | 958 | 1627 |
| Adjusted for: |  |  |  |
| Movement on non-hedge derivatives and other commodity contracts | **6** |  |  |
| Amortisation of tangible and right of use assets (note 4) | **632** | 474 | 573 |
| Amortisation of intangible assets (note 4) | **1** | 3 | 2 |
| Finance costs and unwinding of obligations (note 6) | **149** | 116 | 177 |
| Environmental, rehabilitation, silicosis and other provisions | **(85)** | (20) | (50) |
| Impairment and derecognition of assets | **308** | 7 | 1 |
| Profit on sale of assets | **(8)** | (22) | (2) |
| Other expenses (income) | **9** | 61 | 51 |
| Interest income | **(81)** | (58) | (27) |
| Share of associates and joint ventures' (profit) loss (note 7) | **(166)** | (249) | (278) |
| Other non-cash movements | **127** | 30 | 30 |
| Movements in working capital | **(137)** | 53 | (238) |
|  | **1244** | 1353 | 1866 |
| Movements in working capital: |  |  |  |
| (Increase) decrease in inventories | **(54)** | 58 | (83) |
| Increase in trade, other receivables and other assets | **(149)** | (49) | (163) |
| Increase in trade, other payables and provisions | **66** | 44 | 8 |
|  | **(137)** | 53 | (238) |

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**31&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTIES**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| **Material related party transactions were as follows (not attributable):** |  |  |  |
| **Sales and services rendered to related parties** |  |  |  |
| Associates | **—** | 7 | 11 |
| Joint ventures | **—** |  | 8 |
| **Purchases and services acquired from related parties** |  |  |  |
| Associates | **14** | 14 | 20 |
| Joint ventures | **—** |  | 1 |
| **Outstanding balances arising from sale of goods and services due by related parties** |  |  |  |
| Associates | **—** | 7 | 11 |
| Joint ventures | **—** |  |  |
| Amounts owed to/due by related parties above are unsecured and non-interest bearing. |  |  |  |
| **Loans advanced to joint ventures and associates** |  |  |  |
| Loans advanced to associates and joint ventures are included in the carrying value of investments in associates and joint ventures (note 17) |  |  |  |

---

**Executive contracts**

All members of the Executive Management team have permanent employment contracts which entitle them to standard group benefits as defined by their specific region and participation in the Company's Deferred Share Plan (DSP).

South African-based executives are paid a portion of their remuneration offshore, which is detailed under a separate contract. This reflects global roles and responsibilities and takes account of offshore business requirements.

The executive contracts are reviewed annually and currently continue to include a change in control provision. The change in control is subject to the following triggers:

• The acquisition of all or part of AngloGold Ashanti; or

• A number of shareholders holding less than thirty-five percent of the Company's issued share capital consorting to gain a majority of the board and make management decisions; and

• The contracts of Executive Committee members are either terminated or their role and employment conditions are curtailed.

In the event of a change in control becoming effective, the executive management team will in certain circumstances be subject to both the notice period and the change in control contract terms. The notice period applied per category of executive and the change in control periods as at 31 December 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Executive Committee member** | **Notice Period** | **Change of control** |
| Chief Executive Officer | 12 months | 12 months |
| Chief Financial Officer | 6 months | 6 months |
| Other Executive Management team members | 6 months | 6 months |

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**Directors and other key management personnel**

**Executive directors' and prescribed officers' remuneration**

Key management remuneration includes directors and prescribed officers that held office in the current year. For disclosure of the remuneration of key management in the prior year, refer to the disclosure provided in the prior year annual financial statements.

The tables below illustrate the single total figure of remuneration and the total cash equivalent received reconciliation of Executive Directors and Prescribed Officers as prescribed by King IV. It comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2022.

The following are definitions of terminology used in the adoption of the reporting requirements under King IV.

**Reflected**

In respect of the DSP awards, remuneration is reflected when performance conditions have been met during the reporting period.

**Settled**

This refers to remuneration that has been included in prior reporting periods and has now become payable (but may not yet have been paid) to the executive in the current period.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Single total figure of**<br>**remuneration**  | Base Salary | Base Salary | Pension scheme benefits | Cash in lieu of dividends | Other benefits<sup>(2)</sup> | Awards earned during the period reflected but not yet settled | Awards earned during the period reflected but not yet settled | Other Payments | Single total figure of remuneration  | Single total figure of remuneration  | Single total figure of remuneration  | Single total figure of remuneration  |
| **Single total figure of**<br>**remuneration**  | ZAR denominated portion | USD/AUD denominated portion<sup>(1)</sup> | Pension scheme benefits | Cash in lieu of dividends | Other benefits<sup>(2)</sup> | DSP awards<sup>(3)</sup> | Sign-on<br>awards<br>granted | Other Payments | **2022** | **2022** | 2021 | 2020 |
| **Single total figure of**<br>**remuneration**  | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 |  | **ZAR '000** | **ZAR '000** | **USD '000**<sup>(12)</sup>  | USD '000<sup>(12)</sup>  | USD '000<sup>(12)</sup> |
| **Executive directors** |  |  |  |  |  |  |  |  |  |  |  |  |
| A Calderon |  | 26185 | 6481 |  | 162 | 83180 |  |  | **116008** | **7089** | 2761 |  |
| KC Ramon<sup>(4)</sup> | 3052 | 2336 | 430 | 435 | 3524 | 4551 |  | 13082 | **27410** | **1675** | 2875 | 3138 |
| **Total executive directors** | **3052** | **28521** | **6911** | **435** | **3686** | **87731** | **—** | **13082** | **143418** | **8764** | 5636 | 3138 |
| **Prescribed officers** |  |  |  |  |  |  |  |  |  |  |  |  |
| L Ali<sup>(6)</sup> |  | 7620 |  |  | 787 | 20092 | 19111 | 0 | **47610** | **2909** |  |  |
| SD Bailey | 5037 | 2977 |  | 225 | 1177 | 20882 |  |  | **30298** | **1851** | 1673 | 2019 |
| I Boninelli<sup>(7)</sup> | 1507 |  |  |  | 3 |  |  |  | **1510** | **92** | 605 |  |
| TJ Briggs<sup>(8)</sup> |  | 5073 | 374 |  | 677 | 13060 | 14437 |  | **33621** | **2054** |  |  |
| VA Chamberlain <sup>(9)</sup> | 1058 | 225 | 137 | 124 | 18 | 2664 |  | 321 | **4547** | **278** | 606 |  |
| L Eybers |  | 10986 | 312 | 401 | 814 | 28281 |  |  | **40794** | **2493** | 2291 | 2686 |
| MC Godoy |  | 9821 | 1645 |  | 1224 | 25282 |  |  | **37972** | **2320** | 2857 |  |
| I Kramer<sup>(10)</sup> | 2167 |  | 271 |  | 40 | 6899 |  | 542 | **9919** | **606** | 598 | 468 |
| L Marwick | 5310 | 2148 | 713 | 84 | 520 | 19220 |  |  | **27995** | **1711** | 1433 | 1241 |
| Exited prescribed<br>officers <sup>(11)</sup> |  |  |  |  |  |  |  |  | **—** | **—** | 4226 | 8076 |
| **Total prescribed officers** | **15079** | **38850** | **3452** | **834** | **5260** | **136380** | **33548** | **863** | **234266** | **14314** | 14289 | 14490 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR.*

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*Other benefits include health care, personal accident cover, life cover, funeral cover, accommodation allowance, pension allowance, airfare and surplus leave encashed. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over.*

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2022. The cash bonus is payable in February 2023 and the share awards are allocated in February 2023. Shares vest over either a three- or five-year period in equal tranches.*

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp; *KC Ramon retired as Chief Financial Officer and executive director with effect from 30 June 2022. All payments including salary, pension and other benefits were pro-rated and aligned to 30 June 2022. Included in other payments is payment in lieu of unworked notice period from 1 July 2022 to 31 December 2022, as well as a waiver and restraint of trade payments.*

<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp; *KPM Dushniskjy resigned effective 1 September 2020. His single total figure of remuneration for 2022 was nil (2021: $2.8m; 2020: $3.3m)*

<sup>(6)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;L Ali was appointed as Chief People Officer and prescribed officer with effect from 1 April 2022. All payments including salary, DSP awards and other benefits were pro-rated and aligned to the appointment period. The sign-on awards of ZAR19.111m was awarded on appointment date, 1 April 2022, in lieu of forfeited remuneration and shares from previous employer, of which ZAR5.525m will be settled in cash over a period of two years and ZAR13.586m will be settled in shares vesting over a two year period in accordance with the JSE Listing Requirements.*

<sup>(7)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*I Boninelli stepped down as Executive Group Human Resources Consultant and prescribed officer effective 31 March 2022. All payments including salary, DSP awards (cash bonus only) and other benefits were pro-rated and aligned to the appointment period.*

<sup>(8)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*TJ Briggs was appointed as Chief Development Officer and prescribed officer with effect from 1 April 2022. All payments, including pension and other benefits, were pro-rated to the appointment period for 2022. Included in the DSP awards is the DSP cash bonus and share award, pro-rated to align to the period. The sign-on awards of ZAR14.437m was awarded on appointment date, 1 April 2022, in lieu of shares forfeited from previous employer and will be settled in shares vesting over a three year period in accordance with the JSE Listing Requirements.*

<sup>(9)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*VA Chamberlain stepped down as Interim Chief Development Officer and prescribed officer effective 31 March 2022. All payments, including salary, pension and other benefits, were pro-rated and aligned to the appointment period. The DSP awards (cash bonus only) were pro-rated and paid for the period until his retirement effective 31 October 2022 and were calculated based on his Senior Vice President salary and target bonus opportunity. Other payments reflect the acting allowance for the acting period from 1 January to 31 March 2022.*

<sup>(10)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;I Kramer was appointed as Interim Chief Financial Officer and prescribed officer from 1 July 2022 to 31 December 2022. All salary payments, including pension and other benefits, were pro-rated aligned to the acting period for 2022. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2022 (DSP awards were not pro-rated but were calculated based on his normal Senior Vice President salary plus 6 months acting allowance on the Senior Vice President target bonus opportunity). Other payments reflect the acting allowance for the acting period from 1 July to 31 December 2022.*

<sup>(11)</sup> *&nbsp;&nbsp;&nbsp;&nbsp;Exited prescribed officers include PD Chenard, who retired 31 January 2021, GJ Ehm, who retired 31 December 2021, S Ntuli, who separated from the Company due to the reconfigured Operating Model effective 31 December 2021, and TR Sibisi, who resigned effective 30 September 2021.*

<sup>(12)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.3655 (2021: $1:R14.7842; 2020: $1:R16.4506).* 

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**Directors and other key management personnel** CONTINUED

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total cash equivalent received reconciliation** | Single total figure of remuneration | Awards earned during the period reflected but not yet settled | Awards earned during the period reflected but not yet settled | DSP 2020 cash portion settled | BSP, CIP, DSP and LTIP share awards settled | BSP, CIP, DSP and LTIP share awards settled | BSP, CIP, DSP and LTIP share awards settled | Sign-on shares settled | Sign-on shares settled | Sign-on shares settled | Total cash equivalent received reconciliation | Total cash equivalent received reconciliation | Total cash equivalent received reconciliation | Total cash equivalent received reconciliation |
| **Total cash equivalent received reconciliation** | Single total figure of remuneration | DSP awards<sup>(1)</sup> | Sign-on<br>awards<br>granted | DSP 2020 cash portion settled | *Grant fair value*<sup>(2)</sup> | *Market movement since grant date*<sup>(2)</sup> | Vesting fair value<sup>(2)</sup> | *Grant fair value*<sup>(2)</sup> | *Market movement since grant date*<sup>(2)</sup> | Vesting fair value<sup>(2)</sup> | 2022 | 2022 | 2021 | 2020 |
| **Total cash equivalent received reconciliation** | ZAR '000 | ZAR '000 | ZAR '000 | ZAR '000 | *ZAR '000* | *ZAR '000* | ZAR '000 | *ZAR '000* | *ZAR '000* | ZAR '000 | **ZAR '000** | **USD '000**<sup>(3)</sup> | USD '000<sup>(3)</sup> | USD '000<sup>(3)</sup> |
| **Executive directors** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| A Calderon | 116008 | (83180) |  | 7557 |  |  |  |  |  |  | **40385** | **2468** | 1375 |  |
| KC Ramon | 27410 | (4551) |  | 9951 | 12666 | 3174 | 15840 |  |  |  | **48650** | **2973** | 2329 | 4278 |
| **Total executive directors** | **143418** | **(87731)** | **—** | **17508** | **12666** | **3174** | **15840** | **—** | **—** | **—** | **89035** | **5441** | 3704 | 4278 |
| **Prescribed officers** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| L Ali | 47610 | (20092) | (19111) |  |  |  |  | 6246 | (1377) | 4869 | **13276** | **811** |  |  |
| SD Bailey | 30298 | (20882) |  | 4965 | 7101 | 1376 | 8477 |  |  |  | **22858** | **1397** | 1365 | 1508 |
| I Boninelli | 1510 |  |  | 4091 |  |  |  |  |  |  | **5601** | **342** | 328 |  |
| TJ Briggs | 33621 | (13060) | (14437) |  |  |  |  |  |  |  | **6124** | **374** |  |  |
| VA Chamberlain | 4547 |  |  | 2944 | 7908 | (147) | 7761 |  |  |  | **15252** | **932** | 288 |  |
| L Eybers | 40794 | (28281) |  | 6516 | 11177 | 2776 | 13953 |  |  |  | **32982** | **2015** | 2039 | 3756 |
| MC Godoy | 37972 | (25282) |  | 1594 |  |  |  | 13720 | 4400 | 18120 | **32404** | **1980** | 471 |  |
| I Kramer | 9919 | (6899) |  | 2184 | 2196 | 205 | 2401 |  |  |  | **7605** | **465** | 536 | 98 |
| L Marwick | 27995 | (19220) |  | 4273 | 3151 | 364 | 3515 |  |  |  | **16563** | **1012** | 948 | 231 |
| Exited prescribed officers |  |  |  |  |  |  |  |  |  |  | **—** | **—** | 7922 | 10744 |
| **Total prescribed officers** | **234266** | **(133716)** | **(33548)** | **26567** | **31533** | **4574** | **36107** | **19966** | **3023** | **22989** | **152665** | **9328** | 13897 | 16337 |

---

<sup>Notes</sup>

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*The fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2022. The cash bonus is payable in February 2023 and the share awards are allocated in February 2023. Shares vest over a 3- to 5- year period in equal tranches.*

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*Reflects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value for the vested DSP 2019, DSP 2020, DSP 2021 and vested sign-on share awards and difference in the currency movements for the vested sign-on cash settled award.*

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*Convenience conversion to USD at the year-to-date average exchange rate of $1:R16.3655 (2021: $1:R14.7842; 2020: $1:R16.4506).*

Details of the share incentive scheme awards are included below.

**Sign-on share awards**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance at <br>1 January 2022** | Granted<br> | Vested deemed settled<br> | **Balance at**<br>**31 December 2022**<br> | Fair value of granted awards<sup>(1)</sup><br>ZAR '000 | Fair value of vested awards<sup>(2)</sup><br>ZAR '000 | **Fair value of unvested awards at**<br>**31 December 2022**<sup>(3)</sup><br>**ZAR '000** |
| **Prescribed officers** |  |  |  |  |  |  |  |
| L Ali | **—** | 44233 | 20337 | **23896** | 13586 | 4869 | **7867** |
| TJ Briggs | **—** | 47004 |  | **47004** | 14437 |  | **15475** |
| M Godoy | **107353** |  | 48309 | **59044** |  | 18120 | **19439** |
| **Total prescribed officers** | **107353** | **91237** | **68646** | **129944** | **28023** | **22989** | **42781** |
| **Other management** <sup>(4)</sup> | **4553** | **—** | **2500** | **2053** | **—** | **631** | **676** |
| **Total sign-on share awards** | **111906** | **91237** | **71146** | **131997** | **28023** | **23620** | **43457** |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date. The share awards were granted on start date and will vest over a 2- to 3-year period in equal tranches in accordance with the JSE Listings Requirements.*

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The fair value of vested awards represent the value received on settlement date.*

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*The fair value of unvested awards is calculated using the closing share price as at 31 December.*

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The awards for other management for the 2021 comparatives include awards for Mr PD Chenard who retired as a prescribed officer on 31 January 2021.*

F - 73

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**Directors and other key management personnel** CONTINUED

**DSP awards**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance at<br>1 January 2022** | Granted<br> | Vested, deemed settled<br> | Forfeited/ Lapsed<br> | **Balance at**<br>**31 December 2022**<br> | Fair value of granted awards<sup>(1)</sup><br>ZAR '000 | Fair value of vested awards<sup>(2)</sup><br>ZAR '000 | **Fair value of unvested awards at**<br>**31 December 2022**<sup>(3)</sup><br>**ZAR '000** |
| **Executive directors** |  |  |  |  |  |  |  |  |
| A Calderon | **—** | **41601** | **—** | **—** | **41601** | **13938** | **—** | **13696** |
| KC Ramon | **183487** | **58442** | **46383** | **—** | **195546** | **19580** | **15840** | **64380** |
| **Total executive directors** | **183487** | **100043** | **46383** | **—** | **237147** | **33518** | **15840** | **78076** |
| **Prescribed officers** |  |  |  |  |  |  |  |  |
| SD Bailey | **90037** | **33127** | **24712** | **—** | **98452** | **11099** | **8477** | **32413** |
| VA Chamberlain<sup>(4)</sup> | **27159** | **12986** | **26547** | **13598** | **—** | **4351** | **7761** | **—** |
| L Eybers | **162348** | **43252** | **40818** | **—** | **164782** | **14491** | **13953** | **54251** |
| MC Godoy | **—** | **10180** | **—** | **—** | **10180** | **3411** | **—** | **3352** |
| I Kramer | **17824** | **9776** | **6942** | **—** | **20658** | **3275** | **2401** | **6801** |
| L Marwick | **41821** | **28814** | **10043** | **—** | **60592** | **9654** | **3515** | **19949** |
| **Total prescribed officers** | **339189** | **138135** | **109062** | **13598** | **354664** | **46281** | **36107** | **116766** |
| Other management<sup>(5)</sup> | **1581013** | **555777** | **788105** | **150099** | **1198586** | **186208** | **234197** | **394610** |
| **Total DSP awards** | **2103689** | **793955** | **943550** | **163697** | **1790397** | **266007** | **286144** | **589452** |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*The fair value of granted awards represents the value of awards, calculated using a five-business day volume weighted average share price prior to grant date, 24 February 2022.*

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*The fair value of vested awards represents the value deemed received on settlement date.*

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;*The fair value of unvested awards is calculated using the closing share price as at 31 December.*

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Share awards lapsed due to retirement.*

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The awards for other management for the 2021 comparative period include awards for Mr PD Chenard, who retired 31 January 2021, Mr GH Ehm, who retired 31 December 2021, Mr S Ntuli, who separated from the Company due to the reconfigured Operating Model effective 31 December 2021, and Ms TR Sibisi, who resigned effective 30 September 2021.*

**Non-Executive Directors' fees and allowances**

For 2022 the non-executive directors elected not to receive a fee increase to align with the executive and senior management teams who did not receive a salary increase due to the Company reorganisation.

The table below details the fees payable to non-executive directors during the year as approved by shareholders:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Director fees**<sup>(1)</sup> | **Committee fees** | **Travel allowance** | **Total** | | |
|<br>**US Dollars** | **2022** | **2022** | **2022** | **2022** | **Figures in thousands**<br>**Total**<br>**2021** | **Figures in thousands**<br>**Total**<br>**2020** |
| MDC Ramos (Chairperson) | **308800** | **56000** | **8750** | **373550** | 451 | 202 |
| R Gasant (Lead independent director) | **166700** | **104500** | **10000** | **281200** | 296 | 223 |
| KOF Busia | **125900** | **86500** | **26250** | **238650** | 240 | 103 |
| AM Ferguson | **125900** | **89000** | **33750** | **248650** | 255 | 197 |
| AH Garner | **125900** | **50500** | **13750** | **190150** | 202 | 174 |
| SP Lawson | **125900** | **50500** | **18750** | **195150** |  |  |
| NVB Magubane <sup>(2)</sup> | **95300** | **30000** | **8750** | **134050** | 178 | 171 |
| MDC Richter | **125900** | **85500** | **18750** | **230150** | 250 | 209 |
| JE Tilk | **125900** | **110000** | **23750** | **259650** | 279 | 206 |
| **Total fees for 2022** | **1326200** | **662500** | **162500** | **2151200** | **2151** | **1485** |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Includes the annual base fee paid to NEDs as well as fees paid for special board meetings.*

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>*NVB Magubane passed away on 30 October 2022. The amounts include fees paid up to the last working day.*

Non-Executive Directors do not hold service contracts with the Company. Executive Directors do not receive payment of directors' fees or committee fees.

F - 74

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**Directors' and Prescribed Officers' interests in AngloGold Ashanti shares** (continued)

The interests of directors, prescribed officers and their associates in the ordinary shares of the Company at 31 December, which individually did not exceed 1% of the Company's issued ordinary share capital, were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **31 December 2022**<br>**Beneficial holding** | **31 December 2022**<br>**Beneficial holding** | **31 December 2021**<br>**Beneficial holding** | **31 December 2021**<br>**Beneficial holding** | **31 December 2020**<br>**Beneficial holding** | **31 December 2020**<br>**Beneficial holding** |
|<br>**US Dollars** | **Direct** | **Indirect** | **Direct** | **Indirect** | **Direct** | **Indirect** |
| **Non-Executive directors** | | | | | | |
| KOF Busia<sup>(1)</sup> | **2000** | **—** | 2000 |  |  |  |
| AM Ferguson<sup>(1)</sup> | **5000** | **—** | 5000 |  |  |  |
| MDC Richter<sup>(1)</sup> | **10300** | **1000** | 10300 |  | 9300 |  |
| AH Garner<sup>(1)</sup> | **22500** | **—** | 17500 |  | 17500 |  |
| J Tilk<sup>(1)</sup> | **2800** | **—** |  |  |  |  |
| S Lawson<sup>(1)</sup> | **2830** | **—** |  |  |  |  |
| **Total** | **45430** | **1000** | 34800 |  | 26800 |  |
| **Executive directors** |  |  |  |  |  |  |
| A Calderon <sup>(1)(2)</sup> | **26370** | **—** | 4690 |  |  |  |
| KC Ramon | **—** | **—** |  |  |  |  |
| **Total** | **26370** | **—** | 4690 |  |  |  |
| **Prescribed officers** |  |  |  |  |  |  |
| SD Bailey <sup>(1)</sup> | **13039** | **—** | 12867 |  | 8609 |  |
| L Eybers <sup>(2)</sup> | **28466** | **—** | 28466 |  | 28466 |  |
| MC Godoy <sup>(1)</sup> | **32643** | **—** |  |  |  |  |
| I Kramer | **376** | **—** |  |  |  |  |
| **Total** | **74524** | **—** | 41333 |  | 37075 |  |
| **Grand total** | **146324** | **1000** | 80823 |  | 63875 |  |

---

<sup>(1)</sup> *Held on the New York stock exchange as American Depositary Shares (ADSs) (1 ADS is equivalent to 1 ordinary share)*

<sup>(2)</sup> *Held on the Australian securities exchange as CHESS Depositary Receipts (5 CDIs are equivalent to 1 ordinary share)*

A register detailing Directors and Prescribed Officers' interests in contracts is available for inspection at the Company's registered and corporate office.

There were no changes in Directors' and Prescribed Officers' interests in AngloGold Ashanti shares, excluding options and awards granted in terms of the Group's DSP scheme, subsequent to 31 December 2022.

F - 75

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**32&nbsp;&nbsp;&nbsp;&nbsp;CONTRACTUAL COMMITMENTS AND CONTINGENCIES**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Figures in millions** | **2022** | 2021 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital commitments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Acquisition of tangible assets* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracted for | **178** | 146 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not contracted for | **259** | 547 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorised by the directors | **437** | 693 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Allocated to:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- within one year | **155** | 337 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- thereafter | **39** | 64 | 71 |
|  | **194** | 401 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stay-in-business capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- within one year | **243** | 292 | 200 |
|  | **243** | 292 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of underlying capital commitments of joint ventures included above | **—** | 4 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Purchase obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracted for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- within one year | **436** | 423 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- thereafter | **575** | 624 | 882 |
|  | **1011** | 1047 | 1273 |

---

**Purchase obligations**

Purchase obligations represent contractual obligations for the purchase of mining contract services, power, supplies, consumables, inventories, explosives and activated carbon.

To service these capital commitments, purchase obligations and other operational requirements, the Group is dependent on existing cash resources, cash generated from operations and borrowing facilities.

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. In addition, distributions from joint ventures are subject to the relevant board approval.

The credit facilities contain financial covenants and other similar undertakings. To the extent that external borrowings are required, the Group's covenant performance indicates that existing financing facilities will be available to meet the commitments detailed above. To the extent that any of the financing facilities mature in the near future, the Group believes that sufficient measures are in place to ensure that these facilities can be refinanced.

**Litigation claims**

Litigation - AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other environmental impacts arising in connection with the current and/or historical operations of the Pompora Treatment Plant (PTP), which was decommissioned in 2000. The plaintiffs' alleged injuries include respiratory infections, skin diseases and certain cancers. The plaintiffs subsequently did not timely file their application for directions. On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. This matter has been adjourned indefinitely. As plaintiffs in these matters have not actively pursued litigation, AGAG is taking steps to have these matters dismissed for want of prosecution. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for AGAG's obligation in either matter.

F - 76

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**32&nbsp;&nbsp;&nbsp;&nbsp;Contractual commitments and contingencies (**continued**)**

**Tax claims**

For a discussion on tax claims and tax uncertainties refer to note 10.

F - 77

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

 **33**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL RISK MANAGEMENT ACTIVITIES**

In the normal course of its operations, the Group is exposed to gold price, other commodity price, foreign exchange, interest rate, liquidity, equity price (deemed to be immaterial) and credit risks. In order to manage these risks, the Group may enter into transactions which make use of derivatives. The Group does not acquire, hold or issue derivatives for speculative purposes. The Group has developed a comprehensive risk management process to facilitate, control and monitor these risks. The board has approved and monitors this risk management process, inclusive of documented treasury policies, counterparty limits and controlling and reporting structures.

**Managing risk in the Group**

Risk management activities within the Group are the ultimate responsibility of the board of directors. The Chief Financial Officer is responsible to the board of directors for the design, implementation and monitoring of the risk management plan. The Audit and Risk Committee is responsible for overseeing risk management plans and systems, as well as financial risks which include a review of treasury activities and the Group's counterparties.

The financial risk management objectives of the Group are defined as follows:

• safeguarding the Group's core earnings stream from its major assets through the effective control and management of gold price risk, other commodity risk, foreign exchange risk and interest rate risk;

• effective and efficient usage of credit facilities in both the short and long-term through the adoption of reliable liquidity management planning and procedures;

• ensuring that investment and hedging transactions are undertaken with creditworthy counterparties; and

• ensuring that all contracts and agreements related to risk management activities are co-ordinated, consistent throughout the Group and that they comply with all relevant regulatory and statutory requirements.

**Gold price and foreign exchange risk**

Gold price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. The Group has transactional foreign exchange exposures, which arise from sales or purchases by an operating unit in currencies other than the unit's functional currency. The gold market is predominately priced in US dollars which exposes the Group to the risk of fluctuations in the Brazilian real/US dollar, Argentinean peso/US dollar and Australian dollar/US dollar exchange rates.

**Other commodity price risk**

The Group makes use of derivative financial instruments to mitigate price movements on crude oil purchases. In July 2022, AngloGold Ashanti entered into forward agreements for a total of 999,000 barrels of Brent crude oil for the period January 2023 to December 2023 that will be cash settled on a monthly basis against the contract price. The average price achieved on the forward contracts is $89.20 per barrel.

**Interest rate and liquidity risk**

The Group manages liquidity risk by ensuring that it has sufficient committed borrowing and banking facilities after taking into consideration the actual and forecast cash flows, in order to meet the Group's short, medium and long term funding and liquidity management requirements.

In the ordinary course of business, the Group receives cash from the proceeds of its gold sales and is required to fund its working capital and capital expenditure requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market-related returns whilst minimising risks. The Group is able to actively source financing at competitive rates. The counter parties are financial and banking institutions and their credit ratings are regularly monitored.

The Group has sufficient undrawn borrowing facilities available to fund its working capital and capital requirements (notes 24 and 34).

F - 78

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**33**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL RISK MANAGEMENT ACTIVITIES** (continued)

**The contractual maturities of financial liabilities, including interest payments, are as follows:**

**Financial liabilities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Within one year | Within one year | Between<br>one and two<br>years | Between<br>one and two<br>years | Between<br>two and five years | Between<br>two and five years | After five years | After five years | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | $ millions | Effective<br>rate % | $ millions | Effective<br>rate % | $ millions | Effective<br>rate % | $ millions | Effective<br>rate % | $ millions |
| Trade and other payables <sup>(1)</sup> | **680** |  | **—** |  | **7** |  | **—** |  | **687** |
| Bank overdraft | **2** |  |  |  |  |  |  |  | **2** |
| Borrowings | **102** |  | **249** |  | **326** |  | **2098** |  | **2775** |
| - In USD | **88** | **4.6** | **150** | **4.6** | **284** | **4.2** | **2098** | **4.1** | **2620** |
| - AUD in USD equivalent | **2** | **4.5** | **2** | **4.5** | **42** | **4.5** |  |  | **46** |
| - TZS in USD equivalent | **12** | **12.5** | **97** | **12.5** | **—** |  |  |  | **109** |
| **2021** |  |  |  |  |  |  |  |  |  |
| Trade and other payables | 616 |  | 7 |  |  |  |  |  | 623 |
| Borrowings | 119 |  | 115 |  | 332 |  | 2169 |  | 2735 |
| - In USD | 113 | 4.3 | 76 | 4.2 | 280 | 4.1 | 2169 | 4.1 | 2638 |
| - AUD in USD equivalent |  | 1.5 | 33 | 1.5 |  |  |  |  | 33 |
| - TZS in USD equivalent | 6 | 12.5 | 6 | 12.5 | 52 | 12.5 |  |  | 64 |
| **2020** |  |  |  |  |  |  |  |  |  |
| Trade and other payables | 597 |  | 8 |  |  |  |  |  | 605 |
| Borrowings | 205 |  | 901 |  | 137 |  | 1414 |  | 2657 |
| - In USD | 158 | 5.0 | 901 | 5.0 | 137 | 4.6 | 1414 | 4.6 | 2610 |
| - TZS in USD equivalent | 47 | 12.5 |  |  |  |  |  |  | 47 |

---

<sup>(1)</sup> *Includes an unrealised loss of $6m on oil forward contracts, which is included in loss on non-hedge derivatives and other commodity contracts in the income statement and in trade, other payables and provisions in the statement of financial position.*

The table below provides a breakdown of the contractual maturities of the lease liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Within one year** | **Between one and two years** | **Between two and five years** | **After five years** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| Lease liabilities | **79** | **63** | **59** | **2** | **203** |
| &nbsp;&nbsp;&nbsp;&nbsp;- In USD | **39** | **28** | **12** | **—** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;- AUD in USD equivalent | **24** | **21** | **36** | **2** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;- BRL in USD equivalent | **15** | **13** | **9** | **—** | **37** |
| &nbsp;&nbsp;&nbsp;&nbsp;- ZAR in USD equivalent | **1** | **1** | **2** | **—** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |  |  |  |  |  |
| Lease liabilities | 68 | 50 | 74 | 10 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;- In USD | 32 | 19 | 13 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;- AUD in USD equivalent | 24 | 23 | 51 | 10 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;- BRL in USD equivalent | 10 | 7 | 6 |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;- ZAR in USD equivalent | 2 | 1 | 4 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 |  |  |  |  |  |
| Lease liabilities | 42 | 31 | 68 | 19 | 160 |
| - In USD | 10 | 4 | 6 |  | 20 |
| - AUD in USD equivalent | 22 | 21 | 58 | 19 | 120 |
| - BRL in USD equivalent | 7 | 5 | 4 |  | 16 |
| - ZAR in USD equivalent | 3 | 1 |  |  | 4 |

---

F - 79

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**33**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL RISK MANAGEMENT ACTIVITIES** (continued)

The table below provides a breakdown of the effective borrowing rate per currency for lease liabilities:

---

| | | | |
|:---|:---|:---|:---|
| | **2022** | **2021** | **2020** |
| USD | **3.1%** | 2.3% | 6.1% |
| AUD | **4.3%** | 4.6% | 4.7% |
| BRL | **14.7%** | 11.0% | 8.4% |
| ZAR | **5.2%** | 5.9% | 9.8% |

---

The Group weighted average incremental borrowing rate at the end of 31 December 2022 is 5.7% (2021: 4.6%, 2020: 5.4%).

**Credit risk**

Credit risk arises from the risk that a counterparty may default or not meet its obligations timeously. The Group minimises credit risk by ensuring that credit risk is spread over a number of counterparties. These counterparties are financial and banking institutions. Counterparty credit limits and exposures are reviewed by the Audit and Risk Committee. Where possible, management ensures that netting agreements are in place. No set-off is applied to the statement of financial position due to the different maturity profiles of assets and liabilities.

**The combined maximum credit risk exposure of the Group is as follows:**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
| Other unlisted investments | **1** | 1 | 2 |
| Trade and other receivables | **41** | 87 | 95 |
| Cash restricted for use (note 21) | **60** | 58 | 73 |
| Cash and cash equivalents (note 22) | **1108** | 1154 | 1330 |
| Total financial assets | **1210** | 1300 | 1500 |

---

Trade and other receivables, that are past due but not impaired totalled $12m (2021: $18m; 2020: $12m).

Trade receivables which are recognised on settlement mainly comprise banking institutions purchasing gold bullion and normal market settlement terms are two working days, therefore expected credit losses are not expected to be material.

The Group does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of counterparties.

The maximum exposure to credit risk for all other financial instruments are approximated by their carrying values.

**Fair value of financial instruments**

The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information.

The estimated fair value of the Group's other investments and borrowings as at 31 December are as follows:

**Type of instrument**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Carrying<br>amount** | **Fair<br>value** | **Carrying<br>amount** | **Fair<br>value** | **Carrying<br>amount** | **Fair<br>value** |
| **Figures in millions - US Dollars** | **2022** | **2022** | 2021 | 2021 | 2020 | 2020 |
| **Financial assets** |  |  |  |  |  |  |
| Other investments  | **3** | **3** | 117 | 117 | 188 | 188 |
| **Financial liabilities** |  |  |  |  |  |  |
| Borrowings (note 24) | **1983** | **1826** | 1909 | 2011 | 1931 | 2131 |

---

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

**Cash restricted for use, cash and cash equivalents, bank overdrafts, trade, other receivables and other assets and trade and other payables**

The carrying amounts approximate fair value due to their short term nature.

F - 80

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**33**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL RISK MANAGEMENT ACTIVITIES** (continued)

**Other Investments**

Listed equity investments classified as FVTOCI are carried at fair value in level 1 of the fair value hierarchy and unlisted investments classified as FVTPL are carried at fair value in level 3 of the fair value hierarchy.

**Borrowings**

The rated bonds are carried at amortised cost and their fair values are their closing market values at the reporting date (fair value hierarchy - level 1). The interest rate on the remaining borrowings is set on a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value and carried at level 2 in the fair value hierarchy.

**Fair value hierarchy**

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1:&nbsp;&nbsp;&nbsp;&nbsp;quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2:&nbsp;&nbsp;&nbsp;&nbsp;inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

Level 3:&nbsp;&nbsp;&nbsp;&nbsp;inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following table sets out the Group's financial instruments measured at fair value by level within the fair value hierarchy as at 31 December:

**Type of instrument**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in millions - US Dollars** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets measured at fair value on a recurring basis** | **2022** | **2022** | **2022** | **2022** |
| Equity securities - FVTOCI | **2** | **—** | **—** | **2** |
| Deferred compensation asset | **—** | **—** | **12** | **12** |
|  | 2021 | 2021 | 2021 | 2021 |
| Deferred compensation asset |  |  | 25 | 25 |
| Equity securities - FVTOCI | 116 |  |  | 116 |
|  | 2020 | 2020 | 2020 | 2020 |
| Equity securities - FVTOCI | 186 |  |  | 186 |
| Deferred compensation asset |  |  | 28 | 28 |
| **Liabilities measured at fair value on a recurring basis** | **2022** | **2022** | **2022** | **2022** |
| Oil derivative contract |  | 6 |  | 6 |

---

**Level 3 financial assets**

The two components of the deferred compensation assets relating to the sale of the South African producing assets and related liabilities to Harmony are calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;a.$260 per ounce payable on all underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) in excess of 250,000 ounces per annum for 6 years commencing 1 January 2021. Using a probability weighted calculation of unobservable market data and estimated with reference to expected underlying discounted cash flows a deferred compensation asset of $12m is recognised in the statement of financial position as at 31 December 2022.

&nbsp;&nbsp;&nbsp;&nbsp;b. $20 per ounce payable on underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) below the datum of current infrastructure. At transaction date this constituted 8.53 million ounces of Mineral Reserve. The consideration is dependent on Harmony developing below infrastructure. The performance of this obligation is outside the influence of AngloGold Ashanti as it depends on Harmony's future investment decisions. Under the conditions prevailing as at 31 December 2022, no portion of deferred compensation below infrastructure has been included in the deferred compensation asset.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**33**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL RISK MANAGEMENT ACTIVITIES** (continued)

 **<u>Reconciliation of the deferred compensation asset</u>**

A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table:

---

| | | |
|:---|:---|:---|
| **Figures in millions - US Dollars** | **2022** | 2021 |
| Opening balance | **25** | 28 |
| Unwinding of the deferred compensation asset | **1** | 2 |
| Changes in estimates - fair value adjustments <sup>(1)</sup> | **(13)** | (3) |
| Translation | **(1)** | (2) |
| Closing balance <sup>(2)</sup> | **12** | 25 |
| <sup>(1)</sup> *Included in the Income statement in foreign exchange and fair value adjustments* |  |  |
| <sup>(2)</sup> *Included in the Statement of financial position in non-current trade, other receivables and other assets&nbsp;&nbsp;&nbsp;&nbsp;* |  |  |

---

**Sensitivity analysis**

The table below illustrates the impact on the fair value of the deferred compensation asset resulting from an increase / decrease in production estimates over the remaining period used in the weighted probability calculation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Percentage<br>change in<br>number of<br> ounces** | **Change in<br>deferred<br>compensation<br>asset<br>$m** | **Percentage<br>change in<br>number of<br> ounces** | **Change in<br>deferred<br>compensation<br>asset<br>$m** |
| | **2022** | | 2021 | |
| **Effect of changes in assumptions** |  |  |  |  |
| Increase in number of ounces | +10% | 1 | +10% | 3 |
| Decrease in number of ounces | -10% | (1) | -10% | (3) |
| The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony's mining plans, which could differ from the actual mining plans followed by Harmony. | The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony's mining plans, which could differ from the actual mining plans followed by Harmony. | The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony's mining plans, which could differ from the actual mining plans followed by Harmony. | The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony's mining plans, which could differ from the actual mining plans followed by Harmony. | The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony's mining plans, which could differ from the actual mining plans followed by Harmony. |

---

**Level 2 financial liabilities** 

The fair values of the oil forward rate contracts are determined by using using a valuation model based on the Black-Scholes-Merton option pricing model with the key inputs being forward and spot prices, the number of outstanding barrels of oil on open contracts, risk free rate and volatilities.

**Sensitivity analysis**

**Interest rate risk on other financial assets and liabilities (excluding derivatives)**

The Group also monitors interest rate risk on other financial assets and liabilities.

The following table shows the approximate interest rate sensitivities of other financial assets and liabilities at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). As the sensitivity is the same (linear) for both increases and decreases in interest rates only absolute numbers are presented.

The expected impact on the Group's profit or loss and equity is fairly reflected within the "Change in interest" amount.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**33**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL RISK MANAGEMENT ACTIVITIES** (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Change in interest<br>rate<br>basis points** | **Change in interest<br>amount<br>in currency<br>millions** | **Change in interest<br>amount<br>US dollar<br>millions** |
| | **2022** | **2022** | **2022** |
| **Financial assets** |  |  |  |
| USD denominated | **100** | **5** | **5** |
| AUD denominated | **150** | **1** | **1** |
| **Financial liabilities** |  |  |  |
| TZS denominated | **250** | **5128** | **2** |
| AUD denominated | **150** | **1** | **1** |
| USD denominated | **100** | **1** | **1** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Change in interest<br>rate<br>basis points** | **Change in interest<br>amount<br>in currency<br>millions** | **Change in interest<br>amount<br>US dollar<br>millions** |
| | 2021 | 2021 | 2021 |
| **Financial assets** |  |  |  |
| USD denominated | 100 | 3 | 3 |
| AUD denominated | 150 | 1 | 1 |
| CAD denominated | 100 | 4 | 5 |
| **Financial liabilities** |  |  |  |
| TZS denominated | 250 | 2692 | 1 |
| AUD denominated | 150 | 1 | 1 |
| USD denominated | 100 | 1 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Change in interest<br>rate<br>basis points** | **Change in interest<br>amount<br>in currency<br>millions** | **Change in interest<br>amount<br>US dollar<br>millions** |
| | 2020 | 2020 | 2020 |
| **Financial assets** |  |  |  |
| USD denominated | 100 | 6 | 6 |
| AUD denominated | 150 | 1 | 1 |
| ARS denominated | 250 | 121 | 1 |
| **Financial liabilities** |  |  |  |
| TZS denominated | 250 | 2730 | 1 |
| USD denominated | 100 | 1 | 1 |

---

F - 83

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**33**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL RISK MANAGEMENT ACTIVITIES** (continued)

**Foreign exchange risk**

Foreign exchange risk arises on financial instruments that are denominated in a foreign currency.

The following table discloses the approximate foreign exchange risk sensitivities of borrowings at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Change in<br>exchange rate** | | **Change in<br>exchange rate** | | **Change in<br>exchange rate** | |
| | **Change in<br>exchange rate** | **Change in<br>borrowings<br>total**<br>**US$ Million** | **Change in<br>exchange rate** | **Change in<br>borrowings<br>total**<br>**US$ Million** | **Change in<br>exchange rate** | **Change in<br>borrowings<br>total**<br>**US$ Million** |
| | **2022** | **2022** | 2021 | 2021 | 2020 | 2020 |
| **Borrowings** |  |  |  |  |  |  |
| TZS denominated (TZS/$) | **Spot (+TZS250)** | **(9)** | Spot (+TZS250) | (5) | Spot (+TZS250) | (5) |
| AUD denominated (AUD/$) | **Spot (+AUD0.1)** | **(2)** | Spot (+AUD0.1) | (2) | Spot (+AUD0.1) |  |
| TZS denominated (TZS/$) | **Spot (-TZS(250))** | **11** | Spot (-TZS(250)) | 6 | Spot (-TZS(250)) | 6 |
| AUD denominated (AUD/$) | **Spot (-AUD(0.1))** | **2** | Spot (-AUD(0.1)) | 2 | Spot (-AUD(0.1)) |  |

---

The following table discloses the approximate foreign exchange risk sensitivities of cash and cash equivalents at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Change in exchange rate** | **Change in cash and cash equivalents total** <br>**$ millions** | **Change in exchange rate** | **Change in cash and cash equivalents total <br>$ millions** | **Change in exchange rate** | **Change in cash and cash equivalents total <br>$ millions** |
| | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Cash and cash equivalents** |  |  |  |  |  |  |
| ZAR denominated (R/$) | **Spot (+ZAR1.50)** | **9** | Spot (+ZAR1.50) | 9 | Spot (+ZAR1.50) | 20 |
| AUD denominated (AUD/$) | **Spot (+AUD0.1)** | **2** | Spot (+AUD0.1) | 4 | Spot (+AUD0.1) | 3 |
| ARS denominated (ARS/$) | **Spot(+ARS10)** | **7** | Spot(+ARS10) | 14 | Spot(+ARS10) | 20 |
| CAD denominated (CAD/$) | **Spot(+CAD0.1)** | **—** | Spot(+CAD0.1) | 24 | Spot(+CAD0.1) | 0 |
| ZAR denominated (R/$) | **Spot (-ZAR1.50)** | **(7)** | Spot (-ZAR1.50) | (7) | Spot (-ZAR1.50) | (17) |
| AUD denominated (AUD/$) | **Spot (-AUD0.1)** | **(2)** | Spot (-AUD0.1) | (4) | Spot (-AUD0.1) | (3) |
| ARS denominated (ARS/$) | **Spot(-ARS(10))** | **(6)** | Spot(-ARS(10)) | (11) | Spot(-ARS(10)) | (16) |
| CAD denominated (CAD/$) | **Spot(-CAD0.1)** | **—** | Spot(-CAD0.1) | (21) | Spot(-CAD0.1) |  |

---

F - 84

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**34&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL MANAGEMENT**

The primary objective of managing the Group's capital is to ensure that there is sufficient capital available to support the funding requirements of the Group, including capital expenditure, in a way that optimises the cost of capital, maximises shareholders' returns and ensures that the Group remains in a sound financial position.

The capital structure of the Group consists of net debt (borrowings as detailed in note 24, offset by cash and bank balances detailed in note 22) and equity of the Group (comprising share capital and premium and accumulated reserves and non-controlling interests).

The Group manages and makes adjustments to the capital structure as opportunities arise in the market place, as and when borrowings mature, or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof.

The Group manages capital using various financial metrics including the ratio of Adjusted net debt to Adjusted EBITDA (gearing). Both the calculation of Adjusted net debt and Adjusted EBITDA are based on the formula included in the Revolving Credit Agreements. The loan covenant ratio of Adjusted net debt to Adjusted EBITDA should not exceed 3.5 times. The facilities also make provision for the ability of the Group to have a leverage ratio of greater than 3.5 times but less than 4.5 times, subject to certain conditions, for one measurement period not exceeding six months, during the tenor of the facilities.

The Group had no major issuance of equity during the year.

A full analysis of the borrowings as presented on the statement of financial position is included in note 24.

The $300m, $700m and $750m rated bonds are fully and unconditionally guaranteed by AngloGold Ashanti Limited.

During June 2022, the Group entered into a new five-year unsecured multi-currency syndicated revolving credit facility of $1.4bn with a group of banks. The loan consists of a US dollar-based facility with interest charged at a margin of 1.45% above SOFR plus a credit adjustment spread and an Australian dollar-based facility capped at A$500m with interest charged at a margin of 1.45% above BBSY. The applicable margin is subject to a ratings grid. This facility replaces the $1.4bn multi-currency RCF which was cancelled during June 2022. This facility will mature on 9 June 2027, with the option, upon application, to be extended by two years.

During October 2022 the Group entered into a new three-year unsecured $65m Siguiri revolving credit facility. The facility bears interest at 8% above term SOFR, subject to a ratings grid and is US dollar based. This facility replaces the 2016 $65m Siguiri revolving credit facility that was cancelled and repaid during August 2022.

The interest margin on the five-year unsecured multi-currency syndicated revolving credit facility of $1.4bn with a group of banks will reduce should the Group's credit rating improve from its current BB+/Baa3 status and should increase if its credit rating worsens. The A$500m portion of this facility 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.

*Amounts are converted to US dollar at year end exchange rates.*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**34&nbsp;&nbsp;&nbsp;&nbsp;Capital Management (**continued**)**

**Gearing ratio (Adjusted Net debt to Adjusted EBITDA)**

---

| | | | |
|:---|:---|:---|:---|
| | **US Dollars** | **US Dollars** | **US Dollars** |
| **Figures in millions** | **2022** | 2021 | 2020 |
|  |  |  | Restated |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted net debt from continuing operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings - non-current portion (note 24) | **1965** | 1858 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - non-current portion (note 14) | **102** | 124 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings - current portion (note 24) | **18** | 51 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - current portion (note 14) | **84** | 61 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | **2169** | 2094 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: cash and cash equivalents <sup>(1)</sup> (note 22) | **(1106)** | (1154) | (1330) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt | **1063** | 940 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IFRS16 lease adjustments | **(158)** | (149) | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortised portion of borrowing costs | **33** | 32 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash restricted for use (note 21) | **(60)** | (58) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted net debt** | **878** | 765 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Net of bank overdraft in 2022. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Adjusted EBITDA calculation included in this note is based on the formula included in the agreements for compliance with the debt covenant formulas. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA from continuing operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit (loss) before taxation | **489** | 958 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;***Add back:*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs and unwinding of obligations (note 6) | **149** | 116 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | **(81)** | (58) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortisation of tangible, intangible and right of use assets (note 4) | **633** | 477 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other amortisation | **(3)** | 4 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Associates and joint ventures' adjustments for amortisation, interest and taxation | **165** | 183 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;**EBITDA** | **1352** | 1680 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;***Adjustments:*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange and fair value adjustments | **128** | 43 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | **—** |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retrenchment and related costs | **6** | 20 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Care and maintenance costs (note 5) | **—** | 45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment, derecognition of assets and (profit) loss on disposal | **304** | (11) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit on disposal of joint ventures | **—** |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium on settlement of bonds | **—** | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on non-hedge derivatives and other commodity contracts | **6** |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Associates and joint ventures' share of costs | **1** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA (as defined in the agreements)** | **1797** | 1801 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gearing ratio (Adjusted net debt to Adjusted EBITDA)** | **0.49:1** | 0.42:1 | 0.24:1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Maximum debt covenant ratio allowed per agreement** | **3.5:1** | 3.5:1 | 3.5:1 |

---

F - 86

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** *(continued)*

**35&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS**

**Dividend declaration** - On 22 February 2023, the directors of AngloGold Ashanti declared a gross cash dividend per ordinary share of 322 South African cents (assuming an exchange rate of ZAR 17.53/$, the gross dividend payable per ADS is equivalent to 18 US cents).

**AngloGold Ashanti and Gold Fields Propose Joint Arrangement in Ghana -** Gold Fields and AngloGold Ashanti (the Parties) have agreed the key terms of a proposed joint venture in Ghana between Gold Fields' Tarkwa and AngloGold Ashanti's neighbouring Iduapriem Mines (the Proposed Joint Venture).

The Tarkwa Mine is held by Gold Fields Ghana, in which Gold Fields currently owns a 90% share and the Government of Ghana (the GoG) holds 10%. The Iduapriem Mine is currently 100% owned by AngloGold Ashanti. Both mines are located near the town of Tarkwa in the country's Western Region.

The Parties have agreed in principle on the key terms of the Proposed Joint Venture and will engage with the GoG and other key stakeholders, including relevant regulators, with a view to implementing the Proposed Joint Venture as soon as practically possible. The Parties have agreed to mutual exclusivity during this engagement.

It is intended that the Proposed Joint Venture will be an incorporated joint venture, constituted within Gold Fields Ghana and operated by Gold Fields.

AngloGold Ashanti will contribute its 100% interest in the Iduapriem Mine to Gold Fields Ghana in return for a shareholding in that company. Excluding the interest to be held by the GoG, Gold Fields will have an interest of 66.7%, or two-thirds, and AngloGold Ashanti will have an interest of 33.3%, or one-third, in the Proposed Joint Venture.

There can be no certainty that the Parties will enter into a definitive agreement with respect to the Proposed Joint Venture or about the timing, terms and conditions of any such definitive agreement. Implementation of the Proposed Joint Venture is subject to, among other matters, reaching agreement with the GoG regarding the Proposed Joint Venture, conclusion of confirmatory due diligence and securing all requisite regulatory approvals.

*PAGE LEFT BLANK INTENTIONALLY*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**KIBALI (JERSEY) LIMITED**

Consolidated Financial Statements for the Three Years Ended

31 December 2022, 2021 and 2020

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***CONTENTS***

---

| | |
|:---|:---|
| | PAGE |
| Report of independent registered public accounting firm | F - <u>[90](#i56949ee54fe6470abe92afb884b616fc_460)</u> |
| (BDO LLP: London, United Kingdom: PCAOB ID # 1295) |  |
| Consolidated statements of profit or loss and other comprehensive income for the years ended 31 December 2022, 2021 and 2020 | F - <u>[91](#i56949ee54fe6470abe92afb884b616fc_463)</u> |
| Consolidated statements of financial position as at 31 December 2022, 2021 and 2020 | F - <u>[92](#i56949ee54fe6470abe92afb884b616fc_466)</u> |
| Consolidated statements of changes in equity for the years ended 31 December 2022, 2021 and 2020 | F - <u>[93](#i56949ee54fe6470abe92afb884b616fc_469)</u> |
| Consolidated statements of cash flows for the years ended 31 December 2022, 2021 and 2020 | F - <u>[94](#i56949ee54fe6470abe92afb884b616fc_472)</u> |
| Notes to the consolidated financial statements | F - <u>[95](#i56949ee54fe6470abe92afb884b616fc_481)</u> |

---

F - 89

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Shareholders and Board of Directors

Kibali (Jersey) Limited

Jersey, Channel Islands

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated statements of financial position of Kibali (Jersey) Limited (the "Company") as of December 31, 2022, 2021 and 2020, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2022, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ BDO LLP

BDO LLP

We have served as the Company's auditor since 2013.

London, United Kingdom

March 17, 2023

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

**FOR THE YEARS ENDED 31 DECEMBER 2022, 2021 and 2020**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **31 Dec** | **31 Dec** | **31 Dec** |
| | **Note** | **2022** | **2021** | **2020** |
| | | **US$'000** | **US$'000** | **US$'000** |
| **REVENUE** |  |  |  |  |
| Gold sales | 3/25 | 1328306 | 1469221 | 1440328 |
| Other income | 4 | 539 | 1208 | 2204 |
| **TOTAL INCOME** |  | 1328845 | 1470429 | 1442532 |
| **COSTS AND EXPENSES** |  |  |  |  |
| Mining and processing costs | 5 | 674019 | 688086 | 670138 |
| Royalties |  | 62472 | 68704 | 67547 |
| Exploration and corporate expenditure | 6 | 6795 | 5848 | 6274 |
| Other expenses | 4 | 52778 | 33246 | 37477 |
| **TOTAL COSTS** |  | 796064 | 795884 | 781436 |
| Finance income | 7 | 5187 | 5618 | 6912 |
| Finance costs | 7 | (49917) | (5913) | (6460) |
| Share of profits of equity accounted joint venture | 24 | 157 | 103 | 239 |
| **PROFIT BEFORE INCOME TAX** |  | 488208 | 674353 | 661787 |
| Income tax expense | 8 | (155946) | (180715) | (157090) |
| **PROFIT FOR THE YEAR** |  | 332262 | 493638 | 504697 |
| **OTHER COMPREHENSIVE INCOME/(EXPENSE)** |  |  |  |  |
| (Loss)/Gain on investment in marketable securities |  | (2) | (2) | 6 |
| **TOTAL COMPREHENSIVE INCOME** | **TOTAL COMPREHENSIVE INCOME** | 332260 | 493636 | 504703 |
| **PROFIT FOR THE YEAR** | **PROFIT FOR THE YEAR** |  |  |  |
| Attributable to: |  |  |  |  |
| Owners of the parent |  | 306330 | 461271 | 472533 |
| Non-controlling interest |  | 25930 | 32367 | 32164 |
|  |  | 332260 | 493638 | 504697 |
| **TOTAL COMPREHENSIVE INCOME** | **TOTAL COMPREHENSIVE INCOME** |  |  |  |
| Attributable to: |  |  |  |  |
| Owners of the parent |  | 306330 | 461269 | 472539 |
| Non-controlling interest |  | 25930 | 32367 | 32164 |
|  |  | 332260 | 493636 | 504703 |

---

*The accompanying notes form part of these consolidated financial statements*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**AS AT 31 DECEMBER 2022, 2021 and 2020**

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **31 Dec** | **31 Dec** | **31 Dec** |
| | **Note** | **2022** | **2021** | **2020** |
| | | **US$'000** | **US$'000** | **US$'000** |
| **NON-CURRENT ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 9 | 1844984 | 1811291 | 1846746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral properties | 10 | 308141 | 334881 | 366053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long term ore stockpiles | 13 | 20160 |  | 36875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Associate |  | 4 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in joint venture | 24 | 26254 | 21776 | 23340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 12 | 220845 | 192507 | 185768 |
| **TOTAL NON-CURRENT ASSETS** |  | 2420388 | 2360459 | 2458782 |
| **CURRENT ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories and ore stockpiles | 13 | 75921 | 107951 | 90487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 12 | 124940 | 53915 | 29699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in marketable securities |  | 8 | 7 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax receivable |  | 302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 21 | 91865 | 1115359 | 944233 |
| **TOTAL CURRENT ASSETS** |  | 293036 | 1277232 | 1064428 |
| **TOTAL ASSETS** |  | 2713424 | 3637691 | 3523210 |
| **EQUITY AND LIABILITIES** |  |  |  |  |
| **Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital | 14 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share premium | 14 | 2123612 | 2523612 | 2523612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Accumulated deficit)/Retained earnings |  | (27194) | 655276 | 655005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deficit |  | (40) | (38) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity attributable to owners of the parent |  | 2096383 | 3178855 | 3178586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 15 | 85040 | 68110 | 55743 |
| **TOTAL EQUITY** |  | 2181423 | 3246965 | 3234329 |
| **NON-CURRENT LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | 16 |  | 1839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 16 | 51045 | 41839 | 50457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 11 | 296507 | 196654 | 89609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for rehabilitation | 17 | 23233 | 29026 | 28364 |
| **TOTAL NON-CURRENT LIABILITIES** |  | 370785 | 269358 | 168430 |
| **CURRENT LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | 16 | 43298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 16 | 12507 | 13909 | 14674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | 18 | 104815 | 97109 | 66881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for rehabilitation | 17 | 596 | 600 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax payable |  |  | 9750 | 38093 |
| **TOTAL CURRENT LIABILITIES** |  | 161216 | 121368 | 120451 |
| **TOTAL EQUITY AND LIABILITIES** |  | 2713424 | 3637691 | 3523210 |

---

The consolidated financial statements were approved by the Board of Directors on 17 March 2023 and signed on its behalf by:

Graham Shuttleworth <br> Director

*The accompanying notes form part of these consolidated financial statements*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**FOR THE YEARS ENDED 31 DECEMBER 2022, 2021 and 2020**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | (Accumulated | | Total equity | | |
| | | | | Deficit)/ | | attributable | Non- | |
| **US$'000** | Note | Share | Share | Retained | Other | to owners of | controlling | Total |
|  |  | capital | premium | earnings | reserves | the parent | interest | equity |
| **Balance at 1 January 2020** |  | **5** | **2523612** | **462972** | **(42)** | **2986547** | **23579** | **3010126** |
| Fair value movement on investment in marketable securities |  |  |  |  | 6 | 6 |  | 6 |
| *Total other comprehensive expense* |  |  |  |  | 6 | 6 |  | 6 |
| Net profit for the year |  |  |  | 472533 |  | 472533 | 32164 | 504697 |
| *Total comprehensive income* |  |  |  | 472533 | 6 | 472539 | 32164 | 504703 |
| Dividend paid <sup>(1)</sup> |  |  |  | (280500) |  | (280500) |  | (280500) |
| **Balance at 31 December 2020** |  | **5** | **2523612** | **655005** | **(36)** | **3178586** | **55743** | **3234329** |
| Fair value movement on investment in marketable securities |  |  |  |  | (2) | (2) |  | (2) |
| *Total other comprehensive income* |  |  |  |  | (2) | (2) |  | (2) |
| Net profit for the year |  |  |  | 461271 |  | 461271 | 32367 | 493638 |
| *Total comprehensive income* |  |  |  | 461271 | (2) | 461269 | 32367 | 493636 |
| Dividend paid <sup>(1)</sup> |  |  |  | (461000) |  | (461000) | (20000) | (481000) |
| **Balance at 31 December 2021** |  | **5** | **2523612** | **655276** | **(38)** | **3178855** | **68110** | **3246965** |
| Fair value movement on investment in marketable securities |  |  |  |  | (2) | (2) |  | (2) |
| *Total other comprehensive expense* |  |  |  |  | (2) | (2) |  | (2) |
| Reclassification of share premium | 14 |  | (400000) | 400000 |  |  |  |  |
| Net profit for the year |  |  |  | 306330 |  | 306330 | 25930 | 332260 |
| *Total comprehensive income* |  |  | (400000) | 706330 | (2) | 306328 | 25930 | 332258 |
| Dividend paid <sup>(1)</sup> |  |  |  | (1388800) |  | (1388800) | (9000) | (1397800) |
| **Balance at 31 December 2022** |  | **5** | **2123612** | **(27194)** | **(40)** | **2096383** | **85040** | **2181423** |

---

**SHARE CAPITAL**

The share capital comprises the issued ordinary shares of the Company at par.

**SHARE PREMIUM**

The share premium comprises the excess value recognised from the issue of ordinary shares at par.

**(ACCUMULATED DEFICIT)/RETAINED EARNINGS**

(Accumulated deficit)/Retained earnings comprises the Group's cumulative accounting profits and losses since inception less dividends.

**OTHER RESERVES**

Other reserves comprises the Group's cumulative fair value movement on the investment in marketable securities since inception in Kilo Goldmines Limited less amounts reclassified to profit and loss.

**NON-CONTROLLING INTEREST**

The non-controlling interest represents the total carrying value of the 10% interest Société Minière de Kilo- Moto SA UNISARL (SOKIMO) has in Kibali Goldmines SA ("Kibali"), which is a subsidiary of Kibali (Jersey) Limited.

<sup>(1)</sup> This balance relates to dividends declared and fully paid up to Shareholders in the period.

*The accompanying notes form part of these consolidated financial statements*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED 31 DECEMBER 2022, 2021 and 2020**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **31 Dec** | **31 Dec** | **31 Dec** |
|  |  | **2022** | **2021** | **2020** |
|  |  | **US$'000** | **US$'000** | **US$'000** |
| **Cash Flows From Operating Activities** |  |  |  |  |
| Cash generated by operations | 22 | 675900 | 944244 | 956870 |
| Interest received |  | 3783 | 3327 | 4158 |
| Finance cost paid |  | (1) | (1) | (299) |
| Dividends received from equity accounted joint venture |  |  | 495 | 65 |
| Income tax paid | 8 | (55815) | (84575) | (32121) |
| Withholding tax paid |  | (8100) | (18000) |  |
| **Net cash flows generated by operating activities** |  | 615767 | 845490 | 928673 |
| **Cash Flows Related to Investing Activities** |  |  |  |  |
| Additions of property, plant and equipment |  | (199534) | (168762) | (132229) |
| Drawdowns, interest and capital payments from equity accounted joint venture |  | (157) | (37) | (468) |
| **Net cash flows used in investing activities** |  | (199691) | (168799) | (132697) |
| **Cash Flows Relating to Financing Activities** |  |  |  |  |
| Payment of dividends |  | (1396900) | (481000) | (280500) |
| Cash repatriation fees paid | 7 | (44351) |  |  |
| Increase in overdraft |  | 20341 |  |  |
| Lease repayments |  | (14350) | (20530) | (20753) |
| Interest paid on lease liabilities |  | (4310) | (4035) | (3182) |
| **Net cash outflows used in financing activities** |  | (1439570) | (505565) | (304435) |
| **Net increase in cash and cash equivalents** |  | (1023494) | 171126 | 491541 |
| **Cash and cash equivalents at the beginning of the year** |  | 1115359 | 944233 | 452692 |
| **Cash and cash equivalents at the end of the year** |  | 91865 | 1115359 | 944233 |

---

*The accompanying notes form part of these consolidated financial statements*

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1. SIGNIFICANT ACCOUNTING POLICIES** 

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

**BASIS OF PREPARATION**

The consolidated financial statements of Kibali (Jersey) Limited (the Company) and its subsidiaries and joint venture (the Group) have been prepared in accordance with International Financial Reporting Standards and Interpretations (collectively (IFRS)) issued by the International Accounting Standards Board (IASB).

The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment in marketable securities classified as fair value through other comprehensive income. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and judgements. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2.

Disclosures in respect of the years ended December 31 2021 and 2020 are presented as have been previously reported, with the exception of certain disclosures in note 9 which have been revised to reflect the correct usage of the assets at the end of those years. During the year, the company identified fully depreciated assets which were decommissioned in 2021 and assets which were presented as Assets Under Construction and were actually in use. The disclosures in note 9 have been updated to reflect these errors. There is no impact on the primary statements as the decommissioned assets were fully depreciated and the associated depreciation with the Assets Under Construction has been deemed as immaterial. Please refer to note 9 for further details and amounts revised.

**NEW STANDARDS AND INTERPRETATIONS APPLIED**

The IASB has issued the following new standards, amendments to published standards and interpretations to existing standards with effective dates on or prior to 1 January 2022 which have been adopted by the Group for the first time this year, and had an immaterial or no impact.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**NEW STANDARDS AND INTERPRETATIONS APPLIED (CONTINUED)**

---

| | | |
|:---|:---|:---|
| Effective period <br>commencing on or after | Effective period <br>commencing on or after | Effective period <br>commencing on or after |
| Amendments to Existing Standards | Amendments to Existing Standards |  |
| IFRS 3, IAS 16 and IAS37 | Amendments to IFRS 3: Business Combinations, IAS 16: Property, Plant and Equipment and IAS 37: Provisions, Contingency Liabilities and Contingency Assets | 01-Jan-22 |
| IFRS 1, IFRS 9, IFRS 16 and <br>IAS 41 | Annual Improvements to IFRS (2018-2020 Cycle) | 01-Jan-22 |

---

Certain new standards, amendments and interpretations to existing standards have been published and are relevant to the Group's activities and are mandatory for the Group's accounting periods beginning 1 January 2023, or later periods and which the Group has decided not to early adopt. These include the following, and are not expected to have any material impact:

---

| | | |
|:---|:---|:---|
| | | Effective<br>period<br>commencing<br>on or after |
| IFRS 17 | Insurance contracts including amendments to IFRS 17 | 01-Jan-23 |
| IAS 1 | Amendments to IAS 1: Classification of Liabilities as Current or Non-current | 01-Jan-23 |
| IAS 8 | Amendments to IAS 8 - Definition of Accounting Estimates | 01-Jan-23 |
| IAS 1 | Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting policies | 01-Jan-23 |
| IAS 12 | Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction | 01-Jan-23 |
| IFRS 17 | Amendment to IFRS 17 - Initial Application of IFRS 17 and IFRS 9 - Comparative Information | 01-Jan-23 |

---

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**CONSOLIDATION**

The consolidated financial statements includes the financial statements of the Company, its subsidiaries and the Company's equity accounted joint ventures using uniform accounting policies for similar transactions and other events in similar circumstances.

**SUBSIDIARIES**

Subsidiaries are entities over which the Group has power, exposure, or rights, to variable returns from its involvement and the ability to use its power over the investee to affect the amount of the Group's returns; generally accompanying an interest of more than one-half of the voting rights.

Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Acquisition costs are expensed. Identifiable assets acquired (including mineral property interests or other identifiable intangible assets) and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the statement of comprehensive income.

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

**NON-CONTROLLING INTERESTS**

The Group initially recognises any non-controlling interest in the acquiree at the non-controlling interest's proportionate share of the acquiree's net assets. The group has not elected to take the option to use fair value in acquisitions completed to date.

The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests.

**JOINT VENTURES**

The Group holds interests in one joint venture. In a joint venture the parties that have joint control of the arrangement (the joint venturer) have a right to the net assets of the arrangement. This right is accounted for in the consolidated financial statements using the equity method. Joint control is considered to exist when there is contractual joint control; control being the power to govern the financial and operating policies of an entity so as to obtain benefits from the activities and the ability to use its power over the investee to affect the amounts of the Group's returns by the joint venturers.

*Acquisitions*

Except for initial recognition under IFRS 11 transition rules, further investments in additional joint ventures are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated companies and joint ventures represents the excess of the cost of acquisition of the associate or joint venture over the Group's share of the fair value of the identifiable net assets of the associate or joint venture and is included in the carrying amount of the investment.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**JOINT VENTURES (CONTINUED)**

Joint ventures are accounted for using the equity method of accounting. In applying the equity method of accounting, the Group's share of its joint ventures' post-acquisition profits or losses are recognised in profit or loss and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. These post-acquisition movements and distributions received from the joint venture companies are adjusted against the carrying amount of the investments. When the Group's share of losses in a joint venture Company equals or exceeds its interest in the joint venture Company, including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has obligations to make or has made payments on behalf of the joint venture Company.

Unrealised gains on transactions between the Group and its joint venture companies are eliminated to the extent of the Group's interest in the joint venture companies. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Trading receivables and payables with joint ventures are classified within trade and other receivables and payables. The accounting policies of joint venture companies have been changed where necessary to ensure consistency with the accounting policies adopted by the Group.

Dividends received are classified as operating cash flows in the consolidated cash flow statement.

The carrying value of the investment in joint venture is compared to the recoverable amounts whenever circumstances indicate that the net book value may not be recoverable. An impairment is recognised in the profit or loss to the extent that the carrying value exceeds the recoverable amount.

Impairment provisions for loans to joint ventures classified as 'other investments' in joint venture are recognised based on a forward looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, twelve month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised.

**SEGMENTAL REPORTING**

An operating segment is a group of assets and operations engaged in performing mining or advanced exploration that are subject to risks and returns that are different from those of other segments. Other parts of the business are aggregated and treated as part of a 'corporate and exploration' segment. The Group provides segmental information using the same categories of information which the Group's chief operating decision-maker utilises. The Group's chief operating decision maker is considered by management to be the board of directors.

The Group has only one operating segment, being that of gold mining. Segment analysis is based on the mining operations and exploration projects that have a significant amount of capitalised expenditure or other fixed assets.

**FOREIGN CURRENCY TRANSLATION** 

*Functional and presentation currency*

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in US dollars, which is also the functional currency of the Company and its significant subsidiaries and joint ventures.

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**<u>[**Table of Contents**](#i56949ee54fe6470abe92afb884b616fc_7)</u>**

**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**FOREIGN CURRENCY TRANSLATION** 

*Transactions and balances*

Foreign currency transactions are translated into the relevant functional currency using the exchange rates prevailing at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income in other income and other expenses.

**INTANGIBLE ASSETS** 

*Mineral properties*

Mineral properties are recognised at fair value if acquired as part of a business combination, otherwise they are recognised at cost if acquired as an asset. Mineral properties are tested annually for impairment on the same basis that property, plant and equipment are when there is an indication of impairment. Mineral properties are amortised on units of production basis from the point at which the mine commences production (refer to 'depreciation and amortisation' policy below).

**PROPERTY, PLANT AND EQUIPMENT** 

*Long-lived assets and mine development costs*

Long-lived assets including development costs and mine plant facilities (such as metallurgical plant, tailings and raw water dams, power plant and mine infrastructure) are initially recorded at cost. Development of ore bodies includes the development cost of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Cost associated with underground development are capitalised when the works provide access to the ore body, whereas costs associated with ore extraction from operating ore body sections are treated as operating costs. Where relevant the estimated cost of dismantling the asset and remediating the site is included in the cost of property, plant and equipment, subsequently they are measured at cost less accumulated amortisation and impairment.

Development costs consist primarily of direct expenditure incurred to establish or expand productive capacity.

Costs are capitalised during the construction of a new mine until commercial levels of production are achieved (refer to ‛commercial production' below), after which the relevant costs are amortised. Costs are capitalised provided that the project is considered to be commercially, technically and economically viable. Such viability is deemed to be achieved when the Group is confident that the project will provide a satisfactory return relative to its perceived risks and is sufficiently certain of economic production. Costs which are necessarily incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalised under 'Long-lived assets and mine development costs'.

Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit.

*Commercial production*

When a mine construction project is substantially complete and ready for its intended use the asset moves into the production stage, the capitalisation of certain mine construction costs ceases and subsequent costs are either regarded as inventory or expensed, except for capitalisable costs related to subsequent mining asset additions or improvements, underground mine development or ore reserve development.

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**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**PROPERTY, PLANT AND EQUIPMENT (CONTINUED)**

The commissioning of an underground mine typically occurs in phases, with sections brought into production whilst deeper levels remain under construction. The shared infrastructures, such as declines of shafts, are assessed to determine whether they contribute to the production areas. Where they contribute to production, the attributable costs are transferred to production assets and start to be depreciated. The costs transferred comprise costs directly attributable to producing zones or, where applicable, estimates of the portion of shared infrastructure that are attributed to the producing zones.

*Development expenditure approval*

Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exists such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions similar to those described below for capitalised exploration and evaluation expenditure. Any such estimates and assumptions may change as new information becomes available.

*Stripping costs*

In surface mining operations, the Group may find it necessary to remove waste materials to gain access to mineral ore deposits prior to and after production commences. This waste removal activity is known as 'stripping'. Prior to production commencing from a pit, stripping costs are measured and capitalised until the point where the overburden has been removed and access to the ore commences. Subsequent to production, waste stripping continues, either as part of ore extraction as a run of mine activity or due to strategic decisions such as pit push-back campaigns. There are two benefits accruing to the Group from stripping activity during the production phase: usable ore that can be used to produce inventory and improved access to further quantities of material that will be mined in future periods. Economic ore extracted during this period and subsequently is accounted for as inventory. The production stripping costs relating to improved access to further quantities in future periods are capitalised as a stripping activity asset, if and only if, all of the following are met:

• It is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the Group;

• The Group can identify the component of the ore body for which access has been improved; and

• The costs relating to the stripping activity associated with that component or components can be measured reliably.

In determining the relevant component of the ore body for which access is improved, the Group componentises its mine into geographically distinct ore body sections or phases to which the stripping activities being undertaken within that component are allocated. Such phases are determined based on assessment of factors such as geology and mine planning.

Once determined that any portion of the production stripping costs should be capitalised, the Group typically uses the average stripping ratio of the component or phase of the mine to which the production stripping cost related to determine the amount of the production stripping costs that should be capitalised, unless the direct costs of stripping activity can be separately identified in which case such costs are capitalised. The Group depreciates the deferred costs capitalised as stripping assets on a unit of production method, with reference to the ex-pit ore production from the relevant ore body component or phase.

*Short-lived assets*

Short-lived assets including non-mining assets are shown at cost less accumulated depreciation and impairment.

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**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**PROPERTY, PLANT AND EQUIPMENT (CONTINUED)**

*Depreciation and amortisation*

Long-lived assets include mining properties, such as metallurgical plant, tailings and raw water dams, power plant and mine infrastructure, as well as mine development costs and are depreciated on a unit of production basis by using ounces produced to calculate depreciation.

Depreciation and amortisation are charged over the life of the mine (or over the remaining useful life of the asset, if shorter) based on estimated contained ounces in proven and probable reserves and the portion of resources considered probable of economic extraction based on the current LOM (Life of Mine) plan that benefit from the development and are considered probable of economic extraction. No future capital expenditure is included in the depreciable value. Proven and probable ore reserves and the portion of resources reflect estimated quantities of economically recoverable reserves and resources, which can be recovered in the future from known mineral deposits. Life of mine contained reserves and resources are used in the contained ounces units of production depreciation calculation. Any changes to the expected life of the mine (or asset) are applied prospectively in calculating depreciation and amortisation charges. Depreciation of construction and development costs commences when commercial production is achieved, as detailed above. Underground development costs that are attributable to the commissioned sections of an underground mine are depreciated from the date the development provides access to operational areas and ore extraction begins from those areas. Other assets under construction, such as plant improvement projects, are depreciated from the date they are commissioned, based on assessment by the Group's engineers.

Short-lived assets which include motor vehicles, office equipment and computer equipment are depreciated over estimated useful lives of between two to five years but limited to the remaining mine life. Residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date.

Changes to the estimated residual values or useful lives are accounted for prospectively. Depreciation starts when the assets are ready and available for use.

*Impairment*

The carrying amount of the property, plant and equipment and investments in joint ventures of the group is compared to the recoverable amount of the assets whenever events or changes in circumstances indicate that the net book value may not be recoverable. The recoverable amount is the higher of value in use and the fair value less cost to sell. In assessing the value in use, the expected future cash flows from the assets is determined by applying a discount rate to the anticipated risk adjusted future cash flows. The discount rate used is the group's weighted average cost of capital adjusted for asset specific factors when applicable. An impairment is recognised in the income statement to the extent that the carrying amount exceeds the assets' recoverable amount. Generally proven and probable reserves are used in the calculations, although limited ore resources may be included when they are considered economically viable and sufficiently likely to be extracted and form part of the approved mine plan. The models use the approved mine plans and exclude capital expenditure which enhance the assets or extractable ore tonnes outside of such approved mine plans. The revised asset carrying amounts are depreciated in line with group accounting policies.

A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This reversal is recognised in the income statement and is limited to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in prior years.

Assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units) for purposes of assessing impairment. The estimates of future discounted cash flows are subject to risks and uncertainties including the future gold price. It is therefore reasonably possible that changes could occur which may affect the recoverability of property, plant and equipment.

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**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**INVENTORIES**

Inventories include ore stockpiles, gold in process and doré, and supplies and spares and are stated at the lower of cost or net realisable value. The cost of ore stockpiles and gold produced is determined principally by the weighted average cost method using related production costs.

Costs of stockpiles include costs incurred up to the point of stockpiling, such as mining and grade control costs, but exclude future costs of production. Ore extracted is allocated to separate stockpiles based on estimated grade, with grades below defined cut-off levels treated as waste and expensed. While held in physically separate stockpiles, the Group blends the ore from each stockpile when feeding the processing plant to achieve the resultant gold content. In such circumstances, lower and higher grade ore stockpiles each represent a raw material, used in conjunction with each other, to deliver overall gold production, as supported by the relevant feed plan. Kibali's high and medium grade ore stockpile is above 3g/t with a marginal ore cut-off grade of 0.5g/t.

The processing of ore in stockpiles occurs in accordance with the Life of Mine (LOM) processing plan that has been optimised based on the known mineral reserves, current plant capacity and mine design. Ore tonnes contained in the stockpile which are to be milled as per the mine plan over the period beyond the next twelve months, are classified as non-current in the statement of financial position.

Net realisable value of ore stockpiles is determined with reference to estimated contained gold and market gold prices applicable. Ore stockpiles which are blended together or with future ore mined when fed to the plant are assessed as an input to the gold production process to ensure the combined stockpiles are carried at the lower of cost and net realisable value. Ore stockpiles which are not planned to be blended in production are assessed separately to ensure they are carried at the lower of cost and net realisable value, although no such stockpiles are currently held.

Stores and materials consist of consumable stores and are valued at weighted average cost after appropriate impairment of redundant and slow moving items.

**INTEREST/BORROWING COSTS**

Interest is recognised on a time proportion basis, taking into account the principal outstanding and the effective rate over the period to maturity. Borrowing cost is expensed as incurred except to the extent that it relates directly to the construction of property, plant and equipment during the time that is required to complete and prepare the asset for its intended use, when it is capitalised as part of property, plant and equipment. Borrowing costs are capitalised as part of the cost of the asset where it is probable that the asset will result in economic benefit and where the borrowing cost can be measured reliably. No interest or borrowing costs have been capitalised during any of the disclosure periods .

**ROYALTIES**

Royalty arrangements based on mineral production are in place at each operating mine. The primary type of royalty is a net smelter return royalty. Under this type of royalty, the Group pays the holder an amount calculated as the royalty percentage multiplied by the value of gold production at market gold prices less selling costs. A royalty expense is recorded when revenue from the sale of gold is recognised.

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**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**FINANCIAL INSTRUMENTS**

Financial instruments are measured as set out below. Financial instruments carried on the statement of financial position include cash and cash equivalents, trade and other receivables, trade and other payables, investments in marketable securities, loans to joint ventures, loans to minorities and lease liabilities. Financial assets and financial liabilities are recognised in the Group's statement of financial position when the Group becomes a party to the contractual provisions of the instrument.

Financial instruments are initially recognised at fair value when the group becomes a party to their contractual arrangements. Transaction costs directly attributable to the instrument's acquisition or issue are included in the initial measurement of financial assets and financial liabilities, except financial instruments classified as at fair value through profit or loss (FVTPL). The subsequent measurement of financial instruments is dealt with below.

Financial assets

On initial recognition, a financial asset is classified as measured at:

• Amortised cost;

• Fair value through other comprehensive income (FVTOCI) - equity instruments; or

At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL, are expensed.

A financial asset is measured at amortised cost if it is held within the business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains or losses, together with foreign exchange gains or losses. Impairment losses are presented as separate line item in the statement of profit or loss. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within other gains or losses in the period in which it arises. On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the asset is included in profit or loss.

Financial assets at amortised cost consist of trade receivables and other receivables (excluding taxes), cash and cash equivalents. Impairment losses are assessed using the forward-looking expected credit loss (ECL) approach. An allowance is recorded for all loans and other debt financial assets not held at FVTPL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Trade receivable loss allowances are measured at an amount equal to lifetime ECL's. Loss allowances are deducted from the gross carrying amount of the assets.

*Cash and cash equivalents*

Cash and cash equivalents are carried in the statement of financial position at cost. For the purpose of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short term highly liquid investments with a maturity of three months or less at the date of purchase and bank overdrafts. In the statement of financial position, bank overdrafts are included in borrowings in current liabilities.

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**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**FINANCIAL LIABILITIES**

*Loans and borrowing* 

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the statement of comprehensive income over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the statement of financial position date. During 2022, the Group entered into a number of short term financial arrangements with banks in relation to the cash repatriation mechanism which were repaid during the year. Costs related to these arrangements are included in Finance Costs in the statement of profit or loss and other comprehensive income and financing activities in the cash flow statement.

*Trade and other payables*

Accounts payable and other short term monetary liabilities, are initially recognised at fair value, which equates to the transaction price, and subsequently carried at amortised cost using the effective interest method.

**REHABILITATION COSTS**

The net present value of estimated future rehabilitation costs is provided for in the financial statements and capitalized within property, plant and equipment on initial recognition. Rehabilitation will generally occur on closure or after closure of a mine. Initial recognition is at the time of the construction or disturbance occurring and thereafter as and when additional construction or disturbances take place. The estimates are reviewed annually to take into account the effects of inflation and changes in estimated risk adjusted rehabilitation works cost and are discounted using rates that reflect the time value of money.

Annual increases in the provision due to the unwinding of the discount are recognized in the statement of comprehensive income as a finance cost. The present value of additional disturbances and changes in the estimate of the rehabilitation liability are recorded to mining assets against an increase/decrease in the rehabilitation provision. The rehabilitation asset is amortised as noted previously. Rehabilitation projects undertaken, included in the estimates, are charged to the provision as incurred.

Environmental liabilities, other than rehabilitation costs, which relate to liabilities arising from specific events, are expensed when they are known, probable and may be reasonably estimated.

**PROVISIONS**

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made.

**CURRENT TAX**

Current tax is the tax expected to be payable on the taxable income for the year calculated using rates (and laws) that have been enacted or substantively enacted by the reporting date (and when such laws are applicable to the group allowing for the impact of tax stability protections afforded to the group). It includes adjustments for tax expected to be payable or recoverable in respect of previous periods.

The Group is subject to income tax in several jurisdictions and significant judgement is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Group recognises tax liabilities based on estimates of whether additional taxes and interest will be due.

These tax liabilities are recognised when, despite the company's belief that its tax return positions are supportable, the company believes it is more likely than not that a taxation authority would not accept its filing position. In these cases, the Group records its tax balances based on either the most likely amount or the expected value, which weights multiple potential scenarios. The company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including past experience and interpretations of tax law.

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**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**DEFERRED TAXATION**

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the temporary difference arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not recognised. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date (and when such laws are applicable to the group allowing for the impact of tax stability protections afforded to the group) and are expected to apply when the temporary differences reverses. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries and joint ventures, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

**VALUE ADDED TAX (TVA)**

TVA receivables are recognised initially at cost. Subsequently, TVA receivables are measured at amortised cost using the effective interest method, less provision for impairment.

The Group assesses at each reporting period whether there is an indication that these receivables may be impaired taking into account the risk of non-collectability and timing of receipt.

**SHARE CAPITAL**

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.

**LEASES**

The Group adopted IFRS 16 using the modified retrospective approach, with recognition of transitional adjustments on the date of initial application (1 January 2019), without restatement of comparative figures.

The lease liabilities were measured at the present value of the remaining lease payments, discounted with the rate determined by reference to the estimated incremental borrowing average rate of 6.81% p.a. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.

Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.

**CONTINGENT LIABILITIES**

The Group discloses contingent liabilities when possible obligations exist as a result of past events, unless the possible outflows of economic benefits are considered remote. By their nature, contingencies will often only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. In certain circumstances, to provide transparency, the Group voluntarily elects to disclose information regarding claims for which any outflow of economic benefit is considered remote.

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**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**REVENUE RECOGNITION**

The Company's primary product is gold, other metals produced as part of the extraction process are considered to be by-products arising from the production of gold. The Company enters into a contract for the sale of gold at each of its mining operations. The performance obligation under its contract is to supply such gold to the customer, subject to minimum quality specifications with the consideration for such gold sales determined by the market spot price for each ounce of gold at the point of sale and gold content. As the sales from the gold contract is subject to customer survey adjustment, sales are initially recorded based on the results of tests on the material prior to shipment to determine the gold content and specification with such estimates subsequently adjusted to reflect the final gold content determined by the customer shortly after period end. Revenue is recorded to the extent that it is highly probable that there will be no subsequent reversal of such revenue due to gold content or quality specifications. Historical adjustments of this nature have been insignificant.

The performance obligations are considered to be satisfied and control of the gold transferred as the gold leaves the gold room upon collection by the customer, with title, possession and significant risks and rewards transferred at this point with revenue recorded accordingly. Subsequent adjustments are recorded in revenue to take into account final assay and weight certificates from the refinery, if different from the initial certificates. The differences between the estimated and actual contained gold have historically not been significant. Payment terms from the customer are based on 95% as initial payment for sales as agreed on the day of shipment based on the results of tests on the material prior to shipment with the final payment of 5% based on final customer assay and includes an adjustment to the initial 95% provisional payment. The period between provisional invoicing and final pricing, or settlement period, is typically around 5 days.

**EXPLORATION AND EVALUATION COSTS**

The Group capitalizes all exploration and evaluation expenditures where management concludes that the realization of future economic benefit is more likely than not. While the criteria for concluding that expenditure should be capitalised is always probable, the information that management use to make that determination depends on the level of exploration.

Exploration and evaluation expenditure on brownfield sites, being those adjacent to mineral deposits which are already being mined or developed, is expensed as incurred until the directors are able to demonstrate that future economic benefits are probable through the completion of a prefeasibility study, after which the expenditure is capitalised as a mine development cost. A 'prefeasibility study' consists of a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established, and which, if an effective method of mineral processing has been determined, includes a financial analysis based on reasonable assumptions of technical, engineering, operating economic factors and the evaluation of other relevant factors. The prefeasibility study, when combined with existing knowledge of the mineral property that is adjacent to mineral deposits that are already being mined or developed, allow the directors to conclude that it is more likely than not that the Group will obtain future economic benefit from the expenditures.

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**1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**EXPLORATION AND EVALUATION COSTS (CONTINUED)**

Exploration and evaluation expenditure on greenfield sites, being those where the Group does not have any mineral deposits which are already being mined or developed, is expensed until such time as the directors have sufficient information to determine that future economic benefits are probable, after which the expenditure is capitalised as a mine development cost. The information required by directors is typically a final feasibility study however a prefeasibility study may be deemed to be sufficient where the additional work required to prepare a final feasibility study is not significant or the work done at prefeasibility level clearly demonstrates an economic asset. Exploration and evaluation expenditure relating to extensions of mineral deposits which are already being mined or developed, including expenditure on the definition of mineralisation of such mineral deposits, is capitalised as a mine development cost following the completion of an economic evaluation equivalent to a prefeasibility study. This economic evaluation is distinguished from a prefeasibility study in that some of the information that would normally be determined in a prefeasibility study is instead obtained from the existing mine or development. This information when combined with existing knowledge of the mineral property already being mined or developed allow the directors to conclude that more likely than not the Company will obtain future economic benefit from the expenditures. Costs relating to property acquisitions are capitalised within development costs.

**DIVIDEND DISTRIBUTION**

Dividend distribution to the Company's shareholders is recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the board of directors and declared to shareholders.

During the year, Kibali Goldmines S.A., a subsidiary of Kibali (Jersey) Limited established a mechanism for the repatriation of cash from the DRC. This resulted in bank arrangement fees of $44.3 million which have been presented as Cash repatriation fees within Finance Costs. Please refer to note 7 for more details.

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**2. KEY ACCOUNTING ESTIMATES AND JUDGEMENTS**

Some of the accounting policies require the application of significant judgement by management in selecting the appropriate assumptions for calculating financial estimates or determining the appropriate accounting treatment for a transaction.

By their nature, these judgements are subject to an inherent degree of uncertainty and are based on historical experience, terms of existing contracts, management's view on trends in the gold mining industry and information from outside sources.

The judgements and estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below:

Judgements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Democratic Republic of Congo (DRC) 2018 Mining Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value Added Tax (TVA)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and evaluation expenditure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customs claim

Estimates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carrying values of property, plant and equipment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open cast mine stripping

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determination of Ore reserves

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capitalisation and depreciation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold price assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future rehabilitation obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockpiles, gold in process and product inventories

**JUDGEMENTS:**

**<u>DEMOCRATIC REPUBLIC OF CONGO (DRC) 2018 MINING CODE</u>**

In the DRC, the 2018 Mining Code and related amended Mining Regulations came into effect during the first half of 2018 and removed fiscal stability protections under the 2002 Mining Code and introduced a series of potentially significant adverse changes to tax legislation. Kibali has taken legal advice and has been exploring all options to protect its vested rights under the 2002 Mining Code, as well as the specific state guarantees it previously received regarding fiscal stability. Without prejudice to its rights under the stability protections Kibali is currently paying the additional taxes, of $13.6 million (2021: $11.4 million) (2020: $8.6 million),as per the 2018 mining code, while it engages with government. Continued engagement with government has resulted in the submission of an application for a number of exemption and waivers in terms of Article 220 of the 2018 law as part of the group's efforts to reach a mutually acceptable way forward. Article 220 affords benefits to mining companies in landlocked infrastructural challenged provinces, such as where Kibali is located.

**VALUE ADDED TAX (TVA)**

Included in trade and other receivables (refer to note 12) is a recoverable TVA balance (including recoverable TVA on fuel duty and after discounting provisions) of US$191.2 million (2021: US$163.2 million) (2020: US$153.7 million) owing by the fiscal authorities in the DRC. The Group continues to seek recovery of TVA in the DRC, in line with the Mining Code. The carrying value of the receivable has been assessed considering factors such as the level of receipts and tax offsets in the period and to date, the impact of the settlement agreement reached in prior years, relationships and communications with government officials and the tax authority and the limited quantum of disputed submissions. Judgement exists in assessing recovery of these receivables as whilst the TVA balance is considered collectible, uncertainty exists regarding the timing of receipts and offsets.

During 2020, the DRC Government indicated that offsets and cash repayments would be suspended as a result of liquidity constraints due to the global COVID-19 pandemic. Kibali has not received any cash repayments or offsets since 2019.

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**2. KEY ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED)**

**JUDGEMENTS (CONTINUED):**

**VALUE ADDED TAX (TVA) (CONTINUED)**

Given the continued delays in recovery, the outstanding receivable was discounted by US$62.2 million (2021: US$57.3 million) (2020: US$50.1 million) which required estimates as to the timing of future receipts and the level and timing of future offsets with reference to relevant taxes forecast under the mine plan, historical levels and other factors. The increase in the year was based on a probability weighted scenario analysis that takes into account numerous recoverability profiles, following the DRC Government's decision in July 2020 to suspend offsets and cash repayments. A discount rate of 10.34% (2021: 7.88%) (2020:7.33%) was applied to both the expected cash receipts and the amounts forecasted to be recovered through offsetting across all scenarios in the assessment. Within the scenarios, Management have assumed varying periods of delay in offsets, and have included staggered recovery profiles which reflects management's best estimates. A 1% increase/decrease in the discount rate will increase/decrease the provision by US$5.3 million/US$5.4 million (2021: US$6.1 million/US$6.3 million) (2020: US$4.1 million/US$7.1 million). Applying additional weighting based on management assessment of likelihood to the staggered recovery profiles would increase the provision by US$6.4 million (2021: US$7.8 million) (2020: US$1.4 million).

**EXPLORATION AND EVALUATION EXPENDITURE**

The Group has to apply judgement in determining whether exploration and evaluation expenditure should be capitalised or expensed. Management exercises this judgement based on the results of economic evaluations, prefeasibility or feasibility studies. Costs are capitalised where those studies conclude that more likely than not the Group will obtain future economic benefit from the expenditures.

**<u>ESTIMATES:</u>**

**CARRYING VALUES OF PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES**

The Group assesses at each reporting period whether there is any indication that these assets may be impaired (refer to note 9 and 10). If such indication exists, the Group estimates the recoverable amount of the asset. The recoverable amount is assessed by reference to the higher of 'value in use' (being the net present value of expected future cash flows of the relevant cash generating unit) and 'fair value less cost to sell'. The estimates used for impairment reviews are based on detailed mine and operating plans. The Future cash flows are based on estimates of:

• The quantities of the proven and probable reserves and certain limited ore resources being those for which there is a high degree of confidence in economic extraction;

• Future production levels;

• Future commodity prices; including oil forecast at US$70bbl (2021: US$70bbl) (2020: US$65bbl);

• Future cash cost of production and capital expenditure associated with extraction of the reserves and certain limited ore resources in the approved mine plan;

• Future gold prices – a gold price curve was used for the impairment calculations starting at a US$1 700/oz gold price (2021: US$1 700/oz) (2020: US$1 700/oz). A gold price of US$1 700/oz was used for the 2023 year (2024: $1 650) (2025: $1 600) (thereafter at US$1 550/oz)

• A real discount rate equivalent to 6.6% (2021: real 8.6%) (2020: real 10.3%).

No reasonably possible changes to these assumptions will lead to an impairment

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**2. KEY ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED)**

**<u>ESTIMATES (CONTINUED):</u>**

**OPEN CAST MINE STRIPPING** 

The Group capitalises costs, associated with stripping activity, to expose the orebody, within mining assets. Judgement is required in determining the relevant section or phase of the orebody to which stripping activity relates, based on assessment of factors such as mine planning, geology of the open cast pits and strategic board decisions such as the pushback campaigns which requires judgement over the eligible costs. The Group capitalised US$33.6 million (2021 US$36.5 million) (2020: US$12.2 million) to stripping assets with a net book value of US$53 million (2021: US$11.4 million) (2020: US$19.1 million). The capitalised stripping costs relate to four open cast satellite pits Aerodrome, KCD, Sessenge and Gorumbwa. The Group subsequently depreciates relevant stripping assets as that section of the orebody is mined which requires judgement as to the relevant section of the orebody for depreciation.

**DETERMINATION OF ORE RESERVES** 

The Group estimated its Mineral Reserves and Mineral Resources based on information compiled by qualified persons according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) 2014 Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) Standards) as incorporated with NI 43-101 since the 2019 financial year. Previously the Group based its estimates of ore reserves and mineral resources in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves of December 2012 (the 2012 JORC code).

Reserves determined in this way are used in the calculation of depreciation, amortisation and impairment charges, as well as the assessment of the carrying value of mining assets and timing of mine closure obligations. There are numerous uncertainties inherent in estimating ore reserves and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may, ultimately, result in the reserves being restated.

**CAPITALISATION AND DEPRECIATION**

There are several methods that could be adopted for calculating depreciation, i.e. the straight line method, the production method using ounces produced or tonnes milled. The directors believe the ounces produced method is the best indication of plant and infrastructure usage. Estimates are required regarding the allocation of assets to relevant proven and probable reserves and certain limited resources in the units of production calculations, with assessments involving the Group's mining, capital and geology departments. Proven and probable reserves and certain limited resources are used in each depreciation calculation, which is considered to be a suitably conservative measure of the future ore extractable using existing assets. Expenditure incurred to date in underground infrastructure development considered to have been commissioned, is depreciated over the remaining proven and probable reserves and certain limited resources of the underground mine, as the infrastructure provides access to the future mining areas.

The Group applies judgement in allocating costs between operating and capital items in respect of underground mining and in determining the date depreciation commences. Costs are capitalised when the activity provides access to future ore bodies and are expensed as operating costs when the works involve extraction of ore from operational sections of the ore body. The nature of activity is assessed based on information provided by contractors, together with inspections by the Group's mining teams. Direct labour, materials and other costs are specifically allocated based on the activity performed. Indirect costs that are attributable to underground works are allocated between capital and operating expenses based on factors such as development versus operating metres.

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**2. KEY ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED)**

**ESTIMATES (CONTINUED):**

**CAPITALISATION AND DEPRECIATION (CONTINUED)**

Judgement is required in determining the point at which assets under construction at Kibali begin commercial production and should be depreciated. Depreciation start dates are determined considering the factors detailed in Note 1 and during 2015 Kibali underground mine assets attributable to production started to be depreciated. The commissioning of the underground happens in phases and as the sections are brought into production the attributable costs are transferred and depreciated. Judgement is applied in identifying the costs considered attributable to this production. Additionally, given ongoing mine construction and development, judgement was required in allocating costs between operating costs, ore stockpiles and ongoing capital works. Costs have been allocated based on the underlying activity and economic benefits.

**GOLD PRICE ASSUMPTIONS**

The following gold prices were used in the mineral reserves optimisation calculation:

*&nbsp;&nbsp;&nbsp;&nbsp;2022&nbsp;&nbsp;&nbsp;&nbsp;2021&nbsp;&nbsp;&nbsp;&nbsp;2020*

US$/oz&nbsp;&nbsp;&nbsp;&nbsp;1 300<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;1 200<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;1 200<sup>4</sup>

**FUTURE REHABILITATION OBLIGATIONS**

The net present value of current rehabilitation estimates have been discounted to their present value using a real risk free rate of 1.73% (2021: 0%) (2020: 0%) per annum, with cash flows adjusted for a market risk rate of 10% (2021: 10%) (2020: 10%) being the prevailing risk free interest rates at the time. The majority of expenditure is expected to be incurred at the end of the mine life. The Group undertakes regular assessments by external experts of its mine closure plans, together with assessments by internal staff in the intervening periods, to determine the required rehabilitation works, cost of works and timing of such works. Judgment is required in determining the appropriate costs, timing of costs, discount rates and inflation (when nominal discount rate used).

For further information, including the carrying amounts of the liabilities, refer to Note 17. A 0.25% change in the discount rate on the Group's rehabilitation estimates would result in an impact of US$0.8 million (2021: US$1.0 million at 0.25% real) (2020: US$1.0 million at 0.25% real) on the provision for environmental rehabilitation, and an impact of US$0.1 million (2021: US$0.2 million) (2020: US$0.2 million) on the statement of comprehensive income.

**STOCKPILES, GOLD IN PROCESS AND PRODUCT INVENTORIES**

Costs that are incurred in or benefit the productive process are accumulated as stockpiles, gold in process and product inventories. Net realisable value tests are performed at least annually and represent the estimated future sales price of the product based on contained gold and metals prices, less estimated costs to complete production and bring the product to sale. Judgment is required in assessing whether stockpiles of different grades should be tested individually, or tested as inputs to the gold production process, as detailed in the Group's accounting policy. In the current year, the stockpiles were tested reflecting the planned blended feed of such stockpiles to the mill on the basis that they are blended together and with future ore mined.

Stockpile quantities are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained gold ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile tonnages are verified by periodic surveys. The forecast gold prices and cost escalators were those used in the impairment test detailed above.

<sup>2</sup> A gold price range of US$1 300 to US$1 600/oz was used, pit dependant, with the majority (75%) at $1 300/oz

<sup>3</sup> A gold price range of US$1 200 to US$1 500/oz was used, pit dependant, with the majority (75%) at $1 200/oz

<sup>4</sup> A gold price range of US$1 000 to US$1 300/oz was used, pit dependant, with the majority (85%) at $1 200/oz

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**3. REVENUE**

The Company has disaggregated revenue into various categories in the following table, which is intended to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec**<br>**&nbsp;&nbsp;&nbsp;&nbsp; 2022**<br> **US$'000** | &nbsp;&nbsp;&nbsp;&nbsp;**31 Dec**<br>**&nbsp;&nbsp;&nbsp;&nbsp; 2021**<br>**US$'000** | &nbsp;&nbsp;&nbsp;&nbsp;**31 Dec**<br>**&nbsp;&nbsp;&nbsp;&nbsp; 2020**<br> **US$'000** |
| **Primary geographic market** | | | |
| Democratic Republic of Congo | 1328306 | 1469221 | 1440328 |
|  | 1328306 | 1469221 | 1440328 |
| **Product type** |  |  |  |
| Gold doré | 1325380 | 1465793 | 1437297 |
| Silver | 2926 | 3428 | 3031 |
|  | 1328306 | 1469221 | 1440328 |
| **Timing of transfer of goods** |  |  |  |
| Point in time | 1328306 | 1469221 | 1440328 |
|  | 1328306 | 1469221 | 1440328 |

---

**4. OTHER INCOME AND EXPENSES**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec**<br>**2022** | **31 Dec**<br>**2021** | **31 Dec**<br>**2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| *Other Income:* |  |  |  |
| Other income |  | 147 | 169 |
| Net foreign exchange gains | 82 | 741 | 2035 |
| Dividend Received | 457 | 320 |  |
|  | 539 | 1208 | 2204 |

---

The total other income is not considered to be part of the main revenue generating activities and as such the Group presents this income separately from revenue.

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**4. OTHER INCOME AND EXPENSES (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Note | **31 Dec**<br>**2022** | **31 Dec**<br>**2021** | **31 Dec**<br>**2020** |
| |  | **US$'000** | **US$'000** | **US$'000** |
| *Other Expenses:* |  |  |  |  |
| Management Fee | 25 | 7036 | 6216 | 4667 |
| COVID-19 specific costs |  | 1030 | 35 | 18608 |
| Other expenses |  | 38762 | 18644 |  |
| Provision for impairment against TVA receivable and related expenses |  | 5950 | 8351 | 14202 |
|  |  | 52778 | 33246 | 37477 |

---

The US$1 million (2021: $0.035 million) (2020: $18.6 million) relates to COVID-19 specific costs, notably laboratory testing facilities on the mine, personal protective equipment for staff and local area, donations, a local medical clinic and testing center.

Included in other expenses for 2022 are $8.8 million for fees paid under protest, $11.7 million relating to provision for other fiscal expenses, $7.1 million relating to various community contributions and projects, $1.1 million relating to the funding provided to support the Garamba National Park as well as cost for the rhino introduction project and $8.3 million relating to other taxes and penalties paid.

Included in other expenses for 2021, are $4.4 million community contribution fees, $3.9 million bank fees on dividends, $3.6 million community resettlement program, $2.8 million environmental tax, $1.1 million social expenditure and $2.0 million legal related

**5. MINING AND PROCESSING COSTS**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| &nbsp;&nbsp;&nbsp;*Mining and processing costs comprise:* |  |  |  |
| &nbsp;&nbsp;&nbsp;Mine production costs | 316880 | 264556 | 249395 |
| &nbsp;&nbsp;&nbsp;Movement in production inventory and ore stockpiles | (11871) | (15340) | 2924 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortisation | 207813 | 243958 | 241311 |
| &nbsp;&nbsp;&nbsp;Other mining and processing costs | 161197 | 194912 | 176508 |
|  | 674019 | 688086 | 670138 |

---

**6. EXPLORATION AND CORPORATE EXPENDITURE**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec**<br>**2013** | **31 Dec**<br>**2012** | **31 Dec**<br>**2011** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| &nbsp;&nbsp;&nbsp;*Exploration and corporate expenditure comprise:* |  |  |  |
| &nbsp;&nbsp;&nbsp;Exploration expenditure  | 3452 | 4214 | 4295 |
| &nbsp;&nbsp;&nbsp;Corporate expenditure | 3343 | 1634 | 1979 |
|  | 6795 | 5848 | 6274 |

---

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**7. FINANCE INCOME AND COSTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **31 Dec**<br>**2012** | **31 Dec**<br>**2012** | **31 Dec**<br>**2011** |
|  | **2022** | **2021** | **2020** |
|  | **US$'000** | **US$'000** | **US$'000** |
| *Finance income comprise*: |  |  |  |
| Interest received – loans and receivables | 3513 | 3277 | 2664 |
| Bank interest | 1674 | 2341 | 4248 |
| **Total finance income** | 5187 | 5618 | 6912 |
| *Finance costs comprise:* |  |  |  |
| Interest expense on finance lease | (4830) | (5428) | (4869) |
| Interest paid on overdrafts |  |  | (1215) |
| Unwinding of discount on provisions for Rehabilitation | (735) | (485) | (376) |
| Cash repatriation fee | (44352) |  |  |
| **Total finance costs** | (49917) | (5913) | (6460) |
| **Net finance (costs)/income** | (44730) | (295) | 452 |

---

**8. INCOME TAXES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **31 Dec** | **31 Dec** | **31 Dec** |
| | | **2022** | **2021** | **2020** |
| | | **US$'000** | **US$'000** | **US$'000** |
| Current taxation |  | 47993 | 55671 | 57834 |
| Deferred taxation | 11 | 99853 | 107044 | 99256 |
| Withholding tax |  | 8100 | 18000 |  |
|  |  | 155946 | 180715 | 157090 |

---

The tax on the Group's profit before tax differs from the theoretical amount that would arise using the statutory tax rate applicable to the Group's main operations. Withholding tax arose from the dividend payment made from Kibali Goldmines SA to Moto (Jersey) 2 Limited and Kibali (Jersey) Limited.

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| &nbsp;&nbsp;&nbsp;Profit before tax | 488208 | 674353 | 661787 |
| &nbsp;&nbsp;&nbsp;Tax calculated at the DRC standard tax rate of 30% | 146462 | 202306 | 198537 |
| &nbsp;&nbsp;&nbsp;Withholding tax | 8100 | 18000 |  |
| &nbsp;&nbsp;&nbsp;Reconciling items: |  |  |  |
| &nbsp;&nbsp;&nbsp;Exempt income | (24070) | (56141) | (54694) |
| &nbsp;&nbsp;&nbsp;Non-deductible costs | 25454 | 16550 | 13247 |
| &nbsp;&nbsp;&nbsp;Taxation charges | 155946 | 180715 | 157090 |

---

Kibali (Jersey) Limited is subject to an income tax rate in Jersey at 0%. In the DRC, Kibali is subject to corporation tax at 30%. Kibali has losses for deduction against future mining income which are offset by accelerated capital allowances on property, plant and equipment. Kibali (Jersey) Limited's estimated tax deductions carried forward at 31 December 2022 amounted to US$166.8 million (2021: US$285.6 million) (2020: US$355.7 million) at the tax rate of 30% which are reduced by accelerated capital allowances to result in a net deferred tax liabilities being recorded for the financial years reported. In the current year, the group has a deferred tax liability of US$296.5 million. In addition, withholding tax arose from the dividend payments from Kibali Goldmines SA to Kibali (Jersey) and Moto (Jersey) 2 Limited.

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**9. PROPERTY, PLANT AND EQUIPMENT**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| &nbsp;&nbsp;&nbsp;*Mine properties, mine development costs and mine plant facilities and equipment* | &nbsp;&nbsp;&nbsp;*Mine properties, mine development costs and mine plant facilities and equipment* |  |  |
| &nbsp;&nbsp;&nbsp;***Cost*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at the beginning of the year | 3118076 | 3161305 | 3004474 |
| &nbsp;&nbsp;&nbsp;Additions | 214765 | 177331 | 156831 |
| &nbsp;&nbsp;&nbsp;Disposals \* |  | (220560) |  |
| &nbsp;&nbsp;&nbsp;Balance at the end of the year | 3332841 | 3118076 | 3161305 |
| &nbsp;&nbsp;&nbsp;***Accumulated depreciation*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance at the beginning of the year | (1306785) | (1314559) | (1111627) |
| &nbsp;&nbsp;&nbsp;Depreciation charged for the year | (181072) | (212786) | (202932) |
| &nbsp;&nbsp;&nbsp;Disposals \* |  | 220560 |  |
| &nbsp;&nbsp;&nbsp;Balance at the end of the year | (1487857) | (1306785) | (1314559) |
| ***Net book value*** | 1844984 | 1811291 | 1846746 |

---

\* 31 December 2021 presentation has been revised to retrospectively present the disposal of $220.6 million of fully depreciated plant and equipment during that year.

***Long-lived assets and development costs***

Included in plant and equipment are long-lived assets and development costs which are amortised on a units of production basis as detailed in note 2 and include mining properties, such as processing plants, tailings facilities, raw water dams and power stations, as well as mine development costs. The net book value of these assets was US$1 447 million at 31 December 2022 (2021: US$1 583 million) (2020: US$1 708 million). The value of assets under construction included in plant and equipment that are not depreciated is US$339 million (2021: US$271.2 million (revised from $294.0 million previously presented)) (2020: US$209.7 million (revised from 232.5 million previously presented)). Revisions to amounts previously presented as assets under construction reflect adjustments for items which were retrospectively identified as being in use at the respective dates during 2022, as disclosed in note 1. Refer to note 2 for judgements applied with regards to stripping assets.

***Short-lived assets***

Included in property, plant and equipment are short-lived assets which are depreciated over a short life which reflects their likely useful economic life and are comprised of motor vehicles, computer equipment, aircrafts and fixtures and fittings. The net book value of these assets was US$289 million at 31 December 2022 (2021: US$167.1 million) (2020: US$75.9 million).

***Decommissioning asset***

A decommissioning asset has been recognised relating to the rehabilitation liability to the value of US$9.1 million (2021: US$15.5 million) (2020: US$17.2 million) (refer to note 17). Depreciation of the decommissioning asset commenced on 1 October 2013 when the Group commenced commercial production. The asset is depreciated over the life of the mine on a unit of production basis (Refer to note 2).

***Right of Use assets (ROU)***

The net carrying amount of property, plant and equipment includes the following amount in respect of Right of Use asset, which also includes the KAS 1 Limited ("KAS") assets. Refer to note 19.

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| ROU Assets | 52076 | 45449 | 46175 |
|  | 52076 | 45449 | 46175 |

---

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**10. MINERAL PROPERTIES**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| &nbsp;&nbsp;&nbsp;**Cost** |  |  |  |
| &nbsp;&nbsp;&nbsp;At the beginning and end of the year | 745092 | 745092 | 745092 |
| &nbsp;&nbsp;&nbsp;**Amortisation** |  |  |  |
| &nbsp;&nbsp;&nbsp;At the beginning of the year | (410211) | (379039) | (340660) |
| &nbsp;&nbsp;&nbsp;Charge for the year | (26740) | (31172) | (38379) |
| &nbsp;&nbsp;&nbsp;At the end of the year | (436951) | (410211) | (379039) |
| &nbsp;&nbsp;&nbsp;**Net book value** | 308141 | 334881 | 366053 |

---

Mineral properties represent the amounts attributable to licence interest on the purchase of Moto Goldmines Limited (Moto) in 2009. The balance has been amortised over the life of mine on a unit of production basis since the Group commenced commercial production on 1 October 2013.

**11. DEFERRED TAXATION**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |  |  |  |  |
| | **2022** | **2021** | **2020** |  |  |  |  |
| | **US$'000** | **US$'000** | **US$'000** |  |  |  |  |
| Deferred taxation is calculated on temporary differences under the liability method using a tax rate of 30% in respect of the DRC operations. |  |  |  |  |  |  |  |
| Deferred taxation is calculated on temporary differences under the liability method using a tax rate of 30% in respect of the DRC operations. |  |  |  | &nbsp;&nbsp;&nbsp;The movement on deferred taxation is as follows: |  |  |  |
| Deferred taxation is calculated on temporary differences under the liability method using a tax rate of 30% in respect of the DRC operations. |  |  |  | &nbsp;&nbsp;&nbsp;At the beginning of the year | (196654) | (89610) | 9647 |
| &nbsp;&nbsp;&nbsp;Statement of comprehensive income charge (Refer to note 8) | (99853) | (107044) | (99256) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At the end of the year | (296507) | (196654) | (89609) |  |  |  |  |
| Deferred taxation comprise the following: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax losses | 166762 | 285632 | 355742 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accelerated capital allowances | (463269) | (482286) | (445351) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net deferred tax liability | (296507) | (196654) | (89609) |  |  |  |  |

---

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**12. TRADE AND OTHER RECEIVABLES**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| Advances to contractors |  | 225 | 608 |
| Trade receivables (refer to note 25) | 60692 | 22805 | 1202 |
| Prepayments and other receivables | 65892 | 34302 | 36050 |
| Loan to SOKIMO (refer note 25) | 28010 | 25897 | 23933 |
| TVA receivable | 191191 | 163193 | 153674 |
|  | 345785 | 246422 | 215467 |
| &nbsp;&nbsp;&nbsp;**Less: Non-current portion**  |  |  |  |
| Loan to SOKIMO (refer to note 25) | 28010 | 25897 | 23933 |
| Drilling down payment | 1644 | 3417 | 8161 |
| TVA Receivable | 191191 | 163193 | 153674 |
|  | 220845 | 192507 | 185768 |
| **Current portion** | 124940 | 53915 | 29699 |

---

The fair values of trade and other receivables classified as loans and receivables are approximate to the carrying value.

The classes within trade and other receivables do not contain impaired assets however TVA receivables and TVA and duties on fuel balances have been discounted with a provision of US$62.2 million (2021: US$57.3 million) (2020: US$50.1 million) recognised. The credit quality of receivables that are not past due or impaired remains very high. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Company does not hold any collateral as security. Refer to note 21 for further information on the concentration of credit risk.

The terms of payment of trade receivables is less than seven days, advances to contractors 30 days and TVA is recoverable under the Mining Code once submissions are approved. All amounts in current trade receivables have been received post year end. The Group continues to seek recovery of TVA in line with the Mining Code. Judgement exists in assessing recovery of this amount. No amounts are expected to be recovered in 2023. See note 2 for further detail.

The loan to SOKIMO bears interest at 8% and the loan and interest will be repaid through future dividends declared by Kibali Goldmines SA in accordance with the loan agreement.

The balance of "prepayments and other receivables" includes loans to related parties of US$21.1 million (2021: US$1.8 million) (2020: US$0.2 million). These loans have no terms of repayment. All non-current receivables are due after 12 months. The movement in the loan is disclosed as a non-cash movement as it relates to management fees and intercompany charges which are unpaid at the balance sheet date.

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**13. INVENTORIES AND ORE STOCKPILES**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| &nbsp;&nbsp;&nbsp;Gold on hand | 11409 | 4244 | 6878 |
| &nbsp;&nbsp;&nbsp;Consumables stores | 55376 | 82417 | 72544 |
| &nbsp;&nbsp;&nbsp;Ore stockpiles | 26678 | 15744 | 40620 |
| &nbsp;&nbsp;&nbsp;Gold in process | 2618 | 5546 | 7320 |
|  | 96081 | 107951 | 127362 |
| &nbsp;&nbsp;&nbsp;**Less: Non-current portion**  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ore stockpiles | 20160 |  | 36875 |
| **Current portion** | 75921 | 107951 | 90487 |

---

All inventory and ore stockpiles are stated at the lower of cost or net realisable value.

**14.&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL AND PREMIUM**

The total authorised number of ordinary shares is 10 000 (2021: 10 000) (2020: 10 000) for the total value of US$10 000 (2021: US$10 000) (2020: US$10 000). All issued shares are fully paid. The total number of issued shares at 31 December 2022 was 4 648 shares (2021: 4 648) (2020: 4 648).

Barrick Gold (Kibali) Limited (Barrick) and AngloGold Ashanti Limited (AngloGold Ashanti) are joint venture partners and shareholders of Kibali (Jersey) Limited, having acquired all 4 648 outstanding ordinary shares.

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| Movement in the number of ordinary shares outstanding: | Movement in the number of ordinary shares outstanding: | Movement in the number of ordinary shares outstanding: | Movement in the number of ordinary shares outstanding: |
| Balance at 1 January | 5 | 5 | 5 |
| Shares issued |  |  |  |
| Balance at 31 December | 5 | 5 | 5 |
| Movement in share premium: |  |  |  |
| Balance at 1 January | 2523612 | 2523612 | 2523612 |
| Reclassification | (400000) |  |  |
| Balance at 31 December | 2123612 | 2523612 | 2523612 |

---

The reclassification relates to a transfer from share premium to retained earnings to ensure sufficient distributable reserves.

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**15.&nbsp;&nbsp;&nbsp;&nbsp;NON-CONTROLLING INTEREST**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| Balance at 1 January | 68110 | 55743 | 23579 |
| Non-controlling interest in results of Kibali Goldmines SA | 25930 | 32367 | 32164 |
| Dividend paid | (9000) | (20000) |  |
| Balance at 31 December | 85040 | 68110 | 55743 |

---

The non-controlling interest represents the 10% interest SOKIMO has in Kibali Goldmines SA, which is a subsidiary of Kibali (Jersey) Limited.

This dividend paid represents the SOKIMO portion of the dividends paid to Moto (Jersey) 2 Limited and subsequently flows through Moto (Jersey) 1 Limited and Kibali (Jersey) Limited.

See summarised financial information for Kibali at note 20.

**16.&nbsp;&nbsp;&nbsp;&nbsp;LOANS, BORROWINGS AND LEASE LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| ***Non-current*** |  |  |  |
| Lease liabilities | 51045 | 41839 | 50457 |
|  | 51045 | 41839 | 50457 |
| ***Current*** |  |  |  |
| Lease liabilities | 12507 | 13909 | 14674 |
| Loan from the Group (refer to note 25) | 21301 | 1839 |  |
| Bank account in overdraft | 21997 | 1656 |  |
| ***Total loans and borrowings*** | 106850 | 59243 | 65131 |

---

***Lease liabilities***

The lease liabilities mainly consist of KAS, in respect of the equipment, which has been transferred to the Group under a previous instalment sale agreement, as well as leases related to the oxygen plant and other minor plant components. Refer to note 9 and note 19 for lease asset disclosures and further details on the lease liabilities respectively.

***Loan – Barrick***

Barrick, a joint venture partner and operator of the Kibali gold mine, incurs management fees and other expenses as part of its role as operator of the mine on behalf of the Group. The loan bears no interest and is repayable on demand.

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**17.&nbsp;&nbsp;&nbsp;&nbsp;PROVISION FOR REHABILITATION**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| Balance at 1 January | 29626 | 29167 | 25516 |
| Unwinding of discount | 735 | 485 | 376 |
| Change in estimates | (6532) | (26) | 3275 |
| Total rehabilitation | 23829 | 29626 | 29167 |
| Current rehabilitation liability | 596 | 600 | 803 |
| Non-Current Liability | 23233 | 29026 | 28364 |

---

The provisions for rehabilitation costs include changes in estimates and have been discounted to their present value at 1.73% (2021: 0%) (2020: 0%) per annum, being an estimate equivalent to the real risk free rate determined with reference to US government bonds with maturity dates comparable to the estimated rehabilitation of the mines. The estimated cash costs of rehabilitation are risk adjusted. Management have based the provision for environmental rehabilitation on standards set by the World Bank, which require an environmental management plan, an annual environmental report, a closure plan, an up-to-date register of plans of the facility, preservation of public safety on closure, carrying out rehabilitation works and ensuring sufficient funds exist for the closure works. However, it is reasonably possible that the estimate of its ultimate rehabilitation liability could change as a result of changes in regulations or cost estimates. The Group is committed to rehabilitation of its property. It makes use of independent environmental consultants for advice and it also uses past experience in similar situations to ensure that the provision for rehabilitation is adequate. The current Life of Mine (LOM) plan envisages the majority of the expected outflow to occur at the end of the LOM (Refer to note 2) which, at the date of these consolidated financial statements, is 2037 (2021: 2034) (2020: 2033) for Kibali gold mine.

**18.&nbsp;&nbsp;&nbsp;&nbsp;TRADE AND OTHER PAYABLES**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| &nbsp;&nbsp;&nbsp;Trade payables | 34452 | 30764 | 19984 |
| &nbsp;&nbsp;&nbsp;Payroll and other compensations | 8871 | 7711 | 8839 |
| &nbsp;&nbsp;&nbsp;Accruals and other payables | 61492 | 58634 | 38058 |
|  | 104815 | 97109 | 66881 |

---

Accruals and other payables include retention, in respect of contracts with suppliers, of US$1.7 million (2021: US$0.5 million) (2020: US$0.2 million).

Trade and other payables are all due within 120 days.

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**19.&nbsp;&nbsp;&nbsp;&nbsp;LEASES**

**Right of use assets**

---

| | | | |
|:---|:---|:---|:---|
| Description | **31 Dec 2022 US$'000** | **31 Dec 2021 US$'000** | **31 Dec 2020 US$'000** |
| **Carrying amount – beginning of the year** | 45449 | 46175 | 26503 |
| Additions | 21757 | 6519 | 28389 |
| Impact of modifications |  | 3235 |  |
| Depreciation | (23510) | (10480) | (8717) |
| **Carrying value – end of year** | 43696 | 45449 | 46175 |

---

The right of use asset is measured under the cost model

**Lease Liabilities**

---

| | | | |
|:---|:---|:---|:---|
| Description | **31 Dec 2022 US$'000** | **31 Dec 2021 US$'000** | **31 Dec 2020 US$'000** |
| **As at 1 January** | 55748 | 65131 | 54926 |
| Additions | 21757 | 6519 | 28389 |
| Impact of modifications |  | 3235 |  |
| Interest expense | 4830 | 5428 | 4869 |
| Lease payments | (18660) | (24565) | (23935) |
| Foreign exchange movements | (123) |  | 882 |
| **As at 31 December** | 63552 | 55748 | 65131 |

---

**20.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTAL INFORMATION**

Operating segments have been identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group's chief operating decision maker. The operating segments included in the internal reports are determined on the basis of their significance to the Group. In particular, the operating mine is reported as a separate segment. KAS is included within the corporate segment. The Group's chief operating decision maker is considered by management to be the board of directors. An analysis of the Group's business segments, excluding intergroup transactions, is set out below. Major customers are not identifiable because all gold is sold through an agent.

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**20.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTAL INFORMATION (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Country of operation | DRC | Jersey |  |  |
| US$'000 | Kibali Goldmines SA | Corporate | Intercompany eliminations and consolidation entries | Total |
| &nbsp;&nbsp;&nbsp;**Year ended 31 December 2022** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Profit and loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total revenue | 1328306 |  |  | 1328306 |
| &nbsp;&nbsp;&nbsp;Mining and processing costs excluding Depreciation | (468327) |  | 2121 | (466206) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortisation | (185019) | (427) | (22367) | (207813) |
| &nbsp;&nbsp;&nbsp;Mining and processing costs | (653346) | (427) | (20246) | (674019) |
| &nbsp;&nbsp;&nbsp;Royalties | (62472) |  |  | (62472) |
| &nbsp;&nbsp;&nbsp;Exploration and corporate expenditure | (3452) | (3343) |  | (6795) |
| &nbsp;&nbsp;&nbsp;Other (expenses)/income and JV profit | (56903) | 4821 |  | (52082) |
| &nbsp;&nbsp;&nbsp;Finance costs | (152079) | (35073) | 137236 | (49916) |
| &nbsp;&nbsp;&nbsp;Finance income | 3700 | 12664 | (11178) | 5186 |
| &nbsp;&nbsp;&nbsp;Profit before income tax | 403754 | (21358) | 105812 | 488208 |
| &nbsp;&nbsp;&nbsp;Income tax expense | (147846) | (8100) |  | (155946) |
| &nbsp;&nbsp;&nbsp;Net profit for the year | 255908 | (29458) | 105812 | 332262 |
| &nbsp;&nbsp;&nbsp;Capital expenditure | 214765 |  |  | 214765 |
| &nbsp;&nbsp;&nbsp;Total assets | 2685504 | 2171491 | (2143571) | 2713424 |
| &nbsp;&nbsp;&nbsp;Total liabilities | (1708355) | (289) | 1176642 | (532002) |
| &nbsp;&nbsp;&nbsp;**Year ended 31 December 2021** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Profit and loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total revenue | 1469221 |  |  | 1469221 |
| &nbsp;&nbsp;&nbsp;Mining and processing costs excluding depreciation | (446175) |  | 2047 | (444128) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortisation | (237215) | (1911) | (4832) | (243958) |
| &nbsp;&nbsp;&nbsp;Mining and processing costs | (683390) | (1911) | (2785) | (688086) |
| &nbsp;&nbsp;&nbsp;Royalties | (68704) |  |  | (68704) |
| &nbsp;&nbsp;&nbsp;Exploration and corporate expenditure | (4346) | 545 | (2047) | (5848) |
| &nbsp;&nbsp;&nbsp;Other expenses and JV profit | (31831) | (104) |  | (31935) |
| &nbsp;&nbsp;&nbsp;Finance costs | (198660) | (1) | 192748 | (5913) |
| &nbsp;&nbsp;&nbsp;Finance income | 4099 | 12697 | (11178) | 5618 |
| &nbsp;&nbsp;&nbsp;Profit before income tax | 486389 | 11226 | 176738 | 674353 |
| &nbsp;&nbsp;&nbsp;Income tax expense | (162715) | (18000) |  | (180715) |
| &nbsp;&nbsp;&nbsp;Net profit/(loss) for the year | 323674 | (6774) | 176738 | 493638 |
| &nbsp;&nbsp;&nbsp;Capital expenditure | 177331 |  |  | 177331 |
| &nbsp;&nbsp;&nbsp;Total assets | 3586931 | 3397061 | (3346301) | 3637691 |
| &nbsp;&nbsp;&nbsp;Total liabilities | (2789133) | (3336) | 2401743 | (390726) |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **20.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTAL INFORMATION (CONTINUED)** | **20.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTAL INFORMATION (CONTINUED)** | **20.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTAL INFORMATION (CONTINUED)** | **20.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTAL INFORMATION (CONTINUED)** | **20.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENTAL INFORMATION (CONTINUED)** |
| &nbsp;&nbsp;&nbsp;Country of operation | DRC | Jersey |  |  |
| &nbsp;&nbsp;&nbsp;US$'000 | Kibali Goldmines SA | Corporate | Intercompany eliminations and consolidation entries | Total |
| &nbsp;&nbsp;&nbsp;**Year ended 31 December 2020** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Profit and loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total revenue | 1440328 |  |  | 1440328 |
| &nbsp;&nbsp;&nbsp;Mining and processing costs excluding depreciation | (429949) |  | 1122 | (428827) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortisation | (232804) | (2017) | (6490) | (241311) |
| &nbsp;&nbsp;&nbsp;Mining and processing costs | (662753) | (2017) | (5368) | (670138) |
| &nbsp;&nbsp;&nbsp;Royalties | (67547) |  |  | (67547) |
| &nbsp;&nbsp;&nbsp;Exploration and corporate expenditure | (6173) | (101) |  | (6274) |
| &nbsp;&nbsp;&nbsp;Other (expenses)/income and JV profit | (34322) | 409 | (1121) | (35034) |
| &nbsp;&nbsp;&nbsp;Finance costs | (195192) |  | 188732 | (6460) |
| &nbsp;&nbsp;&nbsp;Finance income | 4389 | 12785 | (10262) | 6912 |
| &nbsp;&nbsp;&nbsp;Profit before income tax | 478730 | 11076 | 171981 | 661787 |
| &nbsp;&nbsp;&nbsp;Income tax expense | (157090) |  |  | (157090) |
| &nbsp;&nbsp;&nbsp;Net profit for the year | 321640 | 11076 | 171981 | 504697 |
| &nbsp;&nbsp;&nbsp;Capital expenditure | 156831 |  |  | 156831 |
| &nbsp;&nbsp;&nbsp;Total assets | 3762098 | 10862319 | (11101207) | 3523210 |
| &nbsp;&nbsp;&nbsp;Total liabilities | (3403586) | (7093329) | 10208034 | (288881) |

---

**21.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISK MANAGEMENT**

In the normal course of its operations, the Group is exposed to gold price, currency, interest rate, credit and liquidity risks. In order to manage these risks, the Group may enter into transactions which make use of on-balance sheet derivatives, but none were entered into in 2022, 2021 or 2020. The Group does not acquire, hold or issue derivatives for trading purposes. The Group has developed a risk management process to facilitate, control and monitor these risks.

***Foreign exchange and commodity price risk***

In the normal course of business, the Group enters into transactions denominated in foreign currencies (primarily Euro, British Pound, South African Rand, Congolese Franc and Australian Dollar). As a result, the Group is subject to exposure from fluctuations in foreign currency exchange rates. In general, the Group does not enter into derivatives to manage these currency risks and none existed in 2022, 2021 or 2020. Generally, the Group does not hedge its exposure to gold price fluctuation risk and gold was sold at market spot prices in 2022, 2021 and 2020. Gold sales are made in US dollars and do not expose the Group to any currency fluctuation risk. The Group is also exposed to fluctuations in the price of consumables, such as fuel, steel, rubber, cyanide and lime, mainly due to changes in the price of oil, as well as fluctuations in exchange rates.

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**21.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISK MANAGEMENT (CONTINUED)**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec 2022**<br>**US$'000** | **31 Dec 2021**<br>**US$'000** | **31 Dec 2020**<br>**US$'000** |
| Level of exposure of foreign currency risk carrying value of foreign currency balances.<br>Cash and cash equivalents includes balances denominated in: | Level of exposure of foreign currency risk carrying value of foreign currency balances.<br>Cash and cash equivalents includes balances denominated in: | Level of exposure of foreign currency risk carrying value of foreign currency balances.<br>Cash and cash equivalents includes balances denominated in: | Level of exposure of foreign currency risk carrying value of foreign currency balances.<br>Cash and cash equivalents includes balances denominated in: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Congolese Franc (CDF) | (2981) | 2189 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Euro (EUR) | 419 | 4 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• South African Rand (ZAR) | 624 | 205 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• British Pound (GBP) | 47 | 199 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Australian Dollar (AUD) | 249 | 500 | 418 |

---

Trade and other receivables includes balances denominated in foreign currencies. The TVA balance included in trade and other receivables amounts to $70M in CDF.

Trade and other payables includes balances denominated in foreign currencies, which are not significant.

There are no sensitivities disclosed for foreign exchange as these balances are immaterial.

***Interest rate and liquidity risk***

Fluctuations in interest rates impact on the value of short term cash investments, interest receivable on hire purchase loans and interest payable on financing activities, giving rise to interest rate risk. The Group funds working capital and capital expenditure requirements with operating cash flows. The drawdowns of any funds are subject to the approval of the Annual budget and Business plan by the board of directors.

The Group has in the past been able to actively source financing through shareholder loans. The finance lease entered into bears a fixed rate of interest.

The directors believe that the working capital resources, by way of internal sources and overdraft facilities, are sufficient to the Group's currently foreseeable future business requirements.

---

| | | |
|:---|:---|:---|
| | **Amount<br>US$'000** | **Effective rate<br>for the year** |
| Cash and cash equivalents: |  |  |
| All less than 90 days (2022) | 91865 | 0.85% |
| All less than 90 days (2021) | 1115359 | 0.70% |
| All less than 90 days (2020) | 944233 | 0.75% |

---

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**21.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISK MANAGEMENT (CONTINUED)**

***Concentration of credit risk***

In normal circumstances, the Group's cash balances do not give rise to a concentration of credit risk because it endeavours to deal with a variety of major financial institutions wherever possible. For cash and equivalents, credit risk exposure equals the carrying amount on the balance sheet. To mitigate our inherent exposure to credit risk we maintain policies to limit the concentration of credit risk, review counterparty creditworthiness on a monthly basis, and ensure liquidity of available funds. Where possible, our cash and equivalents are held with AAA rated financial institutions. All cash balances under the Company's control or joint control are free from assignment or other charges. Cash held in banks in the DRC by Kibali is subject to administrative steps prior to repatriation. At year-end, the group had US$56 million (2020: US$1 075 million) of cash in country, a decrease of US$1 019 million year on year. Management further assessed any expected credit losses, which was considered immaterial. In forming this assessment, the Company considered the history of the banking relationships, knowledge of the DRC economy and credit rating reports for the DRC banks to evaluate liquidity and any indications of increased credit risk associated with the institutions.

The Group applies IFRS 9 to measure expected credit losses for receivables and loans including other investments in joint ventures and loans to non-controlling interests, these are regularly monitored and assessed. Receivables are impaired when it is probable that amounts outstanding are not recoverable as set out in the accounting policy note for receivables. Gold doré, the Group's principal product, is produced in the DRC. The gold doré is refined and sold through the largest accredited gold refinery in the world. Credit risk is further managed by regularly reviewing the financial statements of the refinery. Further, the Group is not exposed to significant credit risk on gold sales, as cash is received within a few days of the sale taking place. While not a financial asset for IFRS 7, included in receivables is a TVA balance (including recoverable TVA on fuel duty and after discounting provisions) of US$191.2 million (2021: US$163.2 million; 2020: US$153.7 million) that was past due. Refer to note 2. This could result in credit risk for the Group.

***Capital risk management***

The Group's objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide future returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group issue new shares (by way of funding from the joint venture partners) or will make use of intercompany loans. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net borrowings, finance lease liabilities and trade and other payables (less cash) divided by total capital. Total capital is calculated as equity, as shown in the statement of financial position, plus net borrowings, finance lease liabilities and trade and other payables (less cash). This measure may differ to other companies.

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**21.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISK MANAGEMENT (CONTINUED)**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec 2022**<br>**US$'000** | **31 Dec 2021**<br>**US$'000** | **31 Dec 2020**<br>**US$'000** |
| **Capital risk management** | | | |
| Borrowings, trade and other payables and lease liabilities (note 16 and 18) | **211666** | 154696 | 132012 |
| Less: cash and cash equivalents | **(91865)** | (1115359) | (944233) |
| Net borrowings, trade and other payables and cash | **119801** | (960663) | (812221) |
| Total equity | **2181425** | 3246965 | 3234329 |
| Total capital | **2301228** | 2286302 | 2422911 |
| Gearing ratio | **5%** | (42)% | (33)% |

---

***Maturity analysis***

The following table analyses the Group's financial liabilities into the relevant maturity groupings based on the remaining period from the Statement of Financial Position to the contractual maturity date.

---

| | | | |
|:---|:---|:---|:---|
| | **Trade and<br>other<br>payables**<br>**US$'000** | **Borrowings**<br>**US$'000** | **Expected<br>Future<br>interest<br>payments**<br>**US$'000** |
| **At 31 December 2022** | | | |
| Financial liabilities |  |  |  |
| Within 1 year in demand | 104815 | 8240 | 4088 |
| Later than 1 year and no later than 5 years |  | 64934 | 7413 |
| **Total** | **104815** | **73174** | **11501** |
| **At 31 December 2021** |  |  |  |
| Financial liabilities |  |  |  |
| Within 1 year in demand | 97109 | 11502 | 2407 |
| Later than 1 year and no later than 5 years |  | 39649 | 4029 |
| **Total** | 97109 | 51151 | 6436 |
| **At 31 December 2020** |  |  |  |
| Financial liabilities |  |  |  |
| Within 1 year in demand | 66881 | 12121 | 2553 |
| Later than 1 year and no later than 5 years |  | 50340 | 117 |
| **Total** | 66881 | 62461 | 2670 |

---

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**22.&nbsp;&nbsp;&nbsp;&nbsp;CASH FLOW FROM OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| Profit before income taxation | 488208 | 674353 | 661787 |
| *Adjustments for:* |  |  |  |
| Finance income (Note 7) | (5187) | (5618) | (6912) |
| Finance cost (Note 7) | 49917 | 5913 | 6460 |
| Share of profits of equity accounted joint venture | (157) | (103) | (239) |
| Depreciation and amortisation (Note 5) | 207813 | 243958 | 241311 |
| Foreign exchange loss / (gain) (Note 4) |  | (741) | (2035) |
| TVA write off agreement (Note 4) |  |  | 1462 |
| Movement in discounting provision on TVA (Note 4) | 5950 | 8351 | 12740 |
|  | 746544 | 926113 | 914574 |
| Effects of changes in operating working capital items |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–Receivables | (96962) | (26214) | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–Inventories | 11871 | 19412 | 20325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–Trade and other payables | 14447 | 24933 | 19804 |
| **Cash generated from operations** | 675900 | 944244 | 956870 |

---

Other non-cash items include changes in rehabilitation provision of US$0.7 million (2021: US$0.5 million) (2020: US$2.6 million) and TVA offsets of nil (2021: US$ nil) (2020: US$4.9 million). Please refer to Note 4.

Cash flows relating to loans and borrowings within financing activities comprises the following movements in finance lease liabilities:

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**22. CASH FLOW FROM OPERATIONS (CONTINUED)**

Cash flows relating to loans and borrowings within financing activities comprises the following movements in finance lease liabilities:

---

| | | | |
|:---|:---|:---|:---|
| | **Non-current** | **Current** | **Total** |
| | **loans and** | **loans and** | |
| | **borrowings** | **borrowings** | |
| | **US$'000** | **US$'000** | **US$'000** |
| **At 1 January 2020** | 45328 | 11105 | 56433 |
| *Cash flows:* |  |  |  |
| Lease repayments |  | (23935) | (23935) |
| *Non cash flows:* |  |  |  |
| Loans and borrowings classified as non-current at 31 December 2020 | (15825) | 15825 |  |
| Interest and capital accrued |  | 5818 | 5818 |
| IFRS 16 lease additions | 20954 | 5861 | 26815 |
| **At 31 December 2020** <sup>1</sup> | **50457** | **14674** | **65131** |
| **At 1 January 2021** | 50457 | 14674 | 65131 |
| *Cash flows:* |  |  |  |
| Lease repayments |  | (24565) | (24565) |
| *Non cash flows:* |  |  |  |
| Loans and borrowings classified as non-current at 31 December 2021 | (17603) | 17603 |  |
| Loan from Group (Note 16) |  |  |  |
| Interest and capital accrued |  | 5428 | 5428 |
| IFRS 16 lease additions | 8985 | 769 | 9754 |
| **At 31 December 2021** | **41839** | **13909** | **55748** |
| **At 1 January 2022** | 41839 | 13909 | 55748 |
| *Cash flows:* |  |  |  |
| Lease repayments |  | (18660) | (18660) |
| Overdraft (note 16) |  | 20341 | 20341 |
| *Non cash flows:* |  |  |  |
| Other movements |  | 3495 | 3495 |
| Loans and borrowings classified as non-current at 31 December 2022 | (12551) | 12551 |  |
| Loan from Group (Note 16) |  | 19462 | 19462 |
| Interest and capital accrued |  | 4707 | 4707 |
| IFRS 16 lease additions and modifications | 21757 |  | 21757 |
| **At 31 December 2022** | **51045** | **55805** | **106850** |

---

<sup>1</sup> Refer to note 18 and the consolidated cash flow statements.

**23.&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENT LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| Capital expenditure contracted for at statement of financial | Capital expenditure contracted for at statement of financial | Capital expenditure contracted for at statement of financial | Capital expenditure contracted for at statement of financial |
| position date but not yet incurred is: | position date but not yet incurred is: | position date but not yet incurred is: | position date but not yet incurred is: |
| Property, plant and equipment | 24637 | 28157 | 22227 |

---

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**23. COMMITMENTS AND CONTINGENT LIABILITIES (CONTINUED)**

At the end of January and in early February 2022, Kibali Goldmines SA, which owns and operates the Kibali gold mine in the Democratic Republic of the Congo, received fifteen claims from the Direction Générale des Douanes et Accises ("Customs Authority") concerning customs duties. The Customs Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claim that the exemption available to Kibali Goldmines SA, which was granted in relation to the original mining lease, no longer applies. Finally, the Customs Authority claims that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest, total $339 million.

Five of these claims, totalling $256 million, have been closed and we await closure minutes, before settling $4.5 million. However, discussions are ongoing on the remaining $83 million, dealing with a 1% service fee on gold sales, which is being claimed by two different departments. Based on discussions with the minister of finance we anticipate to settle for no more than $8 million and therefore a total provision of $12.5 million was raised for these customs matters. The provision of $12.5 million is booked within accruals and other liabilities.

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**24. &nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT IN JOINT VENTURE**

Set out below is the summarised financial information for KAS which is accounted for using the equity method (amounts stated at 100% before intercompany eliminations).

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| **Summarised statement of financial position** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 5384 | 3485 | 1630 |
| Other current assets (excluding cash) | 8962 | 3675 | 1703 |
| **Total current assets**  | 14346 | 7160 | 3333 |
| Other current liabilities (including trade payables) | (4186) | (1846) | (2149) |
| **Total current liabilities** | (4186) | (1846) | (2149) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Non-current** | | | |
| Assets | 42115 | 38148 | 44552 |
| Financial liabilities | (51748) | (43249) | (45248) |
| **Net assets** | 527 | 213 | 488 |
| **Summarised statement of comprehensive income** |  |  |  |
| Operating profit/(loss) | 288 | 3 | 268 |
| Interest income | 3139 | 3167 | 3562 |
| Interest expense | (3113) | (2965) | (3352) |
| Profit and total comprehensive income for the period | 314 | 205 | 478 |
| Dividends received from joint venture |  | 480 | 131 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of the summarised financial information presented to the carrying amount of the group's interest in KAS** | | | |
| **Opening net assets at 1 January** | 213 | 488 | 141 |
| Profit for the period | 314 | 205 | 478 |
| Dividends received |  | (480) | (131) |
| **Closing net assets at 31 December** | 527 | 213 | 488 |
| **Interest in joint venture at 50.1%** | 264 | 107 | 244 |
| <br>**Profit for the period at 50.1%** | 157 | 103 | 239 |
| <br>**Funding classified as long term debt by joint venture recorded in 'other investments in joint ventures'** | 25990 | 21669 | 23096 |
| **Carrying value** | 26254 | 21776 | 23340 |

---

The loan to KAS bears interest at 8% and has no fixed repayment terms. Joint control is provided through a joint venture agreement.

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**25.&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTIES AND RELATED PARTY TRANSACTIONS**

---

| | |
|:---|:---|
| *Related parties* | *Nature of relationship* |
| Barrick Gold (Holdings) Limited | Ultimate Joint Venture partner |
| AngloGold Ashanti | Ultimate Joint Venture partner |
| AngloGold Ashanti Holdings plc | Joint Venture partner |
| Barrick Gold (Kibali) Limited | Joint Venture partner |
| Barrick Gold (Congo) SPRL | Entity under common control (subsidiary of Barrick) |
| Société des Mines de Loulo SA | Entity under common control (subsidiary of Barrick) |
| Société des Mines de Tongon SA | Entity under common control (subsidiary of Barrick) |
| Société des Mines de Gounkoto SA | Entity under common control (subsidiary of Barrick) |
| Société des Mines de Morila SA | Entity under common control (subsidiary of Barrick) |
| Rand Refinery (Pty) Limited | Associate of AngloGold Ashanti |
| SOKIMO | Government interest in Kibali |
| KAS | Joint Venture |
| Isiro (Jersey) Limited | Joint Venture of Barrick |
| KGL Isiro SARL | Subsidiary of Isiro (Jersey) Limited |

---

---

| | | | |
|:---|:---|:---|:---|
| | **31 Dec** | **31 Dec** | **31 Dec** |
| | **2022** | **2021** | **2020** |
| | **US$'000** | **US$'000** | **US$'000** |
| *Related party transactions* |  |  |  |
| Dividend paid to SOKIMO | 9000 | 20000 |  |
| Management fee paid to Barrick Gold (Holdings) Ltd | 7036 | 6216 | 4668 |
| Refining fees to Rand Refinery (Pty) Limited | 313 | 4789 | 5818 |
| Interest income from SOKIMO | 2113 | 2291 | 1843 |
| Shareholders interest received from KAS | 1400 | 1469 | 1494 |
| Interest incurred to KAS on the finance lease liability | 2981 | 3128 | 3181 |
| *Amounts included in trade and other receivables owed from / (owing to) related parties* | *Amounts included in trade and other receivables owed from / (owing to) related parties* | *Amounts included in trade and other receivables owed from / (owing to) related parties* |  |
| Rand Refinery (Pty) Limited | 48532 | 20832 | 1202 |
| Loan to SOKIMO | 28010 | 25897 | 23933 |
| Loan to Barrick Gold (Congo) SPRL | 1641 | 1988 | 1569 |
| &nbsp;&nbsp;&nbsp;Loan to KGL Isiro SARL | 208 | 202 | 172 |
| Loan (from) / to Société des Mines de Loulo SA | (95) |  | (1) |
| Loan (from) / to Société des Mines de Tongon SA | (34) | (29) | (254) |
| Loan to Société des Mines de Gounkoto SA | 1 | 1 | 1 |
| *Amounts included in other investment in joint venture owing by related parties* | *Amounts included in other investment in joint venture owing by related parties* | *Amounts included in other investment in joint venture owing by related parties* |  |
| Loan to KAS | 25990 | 21669 | 23096 |
| Loan to/(from) Barrick Gold (Holdings) Ltd | (21301) | (1839) | 186 |
| Finance lease liability with KAS | (44690) | (35187) | (41524) |

---

SOKIMO has a 10% interest in Kibali, a subsidiary of the group.

The key management personnel are considered to be the board of Kibali and Kibali (Jersey) Limited. None of the directors receive any remuneration for performing their director duties.

F - 131

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**25. RELATED PARTIES AND RELATED PARTY TRANSACTIONS (CONTINUED)**

Rand Refinery (Pty) Limited (Rand Refinery) is an associate of AngloGold Ashanti. Kibali has incurred refining costs of US$0.3 million in the year (2021: US$4.8 million) (2020: US$5.8 million). US$1 328 million (2021: US$1 469 million) (2020: US$1 440 million) of gold and silver was sold by Rand Refinery under the contract with Kibali in which Rand Refinery is the stated agent.

It is the obligation of the joint venture parties, Barrick and AngloGold Ashanti, (joint venture partners) to fund the Group for operating costs, capital costs and other costs in proportion to their respective percentage interests in Kibali (Jersey) Limited. These costs are in accordance with the Kibali Joint Venture Agreement.

The finance lease liability due to KAS is in respect of the equipment which has been transferred to the Group under an instalment sale agreement. Kibali (Jersey) Limited has a 50.1% shareholding in KAS.

Refer to notes 12 and 16 for the details of loans to and from related parties.

**26.&nbsp;&nbsp;&nbsp;&nbsp;SUBSIDIARIES**

The consolidated financial statements include the results of the Company and all of its subsidiaries and jointly controlled entities at 31 December 2022. The Company, the principal subsidiaries and their interests are:

---

| | | | |
|:---|:---|:---|:---|
|  | | ***% of*** | ***Country of*** |
| | | ***Interest*** | ***incorporation*** |
| | | | ***and*** |
| | | | ***residence*** |
| Company | Kibali (Jersey) Ltd |  | Jersey |
| Subsidiary | Border Energy East Africa (Pty) Ltd | 100% | Uganda |
| Subsidiary | Moto (Jersey) 1 Ltd | 100% | Jersey |
| Subsidiary | Kibali 2 (Jersey) Ltd | 100% | Jersey |
| Subsidiary | 0858065 B.C. Limited | 100% | Canada |
| Subsidiary | Moto Goldmines Australia Pty Ltd | 100% | Australia |
| Subsidiary | Kibali Goldmines SA | 90% | DRC |
| Jointly controlled entity | KAS 1 Limited | 50.1% | Jersey |

---

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**27. SUBSEQUENT EVENTS**

No significant subsequent events requiring disclosure or adjustment occurred.

**28.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

The Company is a private company limited by shares, incorporated in Jersey with its registered office at 3rd Floor, Unity Chambers, 28 Halkett Street, St Helier, Jersey, JE2 4WJ, Channel Islands. The Company's principal activity is the operation of the Kibali gold mine in the DRC.

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**Exhibits to Form 20-F**

---

| | | |
|:---|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** | **<u>Remarks</u>** |
| Exhibit 19.1 | **<u>[Memorandum of Incorporation of AngloGold Ashanti Limited (last amended 16 2022)](exhibit1912022.htm)</u>** | Filed herewith |
| Exhibit 19.2.1 | **<u>[Indenture for guaranteed debt securities among AngloGold Ashanti Holdings plc, as issuer, AngloGold Ashanti Limited, as guarantor, and The Bank of New York Mellon, as trustee, dated as of 28 April 2010](https://www.sec.gov/Archives/edgar/data/1067428/000104746912007231/a2210077zex-4_2.htm)</u>** | Incorporated by reference to Exhibit 4.2 to AngloGold Ashanti Limited and AngloGold Ashanti Holdings plc's Registration Statement on Form F-3 (Nos. 333-182712 and 333-182712-02) filed with the Securities and Exchange Commission on 17 July 2012 |
| Exhibit 19.2.2 | **<u>[Form of 6.50% Notes due 2040 and related Guarantee](https://www.sec.gov/Archives/edgar/data/1067428/000095012310039614/u08778exv99wc.htm)</u>** | Incorporated by reference to Exhibit 99(C) to AngloGold Ashanti Limited and AngloGold Ashanti Holdings plc's Registration Statement on Form 8-A (Nos. 001-14846 and 001-34725) filed with the Securities and Exchange Commission on 28 April 2010 |
| Exhibit 19.2.3 | **<u>[Form of 3.75% Notes due 2030 and related Guarantee](https://www.sec.gov/Archives/edgar/data/1067428/000119312520261447/d23044dex41.htm)</u>** | Incorporated by reference to Exhibit 4.1 to AngloGold Ashanti Limited and AngloGold Ashanti Holdings plc's report on Form 6-K (Nos. 001-14846 and 001-34725) filed with the Securities and Exchange Commission on 1 October 2020 |
| Exhibit 19.2.4 | **<u>[Form of 3.375% Notes due 2028 and related Guarantee](https://www.sec.gov/Archives/edgar/data/1067428/000119312521304930/d248399dex41.htm)</u>** | Incorporated by reference to Exhibit 4.1 to<br>AngloGold Ashanti Limited and AngloGold<br>Ashanti Holdings plc's report on Form 6-K<br>(Nos. 001-14846 and 001-34725) filed with the<br>Securities and Exchange Commission on 22<br>October 2021 |
| Exhibit 19.2.5 | **<u>[Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934](exhibit19252022.htm)</u>** | Filed herewith |
| Exhibit 19.2.6 | **<u>[Amended and Restated Deposit Agreement dated as of 3 June 2008 among AngloGold Ashanti Limited, The Bank of New York Mellon as Depositary and all Owners and Beneficial Owners from time to time of American Depositary Shares issued thereunder](https://www.sec.gov/Archives/edgar/data/1067428/000101915509000521/arexdepagmt2008anglogold.htm)</u>** | Incorporated by reference to Exhibit 1 to AngloGold Ashanti Limited's Registration Statement on Form F-6 (No. 333-159248) filed with the Securities and Exchange Commission on 14 May 2009 |
| Exhibit 19.4.1.1 | **<u>[Bonus Share Plan as amended on 27 March 2013](https://www.sec.gov/Archives/edgar/data/1067428/000120561313000056/aga_bsp.htm)</u>** | Incorporated by reference to AngloGold Ashanti Limited's report on Form 6-K (No. 001-14846) furnished to the Securities and Exchange Commission on 10 April 2013 |
| Exhibit 19.4.1.2 | **<u>[Long-Term Incentive Plan as amended on 27 March 2013](https://www.sec.gov/Archives/edgar/data/1067428/000120561313000057/aga_ltip.htm)</u>** | Incorporated by reference to AngloGold Ashanti Limited's report on Form 6-K (No. 001-14846) furnished to the Securities and Exchange Commission on 10 April 2013 |
| Exhibit 19.4.1.3 | **<u>[Deferred Share Plan of AngloGold Ashanti as amended on 20 February 2023](exhibit194132022.htm)</u>** | Filed herewith |
| Exhibit 19.4.4.1 | **<u>[Syndicated Multi-currency Revolving Credit Facility agreement dated 9 June 2022 with AngloGold Ashanti Holdings plc and AngloGold Australia Limited as borrowers and the Bank of Nova Scotia as facility agent and the financial institutions party thereto as lenders](exhibit194412022.htm)</u>** | Filed herewith |

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| | | |
|:---|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** | **<u>Remarks</u>** |
| Exhibit 19.4.5.1 | **<u>[Employment contract of Alberto Calderon — Chief Executive Office](https://www.sec.gov/Archives/edgar/data/1067428/000162828022007918/exhibit194562021.htm)</u>** | Incorporated by reference to Exhibit 19.4.5.6 to AngloGold Ashanti Limited's Annual Report on Form 20-F (No. 001-14846) filed with the Securities and Exchange Commission on 30 March 2022 |
| Exhibit 19.4.5.2 | **<u>[Employment contract of Kandimathie Christine Ramon — Chief Financial Officer (until 30 June 2022)](https://www.sec.gov/Archives/edgar/data/1067428/000162828021008753/exhibit991.htm)</u>** | Incorporated by reference to<br>Exhibit 99.1 to AngloGold Ashanti Limited's<br>report on Form 6-K (No. 001-14846) filed with<br>the Securities and Exchange Commission on 4 May 2021 |
| Exhibit 19.4.5.3 | **<u>[Employment contract of Ian Kramer — Interim Chief Financial Officer (with effect from 1 July 2022 until 31 December 2022)](https://www.sec.gov/Archives/edgar/data/1067428/000162828021008753/exhibit992.htm)</u>** | Incorporated by reference to<br>Exhibit 99.2 to AngloGold Ashanti Limited's<br>report on Form 6-K (No. 001-14846) filed with<br>the Securities and Exchange Commission on<br>4 May 2021 |
| Exhibit 19.4.5.4 | **I<u>[nterim CFO appointment letter of Ian Kramer — Interim Chief Financial Officer (with effect from 1 July 2022 until 31 December 2022](exhibit194542022.htm)</u>)** | Filed herewith |
| Exhibit 19.4.5.5 | **<u>[Employment contract of Gillian Ann Doran —Chief Financial Officer (with effect from 1 January 2023)](exhibit194552022a01.htm)</u>** | Filed herewith |
| Exhibit 19.4.6 | **<u>[Stock Purchase Agreement dated as of 8 June 2015, among AngloGold Ashanti North America Inc., a Colorado corporation, AngloGold Ashanti USA Incorporated, a Delaware corporation, AngloGold Ashanti (Colorado) Corp., a Delaware corporation, GCGC LLC, a Colorado limited liability company, and Newmont Mining Corporation, a Delaware corporation, and AngloGold Ashanti Limited, a South African public company](https://www.sec.gov/Archives/edgar/data/1067428/000095015716001619/ex2-1.htm)</u>** | Incorporated by reference to AngloGold Ashanti Limited's report on Form 6-K (No.001-14846) furnished to the Securities and Exchange Commission on 19 February 2016 |
| Exhibit 19.8 | **<u>[List of AngloGold Ashanti Limited subsidiaries](exhibit1982022.htm)</u>** | Filed herewith |
| Exhibit 19.12.1 | **<u>[Certification of Alberto Calderon as Chief Executive Officer of AngloGold Ashanti Limited, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit191212022.htm)</u>** | Filed herewith |
| Exhibit 19.12.2 | **<u>[Certification of G](exhibit191222022.htm)[illian](exhibit191222022.htm)[Ann](exhibit191222022.htm)[Doran as Chief Financial Officer of AngloGold Ashanti Limited, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit191222022.htm)</u>** | Filed herewith |
| Exhibit 19.13 | **<u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit19132022.htm)</u>** | Filed herewith |
| Exhibit 19.15.1 | **<u>[Consent of Ernst & Young Inc., independent registered public accounting firm](exhibit191512022.htm)</u>** | Filed herewith |
| Exhibit 19.15.2 | **<u>[Consent of BDO LLP, independent registered public accounting firm](exhibit191522022.htm)</u>** | Filed herewith |
| Exhibit 19.15.3 | **<u>[Consent of Chairperson of the Mineral Resource and Mineral Reserve Leadership Team](exhibit191532022.htm)</u>** | Filed herewith |

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| | | |
|:---|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** | **<u>Remarks</u>** |
| Exhibit 19.15.4 | **<u>[2022 Technical Report Summary, Geita Gold Mine, A Life of Mine Summary Report (including Consents of Qualified Persons)](exhibit191542022.htm)</u>** | Filed herewith |
| Exhibit 19.15.5 | **<u>[2021 Technical Report Summary, Obuasi, A Life of Mine Summary Report](exhibit191552022.htm)</u>** | Filed herewith |
| Exhibit 19.15.6 | **<u>[Consents of Qualified Persons for 2021 Technical Report Summary, Obuasi, A Life of Mine Summary Report](exhibit191562022.htm)</u>** | Filed herewith |
| Exhibit 19.15.7 | **<u>[2021 Technical Report Summary, Kibali Gold Mine, A Life of Mine Summary Report](exhibit191572022.htm)</u>** | Filed herewith |
| Exhibit 19.15.8 | **<u>[Consents of Qualified Persons for 2021 Technical](exhibit191582022.htm)[Report](exhibit191582022.htm)[Summary, Kibali Gold Mine, A Life of Mine Summary Report](exhibit191582022.htm)</u>** | Filed herewith |
| Exhibit 19.15.9 | **<u>[Letter from Ernst & Young Inc. to the Securities and Exchange Commission regarding a change in registrant's certifying accountant](exhibit191592022.htm)</u>** | Filed herewith |
| Exhibit 19.16 | **<u>[Mine Safety Disclosure](exhibit19162022.htm)</u>** | Filed herewith |
| Exhibit 19.17 | **<u>[Subsidiary Issuer of Guaranteed Securities](exhibit19172022.htm)</u>**  | Filed herewith |

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**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the undersigned to sign this annual report on its behalf.

**ANGLOGOLD ASHANTI LIMITED**

/s/ G A Doran

---

| | | |
|:---|:---|:---|
| Name | : | Gillian Ann Doran |
| Title | : | Chief Financial Officer |
| Date | : | 17 March 2023 |

---

E - 1

## Exhibit 19.1

![](exhibit1912022001.jpg)

COMPANIES ACT, 2008 MEMORANDUM OF INCORPORATION OF A PROFIT COMPANY (PUBLIC COMPANY) NAME OF COMPANY: ANGLOGOLD ASHANTI LIMITED ("Company") REGISTRATION NUMBER: 1944/017354/06 This Memorandum of Incorporation was adopted by Special Resolution passed by shareholders on 27 March 2013, a copy of which was Filed with the Companies and Intellectual Property Commission on 3 April 2013 as contemplated in the Companies Act No. 71 of 2008 (as amended), together with the notice of amendment in substitution for the existing Memorandum of Incorporation (being the memorandum of association and articles of association of the Company, which were the constitutional documents of the Company in terms of the Companies Act No. 61 of 1973). The Memorandum of Incorporation in the prescribed form as contemplated in section 13(1)(a)(i) of the Companies Act No. 71 of 2008, as amended, shall not apply to the Company. This Memorandum of Incorporation was last amended by a Special Resolution passed at the Annual General Meeting of Shareholders held on 16 May 2022 by: • Removing all references, in this Memorandum of Incorporation, to the A preference shares, the B preference shares and the C preference shares, and all of the provisions relating to all such preference shares, and thereby removing all such preference shares from the authorised share capital of the Company to comply with the provisions of the Companies Act and the JSE Listings Requirements. The Special Resolution was Filed with the Companies and Intellectual Property Commission on 17 May 2022 and the changes became effective on this date.

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![](exhibit1912022002.jpg)

Page 2 INDEX 1. INTRODUCTION ................................................................................................................ 3 2. INTERPRETATION ............................................................................................................ 3 3. GENERAL .......................................................................................................................... 5 4. SECURITIES OF THE COMPANY .................................................................................... 6 5. SHAREHOLDER RIGHTS AND PROXY FORMS .......................................................... 10 6. SHAREHOLDERS MEETINGS ....................................................................................... 11 7. DIRECTORS AND OFFICERS ........................................................................................ 14 8. GENERAL PROVISIONS ................................................................................................ 24 SCHEDULE 1 – AUTHORISED SHARES .............................................................................. 30 A. Classified shares .............................................................................................................. 30 B. Unclassified shares .......................................................................................................... 30

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![](exhibit1912022003.jpg)

Page 3 1. INTRODUCTION 1.1 The Memorandum of Incorporation in the prescribed form contemplated in section 13(1)(a)(i) of the Act shall not apply to the Company. 1.2 The Company is incorporated as a public company in terms of the Act and, accordingly: 1.2.1 the Company is not prohibited from offering its securities to the public; and 1.2.2 the transfer of the Company's securities is unrestricted save as required by statute, subject to the provisions of the Listings Requirements. 1.3 This Memorandum does not contain any restrictive conditions contemplated in section 15(2)(b) of the Act and does not contain any requirement for the amendment of any particular provision of this Memorandum in addition to the requirements of the Act. 2. INTERPRETATION In this Memorandum, including the introduction above, and unless the context requires otherwise: 2.1 words importing any one gender shall include the other two genders; 2.2 the singular shall include the plural and vice versa; 2.3 any word which is defined in the Act and is not defined in 2.5, shall bear that statutory meaning in this Memorandum; 2.4 the headings have been inserted for convenience only and shall not be used for or assist or affect their interpretation; 2.5 each of the following words and expressions shall have the meaning stated opposite it and cognate expressions shall have a corresponding meaning, namely: 2.5.1 "the Act" the Companies Act, 2008, together with the Companies Regulations, 2011, as amended or substituted from time to time; Item 10.2(a) of Schedule 10

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![](exhibit1912022004.jpg)

Page 4 2.5.2 "Business Day" a day on which banks are ordinarily open for business in each of the jurisdictions in which the Ordinary Shares of the Company are listed on an exchange, excluding Saturdays, Sundays and official public or bank holidays in such jurisdictions; 2.5.3 "Chairman" the chairman of the directors appointed in accordance with 7.7; 2.5.4 "CSDP" Central Securities Depository Participant, being a 'participant' as defined in section 1 of the Financial Markets Act, 2012, as amended or substituted from time to time, and appointed by individual shareholders for the purposes of, and in regard to, dematerialisation in terms of such act; 2.5.5 "Group" the Company and its subsidiaries from time to time and "a member of the Group" means any one of them; 2.5.6 "JSE" means the JSE Limited, registration number 2005/022939/06, or any other successor body licensed as an exchange under the Financial Markets Act, 2012, as amended or substituted from time to time; 2.5.7 "Ordinary Shareholder" a holder of Ordinary Shares; 2.5.8 "Ordinary Shares" ordinary shares of 25 cents each in the capital of the Company; 2.5.9 "Listings Requirements" the Listings Requirements of the JSE, as amended or substituted from time to time; 2.5.10 "this Memorandum" this Memorandum of Incorporation and includes its Schedule, which forms part of it; and 2.5.11 "month" calendar month; and 2.5.12 "year" calendar year.

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![](exhibit1912022005.jpg)

Page 5 3. GENERAL 3.1 Liability of incorporators, shareholders or directors This Memorandum does not impose any liability on any person for the liabilities or obligations of the Company, solely by reason of such person being an incorporator, shareholder or director of the Company as contemplated by section 19(2) of the Act. 3.2 Powers of the Company This Memorandum does not restrict, limit or qualify the legal powers or capacity of the Company in section 19(1)(b) of the Act. 3.3 Memorandum of Incorporation and rules 3.3.1 The requirements set out in section 16(1)(c)(i) of the Act regarding proposals for amendments to this Memorandum apply without amendment. 3.3.2 The board shall not have the power to make, amend or repeal any necessary or incidental rules relating to the governance of the Company in respect of matters that are not addressed in the Act or this Memorandum, in accordance with the provisions of sections 15(3) to 15(5) of the Act. 3.3.3 If the board, or any individual authorised by the board, alters this Memorandum in any manner necessary to correct a patent error in spelling, punctuation, reference, grammar or similar defect on the face of the document, it must publish a notice of such alteration on the Company's website, and must file a notice of alteration in the manner prescribed by the Act. 3.4 Financial assistance to related persons This Memorandum does not limit, restrict or qualify the authority of the board to authorise the Company to provide direct or indirect financial assistance to any person contemplated in section 45 of the Act. 3.5 Solvency and liquidity test This Memorandum does not alter the application of the solvency and liquidity test provided in section 4 of the Act. Item 10.4 of Schedule 10 Item 10.5(d) of Schedule 10

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Page 6 4. SECURITIES OF THE COMPANY 4.1 Pari Passu All the securities in each class shall rank pari passu in all respects. 4.2 Authorisation for shares 4.2.1 The Company is authorised to issue the shares specified in Schedule 1, provided that, if required by the Act or the Listings Requirements, the Company may only issue: 4.2.1.1 unissued shares to shareholders of a particular class of shares, pro rata to the shareholders' existing shareholding unless any such shares were issued for an acquisition of assets; 4.2.1.2 unissued shares or options other than as envisaged in 4.2.1.1, as the directors in their discretion think fit, if approved by the shareholders in general meeting, subject to the Listings Requirements; and 4.2.1.3 shares that are fully paid up. 4.2.2 This Memorandum does not limit, restrict or qualify the authority of the board to: 4.2.2.1 increase or decrease the number of authorised shares of any class of shares; 4.2.2.2 reclassify any shares that have been authorised but not issued; 4.2.2.3 classify any unclassified shares that have been authorised but not issued; 4.2.2.4 determine the preferences, rights, limitations or other terms of any class of authorised shares or amend any preferences, rights, limitations or other terms so determined, subject to any requirements set out in the Listings Requirements and this Memorandum. Items 10.1 and 10.9(a) of Schedule 10 Item 10.9(c) of Schedule 10 Items 10.2(a) of Schedule 10 Items 10.5(d) of Schedule 10 Item 10.5(a) of Schedule 10

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Page 7 4.3 Financial assistance for the subscription or purchase of securities or options This Memorandum does not limit, restrict or qualify the authority of the board to authorise the Company to provide financial assistance to any person for the purpose of, or in connection with, the subscription of any option, or any securities, issued or to be issued by the Company or a related or inter-related company, or for the purchase of any securities of the Company or any related or inter-related company, in accordance with the Act. 4.4 Capitalisation shares Subject to 4.2.1, this Memorandum does not limit, restrict or qualify the authority of the board, in terms of section 47 of the Act, to: 4.4.1 approve the issue of any authorised shares of the Company as capitalisation shares, on a pro rata basis to the shareholders of one or more classes of shares; 4.4.2 approve the issue of shares of one class as capitalisation shares in respect of shares of another class; or 4.4.3 permit shareholders to elect to receive a cash payment in lieu of a capitalisation share, at a value determined by the board. 4.5 Company or subsidiary acquiring Company's shares and distributions Any acquisition by the Company or a subsidiary company of the Company's shares and any distribution to shareholders will be subject to the provisions of the Act and the Listings Requirements. 4.6 Debt instruments This Memorandum does not limit, restrict or qualify the authority of the board to authorise the Company to issue secured or unsecured debt instruments, provided that the board may not grant special privileges regarding the attending and voting at general meetings of the Company or the appointment of directors in respect of such debt instruments. Item 10.9(b) of Schedule 10 and item 10.17(a) of Schedule 10 Item 10.10 of Schedule 10 Item 10.6 of Schedule 10 Item 10.7 of Schedule 10

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Page 8 4.7 Registration of beneficial interests This Memorandum does not limit or restrict the holding of the Company's issued securities by, or the registration of the Company's issued securities in the name of, one person for the beneficial interest of another. 4.8 Commission The Company may pay commission to any person in consideration of such person subscribing or agreeing to subscribe for any shares of the Company or of such person procuring or agreeing to procure subscriptions for shares, provided that such commission shall be subject to any limitations in the Act or the Listings Requirements. 4.9 Authority to sign transfer deeds All authorities to sign transfer deeds granted by holders of shares for the purpose of transferring shares that may be lodged, produced or exhibited with or to the Company at any of its transfer offices shall, as between the Company and the grantor of such authorities, be taken and deemed to continue and remain in full force and effect, and the Company may allow the same to be acted upon until such time as express notice in writing of the revocation of the same shall have been given and lodged at the Company's transfer offices at which the authority was lodged, produced or exhibited. Even after the giving and lodging of such notices, the Company shall be entitled to give effect to any instruments signed under the authority to sign, and certified by any officer of the Company, as being in order before the giving and lodging of such notice. 4.10 Fully paid up shares not subject to lien Fully paid shares shall not be subject to any lien in favour of the Company and shall be freely transferable. 4.11 Securities registered in the name of a deceased or insolvent holder No securities registered in the name of a deceased or insolvent holder shall be forfeited if the executor fails to register them in his own name or in the name of the heir(s) or legatees when called upon by the directors to do so. 4.12 Limitation of voting rights The holders of any securities other than Ordinary Shares shall not be entitled to vote on any resolution taken by the company save as expressly provided for in this Memorandum. For so long as this is required by the Listings Requirements, in instances that such shareholders are allowed to vote at general or annual general meetings, their votes may not carry any special rights Item 10.14 of Schedule 10 Item 10.2(b) of Schedule 10 Item 10.12 of Schedule 10 Item 10.13 of Schedule 10 Items 10.5(c) and 10.5(h) of Schedule 10

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Page 9 or privileges and they shall be entitled to one vote for each share that they hold, provided their total voting right at a general or annual general meeting may never be more than 24.99% of the total voting rights of all shareholders at such meeting. It is recorded that the existing rights of the holders of preference shares in the Company are preserved and it is further recorded that the voting rights of the holders of preference shares in the Company as at the date of the adoption of this Memorandum do not exceed 24.99% of the total voting rights of all shareholders at a general meeting. 4.13 Defaced, lost or destroyed certificates If a certificate evidencing securities be defaced, lost or destroyed, it may be replaced on such terms (if any) as to evidence and indemnity and payment of the out-of-pocket expenses of the Company and, in case of loss or destruction, of advertising the same as the directors may think fit and, in the case of defacement, on delivery of the old certificate to the Company. 4.14 Joint holders of securities The certificate for certificated securities registered in the names of two or more persons shall be delivered to the person first named in the register in respect thereof, or to his authorised agent, and in the case of the legal incapacity of any one or more of the joint registered holders of any securities, the survivor then first named in the register shall be the only person recognised by the Company as being entitled to such certificate, or any new certificate which may be issued in place thereof, provided always that the Company shall not be bound to register more than four persons as the holders of any certificated security. 4.15 Refusal to register transfer If the directors refuse to register a transfer of securities they shall within thirty days after the date on which the instrument of transfer was lodged, send to the transferee notice of the refusal. 4.16 Renunciation of allotment Nothing contained in this Memorandum shall preclude the Company from recognising a renunciation of the allotment of any security by the allottee in favour of some other person.

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Page 10 5. SHAREHOLDER RIGHTS AND PROXY FORMS 5.1 Information rights of persons holding a beneficial interest This Memorandum does not establish any information rights of any person in addition to the information rights provided in sections 26(1) and (2) of the Act. 5.2 Representation by concurrent proxies 5.2.1 The right of a shareholder to appoint two or more persons concurrently as proxies ("concurrent proxies") applies without limitation or restriction; provided that the instrument appointing the concurrent proxies clearly states the order in which the concurrent proxies votes are to take precedence in the event that both or all of the concurrent proxies are present, and vote, at the relevant meeting. 5.2.2 The right of a shareholder to appoint more than one proxy to exercise voting rights attached to different shares held by that shareholder is not limited or restricted. 5.3 Authority of proxy to delegate A proxy is prohibited from delegating that proxy's authority to act on behalf of the shareholder appointing him to another person. 5.4 Requirement to deliver proxy instrument to the Company A copy of the instrument appointing a proxy must be delivered to the registered office of the Company, or to any other person which it has identified in the notice of meeting as being a person to whom instruments of proxy may be delivered on behalf of the Company, before the person(s) named in the proxy form exercise(s) any rights of the shareholder at the relevant meeting (including an adjourned meeting) 5.5 Proxy without direction This Memorandum does not limit or restrict the right of a proxy to exercise, or abstain from exercising, any voting right of the shareholder appointing him without direction, except to the extent that the instrument of proxy provides otherwise.

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Page 11 5.6 Record date for exercise of shareholder rights A record date for any action or event shall be determined in accordance with the Act and the Listings Requirements. 5.7 Creation or issue of further shares The rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly provided by the conditions of issue of such shares, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith. 6. SHAREHOLDERS MEETINGS 6.1 Convening of shareholders' meetings This Memorandum does not specify any person other than the board who may call a shareholders meeting. 6.2 Shareholders' right to requisition a meeting This Memorandum does not specify a lower percentage of voting rights than the percentage specified in section 61(3) of the Act required for the requisition by shareholders of a shareholder's meeting. 6.3 Location of shareholders meetings This Memorandum does not limit, restrict or qualify the authority of the board to determine the location of any shareholders meeting, which may be in South Africa or in any foreign country. 6.4 Notice of shareholders meetings 6.4.1 This Memorandum does not provide a different period of notice of shareholders meetings to the period prescribed by the Act. 6.4.2 Notice of shareholder meetings shall be delivered to each shareholder entitled to vote at such meeting and who has elected to receive such notice. Item 10.15 of Schedule 10 Item 10.11(e) of Schedule 10 Items 10.11(a) and (b) of Schedule 10

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Page 12 6.5 Shareholders meetings conducted by electronic communication Provision will be made for any shareholders meeting to be conducted by electronic communication, or for one or more shareholders, or proxies for shareholders, to participate in any shareholders meeting by electronic communication, in the manner and to the extent authorised by the board from time to time. 6.6 Quorum for shareholders meetings 6.6.1 The percentage of voting rights in terms of section 64(1) apply for: 6.6.1.1 a shareholders meeting to begin; 6.6.1.2 the continuation of that shareholders meeting; and 6.6.1.3 the consideration of any matter to be decided at any shareholders meeting. 6.6.2 For so long as is required by the Act and/or the Listings Requirements, a meeting may not begin or a matter begin to be debated unless at least 3 (three) shareholders are present at the meeting. 6.6.3 This Memorandum specifies 30 minutes (or such longer or shorter period as the chairman of the shareholders meeting may determine), in substitution for the time period specified in sections 64(4) and 64(5) for a quorum to be established before a shareholders meeting may be adjourned. 6.6.4 Unless the chairman of the shareholders meeting determines otherwise, no different period other than the period provided in section 64(4) for the adjournment of a shareholders meeting is specified. 6.7 Adjournment of shareholders meetings This Memorandum does not provide different maximum periods for adjournment than those specified in section 64(12) of the Act. 6.8 Shareholders' resolutions 6.8.1 This Memorandum does not require a higher percentage of voting rights to approve an ordinary resolution than the percentage voting rights Item 10.11(g) of Schedule 10 Item 10.11(g) of Schedule 10

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Page 13 specified in the Act. 6.8.2 This Memorandum does not require a different percentage of voting rights to approve a special resolution than the percentage voting rights specified in the Act. 6.8.3 This Memorandum does not require a special resolution for any other matter not contemplated in section 65(11) of the Act, provided that resolutions required to be approved by an increased majority in terms of the Listings Requirements must be approved by such increased majority as a special resolution. 6.9 Shareholders meetings in terms of the Listings Requirements Shareholders meetings that are called for the purpose of passing any resolution required in terms of the Listings Requirements may not be held by means of a written resolution as provided for in section 60 of the Act, unless permitted by the Listings Requirements. 6.10 Notice of shareholders meetings to the JSE 6.10.1 A copy of all notices of shareholders meetings must be sent to the JSE at the same time as notices are sent to shareholders if required in terms of the Listings Requirements. 6.10.2 All notices of shareholders meetings must also be announced through the official news service of the JSE at the same time as notices are sent to shareholders or as soon thereafter as is practicable. 6.11 Ratification of ultra vires acts Any resolution for the ratification of any action by the Company or the directors contemplated by section 20(2) of the Act shall be prohibited if such ratification is of an action which is contrary to the Listings Requirements, unless otherwise agreed with the JSE. 6.12 Scrutineers The chairman of a meeting may appoint any one or more firms or persons to act as scrutineer for the purpose of checking forms of proxy deposited for use and for counting the votes at such meeting and he may thereafter act on a certificate given by any such scrutineer without requiring production at the meeting of the forms of proxy or the chairman counting the votes. Item 10.11(f) of Schedule 10 Item 10.3 of Schedule 10 Item 10.11(a) of Schedule 10 Item 10.11(c) of Schedule 10

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Page 14 6.13 Error in counting votes If any votes shall be counted which ought not to have been counted or might have been rejected or if any votes shall not be counted which ought to have been counted the error shall not vitiate the resolution unless it be pointed out at the meeting and not in that case unless it shall, in the opinion of the chairman of the meeting, be of sufficient magnitude to vitiate the resolution. No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is given or tendered, and every vote not disallowed at such meeting or adjourned meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the chairman of the meeting, whose decision shall be final and conclusive. 6.14 Votes of joint registered shareholders In the case of joint holders of securities the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the securities register or in the case of persons entitled to a security by transmission the order in which their names were given in the notice to the Company of the fact of the transmission. 6.15 Voting by hand or by poll 6.15.1 Subject to the Act, at any shareholders meeting a resolution put to the vote shall be decided by way of polling, unless the chairman of the meeting decides upon a vote by a show of hands. 6.15.2 By polling, any person who is present at the meeting, whether as a shareholder or as a proxy for a shareholder, has the number of votes determined in accordance with the voting rights associated with the securities held by that shareholder. 6.15.3 A declaration by the chairman that a resolution has, on a poll, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect into the minute book of the Company shall be conclusive evidence of the fact, without proof of the number or proportion of votes recorded in favour of, or against, such resolution. 7. DIRECTORS AND OFFICERS 7.1 Composition of the board of directors 7.1.1 This Memorandum specifies 4 (four) as the minimum number of directors of the Company being a higher number in substitution for the minimum number of directors required in terms of section 66(2) of the Item 10.16(a) of Schedule 10

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Page 15 Act and 20 as the maximum number of directors of the Company. 7.1.2 Subject to 7.2.1 and 7.14, the shareholders shall elect the directors, and shall be entitled to elect one or more alternate directors, in accordance with the provisions of section 68(1) of the Act. 7.1.3 This Memorandum does not provide for the appointment of any person as an ex officio director of the Company. 7.1.4 Subject to the requirements of the Act, the chairman of the board shall be entitled, subject to the written approval of the majority of the directors, to appoint any person as a director in terms of section 66(4)(a)(i), provided that such appointment must be approved by the shareholders at the next shareholders meeting or annual general meeting. 7.1.5 Subject to 7.2.1 and 7.14, this Memorandum does not stipulate any additional qualifications or eligibility requirements than those set out in the Act for a person to become or remain a director or a prescribed officer of the Company, provided that, for as long as the Listings Requirements requires it, the board of directors through the nomination committee, should recommend eligibility of directors, taking into account past performance and contributions. 7.1.6 Subject to the Act and this Memorandum, at every annual general meeting one third of the directors for the time being or if their number is not a multiple of three, then the number nearest to but not less than one third shall retire from office. The directors so to retire at every annual general meeting shall be those who have been longest in office since their last election, but as between persons who become or were last elected directors on the same day, those to retire shall (unless they otherwise agree among themselves) be determined by lot, provided that notwithstanding anything in this Memorandum: 7.1.6.1 if at the date of any annual general meeting any director shall have held office for a period of three years since his last election or appointment, he shall retire at such meeting either as one of the directors to retire in pursuance of the aforegoing or additionally thereto; 7.1.6.2 a director who intends to retire voluntarily at the meeting may be taken into account in determining the one third of the directors to retire at such meeting; 7.1.6.3 the identity of the directors to retire at such annual general meeting shall be determined as at the date of the notice convening such meeting; and Item 10.16(b) of Schedule 10 Item 10.16(b) and 10.16(c) of Schedule 10 Item 10.16(g) Schedule 10

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Page 16 7.1.6.4 the length of time a director has been in office shall be computed from his last election, appointment or date upon which he was deemed re-elected. A director retiring at a meeting shall retain office until the close or adjournment of the meeting. 7.1.7 Retiring directors shall be eligible for re-election but no person, other than a director retiring at the meeting, shall, unless recommended by the directors, be eligible for election to the office of a director at any shareholders meeting. 7.2 Vacancies 7.2.1 The board may appoint any person who satisfies the requirements for election as a director to fill any vacancy and serve as a director on a temporary basis until the vacancy is filled by election in accordance with section 68(1) of the Act. 7.2.2 If the number of directors falls below the minimum provided for in this Memorandum, the remaining directors must as soon as possible and in any event not later than three months from the date that the number of directors falls below the minimum, fill the vacancies or call a general meeting for the purpose of filling the vacancies. 7.2.3 If required by the Listings Requirements: 7.2.3.1 the appointment of a director to fill a vacancy must be confirmed by shareholders at the next annual general meeting; and 7.2.3.2 after the expiry of the three-month period the remaining directors shall only be permitted to act for the purpose of filling vacancies or calling general meetings of shareholders. 7.3 Authority of the board of directors The authority of the board to manage and direct the business and affairs of the Company, as contemplated in section 66(1), is not limited, restricted or qualified by this Memorandum. 7.4 Directors compensation and financial assistance to directors 7.4.1 This Memorandum does not limit, restrict or qualify the power of the Company to pay remuneration to its directors for their service as directors in accordance with section 66(9) of the Act. 7.4.2 This Memorandum does not limit, restrict or qualify the authority of the Item 10.16(g) of Schedule 10 Item 10.16(d) of Schedule 10 Item 10.16(c) of Schedule 10 Item 10.16(c) Schedule 10 Item 10.16(d) of Schedule 10

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Page 17 board to authorise the Company to provide direct or indirect financial assistance to directors or persons related to directors contemplated in section 45 of the Act. 7.5 Other remuneration of directors 7.5.1 This Memorandum does not limit, restrict or qualify the power of the Company to pay or grant any type of remuneration contemplated in section 30(6)(b) to (g) of the Act, including salary, commission or participation of profits, to its directors holding an executive office with the Company. 7.5.2 The directors and alternate directors may be paid all their reasonable travelling and other expenses, properly and necessarily incurred by them in and about the business of the Company, and in attending meetings of the directors or of board or statutory committees, as may further be set out in the policies of the board. 7.5.3 If any director is required to perform extra services, or to go or to reside abroad or otherwise, or be specially occupied about the Company's business, he shall be entitled to receive such remuneration to be fixed by a disinterested quorum of directors, which may be either in addition to or in substitution for the remuneration provided for in clauses 7.4.1 and 7.5.1. 7.6 Indemnification of directors 7.6.1 This Memorandum does not limit, restrict or qualify the ability of the Company to advance expenses to a director to defend any legal proceedings arising from his service to the Company, or to indemnify a director against such expenses if the proceedings are abandoned or exculpate the director or arise in respect of any liability for which the Company may indemnify the director in terms of sections 78(5) and 78(6) of the Act. 7.6.2 This Memorandum does not limit, restrict or qualify the power of the Company to indemnify a director in respect of any liability arising out of the director's service to the Company to the fullest extent permitted by the Act. 7.6.3 This Memorandum does not limit, restrict or qualify the power of the Company to purchase insurance to protect a director against any liability or expenses for which the Company is permitted to indemnify a director in terms of the Act and this Memorandum, or the Company against any contingency. Item 10.16(f) of Schedule 10

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Page 18 7.6.4 Indemnity 7.6.4.1 To the fullest extent permitted by law, and subject to the Act, every Relevant Officer shall be indemnified by the Company out of its own funds against: 7.6.4.1.1 any liability incurred by or attaching to him in connection with any negligence, default, breach of duty or breach of trust by him in relation to the Company other than any liability to the Company or any member of the Group; and 7.6.4.1.2 any other liability incurred by or attaching to him in relation to or in connection with his duties, powers or office, including in connection with the activities of the Company if it is the trustee of an occupational pension scheme. 7.6.4.2 Where a Relevant Officer is indemnified against any liability in accordance with this 7.6.4, such indemnity shall extend to all costs, charges, losses, expenses and liabilities incurred by him in relation thereto. 7.6.4.3 "Relevant Officer" means a director, former director, alternate director, prescribed officer or secretary of the Company or of a member of the Group or any member of any committee of the board or the audit committee, irrespective of whether or not the person is also a member of the Company's board. 7.6.5 Insurance 7.6.5.1 Without prejudice to 7.6.4, subject to the provisions of the Act, the directors shall have power to purchase and maintain insurance at the expense of the Company for or for the benefit of: 7.6.5.1.1 any person who is or was at any time a director or secretary of any Relevant Company (as defined in 7.6.5.2); or 7.6.5.1.2 any person who is or was at any time a trustee of any pension fund or employees' share scheme in which employees of any Relevant Company are interested, including insurance against any liability (including all costs, charges, losses and expenses in relation to such liability) incurred by or attaching to him in relation to anything done or

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Page 19 alleged to have been done or omitted to be done regarding his duties, powers or offices in relation to any Relevant Company, or any such pension fund or employees' share scheme 7.6.5.2 For the purpose of 7.6.5, "Relevant Company" shall mean: 7.6.5.2.1 the Company; 7.6.5.2.2 any holding company of the Company; 7.6.5.2.3 any other body, whether or not incorporated, in which the Company or such holding company or any of the predecessors of the Company or of such holding company has or had any interest whether direct or indirect or which is in any way allied to or associated with the Company; or 7.6.5.2.4 any subsidiary of the Company or of such other body. 7.6.6 Defence expenditure 7.6.6.1 So far as may be permitted by the Act, the Company: 7.6.6.1.1 may provide a Relevant Officer with funds to meet expenditure incurred or to be incurred by him in: (i) defending any criminal or civil proceedings in connection with any negligence, default, breach of duty or breach of trust by him in relation to the Company; or (ii) in connection with any application for relief under the provisions of the Companies Act; and 7.6.6.1.2 may do anything to enable any such Relevant Officer to avoid incurring such expenditure. 7.6.6.2 So far as may be permitted by the Act, the Company: 7.6.6.2.1 may provide a Relevant Officer with funds to meet expenditure incurred or to be incurred by him in defending himself in an investigation by a regulatory authority or against action proposed to be taken by a regulatory authority in connection with any alleged

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Page 20 negligence, default, breach of duty or breach of trust by him in relation to the Company; and 7.6.6.2.2 may do anything to enable any such director or officer to avoid incurring such expenditure. 7.6.6.3 "Relevant Officer" means a director, former director, alternate director, prescribed officer or secretary of the Company or of a member of the Group or any member of any committee of the board or the audit committee, irrespective of whether or not the person is also a member of the Company's board. 7.7 Chairman 7.7.1 The directors may elect from their number a Chairman and a Deputy Chairman, or two or more Deputy Chairmen, and decide the period for which each is to hold office. The directors may also remove any of them from such office at any time. If neither a Chairman nor a Deputy Chairman has been appointed or if at any meeting of the directors, neither the Chairman nor a Deputy Chairman is present within five minutes after the time appointed for holding the meeting, the directors present may choose one of their number to be chairman of the meeting. 7.7.2 If at any time there is more than one Deputy Chairman the right in the absence of the Chairman to preside at a meeting of the directors or of the Company shall be determined as between the Deputy Chairmen present, if more than one, by seniority in length of appointment or otherwise as resolved by the directors. 7.8 Directors' meetings 7.8.1 This Memorandum does not restrict the directors from acting otherwise than at a meeting, as contemplated in section 74(1) of the Act and for so long as it is required by the Listings Requirements, any resolution passed in terms of this 7.8.1 must be inserted in the minute book of the Company. 7.8.2 This Memorandum does not specify a different percentage or number of directors upon whose request a meeting of the board must be called in terms of section 73(1) of the Act. 7.8.3 This Memorandum does not restrict the board from conducting meetings, or directors from participating in meetings, by electronic communication, as contemplated in section 73(3) of the Act. 7.8.4 This Memorandum does not limit, restrict or qualify the authority of the board to determine the manner and form of giving notice of its meetings. Item 10.16(i) of Schedule 10 Item 10.16(j) of Schedule 10

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Page 21 7.8.5 This Memorandum does not limit, restrict or qualify the authority of the board to proceed with a board meeting in accordance with the requirements of section 73(5)(a) of the Act, despite a failure or defect in giving notice of the meeting. 7.8.6 The quorum requirement for a directors' meeting to begin, the voting rights at such a meeting, and the requirements for approval of a resolution at such a meeting, as set out in section 73(5) of the Act, are not varied by this Memorandum. In the case of an equality of votes at any meeting of the directors, the Chairman shall have a casting vote if the chairman did not initially have or cast a vote. 7.9 Committees of the board 7.9.1 This Memorandum does not limit, restrict or qualify the authority of the board to appoint any number of committees of directors, or to delegate to any such committee any of the authority of the board. 7.9.2 Except to the extent that a board resolution establishing a committee provides otherwise, the members of the committee: 7.9.2.1 may include persons who are not directors of the Company but any such person must not be ineligible or disqualified to be a director in terms of section 69 of the Act. Any such persons shall not have a vote on any matter to be decided by the committee; 7.9.2.2 may consult with or receive advice from any person; 7.9.2.3 has the full authority of the board in respect of any matter referred to it. 7.9.3 The board may from time to time, where it has appointed a committee in terms of 7.9.1 and 7.9.2 above include in any such delegation the power to sub-delegate the powers referred to in 7.9.1 and 7.9.2 above to such person or persons as the Committee thinks fit, subject to such terms and conditions as the Committee for the time being may think fit, and may from time to time revoke, withdraw, alter or vary all or any such powers. 7.10 Local boards and managers 7.10.1 The directors may establish any local boards or appoint managers or agents to manage any of the affairs of the Company, either in South

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Page 22 Africa or elsewhere, and may: 7.10.1.1 appoint any persons to be managers or agents or members of such local boards, who need not be directors, and may fix their remuneration, and those persons shall be entitled to vote at any meeting of the local board; 7.10.1.2 delegate to any local board, manager or agent any of the powers, authorities and discretions vested in or exercisable by the directors, with power to sub delegate; 7.10.1.3 remove any person so appointed, and may annul or vary any such delegation; and 7.10.1.4 authorise the members of any local or divisional boards, or any of them, to fill any vacancies therein, and to act notwithstanding vacancies. 7.10.2 Any such appointment or delegation may be made upon such terms and subject to such conditions as the directors may think fit. 7.11 Appointment of attorney 7.11.1 The directors may from time to time and at any time appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the directors, to be the agent, attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under this Memorandum) and for such period and subject to such conditions as they may think fit. 7.11.2 Such agent or attorney may be conferred with such power either collaterally with, or to the exclusion of and in substitution for, all or any of the powers of the board. 7.11.3 Any such appointment may contain such provisions for the protection and convenience of persons dealing with any such agent or attorney as the directors may think fit. 7.11.4 The directors may also authorise any such agent or attorney to sub delegate all or any of the powers, authorities and discretions vested in him.

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Page 23 7.12 Director may be employed in the Company or a subsidiary A director may be employed in any other capacity in the Company or as a director or employee of a subsidiary of the Company and, in such event, his appointment and remuneration in respect of such office must be determined by a disinterested quorum of directors. 7.13 Directors' travelling and other expenses Directors may be paid all their travelling and other expenses, properly and necessarily incurred by them in and about the business of the Company and attending meetings of the directors or of committees of the directors; and, if any director is required to perform extra services, to reside abroad or be specifically occupied about the Company's business, may be entitled to such remuneration as is determined by a disinterested quorum of directors, which may be either in addition or in substitution for any other remuneration payable, subject to the provisions of the Act. 7.14 Termination of office 7.14.1 Without prejudice to any provisions for retirement contained in this Memorandum or the Act, the office of a director is vacated if: 7.14.1.1 he becomes prohibited or disqualified by the Act from acting as a director, ceases to be a director by virtue of any provision of the Act or is removed from office pursuant to this Memorandum or the Act, 7.14.1.2 he is absent from meetings of the directors for six consecutive months without permission of the board (whether or not an alternate director appointed by him attends) and the directors have resolved that his office be vacated; or 7.14.1.3 notice is given to terminate his contract of employment or engagement with the Company where he is in breach of such contract. 7.14.2 If a director holds an appointment to executive office which terminates on termination of his office as director, his removal from office pursuant to this 7.14 shall be deemed an act of the Company and shall take effect without prejudice to any claim for damages for breach of any contract of service between him and the Company. 7.14.3 The office of a director who is an employee of any member of the Group shall be vacated if such director ceases to be employed within the Group provided that the person concerned shall be eligible for re appointment or re election as a Director. Item 10.16(f) of Schedule 10 Item 10.16(e) of Schedule 10

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![](exhibit1912022024.jpg)

Page 24 7.14.4 If the office of a director is vacated for any reason he shall cease to be a member of any committee of the board. 7.14.5 A resolution of the board declaring a director to have vacated office under the terms of this 7.14 shall be conclusive as to the facts and grounds of vacation stated in the resolution. 7.15 Defect in appointment of director All acts done by the directors or by a committee of directors or by any person acting as a director or a member of a committee, shall, notwithstanding that it shall afterwards be discovered that there was some defect in the appointment of the directors or persons aforesaid, or that they or any of them were disqualified from or had vacated office, shall be as valid as if very such person had been duly appointed and was qualified and had continued to be a director or member of such committee. 8. GENERAL PROVISIONS 8.1 Amendment of class, preferences, rights, limitations or other terms 8.1.1 If any amendments proposed to any preferences, rights, limitations or other terms of any class of shares, such amendment would be subject to the prior sanction of a resolution passed at a separate class meeting of the holders of that class of shares in the same manner, mutatis mutandis, as a special resolution. 8.1.2 At every meeting of the holders of that class of shares, the provisions of this Memorandum relating to general meetings of ordinary shareholders shall apply, mutatis mutandis, except that a quorum at any such general meeting shall be any person or persons holding or representing by proxy at least 2 of that class of shares, provided that if at any adjournment of such meeting a quorum is not present, the provisions of this Memorandum relating to adjourned meetings shall apply, mutatis mutandis. 8.2 Unclaimed amounts and payments of distributions 8.2.1 For so long as is required by the Listings Requirements, the Company must hold all monies due to shareholders for the benefit of shareholders, provided that the board may cause any such monies unclaimed for a period of three years (from the due date for payment) to be forfeited for the benefit of the Company. 8.2.2 The Company may cease to send any cheque or other means of Item 10.5(e) of Schedule 10 Item 10.17(c) of Schedule 10

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![](exhibit1912022025.jpg)

Page 25 payment by post or to employ other means of payment for any distribution if: 8.2.2.1 in respect of at least two consecutive distributions payable on those shares the cheque, warrant, order or similar financial instrument has been returned undelivered or remains uncashed; or 8.2.2.2 following one distribution, the distribution payable on those shares, the cheques, warrants or similar financial instruments have been returned undelivered or remain uncashed during the period for which the same are valid, payment by other methods has failed and reasonable enquiries have failed to establish any new postal address or account to be used for the purpose, but, subject to the provisions of this Memorandum, shall recommence sending cheques, warrants, orders or similar financial instruments in respect of the distributions payable on those shares if the holder of or person entitled to them claims the arrears of distribution and does not instruct the Company to pay future distributions in some other way. 8.2.3 The payment by the Directors of any unclaimed distribution or other sum payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect of that amount. 8.2.4 Any distribution, interest or other sum payable in cash to the holder of a security may be paid by cheque or warrant sent through the post addressed to the holder at his registered address or, in the case of joint holders, addressed to the holder whose name stands first on the register in respect of the share at his registered address, or addressed to such person and at such address as the holder or joint holders may in writing direct, or by electronic transfer into the bank account nominated by the holder, or in the case of joint holders, into the bank account nominated by the holder whose name stands first in the register in respect of the shares. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the person to whom it is addressed and shall be sent at the risk of the holder or joint holders. Every such electronic transfer shall be made at the risk of the holder or joint holders. The Company shall not be responsible for the loss in transmission of any cheque or warrant or of any document (whether similar to a cheque or warrant or not) sent through the post as aforesaid or the loss or misdirection of any electronic transfer. Payment of any such cheque or warrant, or the making of such electronic transfer, to whomsoever effected, shall be a good discharge to the Company. 8.2.5 The directors may from time to time make such regulations as they may think fit in regard to the payment of distributions to members having registered addresses outside South Africa, and such regulations may provide for the payment of such distributions in any foreign currency and the rate of exchange at which such payment shall be made and

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![](exhibit1912022026.jpg)

Page 26 such other matters as the directors may think fit. 8.2.6 The directors may set aside such sum as they think proper as reserves which shall, at the discretion of the directors be applicable for any purpose and pending such application may, at the like discretion, either be employed in the business of the Company or be invested in such investment as the directors may from time to time think fit. The directors may also, without placing the same to reserve, carry forward any sum which they may think prudent not to distribute. 8.2.7 Any payments to shareholders to be made to any shareholder whose registered address is outside South Africa or who has given written instructions requesting payment at an address outside South Africa and any payment to a member whose registered address is outside South Africa may be paid in such currency or currencies other than the currency of South Africa as may be stipulated by the directors. The directors may also stipulate the date upon which the currency of South Africa will be converted into such other currency or currencies. 8.3 The Company shall be entitled at any time to delegate its obligations to any member in respect of unclaimed distributions or other unclaimed payments to any one of the Company's bankers from time to time. 8.4 Odd lot offers If, upon the implementation of any odd-lot offer made by the Company, or pursuant to or following any odd-lot offer made by the Company which is unconditional, in accordance with the Listings Requirements, there are shareholders with "odd-lot" (as that terms is defined in the Listings Requirements) holdings , then, unless such shareholders have elected to retain their odd-lot holdings (which election the Company shall be obliged to grant each such shareholder), the directors shall be entitled to cause the odd-lot holdings to be sold on such basis as the directors may determine and the Company shall account to such shareholders for the proceeds attributable to them pursuant to the sale of such odd-lot holdings, provided that the odd-lot offer has been approved by the shareholders in shareholders meeting by ordinary resolution. 8.5 Independent external auditors 8.5.1 Subject to the provisions of the Act or acts done by any person acting as independent external auditor, shall as regards all persons dealing in good faith with the Company, be valid notwithstanding that there is some defect in his appointment. 8.5.2 All annual financial statements which have been audited and laid before an annual general meeting shall be deemed conclusively correct, and shall not be re-opened without the approval of the directors.

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![](exhibit1912022027.jpg)

Page 27 8.6 Notices to joint holders In the case of joint holders of a security, all notices shall unless such holders otherwise in writing direct and the directors agree, be given to that one of the joint holders whose name stands first in the register, and notice so given shall be sufficient notice to all the joint holders. 8.7 Notices to legally incapacitated holder Any notice or other document delivered, given or sent in accordance with the provisions of this Memorandum and notwithstanding that such member be then under legal incapacity, and whether or not the Company knows of his legal incapacity, be deemed to have been duly served in respect of any security registered in the name of such member as a sole or joint holder unless his name shall at the time of service of the notice or document have been removed from the register as the holder of the security; and such service shall for all purposes of this Memorandum deem sufficient service of such notice or document or persons interested (whether jointly with or as claiming through or under him) in the security. 8.8 Waiver by stock exchange Notwithstanding anything to the contrary contained in this Memorandum, where any action or matter is expressed in this Memorandum to be subject to compliance with the Listings Requirements or rules of any Stock Exchange which the Company's directors are listed or quoted, a waiver of such requirement or rules by the Stock Exchange concerned shall constitute compliance with those requirements or rules for the purposes of this Memorandum. 8.9 Transmission of shares 8.9.1 Persons entitled to shares on death 8.9.1.1 If a shareholder dies, the only persons the Company shall recognise as having any title to his interest in the shares shall be: 8.9.1.1.1 the survivors or survivor where the deceased was a joint holder; and 8.9.1.1.2 the executors or administrators of the deceased where he was a sole or only surviving holder.

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![](exhibit1912022028.jpg)

Page 28 8.9.1.2 Nothing in this 8.9.1 shall release the estate of a deceased shareholder (whether sole or joint) from any liability in respect of any share held by him. 8.9.2 Election by persons entitled by transmission 8.9.2.1 A person becoming entitled to a share in consequence of the death or bankruptcy of a shareholder or otherwise by operation of law may either: 8.9.2.1.1 be registered himself as holder of the share upon giving to the Company notice in writing to that effect, or 8.9.2.1.2 transfer such share to some other person, in which case he shall, in the case of a certificate share, execute an instrument of transfer of such shares to that person and, in the case of an uncertificated share, either procure that all appropriate instructions are given by means of the computer based system, and procedures, which enables title to units of a security to be evidenced and transferred without a written instrument to effect the transfer of such share to such person or change the uncertificated share to certificated form and then execute an instrument of transfer of such share to such person, upon supplying to the Company such evidence as the directors may reasonably require to show his title to the share. 8.9.2.2 Where the entitlement of a person to a share in consequence of the death or bankruptcy of a member or of any other event giving rise to its transmission by operation of law is proved to the satisfaction of the directors, the directors shall, within 60 days after proof, cause the entitlement of that person to be noted in the register. All the limitations, restrictions and provisions of this Memorandum relating to the right to transfer and the registration of transfers of shares shall apply to any such notice or transfer as if the notice or transfer were a transfer made by the shareholder registered as the holder of any such share. 8.9.3 Rights of persons entitled by transmission 8.9.3.1 A person becoming entitled to a share in consequence of the death or bankruptcy of a shareholder or otherwise by operation of law: 8.9.3.1.1 subject to 8.9.3.1.2, shall be entitled to the same distributions and other advantages as a registered holder of the share upon supplying to the Company such

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![](exhibit1912022029.jpg)

Page 29 evidence as the directors may reasonably require to show his title to the share; and 8.9.3.1.2 shall not be entitled to exercise any right in respect of the share in relation to general meetings until he has been registered as a shareholder in respect of the share. 8.9.3.2 A person entitled to a share who has elected for that share to be transferred to some other person pursuant to 8.9.2 shall cease to be entitled to any rights or advantages in relation to such share upon that other person being registered as the holder of that share. 8.9.3.3 The directors may at any time give notice requiring any person becoming entitled to a share in consequence of the death or bankruptcy of a shareholder or otherwise by operation of law to elect either to be registered himself or to transfer the share. If the notice is not complied with within 60 days the directors may thereafter withhold payment of all distributions and other moneys payable in respect of such share until the requirements of the notice have been complied with. 8.9.4 Prior notices binding If a notice is given to a shareholder in respect of a share, a person entitled to that share is bound by the notice if it was given to the shareholder before the name of the person entitled was entered into the register. 8.10 Fractions arising on consolidation, subdivision or otherwise Whenever as a result of a consolidation, subdivision, distribution of capitalised reserve, re-designation of shares, or for any other reason, any shareholder would become entitled to fractions of a share, the directors shall round down the allocation of shares to the nearest whole number resulting in the allocations of whole securities and make a cash payment for the fraction in accordance with the provisions of the Listing Requirements.

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![](exhibit1912022030.jpg)

Page 30 SCHEDULE 1 – AUTHORISED SHARES A. Classified shares 1. 600 000 000 ordinary shares of 25 cents, each of which shall entitle the holder, subject to any preferences, rights or other share terms of any class of shares in the Company ranking prior to the ordinary shares: (i) unless otherwise provided for in this Memorandum, to one vote for every ordinary share; (ii) to receive any distribution in accordance with the holder's voting power; (iii) on a liquidation of the Company, to receive the net assets of the Company in accordance with the holder's voting power; (iv) to all of the preferences, rights or other terms set out in the Act or this Memorandum; (v) to any other rights at common law insofar as such rights are not inconsistent with this Memorandum or the Act. B. Unclassified shares None. Share capital South African Rands 600,000,000 ordinary shares of R0.25 each 150,000,000

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## Exhibit 19.1

**Exhibit 19.7**

**SUBSIDIARY ISSUER OF GUARANTEED SECURITIES**

As of 31 December 2022, AngloGold Ashanti Limited (the "Guarantor") fully and unconditionally guaranteed the following registered debt securities issued by AngloGold Ashanti Holdings plc, a direct wholly-owned subsidiary of the Guarantor:

**Name of Subsidiary Issuer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description of Registered Notes**

AngloGold Ashanti Holdings plc&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Isle of Man&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% Notes due 2028

AngloGold Ashanti Holdings plc&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Isle of Man&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% Notes due 2030

AngloGold Ashanti Holdings plc&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Isle of Man&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% Notes due 2040

## Exhibit 19.2

**DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 (THE "EXCHANGE ACT")**

As of 31 December 2022, AngloGold Ashanti Limited ("AngloGold Ashanti" or "AGA") had the following series of securities registered pursuant to Section 12(b) of the Exchange Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| American Depositary Shares<br>(each representing one AGA ordinary share) | AU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Stock Exchange |
| Ordinary Shares | AU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Stock Exchange\* |
| 3.375% Notes due 2028 | AU/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Stock Exchange |
| 3.750% Notes due 2030 | AU/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Stock Exchange |
| 6.500% Notes due 2040 | AU/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Stock Exchange |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Listed, not for trading, but only in connection with the listing of AGA's American Depositary Shares issued in respect thereof.

AngloGold Ashanti is the issuer of the ordinary shares ("AGA ordinary shares") and American Depositary Shares ("AGA ADSs"), as described below. The debt securities registered pursuant to Section 12(b) of the Exchange Act described herein were issued by AngloGold Ashanti Holdings plc ("AGA Holdings" or "AGAH"), a direct wholly-owned subsidiary of AngloGold Ashanti. AngloGold Ashanti is a guarantor and co-registrant of the debt securities issued by AGA Holdings described herein.

The AGA ordinary shares and AGA ADSs are described below under "—*Ordinary Shares and American Depositary Shares*—*Description of AngloGold Ashanti Ordinary Shares*" and "—*Ordinary Shares and American Depositary Shares—Description of AngloGold Ashanti American Depositary Shares*". The 3.375% notes due 2028 are described below under "*—Debt Securities—Description of the 2028 Notes*". The 3.750% notes due 2030 are described below under "*—Debt Securities—Description of the 2030 Notes*". The 6.500% notes due 2040 are described below under "*—Debt Securities—Description of the 2040 Notes*".

Capitalized terms used but not defined herein have the meanings given to them in AngloGold Ashanti's Annual Report on Form 20-F for the fiscal year ended 31 December 2022 (the "2022 Form 20-F"). Terms that are defined below retain such definitions solely for purposes of the relevant description of securities.

**A. &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares and American Depositary Shares**

AGA ADSs, each representing one AGA ordinary share are listed on the New York Stock Exchange and are registered under Section 12(b) of the Exchange Act. The following contains a description of the rights of (i) the holders of AGA ordinary shares and (ii) ADS holders. Shares underlying the ADSs are held by The Bank of New York Mellon, as depositary.

**Description of AngloGold Ashanti Ordinary Shares**

**AGA Ordinary Shares**

As of 31 December 2022, there were 600,000,000 authorised AGA ordinary shares of par value 25 South African cents each. The AGA ordinary shares have voting rights though there is no provision in AGA's Memorandum of Incorporation ("MoI") for cumulative voting. There is no limitation imposed by the MoI or by South African law on the rights of any persons, including non-residents, to own AGA ordinary shares or to exercise voting rights in respect of AGA ordinary shares. As of 31 December 2022, 418,600,473 AGA ordinary shares were issued and fully-paid and are not subject to further calls or assessment by AGA. The number of authorised but unissued AGA ordinary shares in the capital of AGA as of 31 December 2022 was 181,399,527.

All existing AGA ordinary shares are in registered form. The holding of AGA ordinary shares in uncertificated form is permitted under South African law and AGA's MoI and the transfer of AGA ordinary shares is permitted through the STRATE (Share Transactions Totally Electronic) settlement system.

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**Registration**

AGA is incorporated under the company laws of the Republic of South Africa and is registered with the Companies and Intellectual Property Commission under registration number 1944/017354/06. The South African Companies Act, No. 71 of 2008 (as amended) (the "SA Companies Act") has abolished the requirement for specific "object and purpose" provisions to be included in a memorandum of incorporation and although the MoI is silent on the matter, the company continues to carry on as its main business, gold exploration, the mining and production of gold, the manufacturing, marketing and selling of gold products and the development of markets for gold.

AGA's MoI is available for inspection as set out in "*Item 10H: Documents on Display*" of the 2022 Form 20-F and a summary of the pertinent provisions, including the rights of the holders of shares in AGA, are set out below.

This summary does not contain all the information pertaining to the rights of holders of AGA's ordinary shares and is qualified in its entirety by reference to the laws of South Africa and AngloGold Ashanti's governing corporate documents. As well as being governed by the provisions of the MoI, the rights of holders of AGA's ordinary shares are governed by the Johannesburg Stock Exchange ("JSE") Listings Requirements, the SA Companies Act and the Companies Regulations, 2011, promulgated under the SA Companies Act (the "Regulations"), which include the Takeover Regulations. Further, the rights of holders of AGA ADSs are governed by the Deposit Agreement (as defined herein) between AGA and The Bank of New York Mellon as described below under "*—Description of AngloGold Ashanti American Depositary Shares*".

The SA Companies Act provides that shares will no longer have a par or nominal value and hence no new shares having a nominal or par value may be authorised. However, any shares which have a nominal or par value authorised prior to 1 May 2011 (the effective date of the SA Companies Act) continue to have that nominal or par value and can be issued as such for so long as there are par value shares in the company's authorised share capital. Should the company wish, it may also elect to convert its authorised par value shares to shares of no par value, subject to the relevant process and approvals contemplated in the SA Companies Act.

**Directors**

The management and control of any business of AGA is vested in its board of directors (the "board"). The authority of the board to manage and direct the business and affairs of the company is not limited, restricted or qualified by the MoI.

***Appointment and Retirement of Directors***

The shareholders of the company have the power to elect the directors, and shareholders are also entitled to elect one or more alternate directors, in accordance with the provisions of the MoI and the SA Companies Act.

The board may appoint any person who satisfies the requirements for election as a director to fill any vacancy and serve as a director on a temporary basis until the vacancy is filled by election by shareholders entitled to exercise voting rights in such an election.

The MoI authorises the chairperson of the board, subject to the written approval of the majority of the directors, to appoint any person as a director provided that such appointment is approved by shareholders at the next shareholders' meeting or annual general meeting.

At every annual general meeting one-third of the directors will retire by rotation, or if their number is not a multiple of three, then the number nearest to but not less than one third. The directors to retire at every annual general meeting will be those who have been the longest in office since their last election. Directors retiring by rotation are eligible for re-election. Directors who voluntarily decide not to make themselves available for re-election may be counted towards the one-third of directors required to retire at the relevant annual general meeting.

The MoI contains no provision for directors to hold qualification shares. The MoI does not impose an age limit for the retirement of directors.

***Remuneration***

In accordance with the SA Companies Act, the MoI provides that the directors are entitled to such remuneration for their services as directors as AGA's shareholders may approve by special resolution in a general meeting or annual general meeting within the previous two years of the date of payment of such remuneration. If a director is employed in any other capacity, or holds an executive office or performs services that, in the opinion of the board, are outside

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the scope of the ordinary duties of a director, he or she may be paid such additional remuneration as a disinterested quorum of directors may reasonably determine.

***Interests of Directors and Restriction on Voting***

Although the interests of directors are not dealt with in the MoI, the provisions of the SA Companies Act in this regard are unalterable and will automatically apply, together with the applicable common law rules. Under the SA Companies Act, the procedures to deal with the personal financial interests of directors also apply to prescribed officers (i.e., persons who exercise general executive control over and management of the whole, or a significant portion, of the business and activities of the company or regularly participate to a material degree in the exercise of general executive control over and management of the whole, or a significant portion, of the business and activities of the company, irrespective of the office held or function performed by such persons) and any person who is a member of a committee of the board of the company, whether or not that person is also a member of the company's board. The SA Companies Act provides that a director or such other person with a personal financial interest must disclose this to the board and cannot vote on or, after having made the disclosures to the meeting as prescribed by the SA Companies Act, remain present during the meeting when the matter in which he/she has interest is being discussed but will be counted as present for the purposes of a quorum (but is not to be regarded as being present at the meeting for the purposes of determining whether a resolution has sufficient support to be adopted).

**Share Rights, Preferences and Restrictions**

***Allotment and Issue of AGA Ordinary Shares***

Subject to the JSE Listings Requirements, the SA Companies Act and/or with approval of shareholders in a general meeting, unissued AGA ordinary shares must be offered to existing AGA ordinary shareholders, pro rata to their AGA ordinary shareholdings, unless they are issued for the acquisition of assets. The shareholders in a general meeting may authorise the board to issue any unissued AGA ordinary shares.

***Dividends, Rights and Distributions***

The AGA ordinary shares participate fully in all dividends, other distributions and entitlements as and when declared by AGA in respect of fully paid AGA ordinary shares. Under South African law, AGA may declare and pay distributions (as defined in the SA Companies Act, which includes dividends), subject to the company satisfying the solvency and liquidity test as set out in section 4 of the SA Companies Act and the board passing a resolution acknowledging that such test has been applied and has reasonably concluded that the company would satisfy such test immediately after completing the distribution. Dividends are payable to shareholders registered at a record date after the date of declaration of the dividend.

As a company incorporated and registered in the Republic of South Africa with its primary listing on the JSE, AGA is required to declare dividends in South African rands. Dividends are paid in South African rands, Australian dollars, Ghanaian cedis and British pounds. Registered holders of AGA ADSs are paid dividends in US dollars by The Bank of New York Mellon as Depositary, in accordance with the Deposit Agreement, as described below.

Although not stated in the MoI, but subject to the JSE Listings Requirements and the SA Companies Act, any dividend may be paid and satisfied, either wholly or in part, by the distribution of specific assets, or in paid-up securities of AGA or of any other company, or in cash, or in any one or more of such ways as the directors may at the time of declaring the dividend determine and direct.

All dividends remaining unclaimed for a period of not less than three years from the date on which they became payable, may, by a resolution of the directors, become forfeited for the benefit of the company.

***Voting Rights***

Each AGA ordinary share confers the right to vote at all general meetings. Each holder present in person or by proxy or, in the case of a corporate entity, represented, has one vote on a show of hands. If a poll is held, holders present or any duly appointed proxy will have one vote for each AGA ordinary share held. A holder of AGA ordinary shares is entitled to appoint a proxy to attend, speak and vote at any meeting on his or her behalf and the proxy need not be a shareholder. Holders of ADSs are not entitled to vote in person at meetings, but may vote by way of proxy through The Bank of New York Mellon as the ADS issuer. Holders of Australian Chess Depositary Interests ("CDIs") and Ghanaian Depositary Shares ("GhDSs") are not entitled to vote in person or by proxy at meetings, but may vote by instructing Chess Depository Nominees and NTHC Limited as Depositary, respectively, how to vote their shares.

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There are no limitations on the right of non-South African registered shareholders to hold or exercise voting rights attaching to any of the AGA ordinary shares.

The MoI specifies that the rights relating to any class of shares may be modified or abrogated with the sanction of a resolution passed as if it were a special resolution of the holders of shares in that class at a separate general meeting.

***Increase and Reduction of Capital***

The company is authorised to issue the shares specified in the MoI and all such shares are required to be issued as fully paid up in accordance with the applicable approval and/or other requirements of the SA Companies Act and the JSE Listings Requirements.

The directors are authorised, subject to any requirements of the JSE Listings Requirements, the SA Companies Act, the Regulations and the MoI, to increase or decrease the number of authorised shares of any class of shares, reclassify any shares that have been authorised but not issued, classify any unclassified shares that have been authorised but not issued, and determine the preferences, rights, limitations or other terms of any class of authorised shares or amend any preferences, rights, limitations or other terms as determined. However, such capital amendments require an amendment to be made to the MoI. The SA Companies Act and the JSE Listings Requirements currently do not allow the MoI to be amended to give effect to such capital amendments without the approval of AGA ordinary shareholders by special resolution.

***Rights Upon Liquidation***

In the event of the winding up of AGA, the AGA ordinary shares confer the right to participate equally in any surplus arising from the liquidation of all assets of AGA.

**Shareholders' Meetings**

The directors may convene meetings of AGA shareholders. Subject to the provisions of the SA Companies Act, the shareholders may requisition for the convening of a meeting.

Notice of each AGA annual general meeting and general meeting of AGA shareholders must be delivered at least 15 business days before that shareholders' meeting is to begin. In accordance with the SA Companies Act, business days are calculated by excluding the first day, including the last day and excluding Saturdays, Sundays and any public holiday in the Republic of South Africa. In terms of the MoI, all shareholders are entitled to attend shareholders' meetings at which they are entitled to vote.

The quorum of a shareholders' meeting is sufficient persons present, in person or by proxy, at the meeting to exercise, in aggregate, at least 25 percent of all of the voting rights that are entitled to be exercised in respect of at least one matter to be decided at the meeting and a quorum must remain present for the continuation of that shareholders meeting, provided that at least three shareholders must be present and remain at the meeting. Such quorum requirement also applies for the consideration of any matter to be decided at the meeting. If the meeting is not quorate within 30 minutes after the appointed time for the meeting to begin (or such longer or shorter period as the chairperson may determine), it will be postponed, without motion, vote or further notice, for 1 week and the shareholders present, in person or by proxy, at the postponed meeting will constitute a quorum. For an ordinary resolution to be approved by shareholders, it must be supported by more than 50 percent of the voting rights exercised on the resolution. For a special resolution to be approved by shareholders, it must be supported by at least 75 percent of the voting rights exercised on the resolution.

**Disclosure of Interest in Shares**

Under South African law, a person must notify AGA within three business days after that person (i) acquires a beneficial interest in sufficient securities of a class of securities issued by AGA such that, as a result of the acquisition, the person holds a beneficial interest in securities amounting to five percent, ten percent, fifteen percent or any further whole multiple of five percent of the issued securities of that class or (ii) disposes of any beneficial interest in sufficient securities of a class of securities issued by AGA such that, as a result of the disposition, the person no longer holds a beneficial interest in securities amounting to a particular multiple of five percent of issued securities of that class. When AGA has received the notice referred to above it must file a copy with the Takeover Regulation Panel and report the information to holders of the relevant class of securities unless the notice concerned is a disposition of less than one percent of the class of securities.

If the securities of AGA are registered in the name of a person who is not the holder of the beneficial interest in all of the securities in AGA held by that person, that registered holder of the securities must disclose the identity of the

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person on whose behalf that security is held and the identity of each person with a beneficial interest in securities so held, the number and the class of securities held for each such person with a beneficial interest and the extent of each such beneficial interest. This information must be disclosed in writing to the company within five business days after the end of every month during which a change has occurred in the information or more promptly or frequently to the extent so provided by the requirements of a Central Securities Depository. A company that knows or has reasonable cause to believe that any of its securities are held by one person for the beneficial interest of another may by notice in writing require either of those persons to confirm or deny that fact, provide particulars of the extent of the beneficial interest held during the three years preceding the date of the notice and disclose the identity of each person with a beneficial interest in the securities held by that person, which information must be provided within ten business days of the receipt of the notice.

AGA is obligated to establish and maintain a register of the disclosures described above and to publish in its annual financial statements a list of the persons who hold beneficial interests equal to or in excess of five percent of the total number of AGA ordinary shares issued by AGA together with the extent of those beneficial interests.

**Rights of Minority Shareholders**

Majority shareholders of South African companies have no fiduciary obligations under South African common law to minority shareholders. However, under the SA Companies Act, a shareholder or director may, under certain circumstances, seek relief from a court if he has been unfairly prejudiced by any act or omission of the company or a related person, by the conduct of the business of the company or a related person in a particular manner, or the exercise of the powers of the directors of the company or a related person in a particular manner. There may also be personal and derivative actions available to a shareholder of a company.

Pursuant to the SA Companies Act, a shareholder may petition a South African court for relief from the actions or omissions or, business conduct of the company or the actions of the company's directors or officers that is oppressive or unfairly prejudicial to, or unfairly disregards the interest of the shareholder. In addition, a shareholder who voted against a resolution to amend the company's MoI, or to approve a fundamental transaction, (and complied with other requirements set out in the SA Companies Act) may exercise its appraisal right to demand that the company pay to it the fair value for all the shares of the company held by that shareholder.

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**Description of AngloGold Ashanti American Depositary Shares**

The Bank of New York Mellon registers and delivers AGA ADSs. Each ADS represents the ownership interest of one AGA ordinary share.

**The Deposit Agreement**

This section provides a summary description of AngloGold Ashanti's ADSs.

AngloGold Ashanti has entered into an Amended and Restated Deposit Agreement dated 3 June 2008 with The Bank of New York Mellon as Depositary and the owners and beneficial owners of American Depositary Receipts (the "Deposit Agreement").

The following is a summary of the material provisions of the Deposit Agreement. For more complete information, read the entire Deposit Agreement and the Form of American Depositary Receipt, which AngloGold Ashanti has filed with the U.S. Securities and Exchange Commission (the "SEC") as an exhibit to AngloGold Ashanti's registration statements on Form F-6 (Registration Nos. 333-133049 and 333-159248) on 27 May 2008 and 14 May 2009, respectively. See "*Item 10H: Documents on Display*" of the 2022 Form 20-F. Copies of the Deposit Agreement are also available for inspection at the Corporate Trust Office of The Bank of New York Mellon currently located at 240 Greenwich Street, New York, New York 10286.

**Description of the ADSs**

The Bank of New York Mellon, as Depositary, registers and delivers ADSs. Each ADS represents one AGA ordinary share (or a right to receive one share) deposited with Standard Bank of South Africa Limited or HSBC Bank Australia Limited, each as a custodian for The Bank of New York Mellon, and both of which are referred to collectively as the "Custodian". Each ADS also represents any other securities, cash or other property which may be held by The Bank of New York Mellon. The Bank of New York Mellon's Corporate Trust Office at which the ADSs are administered is located at 240 Greenwich Street, New York, New York 10286. The Bank of New York Mellon's principal executive office is also located at 240 Greenwich Street, New York, New York 10286.

ADSs may be held either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in the holder's name, or (ii) by having ADSs registered in a holder's name in the Direct Registration System, or (B) indirectly by holding a security entitlement in ADSs through a broker or other financial institution. If ADSs are held directly, such holders are ADS holders. This description applies to AngloGold Ashanti's ADS holders. If ADSs are held indirectly, such holders must rely on the procedures of their broker or other financial institution to assert the rights of ADS registered holders described in this section. Such holders should consult with their broker or financial institution to find out what those procedures are.

The Direct Registration System, or DRS, is a system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated ADSs, which ownership will be evidenced by periodic statements sent by the Depositary to the registered holders of uncertificated ADSs.

AngloGold Ashanti does not treat ADS holders as its shareholders and ADS holders do not have shareholder rights. South African law governs shareholder rights. The Bank of New York Mellon is the holder of the shares underlying the ADSs. Registered holders of ADSs have ADS holder rights. The Deposit Agreement sets out ADS holder rights as well as the rights and obligations of The Bank of New York Mellon. New York law governs the Deposit Agreement and the ADSs.

**Dividends and Other Distributions**

The Bank of New York Mellon has agreed to pay to holders of ADSs the cash dividends or other distributions it or a Custodian receives on AGA ordinary shares or other deposited securities after deducting any fees and expenses and any applicable withholding taxes. Holders of ADSs will receive these distributions in proportion to the number of AGA ordinary shares that their ADSs represent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp;Cash**

The Bank of New York Mellon will convert any cash dividend or other cash distribution (in South African rands) that AngloGold Ashanti pays on AGA ordinary shares into US dollars (unless AngloGold Ashanti pays such dividend or cash distribution in US dollars) and distribute to registered holders of ADSs. If that is no longer possible or if any approval from any government is needed and cannot be obtained, The Bank of New York Mellon may distribute non-US currency only to those ADS holders to whom it is possible to make this type of distribution.

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The Bank of New York Mellon may hold the non-US currency it cannot convert for the account of holders of ADSs who for one reason or the other have not been paid. It will not invest the non-US currency, and it will not be liable for interest on such amounts. Before making a distribution, any withholding taxes that must be paid will be deducted. See "—*Payment of Taxes*" below. The Bank of New York Mellon will distribute only whole US dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when The Bank of New York Mellon cannot convert the non-US currency, holders of ADSs may lose some or all of the value of the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.&nbsp;&nbsp;&nbsp;&nbsp;AGA Ordinary Shares**

The Bank of New York Mellon may distribute to holders of ADSs additional ADSs representing AGA ordinary shares that AngloGold Ashanti distributes as a dividend or free distribution, if AngloGold Ashanti provides it promptly with satisfactory evidence that it is legal to do so. If The Bank of New York Mellon does not distribute additional ADSs, the outstanding ADSs will also represent the newly distributed AGA ordinary shares. The Bank of New York Mellon will only distribute whole ADSs. It will sell AGA ordinary shares that would require it to deliver a fraction of an ADS and distribute the net proceeds in the same way as it distributes cash. The Bank of New York Mellon may sell a portion of the distributed shares sufficient to pay its fees and expenses in connection with that distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp;Rights to Subscribe for Additional AGA Ordinary Shares**

If AngloGold Ashanti offers holders of AGA ordinary shares any rights to subscribe for additional AGA ordinary shares or any other rights, The Bank of New York Mellon, after consultation with AngloGold Ashanti, may make these rights available to holders of ADSs or sell the rights and distribute the proceeds in the same way as it distributes cash. If The Bank of New York Mellon cannot do either of these things for any reason, it may allow these rights to lapse. In that case, holders of ADSs will receive no value for them.

If The Bank of New York Mellon makes these types of subscription rights available to holders of ADSs, upon instruction from holders of ADSs, it will exercise the rights and purchase AGA ordinary shares on their behalf. The Bank of New York Mellon will then deposit the AGA ordinary shares and deliver ADSs to the holders of ADSs. It will only exercise these rights if holders of ADSs pay it the exercise price and any other charges the rights require them to pay.

US securities laws may restrict the sale, deposit, cancellation and transfer of the ADSs issued after exercise of rights. For example, holders of ADSs may not be able to trade the ADSs freely in the United States. In this case, The Bank of New York Mellon may deliver ADSs which are "restricted securities" within the meaning of Rule 144 which will have the same provisions as the ADSs described here, except for the changes needed to put the restrictions in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.&nbsp;&nbsp;&nbsp;&nbsp;Other Distributions**

The Bank of New York Mellon will send to holders of ADSs any other distributions that AngloGold Ashanti makes on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, The Bank of New York Mellon may decide to sell what AngloGold Ashanti distributes, and then distribute the net proceeds in the same way as it distributes cash, or it may decide to hold what AngloGold Ashanti distributes, in which case the outstanding ADSs will also represent the newly distributed property. However, The Bank of New York Mellon is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from AngloGold Ashanti that it is legal to make that distribution. The Bank of New York Mellon may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution.

The Bank of New York Mellon is not responsible if, based on available information, it decides that it is unlawful or impractical to make a distribution available to any ADS holders. AngloGold Ashanti has no obligation to register ADSs, AGA ordinary shares, rights or other securities under the United States Securities Act of 1933, as amended. AngloGold Ashanti also has no obligation to take any other action to permit the distribution of ADSs, AGA ordinary shares, or any other rights to ADS holders. This means that the holders of ADSs may not receive the distribution AngloGold Ashanti makes on its AGA ordinary shares or any value for them if it is illegal or impracticable for AngloGold Ashanti to make them available to the holders of ADSs.

**Deposit, Withdrawal and Cancellation**

The Bank of New York Mellon will deliver ADSs if a holder of AGA ordinary shares or its broker deposits AGA ordinary shares or evidence of rights to receive AGA ordinary shares with the Custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, The Bank of New York

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Mellon will register the appropriate number of ADSs in the names such holder of AGA ordinary shares requests and will deliver the ADSs at its Corporate Trust Office to the persons such holders request.

Holders of ADSs may turn in their ADSs at The Bank of New York Mellon's Corporate Trust Office. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, The Bank of New York Mellon will deliver (1) the underlying AGA ordinary shares to an account designated by the relevant holder of ADSs and (2) any other deposited securities underlying the ADSs at the office of the Custodian, or, at the request, risk and expense of ADS holders, The Bank of New York Mellon will deliver the deposited securities at its Corporate Trust Office.

**Interchange Between Certificated ADSs and Uncertificated ADSs**

ADS registered holders may surrender their ADS to The Bank of New York Mellon for the purpose of exchanging such ADS for uncertificated ADSs. The Bank of New York Mellon will cancel that ADS and will send to the ADS registered holder a statement confirming that the ADS registered holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by The Bank of New York Mellon of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, The Bank of New York Mellon will execute and deliver to the ADS registered holder an ADS evidencing those ADSs.

**Voting Rights**

ADS registered holders may instruct The Bank of New York Mellon to vote the number of deposited shares their ADSs represent. The Bank of New York Mellon will notify ADS registered holders of shareholders' meetings and arrange to deliver AngloGold Ashanti's voting materials to them if AngloGold Ashanti asks it to. Those materials will describe the matters to be voted on and explain how ADS registered holders may instruct The Bank of New York Mellon how to vote. For instructions to be valid, they must reach The Bank of New York Mellon by a date set by The Bank of New York Mellon.

Otherwise, ADS registered holders will not be able to exercise their right to vote unless they withdraw the shares. However, ADS registered holders may not know about the meeting sufficiently in advance to withdraw the shares.

The Bank of New York Mellon will try, as far as practicable, to vote or to have its agents vote the AGA ordinary shares or other deposited securities as holders of ADSs instruct, but this is subject to South African law, the provisions of AngloGold Ashanti's MoI and of the deposited securities and any applicable rule of the JSE. The Bank of New York Mellon will only vote or attempt to vote as such holders of ADSs instruct.

AngloGold Ashanti cannot assure the holders of ADSs that they will receive the voting materials in time for them to instruct The Bank of New York Mellon to vote their AGA ordinary shares. In addition, The Bank of New York Mellon and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that holders of ADSs may not be able to exercise their right to vote and there may be nothing they can do if their AGA ordinary shares are not voted as they requested.

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**Fees and Expenses**

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| | |
|:---|:---|
| ***ADS holders must pay:*** | ***For:*** |
| $5.00 (or less) per 100 ADSs | Each issuance of an ADS, including as a result of a distribution of AGA ordinary shares or rights or other property. Each cancellation of an ADS, including if the Deposit Agreement terminates |
| $0.02 (or less) per ADS  | Any cash payment |
| Registration or transfer fees | Transfer and registration of AGA ordinary shares on the AngloGold Ashanti share register to or from the name of The Bank of New York Mellon or its agent when AGA ordinary shares are deposited or withdrawn |
| $0.02 (or less) per ADS per year | Depositary services |
| Expenses of The Bank of New York Mellon | Conversion of non-US currency to US dollars Cable, telex and facsimile transmission expenses Servicing the deposited securities |
| Taxes and other governmental charges that The Bank of New York Mellon or any Custodian has to pay on any ADS or AngloGold Ashanti ordinary share underlying an ADS; for example, stock transfer taxes, stamp duty or withholding taxes | As necessary |
| A fee equivalent to the fee that would have been payable if the securities distributed had been AGA ordinary shares deposited for issuance of ADSs | Distribution of securities distributed to holders of deposited securities that are distributed by The Bank of New York Mellon to ADS holders |

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**<br>Payment of Taxes**

Holders of ADSs will be responsible for any taxes or other governmental charges payable on their ADSs or on the deposited securities underlying their ADSs. The Bank of New York Mellon may refuse to transfer their ADSs or allow them to withdraw the deposited securities underlying their ADSs until such taxes or other charges are paid. It may apply payments owed to holders of ADSs or sell deposited securities underlying their ADSs to pay any taxes they owe, and they will remain liable for any deficiency. If The Bank of New York Mellon sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to holders of ADSs any proceeds, or send to them any property remaining after it has paid the taxes.<br>**Reclassifications**

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| | |
|:---|:---|
| ***If AngloGold Ashanti:*** | ***Then:*** |
| Reclassifies, splits up or consolidates any of the deposited securities; | The cash, AGA ordinary shares or other securities received by The Bank of New York Mellon will become deposited securities. Each ADS will automatically represent its equal share of the new deposited securities. |
| Distributes securities on the AGA ordinary shares that are not distributed to holders of ADSs; or<br>Recapitalises, reorganises, merges, liquidates, sells all or substantially all of AngloGold Ashanti's assets, or takes any similar action | The Bank of New York Mellon may, and will if AngloGold Ashanti asks it to, distribute some or all of the cash, AGA ordinary shares or other securities it receives. It may also issue new ADSs or ask holders of ADSs to surrender their outstanding ADSs in exchange for new ADSs identifying the new deposited securities. |

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**Amendment and Termination**

AngloGold Ashanti may, for any reason, agree with The Bank of New York Mellon to amend the Deposit Agreement and the ADSs without the consent of holders. If the amendment increases fees or charges (except for taxes and other governmental charges or registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses) or if the amendment prejudices an important right of ADS holders, it will only become effective 30 days after The Bank of New York Mellon notifies holders of ADSs of the amendment. At the time an amendment becomes effective, holders of ADSs are considered, by continuing to hold their ADSs, to agree to the amendment and to be bound by the ADSs and the agreement as amended.

The Bank of New York Mellon may terminate the Deposit Agreement by mailing notice of termination to ADS holders at least 30 days prior to the date fixed in the notice if AngloGold Ashanti asks it to do so. The Bank of New York Mellon may also terminate the Deposit Agreement if The Bank of New York Mellon has told AngloGold Ashanti that it would like to resign and AngloGold Ashanti has not appointed a new Depositary bank within 90 days. In both cases, The Bank of New York Mellon must notify holders of AGA ADSs at least 30 days before termination.

After termination, The Bank of New York Mellon and its agents will be required to do only the following under the Deposit Agreement: collect distributions on the deposited securities, sell rights, and, upon surrender of ADSs, deliver AGA ordinary shares and other deposited securities. Four months after the date of termination or later, The Bank of New York Mellon may sell any remaining deposited securities by public or private sale and will hold the proceeds of the sale, as well as any other cash it is holding under the Deposit Agreement, for the pro rata benefit of the ADS holders who have not surrendered their ADSs. It will not invest the money and will have no liability for interest. The Bank of New York Mellon's only obligations will be to account for the proceeds of the sale and other cash. After termination, AngloGold Ashanti's only obligations will be with respect to indemnification of, and payment of certain amounts to, The Bank of New York Mellon.

**Limitations on Obligations and Liability to ADS Holders**

The Deposit Agreement expressly limits AngloGold Ashanti's obligations and the obligations of The Bank of New York Mellon, and limits AngloGold Ashanti's liability and the liability of The Bank of New York Mellon. AngloGold Ashanti and The Bank of New York Mellon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are only obligated to take the actions specifically set forth in the Deposit Agreement without negligence or bad faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable if either of AngloGold Ashanti or The Bank of New York Mellon is prevented or delayed by law or circumstances beyond their control from performing their obligations under the Deposit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable if either of AngloGold Ashanti or The Bank of New York Mellon exercises discretion permitted under the Deposit Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the Deposit Agreement, or for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the Deposit Agreement on behalf of the holders of ADSs or on behalf of any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may rely on advice of or information from legal counsel, accountants, and any persons presenting AGA ordinary shares for deposit, any registered holder or any other person believed by AngloGold Ashanti in good faith to be competent to give such advice or information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to the Deposit Agreement, agree to indemnify each other under certain circumstances.

**Requirements for Depositary Action**

Before The Bank of New York Mellon will issue, transfer or register the transfer of an ADS, make a distribution on an ADS, or allow withdrawal of AGA ordinary shares, The Bank of New York Mellon may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any ordinary shares or other deposited securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• production of satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with regulations it may establish, from time to time, consistent with the Deposit Agreement, including presentation of transfer documents.

The Bank of New York Mellon may refuse to deliver, transfer or register transfers of ADSs generally when the books of The Bank of New York Mellon or AngloGold Ashanti are closed, or at any time if either AngloGold Ashanti or The Bank of New York Mellon thinks it advisable to do so.

Holders of ADSs have the right to cancel their ADSs and withdraw the underlying ordinary shares at any time except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when temporary delays arise because: (1) either AngloGold Ashanti or The Bank of New York Mellon have closed AngloGold Ashanti's transfer books; (2) the transfer of the AGA ordinary shares is blocked in connection with voting at a general meeting of shareholders; or (3) AngloGold Ashanti is paying a dividend on the AGA ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when ADS holders seeking to withdraw the ordinary shares are liable for unpaid fees, taxes and similar charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of the ordinary shares or other deposited securities.

This right of withdrawal may not be limited by any other provision of the Deposit Agreement.

**Pre-release of ADSs**

In certain circumstances, subject to the provisions of the Deposit Agreement, The Bank of New York Mellon may deliver ADSs before deposit of the underlying ordinary shares. This is called a pre-release of the ADSs.

The Bank of New York Mellon may also deliver AGA ordinary shares upon cancellation of pre-released ADSs (even if the ADSs are cancelled before the pre-release transaction has been closed out). A pre-release is closed out as soon as the underlying AGA ordinary shares are delivered to The Bank of New York Mellon. The Bank of New York Mellon may receive ADSs instead of ordinary shares to close out a pre-release.

The Bank of New York Mellon may pre-release ADSs only under the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• before or at the time of the pre-release, the person to whom the pre-release is being made must represent to The Bank of New York Mellon in writing that it or its customer: (a) owns the ordinary shares or ADSs to be remitted, (b) assigns all beneficial rights, title and interest in such ADSs or

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ordinary shares, as the case may be, to The Bank of New York Mellon in its capacity as the Depositary and for the benefit of the ADS holders, and (c) will not take any action with respect to such ADSs or ordinary shares, as the case may be, that is consistent with the transfer of beneficial ownership (including, without the consent of The Bank of New York Mellon, disposing of such ADSs or ordinary shares, as the case may be) other than satisfaction of such pre-release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the pre-release must be fully collateralised with cash, US government securities, or other collateral that The Bank of New York Mellon considers appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Bank of New York Mellon must be able to close out the prerelease on not more than five business days' notice. Each pre-release will be subject to any further indemnities and credit regulations that The Bank of New York Mellon deems appropriate. The Bank of New York Mellon will normally limit the number of AGA ordinary shares not deposited but represented by ADSs outstanding at any time as a result of pre-release so that they do not exceed 30 percent of the ordinary shares deposited, although The Bank of New York Mellon may disregard this limit from time to time, if it thinks it is appropriate to do so.

**Direct Registration System**

In the Deposit Agreement, all parties to the Deposit Agreement acknowledge that the DRS and Profile Modification System, or Profile, will apply to uncertificated ADSs upon acceptance thereof to DRS by The Depository Trust Company, also referred to as DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated ADSs, which ownership will be evidenced by periodic statements sent by the Depositary to the registered holders of uncertificated ADSs. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of a registered holder of ADSs, to direct the Depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the Depositary of prior authorisation from the ADS registered holder to register that transfer.

In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the Deposit Agreement understand that The Bank of New York Mellon will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the Deposit Agreement, the parties agree that The Bank of New York Mellon's reliance on and compliance with instructions received by The Bank of New York Mellon through the DRS/Profile System and in accordance with the Deposit Agreement will not constitute negligence or bad faith on the part of The Bank of New York Mellon.

**Shareholder Communications: Inspection of Register of Holders of ADSs**

The Bank of New York Mellon will make available for inspection at its office all communications that it receives from AngloGold Ashanti as a holder of deposited securities that AngloGold Ashanti makes generally available to holders of deposited securities. The Bank of New York Mellon will send copies of those communications if requested by AngloGold Ashanti. ADS holders have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to AngloGold Ashanti's business or the ADSs.

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**B.&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities** 

Each series of notes listed on the New York Stock Exchange and set forth on the cover page to the 2022 Form 20-F has been issued by AngloGold Ashanti Holdings plc ("AGA Holdings" or "AGAH") and guaranteed by AngloGold Ashanti Limited ("AngloGold Ashanti" or "AGA"). Each of these series of notes was issued pursuant to an effective registration statement and a related base prospectus and prospectus supplement setting forth the terms of the relevant series of notes and related guarantees. Each of these series of notes were issued under the indenture, dated as of 28 April 2010, among AGA Holdings, as issuer, AGA, as guarantor, and The Bank of New York Mellon, as trustee (the "Indenture").

The following table sets forth the dates of the registration statements, dates of the base prospectuses and date of issuance for each relevant series of notes (the "Notes").

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| | | | |
|:---|:---|:---|:---|
| **Title of each class** | **Registration Statement** | **Date of Base Prospectus** | <br>**Date of Issuance** |
| 3.375% Notes due 2028 | No. 333-230651 | 1 April 2019 | 22 October 2021 |
| 3.750% Notes due 2030 | No. 333-230651 | 1 April 2019 | 1 October 2020 |
| 6.500% Notes due 2040 | No. 333-161634 | 20 April 2010 | 28 April 2010 |

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The following description of our Notes is a summary and does not purport to be complete and is qualified in its entirety by the full terms of the relevant Notes. For a complete description of the terms and provisions of the Notes, refer to the Indenture filed as an exhibit to AngloGold Ashanti's Registration Statement on Form F-3 (No. 333-182712) filed with the SEC on 17 July 2012.

**DESCRIPTION OF THE 2028 NOTES**

*This section describes the specific financial and legal terms of the 3.375% notes due 2028 (the "notes") and the Indenture. The following description is a summary of material provisions of the notes and the Indenture and does not purport to be complete. References to "we", "us" and "our" in this section refer to AGA Holdings. References to "holder", "you" and "your" in this section refers to holders of the notes.*

**General**

The notes were issued under the Indenture. Book-entry interests in the notes were issued in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof. Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. The Indenture, the notes and the guarantee are governed by the laws of the State of New York.

The notes were issued in an aggregate principal amount of $750,000,000 and mature on 1 November 2028. The notes bear interest at a rate of 3.375% per annum, payable semi-annually in arrears on 1 May and 1 November of each year. The regular record dates for the notes are every 15 April and 15 October of each year.

If any scheduled interest payment date is not a business day, AGA Holdings will pay interest on the next business day, but interest on that payment will not accrue during the period from and after the scheduled interest payment date. If the scheduled maturity date or date of redemption or repayment is not a business day, AGA Holdings may pay interest and principal and premium, if any, on the next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled maturity date or date of redemption or repayment.

A "business day" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York City or in the City of London.

The notes are unsecured and unsubordinated indebtedness of AGA Holdings and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The notes are or will be effectively subordinated to any of AGA Holdings' 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 AGA Holdings' subsidiaries.

The principal corporate trust office of the trustee in New York City is designated as the principal paying agent. AGA Holdings may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

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**Further Issuances**

AGA Holdings may, without the consent of the holders of the notes, issue additional notes having the same ranking and same interest rate, maturity date, redemption terms and other terms as the notes except for the price to the public and issue date; provided, however, that no such additional notes may be issued unless they are fungible with the notes for U.S. federal income tax purposes. Any such additional notes, together with the notes, will constitute a single series of securities under the Indenture and are included in the definition of "notes" in this section where the context requires. There is no limitation on the amount of notes or other debt securities that AGA Holdings may issue under the Indenture.

**Optional Redemption**

Prior to 1 September 2028, AGA Holdings or AGA may redeem the notes, in whole or in part, at any time and from time to time at a redemption price equal to the greater of (i) 100 percent of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the notes matured on 1 September 2028 (exclusive of interest accrued and unpaid to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus the Make-whole Spread, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption.

On or after 1 September 2028, AGA Holdings or AGA may redeem the notes, in whole or in part, at any time and from time to time at a redemption price equal to 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the date of redemption.

Further installments of interest on the notes to be redeemed that are due and payable on the interest payment dates falling on or prior to a redemption date shall be payable on the interest payment date to the registered holders as of the close of business on the relevant regular record date according to the notes and the Indenture.

"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

"Comparable Treasury Issue" means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed (assuming, for this purpose, that the notes mature on 1 September 2028) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the notes (assuming, for this purpose, that the notes mature on 1 September 2028).

"Comparable Treasury Price" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if AGA Holdings obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

"Independent Investment Banker" means one of the Reference Treasury Dealers appointed by AGA Holdings.

"Make-whole Spread" means 30 basis points.

"Reference Treasury Dealer" means each of any four of Barclays Bank PLC, BNP Paribas, BofA Securities, Inc., J.P. Morgan Securities plc, BMO Capital Markets Corp., Citigroup Global Markets Inc., Deutsche Bank AG, London Branch, Goldman Sachs International, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. or their respective affiliates, in each case that are primary U.S. Government securities dealers, selected by AGA Holdings, and their respective successors; provided, however, that if any of the foregoing or their respective affiliates shall cease to be a primary U.S. Government securities dealer in New York City, AGA Holdings shall substitute therefor another such primary U.S. Government securities dealer.

"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by AGA Holdings, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to AGA Holdings by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third business day preceding such redemption date.

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AGA Holdings will give notice to each holder of notes to be redeemed of any redemption AGA Holdings or AGA proposes to make at least ten days, but not more than 60 days, before the redemption date or request that the trustee send such notice of redemption to each holder of notes to be redeemed in the name of AGA Holdings and at its expense. If fewer than all of the notes are to be redeemed, the notes to be redeemed shall be selected as set forth under "—*Selection and Notice*" below.

Subject to the terms of the applicable redemption notice, notes called for redemption become due on the date fixed for redemption. Unless AGA Holdings or AGA defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the notes or portions thereof called for redemption.

AGA Holdings or AGA may at any time, and from time to time, purchase notes at any price or prices in the open market or otherwise.

**Selection and Notice**

If less than all of the notes are to be redeemed at any time, the trustee will select the notes for redemption in compliance with the requirements of the principal securities exchange, if any, on which the notes are listed, as certified to the trustee by Holdings, and in compliance with the requirements of DTC, or if the notes are not so listed or such exchange prescribes no method of selection and the notes are not held through DTC or DTC prescribes no method of selection, on a pro rata basis; provided, however, that no note of $200,000 in aggregate principal amount or less shall be redeemed in part.

If any note is to be redeemed in part only, the notice of redemption that relates to that note shall state the portion of the principal amount thereof to be redeemed, in which case a portion of the original note will be issued in the name of the holder thereof upon cancelation of the original note. In the case of a global note, an appropriate notation will be made on such note to decrease the principal amount thereof to an amount equal to the unredeemed portion thereof.

**Optional Tax Redemption**

We or the guarantor may redeem the notes at our option in whole but not in part at any time, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor would be required to pay additional amounts, as a result of any change in the tax laws or income tax treaties (including the official application or interpretation thereof) of a Taxing Jurisdiction (as defined below) or, in the case of an income tax treaty, to which a Taxing Jurisdiction is a party that, in the case of any of us, becomes effective on or after 22 October 2021 (the issuance date of the notes) (or, in the case of a successor that becomes effective after the date such successor becomes such, or, in the case of assumption by the guarantor, the date of such assumption), as explained below under "—*Payment of Additional Amounts*", or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a change in the official application or interpretation of an income tax treaty to which a Taxing Jurisdiction is a party, this change is proposed and becomes effective on or after a date on which one of our affiliates borrows money from us, and because of the change this affiliate would be required to deduct or withhold tax on payments to us to enable us to make any payment of principal, premium, if any, or interest.

In both of these cases, however, we will not be permitted to redeem the notes if we can avoid either the payment of additional amounts, or deductions or withholding, as the case may be, by using reasonable measures available to us.

If AGA Holdings or AGA redeem the notes, AGA Holdings or AGA must pay you 100 percent of their principal amount. AGA Holdings or AGA will also pay you unpaid accrued interest to the redemption date. The notes will stop bearing interest on the redemption date, even if you do not collect your money, unless AGA Holdings or AGA defaults in payment of the redemption price. AGA Holdings will give notice to each holder of notes to be redeemed of any redemption AGA Holdings or AGA proposes to make at least ten days, but not more than 60 days, before the redemption date or request that the trustee send such notice of redemption to each holder of notes to be redeemed in the name of AGA Holdings and at its expense.

**Change of Control Repurchase Event**

If a change of control repurchase event occurs in respect of the notes, unless either AGA Holdings or AGA has exercised its right to redeem the notes as described under "—*Optional Redemption*" or "—*Optional Tax Redemption*" above, AGA Holdings will be required to make an offer to each holder of the notes to repurchase all or any part (in minimal denominations of $200,000 and integral multiples of $1,000 in excess thereof) of that holder's notes at a repurchase price in cash equal to 101 percent of the aggregate principal amount of the notes repurchased

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plus any accrued and unpaid interest on the notes repurchased to, but not including, the date of repurchase. Within 30 days following any change of control repurchase event or, at AGA Holdings' option, prior to any change of control, but after the public announcement of the proposed change of control, AGA Holdings will mail or deliver through the relevant securities clearing system a notice to each holder, with a copy to the trustee, describing the transaction or transactions that constitute or may constitute the change of control repurchase event and offering to repurchase the notes on the payment date specified in the notice, which date will be no earlier than ten days and no later than 60 days from the date such notice is mailed or delivered, other than as may be required by law. The notice shall, if mailed or delivered prior to the date of consummation of the change of control, state that the offer to purchase is conditioned on a change of control repurchase event occurring on or prior to the payment date specified in the notice. Holders of the notes electing to have their notes purchased pursuant to a change of control repurchase event offer will be required to surrender their notes, with the form entitled "Option of Holder to Elect Purchase" on the reverse of the note completed, to the paying agent at the address specified in the notice, or transfer their notes to the paying agent by book-entry transfer pursuant to the applicable procedures of the paying agent, prior to the close of business on the third business day prior to the repurchase payment date. AGA Holdings will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a change of control repurchase event. To the extent that the provisions of any applicable securities or corporate laws or regulations conflict with the change of control repurchase event provisions of the notes, AGA Holdings will comply with the applicable securities or corporate laws and regulations and will not be deemed to have breached its obligations under the change of control repurchase event provisions of the notes by virtue of such conflict.

On the repurchase date following a change of control repurchase event, AGA Holdings will, to the extent lawful:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accept for payment all notes or portions of the notes properly tendered pursuant to AGA Holdings' offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deposit with the paying agent an amount equal to the aggregate purchase price in respect of all the notes or portions of the notes properly tendered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deliver or cause to be delivered to the trustee the notes properly accepted, together with an officers' certificate stating the aggregate principal amount of notes being purchased by AGA Holdings.

The paying agent will promptly mail to each holder of notes properly tendered the purchase price for the notes (or make payment through the depositary), and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of any notes surrendered; provided, however, that each new note will be in a minimum principal amount of $200,000 and integral multiples of $1,000 in excess thereof.

AGA Holdings will not be required to make an offer to repurchase the notes issued by it upon a change of control repurchase event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by AGA Holdings and such third party purchases all notes properly tendered and not withdrawn under its offer.

For purposes of the foregoing discussion of a repurchase at the option of holders, the following definitions are applicable:

"change of control" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, scheme of arrangement, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the assets of AGA and its subsidiaries taken as a whole to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) other than to AGA, a Qualified Holding Company and/or one of their respective subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consummation of any transaction (including, without limitation, any merger, scheme of arrangement, amalgamation or consolidation) the result of which is that any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a subsidiary of AGA) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50 percent of the combined voting power of AGA's voting stock or other voting stock into which AGA's voting stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA consolidates with, or merges with or into, or enters into a scheme of arrangement with or amalgamates with, any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), or any person consolidates with, or merges with or into, or enters into a plan or arrangement with, AGA, in any such event pursuant to a transaction in which any of the outstanding voting stock of AGA or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the voting stock of AGA outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction.

Notwithstanding the foregoing, a Permitted Reorganization will be deemed not to involve a change of control.

The definition of change of control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of AGA's and its subsidiaries' assets taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of notes to require AGA Holdings to repurchase such holder's notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of AGA's and its subsidiaries' assets taken as a whole to another person or group may be uncertain.

"change of control repurchase event" means the circumstance where each of the rating agencies has reduced its rating of the notes by one or more gradations (including gradations within rating categories as well as between rating categories) on any date during the 60-day period (which period shall be extended so long as the rating of the notes is under publicly announced consideration for a possible downgrade by any of the rating agencies) after the earlier of (1) the occurrence of a change of control; and (2) public notice of the intention by AGA to effect a change of control; provided, however, that a change of control repurchase event shall be deemed not to have occurred if (A) a rating agency that has reduced its rating of the notes by one or more gradations (including gradations within rating categories as well as between rating categories) during that period does not announce or publicly confirm or inform the trustee in writing at AGA Holdings' request that the reduction was the result, in whole or in part, of any event or circumstance comprised from or arising as a result of the applicable change of control (regardless of whether that change of control shall then have occurred) or (B) a rating of the notes by one of the rating agencies is within that period subsequently upgraded to a credit rating gradation not less than that at the commencement of such 60-day period. Notwithstanding the foregoing, a change of control repurchase event will be deemed not to have occurred in connection with any particular change of control unless and until such change of control has actually been consummated. Any change in the outlook of a rating will not constitute a change in gradation.

"Fitch" means Fitch Ratings, Inc. and its successors.

"Moody's" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.

"Permitted Reorganization" means a transaction or a series of related transactions in which (1) AGA becomes a direct or indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of AGA's voting stock immediately prior to that transaction or (B) immediately following that transaction, no "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50 percent of the voting stock of such holding company.

"Qualified Holding Company" means a holding company of which AGA becomes a direct or indirect wholly-owned subsidiary pursuant to a Permitted Reorganization, and its successors and assigns.

"rating agency" means each of Fitch, Moody's and S&P; provided, however, that if any of Fitch, Moody's or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of AGA's control, AGA may select (as certified by a resolution of AGA's board of directors) a "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) under the Exchange Act, as a replacement agency for Fitch, Moody's or S&P, or all of them, as the case may be.

"S&P" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

"voting stock" of any specified "person" (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

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The change of control repurchase event feature of the notes may in certain circumstances make more difficult or discourage a sale or takeover of AGA and, thus, the removal of incumbent management. Subject to the limitations discussed below, AGA could, in the future, enter into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a change of control repurchase event under the notes, but that could increase the amount of indebtedness outstanding at such time or otherwise affect AGA's capital structure or the credit ratings of the notes. Restrictions on AGA's ability to incur liens are contained in the covenants as described under "—*Limitation on Liens*" below.

AGA Holdings may not have sufficient funds to repurchase all the notes upon a change of control repurchase event.

**Payment of Additional Amounts**

We will pay all amounts of principal of, and any premium and interest on, the notes, and all payments pursuant to any guarantee shall be made, without deduction or withholding for any taxes, duties, assessments or other charges imposed by the government of South Africa or the Isle of Man or any other jurisdiction where we and the guarantor are tax resident or in which we do business, as the case may be, or the government of a jurisdiction in which a successor to any of us, as the case may be, is organized or tax resident (each such jurisdiction, a "Taxing Jurisdiction"), unless such taxes, duties, assessments or other governmental charges are required by a Taxing Jurisdiction to be deducted or withheld. In that event, we (or the guarantor) will pay any additional amounts necessary to make the net amount paid to the affected holders equal the amount the holders would have received in the absence of the deduction or withholding. However, these "additional amounts" will not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge imposed by any government of any jurisdiction other than a Taxing Jurisdiction (including any unit of the federal or a state government of the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is only payable because either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a type of connection exists between the holder and a Taxing Jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holder presented the note for payment more than 30 days after the date on which the relevant payment becomes due or was provided for, whichever is later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any estate, inheritance, gift, sale, transfer, personal property or similar tax, duty, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is payable other than by deduction or withholding from a payment on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is imposed or withheld due to the holder or beneficial owner of the note failing to accurately comply with a request from us either to provide information concerning the beneficial owner's nationality, residence or identity or make any claim or to satisfy any information or reporting requirement, if the completion of either is required by statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption from the applicable governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any withholding or deduction that is imposed on a payment to an individual and required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN (European Union Economic and Finance Ministers) Counsel Meeting of 26-27 November 2000 or any law implementing or complying with or introduced in order to conform to such Directive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the withholdings, taxes, duties, assessments or other governmental charges described above.

Additionally, additional amounts shall not be paid with respect to any payment to a holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder.

In addition to the exceptions and limitations described above, neither AGA Holdings nor AGA shall be required to pay any additional amounts for or on account of any taxes required to be withheld or deducted under Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, or any amended or successor versions of such

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Sections ("FATCA"), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA.

References in this "—*Description of the 2028 Notes*" to principal or interest will be deemed to include additional amounts payable with respect thereto.

**Limitation on Liens**

AGA covenants in the Indenture that it will not, nor will it permit any "Restricted Subsidiary" to, create, incur, issue, assume or guarantee any Capital Markets Indebtedness if the Capital Markets Indebtedness is secured by any mortgage, security interest, pledge, lien or other encumbrance (collectively, a "lien" or "liens") upon any "Principal Property" of it or any Restricted Subsidiary or any shares of stock of or debt owed to any Restricted Subsidiary, whether owned at the date of the Indenture or thereafter acquired, without effectively securing the securities issued under the Indenture equally and ratably with or prior to such secured Capital Markets Indebtedness. See below for definitions of "Restricted Subsidiary", "Capital Markets Indebtedness" and "Principal Property".

This lien restriction will not apply to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens already existing at 28 April 2010 (the date of the Indenture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property or securities of any corporation existing at the time such corporation becomes a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens arising by operation of law in the ordinary course of business and securing amounts not more than 60 days overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens created on an undertaking or asset in favour of a governmental or quasi-governmental (whether national, local or regional) or supra-governmental body in respect of the financing of that undertaking or asset at a preferential rate which secures only the payment or repayment of the financing for that undertaking or asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens created in respect of any margin or collateral delivered or otherwise provided in connection with metal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any property acquired, constructed or improved after the date of the Indenture that are created or assumed before or within 12 months after the acquisition, construction or improvement to secure or provide for the payment of all or any part of the purchase price or cost of construction or improvement incurred after the date of the Indenture, or existing liens on property acquired after the date of the Indenture, provided that such liens are limited to such property acquired or constructed or to the improvement of such properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any Principal Property imposed to secure all or any part of the payment of costs of exploration, drilling, development, operation, construction, alteration, repair, improvement or rehabilitation, if they are created or assumed before or within 12 months after completion of these activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens securing debt owed by a Restricted Subsidiary to AGA or to another Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any property, shares of stock or indebtedness of a corporation consolidated with or merged into, or substantially all of the assets of which are acquired by AGA or a Restricted Subsidiary existing at the time of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain deposits or pledges of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens in favour of governmental bodies to secure partial, progress, advance or other payments under any contract or statute or to secure indebtedness incurred to finance all or any part of the purchase price or cost of constructing or improving the property subject to these liens, including liens to secure tax exempt pollution control revenue bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property acquired by AGA or a Restricted Subsidiary through the exercise of rights arising out of defaults on receivables acquired in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• judgment liens in which the finality of the judgment is being contested in good faith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens for the sole purpose of extending, renewing or replacing debt secured by the permitted liens listed here, subject to certain limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens for taxes or assessments or governmental charges or levies not yet due or delinquent, or which can be paid without penalty after they are due, or which are being contested in good faith; landlord's liens on leased property; and other similar liens which do not, in the opinion of AGA, materially impair the use of that property in the operation of its business or the business of a Restricted Subsidiary or the value of that property for the purposes of that business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any sale of receivables that is reflected as secured indebtedness on a balance sheet prepared in accordance with International Financial Reporting Standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on margin stock owned by AGA and its Restricted Subsidiaries to the extent this margin stock exceeds 25 percent of the fair market value of the sum of the Principal Property and that of the Restricted Subsidiaries plus the shares of stock (including margin stock) and indebtedness incurred by the Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens over assets for the purpose of securing financing for construction and development of a project such as a mining venture, which we usually call "project finance";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any mineral right, royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest kept by the seller in a property AGA acquires, and any sale by AGA to another person of a mineral right, royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien created to secure our portion of someone else's expenses to develop or conduct operations with respect to mineral resources on a property in which we or one of our Restricted Subsidiaries has an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any conveyance or assignment under the terms of which AGA or one of its Restricted Subsidiaries conveys or assigns to any person an interest in any mineral and/or the proceeds thereof, any royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest in real property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien to secure the performance of our obligations to others who jointly hold an interest in property with AGA or one of its Restricted Subsidiaries.

In addition, the lien restriction described above does not apply to Capital Markets Indebtedness secured by a lien, if the Capital Markets Indebtedness, together with all other Capital Markets Indebtedness secured by liens (not including permitted liens described in "*—Limitation on Liens*") and the Attributable Debt (as defined below) associated with Sale and Lease Back Transactions (as defined below) entered into after 28 April 2010 (the date of the Indenture) (but not including Sale and Lease Back Transactions pursuant to which debt has been retired), does not exceed ten percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with International Financial Reporting Standards ("IFRS").

"Attributable Debt" means, as to any particular lease in a sale and leaseback transaction, synthetic lease or other finance-type lease under which any person is at the time liable for a term of more than 12 months (but, for the sake of clarity, excluding any operating lease (as determined in accordance with IFRS, as in effect immediately prior to the adoption of IFRS 16—"Leases") and lease entered into for the bona fide purpose of conducting mining, exploration or other operations), at any date as of which the amount thereof is to be determined, the total net amount of rent required to be paid by such person under such lease during the remaining term thereof (excluding any subsequent renewal or other extension options held by the lessee), discounted from the respective due dates thereof to such date at the rate of interest per annum implicit in the terms of such lease (as determined by any two directors, or any director and secretary, of AGA), compounded monthly. The net amount of rent required to be paid under any such lease for any such period shall be the aggregate amount of the rent payable by the lessee with respect to such period after excluding amounts required to be paid on account of maintenance and repairs, services, insurance, taxes, assessments, water rates and similar charges and contingent rents (such as those based on sales). In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount of rent shall include the lesser of (i) the total discounted net amount of rent required to be paid from the later of the first date upon which such lease may be so terminated or the date of the determination of such net amount of rent, as the case may be, and (ii) the amount of such penalty (in which event no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated).

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The term "Restricted Subsidiary" is defined in the Indenture to mean any wholly-owned subsidiary of AGA which also owns a Principal Property, unless the subsidiary is primarily engaged in the business of a finance company.

The term "Capital Markets Indebtedness" is defined in the Indenture to mean any indebtedness for money borrowed or interest thereon in the form of bonds, notes, debentures, loan stock or other similar securities that are, or are capable of being, quoted, listed or ordinarily dealt with in any stock exchange, over-the-counter or other securities market, having an original maturity of more than 365 days from its date of issue, or any guarantee or indemnity in respect of Capital Markets Indebtedness.

The term "Principal Property" is defined in the Indenture to mean any mine, together with any fixtures comprising a part thereof, and any plant or other facility, together with any land upon which such plant or other facility is erected and fixtures comprising a part thereof, used primarily for mining or processing, in each case, the net book value of which on the date as of which the determination is being made exceeds five percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS; provided, that Principal Property shall not include (a) any mine, plant or facility which, in the opinion of the board of directors of AGA, is not of material importance to the total business conducted by AGA and its restricted subsidiaries as an entirety or (b) any portion of a particular mine, plant or facility which, in the opinion of AGA is not of material importance to the use or operation of such mine, plant or facility.

**Limitation on Sale and Lease Back Transactions**

AGA covenants in the Indenture that it will not, nor will it permit any Restricted Subsidiary, to enter into any arrangement with any party providing for the leasing to it or any Restricted Subsidiary of any Principal Property (except for temporary leases for a term, including renewals, of not more than three years) which has been or is to be sold by it or the Restricted Subsidiary to the party (a "Sale and Lease Back Transaction"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Attributable Debt of the Sale and Lease Back Transaction, together with the Attributable Debt of all other Sale and Lease Back Transactions entered into after 28 April 2010 (the date of the Indenture) and the aggregate principal amount of the AGA's debt secured by liens on Principal Property of AGA or any Restricted Subsidiary (but not including permitted liens and Sale and Lease Back Transactions pursuant to which debt has been retired) would not exceed ten percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA or the Restricted Subsidiary would be entitled to incur debt secured by a lien on the Principal Property to be leased without securing the securities issued under the Indenture, as described in the bullet points under "—*Limitation on Liens*" above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA applies an amount equal to the greater of the net proceeds of the sale or transfer or fair value of the Principal Property that is the subject of a Sale and Lease Back Transaction to the retirement of the securities, or to the retirement of long-term indebtedness of AGA or a Restricted Subsidiary that is not subordinated to the debt securities issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA enters into a bona fide commitment to expend for the acquisition or improvement of a Principal Property an amount at least equal to the fair value of the Principal Property leased.

In addition, the limitation on Sale and Lease Back Transactions does not apply if Attributable Debt associated with the Sale and Lease Back Transaction, together with the Attributable Debt of all other Sale and Lease Back Transactions entered into after 28 April 2010 (the date of the Indenture) and the aggregate principal amount of AGA's debt secured by liens on Principal Property of AGA or any Restricted Subsidiary (but not including permitted liens described in "*—Limitation on Liens*", and Sale and Lease Back Transactions pursuant to which debt has been retired) would not exceed ten percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS.

**Events of Default**

You will have special rights if an Event of Default occurs in respect of the notes and is not cured, as described later in this subsection.

***What Is an Event of Default?*** The term "Event of Default" in respect of the notes means any of the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to pay the principal of, or any premium on, the notes on their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to pay interest or additional amounts on the notes within 30 days of their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to deposit any sinking fund payment in respect of the notes on their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to pay when due, after the expiration of any applicable grace period, any portion of the principal of, or involuntary acceleration of the maturity (which acceleration is not rescinded or annulled within ten days) of, debt of AGA or AGA Holdings having an aggregate principal amount in excess of the greater of (i) $100,000,000 and (ii) five percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor remain in breach of a covenant in respect of the notes for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25 percent of the principal amount of the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor file for bankruptcy or certain other events of bankruptcy, insolvency or reorganisation occur.

An Event of Default for the notes does not necessarily constitute an Event of Default for any other series of debt securities issued under the Indenture or any other indenture. The trustee may withhold notice to the holders of notes of any default, except in the payment of principal or interest, if it considers the withholding of notice to be in the interests of the holders of the notes.

***Remedies if an Event of Default Occurs.*** If an Event of Default has occurred and has not been cured, the trustee or the holders of at least 25 percent in principal amount of the notes may declare the entire principal amount of all the notes to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be cancelled by the holders of at least a majority in principal amount of the notes.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the Indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability (called an "indemnity") satisfactory to the trustee. If indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the notes may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the notes, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you must give your trustee written notice that an Event of Default has occurred and remains uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of at least 25 percent in principal amount of all outstanding notes must make a written request that the trustee take action because of the default and must offer indemnity to the trustee reasonably satisfactory to the trustee against the cost and other liabilities of taking that action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of a majority in principal amount of the notes must not have given the trustee a direction inconsistent with the above notice.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your notes on or after the due date.

Holders of a majority in principal amount of the notes may waive any past defaults other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payment of principal, any premium or interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in respect of a covenant that cannot be modified or amended without the consent of each holder.

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BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW TO GIVE NOTICE OR DIRECTION TO OR MAKE A REQUEST OF THE TRUSTEE AND HOW TO DECLARE OR CANCEL AN ACCELERATION.

Each year, we and the guarantor will furnish to the trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the Indenture and the notes, or else specifying any default.

**Consolidation, Merger, Conveyance or Transfer**

Neither AGA Holdings nor AGA will consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any person, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either AGA Holdings or AGA will be the continuing corporation, or the corporation formed by such consolidation or into which AGA Holdings or AGA is merged or the person which acquires by conveyance or transfer the properties and assets of AGA Holdings or AGA substantially as an entirety (or in the case of any conveyance or transfer of the properties and assets of AGA substantially as an entirety to a Qualified Holding Company and/or any direct or indirect wholly-owned subsidiary of a Qualified Holding Company in connection with a Permitted Reorganization, such Qualified Holding Company) will expressly assume, by a supplemental indenture, executed and delivered to the trustee, in form satisfactory to the trustee acting reasonably, in the case of AGA Holdings, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the notes and the performance of every covenant of the Indenture on the part of AGA Holdings to be performed or observed, and, in the case of AGA, the due and punctual performance of the guarantee and the performance or observance of every covenant of the Indenture on the part of AGA to be performed or observed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately after giving effect to such transaction, no default or event of default will have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) AGA Holdings or such person will have delivered to the trustee an officers' certificate and an opinion of counsel, each stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with these provisions and that all conditions precedent provided for in the Indenture relating to such transaction have been complied with.

The above paragraph will only apply to a merger or consolidation in which AGA Holdings or AGA, as the case may be, is not the surviving corporation and to conveyances and transfers by AGA Holdings or AGA, as the case may be, as transferor.

Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of AGA Holdings or AGA, as the case may be, substantially as an entirety to any person in accordance with the preceding paragraphs, the successor person formed by such consolidation or into which AGA Holdings or AGA is merged or to which such conveyance or transfer is made (or in the case of any such conveyance or transfer to a Qualified Holding Company and/or any direct or indirect wholly-owned subsidiary of a Qualified Holding Company in connection with a Permitted Reorganization, such Qualified Holding Company) will succeed to, and be substituted for, and may exercise every right and power of, AGA Holdings or AGA under the Indenture with the same effect as if such successor person had been named as AGA Holdings or AGA, as the case may be, in the Indenture; and in the event of any such conveyance or transfer, AGA Holdings or AGA, as the case may be, will be discharged from all obligations and covenants under the Indenture and the notes and the coupons, or the guarantee, as the case may be, and may be dissolved and liquidated

**Modification or Waiver**

There are three types of changes we can make to the Indenture and the notes.

***Changes Requiring Your Approval.*** First, there are changes that we cannot make to your notes without your specific approval. Following is a list of those types of changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the stated maturity of the principal of (or premium, if any) or interest on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce any amounts due on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the amount of principal payable upon acceleration of the maturity of the notes following a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right of repayment at the holder's option;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the place or currency of payment on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impair your right to sue for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right to convert or exchange the notes in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage in principal amount of holders of the notes whose consent is needed to modify or amend the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage in principal amount of holders of the notes whose consent is needed to waive compliance with certain provisions of the Indenture or to waive certain defaults under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify any other aspect of the provisions of the Indenture dealing with modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change any obligation to pay additional amounts, as explained above under "—*Payment of Additional Amounts*".

***Changes Not Requiring Approval.*** The second type of change does not require any vote by the holders of the notes. This type is limited to clarifications and certain other changes that would not adversely affect holders of the outstanding notes in any material respect. We also do not need any approval to make any change that affects only notes to be issued under the Indenture after the change takes effect.

***Changes Requiring Majority Approval.*** Any other change to the Indenture or the notes would require the following approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the change affects only the notes, it must be approved by the holders of a majority in principal amount of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the change affects more than one series of debt securities issued under the Indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, any resolution passed or decision taken at any meeting of the holders of a series of debt securities must be in writing.

The holders of a majority in principal amount of any series of debt securities issued under the Indenture may waive our (and, in the case of the notes or other guaranteed debt securities, the guarantor's) compliance with some of our covenants in the Indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "—*Changes Requiring Your Approval*".

***Further Details Concerning Voting.*** We will generally be entitled to set any day as a record date for the purpose of determining the holders of notes that are entitled to vote or take other action under the Indenture. If we set a record date for a vote or other action to be taken by holders of the notes, that vote or action may be taken only by persons who are holders of outstanding notes on the record date, and the vote or other action must be taken within eleven months following the record date. The holder of a note will be entitled to one vote for each $1,000 principal amount of the note that is outstanding and held by it. Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Notes will also not be eligible to vote if they have been fully defeased as described later under "—*Defeasance—Full Defeasance*".

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW APPROVAL MAY BE GRANTED OR DENIED IF WE SEEK TO CHANGE THE INDENTURE OR THE NOTES OR REQUEST A WAIVER.

**Sinking Fund**

The notes will not be entitled to the benefit of a sinking fund.

**Defeasance**

The following provisions will be applicable to the notes.

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***Covenant Defeasance.*** Under certain circumstances as described below, we or the guarantor can `be released from some of the restrictive covenants in the Indenture. This is called "covenant defeasance". In that event, you would lose the protection of those restrictive covenants but would gain the protection of having cash and U.S. government securities set aside in trust to repay your notes. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deposit in trust for the benefit of all holders of the notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the notes on their various due dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "covenant defeasance" must not otherwise result in a breach of the Indenture or any of our and the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the notes any differently than if we did not make the deposit and just repaid the notes ourselves at maturity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion and officer's certificate, each stating that all conditions precedent to "covenant defeasance" under the Indenture have been met.

If we accomplish covenant defeasance, you can still look to us for repayment of the notes if there is a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

***Full Defeasance.*** Under certain circumstances as described below, we or the guarantor can legally release ourselves from all payment and certain other obligations on the notes. This is called "full defeasance". In order to achieve full defeasance, we must put in place the following arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deposit in trust for the benefit of all holders of the notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the notes on their various due dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "full defeasance" must not otherwise result in a breach of the Indenture or any of our and the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal income tax law or an Internal Revenue Service ruling that lets us make the above deposit without causing you to be taxed on the notes any differently than if we did not make the deposit and just repaid the notes ourselves at maturity. Under current U.S. federal income tax law, the deposit and our legal release from the notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your notes and you would recognise gain or loss on the notes at the time of the deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee an opinion of counsel and an officer's certificate, each stating that all conditions precedent to "full defeasance" under the Indenture have been met.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the notes. You could not look to us for repayment in the unlikely event of any shortfall.

**Listing**

The notes are listed on the New York Stock Exchange.

**Guarantee**

AGA fully and unconditionally guarantees the payment of the principal of, premium, if any, and interest on the notes, including any additional amounts, when and as any such payments become due, whether at maturity, upon redemption or declaration of acceleration, or otherwise. AGA has obtained the approval of the South African

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Reserve Bank to provide the guarantee. The guarantee of the notes constitutes unsecured and unsubordinated indebtedness of AGA and ranks equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The guarantee is or will be effectively subordinated to any of AGA'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 AGA's subsidiaries. Under the terms of the full and unconditional guarantee, holders of notes will not be required to exercise their remedies against AGA Holdings before they proceed directly against AGA.

**Trustee**

The Bank of New York Mellon is trustee, paying agent, registrar and transfer agent under the Indenture. The Bank of New York Mellon's address currently is 240 Greenwich Street, New York, New York 10286.

**DESCRIPTION OF THE 2030 NOTES**

*This section describes the specific financial and legal terms of the 3.750% notes due 2030 (the "notes") and the Indenture. The following description is a summary of material provisions of the notes and the Indenture and does not purport to be complete. References to "we", "us" and "our" in this section refer to AGA Holdings. References to "holder", "you" and "your" in this section refers to holders of the notes.*

**General**

The notes were issued under the Indenture. Book-entry interests in the notes were issued in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof. Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. The Indenture, the notes and the guarantee are governed by the laws of the State of New York.

The notes were issued in an aggregate principal amount of $700,000,000 and mature on 1 October 2030. The notes bear interest at a rate of 3.750% per annum, payable semi-annually in arrears on 1 April and 1 October of each year. The regular record dates for the notes are every 15 March and 15 September of each year.

If any scheduled interest payment date is not a business day, AGA Holdings will pay interest on the next business day, but interest on that payment will not accrue during the period from and after the scheduled interest payment date. If the scheduled maturity date or date of redemption or repayment is not a business day, AGA Holdings may pay interest and principal and premium, if any, on the next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled maturity date or date of redemption or repayment.

A "business day" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York City or in the City of London.

The notes are unsecured and unsubordinated indebtedness of AGA Holdings and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The notes are or will be effectively subordinated to any of AGA Holdings' 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 AGA Holdings' subsidiaries.

The principal corporate trust office of the trustee in New York City is designated as the principal paying agent. AGA Holdings may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

**Further Issuances**

AGA Holdings may, without the consent of the holders of the notes, issue additional notes having the same ranking and same interest rate, maturity date, redemption terms and other terms as the notes except for the price to the public and issue date; provided, however, that no such additional notes may be issued unless they are fungible with the notes for U.S. federal income tax purposes. Any such additional notes, together with the notes, will constitute a single series of securities under the Indenture and are included in the definition of "notes" in this section where the context requires. There is no limitation on the amount of notes or other debt securities that AGA Holdings may issue under the Indenture.

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**Optional Redemption**

Prior to 1 July 2030, AGA Holdings or AGA may redeem the notes, in whole or in part, at any time and from time to time at a redemption price equal to the greater of (i) 100 percent of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the notes matured on 1 July 2030 (exclusive of interest accrued and unpaid to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus the Make-whole Spread, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption.

On or after 1 July 2030, AGA Holdings or AGA may redeem the notes, in whole or in part, at any time and from time to time at a redemption price equal to 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the date of redemption.

Further installments of interest on the notes to be redeemed that are due and payable on the interest payment dates falling on or prior to a redemption date shall be payable on the interest payment date to the registered holders as of the close of business on the relevant regular record date according to the notes and the Indenture.

"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

"Comparable Treasury Issue" means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed (assuming, for this purpose, that the notes mature on 1 July 2030) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the notes (assuming, for this purpose, that the notes mature on 1 July 2030).

"Comparable Treasury Price" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if AGA Holdings obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

"Independent Investment Banker" means one of the Reference Treasury Dealers appointed by AGA Holdings.

"Make-whole Spread" means 50 basis points.

"Reference Treasury Dealer" means each of any four of BMO Capital Markets Corp., BNP Paribas, BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank AG, London Branch, J.P. Morgan Securities plc, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. or their respective affiliates, in each case that are primary U.S. Government securities dealers, selected by AGA Holdings, and their respective successors; provided, however, that if any of the foregoing or their respective affiliates shall cease to be a primary U.S. Government securities dealer in New York City, AGA Holdings shall substitute therefor another such primary U.S. Government securities dealer.

"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by AGA Holdings, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to AGA Holdings by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third business day preceding such redemption date.

AGA Holdings will give notice to each holder of notes to be redeemed of any redemption AGA Holdings or AGA proposes to make at least ten days, but not more than 60 days, before the redemption date or request that the trustee send such notice of redemption to each holder of notes to be redeemed in the name of AGA Holdings and at its expense. If fewer than all of the notes are to be redeemed, the notes to be redeemed shall be selected as set forth under "—*Selection and Notice*" below.

Subject to the terms of the applicable redemption notice, notes called for redemption become due on the date fixed for redemption. Unless AGA Holdings or AGA defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the notes or portions thereof called for redemption.

AGA Holdings or AGA may at any time, and from time to time, purchase notes at any price or prices in the open market or otherwise.

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**Selection and Notice**

If less than all of the notes are to be redeemed at any time, the trustee will select the notes for redemption in compliance with the requirements of the principal securities exchange, if any, on which the notes are listed, as certified to the trustee by Holdings, and in compliance with the requirements of DTC, or if the notes are not so listed or such exchange prescribes no method of selection and the notes are not held through DTC or DTC prescribes no method of selection, on a pro rata basis; provided, however, that no note of $200,000 in aggregate principal amount or less shall be redeemed in part.

If any note is to be redeemed in part only, the notice of redemption that relates to that note shall state the portion of the principal amount thereof to be redeemed, in which case a portion of the original note will be issued in the name of the holder thereof upon cancelation of the original note. In the case of a global note, an appropriate notation will be made on such note to decrease the principal amount thereof to an amount equal to the unredeemed portion thereof.

**Optional Tax Redemption**

We or the guarantor may redeem the notes at our option in whole but not in part at any time, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor would be required to pay additional amounts, as a result of any change in the tax laws or income tax treaties (including the official application or interpretation thereof) of a Taxing Jurisdiction (as defined below) or, in the case of an income tax treaty, to which a Taxing Jurisdiction is a party that, in the case of any of us, becomes effective on or after 1 October 2020 (the issuance date of the notes) (or, in the case of a successor that becomes effective after the date such successor becomes such, or, in the case of assumption by the guarantor, the date of such assumption), as explained below under "—*Payment of Additional Amounts*", or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a change in the official application or interpretation of an income tax treaty to which a Taxing Jurisdiction is a party, this change is proposed and becomes effective on or after a date on which one of our affiliates borrows money from us, and because of the change this affiliate would be required to deduct or withhold tax on payments to us to enable us to make any payment of principal, premium, if any, or interest.

In both of these cases, however, we will not be permitted to redeem the notes if we can avoid either the payment of additional amounts, or deductions or withholding, as the case may be, by using reasonable measures available to us.

If AGA Holdings or AGA redeem the notes, AGA Holdings or AGA must pay you 100 percent of their principal amount. AGA Holdings or AGA will also pay you unpaid accrued interest to the redemption date. The notes will stop bearing interest on the redemption date, even if you do not collect your money. AGA Holdings will give notice to each holder of notes to be redeemed of any redemption AGA Holdings or AGA proposes to make at least ten days, but not more than 60 days, before the redemption date or request that the trustee send such notice of redemption to each holder of notes to be redeemed in the name of AGA Holdings and at its expense.

**Change of Control Repurchase Event**

If a change of control repurchase event occurs in respect of the notes, unless either AGA Holdings or AGA has exercised its right to redeem the notes as described under "—*Optional Redemption*" or "—*Optional Tax Redemption*" above, AGA Holdings will be required to make an offer to each holder of the notes to repurchase all or any part (in minimal denominations of $200,000 and integral multiples of $1,000 in excess thereof) of that holder's notes at a repurchase price in cash equal to 101 percent of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the notes repurchased to, but not including, the date of repurchase. Within 30 days following any change of control repurchase event or, at AGA Holdings' option, prior to any change of control, but after the public announcement of the proposed change of control, AGA Holdings will mail a notice to each holder, with a copy to the trustee, describing the transaction or transactions that constitute or may constitute the change of control repurchase event and offering to repurchase the notes on the payment date specified in the notice, which date will be no earlier than ten days and no later than 60 days from the date such notice is mailed, other than as may be required by law. The notice shall, if mailed prior to the date of consummation of the change of control, state that the offer to purchase is conditioned on a change of control repurchase event occurring on or prior to the payment date specified in the notice. Holders of the notes electing to have their notes purchased pursuant to a change of control repurchase event offer will be required to surrender their notes, with the form entitled "Option of Holder to Elect Purchase" on the reverse of the note completed, to the paying agent at the address specified in the notice, or transfer their notes to the paying agent by book-entry transfer pursuant to the applicable procedures of the paying agent, prior to the close of business on the third business day prior to the repurchase payment date. AGA Holdings will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and

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regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a change of control repurchase event. To the extent that the provisions of any applicable securities or corporate laws or regulations conflict with the change of control repurchase event provisions of the notes, AGA Holdings will comply with the applicable securities or corporate laws and regulations and will not be deemed to have breached its obligations under the change of control repurchase event provisions of the notes by virtue of such conflict.

On the repurchase date following a change of control repurchase event, AGA Holdings will, to the extent lawful:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accept for payment all notes or portions of the notes properly tendered pursuant to AGA Holdings' offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deposit with the paying agent an amount equal to the aggregate purchase price in respect of all the notes or portions of the notes properly tendered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deliver or cause to be delivered to the trustee the notes properly accepted, together with an officers' certificate stating the aggregate principal amount of notes being purchased by AGA Holdings.

The paying agent will promptly mail to each holder of notes properly tendered the purchase price for the notes (or make payment through the depositary), and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of any notes surrendered; provided, however, that each new note will be in a minimum principal amount of $200,000 and integral multiples of $1,000 in excess thereof.

AGA Holdings will not be required to make an offer to repurchase the notes issued by it upon a change of control repurchase event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by AGA Holdings and such third party purchases all notes properly tendered and not withdrawn under its offer.

For purposes of the foregoing discussion of a repurchase at the option of holders, the following definitions are applicable:

"change of control" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, scheme of arrangement, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the assets of AGA and its subsidiaries taken as a whole to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) other than to AGA, a Qualified Holding Company and/or one of their respective subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consummation of any transaction (including, without limitation, any merger, scheme of arrangement, amalgamation or consolidation) the result of which is that any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a subsidiary of AGA) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50 percent of the combined voting power of AGA's voting stock or other voting stock into which AGA's voting stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA consolidates with, or merges with or into, or enters into a scheme of arrangement with or amalgamates with, any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), or any person consolidates with, or merges with or into, or enters into a plan or arrangement with, AGA, in any such event pursuant to a transaction in which any of the outstanding voting stock of AGA or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the voting stock of AGA outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction.

Notwithstanding the foregoing, a Permitted Reorganization will be deemed not to involve a change of control.

The definition of change of control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of AGA's and its subsidiaries' assets taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise

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established definition of the phrase under applicable law. Accordingly, the ability of a holder of notes to require AGA Holdings to repurchase such holder's notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of AGA's and its subsidiaries' assets taken as a whole to another person or group may be uncertain.

"change of control repurchase event" means the circumstance where each of the rating agencies has reduced its rating of the notes by one or more gradations (including gradations within rating categories as well as between rating categories) on any date during the 60-day period (which period shall be extended so long as the rating of the notes is under publicly announced consideration for a possible downgrade by any of the rating agencies) after the earlier of (1) the occurrence of a change of control; and (2) public notice of the intention by AGA to effect a change of control; provided, however, that a change of control repurchase event shall be deemed not to have occurred if (A) a rating agency that has reduced its rating of the notes by one or more gradations (including gradations within rating categories as well as between rating categories) during that period does not announce or publicly confirm or inform the trustee in writing at AGA Holdings' request that the reduction was the result, in whole or in part, of any event or circumstance comprised from or arising as a result of the applicable change of control (regardless of whether that change of control shall then have occurred) or (B) a rating of the notes by one of the rating agencies is within that period subsequently upgraded to a credit rating gradation not less than that at the commencement of such 60-day period. Notwithstanding the foregoing, a change of control repurchase event will be deemed not to have occurred in connection with any particular change of control unless and until such change of control has actually been consummated. Any change in the outlook of a rating will not constitute a change in gradation.

"Fitch" means Fitch Ratings, Inc. and its successors.

"Moody's" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.

"Permitted Reorganization" means a transaction or a series of related transactions in which (1) AGA becomes a direct or indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of AGA's voting stock immediately prior to that transaction or (B) immediately following that transaction, no "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50 percent of the voting stock of such holding company.

"Qualified Holding Company" means a holding company of which AGA becomes a direct or indirect wholly-owned subsidiary pursuant to a Permitted Reorganization, and its successors and assigns.

"rating agency" means each of Fitch, Moody's and S&P; provided, however, that if any of Fitch, Moody's or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of AGA's control, AGA may select (as certified by a resolution of AGA's board of directors) a "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) under the Exchange Act, as a replacement agency for Fitch, Moody's or S&P, or all of them, as the case may be.

"S&P" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

"voting stock" of any specified "person" (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

The change of control repurchase event feature of the notes may in certain circumstances make more difficult or discourage a sale or takeover of AGA and, thus, the removal of incumbent management. Subject to the limitations discussed below, AGA could, in the future, enter into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a change of control repurchase event under the notes, but that could increase the amount of indebtedness outstanding at such time or otherwise affect AGA's capital structure or the credit ratings of the notes. Restrictions on AGA's ability to incur liens are contained in the covenants as described under "—*Limitation on Liens*" below.

AGA Holdings may not have sufficient funds to repurchase all the notes upon a change of control repurchase event.

**Payment of Additional Amounts**

We will pay all amounts of principal of, and any premium and interest on, the notes, and all payments pursuant to any guarantee shall be made, without deduction or withholding for any taxes, duties, assessments or other charges imposed by the government of South Africa or the Isle of Man or any other jurisdiction where we and the guarantor are tax resident or in which we do business, as the case may be, or the government of a jurisdiction in which a

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successor to any of us, as the case may be, is organized or tax resident (each such jurisdiction, a "Taxing Jurisdiction"), unless such taxes, duties, assessments or other governmental charges are required by a Taxing Jurisdiction to be deducted or withheld. In that event, we (or the guarantor) will pay any additional amounts necessary to make the net amount paid to the affected holders equal the amount the holders would have received in the absence of the deduction or withholding. However, these "additional amounts" will not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge imposed by any government of any jurisdiction other than a Taxing Jurisdiction (including any unit of the federal or a state government of the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is only payable because either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a type of connection exists between the holder and a Taxing Jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holder presented the note for payment more than 30 days after the date on which the relevant payment becomes due or was provided for, whichever is later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any estate, inheritance, gift, sale, transfer, personal property or similar tax, duty, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is payable other than by deduction or withholding from a payment on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is imposed or withheld due to the holder or beneficial owner of the note failing to accurately comply with a request from us either to provide information concerning the beneficial owner's nationality, residence or identity or make any claim or to satisfy any information or reporting requirement, if the completion of either is required by statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption from the applicable governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any withholding or deduction that is imposed on a payment to an individual and required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN (European Union Economic and Finance Ministers) Counsel Meeting of 26-27 November 2000 or any law implementing or complying with or introduced in order to conform to such Directive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the withholdings, taxes, duties, assessments or other governmental charges described above.

Additionally, additional amounts shall not be paid with respect to any payment to a holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder.

In addition to the exceptions and limitations described above, neither AGA Holdings nor AGA shall be required to pay any additional amounts for or on account of any taxes required to be withheld or deducted under Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, or any amended or successor versions of such Sections ("FATCA"), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA.

References in this "—*Description of the 2030 Notes*" to principal or interest will be deemed to include additional amounts payable with respect thereto.

**Limitation on Liens**

AGA covenants in the Indenture that it will not, nor will it permit any "Restricted Subsidiary" to, create, incur, issue, assume or guarantee any Capital Markets Indebtedness if the Capital Markets Indebtedness is secured by any mortgage, security interest, pledge, lien or other encumbrance (collectively, a "lien" or "liens") upon any "Principal Property" of it or any Restricted Subsidiary or any shares of stock of or debt owed to any Restricted Subsidiary, whether owned at the date of the Indenture or thereafter acquired, without effectively securing the securities issued under the Indenture equally and ratably with or prior to such secured Capital Markets Indebtedness. See below for definitions of "Restricted Subsidiary", "Capital Markets Indebtedness" and "Principal Property".

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This lien restriction will not apply to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens already existing at 28 April 2010 (the date of the Indenture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property or securities of any corporation existing at the time such corporation becomes a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens arising by operation of law in the ordinary course of business and securing amounts not more than 60 days overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens created on an undertaking or asset in favour of a governmental or quasi-governmental (whether national, local or regional) or supra-governmental body in respect of the financing of that undertaking or asset at a preferential rate which secures only the payment or repayment of the financing for that undertaking or asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens created in respect of any margin or collateral delivered or otherwise provided in connection with metal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any property acquired, constructed or improved after the date of the Indenture that are created or assumed before or within 12 months after the acquisition, construction or improvement to secure or provide for the payment of all or any part of the purchase price or cost of construction or improvement incurred after the date of the Indenture, or existing liens on property acquired after the date of the Indenture, provided that such liens are limited to such property acquired or constructed or to the improvement of such properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any Principal Property imposed to secure all or any part of the payment of costs of exploration, drilling, development, operation, construction, alteration, repair, improvement or rehabilitation, if they are created or assumed before or within 12 months after completion of these activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens securing debt owed by a Restricted Subsidiary to AGA or to another Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any property, shares of stock or indebtedness of a corporation consolidated with or merged into, or substantially all of the assets of which are acquired by AGA or a Restricted Subsidiary existing at the time of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain deposits or pledges of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens in favour of governmental bodies to secure partial, progress, advance or other payments under any contract or statute or to secure indebtedness incurred to finance all or any part of the purchase price or cost of constructing or improving the property subject to these liens, including liens to secure tax exempt pollution control revenue bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property acquired by AGA or a Restricted Subsidiary through the exercise of rights arising out of defaults on receivables acquired in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• judgment liens in which the finality of the judgment is being contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens for the sole purpose of extending, renewing or replacing debt secured by the permitted liens listed here, subject to certain limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens for taxes or assessments or governmental charges or levies not yet due or delinquent, or which can be paid without penalty after they are due, or which are being contested in good faith; landlord's liens on leased property; and other similar liens which do not, in the opinion of AGA, materially impair the use of that property in the operation of its business or the business of a Restricted Subsidiary or the value of that property for the purposes of that business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any sale of receivables that is reflected as secured indebtedness on a balance sheet prepared in accordance with International Financial Reporting Standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on margin stock owned by AGA and its Restricted Subsidiaries to the extent this margin stock exceeds 25 percent of the fair market value of the sum of the Principal Property and that of the Restricted Subsidiaries plus the shares of stock (including margin stock) and indebtedness incurred by the Restricted Subsidiaries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens over assets for the purpose of securing financing for construction and development of a project such as a mining venture, which we usually call "project finance";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any mineral right, royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest kept by the seller in a property AGA acquires, and any sale by AGA to another person of a mineral right, royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien created to secure our portion of someone else's expenses to develop or conduct operations with respect to mineral resources on a property in which we or one of our Restricted Subsidiaries has an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any conveyance or assignment under the terms of which AGA or one of its Restricted Subsidiaries conveys or assigns to any person an interest in any mineral and/or the proceeds thereof, any royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest in real property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien to secure the performance of our obligations to others who jointly hold an interest in property with AGA or one of its Restricted Subsidiaries.

In addition, the lien restriction described above does not apply to Capital Markets Indebtedness secured by a lien, if the Capital Markets Indebtedness, together with all other Capital Markets Indebtedness secured by liens (not including permitted liens described in "*—Limitation on Liens*") and the Attributable Debt (as defined below) associated with Sale and Lease Back Transactions (as defined below) entered into after 28 April 2010 (the date of the Indenture) (but not including Sale and Lease Back Transactions pursuant to which debt has been retired), does not exceed ten percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with International Financial Reporting Standards ("IFRS").

"Attributable Debt" means, as to any particular lease in a sale and leaseback transaction, synthetic lease or other finance-type lease under which any person is at the time liable for a term of more than 12 months (but, for the sake of clarity, excluding any operating lease (as determined in accordance with IFRS, as in effect immediately prior to the adoption of IFRS 16—"Leases") and lease entered into for the bona fide purpose of conducting mining, exploration or other operations), at any date as of which the amount thereof is to be determined, the total net amount of rent required to be paid by such person under such lease during the remaining term thereof (excluding any subsequent renewal or other extension options held by the lessee), discounted from the respective due dates thereof to such date at the rate of interest per annum implicit in the terms of such lease (as determined by any two directors, or any director and secretary, of AGA), compounded monthly. The net amount of rent required to be paid under any such lease for any such period shall be the aggregate amount of the rent payable by the lessee with respect to such period after excluding amounts required to be paid on account of maintenance and repairs, services, insurance, taxes, assessments, water rates and similar charges and contingent rents (such as those based on sales). In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount of rent shall include the lesser of (i) the total discounted net amount of rent required to be paid from the later of the first date upon which such lease may be so terminated or the date of the determination of such net amount of rent, as the case may be, and (ii) the amount of such penalty (in which event no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated).

The term "Restricted Subsidiary" is defined in the Indenture to mean any wholly-owned subsidiary of AGA which also owns a Principal Property, unless the subsidiary is primarily engaged in the business of a finance company.

The term "Capital Markets Indebtedness" is defined in the Indenture to mean any indebtedness for money borrowed or interest thereon in the form of bonds, notes, debentures, loan stock or other similar securities that are, or are capable of being, quoted, listed or ordinarily dealt with in any stock exchange, over-the-counter or other securities market, having an original maturity of more than 365 days from its date of issue, or any guarantee or indemnity in respect of Capital Markets Indebtedness.

The term "Principal Property" is defined in the Indenture to mean any mine, together with any fixtures comprising a part thereof, and any plant or other facility, together with any land upon which such plant or other facility is erected and fixtures comprising a part thereof, used primarily for mining or processing, in each case, the net book value of which on the date as of which the determination is being made exceeds five percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS; provided, that Principal Property shall not include (a) any mine, plant or facility which, in the opinion of the board of directors of AGA, is

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not of material importance to the total business conducted by AGA and its restricted subsidiaries as an entirety or (b) any portion of a particular mine, plant or facility which, in the opinion of AGA is not of material importance to the use or operation of such mine, plant or facility.

**Limitation on Sale and Lease Back Transactions**

AGA covenants in the Indenture that it will not, nor will it permit any Restricted Subsidiary, to enter into any arrangement with any party providing for the leasing to it or any Restricted Subsidiary of any Principal Property (except for temporary leases for a term, including renewals, of not more than three years) which has been or is to be sold by it or the Restricted Subsidiary to the party (a "Sale and Lease Back Transaction"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Attributable Debt of the Sale and Lease Back Transaction, together with the Attributable Debt of all other Sale and Lease Back Transactions entered into after 28 April 2010 (the date of the Indenture) and the aggregate principal amount of the AGA's debt secured by liens on Principal Property of AGA or any Restricted Subsidiary (but not including permitted liens and Sale and Lease Back Transactions pursuant to which debt has been retired) would not exceed ten percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA or the Restricted Subsidiary would be entitled to incur debt secured by a lien on the Principal Property to be leased without securing the securities issued under the Indenture, as described in the bullet points under "—*Limitation on Liens*" above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA applies an amount equal to the greater of the net proceeds of the sale or transfer or fair value of the Principal Property that is the subject of a Sale and Lease Back Transaction to the retirement of the securities, or to the retirement of long-term indebtedness of AGA or a Restricted Subsidiary that is not subordinated to the debt securities issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA enters into a bona fide commitment to expend for the acquisition or improvement of a Principal Property an amount at least equal to the fair value of the Principal Property leased.

In addition, the limitation on Sale and Lease Back Transactions does not apply if Attributable Debt associated with the Sale and Lease Back Transaction, together with the Attributable Debt of all other Sale and Lease Back Transactions entered into after 28 April 2010 (the date of the Indenture) and the aggregate principal amount of AGA's debt secured by liens on Principal Property of AGA or any Restricted Subsidiary (but not including permitted liens described in "*—Limitation on Liens*", and Sale and Lease Back Transactions pursuant to which debt has been retired) would not exceed ten percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS.

**Events of Default**

You will have special rights if an Event of Default occurs in respect of the notes and is not cured, as described later in this subsection.

***What Is an Event of Default?*** The term "Event of Default" in respect of the notes means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to pay the principal of, or any premium on, the notes on their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to pay interest or additional amounts on the notes within 30 days of their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to deposit any sinking fund payment in respect of the notes on their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to pay when due, after the expiration of any applicable grace period, any portion of the principal of, or involuntary acceleration of the maturity (which acceleration is not rescinded or annulled within ten days) of, debt of AGA or AGA Holdings having an aggregate principal amount in excess of the greater of (i) $100,000,000 and (ii) five percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with IFRS;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor remain in breach of a covenant in respect of the notes for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25 percent of the principal amount of the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor file for bankruptcy or certain other events of bankruptcy, insolvency or reorganisation occur.

An Event of Default for the notes does not necessarily constitute an Event of Default for any other series of debt securities issued under the Indenture or any other indenture. The trustee may withhold notice to the holders of notes of any default, except in the payment of principal or interest, if it considers the withholding of notice to be in the interests of the holders of the notes.

***Remedies if an Event of Default Occurs.*** If an Event of Default has occurred and has not been cured, the trustee or the holders of at least 25 percent in principal amount of the notes may declare the entire principal amount of all the notes to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be cancelled by the holders of at least a majority in principal amount of the notes.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the Indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability (called an "indemnity") satisfactory to the trustee. If indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the notes may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the notes, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you must give your trustee written notice that an Event of Default has occurred and remains uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of at least 25 percent in principal amount of all outstanding notes must make a written request that the trustee take action because of the default and must offer indemnity to the trustee reasonably satisfactory to the trustee against the cost and other liabilities of taking that action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of a majority in principal amount of the notes must not have given the trustee a direction inconsistent with the above notice.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your notes on or after the due date.

Holders of a majority in principal amount of the notes may waive any past defaults other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payment of principal, any premium or interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in respect of a covenant that cannot be modified or amended without the consent of each holder.

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW TO GIVE NOTICE OR DIRECTION TO OR MAKE A REQUEST OF THE TRUSTEE AND HOW TO DECLARE OR CANCEL AN ACCELERATION.

Each year, we and the guarantor will furnish to the trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the Indenture and the notes, or else specifying any default.

**Consolidation, Merger, Conveyance or Transfer**

Neither AGA Holdings nor AGA will consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any person, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either AGA Holdings or AGA will be the continuing corporation, or the corporation formed by such consolidation or into which AGA Holdings or AGA is merged or the person which acquires by conveyance

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or transfer the properties and assets of AGA Holdings or AGA substantially as an entirety (or in the case of any conveyance or transfer of the properties and assets of AGA substantially as an entirety to a Qualified Holding Company and/or any direct or indirect wholly-owned subsidiary of a Qualified Holding Company in connection with a Permitted Reorganization, such Qualified Holding Company) will expressly assume, by a supplemental indenture, executed and delivered to the trustee, in form satisfactory to the trustee acting reasonably, in the case of AGA Holdings, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the notes and the performance of every covenant of the Indenture on the part of AGA Holdings to be performed or observed, and, in the case of AGA, the due and punctual performance of the guarantee and the performance or observance of every covenant of the Indenture on the part of AGA to be performed or observed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately after giving effect to such transaction, no default or event of default will have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) AGA Holdings or such person will have delivered to the trustee an officers' certificate and an opinion of counsel, each stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with these provisions and that all conditions precedent provided for in the Indenture relating to such transaction have been complied with.

The above paragraph will only apply to a merger or consolidation in which AGA Holdings or AGA, as the case may be, is not the surviving corporation and to conveyances and transfers by AGA Holdings or AGA, as the case may be, as transferor.

Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of AGA Holdings or AGA, as the case may be, substantially as an entirety to any person in accordance with the preceding paragraphs, the successor person formed by such consolidation or into which AGA Holdings or AGA is merged or to which such conveyance or transfer is made (or in the case of any such conveyance or transfer to a Qualified Holding Company and/or any direct or indirect wholly-owned subsidiary of a Qualified Holding Company in connection with a Permitted Reorganization, such Qualified Holding Company) will succeed to, and be substituted for, and may exercise every right and power of, AGA Holdings or AGA under the Indenture with the same effect as if such successor person had been named as AGA Holdings or AGA, as the case may be, in the Indenture; and in the event of any such conveyance or transfer, AGA Holdings or AGA, as the case may be, will be discharged from all obligations and covenants under the Indenture and the notes and the coupons, or the guarantee, as the case may be, and may be dissolved and liquidated

**Modification or Waiver**

There are three types of changes we can make to the Indenture and the notes.

***Changes Requiring Your Approval.*** First, there are changes that we cannot make to your notes without your specific approval. Following is a list of those types of changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the stated maturity of the principal of (or premium, if any) or interest on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce any amounts due on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the amount of principal payable upon acceleration of the maturity of the notes following a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right of repayment at the holder's option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the place or currency of payment on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impair your right to sue for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right to convert or exchange the notes in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage in principal amount of holders of the notes whose consent is needed to modify or amend the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage in principal amount of holders of the notes whose consent is needed to waive compliance with certain provisions of the Indenture or to waive certain defaults under the Indenture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify any other aspect of the provisions of the Indenture dealing with modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change any obligation to pay additional amounts, as explained above under "—*Payment of Additional Amounts*".

***Changes Not Requiring Approval.*** The second type of change does not require any vote by the holders of the notes. This type is limited to clarifications and certain other changes that would not adversely affect holders of the outstanding notes in any material respect. We also do not need any approval to make any change that affects only notes to be issued under the Indenture after the change takes effect.

***Changes Requiring Majority Approval.*** Any other change to the Indenture or the notes would require the following approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the change affects only the notes, it must be approved by the holders of a majority in principal amount of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the change affects more than one series of debt securities issued under the Indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, any resolution passed or decision taken at any meeting of the holders of a series of debt securities must be in writing.

The holders of a majority in principal amount of any series of debt securities issued under the Indenture may waive our (and, in the case of the notes or other guaranteed debt securities, the guarantor's) compliance with some of our covenants in the Indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "—*Changes Requiring Your Approval*".

***Further Details Concerning Voting.*** 

We will generally be entitled to set any day as a record date for the purpose of determining the holders of notes that are entitled to vote or take other action under the Indenture. If we set a record date for a vote or other action to be taken by holders of the notes, that vote or action may be taken only by persons who are holders of outstanding notes on the record date, and the vote or other action must be taken within eleven months following the record date. The holder of a note will be entitled to one vote for each $1,000 principal amount of the note that is outstanding and held by it. Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Notes will also not be eligible to vote if they have been fully defeased as described later under "—*Defeasance—Full Defeasance*".

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW APPROVAL MAY BE GRANTED OR DENIED IF WE SEEK TO CHANGE THE INDENTURE OR THE NOTES OR REQUEST A WAIVER.

**Sinking Fund**

The notes will not be entitled to the benefit of a sinking fund.

**Defeasance**

The following provisions will be applicable to the notes.

***Covenant Defeasance.*** 

Under certain circumstances as described below, we or the guarantor can `be released from some of the restrictive covenants in the Indenture. This is called "covenant defeasance". In that event, you would lose the protection of those restrictive covenants but would gain the protection of having cash and U.S. government securities set aside in trust to repay your notes. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deposit in trust for the benefit of all holders of the notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the notes on their various due dates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "covenant defeasance" must not otherwise result in a breach of the Indenture or any of our and the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the notes any differently than if we did not make the deposit and just repaid the notes ourselves at maturity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion and officer's certificate, each stating that all conditions precedent to "covenant defeasance" under the Indenture have been met.

If we accomplish covenant defeasance, you can still look to us for repayment of the notes if there is a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

***Full Defeasance.***

Under certain circumstances as described below, we or the guarantor can legally release ourselves from all payment and certain other obligations on the notes. This is called "full defeasance". In order to achieve full defeasance, we must put in place the following arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deposit in trust for the benefit of all holders of the notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the notes on their various due dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "full defeasance" must not otherwise result in a breach of the Indenture or any of our and the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal income tax law or an Internal Revenue Service ruling that lets us make the above deposit without causing you to be taxed on the notes any differently than if we did not make the deposit and just repaid the notes ourselves at maturity. Under current U.S. federal income tax law, the deposit and our legal release from the notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your notes and you would recognise gain or loss on the notes at the time of the deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee an opinion of counsel and an officer's certificate, each stating that all conditions precedent to "full defeasance" under the Indenture have been met.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the notes. You could not look to us for repayment in the unlikely event of any shortfall.

**Listing**

The notes are listed on the New York Stock Exchange.

**Guarantee**

AGA fully and unconditionally guarantees the payment of the principal of, premium, if any, and interest on the notes, including any additional amounts, when and as any such payments become due, whether at maturity, upon redemption or declaration of acceleration, or otherwise. AGA has obtained the approval of the South African Reserve Bank to provide the guarantee. The guarantee of the notes constitutes unsecured and unsubordinated indebtedness of AGA and ranks equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The guarantee is or will be effectively subordinated to any of AGA'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 AGA's subsidiaries. Under the terms of the full and unconditional guarantee, holders of notes will not be required to exercise their remedies against AGA Holdings before they proceed directly against AGA.

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**Trustee**

The Bank of New York Mellon is trustee, paying agent, registrar and transfer agent under the Indenture. The Bank of New York Mellon's address currently is 240 Greenwich Street, New York, New York 10286.

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**DESCRIPTION OF THE 2040 NOTES**

*This section describes the specific financial and legal terms of the 6.500% notes due 2040 (the "notes") and the Indenture. The following description is a summary of material provisions of the notes and the Indenture and does not purport to be complete. References to "we", "us" and "our" in this section refer to AGA Holdings. References to "holder", "you" and "your" in this section refers to holders of the notes.*

**General**

The notes were issued under the Indenture. Book-entry interests in the notes were issued in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof. Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. The Indenture, the notes and the guarantee are governed by the laws of the State of New York.

The notes were issued in an aggregate principal amount of $300,000,000 and mature on 15 April 2040. The notes bear interest at a rate of 6.500% per annum, payable semi-annually in arrears on 15 April and 15 October of each year. The regular record dates for the notes are every 1 April and 1 October of each year.

If any scheduled interest payment date is not a business day, AGA Holdings will pay interest on the next business day, but interest on that payment will not accrue during the period from and after the scheduled interest payment date. If the scheduled maturity date or date of redemption or repayment is not a business day, AGA Holdings may pay interest and principal and premium, if any, on the next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled maturity date or date of redemption or repayment.

A "business day" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York City or in the City of London.

The notes are unsecured and unsubordinated indebtedness of AGA Holdings and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The notes are or will be effectively subordinated to any of AGA Holdings' 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 AGA Holdings' subsidiaries.

The principal corporate trust office of the trustee in New York City is designated as the principal paying agent.

AGA Holdings may at any time designate additional paying agents or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.

**Further Issuances**

AGA Holdings may, without the consent of the holders of the notes, issue additional notes having the same ranking and same interest rate, maturity date, redemption terms and other terms as the notes except for the price to the public and issue date; provided, however, that no such additional notes may be issued unless they are fungible with the notes for U.S. federal income tax purposes.

Any such additional notes, together with the notes, will constitute a single series of securities under the Indenture and are included in the definition of "notes" in this section where the context requires. There is no limitation on the amount of notes or other debt securities that AGA Holdings may issue under the Indenture.

**Optional Redemption**

The notes are redeemable as a whole or in part, at the option of AGA Holdings or AGA at any time and from time to time, at a redemption price equal to the greater of (i) 100 percent of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued and unpaid to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus the Make-whole Spread, plus, in each case, accrued and unpaid interest thereon to, but not including, the date of redemption. Further installments of interest on the notes to be redeemed that are due and payable on the interest payment dates falling on or prior to a redemption date shall be payable on the interest payment date to the registered holders as of the close of business on the relevant regular record date according to the notes and the Indenture.

"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price

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for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

"Comparable Treasury Issue" means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the notes.

"Independent Investment Banker" means one of the Reference Treasury Dealers appointed by AGA Holdings.

"Comparable Treasury Price" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if AGA Holdings obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

"Reference Treasury Dealer" means each of Barclays Capital Inc., Goldman, Sachs & Co. or their affiliates that are primary U.S. Government securities dealers and two other primary U.S. Government securities dealers in New York City selected by AGA Holdings, and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. Government securities dealer in New York City, AGA Holdings shall substitute therefor another such primary U.S. Government securities dealer.

"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by AGA Holdings, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to AGA Holdings by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third business day preceding such redemption date.

"Make-whole Spread" means 25 basis points.

AGA Holdings will give notice to each holder of notes to be redeemed of any redemption AGA Holdings or AGA propose to make at least 30 days, but not more than 60 days, before the redemption date or request that the trustee send such notice of redemption to each holder of notes to be redeemed in the name of AGA Holdings and at its expense. If fewer than all of the notes are to be redeemed, the notes to be redeemed shall be selected by the trustee by lot or any other such method as the trustee deems to be fair and appropriate.

Unless AGA Holdings or AGA defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the notes or portions thereof called for redemption.

**Optional Tax Redemption**

We or the guarantor may redeem the notes at our option in whole but not in part at any time, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor would be required to pay additional amounts, as a result of any change in the tax laws or income tax treaties (including the official application or interpretation thereof) of a Taxing Jurisdiction (as defined herein) or, in the case of an income tax treaty, to which a Taxing Jurisdiction is a party that, in the case of any of us, becomes effective on or after 28 April 2010 (the issuance date of the notes) (or, in the case of a successor that becomes effective after the date such successor becomes such, or, in the case of assumption by the guarantor, the date of such assumption), as explained below under "—*Payment of Additional Amounts*", or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a change in the official application or interpretation of an income tax treaty to which a Taxing Jurisdiction is a party, this change is proposed and becomes effective on or after a date on which one of our affiliates borrows money from us, and because of the change this affiliate would be required to deduct or withhold tax on payments to us to enable us to make any payment of principal, premium, if any, or interest.

In both of these cases, however, we will not be permitted to redeem the notes if we can avoid either the payment of additional amounts, or deductions or withholding, as the case may be, by using reasonable measures available to us.

If AGA Holdings or AGA call the notes, AGA Holdings or AGA must pay you 100 percent of their principal amount. AGA Holdings or AGA will also pay you unpaid accrued interest to the redemption date. The notes will stop bearing interest on the redemption date, even if you do not collect your money. AGA Holdings will give notice to each holder of notes to be redeemed of any redemption AGA Holdings or AGA proposes to make at least 30 days,

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but not more than 60 days, before the redemption date or request that the trustee send such notice of redemption to each holder of notes to be redeemed in the name of AGA Holdings and at its expense.

**Change of Control Repurchase Event**

If a change of control repurchase event occurs in respect of the notes, unless either AGA Holdings or AGA has exercised its right to redeem the notes as described under "—*Optional Redemption*" or "—*Optional Tax Redemption*" above, AGA Holdings will be required to make an offer to each holder of the notes to repurchase all or any part (in minimal denominations of $1,000 and integral multiples of $1,000 in excess thereof) of that holder's notes at a repurchase price in cash equal to 101 percent of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the notes repurchased to, but not including, the date of repurchase. Within 30 days following any change of control repurchase event or, at AGA Holdings' option, prior to any change of control, but after the public announcement of the proposed change of control, AGA Holdings will mail a notice to each holder, with a copy to the trustee, describing the transaction or transactions that constitute or may constitute the change of control repurchase event and offering to repurchase the notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law. The notice shall, if mailed prior to the date of consummation of the change of control, state that the offer to purchase is conditioned on a change of control repurchase event occurring on or prior to the payment date specified in the notice. Holders of the notes electing to have their notes purchased pursuant to a change of control repurchase event offer will be required to surrender their notes, with the form entitled "Option of Holder to Elect Purchase" on the reverse of the note completed, to the paying agent at the address specified in the notice, or transfer their notes to the paying agent by book-entry transfer pursuant to the applicable procedures of the paying agent, prior to the close of business on the third business day prior to the repurchase payment date. AGA Holdings will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a change of control repurchase event. To the extent that the provisions of any applicable securities or corporate laws or regulations conflict with the change of control repurchase event provisions of the notes, AGA Holdings will comply with the applicable securities or corporate laws and regulations and will not be deemed to have breached its obligations under the change of control repurchase event provisions of the notes by virtue of such conflict.

On the repurchase date following a change of control repurchase event, AGA Holdings will, to the extent lawful:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accept for payment all notes or portions of the notes properly tendered pursuant to AGA Holdings' offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deposit with the paying agent an amount equal to the aggregate purchase price in respect of all the notes or portions of the notes properly tendered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deliver or cause to be delivered to the trustee the notes properly accepted, together with an officers' certificate stating the aggregate principal amount of notes being purchased by AGA Holdings.

The paying agent will promptly mail to each holder of notes properly tendered the purchase price for the notes (or make payment through the depositary), and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of any notes surrendered; provided, however, that each new note will be in a minimum principal amount of $1,000 and integral multiples of $1,000 in excess thereof.

AGA Holdings will not be required to make an offer to repurchase the notes issued by it upon a change of control repurchase event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by AGA Holdings and such third party purchases all notes properly tendered and not withdrawn under its offer.

For purposes of the foregoing discussion of a repurchase at the option of holders, the following definitions are applicable:

"change of control" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, scheme of arrangement, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the assets of AGA and its subsidiaries taken as a whole to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) other than to AGA or one of its subsidiaries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consummation of any transaction (including, without limitation, any merger, scheme of arrangement, amalgamation or consolidation) the result of which is that any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a subsidiary of AGA) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50 percent of the combined voting power of AGA's voting stock or other voting stock into which AGA's voting stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA consolidates with, or merges with or into, or enters into a scheme of arrangement with or amalgamates with, any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), or any person consolidates with, or merges with or into, or enters into a plan or arrangement with, AGA, in any such event pursuant to a transaction in which any of the outstanding voting stock of AGA or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the voting stock of AGA outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the first day on which the majority of the members of the board of directors of AGA cease to be continuing directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adoption of a plan relating to the liquidation or dissolution of AGA.

Notwithstanding the foregoing, a transaction will not be deemed to involve a change of control if (1) AGA becomes a direct or indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of AGA's voting stock immediately prior to that transaction or (B) immediately following that transaction, no "person" (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50 percent of the voting stock of such holding company.

The definition of change of control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of AGA's and its subsidiaries' properties or assets taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of notes to require AGA Holdings to repurchase such holder's notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of AGA's and its subsidiaries' assets taken as a whole to another person or group may be uncertain.

"change of control repurchase event" means, provided the notes carry an investment grade rating from both of the rating agencies immediately prior to the occurrence of the change of control or the public notice of the intention by AGA to effect the change of control, as the case may be, the notes cease to be rated investment grade by each of the rating agencies on any date during the 60-day period (which period shall be extended so long as the rating of the notes is under publicly announced consideration for a possible downgrade by any of the rating agencies) after the earlier of (1) the occurrence of a change of control; and (2) public notice of the intention by AGA to effect a change of control; provided, however, that a change of control repurchase event shall be deemed not to have occurred if (A) a rating agency that has reduced its rating of the notes below investment grade during that period does not announce or publicly confirm or inform the trustee in writing at AGA Holdings' request that the reduction was the result, in whole or in part, of any event or circumstance comprised from or arising as a result of the applicable change of control (regardless of whether that change of control shall then have occurred) or (B) a rating of the notes by one of the rating agencies is within that period subsequently upgraded to an investment grade credit rating. Notwithstanding the foregoing, a change of control repurchase event will be deemed not to have occurred in connection with any particular change of control unless and until such change of control has actually been consummated.

"continuing director" means, as of any date of determination, any member of the board of directors of AGA who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was a member of such board of directors on the date of the closing of this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was nominated for election, elected or appointed to such board of directors with the approval of a majority of the continuing directors who were members of such board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of AGA's proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination).

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"investment grade" means a rating of Baa3 or better by Moody's (or its equivalent under any successor rating categories of Moody's); a rating of BBBor better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by AGA as a replacement rating agency or replacement ratings agencies.

"Moody's" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.

"rating agency" means each of Moody's and S&P; provided, however, that if either Moody's or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of AGA's control, AGA may select (as certified by a resolution of AGA's board of directors) a "nationally recognized statistical rating organization" within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, as a replacement agency for Moody's or S&P, or both of them, as the case may be.

"S&P" means Standard & Poor's Ratings Services, a division of The McGrawHill Companies, Inc., and its successors.

"voting stock" of any specified "person" (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

The change of control repurchase event feature of the notes may in certain circumstances make more difficult or discourage a sale or takeover of AGA and, thus, the removal of incumbent management. Subject to the limitations discussed below, AGA could, in the future, enter into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a change of control repurchase event under the notes, but that could increase the amount of indebtedness outstanding at such time or otherwise affect AGA's capital structure or credit ratings on the notes. Restrictions on AGA's ability to incur liens are contained in the covenants as described under "—*Limitation on Liens*" below.

AGA Holdings may not have sufficient funds to repurchase all the notes upon a change of control repurchase event.

**Payment of Additional Amounts**

We will pay all amounts of principal of, and any premium and interest on, the notes, and all payments pursuant to any guarantee shall be made, without deduction or withholding for any taxes, duties, assessments or other charges imposed by the government of South Africa or the Isle of Man or any other jurisdiction where we and the guarantor are tax resident or in which we do business, as the case may be, or the government of a jurisdiction in which a successor to any of us, as the case may be, is organized or tax resident (each such jurisdiction, a "Taxing Jurisdiction"), unless such taxes, duties, assessments or other governmental charges are required by a Taxing Jurisdiction to be deducted or withheld. In that event, we (or the guarantor) will pay any additional amounts necessary to make the net amount paid to the affected holders equal the amount the holders would have received in the absence of the deduction or withholding. However, these "additional amounts" will not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge imposed by any government of any jurisdiction other than a Taxing Jurisdiction (including any unit of the federal or a state government of the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is only payable because either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a type of connection exists between the holder and a Taxing Jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holder presented the note for payment more than 30 days after the date on which the relevant payment becomes due or was provided for, whichever is later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any estate, inheritance, gift, sale, transfer, personal property or similar tax, duty, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is payable other than by deduction or withholding from a payment on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any tax, duty, assessment or other governmental charge that is imposed or withheld due to the holder or beneficial owner of the note failing to accurately comply with a request from us either to provide information concerning the beneficial owner's nationality, residence or identity or make any claim or to satisfy any information or reporting requirement, if the

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completion of either is required by statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption from the applicable governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any withholding or deduction that is imposed on a payment to an individual and required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN (European Union Economic and Finance Ministers) Counsel Meeting of 26-27 November 2000 or any law implementing or complying with or introduced in order to conform to such Directive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the withholdings, taxes, duties, assessments or other governmental charges described above.

Additionally, additional amounts shall not be paid with respect to any payment to a holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder.

References in this "—*Description of the 2040 Notes*" to principal or interest will be deemed to include additional amounts payable with respect thereto.

**Limitation on Liens**

AGA covenants in the Indenture that it will not, nor will it permit any "Restricted Subsidiary" to, create, incur, issue, assume or guarantee any Capital Markets Indebtedness if the Capital Markets Indebtedness is secured by any mortgage, security interest, pledge, lien or other encumbrance (collectively, a "lien" or "liens") upon any "Principal Property" of it or any Restricted Subsidiary or any shares of stock of or debt owed to any Restricted Subsidiary, whether owned at the date of the Indenture or thereafter acquired, without effectively securing the securities issued under the Indenture equally and ratably with or prior to such secured Capital Markets Indebtedness. See below for definitions of "Restricted Subsidiary", "Capital Markets Indebtedness" and "Principal Property".

This lien restriction will not apply to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens already existing at 28 April 2010 (the date of the Indenture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property or securities of any corporation existing at the time such corporation becomes a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens arising by operation of law in the ordinary course of business and securing amounts not more than 60 days overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens created on an undertaking or asset in favour of a governmental or quasi-governmental (whether national, local or regional) or supra-governmental body in respect of the financing of that undertaking or asset at a preferential rate which secures only the payment or repayment of the financing for that undertaking or asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens created in respect of any margin or collateral delivered or otherwise provided in connection with metal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any property acquired, constructed or improved after the date of the Indenture that are created or assumed before or within 12 months after the acquisition, construction or improvement to secure or provide for the payment of all or any part of the purchase price or cost of construction or improvement incurred after the date of the Indenture, or existing liens on property acquired after the date of the Indenture, provided that such liens are limited to such property acquired or constructed or to the improvement of such properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any Principal Property imposed to secure all or any part of the payment of costs of exploration, drilling, development, operation, construction, alteration, repair, improvement or rehabilitation, if they are created or assumed before or within 12 months after completion of these activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens securing debt owed by a Restricted Subsidiary to AGA or to another Restricted Subsidiary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on any property, shares of stock or indebtedness of a corporation consolidated with or merged into, or substantially all of the assets of which are acquired by AGA or a Restricted Subsidiary existing at the time of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain deposits or pledges of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens in favour of governmental bodies to secure partial, progress, advance or other payments under any contract or statute or to secure indebtedness incurred to finance all or any part of the purchase price or cost of constructing or improving the property subject to these liens, including liens to secure tax exempt pollution control revenue bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property acquired by AGA or a Restricted Subsidiary through the exercise of rights arising out of defaults on receivables acquired in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• judgment liens in which the finality of the judgment is being contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens for the sole purpose of extending, renewing or replacing debt secured by the permitted liens listed here, subject to certain limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens for taxes or assessments or governmental charges or levies not yet due or delinquent, or which can be paid without penalty after they are due, or which are being contested in good faith; landlord's liens on leased property; and other similar liens which do not, in the opinion of AGA, materially impair the use of that property in the operation of its business or the business of a Restricted Subsidiary or the value of that property for the purposes of that business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any sale of receivables that is reflected as secured indebtedness on a balance sheet prepared in accordance with International Financial Reporting Standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on margin stock owned by AGA and its Restricted Subsidiaries to the extent this margin stock exceeds 25 percent of the fair market value of the sum of the Principal Property and that of the Restricted Subsidiaries plus the shares of stock (including margin stock) and indebtedness incurred by the Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens over assets for the purpose of securing financing for construction and development of a project such as a mining venture, which we usually call "project finance";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any mineral right, royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest kept by the seller in a property AGA acquires, and any sale by AGA to another person of a mineral right, royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien created to secure our portion of someone else's expenses to develop or conduct operations with respect to mineral resources on a property in which we or one of our Restricted Subsidiaries has an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any conveyance or assignment under the terms of which AGA or one of its Restricted Subsidiaries conveys or assigns to any person an interest in any mineral and/or the proceeds thereof, any royalty, production payment, interest in net proceeds or profits, right to take production in kind, easement, right of way, surface use right, water right or other interest in real property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any lien to secure the performance of our obligations to others who jointly hold an interest in property with AGA or one of its Restricted Subsidiaries.

The lien restriction described above does not apply to Capital Markets Indebtedness secured by a lien, if the Capital Markets Indebtedness, together with all other Capital Markets Indebtedness secured by liens (not including permitted liens described above) and the Attributable Debt (generally defined as the discounted present value of net rental payments, but excluding payments on *bona fide* operating leases) associated with Sale and Lease Back Transactions (as defined below) entered into after 28 April 2010 (the date of the Indenture) (but not including Sale and Lease Back Transactions (as defined below) pursuant to which debt has been retired), does not exceed ten percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries, as shown on the audited consolidated balance sheet prepared in accordance with International Financial Reporting Standards ("IFRS").

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The term "Restricted Subsidiary" is defined in the Indenture to mean any wholly-owned subsidiary of AGA which also owns a Principal Property, unless the subsidiary is primarily engaged in the business of a finance company.

The term "Capital Markets Indebtedness" is defined in the Indenture to mean any indebtedness for money borrowed or interest thereon in the form of bonds, notes, debentures, loan stock or other similar securities that are, or are capable of being, quoted, listed or ordinarily dealt with in any stock exchange, over-the- counter or other securities market, having an original maturity of more than 365 days from its date of issue, or any guarantee or indemnity in respect of Capital Markets Indebtedness.

The term "Principal Property" is defined in the Indenture to mean any mine or mining-related facility, together with the land upon which such plant or other facility is erected and fixtures comprising a part thereof, whose net book value exceeds five percent of consolidated net tangible assets of AGA and its consolidated subsidiaries, unless the board of directors of AGA thinks that the property is not of material importance to its overall business or that the portion of a property in question is not of material importance to the rest of such property.

**Limitation on Sale and Lease Back Transactions**

AGA covenants in the Indenture that it will not, nor will it permit any Restricted Subsidiary, to enter into any arrangement with any party providing for the leasing to it or any Restricted Subsidiary of any Principal Property (except for temporary leases for a term, including renewals, of not more than three years) which has been or is to be sold by it or the Restricted Subsidiary to the party (a "Sale and Lease Back Transaction"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Attributable Debt (generally defined as the discounted present value of net rental payments, but excluding payments on *bona fide* operating leases) of the Sale and Lease Back Transaction, together with the Attributable Debt of all other Sale and Lease Back Transactions entered into after 28 April 2010 (the date of the Indenture) and the aggregate principal amount of the AGA's debt secured by liens on Principal Property of AGA or any Restricted Subsidiary (but not including permitted liens and Sale and Lease Back Transactions pursuant to which debt has been retired) would not exceed ten percent of the consolidated net tangible assets of AGA and its consolidated subsidiaries (as set forth on the most recent balance sheet but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with International Financial Reporting Standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA or the Restricted Subsidiary would be entitled to incur debt secured by a lien on the Principal Property to be leased without securing the securities issued under the Indenture, as described in the bullet points under "—*Limitation on Liens*" above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA applies an amount equal to the greater of the net proceeds of the sale or transfer or fair value of the Principal Property that is the subject of a Sale and Lease Back Transaction to the retirement of the securities, or to the retirement of long-term indebtedness of AGA or a Restricted Subsidiary that is not subordinated to the debt securities issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGA enters into a bona fide commitment to expend for the acquisition or improvement of a Principal Property an amount at least equal to the fair value of the Principal Property leased.

**Events of Default**

You will have special rights if an Event of Default occurs in respect of the notes and is not cured, as described later in this subsection.

***What Is an Event of Default?*** The term "Event of Default" in respect of the notes means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to pay the principal of, or any premium on, the notes on their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to pay interest or additional amounts on the notes within 30 days of their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to deposit any sinking fund payment in respect of the notes on their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor remain in breach of a covenant in respect of the notes for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25 percent of the principal amount of the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the guarantor file for bankruptcy or certain other events of bankruptcy, insolvency or reorganisation occur.

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An Event of Default for the notes does not necessarily constitute an Event of Default for any other series of debt securities issued under the Indenture or any other indenture. The trustee may withhold notice to the holders of notes of any default, except in the payment of principal or interest, if it considers the withholding of notice to be in the interests of the holders of the notes.

***Remedies if an Event of Default Occurs*.** If an Event of Default has occurred and has not been cured, the trustee or the holders of at least 25 percent in principal amount of the notes may declare the entire principal amount of all the notes to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be cancelled by the holders of at least a majority in principal amount of the notes.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the Indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability (called an "indemnity") satisfactory to the trustee. If indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the notes may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the notes, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you must give your trustee written notice that an Event of Default has occurred and remains uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of at least 25 percent in principal amount of all outstanding notes must make a written request that the trustee take action because of the default and must offer indemnity to the trustee reasonably satisfactory to the trustee against the cost and other liabilities of taking that action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of a majority in principal amount of the notes must not have given the trustee a direction inconsistent with the above notice.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your notes on or after the due date.

Holders of a majority in principal amount of the notes may waive any past defaults other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payment of principal, any premium or interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in respect of a covenant that cannot be modified or amended without the consent of each holder.

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW TO GIVE NOTICE OR DIRECTION TO OR MAKE A REQUEST OF THE TRUSTEE AND HOW TO DECLARE OR CANCEL AN ACCELERATION.

Each year, we and the guarantor will furnish to the trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the Indenture and the notes, or else specifying any default.

**Merger or Consolidation**

Under the terms of the Indenture, we and the guarantor are generally permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where we merge out of existence or sell our assets, the resulting entity must agree to be legally responsible for the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately after giving effect to the merger or sale of assets, no default on the notes shall have occurred and be continuing. For purposes of this no-default test, a default would include an Event of Default that has occurred and has not been cured, as described under "—*Events of Default—What Is an Event of Default?*". A default for this purpose would also include any event that would

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be an Event of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver certain certificates and documents to the trustee.

**Modification or Waiver**

There are three types of changes we can make to the Indenture and the notes.

***Changes Requiring Your Approval***.

First, there are changes that we cannot make to your notes without your specific approval. Following is a list of those types of changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the stated maturity of the principal of (or premium, if any) or interest on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce any amounts due on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the amount of principal payable upon acceleration of the maturity of the notes following a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right of repayment at the holder's option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the place or currency of payment on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impair your right to sue for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right to convert or exchange the notes in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage in principal amount of holders of the notes whose consent is needed to modify or amend the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage in principal amount of holders of the notes whose consent is needed to waive compliance with certain provisions of the Indenture or to waive certain defaults under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify any other aspect of the provisions of the Indenture dealing with modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change any obligation to pay additional amounts, as explained above under "—*Payment of Additional Amounts*".

***Changes Not Requiring Approval***.

The second type of change does not require any vote by the holders of the notes. This type is limited to clarifications and certain other changes that would not adversely affect holders of the outstanding notes in any material respect. We also do not need any approval to make any change that affects only notes to be issued under the Indenture after the change takes effect.

***Changes Requiring Majority Approval***. Any other change to the Indenture or the notes would require the following approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the change affects the notes, it must be approved by the holders of a majority in principal amount of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the change affects more than one series of debt securities issued under the Indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, any resolution passed or decision taken at any meeting of the holders of a series of debt securities must be in writing.

The holders of a majority in principal amount of any series of debt securities issued under the Indenture may waive our (and, in the case of the notes or other guaranteed debt securities, the guarantor's) compliance with some of our

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covenants in the Indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "—*Changes Requiring Your Approval*".

***Further Details Concerning Voting***.

We will generally be entitled to set any day as a record date for the purpose of determining the holders of notes that are entitled to vote or take other action under the Indenture. If we set a record date for a vote or other action to be taken by holders of the notes, that vote or action may be taken only by persons who are holders of outstanding notes on the record date, and the vote or other action must be taken within eleven months following the record date. The holder of a note will be entitled to one vote for each $1,000 principal amount of the note that is outstanding and held by it. Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Notes will also not be eligible to vote if they have been fully defeased as described later under "—*Defeasance—Full Defeasance*".

BOOK-ENTRY AND OTHER INDIRECT HOLDERS SHOULD CONSULT THEIR BANKS OR BROKERS FOR INFORMATION ON HOW APPROVAL MAY BE GRANTED OR DENIED IF WE SEEK TO CHANGE THE INDENTURE OR THE NOTES OR REQUEST A WAIVER.

**Sinking Fund**

The notes will not be entitled to the benefit of a sinking fund.

**Defeasance**

The following provisions will be applicable to the notes.

***Covenant Defeasance***.

Under certain circumstances as described below, we or the guarantor can be released from some of the restrictive covenants in the Indenture. This is called "covenant defeasance". In that event, you would lose the protection of those restrictive covenants but would gain the protection of having cash and U.S. government securities set aside in trust to repay your notes. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deposit in trust for the benefit of all holders of the notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the notes on their various due dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "covenant defeasance" must not otherwise result in a breach of the Indenture or any of our and the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the notes any differently than if we did not make the deposit and just repaid the notes ourselves at maturity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion and officer's certificate, each stating that all conditions precedent to "covenant defeasance" under the Indenture have been met.

If we accomplish covenant defeasance, you can still look to us for repayment of the notes if there is a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

***Full Defeasance***.

Under certain circumstances, as described below, we or the guarantor can legally release ourselves from all payment and certain other obligations on the notes. This is called "full defeasance". In order to achieve full defeasance, we must put in place the following arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deposit in trust for the benefit of all holders of the notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the notes on their various due dates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "full defeasance" must not otherwise result in a breach of the Indenture or any of our and the guarantor's material agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no Event of Default must have occurred and remain uncured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal income tax law or an Internal Revenue Service ruling that lets us make the above deposit without causing you to be taxed on the notes any differently than if we did not make the deposit and just repaid the notes ourselves at maturity. Under current U.S. federal income tax law, the deposit and our legal release from the notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your notes and you would recognise gain or loss on the notes at the time of the deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we must deliver to the trustee an opinion of counsel and an officer's certificate, each stating that all conditions precedent to "full defeasance" under the Indenture have been met.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the notes. You could not look to us for repayment in the unlikely event of any shortfall.

**Listing**

The notes are listed on the New York Stock Exchange.

**Guarantee**

AGA fully and unconditionally guarantees the payment of the principal of, premium, if any, and interest on the notes, including any additional amounts, when and as any such payments become due, whether at maturity, upon redemption or declaration of acceleration, or otherwise. AGA has obtained the approval of the South African Reserve Bank to provide the guarantee. The guarantee of the notes is unsecured and unsubordinated indebtedness of AGA and ranks equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The guarantee is or will be effectively subordinated to any of AGA'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 AGA's subsidiaries. Under the terms of the full and unconditional guarantee, holders of notes will not be required to exercise their remedies against AGA Holdings before they proceed directly against AGA.

**Trustee**

The Bank of New York Mellon is trustee, paying agent and registrar under the Indenture. The Bank of New York Mellon's address currently is 240 Greenwich Street, New York, New York 10286.

## Exhibit 19.4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![image_1b.jpg](image_1b.jpg)

**2018 DEFERRED SHARE PLAN** <br>**SCHEME RULES**<br>

![image_0b.jpg](image_0b.jpg)

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1.**Definitions**

1.1In the DSP, unless the context indicates otherwise, the following words and expressions will have the meanings assigned thereto:

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|:---|:---|
| 1.1.1"Acceptance Date" | means the date by which an Employee is obliged to deliver an Acceptance Notice to the Employer Company in order to participate in the DSP (in terms of clause 6.4); |
| 1.1.2"Acceptance Notice"  | means the notice delivered by an Employee to an Employer Company indicating his acceptance of an Allocation (in terms of clause 6.4); |
| 1.1.3"Administrator" | means a member of the Group appointed by an Employer Company to act on behalf of that Employer Company in performing the obligations of that Employer Company in terms of the DSP; |
| 1.1.4"Allocation" | Means a total annual unit allocation amount (calculated in terms of the Rules) approved by Remco on the recommendation of the Employer Company, made by an Employer Company to an Employee in respect of a Financial Year in terms of clause 6; |
| 1.1.5"Allocation Date" | means the day on which an Allocation is awarded by an Employer Company to an Employee, as determined by Remco; |
| 1.1.6"Allocation Notice" | means the notice delivered by an Employer Company to an Employee notifying such Employee of an Allocation (in terms of clause 6.2) and setting out the terms of the Allocation; |
| 1.1.7"Allocation Policy and Performance Conditions" | means the proposed allocation policy and performance conditions which apply to Participants, made in terms of clause 4, attached hereto marked Annexure A, as amended by Remco from time to time; |

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|:---|:---|
| 1.1.8"Associate or Joint Venture" | means any company, corporation or other similar entity in which the Company owns, directly or indirectly, ordinary shares or securities of that company, corporation or entity, and that company, corporation or entity is considered to be an associate or joint venture in terms of the International Financial Reporting Standards issued by the International Accounting Standards Board from time to time; |
| 1.1.9"Auditors" | means the auditors of the Company from time to time; |
| 1.1.10 |  |
| 1.1.11"Board" | means the board of directors of the Company or any committee thereof to whom the powers of the board of directors of the Company in respect of the DSP are delegated; |
| 1.1.12"Broker" | means the financial intermediary appointed by the Company and the Employer Company to perform the services specified in the DSP on behalf of the Participants; |
| 1.1.13"Brokerage Account"  | means the account with the Broker, which the Company will open in the name of the Participant; |
| 1.1.14"Closed Period"  | means a closed period as (i) defined in the Listings Requirements or (ii) communicated by the Company; provided that for purposes of the DSP the definition shall also include a "prohibited period" as defined in the Listings Requirements in respect of those persons who fall within the ambit of paragraphs 3.63 and 3.67 of the Listings Requirements; |
| 1.1.15"Companies Act" | means the South African Companies Act, 71 of 2008; |
| 1.1.16"Company" | means AngloGold Ashanti Limited, a public company duly incorporated and registered in accordance with the laws of the Republic of South Africa under registration number 1944/017354/06; |
| 1.1.17"Control"  | means a beneficial interest in the voting securities of the Company equal to or exceeding the prescribed percentage in terms of section 123(5) of the Companies Act; |
| 1.1.18"Dividends" | means all distributions as defined in the Companies Act; |

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|:---|:---|
| 1.1.19"Employee" | means any senior employee (including an executive director holding salaried employment or office but excluding a non-executive director) employed by an Employer Company who is eligible to participate in the DSP in accordance with Remco's determination from time to time. For purposes of the DSP, Employees are categorised as "Executives" and "Key Employees"; 14.1(a) |
| 1.1.20"Employees' Tax" | means employees' Tax payable by the Employer Company in terms of the Income Tax Act or any similar payroll Tax payable to the Revenue Authority in countries outside of South Africa; |
| 1.1.21"Employer Company" | means the specific entity (which includes both local and foreign entities) within the Group that employed the Participant for the greater part of the Financial Year taken into account in making the Allocation; |
| 1.1.22"Executives" | means the Employees selected by Remco who have senior positions in management and are employed by an Employer Company on a full-time basis; |
| 1.1.23"Exercise"  | means when a Participant chooses to "convert" his Vested Units into Shares in accordance with clause 9; |
| 1.1.24"Exercise Date" | means the day on which the Participant Exercises his Vested Units in accordance with clause 9; |
| 1.1.25"Exercise Period" | means the period during which Participants are entitled to Exercise their Vested Units. This period is determined by Remco in terms of clause 5.1.6 and notified to the Participant in the Allocation Notice; provided that Participants shall never have more than 10 (ten) years from the Allocation Date in which to Exercise their Vested Units; |
| 1.1.26"Financial Markets Act" | means the Financial Markets Act, 19 of 2012; |
| 1.1.27"Financial Year"  | means the Company's financial year, which runs from 1 January to 31 December; |
| 1.1.28"Group" | means the Company, its Subsidiaries, Associates and Joint Ventures; |

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|:---|:---|
| 1.1.29"Ill-health" | means a physical, mental or psychological condition, including a disability or a condition caused by an injury, diagnosed by a Company approved Medical Practitioner, which renders the Employee incapable of performing his duties in terms of his employment contract; |
| 1.1.30"Income Tax Act" | means the South African Income Tax Act, 58 of 1962 or a similar act promulgated in countries outside of South Africa; |
| 1.1.31"JSE" | means the JSE Limited, a public company incorporated in accordance with the laws of the Republic of South Africa under registration number 2005/022939/06, which is licensed as an exchange in terms of the Financial Markets Act; |
| 1.1.32"Key Employees"  | means Employees who have specialist skills required in the Company's highly technical business and who are not Executives; |
| 1.1.33"Listings Requirements" | means the JSE Limited Listings Requirements; |
| 1.1.34"Medical Practitioner" | means a person who is certified to diagnose and treat patients and who is registered with a professional council established by an Act of the South African Parliament or its equivalent in countries outside of South Africa;  |
| 1.1.35"Participant" | means an Executive or Key Employee that is awarded an Allocation (in terms of clause 6) and thereby becomes subject to the terms and conditions of the DSP, and (save for the provisions of clause 16) shall include Participants who are no longer employed by an Employer Company but are entitled to continue to participate in the DSP (in terms of clause 14); |
| 1.1.36"Personal Information"  | means personal information as defined in section 1 of the Protection of Personal Information Act, 4 of 2013; |
| 1.1.37"Remco"  | means the Remuneration and Human Resources Committee of the Board or any person(s) to whom the powers of Remco in respect of the DSP have been delegated (but then only in accordance with the terms of such delegation) which persons do not hold any executive office within the Group; |

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|:---|:---|
| 1.1.38"Remuneration Policy" | means the Company's Remuneration Policy, as determined by the Board on the recommendation of Remco and disclosed in the Company's annual remuneration report in its integrated report; |
| 1.1.39"Retirement" | means the termination of the employment of an Employee upon the Employee reaching the retirement age applicable to the Employee concerned; |
| 1.1.40"Retrenchment" | means the termination of the employment of an Employee by virtue of the operational requirements of the Employer Company concerned; |
| 1.1.41"Revenue Authority" | means the institution in a country that administers the relevant Tax legislation and/or to whom Tax should be paid by law; |
| 1.1.42"Share" | means an ordinary share designated as such in the memorandum of incorporation of the Company; |
| 1.1.43"Subsidiaries"  | means any company which is at the relevant time a subsidiary as defined in section 1 of the Companies Act; and |
| 1.1.44"Tax" | includes all present and future taxes, charges, imposts, duties, levies, deductions, withholdings or fees of any kind whatsoever, or any amount payable on account of or as security for any of the forgoing, imposed by legislation that applies to the DSP, a Participant or the Group, from time to time, levied, collected, withheld or assessed, together with any penalties, additions, fines, surcharges or interest relating thereto. |
| 1.1.45"DSP" | means the AngloGold Ashanti Limited Deferred Share Plan 2018, established in terms of this document; |
| 1.1.46"Units" | means, in respect of an Allocation, the notional number calculated in terms of clause 8; |
| 1.1.47"Unit Grant Price" | means a value that is determined by using the volume weighted average share price of a Share on the JSE over the 5 (five) business days immediately prior to the Allocation Date; |

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|:---|:---|
| 1.1.48"Vest | means the moment when a Participant is entitled to Exercise his Units in accordance with clause 9 and "Vested" and "Vesting" shall have equivalent meanings; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>1.1.49"Vesting Date" | <br>subject to clauses 6, 13.5 and 14; means the date which occurs after the expiry of the Vesting Period; |
| 1.1.50"Vesting Period" | means the period which commences on the Allocation Date and terminates at the end of the period(s) set out in the Allocation Notice. |

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1.2<u>General Interpretation</u>

For the purposes of the DSP the following rules of construction shall apply, unless the context requires otherwise:

1.2.1Words importing -

1.2.1.1any gender include the other genders;

1.2.1.2the singular include the plural and vice versa; and

1.2.1.3natural persons include artificial persons and vice versa.

1.2.2If any provision in a definition is a substantive provision conferring a right or imposing an obligation on any party then, notwithstanding that it is only in a definition, effect shall be given to that provision as if it were a substantive provision in the body of the DSP.

1.2.3Words and expressions defined in the Companies Act which are not defined in the DSP shall have the same meanings in the DSP as those ascribed to them in the Companies Act.

1.2.4The DSP will be given effect to in accordance with:

1.2.4.1the Companies Act;

1.2.4.2the Listings Requirements, including paragraphs 3.63 to 3.74 and 3.92 to the extent applicable; and **14.9(d)**

1.2.4.3the Remuneration Policy.

1.2.5If a conflict exists between the DSP and the Remuneration Policy, the terms of the DSP shall prevail and Remco shall be required to amend the Remuneration Policy so that the Remuneration Policy is consistent with the terms of the DSP.

1.2.6All references to a statute and the Listings Requirements shall be to such statute and the Listings Requirements (as the case may be) as at the date of adoption of the DSP by the Company and as amended, replaced or superseded from time to time thereafter.

1.3<u>Headings and Sub-headings</u>

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All the headings and sub-headings in the DSP are for convenience only and are not to be taken into account for the purpose of interpreting it.

2.**Object**

The object and purpose of the DSP is to:

2.1incentivise the Group's Executives and Key Employees to meet strategic short-, Medium- and long-term objectives that will help deliver value to shareholders;

2.2achieve alignment between the Participants' remuneration and the interests of the Company's shareholders; and

2.3act as a retention and/or recruitment mechanism in a market where highly skilled people are in high demand.

3.**Administrator**

An Employer Company may appoint an Administrator to act on its behalf in performing its obligations as an Employer Company under the DSP. For purposes of the DSP, references to "Employer Company" include an Administrator that has been appointed by an Employer Company in terms of this clause 3.

4.**Allocation Award Policy and Performance Conditions**

4.1Remco shall be entitled, subject to the provisions of the DSP, to make and establish Allocation Award Policy and Performance Conditions as it deems expedient or necessary for the proper implementation of the DSP.

4.2Remco may, from time to time, in its sole discretion, amend the Allocation Award Policy and Performance Conditions, provided that the amendments:

4.2.1are in line with the Remuneration Policy; and

4.2.2take due account of prevailing market trends and what is regarded as "remuneration best practice" at the time of such amendments.

4.3Subject to clauses 14, 16 and 17, once an Allocation Award has been made, the Allocation Award Policy and Performance Conditions which pertain to that specific Allocation Award may not be amended or varied. This does not, in any way, restrict the provisions set out in clause 13.

5.**Annual Remco Determination**

5.1Each year, Remco shall determine and (as contemplated in clause 4), if deemed appropriate, amend the respective Allocation Award Policy and Performance Conditions to record the following:

5.2which Employees shall receive an Allocation;

5.2.1the size of the Allocations to be granted to the Employees;

5.2.2the Allocation Date;

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5.2.3the Acceptance Date;

5.2.4the Vesting Dates and Vesting Periods that will apply to an Allocation; and

5.2.5the Exercise Period.

5.3The Vesting Period set out in the Rules shall not be less than a period of 1 (one) year and not longer than a period of 5 (five) years. A single Allocation made to an Employee may have more than 1 (one) Vesting Date and, as a result, more than 1 (one) Vesting Period. Save where the provisions of clause 5.4 below apply, a single Allocation to an Executive will Vest over a period of 5 (five) years (20% per annum).

5.4Remco may, in its sole and absolute discretion approve the award of *ad hoc* Allocations to new Employees to incentivise them to join the Group compensating them for incentive awards that they have forfeited from their previous employer (sign-on Allocations) on terms and conditions as it may deem appropriate, subject to Annexure A hereto.

5.5Remco shall set out in the Rules the criteria on which Allocations are made in terms of the DSP. The criteria shall be aligned with the strategic objectives of the Company and the DSP (as set out in clause 2 above).

6.**Allocations 14.1(f)**

6.1Upon the determination by Remco of the matters set out in clause 5, an Employer Company shall be entitled to award an Allocation to an Employee on the terms set out hereunder.

6.2The Employer Company shall deliver an Allocation Notice to the Employee, with such Allocation Notice delivered on the Allocation Date, notifying him of:

6.2.1the Acceptance Date;

6.2.2the size of the Allocation (which is calculated in accordance with the formulae in the Rules);

6.2.3the number of Units applicable to the Allocation (calculated in terms of clause 8);

6.2.4the Vesting Dates and Vesting Periods applicable to the Allocation;

6.2.5the Exercise Period; and

6.2.6the fact that the Employer Company may open a Brokerage Account in his name.

6.3There will be no payment by the Participant for the Allocation. **14.1(d)**

6.4The Employee must deliver an Acceptance Notice to the Employer Company on or before the Acceptance Date indicating:

6.4.1his acceptance of the terms and conditions of the DSP (including, but not limited to, those set out in clause 19);

6.4.2his consent to a Brokerage Account being opened in his name (he must also provide any "Know Your Client" supporting information and documentation required to open the Brokerage Account).

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6.5The obligations of an Employer Company under the DSP with respect to an Allocation shall be postponed until such time as the Participant has delivered his Acceptance Notice to the Employer Company in accordance with clause 6.3 above; provided that if the Participant fails to deliver his Acceptance Notice to the Employer Company within 30 (thirty) days of the Acceptance Date, he shall be deemed to have accepted the Allocation. The Employer Company will not be liable for any loss that may be suffered by the Participant as a result of the postponement of its obligations in terms of this clause 6.5.

6.6An Employee may not transfer, cede, pledge or alienate in any way whatsoever their rights as a Participant under the DSP. **14.1(e)**

6.7For the avoidance of doubt, the Allocation does not give a Participant any right to participate in the DSP, or any rights to Shares until and to the extent that the terms and conditions in the DSP have been met. **14.1(e)**

7.**Threshold** 

7.1Allocations are subject to an annual cap of 1% (one percent) of the issued share capital of the Company (i.e. the Remco may not authorise the award of more than 4 000 000 Units each Financial Year).

8.**Calculation of Units** 

8.1The number of Units attributable to an Allocation shall be calculated by dividing the Allocation by the Unit Grant Price and rounding-down the resultant number to the next whole number.

8.2Subject to:

8.2.1Clause 14; and

8.2.2the Participant being in the employ of the Group on the Vesting Date,

the number of Units determines the number of Shares that a Participant has a right to acquire on the terms of, and subject to the conditions of this DSP.

8.3For the avoidance of doubt, the Allocation of the Units does not constitute the issue of Shares nor does it give a Participant the right to Shares until and to the extent that the provisions of the DSP have been satisfied. Accordingly, the Units are granted on the understanding that the Units may not be traded or used as security for any obligations and any attempt to trade in Units or use them as security for any obligations shall result in the forfeiture of the relevant Units.

9.**Vesting and Exercise of Units and Acquisition of Shares** 

9.1On the Vesting Date, a Participant shall have the right to Exercise the number of Units calculated in terms of clause 8., Participants are not obliged to Exercise their Units on the Vesting Date; they may choose to Exercise their Units at any point during the Exercise Period. Vested Units will lapse if not Exercised during the Exercise Period. A Participant shall have no right to any cash payment in terms of the DSP.

9.2As soon as practicable after the Exercise Date, the number of Shares to which each Participant becomes entitled shall be calculated in accordance with the Rules. The Participant shall, subject to any other

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provisions of the DSP which may apply, be entitled to delivery of such number of Shares. The Shares delivered to the Participant may be Shares acquired through the market, treasury Shares held by the Group, or Shares which are issued to the Participant by the Company in accordance with shareholder approval.

9.3A number of Shares equal to the number of Units Exercised will be procured by the Employer Company for delivery to the Participant, which Shares will be fully paid up and will rank pari passu with the existing issued Shares and will have the same voting rights as the existing issued Shares. If the Shares are not yet issued, the Board will procure that they are listed on the JSE upon issue. **14.1(e)**

9.4Subject to clause 21.2, a Participant shall be entitled to dispose of any Share acquired by him pursuant to the DSP at any time after the Share has been delivered to him.

10.**Shares Available for the DSP**

10.1The maximum number of Shares which any one Participant may acquire in terms of the DSP shall not exceed 1 000 000 (one million) Shares. **14.1(c)**

10.2The aggregate number of Shares that may be utilised for this DSP shall not exceed 20 000 000 (twenty million) Shares. **14.1(b)**

10.3If Remco so determines, Shares may be purchased on market for purposes of satisfying the obligations under the DSP. Such Shares will not be taken into account for purposes of determining the limits in clauses 10.1 and 10.2 above. **14.9(c)**

10.4The Company shall summarise in its annual financial statements the number of Shares that may be utilised for purposes of the DSP at the beginning of the Financial Year, changes in such number during the accounting period and the balance of Shares available for utilisation for the purposes of the DSP at the end of the Financial Year. **14.8**

11.**Brokerage Accounts**

11.1The Participant shall have full ownership rights in the Shares in his Brokerage Account (including the right to dispose of the Shares subject to the Group's policies and procedures relating to trading in the Company's securities, the provisions of the Financial Markets Act, and the Listings Requirements).

11.2Subject to the Employer Company exercising a discretion to the contrary, the Participant shall be personally responsible for maintaining the Brokerage Account and paying all relevant fees and Taxes when he ceases to participate in the DSP.

11.3After the Exercise Date, the Participant may instruct the Broker to transfer his Shares to a different brokerage account; provided that all costs associated with the transfer will be for the Participant's account.

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12.**Distributions 14.1(e)**

12.1As a Unit is not a Share and does not represent a Share or, in itself, an entitlement to a Share, it follows that the Employer Company will not be obliged to pay a Participant any amount relating to distributions made by the Company during the Vesting Period.

12.2Unless otherwise provided in an Allocation Notice, Participants shall receive Dividend equivalents in respect of their Vested Units in the form of a cash payment which is equal in value to the Dividends which would have been paid on the number of Shares that a Participant has a right to acquire on the terms of, and subject to the conditions of this DSP (calculated in terms of clause 8) during the Vesting Period and treating such Dividends as having been re-invested in Units at the respective payment dates for the purposes of this calculation.

12.3Any distributions made by the Company after the Vesting Date in terms of 12.2 shall be due and payable by the Employer Company to the Participant, subject to the deduction by the Employer Company of any applicable Tax.

13.**Reduction or Forfeiture of Allocation** 

13.1Any Allocations made to the Chief Financial Officer and the Chief Executive Officer may be subject to reduction or forfeiture (in whole or in part) in accordance with section 304 of the Sarbanes Oxley Act, 2002 ("**SOX"**).

13.2As a result of the change in law and anticipated changes in U.S. listing requirements, in accordance with the Final Rule pertaining to "*Listing Standards for Recovery of Erroneously Awarded Compensation*" outlined in Federal Register, SEC Release Nos. 33-11126; 34-96159) (the "Final Clawback Rules"), under certain circumstances a clawback may be required in respect of Allocations granted to certain Employees. As a result, any Allocations made to applicable Employees may also be subject to, in whole or in part, reduction, forfeiture or recovery (including recovery of Shares and/or cash proceeds received in connection with the sale of such Shares) in accordance with any applicable listing requirements adopted pursuant to the Final Clawback Rules.

13.3Remco may exercise its discretion to determine that a Participant's Allocation is subject to reduction or forfeiture (in whole or in part) if:

13.3.1there is reasonable evidence of misbehaviour or material error by a Participant; or

13.3.2the financial performance of the Group, the Company, the Employer Company or the relevant business unit for any Financial Year in respect of which an Allocation is based have subsequently appeared to be materially inaccurate; or

13.3.3the Group, the Company, the Employer Company or the relevant business unit suffers a material downturn in its financial performance, for which the Participant can be seen to have some liability; or

13.3.4the Group, the Company, the Employer Company or the relevant business unit suffers a material failure of risk management, for which the Participant can be seen to have some liability,

or in any other circumstances if the Remco determines that it is reasonable to subject the Allocations of one or more Participants to reduction or forfeiture.

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13.4To the extent that this clause 13 applies to a Participant, the Remco shall determine if the Participant's Allocation shall be forfeited in whole or in part and, if Remco does so determine that all or a portion of the Participant's Allocation shall be forfeited, that Allocation shall be forfeited with effect from the date of the determination.

13.5Remco may postpone the Vesting Date in respect of any Participant if, at the Vesting Date, there is an ongoing investigation or other procedure being carried on to determine whether the forfeiture provisions apply in respect of a Participant, or the Remco decides that further investigation is warranted. In such event, the Vesting Date shall be deemed to be the date upon which the investigation or procedure has been completed and the Remco has determined that the Participant's Allocation shall not be forfeited.

14.**Termination or cessation of Employment 14.1(h)**

14.1Subject to clauses 14.2 to 14.6, the right of a Participant to receive Shares or payment of any amount in terms of the DSP shall be forfeited by the Participant immediately upon the Participant ceasing to be employed by an Employer Company. Any Shares, which are not issued to Participants as a result of forfeiture in terms of this clause 14, shall revert back to the DSP. **14.3(f), 14.12**

<u>All Participants</u>

14.2In the event that a Participant dies, the Vesting Date for the purpose of clause 9.1 will be accelerated to the date of death and the Participant's estate shall be entitled to receive the full number of Shares to which the Participant would have been entitled had the Vesting Date not been accelerated. The Employer Company shall deliver the Shares to the Participant's estate within a reasonable period after the accelerated Vesting Date.

14.3In the event that a Participant ceases to be employed by an Employer Company prior to the Vesting Date due to:

14.3.1the transfer of the business in which the Participant is employed to a third party as a going concern; or

14.3.2the Employer Company through which the Participant is eligible to participate in the DSP ceasing to be a member of the Group,

the Vesting Date for the purpose of clause 9.1 will be accelerated to the date of the event contemplated in clause 14.3.1 or 14.3.2 (as the case may be) and the Participant shall be entitled to receive a number of Shares, which shall be reduced in proportion to the reduction in the Vesting Period.

14.4For the avoidance of doubt, a Participant who is transferred from one Employer Company to another within the Group shall not be treated as having terminated his employment or ceasing to be employed by an Employer Company for purposes of the DSP.

<u>Executives</u>

14.5In the event that a Participant ceases to be employed by an Employer Company prior to the Vesting Date due to:

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14.5.1Ill-health (this ground also applies where a Participant is unable to attend work for a period of six calendar months or more) (evidenced to the satisfaction of Remco);

14.5.2Retirement (evidenced to the satisfaction of Remco);

14.5.3mutual agreement between the Participant and the Employer Company; or

14.5.4Retrenchment,

the Participant may continue to hold his Units notwithstanding the termination of his employment. The Vesting Date for the purpose of clause 9.1 will remain unchanged.

<u>Key Employees</u>

14.6In the event that a Participant ceases to be employed by an Employer Company prior to the Vesting Date due to:

14.6.1Ill-health (this ground also applies where a Participant is unable to attend work for a period of six calendar months or more) (evidenced to the satisfaction of Remco);

14.6.2Retirement (evidenced to the satisfaction of Remco);

14.6.3mutual agreement between the Participant and the Employer Company; or

14.6.4Retrenchment,

the Vesting Date for the purpose of clause 9.1 will be accelerated and the Participant shall be entitled to receive a number of Shares, which shall be reduced in proportion to the reduction in the Vesting Period.

14.7Where a Participant ceases to be employed by an Employer Company in accordance with the provisions of clauses 14.2 to 14.6 above (i.e. on a "no fault" basis) any Vested Units may be exercised at any time during the period of six months following the date of cessation of employment (the "**Extended Exercise Period**"). A Participant's Vested Units will lapse if not exercised during the Extended Exercise Period.

14.8Where a Participant ceases to be employed by an Employer Company for any other reason (i.e. in accordance with the provisions of clause 14.1 above or on a "fault" basis) any Vested Units will lapse if not exercised during the Exercise Period (which shall terminate on the date on which the Participant ceases to be employed by an Employer Company).

15.**Costs and Employees' Tax**

15.1Prior to the Vesting Date, all costs and expenses relating to the DSP, including for the avoidance of doubt, all costs relating to the administrator ("**Costs**") will be for the Company's account. The Company shall recover the Costs from the appropriate Employer Company.

15.2After the Vesting Date, all Costs will be for the Participant's account.

15.3The Participant shall be liable for all Employees' Tax payable as a result of benefits due to him in terms of the DSP.

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15.4The Employer Company will instruct the Broker to sell a sufficient number of the Shares from the Participant's Brokerage Account to cover the Participant's Employees' Tax liability and to remit the proceeds to the account stipulated by the Employer Company, who will pay the Employees' Tax to the Revenue Authority (unless the Participant tenders the cash amount of the Employees' Tax to the Employer Company in advance). Any excess proceeds from the sale of the Shares will be paid to the Participant. **14.9(b)**

15.5The Participant agrees that the Broker is entitled to sell the Shares to discharge the Employees' Tax payable as a result of benefits due to him in terms of the DSP in accordance with the provisions of this clause 15.

16.**Takeovers / Reconstruction 14.1(g)**

16.1To the extent that the Company is involved in a merger, takeover or similar corporate action, Remco may decide:

16.1.1to reduce the Vesting Period and bring forward the Vesting Date as part of such transaction, which will entitle the Participant to receive a pro-rated portion of his Shares on the accelerated Vesting Date (the balance of his Shares will Vest on the original Vesting Dates); or

16.1.2to replace the Units in this DSP with benefits in terms of a similar scheme; provided that such replacement benefits must put the Participant in a similar position to the position he was in immediately before the replacement benefits accrued to the Participant.

16.2For the avoidance of doubt, the provisions of this clause 16 do not apply to Participants who are no longer employed by an Employer Company but are entitled to continue to participate in the DSP (in terms of clause 14).

17.**Capitalisation / Reorganisation** 

17.1In the event of a rights issue, consolidation, subdivision, capitalisation issue, a special dividend, reduction of capital or other variation of the Shares, the number of each Participant's Units calculated in terms of the DSP may be varied in such manner as Remco and the Auditors (acting as experts) shall determine to be in their opinion fair and reasonable. In making such determination, Remco shall ensure that, as far as possible in the circumstances, a Participant is not prejudiced or given benefits beyond those provided for in terms of the DSP. **14.3(b)**

17.2The aggregate number of Shares that may be utilised for the DSP as prescribed in clause 10.2, shall be adjusted proportionately in the event of a rights issue, consolidation, subdivision, reduction or other variation of the Shares as contemplated in clause 17.1 above. **14.3(a)**

17.3The Auditors or other independent advisers acceptable to the JSE shall confirm to the Remco who undertakes to procure that the Auditors will confirm to the JSE, in writing at the time that such adjustment is finalised, that any adjustment in terms of this clause 17 is calculated on a reasonable basis in accordance with the provisions of the DSP, and that such adjustment causes a Participant's entitlement to the same proportion of the share capital as that to which it was previously entitled. **14.3(d)**

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17.4Remco may take such steps as they consider necessary to notify the Participants of any adjustment made under this clause 17 and to implement such adjustment.

17.5It is recorded that the issue of Shares as consideration for an acquisition, the issue of Shares for cash and the issue of Shares for a vendor consideration placing will not be regarded as a circumstance requiring adjustment to clauses 10.1 and 10.2. **14.3(c)**

17.6Any adjustment made in accordance with clause 17.2 above, must be reported on in the Company's annual financial statements in the year during which the adjustment is made. **14.3(e)**

17.7For the avoidance of doubt, the provisions of this clause 17 do apply to Participants who are no longer employed by an Employer Company but are entitled to continue to participate in the DSP (in terms of clause 14).

18.**Remco's Discretion**

Where the DSP refers to the discretion of Remco, such discretion shall be sole, absolute and unrestricted unless the contrary is expressed, provided that if Remco delegates the authority to exercise discretion, the discretion should be exercised in terms of a Remco approved policy.

19.**Data Protection**

19.1In the Acceptance Notice, the Participant must agree and consent to:

19.1.1the collection, use and processing by the Employer Company of Personal Information relating to the Participant, for all purposes reasonably connected with the administration of the DSP;

19.1.2the Employer Company, Company, and any company in the Group transferring Personal Information to or between any of such persons for all purposes reasonably connected with the administration of the DSP and the use of such Personal Information by such persons for all purposes reasonably connected with the administration of the DSP;

19.1.3the transfer to and retention of such Personal Information by any third party anywhere in the world for all purposes reasonably connected with the administration of the DSP.

20.**Amendment 14.2**

20.1The DSP may be amended in any respect by the shareholders of the Company passing a resolution, requiring a 75% (seventy five percent) majority of the votes cast in favour of the resolution by all the shareholders present or represented by proxy at the general meeting to approve such resolution.

20.2Notwithstanding the generality of clause 20.1, no amendment or alteration shall be made that would adversely affect a Participant's existing rights under the DSP and his likely position relative to other holders of Shares. This does not, in any way, restrict the provisions set out in clause 13. In particular, subject to clause 20.3, no amendment can be made to the:

20.2.1category of Employees that are eligible to participate in the DSP; **14.1(a)**

20.2.2DSP limit in clause 10.2; **14.1(b)**

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20.2.3Participant limit in clause 10.1; **14.1(c)**

20.2.4amount payable by a Participant for the Units (if any); **14.1(d)**

20.2.5voting, Dividend, transfer and other rights (including those arising on liquidation of the Company) attaching to Shares; **14.1(e)**

20.2.6basis on which Allocations are made; **14.1(f)**

20.2.7treatment of Allocations in instances of mergers, takeovers or corporate actions; **14.1(g)**

20.2.8termination rights of Participants; and**14.1 (h)**

20.2.9terms of this clause 20.2, **14.1**

without prior approval by resolution requiring a 75% majority of the shareholders of the Company in general meeting; provided that Participants will only be permitted to vote in respect of Shares which they already hold (i.e. which Shares were not acquired pursuant to the DSP).

20.3Subject to approval from the JSE, clauses 20.1 and 20.2 will not apply to any amendment which is:

20.3.1minor and to benefit the administration of the DSP;

20.3.2to take account of any changes in legislation; or

20.3.3to obtain or maintain favourable Tax, exchange control or regulatory treatment for the Company, any Employer Company or any present or future Participant.

21.**General**

21.1To the extent that shareholder approval is required to authorise any performance by the Group as contemplated in the DSP, such performance shall only take place once the requisite shareholder approval has been obtained. To the extent that the requisite shareholder approval is not obtained, Remco shall exercise its discretion in determining the appropriate response. In certain circumstances, Remco may be obliged to inform the Participants that their rights under the DSP have been postponed or forfeited. The Company will not be liable for any loss that may be suffered by the Participant as a result of such postponement or forfeiture.

21.2Despite the occurrence of a Vesting Date, all Participants shall be subject to the Group's policies and procedures relating to trading in the Company's securities, the Financial Markets Act and the Listings Requirements and no Participant shall undertake any action in respect of that Participant's Shares that will cause the Company to breach its obligations in terms of the Financial Markets Act or the Listings Requirements.

21.3The Company will ensure that no Shares are acquired for the DSP at a time when such acquisition is prohibited by the provisions of the Financial Markets Act or the Listings Requirements. To the extent that the Company is unable to deliver the Shares to a Participant as a result of the provisions of the Financial Markets Act or the Listings Requirements, the Company will deliver the Shares to the Participant as soon as possible after the restriction is lifted; provided that the Company will not be liable for any loss that may

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be suffered by the Participant as a result of the postponement of delivery in terms of this clause 21.3. **14.9(e)(f)&nbsp;&nbsp;&nbsp;&nbsp;**

21.4Whilst the companies in the Group will make every effort to purchase and/or issue the Shares within a reasonable period of time for purposes of satisfying their obligations under the DSP, they do not guarantee that they will be able to do so within set time periods. As such, the Group will not be liable for any loss that may be suffered by the Participant as a result of any fluctuations in the Share price, or for any other reason.

21.5In the event that a company within the Group holds Shares for the purposes of satisfying potential obligations arising from the DSP, that company will not be permitted to exercise any voting rights attaching to those Shares. Such Shares will not be taken into account for purposes of determining the categorisations set out in section 9 of the Listings Requirements. **14.10**

21.6The receipt of an Allocation in any year by a Participant does not create any rights and/or expectations that the same Participant shall be entitled to any further Allocations in any subsequent years. An Employee's eligibility to receive Allocations shall be determined annually by Remco.

21.7Any dispute arising under the DSP shall be referred to the Group Chief Executive. In the event that the Group Chief Executive is unable to resolve the dispute, it shall be referred to the Chairman of Remco who shall decide thereon, and that decision shall be final and binding on all parties to the dispute. However, if the dispute relates, directly or indirectly, to either the Group Chief Executive or the Chairman of Remco, the dispute shall be referred to the Chairman of the Board, who shall decide thereon and that decision shall be final and binding on all parties to the dispute.

21.8The DSP and participation in it shall not form part of any contract of employment between any Employer Company and any Employee and the rights and obligations of any individual under the terms of his office or employment with the Employer Company shall not be affected by his participation in the DSP. This DSP shall afford an individual no additional rights to compensation or damages for any loss or potential loss which he may suffer (by reason of being unable to receive Shares or otherwise) in consequence of the termination of any office or employment within the Group for any reason whatsoever, regardless of whether such termination of employment was lawful, unlawful, fair or unfair.

21.9The DSP shall not confer on any person any legal or equitable rights (including, for the avoidance of doubt, any voting rights or rights to receive Dividends) against any Employer Company directly or indirectly, or give rise to any cause of action at law or in equity against any Employer Company.

21.10Shares may only be issued or purchased for the DSP once a Participant or group of Participants to whom they will be allocated, have been formally identified. **14.9(a)**

21.11The DSP will be governed by and construed in accordance with the laws of the Republic of South Africa.

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**ANNEXURE A** 

**ALLOCATION POLICY AND PERFORMANCE CONDITIONS FOR 2023**

1.**Definitions**

For purposes of these Rules:

1.1unless otherwise stated or the context indicates otherwise, all words and expressions defined in the DSP shall have the same meaning herein;

1.2the following words and expressions shall, unless the context requires otherwise, have the meanings assigned thereto:

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| | |
|:---|:---|
| 1.2.1"Base Pay" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a Participant's annual base salary before Tax (excluding benefits and bonuses) as at 31 December; |
| 1.2.2"On-Target Percentage" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means the percentage set out in the incentive parameters table in clause 2.6 below; |
| 1.2.3"Performance Modifier" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means the annually agreed Remco approved performance metrics set out in clause 2.5 below and the Allocation Letter; and |
| 1.2.4"Threshold and Maximum Percentage" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means the percentage set out in the incentive parameters table in clause 2.6 below. |

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2.**Allocation and Vesting Periods**

2.1Remco shall consider which Employees are most able to assist the Company in reaching the objectives set out in clause 2 of the DSP. If it is determined by Remco that a particular Employee will not assist the Company in reaching its objectives, such Employee shall not qualify as a Participant.

2.2Should Remco not be satisfied with an Employee recommended by an Employer Company or with an On-Target Percentage recommended to it in respect of any Employee (as set out in the incentive parameters table in clause 2.6 below), it may, in its discretion, refuse to allocate to the Employee and/or allocate a lower On-Target Percentage, as it deems appropriate and may enter into discussions with any person (other than the relevant Employee involved) that Remco believes will be able to assist it in exercising its discretion.

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2.3Allocations shall not be calculated using percentages in excess of the maximum Percentages (depending on the Role), indicated in the incentive parameters table referred to in clause 2.6 below.

2.4Allocations are determined by applying the Company and Individual weighting to the Employee as defined by their level/ role in the organisation. This determines the extent to which an Employee is exposed to either the overall Company performance or their Individual performance as defined in their individual Key Performance Indicators (KPIs). The weightings are as per the table below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Role** | **Company performance weighting** | **Individual performance weighting** |
| Chief Executive Officer | 80% | 20% |
| Chief Financial Officer | 80% | 20% |
| Other Chief Officers | 80% | 20% |

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2.5For 2023 the Company performance will be measured by the following Remco approved measures. These will be reviewed and the performance targets adjusted in line with the business strategy and stakeholder requirements on an annual basis:

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| | | |
|:---|:---|:---|
| **2023 Performance measure for Stratum IV and above** | **2023 Performance measure for Stratum IV and above** | **Target Weighting** |
| **Financial measures** | Relative Total Shareholder Return (measured in US$) | 20.00% |
| **Financial measures** | Normalised Cash Return on Equity (nCROE) | 15.00% |
| **Financial measures** | Production | 15.00% |
| **Financial measures** | Cash Costs | 10.00% |
| **Financial measures** | All in Sustaining Costs | 5.00% |
| **Future optionality measures** | Ore reserve additions excluding depletion, asset sales, mergers and acquisitions | 5.50% |
| **Future optionality measures** | Mineral resources additions excluding depletion, asset sales, mergers and acquisitions | 5.50% |
| &nbsp;&nbsp;&nbsp;**ESG and People measures** | -Safety<br>-Health<br>-Environment<br>-Community<br>-People | 24.00% |
| **TOTAL** |  | **100.00%** |

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2.6Informing the performance calculation, the payout parameters, as determined by the comparator market and the remuneration policy are applied. Achievement below a threshold performance on Company achievement and/ or individual performance will result in no incentive or share allocation. All Allocations save for sign-on Allocations detailed in clause 3 below, are directly linked to performance. The performance payout ranges are defined as per the table below:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Cash | Shares | Total Incentive | Cash | Shares | Total Incentive | Cash | Shares | Total Incentive |
| Level | **Threshold Achievement** | **Threshold Achievement** | **Threshold Achievement** | **On Target Achievement** | **On Target Achievement** | **On Target Achievement** | **Maximum Achievement** | **Maximum Achievement** | **Maximum Achievement** |
| Chief Executive Officer | 50.00% | 100.00% | 150.00% | 100.00% | 200.00% | 300.00% | 150.00% | 300.00% | 450.00% |
| Chief Financial Officer | 42.50% | 92.50% | 135.00% | 85.00% | 185.00% | 270.00% | 127.50% | 277.50% | 405.00% |
| Other Chief Officers | 37.50% | 87.00% | 124.50% | 75.00% | 174.00% | 249.00% | 112.50% | 261.00% | 373.50% |

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2.7 &nbsp;&nbsp;&nbsp;&nbsp;Delivery is based on the following performance calculation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash – year 1:**

Base Pay X Performance Weighting (Individual) X On - Target Cash Percentage X Individual Performance Modifier (KPI's)

**+**

Base Pay X Performance Weighting (Company) X On - Target Cash Percentage X Company Performance Modifier

**Shares – year 2 to year 6 – (shares delivered over 5 years 20% per year):**

Base Pay X Performance Weighting (Individual) X On - Target Shares Percentage X Individual Performance Modifier (KPI's)

**+**

Base Pay X Performance Weighting (Company) X On - Target Shares Percentage X Company Performance Modifier

2.8 &nbsp;&nbsp;&nbsp;&nbsp;The Allocation Policy and Performance Conditions may be changed in subsequent years, provided that the Allocation Policy is in line with prevailing market benchmarks, that the Performance Conditions are no less "stretching" than those detailed above, and that consultation with shareholders will precede any significant changes. The Allocation Policy and Performance Conditions will be published each year in the Remuneration Policy.

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3.**Sign-on Allocations**

3.1Where a new Employee is recruited during the applicable Financial Year and he forfeits incentive awards that would otherwise have vested and/or been settled had he not resigned to take up employment with an Employer Company, then, the Employer Company may, following approval by the Remco in accordance with clause 5.4 of the DSP, make an Allocation of Units to the Employee under the DSP to compensate him for the forfeiture of such incentive awards (the sign-on Allocation).

3.2&nbsp;&nbsp;&nbsp;&nbsp; The sign-on Allocation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1&nbsp;&nbsp;&nbsp;&nbsp;must be determined with reference to the incentive awards which have actually been forfeited by the Employee (taking into account timing and performance conditions), as well as market practice and relevant commercial factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2&nbsp;&nbsp;&nbsp;&nbsp;to the extent possible, must have vesting conditions that are similar to those of the incentive awards that have been forfeited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3&nbsp;&nbsp;&nbsp;&nbsp;may be aligned with the future performance of the Employee, in which event the award of the sign-on Allocation will be deferred to the year in which performance of the Employee is measured. For example, the Employee is conditionally granted 9 000 Units upon commencing employment with the Employer Company as a sign-on Allocation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3000 Units will be Allocated to and Vest in the Employee at the end of FY01 if the following performance conditions are met [*insert performance conditions*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 000 Units will be Allocated to and Vest in the Employee at the end of FY02 if the following performance conditions are met [*insert performance conditions*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 000 Units will be Allocated to and Vest in the Employee at the end of FY03 if the following performance conditions are met [*insert performance conditions*].

The consequence of sign-on Allocations clause 3.2.3 above, is that no Units will be Allocated to or Vest in the Employee in terms of the DSP unless and until the specified performance conditions for the relevant period have been met and an Allocation Notice has been issued to the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4&nbsp;&nbsp;&nbsp;&nbsp;may otherwise have terms and conditions as Remco deems appropriate, taking into account market practice and relevant commercial factors.

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## Exhibit 19.4

![](exhibit194412022001.jpg)

EXECUTION VERSION U.S.$1,400,000,000 Syndicated Facility Agreement Dated _____________ 2022 SYNDICATED LOAN FACILITY for ANGLOGOLD ASHANTI HOLDINGS PLC and ANGLOGOLD ASHANTI AUSTRALIA LIMITED with J.P. MORGAN SECURITIES PLC DEUTSCHE BANK AG, LONDON BRANCH STANDARD CHARTERED BANK as Coordinators and DEUTSCHE BANK AG, LONDON BRANCH J.P. MORGAN SECURITIES PLC STANDARD CHARTERED BANK AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY BANK OF MONTREAL BARCLAYS BANK PLC BNP PARIBAS, CONVENTIONAL WHOLESALE BANK, BAHRAIN CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH CITIBANK, N.A., LONDON BRANCH GOLDMAN SACHS INTERNATIONAL ROYAL BANK OF CANADA THE BANK OF NOVA SCOTIA as Mandated Lead Arrangers with THE BANK OF NOVA SCOTIA as Agent Ref: L-324673 9 June A47709255 (i) CONTENTS CLAUSE PAGE 1. Interpretation.............................................................................................................................. 1 2. Facility ...................................................................................................................................... 23 3. Purpose ................................................................................................................................... 26 4. Conditions precedent ............................................................................................................... 26 5. Drawdown ................................................................................................................................ 26 6. Repayment .............................................................................................................................. 27 7. Prepayment and cancellation .................................................................................................. 30 8. Interest Periods ....................................................................................................................... 33 9. Interest ..................................................................................................................................... 33 10. Payments ................................................................................................................................. 36 11. Taxes ....................................................................................................................................... 38 12. Public offer ............................................................................................................................... 44 13. Market disruption ..................................................................................................................... 45 14. Increased costs ....................................................................................................................... 50 15. Illegality .................................................................................................................................... 52 16. Mitigation ................................................................................................................................. 53 17. Guarantee ................................................................................................................................ 53 18. Representations and warranties .............................................................................................. 56 19. Undertakings............................................................................................................................ 60 20. Default ..................................................................................................................................... 70 21. The Agent and the Mandated Lead Arrangers ........................................................................ 74 22. Fees ......................................................................................................................................... 80 23. Expenses ................................................................................................................................. 82 24. Stamp duties ............................................................................................................................ 83 25. Indemnities .............................................................................................................................. 83 26. Evidence and calculations ....................................................................................................... 84 27. Amendments and waivers ....................................................................................................... 84 28. Changes to the Parties ............................................................................................................ 87 29. Disclosure of information ......................................................................................................... 91 30. Confidentiality of Funding Rates and Reference Bank Quotations ........................................ 92 31. Set-off ...................................................................................................................................... 94 32. Pro rata sharing ....................................................................................................................... 94 33. Severability .............................................................................................................................. 95 34. Counterparts ............................................................................................................................ 95 35. Notices ..................................................................................................................................... 95 36. Language ................................................................................................................................. 97 37. Bail-in of EEA financial institutions .......................................................................................... 97 38. Jurisdiction ............................................................................................................................... 98 39. Waiver of immunity .................................................................................................................. 99 40. Acknowledgement Regarding Any Supported QFCs .............................................................. 99 41. Integration .............................................................................................................................. 100 42. Governing law ........................................................................................................................ 100

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![](exhibit194412022002.jpg)

A47709255 (ii) THE SCHEDULES SCHEDULE PAGE SCHEDULE 1 Banks and Commitments ............................................................................................... 102 SCHEDULE 2 Conditions Precedent Documents.................................................................................. 103 SCHEDULE 3 Form of Request ............................................................................................................. 105 SCHEDULE 4 Form of Novation Certificate .......................................................................................... 106 SCHEDULE 5 Borrowers' obligations .................................................................................................... 108 SCHEDULE 6 Form of Compliance Certificate ...................................................................................... 110 SCHEDULE 7 Form of Increase Confirmation ....................................................................................... 111 SCHEDULE 8 Form of Margin Certificate .............................................................................................. 113 SCHEDULE 9 Existing Security ............................................................................................................. 114 SCHEDULE 10 Timetables .................................................................................................................... 115 SCHEDULE 11 Reference Rate Terms .................................................................................................. 116 SCHEDULE 12 Daily Non-Cumulative Compounded RFR Rate .......................................................... 119 SCHEDULE 13 Cumulative Compounded RFR Rate ........................................................................... 121 A47709255 1 THIS AGREEMENT is dated ____________ 2022 and made between: (1) ANGLOGOLD ASHANTI HOLDINGS PLC (incorporated under the laws of the Isle of Man with registration number 001177V) (the "Parent") and ANGLOGOLD ASHANTI AUSTRALIA LIMITED (incorporated under the laws of Australia with Australian Business Number 42 008 737 424) ("AGAA") (each a "Borrower" and together the "Borrowers"); (2) ANGLOGOLD ASHANTI HOLDINGS PLC and ANGLOGOLD ASHANTI AUSTRALIA LIMITED (in this capacity, each a "Guarantor" and together the "Guarantors"); (3) ANGLOGOLD ASHANTI HOLDINGS PLC as agent for the Obligors (in this capacity the "Obligors' Agent"); (4) J.P. MORGAN SECURITIES PLC, DEUTSCHE BANK AG, LONDON BRANCH and STANDARD CHARTERED BANK as coordinators (in this capacity the "Coordinators"); (5) DEUTSCHE BANK AG, LONDON BRANCH, J.P. MORGAN SECURITIES PLC, STANDARD CHARTERED BANK, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, BANK OF MONTREAL, BARCLAYS BANK PLC, BNP PARIBAS, CONVENTIONAL WHOLESALE BANK, BAHRAIN, CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH, CITIBANK, N.A., LONDON BRANCH, ROYAL BANK OF CANADA, THE BANK OF NOVA SCOTIA and GOLDMAN SACHS INTERNATIONAL as bookrunners and mandated lead arrangers (in this capacity the "Mandated Lead Arrangers"); (6) THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Banks and Commitments) under the heading "Banks" (the "Original Banks"); and (7) THE BANK OF NOVA SCOTIA as facility agent (in this capacity the "Agent"). IT IS AGREED as follows: 1. INTERPRETATION 1.1 Definitions In this Agreement: "Acceptable Bank" means a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by S&P or Fitch Ratings Ltd (or any successor or successors thereto) or A3 or higher by Moody's or a comparable rating from an internationally recognised credit rating agency. "Acceptable Financial Institution" means: (a) an Acceptable Bank; (b) any bank or financial institution set out in the Approved List; or (c) any other bank or financial institution notified by the Obligors' Agent to the Agent from time to time (including, for the avoidance of doubt, any branch of such bank or financial institution which is established in any jurisdiction that is not treated as a separate legal entity from the bank or financial institution so notified), provided, in the case of (b) and above (c), that no Insolvency Event has occurred and is continuing with respect to such bank or financial institution. 9 June

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A47709255 2 "Additional Business Day" means any day specified as such in the Reference Rate Terms. "Affiliate" means a Subsidiary or a Holding Company of a person or any other Subsidiary of that Holding Company. "AGAH Listing" means a successful application being made for the admission of all or any part of the share capital of the Parent to any recognised investment exchange (as that term is used in the Financial Services and Markets Act 2000) or any other regulated public exchange in a Member State of the European Union, the Republic of South Africa, Australia or Canada provided that the shareholders of the Parent at the time of such admission or initial public offering are substantially the same as AGAL's shareholders at that time. "AGAL" means AngloGold Ashanti Limited, incorporated in the Republic of South Africa (with registration number 1944/017354/06). "Agent's Fee Letter" means the letter dated on or about the date of this Agreement between the Agent and the Parent setting out the amount of the agency fee referred to in Clause 22.2 (Agent's fee). "Agent's Spot Rate of Exchange" means: (a) the Agent's spot rate of exchange; or (b) (if the Agent does not have an available spot rate of exchange) any other publicly available spot rate of exchange selected by the Agent (acting reasonably), for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day. "Approved List" means the list of banks or financial institutions provided to the Agent in accordance with Clause 4.1 (Documentary conditions precedent). "Article 55 BRRD" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms. "Associate" has the meaning given to it in section 128F(9) of the Tax Act. "Australian Dollars", "AUD" or "A$" means the lawful currency for the time being of the Commonwealth of Australia. "Australian Withholding Tax" means any Australian Tax required to be withheld or deducted from any interest or other payment under Division 11A of Part III of the Tax Act or Subdivision 12-F of Schedule 1 to the Australian Taxation Administration Act 1953 (Cth). "Bail-In Action" means the exercise of any Write-down and Conversion Powers. "Bail-In Legislation" means: (a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; A47709255 3 (b) in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation; and (c) in relation to the United Kingdom, the UK Bail-In Legislation. "Bank" means: (a) an Original Bank; or (b) any bank or financial institution which becomes a Bank under Clause 2.2 (Increase) or Clause 28 (Changes to the Parties). "Base Currency" means U.S. Dollars. "Base Currency Amount" means, in relation to a Loan, the amount specified in the Request delivered by a Borrower for that Loan (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent's Spot Rate of Exchange on the date which is three Business Days before the Drawdown Date or, if later, on the date the Agent receives the Request) as adjusted to reflect any repayment or prepayment of a Loan. "Baseline CAS" means, in relation to a Compounded Rate Loan in the Compounded Rate Currency, any rate which is either: (a) specified as such in the Reference Rate Terms; or (b) determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology specified in the Reference Rate Terms. "BBSY" means, in relation to any Term Rate Loan: (a) the applicable BBSY Primary Term Rate as of the Specified Time for Australian Dollars for a period comparable to the relevant Interest Period; or (b) as otherwise determined pursuant to Clause 13.1 (Interest calculation if no BBSY Primary Term Rate), and, if in either case, that rate is less than zero, BBSY shall be deemed to be zero. "BBSY Primary Term Rate" means, in relation to BBSY: (a) the Australian Bank Bill Swap Reference Rate (Bid) rate administered by ASX Benchmarks Pty Limited (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on the BBSY page of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); or (b) if the rate described in paragraph (a) above is not available, the sum of: (i) the Australian Bank Bill Swap Reference Rate administered by ASX Benchmarks Pty Limited (or any other person which takes over the administration of that rate) for the relevant period displayed on page BBSW of the Thomson Reuters Screen (or any replacement Thomson Reuters Screen page which displays that rate); and

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A47709255 4 (ii) 0.05 per cent. per annum. "Business Day" means a day (other than a Saturday or a Sunday) on which banks are open for general business in London and: (a) in relation to any date for payment or purchase of a currency, the principal financial centre of the country of that currency; and (b) in relation to: (i) any date for payment or purchase of an amount relating to a Compounded Rate Loan; or (ii) the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan, or otherwise in relation to the determination of the length of such an Interest Period, which is an Additional Business Day relating to that Loan or Unpaid Sum. "Cash" means, at any time, cash in hand or at bank (including, for the avoidance of doubt, any interest accrued but not yet received or paid) and (in the latter case) credited to an account in the name of a member of the Group with an Acceptable Financial Institution and to which a member of the Group is alone (or together with other members of the Group) beneficially entitled, provided that: (a) there is no Security Interest over that cash except: (i) for any Security Interest arising in the ordinary course of a Group member's banking arrangements; or (ii) as permitted by Clause 19.9(b) (Negative pledge) which would not result in that cash not being then available to be applied in repayment or prepayment of the Facility; and (b) such cash is not specified as being restricted for use in the accounts of any member of the Group. "Cash Equivalent Investments" means at any time: (a) certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Financial Institution; (b) any investment in marketable debt obligations issued or guaranteed by the government of the United States of America, the United Kingdom, the Commonwealth of Australia, any OECD member country, any member state of the European Economic Area or any Participating Member State or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security; (c) commercial paper not convertible or exchangeable to any other security: (i) for which a recognised trading market exists; A47709255 5 (ii) issued by an issuer incorporated in the United States of America, the United Kingdom, the Commonwealth of Australia, any OECD member country, any member state of the European Economic Area or any Participating Member State; (iii) which matures within one year after the relevant date of calculation; and (iv) which has an investment grade rating by S&P, Fitch Ratings Ltd or Moody's, or, if no rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; (d) bills of exchange issued in the United Kingdom, the United States, Australia, or any OECD member country eligible for rediscount at the relevant central bank and accepted by an Acceptable Financial Institution (or their dematerialised equivalent); (e) any investment in money market funds which invest substantially all their assets in debts, securities or investments of the types described in paragraphs (a) to (c) above (including, for the avoidance of doubt, in any other debt, security or investment approved by the Majority Banks in accordance with paragraph (f) below); or (f) any other debt, security or investment approved by the Majority Banks (which approval shall not be unreasonably withheld or delayed), in each case, to which any member of the Group is alone (or together with other members of the Group) beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security Interest. "Central Bank Rate" has the meaning given to that term in the Reference Rate Terms. "Central Bank Rate Adjustment" has the meaning given to that term in the Reference Rate Terms. "Code" means the United States Internal Revenue Code of 1986, as amended and any rule or regulation issued thereunder from time to time in effect. "Commitment" means: (a) in relation to a Bank which is a Bank on the date of this Agreement, the amount in the Base Currency set opposite its name in Schedule 1 (Banks and Commitments) and the amount of any other Bank's Commitment acquired by it under Clause 28 (Changes to the Parties) or assumed by it in accordance with Clause 2.2 (Increase); and (b) in relation to a Bank which becomes a Bank after the date of this Agreement, the amount in the Base Currency of any other Bank's Commitment acquired by it under Clause 28 (Changes to the Parties) or assumed by it in accordance with Clause 2.2 (Increase), to the extent not cancelled, reduced or transferred under this Agreement. "Commitment Period" means the period from the date of this Agreement up to and including the date falling one month prior to the Final Maturity Date. "Compliance Certificate" has the meaning given to it in paragraph (b) of Clause 19.5 (Compliance certificates).

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A47709255 6 "Compounded Rate Currency" means U.S. Dollars. "Compounded Rate Interest Payment" means the aggregate amount of interest that: (a) is, or is scheduled to become, payable under any Finance Document; and (b) relates to a Compounded Rate Loan. "Compounded Rate Loan" means any Loan or, if applicable, Unpaid Sum which is not a Term Rate Loan. "Compounded Reference Rate" means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is the aggregate of: (a) the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day; and (b) the applicable Baseline CAS. "Compounding Methodology Supplement" means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which: (a) is agreed in writing by the Obligors' Agent, the Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Banks); (b) specifies a calculation methodology for that rate; and (c) has been made available to the Obligors' Agent and each Finance Party. "Cumulative Compounded RFR Rate" means, in relation to an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 13 (Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology Supplement. "Daily Non-Cumulative Compounded RFR Rate" means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 12 (Daily Non- Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology Supplement. "Daily Rate" means the rate specified as such in the Reference Rate Terms. "Default" means an Event of Default or an event which, with the giving of notice, lapse of time, determination of materiality or fulfilment of any other applicable condition (or any combination of the foregoing) as specified in Clause 20 (Default), would constitute an Event of Default. "Defaulting Bank" means any Bank: (a) which has failed to make its participation in a Loan available or has notified the Agent or the Obligors' Agent or has indicated publicly that it will not make its participation in a Loan available by the Drawdown Date of that Loan in accordance with Clause 5.3 (Advance of Loan); (b) which has otherwise rescinded or repudiated a Finance Document; or A47709255 7 (c) with respect to which an Insolvency Event has occurred and is continuing, unless, in the case of paragraph (a) above: (i) payment is made within five Business Days of its due date; or (ii) the Bank is disputing in good faith whether it is contractually obliged to make the payment in question. "Drawdown Date" means the date of the advance of a Loan. "EEA Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway. "Environment" means: (a) land including any natural or man-made structures; (b) water including ground and surface water; and (c) air, including air within buildings and other natural or man-made structures above or below ground. "Environmental Claim" means, in relation to any member of the Group or the Group, as appropriate, any claim by any person as a result of or in connection with any violation of Environmental Law which could give rise to any remedy or penalty (whether interim or final) or liability for that member of the Group or the Group, as appropriate. "Environmental Laws" means, in relation to any member of the Group or the Group, as appropriate, all and any applicable and legally binding laws, including common law, statute and subordinate legislation, European regulations and directives, codes of practice, circulars, guidance notices, judgments and judicial or administrative decisions and other similar provisions issued, entered into or promulgated by any government entity, whether of the Isle of Man, the Commonwealth of Australia, the European Community or elsewhere, compliance with which is mandatory for that member of the Group or the Group, as appropriate, with regard to: (a) the pollution, protection, investigation, reclamation or restoration of the Environment or natural resources; (b) harm to the health of humans, animals or plants including without limitation laws relating to public and workers' health and safety; (c) emissions, discharges or releases into, or the presence in, the Environment of hazardous, toxic, harmful or dangerous chemicals or any other pollutants or contaminants, or industrial, radioactive or other dangerous substances or wastes (including vibration, noise and genetically modified organisms); or (d) the manufacture, processing, use, treatment, storage, distribution, disposal, transport or handling of the substances or wastes described in (c) above. "Environmental Permits" means all or any permits, licences, consents, approvals, certificates, qualifications, specifications, registrations and other authorisations including any conditions which attach to any of the above, and the filing of all notifications, reports and assessments required

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A47709255 8 under Environmental Laws for the operation of any of the businesses of any member of the Group or the occupation or use of any of their respective properties. "EU Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor person) from time to time. "Event of Default" means an event specified as such in Clause 20 (Default). "Existing Facility" means the U.S.$1,400,000,000 syndicated revolving credit facility dated 23 October 2018 between, inter alia, the Parent, AGAA, the banks and financial institutions named therein and The Bank of Nova Scotia as agent (as amended and/or restated from time to time). "Facility" means the syndicated revolving credit facility made available to the Borrowers by the Banks under this Agreement. "Facility Office" means the office(s) notified by a Bank to the Agent: (a) on or before the date it becomes a Bank; or (b) by not less than five Business Days' notice, as the office(s) through which it will perform all or any of its obligations under this Agreement. "Fallback Interest Period" means one week or such other period as the Agent and the Obligors' Agent may agree. "FATCA" means: (a) sections 1471 to 1474 of the Code or any associated regulations; (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the U.S. and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction. "FATCA Application Date" means: (a) in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the U.S.), 1 July 2014; or (b) in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA. "FATCA Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA. "FATCA Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction. A47709255 9 "Fee Letters" means the Agent's Fee Letter, the Upfront Fee Letter and any other letter entered into between the Parent or AGAA and a Finance Party setting out any fees referred to in this Agreement. "Final Maturity Date" means, subject to Clause 6.2 (Extension option), the fifth anniversary of the date of this Agreement or, if that is not a Business Day, the immediately preceding Business Day. "Finance Document" means this Agreement, any Fee Letter, a Novation Certificate, an Increase Confirmation, any Reference Rate Supplement, any Compounding Methodology Supplement or any other document designated as such by the Agent and the Parent. "Finance Party" means a Mandated Lead Arranger, a Coordinator, a Bank or the Agent. "Financial Indebtedness" means any indebtedness for or in respect of: (a) moneys borrowed and debit balances at banks; (b) any debenture, bond, note, loan stock or other security; (c) any acceptance credit; (d) receivables sold or discounted (otherwise than on a non-recourse basis); (e) the acquisition cost of any asset to the extent payable before or after the time of acquisition or possession by the party liable where the advance or deferred payment is arranged primarily as a method of raising finance or financing the acquisition of that asset; (f) the amount of any liability in respect of any lease entered into primarily as a method of raising finance or financing the acquisition of the asset leased which would, in accordance with IFRS, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would, in accordance with IFRS in force as at 31 December 2017, have been treated as an operating lease); (g) for the purposes of Clause 20.6 (Cross-default) any currency or commodity swap or interest swap, cap or collar arrangements or any other derivative instrument; (h) any amount raised under any other transaction having the commercial effect of a borrowing or raising of money; or (i) any guarantee, indemnity or similar assurance against financial loss of any person, provided that any counter indemnity given in support of a letter of credit issued to environmental authorities in respect of potential environmental liabilities shall not be taken into account for the purposes of this definition until such time as a call is made under any such letter of credit. "Fitch" means Fitch Ratings Ltd and any successor or successors thereto. "Funding Rate" means any rate notified to the Agent by a Bank pursuant to paragraph (a)(ii) of Clause 13.5 (Alternative basis of interest or funding). "Geita Mine" means the mine located in Tanzania, held through an unincorporated joint venture between Samax Resources Limited and Geita Gold Mining Limited.

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A47709255 10 "Geita Remediation" means any development in relation to the Geita Mine which arises in connection with the implementation of the Tanzanian Legislation including, without limitation, any negotiation between any member of the Group and the Government of Tanzania relating to the Tanzanian Legislation, any arbitration or other proceedings relating to the Tanzanian Legislation and any reduction or cessation of business of the Geita Mine. "Group" means the Parent and its Subsidiaries from time to time. "Historic BBSY" means, in relation to any Term Rate Loan, the most recent applicable BBSY Primary Term Rate for a period equal in length to the Interest Period of that Loan and which is as of a day which is no greater than three Business Days before the relevant Quotation Day. "Holding Company" means, in relation to a person, an entity of which that person is a Subsidiary. "IAS" means the International Financial Reporting Standards adopted by the International Accounting Standards Board, as may be amended from time to time (except as provided in Clause 19.18 (Financial covenant)). "IFRS" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. "Iduapriem Mine" means the mine located in the Western Region of Ghana, owned by AngloGold Ashanti (Iduapriem) Limited at the date of this Agreement. "Impaired Agent" means the Agent at any time when: (a) it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; (b) the Agent otherwise rescinds or repudiates a Finance Document; (c) (if the Agent is also a Bank) it is a Defaulting Bank under paragraph (a) or (b) of the definition of "Defaulting Bank"; or (d) an Insolvency Event has occurred and is continuing with respect to the Agent, unless, in the case of paragraph (a) above: (i) payment is made within five Business Days of its due date; or (ii) the Agent is disputing in good faith whether it is contractually obliged to make the payment in question. "Increase Confirmation" means a confirmation substantially in the form set out in Schedule 7 (Form of Increase Confirmation). "Insolvency Event" in relation to a Finance Party means that the Finance Party: (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (c) makes a general assignment, arrangement or composition with or for the benefit of its creditors; A47709255 11 (d) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official; (e) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and: (i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or (ii) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (f) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (g) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, compulsory manager, receiver, receiver and manager, controller (as defined in section 9 of the Australian Corporations Act 2001 (Cth)), trustee, custodian or other similar official for it or for all or substantially all its assets; (h) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (i) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (h) above; or (j) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. "Interest Period" means, in relation to a Loan, each period determined in accordance with Clause 8 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.5 (Default interest). "Interpolated BBSY" means, in relation to any Term Rate Loan, the rate (rounded to the same number of decimal places as the two relevant BBSY Primary Term Rates) which results from interpolating on a linear basis between:

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A47709255 12 (a) the applicable BBSY Primary Term Rate for the longest period (for which that BBSY Primary Term Rate is available) which is less than the Interest Period of that Loan; and (b) the applicable BBSY Primary Term Rate for the shortest period (for which that BBSY Primary Term Rate is available) which exceeds the Interest Period of that Loan, each as of the Specified Time for Australian Dollars. "Interpolated Historic BBSY" means, in relation to any Term Rate Loan, the rate (rounded to the same number of decimal places as the two relevant Historic BBSY) which results from interpolating on a linear basis between: (a) the most recent applicable BBSY Primary Term Rate for the longest period (for which that Historic BBSY is available) which is less than the Interest Period of that Loan; and (b) the most recent applicable BBSY Primary Term Rate for the shortest period (for which that Historic BBSY is available) which exceeds the Interest Period of that Loan, each of which is as of a day which is no more than three Business Days before the relevant Quotation Day. "LMA" means the Loan Market Association. "Loan" means the principal amount of each borrowing by a Borrower under this Agreement or the principal amount outstanding of that borrowing. "Lookback Period" means the number of days specified as such in the Reference Rate Terms. "Majority Banks" means, subject to Clause 27.4 (Disenfranchisement of Defaulting Banks) at any time, Banks: (a) whose participations in the Loans then outstanding aggregate 66 2/3 per cent. or more of all the Loans then outstanding; (b) if there are no Loans then outstanding, whose Commitments then aggregate 66 2/3 per cent. or more of the Total Commitments; or (c) if there are no Loans then outstanding and the Total Commitments have been reduced to nil, whose Commitments aggregated 66 2/3 per cent. or more of the Total Commitments immediately before the reduction. "Margin" means the rate per annum calculated in accordance with Clause 9.4 (Margin adjustments). "Margin Certificate" means a certificate substantially in the form set out in Schedule 8 (Form of Margin Certificate). "Market Disruption Rate" means the rate specified as such in the Reference Rate Terms. A47709255 13 "Material Subsidiary" means any Subsidiary of the Parent: (a) (i) the book value of whose assets (consolidated if it itself has Subsidiaries) equals or exceeds 7.5 per cent. of the book value of the consolidated total assets of the Group taken as a whole; or (ii) whose revenues (consolidated if it itself has Subsidiaries) equal or exceed 7.5 per cent. of the revenues of the Group taken as a whole; or (iii) whose trading profits (consolidated if it itself has Subsidiaries) before interest and tax equal or exceed 7.5 per cent. of the trading profits before interest and tax of the Group as a whole, as determined by reference to the most recent accounts of the Subsidiary and the most recent audited annual consolidated accounts or unaudited semi-annual consolidated accounts of the Group; (b) any Subsidiary of the Parent which becomes a member of the Group after the date of the latest audited annual consolidated accounts or unaudited semi-annual consolidated accounts of the Group at the time of determination and which would fulfil any of the tests in (a)(i), (ii) or (iii) above if tested on the basis of its latest accounts (audited if prepared) (consolidated if it itself has Subsidiaries) and those latest consolidated accounts of the Group; or (c) prior to the delivery of each set of accounts pursuant to Clause 19.2 (Financial information), any Subsidiary of the Parent to which has been transferred (whether by one transaction or a series of transactions, related or not) the whole or substantially the whole of the assets of a Subsidiary which immediately prior to such transaction or any of such transactions was a Material Subsidiary. "Maturity Date" means, in relation to a Loan, the last day of its Interest Period. "Member State" means any member state of the European Union. "Moody's" means Moody's Investor Services Limited and any successor or successors thereto. "Novation Certificate" has the meaning given to it in Clause 28.3 (Procedure for novations). "Obligor" means a Borrower or a Guarantor. "Obuasi Mine" means the mine located in Obuasi, in the Ashanti Region of Ghana, owned by AngloGold Ashanti (Ghana) Limited at the date of this Agreement. "Obuasi Remediation" means a substantial reduction in the business and operation of the Obuasi Mine, including retrenching employees. "Offshore Associate" means an Associate: (a) which is a non-resident (as defined in section 6(1) of the Tax Act) of Australia and does not become a lender under this Agreement or receive a payment (as applicable) in carrying on a business in Australia at or through a permanent establishment of the Associate in Australia; or

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A47709255 14 (b) which is a resident of Australia (as defined in section 6(1) of the Tax Act) and which becomes a lender under this Agreement or receives a payment (as applicable) in carrying on a business in a country outside Australia at or through a permanent establishment of the Associate in that country; and which, in either case, does not become a lender under this Agreement in the capacity of a clearing house, custodian, funds manager or responsible entity of a registered scheme, or does not receive a payment in the capacity of a clearing house, paying agent, custodian, funds manager, or responsible entity of a registered scheme (as applicable). "Original Financial Statements" means the audited consolidated accounts of the Group for the financial year ended 31 December 2021. "Participating Member State" means, at any time, a member state of the European Union whose lawful currency in force at that time is the euro in accordance with the legislation of the European Union for Economic Monetary Union. "Party" means a party to this Agreement. "Permitted Reorganisation" means: (a) any Specified Corporate Restructuring: or (b) any amalgamation, demerger, merger, or corporate reconstruction or reorganisation on a solvent basis involving any Subsidiary or Subsidiaries of the Parent where: (i) all of the business, assets and shares of (or other interest in) those Subsidiaries remain within the Group and continue to be owned directly or indirectly by the Parent and, if any Subsidiary involved was an Obligor prior to the relevant reorganisation, all of the business and assets of that Subsidiary are retained by one or more Obligors after the reorganisation or, in the case of shares, cease to exist by virtue of a merger constituting or forming part of such reorganisation and where the liabilities of the surviving entity are not materially worse than the liabilities of any Subsidiary involved which was an Obligor involved prior to the relevant reorganisation; and (ii) the Agent has received evidence satisfactory to it (acting reasonably) that if any Subsidiary involved was an Obligor prior to the relevant reorganisation: (A) either the surviving entity is an Obligor and that notwithstanding such amalgamation, demerger, merger or corporate reconstruction or reorganisation on a solvent basis, the Finance Documents shall remain at all times the legal, valid, binding and enforceable obligations of that Obligor; or (B) the surviving entity is not an Obligor and upon such amalgamation, demerger, merger or corporate reconstruction or reorganisation on a solvent basis, the surviving entity will accede to the obligations of the original Obligor under the Finance Documents in full, A47709255 15 and, in each case, the surviving entity is not incorporated in a jurisdiction different from the jurisdiction of incorporation of the Subsidiaries which have amalgamated, demerged, merged or been the subject of the reorganisation or corporate reconstruction; and (iii) such amalgamation, demerger, merger, or corporate reconstruction or reorganisation on a solvent basis would not have a material adverse impact on the ability of the Obligors as a whole to perform their obligations under this Agreement. "Prime Bank" means a bank determined by ASX Benchmarks Pty Limited (or any other person which takes over the administration of the BBSY Primary Term Rate) as being a Prime Bank or an acceptor or issuer of bills of exchange or negotiable certificates of deposit for the purposes of calculating the BBSY Primary Term Rate. If ASX Benchmarks Pty Limited or such other person ceases to make such determination, the Prime Banks shall be the Prime Banks last so appointed. "Project Finance Indebtedness" means: (a) any indebtedness incurred in relation to any asset for the purposes of financing the whole or any part of the acquisition, creation, construction, improvement or development of such asset where the financial institution(s) to whom such indebtedness is owed has or have recourse to the applicable project borrower (where such project borrower is formed solely or principally for the purpose of the relevant project) and/or to such asset (or any derivative asset thereof) but does not or do not have recourse to any other assets of the applicable project borrower or, as the case may be, any other member of the Group or any assets owned by any member of the Group other than the relevant asset of the project borrower; (b) any indebtedness which would fall within paragraph (a) above but for the fact that: (i) part of that indebtedness is guaranteed by another member of the Group; or (ii) another member of the Group has agreed to make equity contributions and/or subordinated loans to repay part of that indebtedness, but only to the extent that the indebtedness is not so guaranteed or to be repaid; and (c) any other indebtedness which the Agent (acting on the instructions of the Majority Banks) has agreed with the Parent should properly be regarded as Project Finance Indebtedness. "Quotation Day" means: (a) in the case of Term Rate Loans, the first day of an Interest Period for a Loan; and (b) in the case of Compounded Rate Loans, the day specified as such in the Reference Rate Terms. "Quotation Time" means the relevant time (if any) specified as such in the Reference Rate Terms. "Quoted Tenor" means, in relation to a BBSY Primary Term Rate, any period for which that rate is customarily displayed on the relevant page or screen of an information service. "Reference Bank Quotation" means any quotation supplied to the Agent by a Reference Bank.

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A47709255 16 "Reference Bank Rate" means the sum of: (a) the following rate: (i) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks as the mid discount rate (expressed as a yield percent to maturity) observed by the relevant Reference Bank for marketable parcels of Australian Dollar denominated bank accepted bills and negotiable certificates of deposit accepted or issued by Prime Banks, and which mature on the last day of the relevant period; or (ii) (if there is no observable market rate for marketable parcels of Prime Bank Australian Dollar securities referred to in paragraph (A) above), the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks as the rate which the relevant Reference Bank could borrow funds in the Australian interbank market in Australian Dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in Australian Dollars and for that period; and (b) 0.05 per cent. per annum. "Reference Banks" means, subject to Clause 28.6 (Reference Banks), the principal office in Sydney of such entities as may be appointed by the Agent from time to time with the consent of the Parent and the relevant entity being so appointed. "Reference Rate Supplement" means, in relation to the Compounded Rate Currency, a document which: (a) is agreed in writing by the Obligors' Agent, the Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Banks or, in the case of any Reference Rate Supplement which has the effect of a reduction in the Margin, all the Banks); (b) specifies for that currency the relevant terms which are expressed in this Agreement to be determined by reference to Reference Rate Terms; and (c) has been made available to the Obligors' Agent and each Finance Party. "Reference Rate Terms" means, in relation to: (a) a currency; (b) a Loan or an Unpaid Sum in that currency; (c) an Interest Period for such a Loan or Unpaid Sum (or other period for the accrual of commission or fees in a currency); or (d) any term of this Agreement relating to the determination of a rate of interest in relation to such a Loan or Unpaid Sum, the terms set out for that currency, and (where such terms are set out for different categories of Loan, Unpaid Sum or accrual of commission or fees in that currency) for the applicable category A47709255 17 of that Loan, Unpaid Sum or accrual, in Schedule 11 (Reference Rate Terms) or in any relevant Reference Rate Supplement. "Relevant Market" means: (a) in relation to the Compounded Rate Currency, the market specified as such in the Reference Rate Terms; (b) in relation to the Term Rate Currency, the London or Australian interbank market for bank accepted bills and negotiable certificates of deposits. "Repeating Representations" means the representations and warranties set out in Clauses 18.2 (Status), 18.3 (Powers and authority), 18.4 (Legal validity), 18.5 (Authorisations), 18.6 (Pari passu ranking), 18.9(b) (Immunity), 18.10 (Jurisdiction/governing law), 18.11 (Non-conflict), 18.12 (No Default), 18.13 (Litigation), 18.14 (Accounts) (other than paragraphs (a) and (c)), 18.15 (Environmental issues), 18.16(b) (Environmental policy) to 18.17 (Economic Sanctions, Anti- Money Laundering and Anti-Bribery) (inclusive). "Reporting Day" means the day (if any) specified as such in the Reference Rate Terms. "Reporting Time" means the relevant time (if any) specified as such in the Reference Rate Terms. "Representative" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. "Request" means a request made by the Obligors' Agent for a Loan, substantially in the form of Schedule 3 (Form of Request). "Reservations" means the general principles of law in relation to matters of law only as at the date of this Agreement limiting an Obligor's obligation which are specifically referred to in any legal opinion delivered under paragraph 15 of Schedule 2 (Conditions Precedent Documents). "Resolution Authority" means any body which has authority to exercise any Write-down and Conversion Powers. "Restricted Party" means a person that is: (a) listed on, or owned or controlled by a person listed on, or, to the knowledge of the Obligors, acting on behalf of a person listed on, any Sanctions List; or (b) located, organised or resident in a country or territory which is the subject of Sanctions (which countries and territories include but not limited to the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, Russia and Belarus). "RFR" means the rate specified as such in the Reference Rate Terms. "RFR Banking Day" means any day specified as such in the Reference Rate Terms. "Rollover Loan" means one or more Loans made or to be made: (a) on the same date that a maturing Loan is due to be repaid; (b) the aggregate amount of which is equal to or less than the maturing Loan;

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A47709255 18 (c) in the same currency as the maturing Loan; and (d) to the same Borrower for the purpose of refinancing a maturing Loan. "S&P" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor or successors thereto. "Sanctions" means the sanctions administered or enforced by: (a) the United States government; (b) the United Nations; (c) the European Union or its Member States; (d) the United Kingdom; (e) the Australian Commonwealth government; (f) the Canadian government; or (g) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury ("OFAC"), the United States Department of State, Her Majesty's Treasury ("HMT"), and Global Affairs Canada, (together the "Sanctions Authorities"). "Sanctions List" means the "Specially Designated Nationals and Blocked Persons" list maintained by OFAC, the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by HMT, or any similar public list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities. "Security Interest" means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect of conferring security. "Separate Loans" has the meaning given to that term in Clause 6.1 (Repayment of Loans). "Specified Corporate Restructuring" means any of the proposed corporate restructurings described below: (a) the merger of Mineração Morro Velho Ltda ("MMV") and Mineração Ribeirão dos Cristais Ltda ("MRC"), wholly-owned subsidiaries of Mineração Serra Grande SA ("MSG") (a wholly-owned subsidiary of the Parent), to be achieved by the merger of the assets and liabilities relating to the real estate business of MMV and MRC into MSG itself or AngloGold Ashanti Corrego do Sitio Mineração; (b) the transfer of the Group's interest in the Iduapriem Mine to any other member of the Group (other than to AngloGold Ashanti (Ghana) Limited); and (c) the transfer of AngloGold Ashanti USA Incorporated and its subsidiaries to the Parent or any other member of the Group. "Specified Time" means a day or time determined in accordance with Schedule 10 (Timetables). "Subsidiary" means any company or corporation: A47709255 19 (a) which is controlled, directly or indirectly, by another company or corporation; or (b) more than half the issued share capital of which is beneficially owned, directly or indirectly, by another company or corporation; or (c) which is a subsidiary of another subsidiary of another company or corporation, and, for these purposes, a company or corporation shall be treated as being controlled by another if that other company or corporation has the right to control the composition of a majority of its board of directors or equivalent body. "Successor Parent Holding Company" means a successor holding company of the Parent which directly or indirectly owns all of the shares in the Parent and, at the time it becomes the holding company of the Parent: (a) its shares are owned by substantially the same shareholders as AGAL; or (b) no person, or group of persons acting in concert, (other than a holding company satisfying the requirements of this definition) is, directly or indirectly, the beneficial owner of more than 50 per cent. of the issued share capital of such holding company. "Tanzanian Legislation" means each of: (a) the Mandatory Mining (Minimum Shareholding & Public Offering) Regulation; (b) the Natural Wealth and Resources Contracts (Review and Re-Negotiation of Unconscionable Terms) Act 2017; (c) the Natural Wealth and Resources Contracts (Permanent Sovereignty) Act 2017; (d) the Written Laws (Misc. Amendments) Act 2017; or any future law or regulation introduced by the Government of Tanzania in relation thereto. "Tax Act" means the Australian Income Tax Assessment Act 1936 (Cth) or the Australian Income Tax Assessment Act 1997 (Cth), as applicable. "Term Rate Currency" means Australian Dollars. "Term Rate Loan" means any Loan or, if applicable, Unpaid Sum, denominated in the Term Rate Currency. "Total Commitments" means the aggregate for the time being of the Commitments, being U.S.$1,400,000,000 at the date of this Agreement. "UK Bail-In Legislation" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings). "Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance Documents. "Upfront Fee Letter" means the letter dated on or about the date of this Agreement between the Agent and the Parent setting out the amount of the fees referred to in Clause 22.1 (Upfront fees).

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A47709255 20 "U.S. Dollars" or "U.S.$" means the lawful currency for the time being of the United States of America. "VAT" means: (a) any value added tax imposed by the Value Added Tax Act 1994; (b) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and (c) any other tax of a similar nature, whether imposed in the United Kingdom or in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) or (b) above, or imposed elsewhere. "Write-down and Conversion Powers" means: (a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; (b) in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail- In Legislation that are related to or ancillary to any of those powers; and (c) in relation to any other applicable Bail-In Legislation: (i) any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and (ii) any similar or analogous powers under that Bail-In Legislation. 1.2 Construction (a) In this Agreement, unless the contrary intention appears, a reference to: (i) an "amendment" includes a supplement, novation or re-enactment and "amended" is to be construed accordingly; (ii) a Bank's "cost of funds" in relation to its participation in a Loan is a reference to the average cost (determined either on an actual or a notional basis) which that Bank would A47709255 21 incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in that Loan for a period equal in length to the Interest Period of that Loan; (iii) the Agent's "cost of funds" is a reference to the average cost (determined either on an actual or a notional basis) which the Agent would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount referred to in paragraph (c) of Clause 10.3 (Distribution); (iv) "assets" includes present and future properties, revenues and rights of every description; (v) an "authorisation" includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration or notarisation; (vi) "control" means the power to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise; (vii) "acting in concert" means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Parent by any of them, either directly or indirectly, to obtain or consolidate control of the Parent; (viii) "know your customer requirements" means the identification checks that a Finance Party requests in order to meet its obligations under any applicable law or regulation to identify a person who is (or is to become) its customer; (ix) a "material adverse effect" means: (A) a material adverse effect on the business or financial condition of the Obligors taken together or the Group as a whole; or (B) a material adverse effect on the ability of any Obligor (taking into account the resources available to it from the other Obligors) to perform its payment obligations under any of the Finance Documents or its obligations under Clause 19.18 (Financial covenant); (x) a "month" is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month: (A) except that, in the case of a Term Rate Loan: (x) if there is no numerically corresponding day in the month in which that period ends, that period shall end on the last Business Day in that calendar month; or (y) if an Interest Period commences on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which it is to end, (B) in the case of a Compounded Rate Loan, subject to adjustment in accordance with the rules specified as Business Day Conventions in the Reference Rate Terms;

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A47709255 22 (xi) a "person" includes any individual, company, partnership, association, government, state, agency or other entity; (xii) a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but if not, being of a type with which banks are accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; (xiii) "tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same); (xiv) a "Security Interest" does not include an interest of the kind referred to in section 12(3) of the Australian Personal Property Securities Act 2009 (Cth) where the transaction concerned does not, in substance, secure payment or performance of an obligation; (xv) a provision of law is a reference to that provision as amended or re-enacted from time to time; (xvi) a Clause, Subclause or a Schedule is a reference to a clause or subclause of or a schedule to this Agreement; (xvii) a person includes its successors and assigns; (xviii) a Finance Document or another document is a reference to that Finance Document or other document as amended; and (xix) a time of day is a reference to London time. (b) A Default (other than an Event of Default) is "continuing" if it has not been remedied or waived and an Event of Default is "continuing" if it has not been remedied or waived. (c) A reference in this Agreement to a page or screen of an information service displaying a rate shall include: (i) any replacement page of that information service which displays that rate; and (ii) the appropriate page of such other information service which displays that rate from time to time in place of that information service, and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Agent after consultation with the Parent. (d) A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or replacement rate for, that rate. (e) Any Reference Rate Supplement relating to a currency overrides anything relating to that currency in: (i) Schedule 11 (Reference Rate Terms); or (ii) any earlier Reference Rate Supplement. (f) A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate overrides anything relating to that rate in: A47709255 23 (i) Schedule 12 (Daily Non-Cumulative Compounded RFR Rate) or Schedule 13 (Cumulative Compounded RFR Rate), as the case may be; or (ii) any earlier Compounding Methodology Supplement. (g) The determination of the extent to which a rate is "for a period equal in length" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement. (h) Unless the contrary intention appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. (i) The index to and the headings in this Agreement are for convenience only and are to be ignored in construing this Agreement. (j) (i) Unless expressly provided to the contrary in a Finance Document, a person who is not a party to a Finance Document may not enforce or benefit from any of its terms under the Contracts (Rights of Third Parties) Act 1999. (ii) Subject to Clause 27.2(b) but otherwise notwithstanding any term of any Finance Document, the consent of any third party is not required for any variation (including any release or compromise of any liability) or termination of that Finance Document. 2. FACILITY 2.1 Facility (a) Subject to the terms of this Agreement, the Banks agree to make Loans to the Borrowers on a revolving basis during the Commitment Period up to an aggregate principal amount not exceeding the Total Commitments. (b) The aggregate amount of all outstanding Loans: (i) shall not at any time exceed the Total Commitments and; (ii) in respect of Loans in Australian Dollars only, shall not at any time exceed A$500,000,000. (c) The aggregate amount of a Bank's participation in the Loans shall not at any time exceed its Commitment at that time. 2.2 Increase (a) The Obligors' Agent may by giving prior notice to the Agent by no later than the date falling 20 Business Days after the effective date of a cancellation of: (i) the undrawn Commitments of a Defaulting Bank in accordance with Clause 7.6 (Right of cancellation in relation to a Defaulting Bank); or (ii) the Commitments of a Bank in accordance with Clause 7.1 (Change of control), Clause 7.5 (Additional right of replacement or prepayment and cancellation) or Clause 15 (Illegality),

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A47709255 24 request that the Total Commitments be increased (and the Total Commitments shall be so increased) in an aggregate amount in the Base Currency up to the amount of the undrawn Commitments or Commitments so cancelled as follows: (iii) the increased Commitments will be assumed by one or more Banks or other banks or financial institutions (each an "Increase Bank") selected by the Obligors' Agent (each of which shall not be a member of the Group) and each of which confirms in writing (whether in the relevant Increase Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Bank corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original Bank in respect of those Commitments; (iv) each of the Obligors and any Increase Bank shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase Bank would have assumed and/or acquired had the Increase Bank been an Original Bank in respect of that part of the increased Commitments which it is to assume; (v) each Increase Bank shall become a Party as a Bank and any Increase Bank and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Bank and those Finance Parties would have assumed and/or acquired had the Increase Bank been an Original Bank in respect of that part of the increased Commitments which it is to assume; (vi) the Commitments of the other Banks shall continue in full force and effect; and (vii) any increase in the Total Commitments shall take effect on the date specified by the Obligors' Agent in the notice referred to above or any later date on which the conditions set out in paragraph (b) below are satisfied. (b) An increase in the Total Commitments will only be effective on: (i) the execution by the Agent of an Increase Confirmation from the relevant Increase Bank; and (ii) in relation to an Increase Bank which is not a Bank immediately prior to the relevant increase, the performance by the Agent of all necessary know your customer requirements or other similar checks in relation to the assumption of the increased Commitments by that Increase Bank, the completion of which the Agent shall promptly notify to the Obligors' Agent and the Increase Bank. (c) Each Increase Bank, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Bank or Banks in accordance with this Agreement on or prior to the date on which the increase becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Bank. (d) The Increase Bank shall, on the date upon which it assumes the increased Commitment, pay to the Agent (for its own account) the same fee of U.S.$3,000 as would be payable if it were a New Bank under Clause 28.2 (Transfers by Banks). A47709255 25 (e) Neither the Agent nor any Bank shall have any obligation to find an Increase Bank and in no event shall any Bank whose Commitment is replaced by an Increase Bank be required to pay or surrender any of the fees received by such Bank pursuant to the Finance Documents. (f) Paragraphs (f) to (h) (inclusive) of Clause 28.2 (Transfers by Banks) shall apply mutatis mutandis in this Clause 2.2 in relation to an Increase Bank as if references in that Clause to: (i) an "Existing Bank" were references to all the Banks immediately prior to the relevant increase; (ii) the "New Bank" were references to that "Increase Bank"; and (iii) a "re-transfer" were references to a "transfer". 2.3 Nature of a Finance Party's rights and obligations (a) The obligations of a Finance Party under the Finance Documents are several. Failure of a Finance Party to carry out those obligations does not relieve any other Party of its obligations under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. (b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in the Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor. (c) A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents 2.4 Nature of a Borrower's obligations Each Borrower shall at all times be jointly and severally liable for the obligations of itself and each other Borrower under the Finance Documents and the liability of one Borrower shall not be discharged or affected in any way by reason of the invalidity, voidability or unenforceability of the obligations of any other Borrower. Provisions applying to the joint and several nature of the obligations of each Borrower under the Finance Documents are set out in Schedule 5 (Borrowers' Obligations). 2.5 Role of Obligors' Agent (a) Each Obligor appoints the Obligors' Agent to act as agent on its behalf in connection with this Agreement. This appointment is irrevocable unless the Obligors appoint another company as the Obligors' Agent, with the agreement of the Majority Banks. (b) The Obligors' Agent is authorised and instructed by each Obligor to give and receive all notices and to take all other action as may be necessary or desirable in connection with this Agreement. This authorisation includes the ability to give consents, sign certificates and accept any proposals

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A47709255 26 on behalf of each Obligor. Each Obligor confirms that it will be bound by any action taken by and acquiescence of the Obligors' Agent in connection with this Agreement. 3. PURPOSE The Borrowers shall apply each Loan towards the refinancing of the Existing Facility and after the repayment and cancellation in full of the Existing Facility, for general corporate purposes of the Group. Without affecting the obligations of any Obligor in any way, no Finance Party is bound to monitor or verify the application of any Loan. 4. CONDITIONS PRECEDENT 4.1 Documentary conditions precedent (a) The Obligors' Agent may not deliver the first Request until the Agent has notified the Obligors' Agent and the Banks that it has received all of the documents set out in Schedule 2 (Conditions Precedent Documents) in form and substance satisfactory to the Agent (acting reasonably and which it will do promptly upon such receipt). (b) Other than to the extent that the Majority Banks notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Banks authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 4.2 Further conditions precedent The obligation of each Bank to participate in any Loan under Clause 5.3 (Advance of Loan) is subject to the further conditions precedent that on both the date of the Request and the Drawdown Date: (a) the Repeating Representations are correct in all material respects; and (b) in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and, in the case of any other Loan, no Default is continuing or would result from the making of that Loan; and (c) the making of the relevant Loan would not cause Clause 2.1 (Facility) to be contravened. 5. DRAWDOWN 5.1 Availability Period A Borrower may borrow Loans during the Commitment Period if the Agent receives, not later than the Specified Time a duly completed Request. Each Request is irrevocable. 5.2 Completion of Requests A Request will not be regarded as having been duly completed unless: (a) it specifies the Borrower; (b) the Drawdown Date is a Business Day falling during the Commitment Period; (c) the currency specified must be the Base Currency or Australian Dollars; (d) the amount of the proposed Loan is: A47709255 27 (i) if the currency selected is the Base Currency, a minimum of U.S.$10,000,000 and an integral multiple of U.S.$5,000,000, or if less, the balance of the undrawn Total Commitments; (ii) if the currency selected is Australian Dollars, a minimum of A$10,000,000 and an integral multiple of A$5,000,000 or if less, the balance of the undrawn Total Commitments; or (iii) such other amount as the Agent may agree; (e) the Interest Period selected complies with Clause 8 (Interest Periods); and (f) the payment instructions comply with Clause 10 (Payments). Each Request must specify one Loan only, but the Obligors' Agent may, subject to the other terms of this Agreement, deliver more than one Request on any one day. Unless otherwise agreed by the Agent, no more than 14 Loans may be outstanding at any time. Any Separate Loan shall not be taken into account in this Clause 5.2. 5.3 Advance of Loan (a) The Agent shall promptly notify each Bank (with a copy to the Parent) by the Specified Time of the details of the requested Loan and the amount of its participation in the Loan, and in respect of each Loan to be made in Australian Dollars, including its determination (acting in good faith) of the Base Currency Amount of each such Loan to be made in Australian Dollars, and if different, the amount of that participation to be made in accordance with Clause 10.2 (Funds). (b) Subject to the terms of this Agreement, each Bank shall make its participation in the Loan available to the Agent for the relevant Borrower on the relevant Drawdown Date. (c) The amount of each Bank's participation in the Loan will be the proportion of the Loan which its Commitment bears to the Total Commitments on the proposed Drawdown Date. 6. REPAYMENT 6.1 Repayment of Loans (a) Subject to paragraph (e) below, the Borrowers shall repay each Loan in full on its Maturity Date. (b) Subject to the terms of this Agreement, amounts so repaid may be re-borrowed. (c) Without prejudice to the Borrowers' obligation to repay the full amount of each Loan on its Maturity Date, if one or more Loans are made available to a Borrower: (i) on the same day that a maturing Loan is due to be repaid by that Borrower; (ii) in the same currency as the maturing Loan; and (iii) in whole or in part for the purpose of refinancing the maturing Loan, then: (A) if the amount of the maturing Loan exceeds the aggregate amount of the new Loan(s): I. the relevant Borrower will only be required to pay an amount in cash in the relevant currency equal to that excess; and

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A47709255 28 II. each Bank's share (if any) in the new Loans will be treated as having been made available and applied by the Borrower in or towards repayment of that Bank's share (if any) in the maturing Loan and that Bank will not be required to make its share in the new Loan(s) available in cash; and (B) if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loan(s): I. the relevant Borrower will not be required to make any payment in cash; and II. each Bank will be required to make its share in the new Loan(s) available in cash only to the extent that its share (if any) in the new Loan(s) exceeds that Bank's share (if any) in the maturing Loan and the remainder of that Bank's share in the new Loan(s) will be treated as having been made available and applied by the Borrower in or towards repayment of that Bank's share in the maturing Loan. (d) No Loan may be outstanding after the Final Maturity Date. (e) At any time when a Bank becomes a Defaulting Bank, the maturity date of each of the participations of that Bank in the Loans then outstanding will be automatically extended to the Final Maturity Date and will be treated as separate Loans (the "Separate Loans") denominated in the currency in which the relevant participations are outstanding. (f) A Borrower to whom a Separate Loan is outstanding may prepay that Loan by giving five Business Days' prior notice to the Agent. The Agent will forward a copy of a prepayment notice received in accordance with this paragraph (f) to the Defaulting Bank concerned as soon as practicable on receipt. (g) Interest in respect of a Separate Loan will accrue for successive Interest Periods selected by the Borrower by the time and date specified by the Agent (acting reasonably) and will be payable by that Borrower to the Agent (for the account of that Defaulting Bank) on the last day of each Interest Period of that Loan. (h) The terms of this Agreement relating to Loans generally shall continue to apply to Separate Loans other than to the extent inconsistent with paragraphs (e) to (g) above, in which case those paragraphs shall prevail in respect of any Separate Loan. 6.2 Extension option (a) The Parent may, by giving notice to the Agent (an "Extension Request"): (i) not less than 30 days (and not more than 60 days) before the first anniversary of the date of this Agreement, request that the Final Maturity Date be extended by one year (the "Initial Extension Request"), with the effect that the Final Maturity Date in respect of the Commitment and participation in the Loans of any Bank which accepts the Initial Extension Request in accordance with paragraph (d) below shall be the sixth anniversary of the date of this Agreement (the "Sixth Anniversary"); and/or A47709255 29 (ii) not less than 30 days (and not more than 60 days) before the second anniversary of the date of this Agreement, request that the Final Maturity Date be: (A) with respect to any Bank which consented to an Initial Extension Request, extended by a further one year with the effect that the Final Maturity Date in respect of such Bank's Commitment and its participation in any Loans shall be the seventh anniversary of the date of this Agreement (the "Seventh Anniversary"); or (B) where no Initial Extension Request was made, or with respect to any Bank who refused the Initial Extension Request, extended by one or two years (as selected by the Parent in its sole discretion) with the effect that the Final Maturity Date in respect of such Bank's Commitment and its participation in any Loans shall be the Sixth Anniversary or the Seventh Anniversary (as applicable). (b) A notice served by the Parent pursuant to paragraph (a) of this Clause 6.2 above shall be irrevocable. (c) The Agent shall promptly notify each Bank on receipt of an Extension Request. (d) Each Bank shall notify the Agent of its decision (which shall be in its sole discretion) whether or not to consent to the Extension Request not later than 15 days before the first or second anniversary of the date of this Agreement (as applicable). If a Bank has not notified the Agent of its consent on or before such date, it shall be deemed to have refused the Extension Request. (e) The Agent shall promptly notify the Parent whether or not each Bank has agreed to an Extension Request. (f) Promptly following receipt of notification from the Agent pursuant to paragraph (e) above, the Parent may elect (in its sole discretion) by notice to the Agent to accept all (but not part) of the extensions offered by those Banks who consented to the Extension Request (the "Extending Banks"), in which case the Final Maturity Date shall be extended in relation to the Commitments and participations of the Extending Banks. (g) If a Bank does not agree to an Extension Request, on the fifth anniversary of the date of this Agreement (or, if the relevant Bank had previously consented to the Initial Extension Request, on the Sixth Anniversary): (i) its participation in all outstanding Loans shall be repaid together with accrued interest and all other amounts outstanding in relation to such participation; and (ii) its Commitment shall be reduced to zero and cancelled. (h) Notwithstanding any other provision in this Agreement: (i) no Extension Request shall extend the Final Maturity Date beyond the Seventh Anniversary; and (ii) the Banks will only be obliged to comply with the provisions of this Clause 6.2 if, on the date of any Extension Request: (A) no Default is continuing or would result from the proposed extension;

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A47709255 30 (B) the Repeating Representations to be made by each Obligor are true in all material respects; and (C) the payment of the applicable extension fee set out in paragraph (i) below. (i) If any extension is agreed in accordance with this Clause 6.2, the Parent shall pay to the Agent (for the account of the relevant Extending Bank) a fee to be agreed between the Parent and the relevant Extending Bank. That fee shall be payable on the fifth Business Day after the Parent notifies the Agent that it has accepted the extension in accordance with paragraph (f) above. 7. PREPAYMENT AND CANCELLATION 7.1 Change of control If any person, or group of persons acting in concert, becomes, directly or indirectly, the beneficial owner of more than 50 per cent. of the issued share capital of: (a) (i) prior to the date of the establishment of the first Successor Parent Holding Company or an AGAH Listing, AGAL; or (ii) on and from the date of the establishment of the first Successor Parent Holding Company, that Successor Parent Holding Company; or (iii) on and from the date of an AGAH Listing, the Parent; (b) the Parent shall promptly notify the Agent upon becoming aware of that event; (c) a Bank shall not be obliged to fund a Loan (except for a Rollover Loan); and (d) if a Bank so requires and notifies the Agent within 30 days of the Parent notifying the Agent of the event, the Agent shall, by not less than ten Business Days' notice to the Parent (and only by longer than ten Business Days' notice if the relevant Bank agrees), cancel the Commitment of that Bank and declare the participation of that Bank in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of that Bank will be cancelled and all such outstanding amounts will become immediately due and payable. 7.2 Voluntary prepayment (a) A Borrower may, by the Obligors' Agent giving not less than five Business Days' prior written notice to the Agent, prepay any Loan on any Business Day in whole or in part (but, if in part, in a minimum amount that reduces the Base Currency Amount of the Loan by a minimum amount of U.S.$10,000,000 and an integral multiple of U.S.$10,000,000 (in the case of Compounded Rate Loans) or by a minimum of AUD10,000,000 and an integral multiple of AUD10,000,000 (in the case of Term Rate Loans)), provided that, in the case of Compounded Rate Loans, no more than four prepayments shall be made by a Borrower pursuant to this Clause 7.2 in any consecutive twelve-month period save for where the Facility is voluntarily cancelled and prepaid in full. (b) Any prepayment of a Loan in part shall be applied pro rata to each Bank's participation in that Loan. A47709255 31 7.3 Automatic cancellation The Commitment of each Bank shall be automatically cancelled at the close of business in London on the Final Maturity Date. 7.4 Voluntary cancellation (a) The Obligors' Agent may, by giving not less than five Business Days' prior written notice to the Agent, cancel the undrawn amount of the Total Commitments in whole or in part (but, if in part, in a minimum amount of U.S.$10,000,000 and an integral multiple of U.S.$5,000,000). (b) Any cancellation in part shall be applied against the available but undrawn Commitment of each Bank pro rata. 7.5 Additional right of replacement or prepayment and cancellation (a) If: (i) an Obligor is required to pay to a Bank any additional amounts under Clause 11 (Taxes); or (ii) an Obligor is required to pay to a Bank any amount under Clause 14 (Increased Costs); or (iii) interest on a Bank's participation in a Loan is being calculated in accordance with Clause 13.5 (Alternative basis of interest or funding), then, without prejudice to the obligations of each Obligor under those Clauses, the Obligors' Agent may, whilst the relevant circumstances continue: (A) give a notice of prepayment and cancellation to that Bank through the Agent; or (B) give the Agent notice of its intention to replace that Bank in accordance with paragraph (c) below. (b) On the date falling five Business Days after the date on which a notice is given under paragraph (a)(A) above: (i) each Borrower shall prepay the relevant Bank's participation in all the Loans; and (ii) the Commitment of the relevant Bank shall be cancelled. (c) The Obligors' Agent may, in the circumstances set out in paragraph (a) above, on five Business Days' prior notice to the Agent and that Bank, replace that Bank by requiring that Bank to (and, to the extent permitted by law, that Bank shall) transfer pursuant to Clause 28 (Changes to the Parties) all (and not part only) of its rights and obligations under this Agreement to a Bank or other bank or financial institution selected by the Obligors' Agent which confirms its willingness to assume and does assume all the obligations of the transferring Bank in accordance with Clause 28 (Changes to the Parties) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Bank's participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause 28.4 (Pro rata interest settlement)), amounts payable under paragraph (a)(iii) of Clause 25.2 (Other indemnities) and other amounts payable in relation thereto under the Finance Documents.

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A47709255 32 (d) The replacement of a Bank pursuant to paragraph (c) above shall be subject to the following conditions: (i) the Obligors' Agent shall have no right to replace the Agent; (ii) neither the Agent nor any Bank shall have any obligation to find a replacement Bank; (iii) in no event shall the Bank replaced under paragraph (c) above be required to pay or surrender any of the fees received by such Bank pursuant to the Finance Documents; and (iv) the Bank shall only be obliged to transfer its rights and obligations pursuant to paragraph (c) above once it is satisfied that it has complied with all necessary know your customer requirements in relation to that transfer. (e) A Bank shall perform the checks described in paragraph (d)(iv) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (c) above and shall notify the Agent and the Obligors' Agent when it is satisfied that it has complied with those checks. 7.6 Right of cancellation in relation to a Defaulting Bank (a) If any Bank becomes a Defaulting Bank, the Obligors' Agent may, at any time whilst the Bank continues to be a Defaulting Bank, give the Agent five Business Days' notice of cancellation of the undrawn Commitment of that Bank. (b) On the notice referred to in paragraph (a) above becoming effective, the undrawn Commitment of the Defaulting Bank shall immediately be reduced to zero. (c) The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Banks. 7.7 Miscellaneous provisions (a) Any notice of prepayment and/or cancellation under this Agreement is irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. The Agent shall notify the Banks promptly of receipt of any such notice. (b) All prepayments under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to Clause 25.2 (Other indemnities), without premium or penalty. (c) No prepayment or cancellation is permitted except in accordance with the express terms of this Agreement. (d) No amount of the Total Commitments cancelled under this Agreement may subsequently be reinstated. (e) Subject to the terms of this Agreement, any amounts prepaid under Clause 7.2 (Voluntary prepayment) may be re-borrowed. No other amount prepaid under this Agreement may subsequently be re-borrowed. (f) If all or part of any Bank's participation in a Loan is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an amount of that Bank's Commitment (equal to the Base Currency Amount of the amount of the participation A47709255 33 which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. 8. INTEREST PERIODS 8.1 Selection (a) Each Loan has one Interest Period only. The Obligors' Agent shall select an Interest Period for a Loan in the relevant Request. (b) Subject to the following provisions of this Clause 8, each Interest Period will be one, three or six months or any other period agreed by the Obligors' Agent and, in the case of an Interest Period of less than one month, the Majority Banks, or, in the case of any other Interest Period, all of the Banks. (c) No Interest Period for a Compounded Rate Loan shall be longer than six months. 8.2 Non-Business Days (a) In the case of a Term Rate Loan, if an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period shall instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). (b) In the case of a Compounded Rate Loan, any rules specified as "Business Day Conventions" in the Reference Rate Terms for a Loan or Unpaid Sum shall apply to each Interest Period for that Loan or Unpaid Sum. 8.3 Coincidence with the Final Maturity Date If an Interest Period would otherwise overrun the Final Maturity Date, it shall be shortened so that it ends on the Final Maturity Date. 8.4 Other adjustments The Agent (acting on the instructions of the Banks) and the Obligors' Agent may enter into such other arrangements as they may agree for the adjustment of Interest Periods and/or the consolidation and/or splitting of loans. 8.5 Notification The Agent shall notify the Obligors' Agent and the Banks of the duration of each Interest Period promptly after ascertaining its duration. 9. INTEREST 9.1 Interest rate – Term Rate Loans The rate of interest on each Term Rate Loan for its Interest Period is the percentage rate per annum determined by the Agent to be the aggregate of the applicable: (a) Margin; and (b) BBSY. 9.2 Interest rate – Compounded Rate Loans (a) The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the percentage rate per annum which is the aggregate of the applicable: (i) Margin; and

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A47709255 34 (ii) Compounded Reference Rate for that day. (b) If any day during an Interest Period for a Compounded Rate Loan is not an RFR Banking Day, the rate of interest on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day. 9.3 Due dates Except as otherwise provided in this Agreement, accrued interest on each Loan is payable by the relevant Borrower on the last day of the Interest Period for that Loan and also, if, in the case of a Term Rate Loan, the Interest Period is longer than six months, on the dates falling at six-monthly intervals after the first day of that Interest Period. 9.4 Margin adjustments (a) In this Clause 9.4: "Rating Agency" means Moody's, S&P or Fitch or any other rating agency approved by the Obligors' Agent and the Majority Banks. (b) The initial Margin is 1.45 per cent. per annum. (c) Subject to the other provisions of this Clause 9.4, with effect from the date falling six months after the date of this Agreement, the Margin will be subsequently calculated by reference to the two lowest long term debt ratings of the Parent given by the Rating Agencies and the table below: Long-term debt rating of the Parent Margin (per cent. per annum) Moody's S&P Fitch Baa1 or above BBB+ or above BBB+ or above 0.90 Baa2 BBB BBB 1.05 Baa3 BBB- BBB- 1.25 Ba1 BB+ BB+ 1.65 Ba2 or below BB or below BB or below 2.15 (d) Any change in the Margin will, subject to paragraph (h) below: (i) apply to each Loan made, or (if outstanding) from the start of its next Interest Period following receipt by the Agent of the most recently delivered Margin Certificate; and (ii) for the purposes of the calculating the commitment fee payable in accordance with Clause 22.3 (Commitment fee), apply two Business Days after the date on which the Agent receives a Margin Certificate in accordance with paragraph (e) below. (e) The Obligors' Agent must notify the Agent of any change in, or withdrawal of, the long-term debt rating of the Parent by a Rating Agency by providing a Margin Certificate within two Business Days of the Parent receiving notification from that Rating Agency. A47709255 35 (f) If the two lowest long-term debt ratings given to the Parent by the Rating Agencies are such that a different Margin would be applicable to each rating, the applicable Margin will be the average of the Margins applicable to such lowest long-term debt ratings as set out in the table in paragraph (c) above. (g) If a long-term debt rating is given to the Parent by only one Rating Agency, the Margin will be the applicable rate as set out in the table in paragraph (c) above. (h) For so long as: (i) the Obligors' Agent is in default of its obligations under this Agreement to notify the Agent of any change in the Parent's long-term debt rating under paragraph (e) above and such notification would result in a higher Margin applying than the Margin applicable immediately before such notification; (ii) the Parent does not have a long-term debt rating from any Rating Agency; or (iii) an Event of Default is continuing, the applicable Margin will be the highest rate as set out in the table in paragraph (c) above, being 2.15 per cent. per annum. 9.5 Default interest (a) If an Obligor fails to pay any amount payable by it under the Finance Documents when due, it shall, forthwith on demand by the Agent, pay interest on the overdue amount from the due date up to the date of actual payment, as well after as before judgment, at a rate (the "default rate") determined by the Agent to be one per cent. per annum above the higher of: (i) (A) in the case of a Term Rate Loan, the rate on the overdue amount under Clause 9.1 (Interest rate – Term Rate Loans), immediately before the due date (if of principal); or (B) in the case of a Compounded Rate Loan, the rate on the overdue amount under Clause 9.2 (Interest rate – Compounded Rate Loans); and (ii) the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for such successive Interest Periods of such duration as the Agent may determine acting reasonably and in consultation with the Obligors' Agent, having regard to the likely period for which the amounts will remain overdue (each a "Designated Interest Period"). (b) The default rate will be determined by the Agent on each RFR Banking Day, each Business Day or the first day of, or two Business Days before the first day of, the relevant Designated Interest Period, as appropriate. (c) Default interest will be compounded at the end of each Designated Interest Period. 9.6 Notification of rates of interest (a) The Agent shall promptly notify the relevant Borrower and the relevant Banks of the determination of a rate of interest relating to a Term Rate Loan.

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A47709255 36 (b) The Agent shall promptly upon a Compounded Rate Interest Payment being determinable notify: (i) the relevant Borrower of that Compounded Rate Interest Payment; (ii) each relevant Bank of the proportion of that Compounded Rate Interest Payment which relates to that Bank's participation in the relevant Compounded Rate Loan; and (iii) the relevant Banks and the relevant Borrower of: (A) each applicable rate of interest relating to the determination of that Compounded Rate Interest Payment; and (B) to the extent it is then determinable, the Market Disruption Rate relating to the relevant Compounded Rate Loan. This paragraph (b) shall not apply to any Compounded Rate Interest Payment determined pursuant to Clause 13.5 (Alternative basis of interest or funding). (c) The Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan. (d) The Agent shall promptly notify the relevant Banks and the relevant Borrower of the determination of a rate of interest relating to a Compounded Rate Loan to which Clause 13.5 (Alternative basis of interest or funding) applies. (e) This Clause 9.6 shall not require the Agent to make any notification to any Party on a day which is not a Business Day. 10. PAYMENTS 10.1 Place All payments by an Obligor or a Bank under the Finance Documents shall be made to the Agent to its account at such office or bank as it may notify to that Obligor or Bank for this purpose. Notwithstanding the above, all payments to be made by the Borrowers under the Upfront Fee Letter pursuant to Clause 22 (Fees) and to the Mandated Lead Arrangers under Clause 23 (Expenses) shall be made by the Obligors' Agent direct to the Agent on behalf of the relevant parties in the manner agreed between them and the Parent. 10.2 Funds Payments under the Finance Documents to the Agent shall be made for value on the due date at such times and in such funds as the Agent may specify to the Party concerned as being customary at the time for the settlement of transactions in the relevant currency in the place for payment. 10.3 Distribution (a) Each payment received by the Agent under the Finance Documents for another Party shall, subject to paragraphs (b) and (c) below, be made available by the Agent to that Party by payment (on the date and in the currency and funds of receipt) to its account with such office or bank in the principal financial centre of the country of the relevant currency as it may notify to the Agent for this purpose by not less than five Business Days' prior notice. (b) The Agent may apply any amount received by it for an Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from an Obligor under this Agreement or in or towards the purchase of any amount of any currency to be so applied. A47709255 37 (c) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that Party until it has established that it has actually received that sum. The Agent may, however, assume that the sum has been paid to it in accordance with this Agreement, and, in reliance on that assumption, make available to that Party a corresponding amount. If the sum has not been made available but the Agent has paid a corresponding amount to another Party, that Party shall forthwith on demand by the Agent refund the corresponding amount together with interest on that amount from the date of payment to the date of receipt, calculated at a rate determined by the Agent to reflect its cost of funds. 10.4 Currency (a) Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency of each amount payable under the Finance Documents is determined under this Clause 10.4. (b) Interest is payable in the currency in which the relevant amount in respect of which it is payable is denominated. (c) Amounts payable in respect of taxes, fees, costs and expenses are payable in the currency in which they are incurred. (d) A repayment or prepayment of any principal amount or Unpaid Sum is payable in the currency in which that principal amount or Unpaid Sum is denominated on its due date. (e) Any other amount payable under the Finance Documents is, except as otherwise provided in this Agreement, payable in the Base Currency. 10.5 Set-off and counterclaim All payments made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear or any deduction for) set-off or counterclaim. 10.6 Non-Business Days (a) If any amount payable under the Finance Documents is due on a day which is not a Business Day, the due date for that payment shall instead be the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). (b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on that principal or Unpaid Sum at the rate payable on the original due date. 10.7 Partial payments (a) If the Agent receives a payment insufficient to discharge all the amounts then due and payable by the Obligors under the Finance Documents, the Agent shall apply that payment towards the obligations of the Obligors under the Finance Documents in the following order: (i) first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents; (ii) secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement;

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A47709255 38 (iii) thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and (iv) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. (b) The Agent shall, if so directed by all the Banks, vary the order set out in subparagraphs (a)(ii) to (iv) above. (c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 10.8 Impaired Agent (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Bank which is required to make a payment under the Finance Documents to the Agent in accordance with Clauses 10.1 (Place) and 10.2 (Funds) may instead pay that amount direct to the required recipient. (b) If it is not practical to pay that amount direct, the Party making the payment (the "Paying Party") may pay that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Bank making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the "Recipient Party" or "Recipient Parties"). In each case such payments must be made on the due date for payment under the Finance Documents. (c) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Parties pro rata to their respective entitlements. (d) A Party which has made a payment in accordance with this Clause 10.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account. (e) If a Paying Party makes a payment into a trust account in accordance with paragraph (b) above, that Paying Party shall promptly notify the Recipient Parties directly. Promptly upon request by a Recipient Party, and to the extent that it has been provided with the necessary information by that Recipient Party, the Paying Party shall give the requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the relevant Recipient Party in accordance with Clause 10.3 (Distribution). (f) Promptly upon the appointment of a successor Agent in accordance with Clause 21.15 (Replacement of the Agent), subject to paragraph (e) above, each Paying Party shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the Recipient Parties in accordance with Clause 10.3 (Distribution). 11. TAXES 11.1 Gross-up (a) Each Obligor shall make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law. A47709255 39 (b) An Obligor shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Bank shall notify the Agent on becoming so aware in respect of a payment payable to that Bank. If the Agent receives such notification from a Bank it shall notify that Obligor. (c) If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. (d) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of: (i) Australian Withholding Tax in respect of any interest paid to an Offshore Associate of AGAA; or (ii) Tax imposed by the United Kingdom, if on the date on which the payment falls due: (A) the payment could have been made to the relevant Bank without a Tax Deduction if the Bank had been a Qualifying Bank, but on that date that Bank is not or has ceased to be a Qualifying Bank other than as a result of any change after the date it became a Bank under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority; or (B) the relevant Bank is a Treaty Bank and the payment could have been made to the Bank without the Tax Deduction had that Bank complied with its obligations under paragraph (g) or (h) (as applicable) below. (e) If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. (f) Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment a statement under section 975 of the ITA (if applicable) or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment made to the relevant taxing authority. (g) (i) Subject to paragraph (ii) below, a Treaty Bank and each Obligor which makes a payment to which that Treaty Bank is entitled shall co-operate in completing any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. (ii) (A) A Treaty Bank which is an Original Bank and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this

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A47709255 40 Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence opposite its name in Schedule 1 (Banks and Commitments); and (B) a Treaty Bank which is not an Original Bank and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the documentation which it executes on becoming a Party as a Bank, and, having done so, that Bank shall be under no obligation pursuant to paragraph (i) above. (h) If a Bank has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) above and: (i) a Borrower making a payment to that Bank has not made a Borrower DTTP Filing in respect of that Bank; or (ii) a Borrower making a payment to that Bank has made a Borrower DTTP Filing in respect of that Bank but: (A) that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or (B) HM Revenue & Customs has not given the Borrower authority to make payments to that Bank without a Tax Deduction within sixty days of the date of the Borrower DTTP Filing, and in each case, the Borrower has notified that Bank in writing, that Bank and the Borrower shall co-operate in completing any additional procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction. (i) If a Bank has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with paragraph (g)(ii) above, no Obligor shall make a Borrower DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Bank's Commitment(s) or its participation in any Loan unless the Bank otherwise agrees. (j) A Borrower shall, promptly upon making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Agent for delivery to the relevant Bank. 11.2 Tax indemnity Each Obligor shall: (a) pay when due all Taxes required by law to be deducted or withheld by it from any amounts paid or payable under the Finance Documents; (b) as soon as is reasonably practicable after receipt, deliver to the Agent for the relevant Bank the relevant tax receipt or a certified copy thereof (or if such receipt is not available, evidence reasonably satisfactory to that Bank) demonstrating that the required payment of taxes has been duly remitted to the appropriate taxation authority; and (c) except as provided in Clause 11.5 (FATCA Deduction) below, within five Business Days of a demand being made to the Obligors' Agent indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of the payment or non- payment of the taxes required to be paid in accordance with sub-clause (a) above. A47709255 41 11.3 Tax Credits In the event that an Obligor makes an additional payment under Clause 11.1 (Gross-up) and the Finance Party for whose benefit such payment is made determines, acting reasonably, that it has received or been granted a credit against, relief or remission for, or repayment of, any tax paid or payable by it in respect of or calculated by reference to the deduction or withholding giving rise to such additional payment or by reference to the liability to which the payment relates, that Finance Party shall, to the extent that it can do so without prejudice to the retention of the amount of the credit, relief, remission or repayment, pay to that Obligor an amount equal to such amount thereof as that Finance Party shall have concluded in its absolute discretion to be attributable to such deduction or withholding or, as the case may be, the liability, as will leave such Finance Party (after such reimbursement) in no worse position than it would have been in had the relevant deduction or withholding not been required to be made. Nothing contained in this Agreement shall interfere with the right of a Finance Party to arrange its tax affairs in whatever manner it thinks fit and, in particular, no Finance Party shall be under any obligation to make any disclosure of its tax affairs, or to claim any credit, relief, remission or repayment from or against its corporate profits or similar tax liability in respect of the amount of the deduction or withholding in priority to any other claims, reliefs, credits or deductions available to it. 11.4 FATCA Information (a) Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: (i) confirm to that other Party whether it is: (A) a FATCA Exempt Party; or (B) not a FATCA Exempt Party; (ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; (iii) supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime. (b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. (c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: (i) any law or regulation; (ii) any fiduciary duty; or (iii) any duty of confidentiality.

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A47709255 42 (d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 11.5 FATCA Deduction (a) Each Party may make any FATCA Deduction it is required by FATCA to make, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. (b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such a FATCA Deduction) notify the Party to whom it is making the payment and, in addition, shall notify the Obligors' Agent and the Agent and the Agent shall notify the other Finance Parties. 11.6 Bank status confirmation (a) Each Bank which is not an Original Bank shall indicate, in the documentation which it executes on becoming a Party as a Bank, and for the benefit of the Agent without liability to any Obligor, which of the following categories it falls in: (i) not a Qualifying Bank; (ii) a Qualifying Bank (other than a Treaty Bank); or (iii) a Treaty Bank. (b) If such a Bank fails to indicate its status in accordance with this Clause 11.6 then that Bank shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Bank until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Obligors' Agent and the relevant Borrower). For the avoidance of doubt, the documentation which a Bank executes on becoming a Party as a Bank shall not be invalidated by any failure of a Bank to comply with this Clause 11.6. (c) Each Bank which is an Original Bank confirms that it is a Qualifying Bank as at the date it enters into this Agreement. 11.7 Definitions (a) In this Agreement: "Borrower DTTP Filing" means an HM Revenue & Customs' Form DTTP2 duly completed and filed by the relevant Borrower, which: (i) where it relates to a Treaty Bank that is an Original Bank, contains the scheme reference number and jurisdiction of tax residence stated opposite that Bank's name in Schedule 1 (Banks and Commitments), and is filed with HM Revenue & Customs within 30 days of the date of this Agreement; or A47709255 43 (ii) where it relates to a Treaty Bank that is not an Original Bank, contains the scheme reference number and jurisdiction of tax residence stated in respect of that Bank in the documentation which it executes on becoming a Party as a Bank and is filed with HM Revenue & Customs within 30 days of that date. "CTA" means the Corporation Tax Act 2009. "HMRC" means HM Revenue & Customs. "HMRC DT Treaty Passport" means a Double Taxation Treaty Passport that can be applied for under the scheme operated by HMRC. "ITA" means the Income Tax Act 2007. "Qualifying Bank" means: (i) a Bank which is beneficially entitled to interest payable to that Bank in respect of an advance under a Finance Document and is a Bank; (A) which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or (B) in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payment of interest made in respect of that advance; or (C) a Treaty Bank; or (ii) a Bank which is a building society (as defined for the purpose of section 880 of the ITA) making an advance under a Finance Document. "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. "Treaty Bank" means a Bank which: (i) is treated as a resident of a Treaty State for the purposes of the Treaty; (ii) does not carry on a business in the United Kingdom through a permanent establishment with which that Bank's participation in the Loan is effectively connected; and (iii) meets all other conditions in the Treaty for full exemption from United Kingdom taxation on interest which relate to the Bank (including its tax or other status, the manner in which or the period for which it holds any rights under this Agreement, the reasons or purposes for its acquisition of such rights and the nature of any arrangements by which it disposes

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A47709255 44 of or otherwise turns to account such rights), except that for this purpose it shall be assumed that any necessary procedural formalities are satisfied. "Treaty State" means a jurisdiction having a double taxation agreement (a "Treaty") with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest. (b) Unless a contrary indication appears, in this Clause 11 a reference to "determines" or "determined" means a determination made in the absolute discretion of the person making the determination. 12. PUBLIC OFFER 12.1 Coordinators' undertakings, representations and warranties (a) Each Coordinator undertakes, represents and warrants to AGAA that on behalf of AGAA it has made invitations to become a lender under this Agreement in the form agreed with AGAA to at least ten persons, each of whom as at the date the relevant invitation is made, that Coordinator's relevant officer(s) involved in the transaction on a day-to-day basis believe carries on the business of providing finance or investing or dealing in securities in the course of operating in financial markets, for the purposes of section 128F(3A)(a)(i) of the Tax Act, and each of whom was disclosed to AGAA. (b) At least ten of the parties to whom the Coordinators have made invitations referred to in paragraph (a) are not, as at the date the invitations are made, to the knowledge of the relevant officers of the Coordinators involved in the transaction, Associates of any of the others of those ten offerees or the Coordinators. (c) No Coordinator has made and no Coordinator will make offers or invitations referred to in paragraph (a) to parties whom its relevant officers involved in the transaction on a day-to- day basis are aware are Offshore Associates of AGAA. 12.2 AGAA's confirmation AGAA confirms that none of the potential invitees whose names were disclosed to it by the Coordinators before the date of this Agreement were known or suspected by it to be an Offshore Associate of AGAA or an Associate of any other such invitee. 12.3 Banks' representations and warranties Each Bank represents and warrants to AGAA that if it received an invitation under Clause 12.1 (Coordinators' undertakings, representations and warranties), at the time it received the invitation it was carrying on the business of providing finance, or investing or dealing in securities, in the course of operating in financial markets. 12.4 Information Each Finance Party will provide to AGAA, when reasonably requested by AGAA, any factual information in its possession or which it is reasonably able to provide to assist AGAA to demonstrate (based on tax advice received by AGAA) that the public offer test under section 128F of the Tax Act has been satisfied under this Agreement where to do so will not in the Finance Parties' reasonable opinion breach any law or regulation or any duty of confidence. A47709255 45 12.5 Co-operation if Section 128F requirements not satisfied If, for any reason, the requirements of section 128F of the Tax Act have not been satisfied in relation to interest payable on Loans (except to an Offshore Associate of AGAA), then on request by the Agent, a Coordinator or an Obligor (as applicable), each Party shall co-operate and take steps reasonably requested with a view to satisfying those requirements (except where, in a Finance Party's opinion (acting reasonably), such actions will have a materially adverse effect on its business, operations or financial condition or the management of its affairs or its return in relation to a Loan or be contrary to any applicable law) and: (a) where a Finance Party breached Clause 12.1 (Coordinators' undertakings, representations and warranties) or Clause 12.3 (Banks' representations and warranties), at the cost of that Finance Party; or (b) in all other cases, at the cost of AGAA. 13. MARKET DISRUPTION 13.1 Interest calculation if no BBSY Primary Term Rate (a) Interpolated BBSY: If no BBSY Primary Term Rate is available for BBSY for the Interest Period of a Term Rate Loan, BBSY shall be the Interpolated BBSY for a period equal in length to the Interest Period of that Loan. (b) Shortened Interest Period: If paragraph (a) above applies but it is not possible to calculate the Interpolated BBSY, the Interest Period of that Loan shall (if it is longer than the applicable Fallback Interest Period) be shortened to the applicable Fallback Interest Period and BBSY for that shortened Interest Period shall be determined on that basis. (c) Shortened Interest Period and Historic BBSY: If, after giving effect to paragraph (b) above, no BBSY Primary Term Rate is available for the Interest Period of the Term Rate Loan and it is not possible to calculate the Interpolated BBSY, the applicable BBSY shall be the Historic BBSY for that Loan and for a period equal in length to the Interest Period for that Loan. (d) Shortened Interest Period and Interpolated Historic BBSY: If paragraph (c) above applies but no Historic BBSY is available for the Interest Period of the Term Rate Loan, the applicable BBSY shall be the Interpolated Historic BBSY for that Loan for a period equal in length to the Interest Period for that Loan. (e) Reference Bank Rate: If paragraph (d) above applies but it is not possible to calculate the Interpolated Historic BBSY, the Interest Period of that Loan shall, if it has been shortened pursuant to paragraph (b) above, revert to its previous length and the applicable BBSY shall be the Reference Bank Rate as of the Specified Time for that Loan for a period comparable to the relevant Interest Period of that Loan. (f) Cost of funds: If paragraph (e) above applies but no Reference Bank Rate is available for the relevant currency or Interest Period there shall be no BBSY for that Loan and Clause 13.5 (Alternative basis of interest or funding) shall apply to that Loan for that Interest Period.

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A47709255 46 13.2 Absence of quotations If BBSY is to be determined by reference to the Reference Banks but a Reference Bank does not supply an offered rate by the Specified Time, BBSY shall, subject to Clause 13.4 (Market disruption), be determined on the basis of the quotations of the remaining Reference Banks. 13.3 Interest calculation if no RFR or Central Bank Rate If: (a) there is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during the Interest Period for a Compounded Rate Loan; and (b) "Cost of funds will apply as a fallback" is specified in the Reference Rate Terms for that Loan, Clause 13.5 (Alternative basis of interest or funding) shall apply to that Loan for that Interest Period. 13.4 Market disruption (a) In the case of a Term Rate Loan, if: (i) for a relevant Interest Period, BBSY is to be determined by reference to the Reference Banks but no, or only one, Reference Bank supplies a rate by 11.30 a.m. on the Quotation Day or the Agent (acting reasonably) otherwise determines that adequate and fair means do not exist for ascertaining BBSY; or (ii) the Agent receives notification by close of business on the Quotation Day from a Bank or Banks whose participations in a Loan exceed 35 per cent. of that Loan that: (A) matching deposits will not be available to them in the Relevant Market in the ordinary course of business to fund their participations in that Loan for the relevant Interest Period; or (B) the cost to them of funding their participations in that Loan for the relevant Interest Period in the Relevant Market would be in excess of BBSY for the relevant Interest Period, the Agent shall promptly notify the Obligors' Agent and the Banks of the fact and that this Clause 13.4(a) is applicable. (b) In the case of a Compounded Rate Loan, if: (i) a Market Disruption Rate is specified in the Reference Rate Terms for that Loan; and (ii) before the Reporting Time for that Loan, the Agent receives notifications from a Bank or Banks (whose participations in a Loan exceed 35 per cent. of that Loan) that its cost of funds relating to its participation in that Loan would be in excess of that Market Disruption Rate, then Clause 13.5 (Alternative basis of interest or funding) shall apply to that Loan for the relevant Interest Period. A47709255 47 13.5 Alternative basis of interest or funding (a) If this Clause 13.5 applies to a Loan for an Interest Period, neither Clause 9.1 (Interest rate – Term Rate Loans) nor Clause 9.2 (Interest rate – Compounded Rate Loans) shall apply to that Loan for that Interest Period and the rate of interest applicable to each Bank's participation in the relevant Loan shall be the aggregate of: (i) the applicable Margin; and (ii) the cost of funds of each Bank notified to the Agent by each Bank as soon as practicable, and in any event: (A) in relation to a Compounded Rate Loan, by the Reporting Time for that Loan; and (B) in relation to a Term Rate Loan, by the date which is two Business Days after the Quotation Day for that Loan or, if earlier, two Business Days before the due date for payment of such interest. (b) After a notification under Clause 13.4 (Market disruption), any Term Rate Loan not yet drawn will be made with an Interest Period of five Business Days and the next Interest Period relating to any outstanding Loan shall be five Business Days. (c) If the operation of paragraph (b) above results in three consecutive Interest Periods of five Business Days applying to the same Term Rate Loan, or if this Clause 13.5 applies and the Agent or Obligors' Agent so requires, then the Obligors' Agent and the Agent shall negotiate in good faith for a period not exceeding 30 days with a view to agreeing a substitute basis for determining the rate of interest. (d) Any alternative basis agreed to pursuant to paragraph (c) above shall, with the prior consent of all the Banks and the Obligors' Agent, be binding on all parties. (e) If any Bank fails to respond to a request for an amendment or waiver described in paragraphs (c) and (d) above within ten Business Days (or such longer time period in relation to any request which the Obligors' Agent and the Agent may agree) of that request being made: (i) its Commitments shall not be included for the purpose of calculating the Total Commitments under the Facility when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and (ii) its status as a Bank shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Banks has been obtained to approve that request. 13.6 Changes to reference rates (a) Subject to Clause 27.2 (Exceptions), if a Published Rate Replacement Event has occurred in relation to any Published Rate for a currency which can be selected for a Loan, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in relation to that currency in place of that Published Rate; and

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A47709255 48 (ii) (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Agent (acting on the instructions of the Majority Banks) and the Parent. (b) An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on a Compounded Rate Loan in any currency under this Agreement to any recommendation of a Relevant Nominating Body which: (i) relates to the use of a risk-free reference rate on a compounded basis in the international or any relevant domestic syndicated loan markets; and (ii) is issued on or after the date of this Agreement, may be made with the consent of the Agent (acting on the instructions of the Majority Banks) and the Parent. (c) If any Bank fails to respond to a request for an amendment or waiver described in paragraph (a) or (b) above within ten Business Days (or such longer time period in relation to any request which the Parent and the Agent may agree) of that request being made: (i) its Commitments shall not be included for the purpose of calculating the Total Commitments under the Facility when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and (ii) its status as a Bank shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Banks has been obtained to approve that request. (d) In this Clause 13.6: "Published Rate" means: (a) the BBSY Primary Term Rate for any Quoted Tenor; or A47709255 49 (b) the RFR. "Published Rate Replacement Event" means, in relation to a Published Rate: (a) the methodology, formula or other means of determining that Published Rate has, in the opinion of the Majority Banks and the Parent, materially changed; (b) (i) (A) the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or (B) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent, provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate; (ii) the administrator of that Published Rate publicly announces that it has ceased or will cease to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate; (iii) the supervisor of the administrator of that Published Rate publicly announces that such Published Rate has been or will be permanently or indefinitely discontinued; or (iv) the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be used; (c) the administrator of that Published Rate determines that that Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either: (i) the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Banks and the Parent) temporary; or (ii) that Published Rate is calculated in accordance with any such policy or arrangement for a period no less than: (A) in the case of Australian Dollars, three months; (B) in the case of U.S. Dollars, the period specified as the "Published Rate Contingency Period" in the Reference Rate Terms; or (d) in the opinion of the Majority Banks and the Parent, that Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.

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A47709255 50 "Relevant Nominating Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board. "Replacement Reference Rate" means a benchmark rate which is: (a) formally designated, nominated or recommended as the replacement for a Published Rate by: (i) the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or (ii) any Relevant Nominating Body, and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Reference Rate" will be the replacement under paragraph (ii) above; (b) in the opinion of the Majority Banks and the Parent, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to that Published Rate; or (c) in the opinion of the Majority Banks and the Parent, an appropriate successor to a Published Rate. 14. INCREASED COSTS 14.1 Increased costs (a) Subject to Clause 14.2 (Exceptions), the Borrowers shall within five Business Days of demand by a Finance Party to the Obligors' Agent pay to that Finance Party the amount of any increased cost incurred by it or any of its Affiliates as a result of: (i) the introduction of, or any change in, or any change in the interpretation, administration or application of, any law or regulation; (ii) compliance with any law or regulation made after the date of this Agreement; or (iii) the implementation or application of or compliance with Basel III or CRD IV or any other law or regulation which implements Basel III or CRD IV (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates), provided that the relevant Finance Party confirms to the Agent and the Parent that it is seeking to recover such costs to a similar extent from similar borrowers with a similar rating in similar facilities (where the facilities extended to such borrowers include a right for that Finance Party to recover such costs) and such costs were not incurred prior to the date which falls 180 days before the date on which that Finance Party makes a claim under this Clause 14.1 (unless a determination of the amount incurred could only be made on or after the first of those dates), including any law or regulation relating to taxation, change in currency of a country or reserve asset, special deposit, cash ratio, liquidity or capital adequacy requirements or any other form of banking or monetary control provided that notwithstanding anything herein to the contrary, the A47709255 51 Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection with it shall be deemed to be a "change of law", regardless of the date enacted, adopted or issued. (b) In this Agreement: "Basel III" means: (i) the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010 each as amended, supplemented or restated; (ii) the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and (iii) any further guidance or standards published by the Basel Committee on Banking Supervision in relation to "Basel III". "CRD IV" means EU CRD IV and UK CRD IV. "EU CRD IV" means: (i) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 ("CRR"); and (ii) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC ("CRD"). "increased cost" means: (i) an additional cost incurred by a Finance Party or any of its Affiliates as a result of it having entered into, or performing, maintaining or funding its obligations under, any Finance Document; or (ii) that portion of an additional cost incurred by a Finance Party or any of its Affiliates in making, funding or maintaining all or any advances comprised in a class of advances formed by or including that Finance Party's participations in the Loans made or to be made under this Agreement as is attributable to that Finance Party making, funding or maintaining those participations; or (iii) a reduction in any amount payable to a Finance Party or any of its Affiliates or the effective return to a Finance Party or any of its Affiliates under this Agreement or (to the extent that it is attributable to this Agreement) on its capital; or

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A47709255 52 (iv) the amount of any payment made by a Finance Party or any of its Affiliates, or the amount of any interest or other return foregone by a Finance Party or any of its Affiliates, calculated by reference to any amount received or receivable by that Finance Party or any of its Affiliates from any other Party under this Agreement. "UK CRD IV" means: (i) CRR as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the "Withdrawal Act"); (ii) the law of the United Kingdom or any part of it, which immediately before IP completion day (as defined in the European Union (Withdrawal Agreement) Act 2020 ("WAA")) implemented CRD and its implementing measures; and (iii) direct EU legislation (as defined in the Withdrawal Act), which immediately before IP completion day (as defined in the WAA) implemented EU CRD IV as it forms part of domestic law of the United Kingdom by virtue of the Withdrawal Act. 14.2 Exceptions Clause 14.1 (Increased costs) does not apply to any increased cost: (a) attributable to a Tax Deduction required by law to be made by an Obligor; (b) compensated for by Clause 11.2 (Tax indemnity); (c) attributable to any change in the rate of, or change in the basis of calculating, tax on the overall net income of a Bank (or the overall net income of a division or branch of the Bank) imposed in the jurisdiction in which its principal office or Facility Office is situated; (d) attributable to a FATCA Deduction required to be made by a Party; (e) incurred solely by reason of the negligence, breach or wilful default of the Finance Party concerned; or (f) attributable to the implementation or application of, or compliance with, the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) ("Basel II") or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 14.3 Notice Any demand made by a Finance Party shall be accompanied by written evidence in reasonable detail of the amount and basis of the demand, provided that there is no requirement to disclose details of the organisation of its affairs, or any information which is confidential. 15. ILLEGALITY Subject to the provisions of Clause 16 (Mitigation) if it is or becomes unlawful in any jurisdiction for a Bank to give effect to any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan, then: A47709255 53 (a) that Bank may notify the Obligors' Agent through the Agent accordingly; and (b) (i) the Borrowers shall prepay the participations of that Bank in all the Loans either forthwith or, if such longer period is permitted by the relevant law, on the Maturity Date of the relevant Loan; and (ii) the Commitment of that Bank shall be immediately cancelled. 16. MITIGATION 16.1 Mitigation If, in respect of any Bank, circumstances arise which would or would upon the giving of notice result in: (a) an Obligor being required to pay to or for the account of a Bank any additional amounts pursuant to Clause 11.1 (Gross-up) or 14.1 (Increased costs); or (b) an Obligor being obliged to prepay that Bank's participation in all the Loans and that Bank's Commitment being cancelled under Clause 15 (Illegality), then, without in any way limiting, reducing or otherwise qualifying the obligations of an Obligor under Clauses 11 (Taxes), 14 (Increased Costs) or 15 (Illegality), such Bank shall promptly notify the relevant Obligor and that Bank shall endeavour to take such reasonable steps as may be open to it to mitigate or remove those circumstances or the effect of those circumstances, including the transfer of its Facility Office to another jurisdiction or the assignment and transfer of its rights and obligations hereunder to another bank or financial institution unless, in that Bank's opinion (acting reasonably) such actions might have an adverse effect on its business, operations or financial condition or the management of its affairs or its return in relation to a Loan or be contrary to any applicable law. 16.2 Limitation of liability The Obligors shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 16.1 (Mitigation). 17. GUARANTEE 17.1 Guarantee (a) Each Guarantor jointly and severally and irrevocably and unconditionally: (i) as principal obligor guarantees to each Finance Party prompt performance by each other Obligor of all their obligations under the Finance Documents; (ii) undertakes with each Finance Party that whenever an Obligor (other than itself) does not pay any amount when due under or in connection with any Finance Document, it shall forthwith on demand by the Agent pay that amount as if it instead of that Obligor were expressed to be the principal obligor; and (iii) as an independent and primary obligation, indemnifies each Finance Party on demand against any cost, loss or liability suffered by it if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal.

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A47709255 54 (b) In no circumstances will the aggregate liability of the Guarantors to the Finance Parties under the indemnity contained in subparagraph (a)(iii) above exceed the amount it would have been but for the unenforceability, invalidity or illegality of the relevant obligation. 17.2 Continuing guarantee This guarantee is a continuing guarantee and will extend to the ultimate balance of all sums payable by the Obligors under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 17.3 Reinstatement (a) Where any discharge (whether in respect of the obligations of each Obligor or any security for those obligations or otherwise) is made in whole or in part or any arrangement is made on the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation, administration, winding-up, judicial management, or otherwise without limitation, the liability of the Guarantors under this Clause 17 shall continue as if the discharge or arrangement had not occurred. (b) Each Finance Party may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 17.4 Waiver of defences The obligations of each Guarantor under this Clause 17 will not be affected by an act, omission, matter or thing which, but for this provision, would reduce, release or prejudice any of its obligations under this Clause 17 or prejudice or diminish those obligations in whole or in part, including (whether or not known to it or any Finance Party): (a) any time or waiver granted to, or composition with, any Obligor or any other person; (b) any release of any person under the terms of any composition or arrangement; (c) any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; (d) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or any other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; (e) any incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or status of any Obligor or any other person; (f) any variation (however fundamental) or replacement of a Finance Document or any other document or security so that references to that Finance Document in this Clause 17 shall include each variation or replacement; (g) any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security, to the intent that each Guarantor's obligations under this Clause 17 shall remain in full force and its guarantee be construed accordingly, as if there were no unenforceability, illegality or invalidity; or A47709255 55 (h) any postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of any Borrower under a Finance Document resulting from any insolvency, liquidation or dissolution proceedings or from any law, regulation or order so that each such obligation shall for the purposes of each Guarantor's obligations under this Clause 17 be construed as if there were no such circumstance. 17.5 Immediate recourse Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 17. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 17.6 Appropriations Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: (a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantors shall not be entitled to the benefit of the same; and (b) hold in a suspense account any moneys received from any Guarantor or on account of that Guarantor's liability under this Clause 17, bearing interest at an appropriate rate. 17.7 Non-competition Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, no Guarantor shall, after a claim has been made or by virtue of any payment or performance by it under this Clause 17: (a) be subrogated to any rights, security or moneys held, received or receivable by any Finance Party (or any trustee or agent on its behalf) or be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on account of the Guarantor's liability under this Clause 17; (b) claim, rank, prove or vote as a creditor of any Obligor or its estate in competition with any Finance Party (or any trustee or agent on its behalf); or (c) receive, claim or have the benefit of any payment, distribution or security from or on account of any Obligor, or exercise any right of set-off as against any Obligor, unless the Agent otherwise directs. Each Guarantor shall hold in trust for and forthwith pay or transfer to the Agent for the Finance Parties any payment or distribution or benefit of security received by it contrary to this Clause 17.7 or as directed by the Agent. 17.8 Additional security This guarantee is in addition to and is not in any way prejudiced by any other security now or subsequently held by any Finance Party.

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A47709255 56 18. REPRESENTATIONS AND WARRANTIES 18.1 Representations and warranties Each Obligor makes the representations and warranties set out in this Clause 18, in respect of itself and its Subsidiaries only, to each Finance Party and, in the case of Clause 18.4 (Legal validity), 18.6 (Pari passu ranking), 18.9 (Immunity), 18.10 (Jurisdiction/governing law) and 18.11 (Non-conflict) only, subject to the Reservations. 18.2 Status (a) It is: (i) in the case of the Parent, a company limited by shares, duly incorporated and of good standing and validly existing under the laws of the Isle of Man; and (ii) in the case of AGAA, a corporation duly incorporated and validly existing under the Australian Corporations Act 2001 (Cth); and (b) the Obligors and the Material Subsidiaries have the power to own their assets and carry on their business as it is being conducted. 18.3 Powers and authority It has the power to enter into and perform, and has taken all necessary action to authorise the entry into, performance and delivery of, the Finance Documents to which it is or will be a party and the transactions contemplated by those Finance Documents. 18.4 Legal validity Each Finance Document to which it is or will be a party constitutes, or when executed in accordance with its terms will constitute, its legal, valid and binding obligation enforceable in accordance with its terms. 18.5 Authorisations All authorisations required in connection with the entry into, performance, validity and enforceability of the Finance Documents and the transactions contemplated by the Finance Documents have been obtained or effected and are in full force and effect. 18.6 Pari passu ranking Its obligations under the Finance Documents rank and will rank at least pari passu with all its other unsecured obligations except for obligations mandatorily preferred by law. 18.7 Taxes on payments The Parent is not required to make any Tax Deduction (as defined in Clause 11.7 (Definitions)) from any payment it may make under any Finance Document to a Bank which is: (a) a Qualifying Bank falling within paragraph (i) of the definition of "Qualifying Bank"; (b) a Qualifying Bank falling within paragraph (ii) of the definition of "Qualifying Bank"; or (c) a Treaty Bank and the payment is one specified in a direction given by the Commissioners of Revenue & Customs under Regulation 2 of the Double Taxation Relief (Taxes on Income) (General) Regulations 1970 (SI 1970/488). A47709255 57 18.8 Stamp duties No stamp or registration duty or similar taxes or charges are payable in the Isle of Man, the United Kingdom or Australia in respect of any Finance Document. 18.9 Immunity (a) The execution by each Obligor of each Finance Document constitutes, and its exercise of its rights and performance of its material obligations under each Finance Document will constitute, private and commercial acts done and performed for private and commercial purposes; and (b) no Obligor will be entitled to claim immunity from suit, execution, attachment or other legal process in any proceedings taken in the jurisdiction of its incorporation in relation to any Finance Document. 18.10 Jurisdiction/governing law (a) Each Obligor's: (i) irrevocable submission under Clause 38 (Jurisdiction) to the jurisdiction of the courts of England; (ii) agreement that this Agreement is governed by English law; and (iii) agreement not to claim any immunity to which it or its assets may be entitled, are legal, valid and binding under the laws of the jurisdiction of its incorporation; and (b) any judgment obtained in England will be recognised and be enforceable by the courts of each of the Isle of Man and Western Australia, provided that it is not of a penal nature or against public policy. 18.11 Non-conflict The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with: (a) any law or regulation or judicial or official order; or (b) its constitutional documents; or (c) any document which is binding upon any member of the Group or any asset of any member of the Group, and which is material in the context of this Agreement. 18.12 No Default (a) No Default is continuing or would result from the making of any Loan; and (b) no other event is outstanding which constitutes (or with the giving of notice, lapse of time, determination of materiality or the fulfilment of any other applicable condition or any combination of the foregoing, would be likely to constitute) a default under any document which is binding on it or any of its assets to an extent or in a manner which has, or would be likely to have, a material adverse effect. 18.13 Litigation No litigation, arbitration or administrative proceedings are current or, to its knowledge, pending or threatened, which has, or would be reasonably likely to have, a material adverse effect.

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A47709255 58 18.14 Accounts (a) As at the date of this Agreement the Original Financial Statements and the audited consolidated financial statements of AGAA for the financial year ending 31 December 2021 delivered to the Agent pursuant to Clause 4.1 (Documentary conditions precedent): (i) have been prepared in accordance with IAS consistently applied; and (ii) fairly represent the consolidated financial condition of the Group and AGAA (as applicable) as at the date to which they were drawn up. (b) The audited consolidated accounts of the Group and AGAA most recently delivered to the Agent (beginning with such accounts delivered in respect of the period ending 31 December 2022): (i) have been prepared in accordance with IAS consistently applied; and (ii) fairly represent the consolidated financial condition of the Group and AGAA (as applicable) as at the date to which they were drawn up. (c) As at the date of this Agreement, there has been no material adverse change in the business, condition (financial or otherwise), prospects or operations of the Group or AGAA since the date to which the Original Financial Statements or the audited consolidated financial statements of AGAA for the financial year ending 31 December 2021 (as applicable) were drawn up. (d) The unaudited consolidated accounts of the Group and AGAA most recently delivered to the Agent (beginning with such accounts delivered in respect of the period ending 30 June 2022) have been prepared in accordance with IAS to fairly represent the consolidated financial condition of the Group and AGAA (as applicable) as at the date to which they were drawn up. 18.15 Environmental issues Except to the extent it does not have, and would not be reasonably likely to have, a material adverse effect, each member of the Group is in compliance with all Environmental Laws and maintains and is in compliance with the terms and conditions of all Environmental Permits, in each case as may be necessary for the conduct of its business. 18.16 Environmental policy (a) The Parent has documented and adopted a corporate environmental policy for the Group which requires (in accordance with its terms) compliance with all Environmental Laws in all material respects; and (b) there is no Environmental Claim pending or to its knowledge threatened, and it is not aware of any past or present act, omission, event or circumstance that would be likely to form the basis of any Environmental Claim, which, in either case, would be likely to be adversely determined and, if so determined, would have a material adverse effect. 18.17 Economic Sanctions, Anti-Money Laundering and Anti-Bribery (a) In this Clause 18.17: "Blocking Law" means: (i) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the European Union); A47709255 59 (ii) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996, as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018; (iii) section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung); or (iv) any similar anti-boycott law or regulation. "Money Laundering Laws" means all applicable anti-money laundering laws. (b) No Obligor or other member of the Group, nor, to the knowledge of the Obligors, any of their respective Affiliates: (i) is a Restricted Party; (ii) is in breach of any Sanctions; (iii) to the knowledge of the Obligors after due inquiry, has conducted or is conducting any trade, business or other activities with or for the benefit of any Restricted Party where such trade, business or other activities were conducted or are being conducted in contravention of applicable Sanctions; or (iv) has received written notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions by any Sanctions Authority. (c) The operations of each Obligor and other member of the Group are in all material respects in compliance with Money Laundering Laws, and no claim, action, suit, proceeding or investigation involving any member of the Group with respect to Money Laundering Laws is pending and, to the best of the Group's knowledge after due inquiry, threatened. (d) Each Obligor and each other member of the Group and, to the knowledge of the Obligors, their Affiliates have taken reasonable measures to ensure compliance with Sanctions and Money Laundering Laws. (e) None of the Obligors, any of their Affiliates or, to the knowledge of the Borrowers, any director, officer, employee or other person acting on behalf of the Obligors or any of their Affiliates has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; or (iii) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment, in each case, in violation of any applicable laws including, but not limited to, the United States Foreign Corrupt Practices Act of 1977, and the Parent undertakes to ensure that the Obligors will not do so. (f) The representations made under paragraphs (b) and (d) above shall not apply in favour of any person if and to the extent that it would result in a breach, by or in respect of that person, of any applicable Blocking Law.

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A47709255 60 18.18 Times for making representations and warranties (a) The representations and warranties set out in this Clause 18 are made on the date of this Agreement. (b) The Repeating Representations are deemed to be repeated by each Obligor on: (i) the date of each Request; (ii) each Drawdown Date; and (iii) the date of each Extension Request, in each case with reference to the facts and circumstances then existing. (c) When a representation in Clause 18.12(a) (No Default) is repeated on a Request for a Rollover Loan, the reference to a Default will be construed as a reference to an Event of Default. 19. UNDERTAKINGS 19.1 Duration The undertakings in this Clause 19 remain in force from the date of this Agreement for so long as any amount is or may be outstanding under this Agreement or any Commitment is in force. 19.2 Financial information The Parent shall supply to the Agent in sufficient copies for all the Banks: (a) beginning with the financial year ending 31 December 2022 and as soon as the same are available (and in any event within 120 days of the end of each of its financial years); (i) the audited consolidated accounts of the Group for that financial year; and (ii) the audited consolidated accounts of AGAA for that financial year; and (b) beginning with the financial half year ending 30 June 2022 and as soon as the same are available (and in any event within 60 days of the end of each financial half year ending 30 June): (i) the unaudited consolidated accounts of the Group for that financial half year; and (ii) the unaudited consolidated accounts for AGAA for that financial half year. 19.3 Information – miscellaneous Each Obligor shall supply to the Agent, in each case in sufficient copies for all the Banks, if the Agent so requests: (a) all documents despatched by the Parent to its creditors (or any class of them) or, following the date of an AGAH Listing, to its shareholders (or any class of them), in each case, at the same time as they are despatched; (b) as soon as is reasonably practicable upon becoming aware of them, details of any litigation, arbitration or administrative proceedings which are current, threatened or pending, and which have, or would be reasonably likely to have, a material adverse effect; A47709255 61 (c) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency, and which have, or would be reasonably likely to have, a material adverse effect; (d) as soon as is reasonably practicable, such further information in the possession or control of any member of the Group as any Finance Party may reasonably request, including information regarding its financial condition and operations; and (e) as soon as reasonably practicable following completion of a Specified Corporate Restructuring, a copy of an updated structure chart of the Group. 19.4 Notification of Default The Obligors' Agent and the relevant Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 19.5 Compliance certificates (a) Each Obligor shall supply to the Agent: (i) together with its most recent accounts specified in Clause 19.2 (Financial information); and (ii) promptly at any other time, if the Agent (acting on the instructions of the Majority Banks (acting reasonably)) requests, a certificate signed by a senior officer of the relevant Obligor on its behalf certifying that no Default is continuing or, if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it. (b) The Parent shall supply to the Agent, together with the most recent Group accounts specified in Clause 19.2 (Financial information): (i) at the end of each financial year, a certificate from its auditors; and (ii) at the end of each half-year of each financial year, a certificate signed by two of its directors, in each case demonstrating compliance with the terms of Clause 19.18 (Financial covenant) and including an up to date list of Material Subsidiaries in relation to the relevant Group accounts, substantially in the form of Schedule 6 (Form of Compliance Certificate) (a "Compliance Certificate"). 19.6 Use of websites (a) Except as provided below, the Obligors' Agent may deliver any information under this Agreement to a Bank by posting it on to an electronic website if: (i) the Agent and the Bank agree; (ii) the Obligors' Agent and the Agent designate an electronic website for this purpose; (iii) the Obligors' Agent notifies the Agent of the address of and password for the website; and (iv) the information posted is in a format agreed between the Obligors' Agent and the Agent. The Agent must supply each relevant Bank with the address of and password for the website.

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A47709255 62 (b) Notwithstanding the above, the Obligors' Agent must supply to the Agent in paper form a copy of any information posted on the website together with sufficient copies for: (i) any Bank not agreeing to receive information via the website; and (ii) within ten Business Days of request any other Bank, if that Bank so requests. (c) The Obligors' Agent must, promptly upon becoming aware of its occurrence, notify the Agent if: (i) the website cannot be accessed; (ii) the website or any information on the website is infected by any electronic virus or similar software; (iii) the password for the website is changed; or (iv) any information to be supplied under this Agreement is posted on the website or amended after being posted. If the circumstances in subparagraphs (i) or (ii) above occur, the Obligors' Agent must supply any information required under this Agreement in paper form. 19.7 Authorisations Each Obligor shall: (a) promptly obtain, maintain and comply with the terms of; and (b) as soon as is reasonably practicable, supply certified copies to the Agent of, any authorisation required under any law or regulation to enable it to perform its obligations under, or for the validity or enforceability of, any Finance Document. 19.8 Pari passu ranking Each Obligor shall procure that its obligations under the Finance Documents do and will rank at least pari passu with all its other present and future unsecured obligations, except for obligations mandatorily preferred by law. 19.9 Negative pledge (a) No Obligor shall, and the Parent shall procure that no other member of the Group will, create or permit to subsist any Security Interest on any of its assets. (b) Paragraph (a) above does not apply to: (i) any lien arising by operation of law in the ordinary course of business and securing amounts not more than 60 days overdue; (ii) any Security Interest listed in Schedule 9 (Existing Security) which secures Financial Indebtedness outstanding at the date of this Agreement; (iii) any Security Interest created on an undertaking or asset of a member of the Group in favour of a governmental or quasi-governmental (whether national, local or regional) or supra-governmental body in respect of the financing of that undertaking or asset at a preferential rate which secures only the payment or repayment of the financing for that undertaking or asset; A47709255 63 (iv) any Security Interest over an asset in relation to which Project Finance Indebtedness has been incurred to secure that Project Finance Indebtedness; (v) any Security Interest arising in relation to set-off arrangements between cash balances and bank borrowings with the same bank which arise in the ordinary course of business; (vi) any Security Interest existing at the time of acquisition on or over any asset acquired by a member of the Group after the date of this Agreement which was not created in contemplation of or in connection with that acquisition, provided that the principal amount secured by such Security Interest and outstanding at the time of acquisition is not subsequently increased and the Security Interest is discharged within six months; (vii) in the case of any company which becomes a member of the Group after the date of this Agreement, any Security Interest existing on or over its assets when it becomes a member of the Group which was not created in contemplation of or in connection with it becoming a member of the Group, provided that: (A) the principal amount secured by such Security Interest and outstanding when the relevant company became a member of the Group is not increased; (B) no amount is secured by any such Security Interest which is not secured by the relevant Security Interest when the relevant company becomes a member of the Group; and (C) the Security Interest is discharged within six months; (viii) any Security Interest replacing any of the Security Interests permitted by subparagraphs (vi) and (vii) above, provided that the amount secured by any replacement Security Interest shall not exceed the amount outstanding and secured by the original Security Interest at the time of the creation of the replacement Security Interest, the value of the replacement asset over which the replacement Security Interest is created does not exceed the value of the asset over which the original Security Interest was held, the replacement Security Interest secures the same obligations as the original Security Interest and such replacement Security Interest is discharged within the original six month period specified in subparagraphs (vi) and (vii) above; (ix) any Security Interest in respect of any margin or collateral delivered or otherwise provided in connection with metal transactions; and (x) any other Security Interest or transaction that would otherwise be prohibited by Clause 19.10 (Transactions similar to security) provided that at the time that the Security Interest is created or the transaction is effected, the aggregate amount of indebtedness secured by all Security Interests permitted under subparagraph (ix) above and this subparagraph (x), and the aggregate market or book value (whichever is the higher) of the assets or receivables the subject of transactions under Clause 19.10 (Transactions similar to security) does not exceed U.S.$400,000,000. 19.10 Transactions similar to security No Obligor shall and the Parent shall procure that no other member of the Group will, in each case except as permitted by Clause 19.9(b)(x) (Negative pledge):

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A47709255 64 (a) sell, transfer or otherwise dispose of any of its assets on terms whereby it is or may be leased to or re-acquired or acquired by a member of the Group or any of its related entities; or (b) sell, transfer or otherwise dispose of any of its receivables on recourse terms, except for the discounting of bills or notes in the ordinary course of trading, in circumstances where the transaction is entered into primarily as a method of raising finance or of financing the acquisition of an asset. 19.11 Disposals (a) No Obligor shall, and the Parent shall procure that no other Material Subsidiary will, either in a single transaction or in a series of transactions, whether related or not and whether voluntarily or involuntarily, sell, transfer, grant or lease or otherwise dispose of any of its assets. (b) Paragraph (a) above does not apply to: (i) disposals made in the ordinary course of business of the disposing entity on arm's length terms; (ii) disposals of assets in exchange for other assets comparable or superior as to type, value and quality; (iii) disposals constituting part of any Permitted Reorganisation; (iv) disposals of cash made in the ordinary course of business of the Group; (v) disposals to shareholders by way of distribution or dividend payment; and (vi) any other disposal of assets where the book value of the assets disposed of, when aggregated with all other disposals of assets by any Obligor or any Material Subsidiary made after the date of this Agreement (other than those listed in subparagraphs (i) to (iii) above), does not exceed U.S.$500,000,000. 19.12 Change of business The Parent shall procure that no substantial change is made to the general nature or scope of the business of the Group as a whole from that carried on at the date of this Agreement. 19.13 Mergers and acquisitions (a) No Obligor shall enter into any amalgamation, demerger, merger or reconstruction other than a Permitted Reorganisation. (b) (i) No Obligor shall, and the Parent shall procure that no other member of the Group will, acquire any assets or business or make any investment. (ii) Subparagraph (i) above shall not apply to: (A) any acquisition of assets or business or any investment made, in each case, on arm's length terms where the amount of the consideration for such assets, business or investment does not exceed the aggregate of: A47709255 65 I. U.S.$750,000,000, provided that such amount is funded directly by, or out of the proceeds of, an issue of shares in the Parent; and II. when aggregated with the aggregate amount of the consideration for all other assets or businesses acquired or investments made by any member of the Group after the date of this Agreement (other than amounts in respect of acquisitions or investments permitted under subparagraph (A)(I) above or subparagraphs (B), (C) and (D) below), U.S.$1,300,000,000 (which, for the avoidance of doubt, may include, but is not limited to, amounts funded directly by, or out of the proceeds of, an issue of shares in the Parent); provided that at any time an acquisition or investment is made pursuant to this sub- paragraph (A) where the amount of the consideration is not less than U.S.$500,000,000 the Obligors' Agent confirms to the Agent in writing that the Parent is in compliance with Clause 19.18 (Financial covenant) and will be in compliance on a pro-forma basis for the acquisition or investment. (B) any acquisition made in the ordinary course of business of the acquiring entity; (C) any investment in the ordinary course of business of the Group of cash whose disposal is permitted under Clause 19.11(b)(iv) (Disposals); and (D) any acquisition constituting part of any Permitted Reorganisation. 19.14 Insurance Each Obligor shall, and the Parent shall procure that each other member of the Group will, in all material respects, maintain insurance with financially sound and reputable insurers with respect to its assets of an insurable nature against such risks and in such amounts as are normally maintained by persons carrying on the same or a similar class of business. 19.15 Maintenance of status Each Obligor shall, and the Parent shall procure that each Obligor and each Material Subsidiary will: (a) do all such things as are necessary to maintain its corporate existence; and (b) ensure that it has the right and is duly qualified to conduct its business, in all material respects, as it is conducted in all applicable jurisdictions. 19.16 Compliance with laws Each Obligor shall, and the Parent shall procure that each member of the Group will comply with all applicable laws and regulations of any governmental authority, whether domestic or foreign, having jurisdiction over it or any of its assets, where failure to comply with any such laws or regulations would be reasonably likely to have a material adverse effect. 19.17 Compliance with Environmental Laws Each Obligor shall, and the Parent shall procure that each member of the Group will: (a) comply with all Environmental Laws and maintain and comply with the terms and conditions of all Environmental Permits applicable from time to time to any of its

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A47709255 66 businesses or assets or to any of its property where failure to comply would be reasonably likely to have a material adverse effect; (b) promptly notify the Agent of any breach of any Environmental Laws which has, or would be reasonably likely to have, a material adverse effect; (c) not cause, or exacerbate any condition resulting from, a release of any hazardous, toxic, harmful or dangerous chemicals, substances or wastes that would reasonably be expected to lead to a competent authority or a third party taking action or making a claim under any Environmental Laws, (including the requirement to clean up any contaminated land, or the revocation, suspension, variation or non-renewal of any Environmental Permits), which would be reasonably likely to have a material adverse effect; and (d) promptly upon the receipt of the same, notify the Agent of any claim, notice or other communications served on it in respect of: (i) any modification, suspension or revocation of any Environmental Permit applicable to it; or (ii) any alleged breach of any Environmental Laws, which has, or would be reasonably likely to have, a material adverse effect. 19.18 Financial covenant (a) In this Clause 19.18: "Convertible Bonds" means any bonds issued by a member of the Group which are convertible into shares of the Parent. "Covenant Step-Up Fee" means a fee in an amount equal to 0.25 per cent. of the aggregate amount of the Loans outstanding under the Facility as at the Covenant Step-Up Start Date. "Covenant Step-Up Start Date" means the date on which the Parent delivers the relevant Compliance Certificate to the Agent in respect of the Covenant Step-Up Test Date. "Covenant Step-Up Test Date" has the meaning given to it in paragraph (g) of this Clause 19.18. "EBITDA" means, in respect of any Measurement Period, the consolidated pre-taxation income before depreciation, amortisation and Net Interest Expense of the Group for that Measurement Period, adjusted: (i) to reverse entries made in order to comply with IAS 37 and IFRS 9 or their successor standards requiring the marking to market of hedging transactions undertaken in the normal course of business; (ii) to reverse entries made for fair value adjustments relating to the option component of the Convertible Bonds; (iii) to reverse entries made for the translation gains and losses on monetary items in accordance with accounting standard IAS 21 or its successor standard; (iv) to reverse entries made following the early delivery or early unwinding and settlement in full of hedge transactions including non-hedge derivatives that are scheduled to mature at dates later than such Measurement Period and not due to any other events; and A47709255 67 (v) for exceptional items resulting from the sale or any impairment or revaluation of mining assets or the restructuring of mining operations. "IAS 21" means International Accounting Standard 21, The Effects of Changes in Foreign Exchange Rates, as issued by the IASC and adopted and revised by the IASB. "IAS 37" means International Accounting Standard 37, Provisions, Contingent Liabilities and Contingent Assets, as issued by the IASC and adopted and revised by the IASB. "IFRS 9" means International Financial Reporting Standard 9, Financial Instruments, as issued by the IASB and as revised by the IASB. "Leverage" means, in relation to any Test Date, the ratio of Total Net Financial Indebtedness as at that Test Date to EBITDA for the Measurement Period ending on that Test Date. "Measurement Period" means the period of 12 months up to and ending on either the last day of a financial year of the Parent or a half year of a financial year of the Parent, as applicable. "Net Interest Expense" means, in respect of any Measurement Period, all interest, acceptance commission and any other continuing, regular or periodic costs and expenses in the nature of interest (whether paid, payable or capitalised and including payments made in respect of interest rate hedging arrangements which in the normal course of business will not be marked-to-market) on a consolidated basis incurred in effecting, servicing or maintaining indebtedness of any of the types set out in subparagraphs (i) to (vii) of the definition of "Net Financial Indebtedness" during that period, minus all interest or amounts in the nature of interest received (other than amounts from other members of the Group) during that period. "Net Financial Indebtedness" means at any time the aggregate (without double counting) of the following: (i) the outstanding principal amount of any moneys borrowed by any company and any outstanding overdraft debit balance of such company; (ii) the outstanding principal amount of any debenture, bond, note, loan stock or other security of any company (including redeemable preference shares but excluding any Convertible Bonds provided that shareholder approval has been obtained for the terms and conditions of those Convertible Bonds and that the Convertible Bonds are mandatorily convertible into shares of the Parent upon maturity or any early redemption of such Convertible Bonds (for any reason including, without limitation, redemption upon a change of control or an event of default, howsoever described)); (iii) the outstanding principal amount of any acceptance under any acceptance credit opened by a bank or other financial institution in favour of any company; (iv) the outstanding principal amount of all moneys owing to a company in connection with the sale or discounting of receivables (except to the extent they are on a non-recourse basis); (v) the outstanding principal amount of any indebtedness of any company arising from any advance or deferred payment agreements arranged primarily as a method of raising finance or financing the acquisition of an asset;

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A47709255 68 (vi) the capitalised element of indebtedness of any company in respect of a lease entered into primarily as a method of raising finance or financing the acquisition of the asset leased (except for any lease which would be accounted for as an operational lease under the International Financial Reporting Standards in force as at 31 December 2017); (vii) any fixed or minimum premium payable on the repayment or redemption of any instrument referred to in subparagraph (ii) above; and (viii) the outstanding principal amount of any indebtedness of any person of a type referred to in subparagraphs (i) to (vii) above which is the subject of a guarantee, indemnity and/or other form of assurance against financial loss by any company, provided that any guarantee and/or counter indemnity given in support of a letter of credit issued to environmental authorities and/or other form of assurance against financial loss in respect of potential environmental liabilities shall not be taken into account for the purposes of this definition until such time as a call is made under any such letter of credit, less the aggregate amount of all Cash and Cash Equivalent Investments. "Test Date" means the last day of a financial year of the Parent or a half year of a financial year of the Parent. "Total Net Financial Indebtedness" means at any time the consolidated (without double counting) Net Financial Indebtedness of all members of the Group. (b) All terms used in this Clause 19.18, which are not otherwise defined, are to be interpreted in accordance with the International Financial Reporting Standards as at 31 December 2021. (c) All terms used in this Clause 19.18, which are not otherwise specified, are to be calculated in accordance with the accounting principles applied in the Original Financial Statements. (d) If there is a dispute as to any interpretation of or computation for paragraph (a) above, the interpretation or computation of independent auditors approved by the Agent prevails. (e) The financial ratio specified in paragraph (f) below shall be tested as at the last day of each Measurement Period, by reference to the U.S. Dollar figures (and not figures in any other currency) and other information appearing in the relevant financial statements delivered to the Agent under Clause 19.2 (Financial information) in respect of the relevant period. (f) Subject to paragraph (g) below, the Parent shall ensure that Leverage as at each Test Date does not at any time exceed 3.5:1. (g) In relation to one Test Date only during the life of the Facility (the "Covenant Step-Up Test Date"), if Leverage as at that Test Date exceeds 3.5:1 but is less than 4.5:1 and (A) EBITDA for the Measurement Period ending on the Covenant Step-Up Test Date is less than EBITDA for the immediately preceding Measurement Period, and (B) Leverage on the Covenant Step-Up Test Date would have been 3.5:1 or less if EBITDA for the Measurement Period ending on the Covenant Step-Up Test Date had been the same as for the immediately preceding Measurement Period, then (without prejudice to any other continuing Defaults, which will remain continuing) no Default shall occur as a result of the Parent failing to comply with paragraph (f) above provided that: A47709255 69 (i) on and from the Covenant Step-Up Start Date, no Loan (other than a Rollover Loan) may be made to a Borrower unless and until the Parent delivers to the Agent a Compliance Certificate in relation to the next following Test Date demonstrating that Leverage as at that Test Date does not exceed 3.5:1; and (ii) the Borrowers pay to the Agent, for the account of the Banks as at the Covenant Step-Up Start Date (pro rata to such Banks' participations in the outstanding Loans as at the Covenant Step-up Start Date), the Covenant Step-Up Fee within 5 Business Days of the Covenant Step-Up Start Date. (h) If, at the next Test Date immediately following the Covenant Step-Up Test Date, Leverage exceeds 3.5:1, an Event of Default shall immediately occur. 19.19 Know your customer requirements (a) If: (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; (ii) any change in the status of an Obligor (or of a holding company of an Obligor) after the date of this Agreement; or (iii) a proposed assignment or transfer by a Bank of any of its rights and obligations under this Agreement to a party that is not a Bank prior to such assignment or transfer, obliges the Agent or any Bank (or in the case of subparagraph (iii) above, any prospective new Bank) to comply with know your customer requirements in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Bank supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Bank) or any Bank (for itself or, in the case of the event described in subparagraph (iii) above, on behalf of any prospective new Bank) in order for the Agent, such Bank or, in the case of the event described in subparagraph (iii) above, any prospective new Bank to carry out and be satisfied it has complied with all necessary know your customer requirements with respect to the transactions contemplated in the Finance Documents. (b) Each Bank must promptly on the request of the Agent supply to the Agent any documentation or other evidence which is reasonably required by the Agent to carry out and be satisfied with the results of all know your customer requirements with respect to the transactions contemplated in the Finance Documents. 19.20 Use of proceeds (a) The Obligors shall not (and shall ensure that no other member of the Group shall), directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or part of the proceeds of any Loan for the purpose of funding or financing any trade, business or other activities: (i) to the knowledge of the Obligors after due and careful inquiry, involving or for the benefit of any Restricted Party; or

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A47709255 70 (ii) in any other manner that would result in any Obligor or any Bank being in breach of any applicable Sanctions. (b) The undertakings in paragraph (a) above shall not apply in favour of any person if and to the extent that it would result in a breach, by or in respect of that person, of any applicable Blocking Law. (c) For the purposes of this Clause 19.20, "Blocking Law" means: (i) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the European Union); (ii) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996, as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018; (iii) section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung); or (iv) any similar anti-boycott law or regulation. 19.21 Redomiciliation The Parent shall not change its corporate domicile or tax residency (being the Isle of Man and the United Kingdom respectively) to any other jurisdiction, or attempt or resolve to do so, without the consent of the Majority Banks (not to be unreasonably withheld or delayed). 19.22 Obuasi Remediation Notwithstanding any provision of this Agreement to the contrary, the Obuasi Remediation will be permitted to be carried out and will not constitute a breach of any provision of this Agreement or an Event of Default, provided that: (a) the Group remains in compliance with Clause 19.18 (Financial covenant); and (b) each member of the Group (other than AngloGold Ashanti (Ghana) Limited, to the extent arising out of or in connection with the Obuasi Remediation) remains in compliance with all other provisions of this Agreement. 19.23 Geita Remediation Notwithstanding any provision of this Agreement to the contrary, the Geita Remediation will be permitted to be carried out and neither it nor the introduction of the Tanzanian Legislation will constitute a breach of any provision of this Agreement or constitute an Event of Default, provided that: (a) the Group remains in compliance with Clause 19.18 (Financial covenant); and (b) each member of the Group (other than Samax Resources Limited and Geita Gold Mining Limited, to the extent arising out of or in connection with the Tanzanian Legislation and/or the Geita Remediation) remains in compliance with all other provisions of this Agreement. 20. DEFAULT 20.1 Events of Default Each of the events set out in this Clause 20 is an Event of Default (whether or not caused by any reason whatsoever outside the control of any Obligor or any other person). A47709255 71 20.2 Non-payment An Obligor does not pay on the due date any amount payable by it under the Finance Documents at the place and in the currency in which it is expressed to be payable, unless payment is made within three Business Days of the due date. 20.3 Breach of financial covenant The Parent does not comply with Clause 19.18(f) (Financial covenant). 20.4 Breach of other obligations An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 20.2 (Non-payment) and 20.3 (Breach of financial covenant)) and such failure to comply (if it is capable of remedy) is not remedied within 30 days of the earlier of the Agent giving notice and the Obligor becoming aware of non-compliance. 20.5 Misrepresentation A representation, warranty or statement made or repeated in any Finance Document or in any Request delivered by or on behalf of any Obligor is incorrect in any material respect when made or deemed to be made or repeated by reference to the circumstances then subsisting, and if the circumstances giving rise to such misrepresentation are capable of remedy, such Obligor shall have failed to remedy such circumstances within 30 days of its being made or deemed to be made. 20.6 Cross-default (a) Any Financial Indebtedness, other than Project Finance Indebtedness, of an Obligor or any Material Subsidiary is not paid when due originally or within any applicable grace period provided for in the relevant documentation; (b) an event of default howsoever described occurs under any document relating to Financial Indebtedness of an Obligor or any Material Subsidiary and is not remedied or waived irrevocably within five Business Days; (c) any Financial Indebtedness, other than Project Finance Indebtedness, of an Obligor or any Material Subsidiary becomes prematurely due and payable prior to its specified maturity (or is placed on demand) as a result of an event of default (howsoever described) under the document relating to that Financial Indebtedness; (d) without prejudice to paragraph (c) above, any Financial Indebtedness of an Obligor or any Material Subsidiary becomes capable of being declared due and payable prior to its specified maturity and the circumstances enabling such Financial Indebtedness to be capable of being declared due and payable are not remedied or waived irrevocably within five Business Days; or (e) without prejudice to paragraphs (c) and (d) above, any Security Interest securing Financial Indebtedness over any asset of an Obligor or any Material Subsidiary becomes enforceable, by reason of the occurrence of an event of default (howsoever described) provided that it is not remedied or waived irrevocably within five Business Days, provided that no Event of Default shall occur under this Clause 20.6 unless the aggregate amount of all the Financial Indebtedness with respect to which an event or events under paragraphs (a) to (e) above occurs or occur is at least U.S.$70,000,000 (or its equivalent in other currencies).

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A47709255 72 20.7 Insolvency (a) An Obligor or any Material Subsidiary is unable to pay its debts as they fall due or becomes insolvent, or admits inability to pay its debts as they fall due; (b) an Obligor or any Material Subsidiary suspends making payments on all or any class of its debts (other than any debts due by a Group member to another Group member) or announces an intention to do so, or a moratorium is declared in respect of any of its indebtedness; or (c) an Obligor or any Material Subsidiary, by reason of financial difficulties, begins negotiations with its creditors generally (or any class of them) with a view to the readjustment or rescheduling of any of its indebtedness. 20.8 Insolvency proceedings (a) Any step (including petition, proposal or convening a meeting) is taken with a view: (i) to a composition, assignment or arrangement with any creditors of an Obligor or any Material Subsidiary; or (ii) to the rehabilitation, appointment of a trustee, administration, custodianship, judicial management, liquidation, provisional liquidation, winding-up or dissolution of a member of the Group or any other insolvency proceedings involving an Obligor or any Material Subsidiary, which step, if taken by any person other than an Obligor or a Material Subsidiary is not withdrawn or dismissed within 30 days or, if earlier, by the second Business Day before the date for hearing of the relevant petition or legal proceedings; (b) a meeting of an Obligor or any Material Subsidiary is convened for the purpose of considering any resolution for (or to petition for) its winding-up, its administration, its dissolution, or for the appointment of a liquidator, provisional liquidator, trustee or administrator to it, or any such resolution is passed; (c) any person presents a petition for the winding up of, administration of, dissolution of or for the appointment of a liquidator, provisional liquidator, trustee or administrator to an Obligor or any Material Subsidiary which step, if taken by any person other than an Obligor or a Material Subsidiary, is not withdrawn or dismissed within 30 days or, if earlier, by the second Business Day before the date for hearing the petition or legal proceedings; or (d) an order for the winding-up or administration of an Obligor or any Material Subsidiary is made, other than in respect of a solvent liquidation of a member of the Group which is not an Obligor or which is part of a Permitted Reorganisation. 20.9 Appointment of receivers and managers (a) Any liquidator, trustee in bankruptcy, judicial custodian, judicial manager, compulsory manager, receiver, receiver-manager, administrative receiver, administrator, or the like is appointed in respect of an Obligor or any Material Subsidiary or any material part of its assets; or (b) the directors of an Obligor or any Material Subsidiary requests the appointment of a liquidator, trustee in bankruptcy, judicial custodian, judicial manager, compulsory manager, receiver, A47709255 73 receiver-manager, administrative receiver, administrator, controller (as defined in section 9 of the Australian Corporations Act 2001 (Cth)), or the like, other than in respect of a solvent liquidation of a member of the Group which is not an Obligor or which is part of a Permitted Reorganisation. 20.10 Creditors' process Any attachment, sequestration, distress, execution or legal process affects the whole or any substantial part of the property, undertaking or assets of an Obligor or any Material Subsidiary and is not discharged within 30 days. 20.11 Analogous proceedings There occurs, in relation to an Obligor or any Material Subsidiary, any event anywhere which, in the reasonable opinion of the Majority Banks, corresponds with any of those mentioned in Clauses 20.7 (Insolvency) to 20.10 (Creditors' process) (inclusive). 20.12 Cessation of business An Obligor or any Material Subsidiary ceases, or threatens to cease, to carry on all or a substantial part of its business, other than in accordance with a disposal permitted under Clause 19.11 (Disposals). 20.13 Unlawfulness It is or becomes unlawful for an Obligor to perform any of its payment or other material obligations under the Finance Documents. 20.14 Guarantee The guarantee of any of the Guarantors is not effective or is alleged by an Obligor to be ineffective for any reason. 20.15 Ownership of the Obligors AGAA or, prior to the date of an AGAH Listing, the Parent, ceases to be a wholly-owned Subsidiary of: (a) prior to the date of the establishment of the first Successor Parent Holding Company, AGAL; or (b) on and from the date of the establishment of the first Successor Parent Holding Company, that Successor Parent Holding Company. 20.16 Official Consents Any authorisation, approval or consent required in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Finance Documents is revoked where such revocation would be reasonably likely to have a material adverse effect. 20.17 Repudiation An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 20.18 Material adverse change In the opinion of the Majority Banks (acting reasonably) a material adverse change occurs:

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A47709255 74 (a) in the business or financial condition of the Obligors taken together or the Group as a whole; or (b) in the ability of any Obligor (taking into account the resources available to it from the other Obligors) to perform its payment obligations under any of the Finance Documents or its obligations under Clause 19.18(f) (Financial covenant). 20.19 Acceleration On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Banks, by notice to the Obligors' Agent: (a) cancel the Total Commitments; (b) demand that all or part of the Loans, together with accrued interest and all other amounts accrued under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or (c) demand that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Agent acting on the instructions of the Majority Banks. 21. THE AGENT AND THE MANDATED LEAD ARRANGERS 21.1 Appointment and duties of the Agent (a) Each Finance Party (other than the Agent) irrevocably appoints the Agent to act as its agent under and in connection with the Finance Documents. (b) Each Party appointing the Agent irrevocably authorises the Agent on its behalf to: (i) perform the duties and to exercise the rights, powers and discretions that are specifically delegated to it under or in connection with the Finance Documents, together with any other incidental rights, powers and discretions; and (ii) execute each Finance Document expressed to be executed by the Agent on that Party's behalf. (c) The Agent has only those duties which are expressly specified in this Agreement. Those duties are solely of a mechanical and administrative nature. 21.2 Role of the Mandated Lead Arrangers Except as specifically provided in this Agreement, no Mandated Lead Arranger has obligations of any kind to any other Party under or in connection with any Finance Document. 21.3 Relationship The relationship between the Agent and the other Finance Parties is that of agent and principal only. Nothing in this Agreement constitutes the Agent as trustee or fiduciary for any other Party or any other person and the Agent need not hold in trust any moneys paid to it for a Party or be liable to account for interest on those moneys. 21.4 Majority Banks' instructions (a) The Agent will be fully protected if it acts in accordance with the instructions of the Majority Banks in connection with the exercise of any right, power or discretion or any matter not expressly A47709255 75 provided for in the Finance Documents. Any such instructions given by the Majority Banks will be binding on all the Banks. In the absence of such instructions, the Agent may act as it considers to be in the best interests of all the Banks. (b) The Agent is not authorised to act on behalf of a Bank (without first obtaining that Bank's consent) in any legal or arbitration proceedings relating to any Finance Document. 21.5 Delegation The Agent may act under the Finance Documents through its personnel and agents. 21.6 Responsibility for documentation Neither the Agent nor any Mandated Lead Arranger is responsible to any other Party for: (a) the execution, genuineness, validity, enforceability or sufficiency of any Finance Document or any other document; (b) the collectability of amounts payable under any Finance Document; or (c) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document. 21.7 Default (a) The Agent is not obliged to monitor or enquire as to whether or not a Default has occurred. The Agent will not be deemed to have knowledge of the occurrence of a Default. However, if the Agent receives notice from a Party referring to this Agreement, describing the Default and stating that the event is a Default or if it has actual knowledge of a Default, it shall promptly notify the Banks. (b) The Agent may require the receipt of security satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it will or may incur in taking any proceedings or action arising out of or in connection with any Finance Document before it commences those proceedings or takes that action. 21.8 Exoneration (a) Without limiting paragraph (b) below, the Agent will not be liable to any other Party for any action taken or not taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. (b) No Party may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind (including gross negligence or wilful misconduct) by that officer, employee or agent in relation to any Finance Document. 21.9 Reliance The Agent may: (a) rely on any notice, representation or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; (b) rely on any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify; and

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A47709255 76 (c) engage, pay for and rely on legal or other professional advisers selected by it (including those in the Agent's employment and those representing a Party other than the Agent). 21.10 Credit approval and appraisal Without affecting the responsibility of each Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Bank confirms that it: (a) has made its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Agent or any Mandated Lead Arranger in connection with any Finance Document; and (b) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities while any amount is or may be outstanding under the Finance Documents or any Commitment is in force. 21.11 Information (a) The Agent shall promptly forward to the person concerned the original or a copy of any document which is delivered to the Agent by a Party for that person. (b) The Agent shall promptly supply a Bank with a copy of each document received by the Agent under Clause 4 (Conditions Precedent), upon the request and at the expense of that Bank. (c) Except where this Agreement specifically provides otherwise, the Agent is not obliged to review or check the accuracy or completeness of any document it forwards to another Party. (d) Except as provided above, the Agent has no duty: (i) either initially or on a continuing basis to provide any Bank with any credit or other information concerning the financial condition or affairs of any Obligor or of its related entities, whether coming into its possession before, on or after the date of this Agreement; or (ii) unless specifically requested to do so by a Bank in accordance with a Finance Document, to request any certificates or other documents from any Obligor. 21.12 The Agent and the Mandated Lead Arrangers individually (a) If it is also a Bank, each of the Agent and each Mandated Lead Arranger has the same rights and powers under this Agreement as any other Bank and may exercise those rights and powers as though it were not the Agent or a Mandated Lead Arranger. (b) Each of the Agent and each Mandated Lead Arranger may: (i) carry on any business with an Obligor or its related entities; (ii) act as agent or trustee for, or in relation to any financing involving, an Obligor or its related entities; and (iii) retain any profits or remuneration in connection with its activities under this Agreement or in relation to any of the foregoing. (c) In acting as the Agent, the agency division of the Agent will be treated as a separate entity from its other divisions and departments. Any information acquired by the Agent which, in its opinion, is A47709255 77 acquired by it otherwise than in its capacity as the Agent may be treated as confidential by the Agent and will not be deemed to be information possessed by the Agent in its capacity as such. (d) Each Obligor irrevocably authorises the Agent to disclose to the other Finance Parties any information which is received by it in its capacity as the Agent. (e) The Agent may deduct from any amount received by it for the Banks pro rata any unpaid fees, costs and expenses of the Agent incurred by it in connection with the Finance Documents. 21.13 Indemnities (a) Without limiting the liability of each Obligor under the Finance Documents, each Bank shall within three Business Days from written demand indemnify the Agent for that Bank's proportion of any liability or loss incurred by the Agent in any way relating to or arising out of its acting as the Agent, except to the extent that the liability or loss arises directly from the Agent's gross negligence or wilful misconduct. (b) A Bank's proportion of the liability or loss set out in paragraph (a) above will be the proportion which its participation in the Loans (if any) bears to all the Loans on the date of the demand. However, if there are no Loans outstanding on the date of demand, then the proportion will be the proportion which its Commitment bears to the Total Commitments at the date of demand or, if the Total Commitments have then been cancelled, bore to the Total Commitments immediately before being cancelled. 21.14 Compliance (a) The Agent may refrain from doing anything which might, in its opinion, constitute a breach of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary or desirable to comply with any law or regulation of any jurisdiction. (b) Without prejudice to the generality of paragraph (a) above, the Agent may disclose the identity of a Defaulting Bank to the other Finance Parties and the Obligors' Agent and shall promptly disclose the same upon the written request of the Obligors' Agent or the Majority Banks. (c) Without limiting paragraph (a) above, the Agent need not disclose any information relating to any Obligor or any of its related entities if the disclosure might, in the opinion of the Agent, constitute a breach of any law or regulation or any duty of secrecy or confidentiality or be otherwise actionable at the suit of any person. The Obligors will not impose any duty of secrecy or confidentiality on the Agent (with respect to the Banks) in relation to information provided to the Agent in its capacity as such. 21.15 Replacement of the Agent (a) Notwithstanding its irrevocable appointment and after consultation with the Parent, the Majority Banks may, by giving 30 days' notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Banks) replace the Agent by appointing a successor Agent. (b) The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Banks) make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

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A47709255 78 (c) The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Banks to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 21 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). (d) Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 21.16 Resignation of the Agent (a) Notwithstanding its irrevocable appointment, the Agent may resign by giving notice to the Banks and the Obligors' Agent, in which case the Agent may forthwith appoint one of its Affiliates as successor Agent or, failing that, the Majority Banks may, after consultation with the Obligors' Agent, appoint any institution which was a Mandated Lead Arranger as at the date of this Agreement as successor Agent. (b) If the appointment of a successor Agent is to be made by the Majority Banks but they have not, within 30 days after notice of resignation, appointed a successor Agent which accepts the appointment, the Agent may appoint a successor Agent. (c) The resignation of the Agent and the appointment of any successor Agent will both become effective only upon the successor Agent notifying all the Parties that it accepts its appointment. On giving the notification, the successor Agent will succeed to the position of the Agent and the term "Agent" will mean the successor Agent. (d) The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as the Agent under this Agreement. (e) Upon its resignation becoming effective, this Clause 21 shall continue to benefit the retiring Agent in respect of any action taken or not taken by it under or in connection with the Finance Documents while it was the Agent, and, subject to paragraph (d) above, it shall have no further obligations under any Finance Document. (f) The Majority Banks may, by notice to the Agent, require it to resign in accordance with paragraph (a) above. In this event, the Agent shall resign in accordance with paragraph (a) above but it shall not be entitled to appoint one of its Affiliates as successor Agent. (g) The Agent shall resign in accordance with paragraph (a) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (b) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: (i) the Agent fails to respond to a request under Clause 11.4 (FATCA Information) and the Obligors' Agent or a Bank reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; (ii) the information supplied by the Agent pursuant to Clause 11.4 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or A47709255 79 (iii) the Agent notifies the Obligors' Agent and the Banks that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, and (in each case) the Obligors' Agent or a Bank reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Obligors' Agent or that Bank, by notice to the Agent, requires it to resign. 21.17 Confidentiality (a) In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments. (b) If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 21.18 Banks (a) The Agent may treat each Bank as a Bank, entitled to payments under this Agreement and as acting through its Facility Office(s) until it has received not less than five Business Days' prior notice from that Bank to the contrary. (b) The Agent may at any time, and shall if requested to do so by the Majority Banks, convene a meeting of the Banks. 21.19 Extraordinary management time and resources The Borrowers shall forthwith on demand pay the Agent for the reasonable cost of utilising its management time or other resources in connection with: (a) any amendment, waiver, consent or suspension of rights (or any proposal for any of the foregoing) requested by or on behalf of a Borrower or the Obligors' Agent and relating to a Finance Document or a document referred to in any Finance Document; (b) the occurrence of a Default; or (c) the proper enforcement of, or the preservation of any rights under, any Finance Document. Any amount payable to the Agent under this Clause will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Obligors' Agent, and is in addition to any fee paid or payable to the Agent under Clause 22 (Fees). 21.20 Role of Reference Banks (a) No Reference Bank is under any obligation to provide a quotation or any other information to the Agent. (b) No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct. (c) No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 21.20 subject to the provisions of the Contracts (Rights of Third Parties) Act 1999.

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A47709255 80 21.21 Know your customer (a) Nothing in this Agreement shall oblige the Agent or a Mandated Lead Arranger to satisfy any know your customer requirements in relation to the identity of any person on behalf of any Finance Party. (b) Each Finance Party confirms to the Agent and each Mandated Lead Arranger that it is solely responsible for any know your customer requirements it is required to carry out and that it may not rely on any statement in relation to those requirements made by any other person. 21.22 Amounts paid in error (a) If the Agent pays an amount to another Party and within three Business Days of the date of payment the Agent notifies that Party that such payment was an Erroneous Payment then the Party to whom that amount was paid by the Agent shall on demand refund the same to the Agent. (b) Neither: (i) the obligations of any Party to the Agent; nor (ii) the remedies of the Agent, (whether arising under this Clause 21.22 or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Agent or any other Party). (c) All payments to be made by a Party to the Agent (whether made pursuant to this Clause 21.22 or otherwise) which relate to an Erroneous Payment shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. (d) In this Agreement, "Erroneous Payment" means a payment of an amount by the Agent to another Party which the Agent determines (in its sole discretion) was made in error. 22. FEES 22.1 Upfront fees The Borrowers shall pay to the Agent, on the earlier of the first Drawdown Date and 15 Business Days from the date of this Agreement, the upfront fees in the amounts agreed in the Upfront Fee Letter. These fees shall be distributed by the Agent among the Banks in accordance with the arrangements agreed by them with the Agent prior to the date of this Agreement. 22.2 Agent's fee The Borrowers shall pay to the Agent for its own account an agency fee in the amount agreed in the Agent's Fee Letter. The agency fee is payable annually in advance. The first payment of this fee is payable on 23 October 2022 and each subsequent payment is payable on each anniversary of 23 October 2022 for so long as any amount is or may be outstanding under this Agreement or any Commitment is in force. 22.3 Commitment fee (a) Subject to paragraph (c) below, the Borrowers shall pay a commitment fee in the Base Currency computed at the rate of 35 per cent. of the applicable Margin on the undrawn, uncancelled amount of each Bank's Commitment during the Commitment Period. A47709255 81 (b) Accrued commitment fee is payable quarterly in arrear until the Final Maturity Date. Accrued commitment fee is also payable to the Agent for a Bank on the date that Bank's Commitment is cancelled in full. (c) No commitment fee is payable to the Agent (for the account of a Bank) on the undrawn Commitment of that Bank for: (i) the period from the date of this Agreement to and including the earlier of: (A) the date on which the Existing Facility is repaid and cancelled in full; and (B) the date falling seven Business Days after the date of this Agreement; and (ii) any day on which that Bank is a Defaulting Bank. 22.4 Utilisation fee (a) The Borrowers shall pay to the Agent for each Bank a utilisation fee computed at the rate of: (i) for each day on which the aggregate amount of the Loans then outstanding is less than one third of the Total Commitments, 0.10 per cent. per annum; (ii) for each day on which the aggregate amount of the Loans then outstanding equals or exceeds one third of the Total Commitments but is less than two thirds of the Total Commitments, 0.20 per cent. per annum; and (iii) for each day on which the amount of the Loans then outstanding equals or exceeds two thirds of the Total Commitments, 0.40 per cent. per annum, on the amount of that Bank's participation in the Loans. (b) Accrued utilisation fee is payable quarterly in arrear until the Final Maturity Date. Accrued utilisation fee is also payable to the Agent for a Bank on the date that Bank's Commitment is cancelled in full. 22.5 VAT (a) All amounts set out or expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is or becomes chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is chargeable on any supply made by any Finance Party to any Party under a Finance Document and the Finance Party is required to account for the VAT, that Party must pay to the Finance Party (in addition to the consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party shall promptly provide an appropriate VAT invoice). (b) If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier") to any other Finance Party (the "Recipient") under a Finance Document, and any Party other than the Recipient (the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): (i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that

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A47709255 82 amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and (ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. (c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any costs or expenses, that Party must also at the same time reimburse and indemnify (as the case may be) the Finance Party against all VAT incurred by the Finance Party in respect of such costs or expenses but only to the extent that the Finance Party (reasonably) determines that neither it nor any member of any group of which it is a member for VAT purposes is entitled to credit or repayment from the relevant tax authority in respect of the VAT. (d) Any reference in this Clause 22.5 to any Party will, at any time when that Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated as making the supply, or (as appropriate) receiving the supply, under the grouping rules (as provided for in the Value Added Tax Act 1994, Article 11 of Council Directive 2006/112/EC (or as implemented by a Member State)). (e) If VAT is chargeable on any supply made by a Finance Party to any Party under a Finance Document and if reasonably requested by the Finance Party, the Party must promptly give the Finance Party details of its VAT registration number and any other information as is reasonably requested in connection with the Finance Party's reporting requirements for the supply. 23. EXPENSES 23.1 Initial and special costs The Borrowers shall, within five Business Days of notice by the Agent to the Obligors' Agent, pay the Agent and each Mandated Lead Arranger the amount of all reasonable costs and expenses (including legal fees) incurred by any of them in connection with: (a) the negotiation, preparation, printing, syndication and execution of: (i) this Agreement and any other documents referred to in this Agreement; and (ii) any other Finance Document (other than a Novation Certificate) executed after the date of this Agreement; and (b) any amendment, waiver, consent or suspension of rights (or any proposal for any of the foregoing) requested by or on behalf of an Obligor and relating to a Finance Document or a document referred to in any Finance Document. 23.2 Enforcement costs The Borrowers shall, within five Business Days of notice by the Agent to the Obligors' Agent, pay to each Finance Party the amount of all costs and expenses (including legal fees) properly incurred A47709255 83 by it in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 24. STAMP DUTIES The Borrowers shall pay, and within five Business Days of notice by the Agent to the Obligors' Agent indemnify each Finance Party against any liability it incurs in respect of, any stamp, registration and similar tax which is or becomes payable in connection with the entry into, performance or enforcement of any Finance Document, except for any such tax payable in connection with the entry into of a Novation Certificate. 25. INDEMNITIES 25.1 Currency indemnity (a) If a Finance Party receives an amount in respect of an Obligor's liability under the Finance Documents or if that liability is converted into a claim, proof, judgment or order in a currency other than the currency (the "contractual currency") in which the amount is expressed to be payable under the relevant Finance Document: (i) that Obligor shall indemnify that Finance Party as an independent obligation against any loss or liability arising out of or as a result of the conversion; (ii) if the amount received by that Finance Party, when converted into the contractual currency at a market rate in the usual course of its business is less than the amount owed in the contractual currency, the Obligor concerned shall forthwith on demand pay to that Finance Party an amount in the contractual currency equal to the deficit; and (iii) the Obligor shall forthwith on demand pay to the Finance Party concerned any exchange costs and taxes payable in connection with any such conversion. (b) Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which it is expressed to be payable. 25.2 Other indemnities (a) The Obligors shall forthwith on demand indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of: (i) the occurrence of any Default; (ii) the operation of Clause 20.19 (Acceleration); (iii) any payment of principal of a Term Rate Loan or an overdue amount relating to a Term Rate Loan being received from any source otherwise than on the last day of a relevant Interest Period or Designated Interest Period (as defined in Clause 9.5 (Default interest) relative to the amount so received); or (iv) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment or (other than by reason of negligence or default by that Finance Party) a Loan not being made after the Obligors' Agent has delivered a Request.

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A47709255 84 The Obligor's liability in each case includes any loss of margin or other loss or expense on account of funds borrowed, contracted for or utilised to fund any amount payable under any Finance Document, any amount repaid or prepaid or any Loan. (b) Each Bank shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of loss or liability referred to in paragraphs (a)(iii) and (iv) above for any Interest Period in which such loss or liability accrued. 26. EVIDENCE AND CALCULATIONS 26.1 Accounts Accounts maintained by a Finance Party in connection with this Agreement are prima facie evidence of the matters to which they relate. 26.2 Certificates and determinations Any certification or determination by a Finance Party of a rate or amount under the Finance Documents is prima facie evidence of the matters to which it relates. 26.3 Calculations (a) Any interest, commission or fees accruing under a Finance Document will accrue from day to day and the amount of any such interest, commission or fee is calculated: (i) on the basis of the actual number of days elapsed and: (A) in the case of any amounts denominated in U.S. Dollars, a year of 360 days; and (B) in the case of any amounts denominated in Australian Dollars, a year of 365 days, (or, in any case where the practice in the Relevant Market differs, in accordance with that market practice); and (ii) subject to paragraph (b) below, without rounding. (b) The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor under a Finance Document shall be rounded to 2 decimal places. 27. AMENDMENTS AND WAIVERS 27.1 Procedure (a) Subject to Clause 27.2 (Exceptions), any term of the Finance Documents may be amended or waived with the agreement of the Obligors' Agent and the Majority Banks. The Agent may effect, on behalf of any Finance Party, an amendment or waiver permitted under this Clause 27.1. (b) The Agent shall promptly notify the other Parties of any amendment or waiver effected under paragraph (a) above, and any such amendment or waiver shall be binding on all the Parties. 27.2 Exceptions (a) Subject to Clause 13.6 (Changes to reference rates), an amendment or waiver which relates to: (i) the definition of "Majority Banks" in Clause 1.1 (Definitions); (ii) an extension of the date for, or a decrease in an amount or a change in the currency of, any payment to a Bank under the Finance Documents (including the Margin); A47709255 85 (iii) an increase or extension in a Bank's Commitment (other than in accordance with Clause 2.2 (Increase)) or any requirements that a cancellation of Commitments reduces the Commitments of the Banks rateably; (iv) a change to the identity of any Borrower or Guarantor; (v) a term of a Finance Document which expressly requires the consent of each Bank; or (vi) Clause 2.3 (Nature of a Finance Party's rights and obligations), Clause 2.4 (Nature of a Borrower's obligations), Clause 15 (Illegality), Clause 28.1 (Transfers by Obligors), Clause 28.2 (Transfers by Banks), Clause 32 (Pro Rata Sharing), Clause 38 (Jurisdiction), Clause 42 (Governing Law) or this Clause 27, may not, subject to Clause 27.4 (Disenfranchisement of Defaulting Banks) and Clause 27.5 (Excluded participations), be effected without the consent of each Bank. (b) An amendment or waiver which affects the rights and/or obligations of the Agent or a Reference Bank (each in their capacity as such) may not be effected without the agreement of the Agent or, as the case may be, that Reference Bank. 27.3 Waivers and remedies cumulative The rights and remedies of each Finance Party under the Finance Documents: (a) may be exercised as often as necessary and no single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy; (b) are cumulative and not exclusive of its rights under the general law; and (c) may be waived only in writing and specifically. Delay in exercising or non-exercise of any such right or remedy of a Finance Party is not a waiver of that right or remedy and does not constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance Documents on the part of any Finance Party shall be effective unless it is in writing. 27.4 Disenfranchisement of Defaulting Banks (a) For so long as a Defaulting Bank has any undrawn Commitment, in ascertaining the Majority Banks or whether any given percentage (including, without limitation, unanimity) of the Total Commitments has been obtained in relation to any request for a consent, waiver, amendment or other vote under the Finance Documents: (i) that Defaulting Bank's Commitments will be reduced by the amount of its undrawn Commitment; and (ii) the Defaulting Bank will not be counted as a Bank for the purposes of Clause 27.2 (Exceptions) if it has no participation in any outstanding Loans. (b) For the purposes of this Clause 27.4, the Agent may assume that the following Banks are Defaulting Banks: (i) any Bank which has notified the Agent that it has become a Defaulting Bank; or

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A47709255 86 (ii) any Bank in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of "Defaulting Bank" has occurred, unless it has received notice to the contrary from the Bank concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Bank has ceased to be a Defaulting Bank. 27.5 Excluded participations If any Defaulting Bank fails to respond to a request for a consent, waiver, amendment or other vote under the Finance Documents within ten Business Days (or any longer period stipulated by the Agent with the agreement of the Obligors' Agent in relation to that request) of that request being made: (a) its participation in all outstanding Loans shall not be included for the purpose of calculating the aggregate amount of all Loans then outstanding when ascertaining whether any relevant percentage of the aggregate amount of all Loans then outstanding has been obtained to approve that request; and (b) it will not count as a Bank for the purposes of Clause 27.2 (Exceptions). 27.6 Replacement of a Defaulting Bank (a) The Obligors' Agent may, at any time a Bank has become and continues to be a Defaulting Bank, by giving five Business Days' prior written notice to the Agent and such Bank: (i) replace such Bank by requiring such Bank to (and such Bank shall) transfer pursuant to Clause 28.2 (Transfers by Banks) all (and not part only) of its rights and obligations under this Agreement; or (ii) require such Bank to (and such Bank shall) transfer pursuant to Clause 28.2 (Transfers by Banks) all (and not part only) of the undrawn Commitment of the Bank, to a Bank, other bank or financial institution (a "Replacement Bank") selected by the Obligors' Agent, and which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Bank (including the assumption of the transferring Bank's participations or unfunded participations (as the case may be) on the same basis as the transferring Bank) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Bank's participation in the outstanding Loans and all accrued interest, amounts payable under paragraph (a)(iii) of Clause 25.2 (Other indemnities) and other amounts payable in relation thereto under the Finance Documents. (b) Any transfer of rights and obligations of a Defaulting Bank pursuant to this Clause 27.6 shall be subject to the following conditions: (i) the Obligors' Agent shall have no right to replace the Agent; (ii) neither the Agent nor the Defaulting Bank shall have any obligation to the Obligors' Agent to find a Replacement Bank; (iii) the transfer must take place no later than 20 Business Days after the notice referred to in paragraph (a) above; and A47709255 87 (iv) in no event shall the Defaulting Bank be required to pay or surrender to the Replacement Bank any of the fees received by the Defaulting Bank pursuant to the Finance Documents. 28. CHANGES TO THE PARTIES 28.1 Transfers by Obligors No Obligor may assign, transfer, novate or dispose of any of, or any interest in, its rights and/or obligations under the Finance Documents. 28.2 Transfers by Banks (a) A Bank (the "Existing Bank") may, subject to paragraph (b) below, at any time assign, transfer or novate any of its Commitment and/or rights and/or obligations under this Agreement to another bank or financial institution (the "New Bank"). (b) (i) A transfer of part of a Commitment and/or participation in the Loans must be in a minimum amount of at least U.S.$5,000,000 and any transfer: (A) of a participation in the Loans must be made pro rata as between all then outstanding Loans; and (B) any transfer must be made pro rata between the undrawn Commitments of the Existing Bank and its participations in all then outstanding Loans; (ii) the prior consent of the Parent is required for any such assignment, transfer or novation which takes place prior to the first Drawdown Date, unless the New Bank is a Bank or an Affiliate of a Bank or while an Event of Default is continuing, provided that the prior consent of the Parent must not be unreasonably withheld or delayed and will be deemed to have been given if, within five Business Days of receipt by the Parent of an application for consent, it has not been expressly refused; and (iii) on or after the first Drawdown Date an Existing Bank must consult with the Parent for no more than five Business Days before it may make such assignment, transfer or novation, unless the New Bank is a Bank or an Affiliate of a Bank or while an Event of Default is continuing. (c) A transfer of obligations will be effective only if either: (i) the obligations are novated in accordance with Clause 28.3 (Procedure for novations); or (ii) the New Bank confirms to the Agent and the Obligors' Agent that it undertakes to be bound by the terms of this Agreement as a Bank in form and substance satisfactory to the Agent. On the transfer becoming effective in this manner the Existing Bank shall be relieved of its obligations under this Agreement to the extent that they are transferred to the New Bank. (d) Nothing in this Agreement restricts the ability of a Bank to subcontract an obligation if that Bank remains liable under this Agreement for that obligation.

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A47709255 88 (e) On each occasion an Existing Bank assigns, transfers or novates any of its Commitment and/or rights and/or obligations under this Agreement, the New Bank shall, on the date the assignment, transfer and/or novation takes effect, pay to the Agent for its own account a fee of U.S.$3,000. (f) An Existing Bank is not responsible to a New Bank for: (i) the execution, genuineness, validity, enforceability or sufficiency of any Finance Document or any other document; (ii) the collectability of amounts payable under any Finance Document; or (iii) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document. (g) Each New Bank confirms to the Existing Bank and the other Finance Parties that it: (i) has made its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Bank in connection with any Finance Document; and (ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities while any amount is or may be outstanding under this Agreement or any Commitment is in force. (h) Nothing in any Finance Document obliges an Existing Bank to: (i) accept a re-transfer from a New Bank of any of the Commitment and/or rights and/or obligations assigned, transferred or novated under this Clause 28.2; or (ii) support any losses incurred by the New Bank by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. (iii) Any reference in this Agreement to a Bank includes a New Bank but excludes a Bank if no amount is or may be owed to or by it under this Agreement and its Commitment has been cancelled or reduced to nil. (i) If: (i) a Bank assigns, transfers or novates any of its rights or obligations under the Finance Documents or changes its Facility Office; and (ii) as a result of circumstances existing at the date the assignment, transfer, novation or change occurs, an Obligor would be obliged to make a payment to the New Bank or Bank acting through its new Facility Office under Clause 11 (Taxes) or Clause 14 (Increased Costs), then the New Bank or Bank acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Bank or Bank acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (j) shall not apply: (A) where the payment is in relation to Australian Withholding Tax and there are at least two Banks after the assignment, transfer, novation or change and the New Bank or Bank acting through its new Facility Office is not an Offshore Associate of A47709255 89 AGAA, in such instances, the New Bank, or Bank acting through its new Facility Office will be entitled to full payment under Clause 11 (Taxes); and (B) in relation to Clause 11.1 (Gross-up) to a Treaty Bank that has included a confirmation of its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) of Clause 11.1 (Gross-up) if the Obligor making the payment has not made a Borrower DTTP Filing in respect of that Treaty Bank. 28.3 Procedure for novations (a) A novation is effected if: (i) the Existing Bank and the New Bank deliver to the Agent a duly completed certificate, substantially in the form of Schedule 4 (Form of Novation Certificate) (a "Novation Certificate"); and (ii) the Agent executes it, provided that the Agent is only obliged to execute a Novation Certificate upon its satisfaction (acting reasonably) with the results of all "know your customer" or other checks relating to the identity of any person that it is required to carry out in relation to the transfer to such New Bank. (b) Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent to execute any duly completed Novation Certificate on its behalf. (c) To the extent that they are expressed to be the subject of the novation in the Novation Certificate: (i) the Existing Bank and the other Parties (the "existing Parties") will be released from their obligations to each other (the "discharged obligations"); (ii) the New Bank and the existing Parties will assume obligations towards each other which differ from the discharged obligations only insofar as they are owed to or assumed by the New Bank instead of the Existing Bank; (iii) the rights of the Existing Bank against the existing Parties and vice versa (the "discharged rights") will be cancelled; and (iv) the New Bank and the existing Parties will acquire rights against each other which differ from the discharged rights only insofar as they are exercisable by or against the New Bank instead of the Existing Bank, all on the date of execution of the Novation Certificate by the Agent or, if later, the date specified in the Novation Certificate (the "Transfer Date"). (d) The Agent shall, as soon as reasonably practicable after it has executed a Novation Certificate, send to the Obligors' Agent a copy of that Novation Certificate. 28.4 Pro rata interest settlement If the Agent has notified the Banks that it is able to distribute interest payments on a pro rata basis to Existing Banks and New Banks then (in respect of any transfer pursuant to Clause 28.3 (Procedure for novations) the Transfer Date of which is after the date of such notification and is not on the last day of an Interest Period):

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A47709255 90 (a) any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Bank up to but excluding the Transfer Date ("Accrued Amounts") and shall become due and payable to the Existing Bank (without further interest accruing on them) on the last day of the current Interest Period; and (b) the rights assigned or transferred by the Existing Bank will not include the right to the Accrued Amounts so that, for the avoidance of doubt: (i) when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Bank; and (ii) the amount payable to the New Bank on that date will be the amount which would, but for the application of this Clause 28.4 have been payable to it on that date, but after deduction of the Accrued Amounts. 28.5 Affiliates of Banks (a) Each Bank may fulfil its obligations in respect of any Loan through an Affiliate if: (i) the relevant Affiliate is specified in this Agreement as a Bank or becomes a Bank by means of a Novation Certificate or an Increase Confirmation in accordance with this Agreement; and (ii) the Loans in which that Affiliate will participate are specified in this Agreement or in a notice given by that Bank to the Agent and the Obligors' Agent. In this event, the Bank and the Affiliate will participate in Loans in the manner provided for in subparagraph (ii) above. (b) If paragraph (a) above applies, the Bank and its Affiliate will be treated as having a single Commitment and a single vote, but, for all other purposes, will be treated as separate Banks. 28.6 Reference Banks If a Reference Bank (or, if a Reference Bank is not a Bank, the Bank of which it is an Affiliate) ceases to be a Bank, the Agent shall (with the consent of the Obligors' Agent) appoint another Bank or an Affiliate of a Bank to replace that Reference Bank. 28.7 Security over Bank's rights In addition to the other rights provided to Banks under this Clause 28, each Bank may, without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Bank including, without limitation: (a) any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and (b) any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Bank as security for those obligations or securities, except that no such charge, assignment or Security Interest shall: A47709255 91 (i) release a Bank from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or other Security Interest for the Bank as a party to any of the Finance Documents; or (ii) require any payments to be made by an Obligor or grant to any person any more extensive rights that those required to be made or granted to the relevant Bank under the Finance Documents. 28.8 Register The Agent, acting solely for this purpose as the agent of the Obligors, shall keep a register of the names and addresses of each Bank and the Commitment of, and the principal amount owing to, each Bank from time to time (the "Register"). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Obligors, the Agent and the Banks shall treat each person whose name is recorded in the Register as a Bank hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Obligors or any Agent or any Bank at any reasonable time and from time to time upon reasonable prior notice. 29. DISCLOSURE OF INFORMATION (a) In this Clause 29: "Permitted Parties" means a Bank and any of its Affiliates. (b) A Bank may disclose a copy of any Finance Document (and any information which that Bank has acquired under or in connection with any Finance Document) to: (i) its Affiliates; (ii) any person with whom it is proposing to enter, or has entered into, any kind of transfer, participation or other agreement in relation to this Agreement; (iii) any person to whom or for whose benefit that Bank charges, assigns or otherwise creates a Security Interest (or may do) pursuant to Clause 28.7 (Security over Bank's rights); (iv) professional advisers and service providers of the Permitted Parties who are under a duty of confidentiality to the Permitted Parties; (v) any ratings agency, insurer or insurance broker of the Permitted Parties, or direct or indirect provider of credit protection to any Permitted Party; or (vi) any court or tribunal or regulatory, supervisory, governmental or quasi- governmental authority with jurisdiction over the Permitted Parties. (c) Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more of the Borrowers the following information: (i) names of Obligors; (ii) country of domicile of Obligors; (iii) place of incorporation of Obligors; (iv) date of this Agreement;

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A47709255 92 (v) names of the Agent and the Mandated Lead Arrangers; (vi) date of each amendment and restatement of this Agreement; (vii) amount of Total Commitments; (viii) currencies of the Facility; (ix) type of Facility (i.e. that it is a revolving credit facility); (x) Final Maturity Date of the Facility; (xi) changes to any of the information previously supplied pursuant to paragraphs (i) to (x) above; and (xii) such other information agreed between such Finance Party and the Parent, to enable such numbering service provider to provide its usual syndicated loan numbering identification services. (d) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. (e) Each Obligor represents that none of the information set out in paragraphs (i) to (v) and (vii) to (x) of paragraph (c) above is, nor will at any time be unpublished price-sensitive information. (f) The Agent shall notify the Parent and other Finance Parties of: (i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or one or more Obligors; (ii) the number or, as the case may be, the numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider. 30. CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS 30.1 Confidentiality and Disclosure (a) The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and (d) below. (b) The Agent may disclose: (i) any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Obligors' Agent pursuant to Clause 9.6 (Notification of rates of interest); and (ii) any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality A47709255 93 undertaking agreed between the Agent and the relevant Bank or Reference Bank, as the case may be. (c) The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to: (i) any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it; (ii) any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; (iii) any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and (iv) any person with the consent of the relevant Bank or Reference Bank, as the case may be. (d) The Agent's obligations in this Clause 30 relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 9.6 (Notification of rates of interest) provided that (other than pursuant to paragraph (b)(i) above) the Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification. 30.2 Other Obligations (a) The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) is or may be price-sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose. (b) The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Bank or Reference Bank, as the case may be:

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A47709255 94 (i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 30.1 (Confidentiality and Disclosure) above except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and (ii) upon becoming aware that any information has been disclosed in breach of this Clause 30. 30.3 No Event of Default No Event of Default will occur under Clause 20.4 (Breach of other obligations) solely by reason only of an Obligor's failure to comply with this Clause 30. 31. SET-OFF A Finance Party may set off any matured obligation owed by an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any obligation (whether or not matured) owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Finance Party may set off in an amount estimated by it in good faith to be the amount of that obligation. 32. PRO RATA SHARING 32.1 Redistribution If any amount owing by an Obligor under the Finance Documents to a Finance Party (the "recovering Finance Party") is discharged by payment, set-off or any other manner other than through the Agent in accordance with Clause 10 (Payments) (a "recovery"), then: (a) the recovering Finance Party shall, within three Business Days, notify details of the recovery to the Agent; (b) the Agent shall determine whether the recovery is in excess of the amount which the recovering Finance Party would have received had the recovery been received by the Agent and distributed in accordance with Clause 10 (Payments); (c) subject to Clause 32.3 (Exceptions), the recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the "redistribution") equal to the excess; (d) the Agent shall treat the redistribution as if it were a payment by the Obligor concerned under Clause 10 (Payments) and shall pay the redistribution to the Finance Parties (other than the recovering Finance Party) in accordance with Clause 10.7 (Partial payments); and (e) after payment of the full redistribution, the recovering Finance Party will be subrogated to the portion of the claims paid under paragraph (d) above and that Obligor will owe the recovering Finance Party a debt which is equal to the redistribution, immediately payable and of the type originally discharged. A47709255 95 32.2 Reversal of redistribution If under Clause 32.1 (Redistribution): (a) a recovering Finance Party must subsequently return a recovery, or an amount measured by reference to a recovery, to an Obligor; and (b) the recovering Finance Party has paid a redistribution in relation to that recovery, each Finance Party shall, within three Business Days of demand by the recovering Finance Party through the Agent, reimburse the recovering Finance Party all or the appropriate portion of the redistribution paid to that Finance Party together with interest on the amount to be returned to the recovering Finance Party for the period whilst it held the re-distribution. Thereupon, the subrogation in Clause 32.1(e) (Redistribution) will operate in reverse to the extent of the reimbursement. 32.3 Exceptions (a) A recovering Finance Party need not pay a redistribution to the extent that it would not, after the payment, have a valid claim against the Obligor concerned in the amount of the redistribution pursuant to Clause 32.1(e) (Redistribution). (b) A recovering Finance Party is not obliged to share with any other Finance Party any amount which the recovering Finance Party has received or recovered as a result of taking legal proceedings, if the other Finance Party had an opportunity to participate in those legal proceedings but did not do so or did not take separate legal proceedings. 33. SEVERABILITY If a provision of any Finance Document is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect: (a) the validity or enforceability in that jurisdiction of any other provision of the Finance Documents; or (b) the validity or enforceability in other jurisdictions of that or any other provision of the Finance Documents. 34. COUNTERPARTS Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 35. NOTICES 35.1 Giving of notices All notices or other communications under or in connection with the Finance Documents shall be given in writing and, unless otherwise stated, may be made by letter, facsimile or e-mail. Any such notice will be deemed to be given as follows: (a) if by letter, when delivered personally or on actual receipt; and (b) if by facsimile or e-mail, when received in legible form.

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A47709255 96 However, a notice given in accordance with the above but received on a non Business Day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place. 35.2 Electronic communication (a) Any communication between any two Parties under or in connection with the Finance Documents may be made by e-mail or other electronic means, to the extent that those two Parties: (i) agree and such agreement is not revoked by either Party; (ii) notify each other in writing of their e-mail address and/or any other information required to enable the sending and receipt of information by electronic means; and (iii) notify each other of any change to the address or information referred to in subparagraph (ii) above. (b) Any electronic communication made between those two Parties under paragraph (a) above will only be effective when received in legible form and, in the case of any electronic communication made by a Party to the Agent only, if it is addressed in accordance with the Agent instructions. 35.3 Addresses for notices (a) The address and facsimile number of each Party (other than the Obligors' Agent and the Agent) for all notices under or in connection with this Agreement are: (i) those notified by that Party for this purpose to the Agent on or before the date it becomes a Party; or (ii) any other notified by that Party for this purpose to the Agent by not less than five Business Days' notice. (b) The address, telephone and facsimile numbers of the Obligors' Agent are: Address: AngloGold Ashanti Holdings plc 4th Floor West, Communications House South Street Staines upon Thames, TW18 4PR United Kingdom Fax: +44 (0) 203 968 3325 Telephone: +44 (0) 203 968 3320 E-mail: gasare-aidoo@anglogoldashanti.com tkrishnan@anglogoldashanti.com For the attention of: The General Manager or such other as the Obligors' Agent may notify to the Agent by not less than five Business Days' notice. (c) The address, telephone and facsimile numbers of the Agent are: Address: The Bank of Nova Scotia 201 Bishopsgate, 6th Floor A47709255 97 London EC2M 3NS United Kingdom Fax: +44 207 826 5666 Telephone: +44 207 826 5660 Email: gwsloanops.uk@scotiabank.com For the attention of: Peter Early / Shahdia Hossein or such other as the Agent may notify to the other Parties by not less than five Business Days' notice. (d) All notices from or to an Obligor shall be sent through the Agent and the Obligors' Agent. (e) The Agent shall, promptly upon request from any Party, give to that Party the address or facsimile number of any other Party applicable at the time for the purposes of this Clause 35. 35.4 Communication when Agent is Impaired Agent If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed. 36. LANGUAGE (a) Any notice given under or in connection with any Finance Document shall be in English. (b) All other documents provided under or in connection with any Finance Document shall be: (i) in English; or (ii) if not in English, accompanied by a certified English translation and, in this case, the English translation shall prevail unless the document is a statutory or other official document. 37. BAIL-IN OF EEA FINANCIAL INSTITUTIONS 37.1 Contractual recognition of bail-in It is agreed that notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of: (a) any Bail-In Action in relation to any such liability, including (without limitation): (i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability; (ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

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A47709255 98 (iii) a cancellation of any such liability; and (b) a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 38. JURISDICTION 38.1 Submission For the benefit of each Finance Party, each Obligor agrees that the courts of England have exclusive jurisdiction to settle any disputes in connection with any Finance Document and accordingly submits to the jurisdiction of the English courts. 38.2 Service of process (a) Without prejudice to any other mode of service, AGAA: (i) irrevocably appoints the Parent at 4th Floor west, Communications House, South Street, Staines upon Thames, Surrey TW18 4PR United Kingdom as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document and the Parent, by its execution of this Agreement, accepts that appointment; (ii) agrees to maintain an agent for service of process in England until all amounts which may be or become payable by Obligors under or in connection with the Finance Documents have been, irrevocably paid in full; (iii) agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and (iv) consents to the service of process relating to any such proceedings by prepaid posting of a copy of the process to its address for the time being applying under Clause 35.3 (Addresses for notices). (b) Each Obligor agrees that if the Parent ceases to have a registered branch in England or ceases to be a registered foreign company in England and Wales, each Obligor shall promptly (and in any event within 15 days of such event taking place) appoint a person in England to accept service of process on its behalf on terms acceptable to the Agent (acting reasonably). Failing this, the Agent may (acting reasonably) appoint another agent for this purpose by notice to the Obligors' Agent and AGAA. 38.3 Forum convenience and enforcement abroad Each Obligor: (a) waives objection to the English courts on grounds of inconvenient forum or otherwise as regards proceedings in connection with a Finance Document; and (b) agrees that subject to the Reservations, a judgment or order of an English court in connection with a Finance Document is conclusive and binding on it and may be enforced against it in the courts of any other jurisdiction. 38.4 Non-exclusivity Nothing in this Clause 38 limits the right of a Finance Party to bring proceedings against an Obligor in connection with any Finance Document: A47709255 99 (a) in any other court of competent jurisdiction; or (b) concurrently in more than one jurisdiction. 39. WAIVER OF IMMUNITY Each Obligor irrevocably and unconditionally: (a) agrees that if a Finance Party brings proceedings against it or its assets in relation to a Finance Document, no immunity from those proceedings (including, without limitation, suit, attachment prior to judgment, other attachment, the obtaining of judgment, execution or other enforcement) will be claimed by or on behalf of itself or with respect to its assets; (b) waives any such right of immunity which it or its assets now has or may subsequently acquire; and (c) consents generally in respect of any such proceedings to the giving of any relief or the issue of any process in connection with those proceedings, including, without limitation, the making, enforcement or execution against any assets whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in those proceedings. 40. ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS To the extent that the Finance Documents provide support, through a guarantee or otherwise, for any hedging agreement or other agreement or instrument that is a QFC (such support, "QFC Credit Support" and each such QFC a "Supported QFC"), the Parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): (a) in the event a Covered Entity that is party to a Supported QFC (each, a "Covered Party") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported

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A47709255 100 QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the Parties with respect to a Defaulting Bank shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. (b) As used in this Clause 40, the following terms have the following meanings: "BHC Act Affiliate" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, Section 1841(k) of Title 12 of the United States Code) of such party. "Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, Section 252.82(b) of Title 12 of the United States Code of Federal Regulations; (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, Section 47.3(b) of Title 12 of the United States Code of Federal Regulations; or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, Section 382.2(b) of Title 12 of the United States Code of Federal Regulations. "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with Section 252.81, 47.2 or 382.1 of Title 12 of the United States Code of Federal Regulations, as applicable. "QFC" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with Section 5390(c)(8)(D) of Title 12 of the United States Code. 41. INTEGRATION The Finance Documents contain the complete agreement between the Parties on the matters to which they relate and supersede all prior commitments, agreements and understandings, whether written or oral, on those matters. 42. GOVERNING LAW This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. To the extent that Goldman Sachs International is providing financial services in Australia, Goldman Sachs International is exempt from the requirement to hold an Australian financial services license for the financial services it provides in Australia. Goldman Sachs International is regulated by a foreign regulator under foreign laws which differ from Australian laws, specifically, Goldman Sachs International is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under UK laws. A47709255 101 Goldman Sachs International, Goldman Sachs Mortgage Company and their affiliates (collectively, Goldman Sachs) do not provide banking services in Australia. Goldman Sachs is not authorised under the Australian Banking Act 1959 (Cth) ("Australian Banking Act") and is not supervised by the Australian Prudential Regulation Authority. Goldman Sachs is not covered by the depositor protection provisions in section 13A of the Australian Banking Act, and counterparties to a contract, arrangement or understanding with Goldman Sachs will have no right to claim under Division 2AA - Financial claims scheme for account-holders with insolvent authorised deposit-taking institutions (ADIs) in the Australian Banking Act.

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A47709255 102 SCHEDULE 1 BANKS AND COMMITMENTS Banks Commitment U.S.$ Treaty Passport scheme reference number and jurisdiction of tax residence (if applicable) Deutsche Bank Luxembourg S.A. 107,692,307.70 48/D/72718/DTTP – Luxembourg JPMorgan Chase Bank, N.A., London Branch 107,692,307.70 Standard Chartered Bank (Hong Kong) Limited 107,692,307.70 34144373 – Hong Kong Australia and New Zealand Banking Group Limited 107,692,307.69 Bank of America Europe Designated Activity Company (and, for the purposes of funding any Loans to AGAA only, Bank of America N.A., Australian Branch) 107,692,307.69 Bank of Montreal 107,692,307.69 3/M/270436/DTTP – Canada Barclays Bank PLC 107,692,307.69 BNP Paribas, Conventional Wholesale Bank, Bahrain 107,692,307.69 5/B/255139/DTTP – Bahrain Canadian Imperial Bank of Commerce, London Branch 107,692,307.69 Citibank, N.A., Jersey Branch 107,692,307.69 13/C/62301/DTTP – United States of America Goldman Sachs Mortgage Company 107,692,307.69 13/G/364333/DTTP – United States of America Royal Bank of Canada 107,692,307.69 The Bank of Nova Scotia, London Branch 107,692,307.69 Total Commitments 1,400,000.000.00 A47709255 103 SCHEDULE 2 CONDITIONS PRECEDENT DOCUMENTS 1. A copy of the constitutional documents of each Obligor. 2. A copy of a resolution of the board of directors of the Parent, and a copy of an extract of the minutes of the meeting of directors or an extract of the circulating resolutions of the board of directors of AGAA, in each case: (a) approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party; (b) (if applicable) authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and (c) disclosing and approving any conflicts of interests of the directors of the relevant Obligor in relation to the Finance Documents to which it is a party and the transactions contemplated hereby. 3. A certificate from the registered agent of the Parent, certifying details of the current directors, shareholders and any registered charges of the Parent. 4. A specimen of the signature of each person authorised to sign the Finance Documents on behalf of each Obligor and to sign and/or despatch all documents and notices to be signed and/or despatched by each Obligor under or in connection with the Finance Documents. 5. A list of current Material Subsidiaries. 6. A copy of: (a) the audited consolidated financial statements of the Parent for the year ended 31 December 2021; and (b) the audited consolidated financial statements of AGAA for the year ended 31 December 2021. 7. A copy of any other document, opinion or assurance which the Agent reasonably considers to be necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, any Finance Document or for the validity and enforceability of any Finance Document, and of which the Obligors' Agent has been notified at least five Business Days prior to the date of this Agreement. 8. Each Fee Letter, duly executed by all parties thereto. 9. Evidence that the Existing Facility will be repaid and cancelled in full on or by the first Drawdown Date. 10. Evidence that all fees and expenses remaining due and payable immediately prior to the first Request from the Obligors under the Finance Documents have been or will be paid on or before the first Drawdown Date.

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A47709255 104 11. A certificate of an authorised signatory of the Parent: (a) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing or guarantee limit binding on any Obligor to be exceeded; and (b) certifying that each copy document delivered under this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 12. A copy of the current structure chart of the Group. 13. Evidence that all documentation and other information required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, to the extent requested prior to the date of this Agreement, has been received in relation to each Obligor in form and substance satisfactory to the Agent. 14. (a) A legal opinion of Gilbert & Tobin, legal advisers in Australia to the Finance Parties, addressed to the Finance Parties; (b) a legal opinion of Appleby (Isle of Man) LLC, legal advisers in the Isle of Man to the Finance Parties, addressed to the Finance Parties; and (c) a legal opinion of Linklaters LLP, legal advisers in England to the Finance Parties, addressed to the Finance Parties. 15. A copy of the Approved List. A47709255 105 SCHEDULE 3 FORM OF REQUEST To: [ ] as Agent From: AngloGold Ashanti Holdings plc as Obligors' Agent Date: [ ] AngloGold Ashanti Holdings plc and AngloGold Ashanti Australia Limited – U.S.$1,400,000,000 Syndicated Loan Facility Agreement dated [ ] 2022 (the "Agreement") 1. On behalf of the Borrower identified below, we request a Loan as follows: (a) Borrower: [ ] (b) Drawdown Date: [ ] (c) Currency of Loan: [U.S.$/A$] (d) Amount: [ ] (e) Interest Period: [ ] (f) Payment instructions: [ ]. 2. We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Request. 3. This Request is irrevocable. By: AngloGold Ashanti Holdings plc (in its capacity as Obligors' Agent) Authorised Signatory

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![](exhibit194412022055.jpg)

A47709255 106 SCHEDULE 4 FORM OF NOVATION CERTIFICATE To: [ ] as Agent From: [THE EXISTING BANK] and [THE NEW BANK] Date: [ ] AngloGold Ashanti Holdings plc and AngloGold Ashanti Australia Limited – U.S.$1,400,000,000 Syndicated Loan Facility Agreement dated [ ] 2022 (the "Agreement") We refer to Clause 28.3 (Procedure for novations) of the Agreement. 1. We [ ] (the "Existing Bank") and [ ] (the "New Bank") agree to the Existing Bank and the New Bank novating the Existing Bank's Commitment (or part) and/or rights and obligations referred to in the Schedule in accordance with Clause 28.3 (Procedure for novations) of the Agreement. 2. The specified date for the purposes of Clause 28.3(c) (Procedure for novations) of the Agreement is [date of novation]. 3. The Facility Office and address for notices of the New Bank for the purposes of Clause 35.3 (Addresses for notices) of the Agreement are set out in the Schedule. 4. The New Bank confirms, for the benefit of the Agent and without any liability to any Obligor, that it is: (a) [a Qualifying Bank (other than a Treaty Bank);] (b) [a Treaty Bank;] (c) [not a Qualifying Bank]. 5. [The New Bank confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [ ]) and is tax resident in [ ], so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax, and requests that the Obligors' Agent notify each Borrower that it wishes that scheme to apply to the Agreement. 6. This Novation Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law. A47709255 107 THE SCHEDULE Commitment/Rights and obligations to be novated [Insert relevant details] [Existing Bank] [New Bank] By: By: Date: Date: [New Bank] [Facility Office Address for notices] [ ] Email address for notices: Country of origin of New Bank: By: Date:

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![](exhibit194412022056.jpg)

A47709255 108 SCHEDULE 5 BORROWERS' OBLIGATIONS 1. Reinstatement (a) Where any discharge (whether in respect of the obligations of a Borrower or any security for those obligations or otherwise) is made in whole or in part or any arrangement is made on the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation or otherwise without limitation, the liability of the other Borrowers under this Agreement shall continue as if the discharge or arrangement had not occurred. (b) Each Finance Party may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 2. Waiver of defences The obligations of a Borrower under this Agreement will not be affected by an act, omission, matter or thing which, but for this provision, would reduce, release or prejudice any of its obligations under this Agreement or prejudice or diminish those obligations in whole or in part, including (whether or not known to it or any Finance Party): (a) any time or waiver granted to, or composition with, any other Obligor or any other person; (b) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or any other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; (c) any incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or status of any Obligor or any other person; (d) any variation (however fundamental) or replacement of a Finance Document or any other document or security so that references to that Finance Document in this Agreement shall include each variation or replacement; (e) any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security, to the intent that each Borrower's obligations under this Agreement shall remain in full force, as if there were no unenforceability, illegality or invalidity; or (f) any postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of any Obligor under a Finance Document resulting from any insolvency, liquidation or dissolution proceedings or from any law, regulation or order so that each such obligation shall for the purposes of each Borrower's obligations under this Agreement be construed as if there were no such circumstance. A47709255 109 3. Immediate recourse Each Borrower waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Borrower under the terms of this Agreement. 4. Appropriations Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: (a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Borrower shall be entitled to the benefit of the same; and (b) hold in a suspense account any moneys received from any Borrower or on account of each Borrower's liability under this Agreement, bearing interest at an appropriate rate. 5. Non-competition Until all amounts which may be or become payable by any Borrowers under or in connection with the Finance Documents have been irrevocably paid in full, neither Borrower shall, after a claim has been made or by virtue of any payment or performance by it under this Agreement: (a) be subrogated to any rights, security or moneys held, received or receivable by any Finance Party (or any trustee or agent on its behalf) or be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on account of such Borrower's liability under this Agreement; (b) claim, rank, prove or vote as a creditor of any other Borrower or its estate in competition with any Finance Party (or any trustee or agent on its behalf); or (c) receive, claim or have the benefit of any payment, distribution or security from or on account of any other Borrower, or exercise any right of set-off as against such Borrower, unless the Agent otherwise directs. Each Borrower shall hold in trust for and forthwith pay or transfer to the Agent for the Finance Parties any payment or distribution or benefit of security received by it contrary to this paragraph 5 or as directed by the Agent.

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![](exhibit194412022057.jpg)

A47709255 110 SCHEDULE 6 FORM OF COMPLIANCE CERTIFICATE To: [ ] as Agent From: AngloGold Ashanti Holdings plc Date: [ ] AngloGold Ashanti Holdings plc and AngloGold Ashanti Australia Limited – U.S.$1,400,000,000 Syndicated Loan Facility Agreement dated [ ] 2022 (the "Agreement") 1. We refer to the Agreement. This is a Compliance Certificate. 2. We confirm that as at [relevant testing date] Total Net Financial Indebtedness was [ ]; and EBITDA was [ ]; therefore, Leverage was [ ] to 1. 3. We set out below calculations establishing the figures in paragraph 2 above: [ ]. 4. We confirm that the following companies were Material Subsidiaries at [relevant testing date]: [ ]. 5. [We confirm that no Default is outstanding as at [relevant testing date].1] ANGLOGOLD ASHANTI HOLDINGS PLC By: ................................................................ ................................................................. Name of director Name of director [insert applicable certification language] for [auditors of the Parent] 1 If this statement cannot be made, the certificate should identify any Default that is outstanding and the steps, if any, being taken to remedy it. A47709255 111 SCHEDULE 7 FORM OF INCREASE CONFIRMATION To: [ ] as Agent and AngloGold Ashanti Holdings plc as Obligors' Agent, for and on behalf of each Obligor From: [ ] (the Increase Bank) Dated: [ ] AngloGold Ashanti Holdings plc and AngloGold Ashanti Australia Limited – U.S.$1,400,000,000 Syndicated Loan Facility Agreement dated [ ] 2022 (the "Agreement") 1. We refer to the Agreement. This is an Increase Confirmation. 2. We refer to Clause 2.2 (Increase) of the Agreement. 3. The Increase Bank agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the Schedule (the "Relevant Commitment") as if it was an Original Bank under the Agreement. 4. The proposed date on which the increase in relation to the Increase Bank and the Relevant Commitment is to take effect (the "Increase Date") is [ ]. 5. On the Increase Date, the Increase Bank becomes party to the relevant Finance Documents as a Bank. 6. The Facility Office and address, fax number and attention details for notices to the Increase Bank for the purposes of Clause 35.3 (Addresses for notices) of the Agreement are set out in the Schedule. 7. The Increase Bank expressly acknowledges the limitations on the Banks' obligations referred to in paragraph (e) of Clause 2.2 (Increase) of the Agreement. 8. The Increase Bank confirms, for the benefit of the Agent and without any liability to any Obligor, that it is: (a) [a Qualifying Bank (other than a Treaty Bank);] (b) [a Treaty Bank;] (c) [not a Qualifying Bank]. 9. [The Increase Bank confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [ ]) and is tax resident in [ ], so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax, and requests that the Obligors' Agent notify each Borrower that it wishes that scheme to apply to this Agreement.] 10. This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Increase Confirmation. 11. This Increase Confirmation and any non-contractual obligations arising out of or in connection with it are governed by English law. 12. This Increase Confirmation has been entered into on the date stated at the beginning of this Increase Confirmation.

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![](exhibit194412022058.jpg)

A47709255 112 THE SCHEDULE Relevant Commitment/rights and obligations to be assumed by the Increase Bank [insert relevant details] [Facility office address, fax number, e-mail address and attention details for notices and account details for payments] [Increase Bank] By: This Increase Confirmation is accepted as an Increase Confirmation for the purposes of the Agreement by the Agent and the Increase Date is confirmed as [ ]. Agent By: A47709255 113 SCHEDULE 8 FORM OF MARGIN CERTIFICATE To: [ ] as Agent From: AngloGold Ashanti Holdings plc as Obligors' Agent for and on behalf of each Obligor Date: [ ] AngloGold Ashanti Holdings plc and AngloGold Ashanti Australia Limited – U.S.$1,400,000,000 Syndicated Loan Facility Agreement dated [ ] 2022 (the "Agreement") 1. We refer to the Agreement. This is a Margin Certificate. 2. We confirm that as at [date]: (a) the long term debt rating of the Parent given by Moody's was [ ]; (b) the long term debt rating of the Parent given by S&P was [ ]; (c) the long term debt rating of the Parent given by Fitch was [ ]; (d) no Event of Default is continuing; and (e) accordingly, the applicable Margin is [ ] per cent. per annum. ANGLOGOLD ASHANTI HOLDINGS PLC ................................................................ ................................................................. Name of authorised signatory/director Name of authorised signatory/director

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![](exhibit194412022059.jpg)

A47709255 114 SCHEDULE 9 EXISTING SECURITY Brazil: 1. A United States dollar finance lease arrangement with Banco Caterpillar S.A. securing an amount of U.S.$6,289,883 since June 2021. 2. A Brazilian real denominated finance lease arrangement with CHG Meridian do Brasil Arredamento securing an amount of U.S.$13,880,085 since March 2019. 3. A Brazilian real denominated finance lease arrangement with BV Leasing – Arrendamento Mercantil S.A. securing an amount of U.S.$1,567,392 since September 2020. 4. A Brazilian real denominated finance lease arrangement with CSI Latina Arrendamento securing an amount of U.S.$18,067,197 since July 2020. 5. A Brazilian real denominated finance lease arrangement with Daycoval Leasing Banco Multiplo S.A. securing an amount of U.S.$1,232,446 since December 2020. Australia: 1. A fixed and floating charge dated 31 May 2021 granted by AGAA in favour of AFB Resources Pty Ltd (ACN 649 001 623) which is the Regis JV entity.2 2 Note: Tropicana mine is held via an unincorporated joint venture, Remaining interest held by AFB Resources Pty Ltd, a subsidiary of Regis Resources Limited (30% interest). IGO transferred their interest to AFB effective 31 May 2021 A47709255 115 SCHEDULE 10 TIMETABLES Loans in U.S.$ Loans in A$ Delivery of a duly completed Request (Clause 5.1 (Availability Period)) 11:00 a.m. three Business Days before the Drawdown Date 11:00 a.m. three Business Days before the Drawdown Date Agent determines (in relation to a Loan) the Base Currency Amount of the Loan, if required under Clause 5.3 (Advance of Loan) and notifies the Banks of the Loan in accordance with Clause 5.3 (Advance of Loan) Close of business in London on the day on which the Agent receives the Request Close of business in London on the day on which the Agent receives the Request BBSY is fixed - 11:00 a.m. Melbourne time on the Quotation Day in respect of BBSY Reference Bank Rate calculated by reference to available quotations in accordance with Clause 13.2 (Absence of quotations) - 11:00 a.m. Melbourne time on the Quotation Day in respect of BBSY

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A47709255 116 SCHEDULE 11 REFERENCE RATE TERMS CURRENCY: U.S. Dollars. Cost of funds as a fallback Cost of funds will apply as a fallback. Definitions Additional Business Days: An RFR Banking Day. Baseline CAS: Length of Interest Period Applicable Baseline CAS (per cent. per annum) One month or less 0.11448 Three months or less but greater than one month 0.26161 Six months or less but greater than three months 0.42826 Break Costs: None specified. Business Day Conventions (definition of "month" in Clause 1.2(a)(x) and Clause 8.2 (Non-Business Days)): (a) If any period is expressed to accrue by reference to a month or any number of months then, in respect of the last month of that period: (i) subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; (ii) if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and (iii) if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. (b) If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). A47709255 117 Central Bank Rate: (a) The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or (b) if that target is not a single figure, the arithmetic mean of: (i) the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and (ii) the lower bound of that target range. Central Bank Rate Adjustment: In relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the 20 per cent. trimmed arithmetic mean (calculated by the Agent, or by any other Finance Party which agrees to do so in place of the Agent) of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days for which the RFR is available. For this purpose, "Central Bank Rate Spread" means, in relation to any RFR Banking Day, the difference (expressed as a percentage rate per annum) calculated by the Agent (or by any other Finance Party which agrees to do so in place of the Agent) between: (a) the RFR for that RFR Banking Day; and (b) the Central Bank Rate prevailing at close of business on that RFR Banking Day. Daily Rate: The "Daily Rate" for any RFR Banking Day is: (a) the RFR for that RFR Banking Day; or (b) if the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of: (i) the Central Bank Rate for that RFR Banking Day; and (ii) the applicable Central Bank Rate Adjustment; or (c) if paragraph (b) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: (i) the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and (ii) the applicable Central Bank Rate Adjustment, rounded, in each case, to five decimal places (with 0.000005 being rounded upwards) and if, in each case, the aggregate of that rate and

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![](exhibit194412022061.jpg)

A47709255 118 the applicable Baseline CAS is less than zero, the Daily Rate shall be deemed to be such a rate that the aggregate of the Daily Rate and the applicable Baseline CAS is zero. Lookback Period: Five RFR Banking Days. Market Disruption Rate: The percentage rate per annum which is the aggregate of: (a) the Cumulative Compounded RFR Rate for the Interest Period of the relevant Loan; and (b) the applicable Baseline CAS (if any). Relevant Market: The market for overnight cash borrowing collateralised by US Government Securities. Reporting Day: The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period. RFR: The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate). RFR Banking Day: Any day other than: (a) a Saturday or Sunday; and (b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities. Published Rate Contingency Period: 30 days Reporting Times Deadline for Banks to report market disruption in accordance with Clause 13.4 (Market disruption): Close of business in London on the Reporting Day for the relevant Loan. Deadline for Banks to report their cost of funds in accordance with Clause 13.5 (Alternative basis of interest of funding): Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). A47709255 119 SCHEDULE 12 DAILY NON-CUMULATIVE COMPOUNDED RFR RATE The "Daily Non-Cumulative Compounded RFR Rate" for any RFR Banking Day "i" during an Interest Period for a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below: (𝑈𝐶𝐶𝐷𝑅𝑖 - 𝑈𝐶𝐶𝐷𝑅𝑖-1) × 𝑑𝑐𝑐 𝑛𝑖 where: "UCCDRi" means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "i"; "UCCDRi-1" means, in relation to that RFR Banking Day "i", the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period; "dcc" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; "ni" means the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day; and the "Unannualised Cumulative Compounded Daily Rate" for any RFR Banking Day (the "Cumulated RFR Banking Day") during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose): 𝐴𝐶𝐶𝐷𝑅 × 𝑡𝑛𝑖 𝑑𝑐𝑐 where: "ACCDR" means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day; "tni" means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period; "Cumulation Period" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day; "dcc" has the meaning given to that term above; and the "Annualised Cumulative Compounded Daily Rate" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to five decimal places, with 0.000005 being rounded upwards) calculated as set out below: [∏(1 + 𝐷𝑎𝑖𝑙𝑦𝑅𝑎𝑡𝑒𝑖-𝐿𝑃 × 𝑛𝑖 𝑑𝑐𝑐) - 1 𝑑𝑜 𝑖=1 ] × 𝑑𝑐𝑐 𝑡𝑛𝑖

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A47709255 120 where: "d0" means the number of RFR Banking Days in the Cumulation Period; "Cumulation Period" has the meaning given to that term above; "i" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period; "DailyRatei-LP" means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "i"; "ni" means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day; "dcc" has the meaning given to that term above; and "tni" has the meaning given to that term above. A47709255 SCHEDULE 13 CUMULATIVE COMPOUNDED RFR RATE The "Cumulative Compounded RFR Rate" for any Interest Period for a Compounded Rate Loan is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of "Annualised Cumulative Compounded Daily Rate" in Schedule 12 (Daily Non-Cumulative Compounded RFR Rate)) calculated as set out below: [∏(1 + 𝐷𝑎𝑖𝑙𝑦𝑅𝑎𝑡𝑒𝑖-𝐿𝑃 × 𝑛𝑖 𝑑𝑐𝑐) - 1 𝑑𝑜 𝑖=1 ] × 𝑑𝑐𝑐 𝑑 where: "d0" means the number of RFR Banking Days during the Interest Period; "i" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order during the Interest Period; "DailyRatei-LP" means for any RFR Banking Day "i" during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "i"; "ni" means, for any RFR Banking Day "i", the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day; "dcc" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and "d" means the number of calendar days during that Interest Period.

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![](exhibit194412022063.jpg)

Borrowers ANGLOGOLD ASHANTI HOLDINGS PLC By: /s/ R Hayes Robert Hayes Executed by ANGLOGOLD ASHANTI AUSTRALIA LIMITED By: _________________ ________________ Director/Secretary Director _________________ _________________ Name (Print) Name (Print) [Signature page to Facility Agreement] Borrowers ANGLOGOLD ASHANTI HOLDINGS PLC By: Executed by ANGLOGOLD ASHANTI AUSTRALIA LIMITED By: /s/ AE Maxey /s/ AJ McKenna _________________ ________________ Director/Secretary Director Andrea Elizabeth Maxey Anthony John McKenna _________________ _________________ Name (Print) Name (Print) [Signature page to Facility Agreement]

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![](exhibit194412022064.jpg)

Guarantors ANGLOGOLD ASHANTI HOLDINGS PLC By: /s/ R Hayes Robert Hayes Executed by ANGLOGOLD ASHANTI AUSTRALIA LIMITED By: _____________ ________________ Director Director _________________ _________________ Name (Print) Name (Print) [Signature page to Facility Agreement] Guarantors ANGLOGOLD ASHANTI HOLDINGS PLC By: Executed by ANGLOGOLD ASHANTI AUSTRALIA LIMITED By: /s/ AE Maxey /s/ AJ McKenna _________________ ________________ Director/Secretary Director Andrea Elizabeth Maxey Anthony John McKenna _________________ _________________ Name (Print) Name (Print) [Signature page to Facility Agreement]

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![](exhibit194412022065.jpg)

Obligors' Agent ANGLOGOLD ASHANTI HOLDINGS PLC By: /s/ R Hayes Robert Hayes [Signature page to Facility Agreement] Coordinators J.P. MORGAN SECURITIES PLC By: /s/ J MacDougall Executive Director [Signature page to Facility Agreement]

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![](exhibit194412022066.jpg)

DEUTSCHE BANK AG, LONDON BRANCH By: /s/ A Macdonald /s/ R Bajaj Managing director Vice President [Signature page to Facility Agreement] STANDARD CHARTERED BANK By: /s/ T Pinches Executive Director [Signature page to Facility Agreement]

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![](exhibit194412022067.jpg)

Mandated Lead Arrangers DEUTSCHE BANK AG, LONDON BRANCH By: /s/ A Macdonald /s/ R Bajaj Managing director Vice President [Signature page to Facility Agreement] J.P. MORGAN SECURITIES PLC By: /s/ J MacDougall Executive Director [Signature page to Facility Agreement]

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![](exhibit194412022068.jpg)

STANDARD CHARTERED BANK By: /s/ T Pinches Executive Director [Signature page to Facility Agreement] AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED By: /s/ G Jennings [Signature page to Facility Agreement]

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![](exhibit194412022069.jpg)

BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY By: /s/ R Patankar Vice President [Signature page to Facility Agreement] BANK OF MONTREAL By: /s/ SP Gallaway Director [Signature page to Facility Agreement]

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![](exhibit194412022070.jpg)

BARCLAYS BANK PLC By: /s/ M Joyner Director [Signature page to Facility Agreement] BNP PARIBAS, CONVENTIONAL WHOLESALE BANK, BAHRAIN By: /s/ K Fahy /s/ B Pivot Chief Executive Officer Chief Operating Officer [Signature page to Facility Agreement]

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![](exhibit194412022071.jpg)

CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH By: /s/ R Harvey /s/ K Paterson Managing Director Director [Signature page to Facility Agreement] CITIBANK, N.A., LONDON BRANCH By: /s/ W Husband [Signature page to Facility Agreement]

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![](exhibit194412022072.jpg)

ROYAL BANK OF CANADA By: /s/ E Pinto Director [Signature page to Facility Agreement] THE BANK OF NOVA SCOTIA By: /s/ R McCarthy /s/ S Bikhit [Signature page to Facility Agreement]

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![](exhibit194412022073.jpg)

GOLDMAN SACHS INTERNATIONAL By: /s/ Goldman Sachs International [Signature page to Facility Agreement] Original Banks DEUTSCHE BANK LUXEMBOURG S.A. By: /s/ S Lehnert /s/ A Breye-Simski [Signature page to Facility Agreement]

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![](exhibit194412022074.jpg)

JPMORGAN CHASE BANK, N.A., LONDON BRANCH By: /s/ D Brown Vice President [Signature page to Facility Agreement] STANDARD CHARTERED BANK (HONG KONG) LIMITED By: /s/ H Hui Managing Director [Signature page to Facility Agreement]

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![](exhibit194412022075.jpg)

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED By: /s/ G Jennings [Signature page to Facility Agreement] BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY By: /s/ R Patankar [Signature page to Facility Agreement]

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![](exhibit194412022076.jpg)

BANK OF AMERICA N.A., AUSTRALIAN BRANCH By: /s/ M Kok /s/ J Boyd Witness Managing Director [Signature page to Facility Agreement] BANK OF MONTREAL By: /s/ S P Gallaway [Signature page to Facility Agreement]

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![](exhibit194412022077.jpg)

BARCLAYS BANK PLC By: /s/ M Joyner Director [Signature page to Facility Agreement] BNP PARIBAS, CONVENTIONAL WHOLESALE BANK, BAHRAIN By: /s/ K Fahy /s/ B Pivot [Signature page to Facility Agreement]

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![](exhibit194412022078.jpg)

CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH By: /s/ R Harvey /s/ K Paterson Managing Director Director [Signature page to Facility Agreement] CITIBANK, N.A., JERSEY BRANCH By: /s/ J Pal Vice President [Signature page to Facility Agreement]

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![](exhibit194412022079.jpg)

ROYAL BANK OF CANADA By: /s/ E Pinto Director [Signature page to Facility Agreement] THE BANK OF NOVA SCOTIA, LONDON BRANCH By: /s/ R McCarthy /s/ S Bikhit [Signature page to Facility Agreement]

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![](exhibit194412022080.jpg)

GOLDMAN SACHS MORTGAGE COMPANY By: /s/ CD Johnston Authorized Signatory [Signature page to Facility Agreement] The Agent THE BANK OF NOVA SCOTIA By: /s/ R McCarthy /s/ S Bikhit [Signature page to Facility Agreement]

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## Exhibit 19.4

![picturelioncolourb.jpg](picturelioncolourb.jpg)

112 Oxford Road, Houghton Estate, Johannesburg, 2198Private Bag X 20, Rosebank, 2196, South AfricaTel: +27 (0) 11 637 6000Fax: +27 (0) 11 637 6624Website: www.anglogoldashanti.com

***29 June 2022***

***Strictly Confidential***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Mr. Ian Kramer

C/o AngloGold Ashanti Limited

Corporate Office

Houghton Estate

Johannesburg

Dear Ian,

**APPOINTMENT AS THE ACTING INTERIM CHIEF FINANCIAL OFFICER (CFO)**

It is with great pleasure that I confirm your appointment as acting Interim Chief Financial Officer, effective from 1 July 2022 and you will report directly to me.

Your appointment as acting Interim CFO shall take effect until we have been able to appoint a permanent CFO and the appointed person commences employment.

**1. SALARY PACKAGE**

**1. aCurrent SVP salary package**

For the duration of your appointment as acting Interim CFO your current salary package and all other terms and conditions of employment shall remain unchanged.

**1.2 Acting allowance** 

In addition to your current salary package, you will be paid an acting allowance of **ZAR90,306** (Ninety thousand, three hundred and six Rands) per month which is **25%** of your current salary package for the duration of your acting appointment.

**2. INCENTIVE SCHEME**

Your variable pay, deferred share Plan (DSP), will be based on your SVP remuneration package and your current cash bonus and deferred share award opportunity subject to the rules of the scheme.

**3. TERMINATION OF ACTING Interim CFO**

On the expiration or termination of your appointment as acting Interim CFO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will automatically revert to your previous position as the SVP: Accounting & Reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At this time, your previous duties and responsibilities as the SVP shall be revived and you shall no longer have any obligations and/or authority arising out of your acting appointment; and

**<br>AngloGold Ashanti Limited**

Reg No: 1944/017354/06

<br>Directors: MDC Ramos (Chairperson) A Calderon Zuleta (Chief Executive Officer) (Colombian) KC Ramon (Chief Financial Officer) KOF Busia (Ghanaian)

AM Ferguson (British) AH Garner (American) R Gasant SP Lawson (American) NVB Magubane MC Richter (American/Panamanian) JE Tilk (Canadian)

Company Secretary: LM Goliath

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![picturelionbwb.jpg](picturelionbwb.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will no longer be entitled to receive the acting allowance.

Please acknowledge receipt of this agreement and acceptance of the conditions contained herein by signing this copy and returning it to the Human Resources Department.

Yours sincerely

/S/ A Calderon

**Mr. Alberto Calderon**

**Chief Executive Officer**

Agreed and Accepted

/S/ I Kramer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06 July 2022

_________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_________________________

Mr. Ian Kramer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated

## Exhibit 19.4

![](exhibit194552022a01001.jpg)

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/s/ Alberto Calderon Acceptance: _________________________ /s/ Gillian Doran 29 August 2022 Date: ________________________

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![](exhibit194552022a01014.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gillian Doran 29 August 2022

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![](exhibit194552022a01019.jpg)

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![](exhibit194552022a01022.jpg)

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![](exhibit194552022a01023.jpg)

30 September 2022 Strictly Confidential Ms Gillian Doran c/o AngloGold Ashanti Limited Dear Gillian, ADDENDUM TO ANGLOGOLD ASHANTI LIMITED EMPLOYMENT AGREEMENT This letter serves to confirm that clause 2.9 of the agreement has been amended as per the terms below: 1. COMMENCEMENT DATE The commencement date of 1 March 2023 as per clause 2.9 of the agreement has been amended to 1 January 2023. All other terms and conditions remain unchanged. Please acknowledge receipt of this letter and acceptance of the terms and conditions contained therein by signing this copy. Yours sincerely, /s/ A Calderon ALBERTO CALDERON CHIEF EXECUTIVE OFFICER Agreed and Accepted /s/ G Doran 29/8/22 -------------------------------- -------------------------------- Ms Gillian Doran Dated 112 Oxford Road, Houghton Estate, Johannesburg, 2198 Private Bag X 20, Rosebank, 2196, South Africa Tel: +27 (0) 11 637 6000 Fax: +27 (0) 11 637 6624 Website: www.anglogoldashanti.com AngloGold Ashanti Limited Reg No: 1944/017354/06 Directors: MDC Ramos (Chairperson) A Calderon Zuleta (Chief Executive Officer) (Colombian) KOF Busia (Ghanaian) AM Ferguson (British) AH Garner (American) R Gasant SP Lawson (American) NVB Magubane MC Richter (American/Panamanian) JE Tilk (Canadian) Company Secretary: LM Goliath

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![](exhibit194552022a01024.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 August 2022 Strictly Confidential Ms Gillian Doran C/o AngloGold Ashanti North America Dear Gillian EMPLOYMENT WITH ANGLOGOLD ASHANTI NORTH AMERICA INC I have pleasure in offering you a position with AngloGold Ashanti North America Inc (the "Company"). This letter, together with the attached Term Sheet and Annexure/s, will form the basis of your agreement of service with the Company (the "Agreement"). 1. POSITION 1.1. The terms of this agreement will not be binding on the Company unless and until: 1.1.1. the successful completion by you of a physical examination, drug screen and background check; and 1.1.2. the provision of proof of your vaccination against COVID. 1.2. You will be employed in the role of Chief Financial Officer of AngloGold Ashanti Ltd ("AGA") or in such other capacity of a like status as the Company may require from time to time. For the purpose of this Agreement, "Group" means the Company and its holding company and any subsidiary or affiliate of the Company or its holding company (irrespective of structure and/or legal nature/regime) and "Group Company" means any one of them. For the sake of clarity, Group Company shall include AGA. 1.3. You will report to the Chief Executive Officer. 2. CO-EMPLOYMENT AND COMMENCEMENT OF EMPLOYMENT 2.a It is a condition of your employment that you will be required and permitted to take up employment with AGA in respect of the duties and responsibilities that you will be required to perform on behalf of AGA in South Africa (the "AGA Agreement"). AngloGold Ashanti North America Inc. 4601 DTC Blvd. Suite 550 Denver, CO 80237 USA Tel: 1 (303) 889-0700 Fax 1 (303) 889-0707 Website: www.AngloGoldAshanti.com

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![](exhibit194552022a01025.jpg)

2. b You will be required to devote 70% (seventy per cent) of your working time towards rendering services to the Company in North America. The remaining 30% (thirty per cent) of your working time will be to render services to AGA outside of North America. 2.c The Company has the discretion to require that you devote more or all of your working time to working for the Company, depending on the needs of the Group. In this event, you agree that you will sign any amendment necessary to both this Agreement and any other Group contract. 2.d Taking into account the contents of this clause 2, it is specifically recorded that this Agreement will not be binding on the Company unless and until you have signed the AGA Agreement. 2.e You have represented to the Company that you are not a United States citizen and do not have permanent residency in the United States. You thus require a valid work permit in order to render services to the Company in the United States under this Agreement. 2.f To the extent necessary, the Company will assist you in obtaining and maintaining valid and/or applicable work permits during your employment, but you retain the ultimate responsibility for obtaining and maintaining the applicable permits. 2.g If you are unable to obtain a United States visa or work permit by 31 July 2023, the Company will require that you relocate to the United Kingdom. Regardless of your domicile, you will continue to be bound by this Agreement with the Company. 2.h Subject to the provisions of clause 2.4, this Agreement will become effective no later than 01 March 2023 (the "Commencement Date"), or in the event Rio Tinto agrees to an earlier termination of your employment with them, employment shall commence on an agreed earlier date. In the event of an earlier date, your share buyout will be adjusted to cover any additional loses forfeited from Rio Tinto' shares. This Agreement shall continue indefinitely unless terminated earlier in accordance with the applicable provisions of this Agreement. 2.i You warrant that you are not bound by or subject to any court order, agreement, covenant, arrangement, regulatory code or undertaking that is in conflict with, or adversely impacts, your proposed employment by the Company, and that you do not have any other interest or obligation, which in any way restricts or prohibits you from entering into this Agreement or from performing your duties under this Agreement. 3. PLACE OF WORK 3.a. Your initial place of work will be in Australia, or such other location as the Company may from time to time direct, however, consistent with clause 2.7 above, it is the intention of the Company that you relocate to Denver as soon as your United States work permit and visa are granted and that your place of work will be at the Denver office of the Company.

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![](exhibit194552022a01026.jpg)

3. b. The Company is a multinational company, and you may be required to relocate to a different location should the exigencies of the Company's or its ultimate parent's business so dictate. In that event, the Company shall pay relocation expenses for you and your family, in accordance with the Company relocation policy as amended from time to time. 4. EMPLOYMENT DUTIES 4.a. During your employment you will in relation to the Company and/or any Group Company: 4.1.i. devote the whole of your work time and attention to the duties of your office. 4.1.ii. faithfully and diligently exercise such powers as may from time to time be assigned to or vested in you including, but not limited to, the key performance indicators set from time to time by the Company, and perform your functions: - 4.1.2.1. in good faith and consistent with the laws of the various jurisdictions in which the Group operates and all Company policies and procedures. 4.1.2.2. with the degree of care, skill and diligence that may reasonably be expected of a person: 4.1.2.2.1. carrying out the same functions in relation to the Company as those carried out by you; and 4.1.2.2.2. having your general knowledge, skill, and experience. 4.1.iii. comply with the orders and directions of the Company; 4.1.iv. comply with the rules, principles and regulations of any regulatory authorities relevant to the Company and any Group Company from time to time; 4.1.v. use your utmost endeavours to protect and promote the business and interests of the Company and the Group and preserve the reputation and goodwill of the Company and the Group; 4.1.vi. act in the best interests of the Company and the Group in all dealings and transactions whatsoever relating to the Company and the Group and any business of the Company and the Group; and 4.1.vii. disclose to the Company all acts and omissions which constitute a breach by you of your obligations to the Company and the Group from whatsoever cause arising. 4.b. You may be required, in pursuance of your duties, to: 4.2.i. perform services not only for the Company but also, as the Company may from time to time reasonably require, for any other Group Company and, without further remuneration, to accept such offices in other Group Company or companies in which the Group Company has an interest. To the extent you are appointed as a director of the Company or of any Group Company, you must not resign from office as a

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![](exhibit194552022a01027.jpg)

director of the Company or any Group Company except at the request or direction of said company, or if otherwise required by law. You understand and accept that, notwithstanding the performance of any services or work at or on behalf of any Group Company, no employment relationship shall come into being between you and such Group Company, unless otherwise agreed between the you and the Group Company; 4.2.ii. be seconded by the Company to any other Group Company; 4.2.iii. work at such places and/or locations as the Company may from time to time require; 4.2.iv. travel to such places on such occasions as the Company may from time to time require; and 4.2.v. comply with all the reasonable and lawful instructions given to you and with all the Company rules, regulations, policies and procedures in force from time to time. 5. ROLE CLASSIFICATION Given the nature of your work with the Company, the Chief Financial Officer role is classified as an "exempt" position with regard to both state and federal labor laws and regulations. 6. REMUNERATION AND BENEFITS All remuneration and benefits are set out in the Term Sheet attached to this Agreement. 7. RULES, POLICIES AND PROCEDURES Your employment with the Company shall be subject to any and all Company policies, procedures and practices that may be applicable from time to time (the "Policies"). The Policies made be amended from time to time in the sole and absolute discretion of the Company. It shall be your responsibility to familiarise yourself with the Policies. Please contact the Human Resources Department to obtain a copy of any of the Policies alternatively, you can access them via the Company's intranet/HR portal. 8. PERSONAL INFORMATION 8.a. By your signature hereto, you consent to the Company and Group Companies processing your personal information for legal, personnel, administrative and management purposes and, in particular, to the processing of any sensitive personal data (as defined in the Company's Data Protection Policy in place from time to time) relating to you. 8.b. You understand and accept that:

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![](exhibit194552022a01028.jpg)

8.2.i. the Company may from time to time need to make your personal information available to other Group Companies and service providers, regulatory authorities, governmental organisations and potential purchasers of the Company or any Group Company to the extent permitted under applicable law; 8.2.ii. the Company is a global company and may need to transfer your personal information to locations outside of your country of residence to the extent permitted under applicable law; and 8.2.iii. you hereby give your consent to the transfer of personal information as contemplated above. 8.c. The Company shall process your personal information in accordance with all applicable data privacy laws and the Company's Data Protection Policy in place from time to time both during and following termination of your engagement with the Company. You confirm that you have read and understood the Company's Data Protection Policy, a copy of which is available on the intranet. 9. EXPIRY AND TERMINATION OF EMPLOYMENT 9.a. This Agreement shall terminate: 9.1.i. automatically on the date on which your right to work, as evidenced by a duly obtained work permit or visa, in the USA expires or is terminated for any reason whatsoever; or 9.1.ii. simultaneously with the AGA Agreement where the AGA Agreement is terminated for any reason. 9.b. Your employment may be terminated by either party by giving the non-terminating party six (6) months' notice in writing; provided the Company shall be entitled to: 9.2.i. terminate your employment for cause without notice, severance, or additional compensation of any kind; or 9.2.ii. alternatively, pay you six months' worth of your Salary in lieu of the notice required in clause 9.1. 9.c. Notice given in terms of this clause can only be given simultaneously with notice in terms of any other Group Company. The notice periods will accordingly run concurrently and both this Agreement and any other Group Company contract will terminate simultaneously on the same date. 9.d. Upon the termination of your employment, howsoever arising, you shall immediately or upon the request of the Company, resign from the office of director of the Company (if applicable) and from any offices held by you in any other Group Company and to give up your memberships acquired by virtue of your tenure of any such office or employment with the Company. In the event you are unable or unwilling to execute any necessary documentation to effectuate this resignation, you expressly give an irrevocable power of attorney to the Company and/or any Group Company or its nominee to sign on your behalf a written resignation from your office as a director or any other office you hold at the Company and/or any Group Company as the case may be.

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![](exhibit194552022a01029.jpg)

9. e. During any notice period under this Clause 9, the Company shall be entitled to require that you: 9.5.i. do not come onto the Company's and/or a Group Company's premises, and/or not perform any work, and/or not have any contact with any or all of the Company's and/or a Group Company's executives, employees, contractors, clients, distributors or suppliers; 9.5.ii. do not at any time represent yourself as being in any way connected with or interested in the business or affairs of the Company and/or a Group Company; 9.5.iii. resign from any offices held by you in the Company or in any Group Company and to give up your memberships acquired by virtue of your tenure of any such office or employment with the Company. In the event you are unable or unwilling to execute any necessary documentation to effectuate this resignation, you expressly give an irrevocable power of attorney to the Company and/or any Group Company or its nominee to sign on your behalf a written resignation from your office you hold at the Company and/or any Group Company as the case may be; 9.5.iv. deliver to the Company all Company property in your possession in proper working order, intact with all the date/information contained on such property, and with the assurance that no such articles or copies remain in your possession. 10. EFFECT OF TERMINATION OF EMPLOYMENT The termination of your employment for any reason whatsoever shall not affect the operation of any provisions of this Agreement to the extent to which they confer rights or impose obligations upon the parties which are exercisable or enforceable after the termination date, and such provisions shall to that extent continue to be of full force and effect. The termination of your employment shall furthermore not prejudice any rights that have previously accrued to the parties on or prior to the termination date. 11. RETURN OF COMPANY PROPERTY 11.a. Upon termination of your employment for any reason whatsoever, or at any other time upon demand, you must deliver up to the Company or its authorised representative: 11.1.i. documents (in electronic or hard copy) or other material (including all copies) in your possession or control relating in any way to any Confidential Information (as defined in clause 13.2 below); and 11.1.ii. any property of the Company or any Group Company. 11.b. If, on the termination of your employment, any Confidential Information belonging to the Company is stored on any personal computer or device, you must destroy that Confidential Information in such a way that the Confidential Information cannot be recovered or reconstructed and, to the extent required by the Company, you shall furnish it with proof of such destruction.

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![](exhibit194552022a01030.jpg)

11. c. You must, on the termination of your employment, notify the Company of the whereabouts of any Confidential Information or property that was, but is no longer, in your possession. 12. WORKPLACE SURVEILLANCE AND CYBERSECURITY 12.a. The Company may use software and other technologies to monitor your use of any computer equipment and systems owned by the Company. This means that the Company may, to the fullest extent permitted under applicable law, on a continuous and ongoing basis, access, inspect, review, record and disclose: 12.1.i. the content and level of data messages transmitted or received by you; 12.1.ii. the content and level of internet usage; and 12.1.iii. the documents and other data that you access, store or receive on any equipment issued to you for purposes of conducting the Company's business. 12.b. You accordingly acknowledge and accept that you shall have no expectation of privacy in relation to the use of the resources provided to you by the Company. 12.c. The Company keeps a back-up of all data messages sent or received by you. Backed-up data messages may be recovered and reviewed by the Company if required (for example, to facilitate an investigation). 12.d. The Company may prevent the delivery of certain data messages by or to you, or your access to certain websites. The Company will give you notice as soon as practicable when a data message sent to you has been blocked, unless the data message constitutes spam, or contains viruses, or material that is menacing, harassing or offensive. 12.e. You acknowledge that the Company may, to the fullest extent permitted under applicable law, carry out periodic or continuous, ongoing camera or other surveillance on and around its premises and in any other place that you may work during your employment, except for places where employees would have a reasonable expectation of privacy such as restrooms or changing rooms. 13. CONFIDENTIALITY 13.a. You agree not to use or disclose to anyone outside the Company or Group, whether directly or indirectly, other than in pursuit of the Company's or Group's business, any Confidential Information either during or after your employment. 13.b. "Confidential Information", for the purpose of this Agreement includes, but is not limited to, any intellectual property, trade secrets or commercially sensitive or valuable information (written, recorded electronically or oral), and including all copies or extracts, known to you or in your possession or control relating to the Company, and Group Company, and or their employees, directors, clients, suppliers and/or stakeholders,

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![](exhibit194552022a01031.jpg)

and the commercial, operational, technical or financial arrangements or matters of the Company or the Group, including information that may come into your possession or control in the course of or by reason of your employment by the Company, whether or not supplied by the Company, that is not publicly available. 13.c. You agree not to use your position, or Confidential Information, for your personal advantage or for the advantage of third parties or other employees in any form whatsoever, including share trading activities. For the avoidance of doubt, you understand and agree that in the course of your employment with the Company, you will receive and have access to the confidential information of certain third parties related to the Company, including but not limited to customers and partners. You understand and agree that both you and the Company have duties to protect and maintain the confidentiality of this third-party material. You understand and agree that any such third-party information will be divulged to you in confidence and understand and agree that at all times, during your work for the Company and after your work for the Company ends, you will keep such third-party information secret and confidential and will not disclose it, except in connection with your work for the Company. 13.d. You may not make any public statement or publications relating to the Confidential Information without first seeking and gaining permission from the Company. You understand that nothing in this Agreement shall in any way limit or prohibit you from engaging in any protected activity. For purposes of this Agreement, "protected activity" means filing a charge or complaint with, reporting possible violations of law to, otherwise communicating or cooperating with or participating in any investigation or proceeding that may be conducted by any federal, state or local government agency, self-regulatory organization, or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board ("government agencies"), or taking other actions protected under federal or state whistle-blower law (including receiving a whistle-blower award). You understand that in connection with such protected activity, you are permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding, in making any such disclosures or communications, you agree to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Confidential Information to any parties other than the government agencies. You further understand that "protected activity" does not include the disclosure of any Company attorney-client privileged communications. 13.e. You are advised that under the Defend Trade Secrets Act, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law. An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret

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![](exhibit194552022a01032.jpg)

to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. 13.f. This Agreement and the AGA Agreement are not intended to limit or restrict and shall not be interpreted in any manner that limits or restricts, you from exercising any legally protected whistleblower rights (including pursuant to Section 21F of the Securities Exchange Act of 1934 ("Section 21F")) or receiving an award for information provided to any government agency under any legally protected whistleblower rights. Notwithstanding anything in this Agreement to the contrary, nothing in or about this Agreement prohibits you from: (i) filings and, as provided for under Section 21F, maintaining the confidentiality of a claim with the U.S. Securities and Exchange Commission (the "SEC"); (ii) providing Confidential Information to the SEC, or providing the SEC with information that would otherwise violate this Section 13, to the extent permitted by Section 21F; (iii) cooperating, participating or assisting in an SEC investigation or proceeding without notifying any Group Company; or (iv) receiving a monetary award as set forth in Section 21F. 14. SECTION 409A 14.a. This Agreement and the AGA Agreement are intended to satisfy, or be exempt from, the requirements of Section 409A of the U.S. Internal revenue Code of 1986, as amended, and the regulations issued thereunder (collectively, "Section 409A") and shall be interpreted accordingly. For purposes of Section 409A, any instalment payments provided under this Agreement, or the AGA Agreement shall each be treated as a separate payment. Notwithstanding anything to the contrary in this Agreement or the AGA Agreement, if any amount payable pursuant to this Agreement or the AGA Agreement constitutes a deferral of compensation subject to Section 409A, and if such amount is payable as a result of your "separation from service" at such time as you are a "specified employee" (within the meaning of those terms as defined in Section 409A), then no payment shall be made, except as permitted under Section 409A, prior to the first business day after the date that is six months after your separation from service. You shall be responsible for payment of any and all taxes owed in connection with the consideration provided under this Agreement or the AGA Agreement. To the extent required to avoid any accelerated taxation or penalties under Section 409A, amounts reimbursable to you under this Agreement or the AGA Agreement shall be paid on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursements (and in-kind benefits provided) during any one year may not affect amounts reimbursable or provided in any subsequent year. 14.b. Neither you nor any of your creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Agreement, the AGA Agreement or under any other plan, policy, arrangement or agreement of or with the Company or any Group Company (this Agreement, the AGA Agreement and such other plans, policies, arrangements and agreements, the

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![](exhibit194552022a01033.jpg)

"Company Plans") to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. 14.c. Notwithstanding any provision of this Agreement, the AGA Agreement or any other Company Plan to the contrary, in light of the uncertainty with respect to the proper application of Section 409A, the Company and the Group Companies reserve the right to make amendments to any Company Plan as the Company or Group Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. In any case, you are solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you or for your account in connection with any Company Plan (including any taxes and penalties under Section 409A), and neither the Company nor any Group Company shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties. 15. GENERAL 15.a. Except as to the AGA Agreement, this Agreement supersedes all previous contracts or agreements with the Company and/or any other Group Companies. 15.b. This document contains the entire agreement between the parties, and neither shall be bound by any undertaking, representation or warranty not recorded herein. 15.c. No waiver by a party of any right specified herein, or failure by a party to enforce any rights it may have at law or equity, shall preclude a party from exercising any rights it may have in the future to enforce the terms and conditions of this Agreement. 15.d. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement as at the date of signature of the party last signing one of the counterparts. 15.e. This Agreement shall, for all purposes, be construed in accordance with the laws of the State of Colorado, without regard to its conflict of laws of choice of law provisions, and the parties irrevocably submit to the jurisdiction of the state and federal courts located with the State of Colorado for all matters arising under this Agreement. If you would like clarity on any of these terms and conditions, please contact the Human Resources Department for further details. Please acknowledge receipt of this Agreement and acceptance of the conditions contained herein by signing this copy with the attached annexures and returning it to the Human Resources Department.

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![](exhibit194552022a01034.jpg)

Yours sincerely, /S/ A Calderon Alberto Calderon Chief Executive Officer /S/ G Doran 29/08/22 Acceptance: _________________________ Date: ______________________ Ms Gillian Doran

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![](exhibit194552022a01035.jpg)

TERM SHEET Ms Gillian Doran 1. BASIC SALARY 1.a The salary will be USD 381,861.00 per annum ("Salary") paid to you, less withholdings and deductions, on a semi-monthly basis, or per the Company's payroll schedule as may exist from time to time. The Salary provided for hereunder reflects a portion (specifically 70%) of the gross base salary specified in the AGA Agreement and shall not be in addition to the gross base salary as specified in the AGA Agreement. You will receive your salary via direct deposit, and your salary shall be paid directly into your bank account by electronic transfer. You shall inform the Company, upon signature of this Agreement, of your bank account details. 1.b The Company shall deduct from the Salary: 1.2.i. such taxes and other deductions as required by law and shall pay such deductions to the regulatory authorities, as may be applicable from time to time; 1.2.ii. any membership contributions payable towards your membership of such benefit schemes of which you may be a member for the time being in terms of that benefit scheme's rules; 1.2.iii. all other amounts as agreed between the Company and you from time to time. 1.c Salaries are reviewed on an annual basis and your next salary review will be in January 2024. Any adjustment to your salary will be dependent on a range of factors that may vary from time to time, which will be determined in the Company's sole discretion. Consequently, there should be no presumption or expectation of an increase. 1.d Except as precluded by applicable statute and/or regulation, you authorise the Company to deduct from your remuneration under this Agreement any sums due from you to the Company and/or any Group Company including, without limitation, any overpayments, loans or advances made to you by the Company and/or any Group Company, repayment of holiday pay, or the cost of repairing any damage or loss to the Company's and/ or any Group Company property caused by you. 2. INCENTIVE SCHEMES 2.a. You will be eligible to participate in the Company's short-term and long-term incentive scheme (comprising Annual Cash Bonus and Deferred Share Awards), as set out in the AGA Agreement, which will be split between the Company and AGA for administration and reporting purposes to reflect the split between the allocation of responsibilities.

------

![](exhibit194552022a01036.jpg)

3. SHARE BUYOUT You will receive AGA shares on the JSE in lieu of loss of Rio Tinto shares to the value of USD 438,711.00, subject to documentary proof of forfeiture to the reasonable satisfactory of the Company. These shares will be granted upon joining the Company, using previous five business day volume weighted average price (VWAP) prior to your date of employment subject to tax deduction and any applicable JSE listing requirements which may have an impact on the actual date of allocation. These shares will vest on the following basis: Year of vesting Total grant value 01-Dec-23 USD 32,857 20-Feb-24 USD 154,990 01-Dec-24 USD 37,431 20-Feb-25 USD 213,433 TOTAL USD 438,711 Should you leave AGA as a result of voluntary resignation or dismissal with cause prior to vesting, you will forfeit unvested shares. Should there be a Change of Control (as defined in the AGA Agreement) and your employment is terminated by the Company within six months of that Change of Control (other than for cause) or you resign from your employment within six months of that Change of Control due to a material diminution in your salary or title (collectively "Change in Control Separation"), your share buyout as stipulated in this clause 3 that have not yet vested, will be accelerated to the date of Change of Control and paid out to you. The share buyout award described in this clause 3 shall be in addition to, and not reduce, any compensation set forth in the AGA Agreement. 4. MINIMUM SHAREHOLDING REQUIREMENTS 4.a. As the Chief Financial Officer you will be subject to a minimum shareholding requirement ("MSR") which will be applied as follows: 4.1.i. within three years from the Commencement Date you are required to accumulate a MSR of Company shares to the value of 125% of your net annual base salary; and 4.1.ii. within six years from the Commencement Date you are required to accumulate a MSR of Company shares to the value of 250% of your net annual base salary. 4.b. You shall be required to hold the MSR for one-year, post-termination of the employment.

------

![](exhibit194552022a01037.jpg)

5. LEAVE You are entitled to 30 working days' paid time off for each calendar year, cumulative with any leave under the AGA Agreement, in accordance with the paid time off policy in the jurisdiction in which you reside. 6. RETIREMENT FUND You are eligible to participate in the Company's Executive Deferral Plan. The information outlining the terms and conditions of the plan can be obtained from your Human Resources Manager if required. 7. HEALTH CARE The applicable health care policies and procedures in place from time to time are subject to certain terms, conditions and exclusions, and a copy can be obtained from your Human Resources Manager, if required. 8. LIFE COVER You are eligible for death and disability benefits applicable in the US at 100% employer contribution. 9. TAX SERVICES The Company will provide tax assistance for tax return submission through the Company appointed independent tax advisor, currently Deloitte. The benefits set forth in clauses 6-9 above shall be in addition to, and not reduce, the compensation and benefits set forth in the AGA Agreement.

------

![](exhibit194552022a01038.jpg)

ANNEXURE "A" DECLARATION OF INTERESTS I, Ms Gillian Doran declare as follows: I understand and agree that I shall devote all such reasonable hours as may be necessary for the efficient performance of my duties, including on weekends and public holidays, to the business of the Company in terms of my employment contract. I shall not engage in any activities, which will conflict with or prejudice the duties that I am required to perform in terms of my employment contract. As at the Commencement Date, my immediate family members and I have the interests disclosed in the table below. I shall disclose to the Company, immediately as they may arise, any interests I may have, and those of any immediate family member of mine, in any other businesses, companies, close corporations, partnerships or associations of which I, or any immediate family member, may be a director or member or in which I, or any immediate family member, have a financial interest. For purposes of this declaration, an immediate family member means my spouse/life partner, parent, child or sibling. I accept that, should the Company determine that my (or any immediate family members of mine) interest in any outside entity detracts or may detract from the proper performance my duties and responsibilities, the Company shall be entitled to require me (or the immediate family member concerned) to immediately cease such involvement or engagement or to address the matter in such other manner as the Company may deem fit. Name of business Name of individual holding interest Type of business % Of equity Nature of interest if not equity _____________________________ _____________________________ Ms Gillian Doran DATE

------

![](exhibit194552022a01039.jpg)

30 September 2022 Strictly Confidential Ms Gillian Doran c/o AngloGold Ashanti North America Inc Dear Gillian, ADDENDUM TO ANGLOGOLD ASHANTI NORTH AMERICA INC EMPLOYMENT AGREEMENT This letter serves to confirm that clause 2.8 of the agreement and clause 3 of the term sheet of the agreement, signed on 29 August 2022 has been amended as per the terms below: 1. COMMENCEMENT DATE The commencement date of 1 March 2023 as per clause 2.8 of the agreement has been amended to 1 January 2023. 2. SHARE BUY-OUT The share buy-out as per clause 3 of the term sheet of the agreement has been revised from USD 438,711.00 to USD 563,005.00 in lieu of shares forfeited at Rio Tinto. These shares will be granted upon joining the Company, using previous five business day volume weighted average price (VWAP) prior to your date of employment subject to tax deduction and any applicable JSE listing requirements which may have an impact on the actual date of allocation. These shares will vest on the following basis: Year of vesting Total grant value 20-Feb-23 USD 124,294 01-Dec-23 USD 32,857 20-Feb-24 USD 154,990 01-Dec-24 USD 37,431 20-Feb-25 USD 213,433 TOTAL USD 563,005 Should you leave AGA as a result of voluntary resignation or dismissal with cause prior to vesting, you will forfeit unvested shares. AngloGold Ashanti North America Inc. 4601 DTC Blvd. Suite 550 Denver, CO 80237 USA Tel: 1 (303) 889-0700 Fax 1 (303) 889-0707 Website: www.AngloGoldAshanti.com

------

![](exhibit194552022a01040.jpg)

Should there be a Change of Control (as defined in the AGA Agreement) and your employment is terminated by the Company within six months of that Change of Control (other than for cause) or you resign from your employment within six months of that Change of Control due to a material diminution in your salary or title (collectively "Change in Control Separation"), your share buyout as stipulated in this clause 3 that have not yet vested, will be accelerated to the date of Change of Control and paid out to you. The share buyout award described in this clause 3 shall be in addition to, and not reduce, any compensation set forth in the AGA Agreement. All other terms and conditions remain unchanged. Please acknowledge receipt of this letter and acceptance of the terms and conditions contained therein by signing this copy. Yours sincerely, /s/ A Calderon ALBERTO CALDERON CHIEF EXECUTIVE OFFICER Agreed and Accepted /s/ G Doran 29/8/22 -------------------------------- -------------------------------- Ms Gillian Doran Dated

------

## Exhibit 19.8

**EXHIBIT 19.8**

**PRINCIPAL SUBSIDIARIES AND OPERATING ENTITIES AT 31 DECEMBER 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Shares held** | **Shares held** | **Holding** | **Percentage held** | **Percentage held** |
| | | **2022** | **2021** | | **2022** | **2021** |
| **Principal subsidiaries and controlled operating entities** |  |  |  |  |  |  |
| AngloGold Ashanti Australia Limited<sup>(1)</sup> | 2 | **257462077** | 257462077 | I | **100** | 100 |
| AngloGold Ashanti Holdings plc | 6 | **5326550917** | 5326550917 | D | **100** | 100 |
| AngloGold Ashanti USA Incorporated | 9 | **235** | 235 | D | **100** | 100 |
| **Operating entities** |  |  |  |  |  |  |
| AngloGold Ashanti Córrego do Sítio Mineração S.A. | 3 | **4167084999** | 4167084999 | I | **100** | 100 |
| AngloGold Ashanti (Ghana) Limited<sup>(2)</sup> | 4 | **132419585** | 132419585 | I | **100** | 100 |
| AngloGold Ashanti (Iduapriem) Limited | 4 | **66270** | 66270 | I | **100** | 100 |
| Cerro Vanguardia S.A. | 1 | **13875000** | 13875000 | I | **92.50** | 92.50 |
| Geita Gold Mining Limited | 8 | **123382772** | 123382772 | I | **100** | 100 |
| Mineração Serra Grande S.A. | 3 | **1999999** | 1999999 | I | **100** | 100 |
| Société AngloGold Ashanti de Guinée S.A. | 5 | **3486134** | 3486134 | I | **85** | 85 |
| **Joint venture operating entities** |  |  |  |  |  |  |
| Kibali (Jersey) Limited<sup>(3)</sup> | 7 | **2324** | 2324 | I | **50** | 50 |
| **Unincorporated joint operation** |  |  |  |  |  |  |
| Tropicana joint operation | 2 | **n/a** | n/a | I | **70** | 70 |

---

D - Direct Holding

I - Indirect Holding

<sup>(1)</sup> *Owner of the Sunrise Dam operation and the Tropicana joint operation in Australia.*

<sup>(2)</sup> *Operates the Obuasi mine in Ghana.*

<sup>(3)</sup> *90% owner of Kibali Goldmines S.A. which operates the Kibali mine in the Democratic Republic of the Congo.*

---

| | | | |
|:---|:---|:---|:---|
| 1 | Argentina | 6 | Isle of Man |
| 2 | Australia | 7 | Jersey |
| 3 | Brazil | 8 | Tanzania |
| 4 | Ghana | 9 | United States of America |
| 5 | Republic of Guinea | | |

---

## Exhibit 19.12

**EXHIBIT 19.12.1**

**CERTIFICATION**

I, Alberto Calderon, certify that:

1. I have reviewed this annual report on Form 20-F of AngloGold Ashanti Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: 17 March 2023

<u>/s/ Alberto Calderon</u>

 **Alberto Calderon**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

## Exhibit 19.12

**EXHIBIT 19.12.2**

**CERTIFICATION**

I, Gillian Ann Doran, certify that:

1. I have reviewed this annual report on Form 20-F of AngloGold Ashanti Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: 17 March 2023

<u>/s/ Gillian Ann Doran</u>

&nbsp;&nbsp;&nbsp;&nbsp;**Gillian Ann Doran**

&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

## Exhibit 19.13

**EXHIBIT 19.13**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of AngloGold Ashanti Limited (the "Company") on Form 20-F for the period ending 31 December 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify that to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: 17 March 2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Alberto Calderon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Alberto Calderon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer

Date: 17 March 2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gillian Ann Doran

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Gillian Ann Doran

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer

## Exhibit 19.15

**Exhibit 19.15.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statement on Form F-3 (No. 333-264051) of AngloGold Ashanti Limited and the Registration Statement on Form F-3 (No. 333-264051-01) of AngloGold Ashanti Holdings plc of our reports dated 17 March 2023, with respect to the consolidated financial statements of AngloGold Ashanti Limited and the effectiveness of internal control over financial reporting of AngloGold Ashanti Limited included in this Annual Report on Form 20-F for the year ended 31 December 2022.

/s/ Ernst & Young Inc.

Johannesburg, Republic of South Africa

17 March 2023

## Exhibit 19.15

**Exhibit 19.15.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

AngloGold Ashanti Limited

Johannesburg, South Africa

We hereby consent to the incorporation by reference in the Registration Statements on Form F-3 (No. 333-264051) of AngloGold Ashanti Limited and Form F-3 (No. 333-264051-01) of AngloGold Ashanti Holdings plc of our report dated March 17, 2023, relating to the consolidated financial statements of Kibali (Jersey) Limited which appears in this Annual Report on Form 20-F of AngloGold Ashanti Limited.

/s/ BDO LLP

BDO LLP

London, United Kingdom

March 17, 2023

## Exhibit 19.15

Consent of Qualified Person

I, Tarryn Flitton, Chairperson of the Mineral Resource and Mineral Reserve Leadership Team, in connection with the Technical Report Summaries for each respective material mining property of AngloGold Ashanti Limited ("AngloGold Ashanti"), dated 31 December 2021 or 31 December 2022, as applicable (the "Technical Report Summaries") as required by Item 601(b)(96) of Regulation S-K and filed as exhibits to AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public filing and use of the Technical Report Summaries as exhibits to the Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summary of, the Technical Report Summaries in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summaries, or portions thereof, that is included or incorporated by reference into the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti and AngloGold Ashanti Holdings plc's registration statement on Form F-3 (Registration Nos. 333-264051 and 333-264051-01) (and any amendments or supplements thereto).

Date: 17 March 2023

/s/ Tarryn Flitton

**Tarryn Flitton**

## Exhibit 19.15

AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

___________________________________________________________________________________

![image6.jpg](image6.jpg)

**Technical Report Summary**

**Geita** 

**A Life of Mine Summary Report**

Effective date: 31 December 2022

As required by 229.601(b)(96) of Regulation S-K as an exhibit to AngloGold Ashanti's Annual Report on Form 20-F pursuant to Subpart 229.1300 of Regulation S-K - Disclosure by Registrants Engaged in Mining Operations (229.1300 through 229.1305).

17 March 2022 &nbsp;&nbsp;&nbsp;&nbsp; 1

------

AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

____________________________________________________________________________

**Date and Signatures Page**

This report is effective as at 31 December 2022.

Where the registrant (AngloGold Ashanti Limited) has relied on more than one Qualified Person to prepare the information and documentation supporting its disclosure of Mineral Resource or Mineral Reserve, the section(s) prepared by each Qualified Person has been clearly delineated.

AngloGold Ashanti has recognised that in preparing this report, the Qualified Person(s) may have, when necessary, relied on information and input from others, including AngloGold Ashanti. As such, the table below lists the technical specialists who provided the relevant information and input, as necessary, to the Qualified Person to include in this Technical Report Summary. All information provided by AngloGold Ashanti has been identified in Section 25: Reliance on information provided by the registrant in this report.

The registrant confirms it has obtained the written consent of each Qualified Person to the use of the person's name, or any quotation from, or summarisation of, the Technical Report Summary in the relevant registration statement or report, and to the filing of the Technical Report Summary as an exhibit to the registration statement or report. The written consent only pertains to the particular section(s) of the Technical Report Summary prepared by each Qualified Person. The written consent has been filed together with the Technical Report Summary exhibit and will be retained for as long as AngloGold Ashanti relies on the Qualified Person's information and supporting documentation for its current estimates regarding Mineral Resource or Mineral Reserve.

**MINERAL RESOURCE QUALIFIED PERSON**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Damon Elder**

Sections prepared: 1 - 11, 20 - 25 &nbsp;&nbsp;&nbsp;&nbsp;

**MINERAL RESERVE QUALIFIED PERSON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duan Campbell**

Sections prepared: 1, 12-19, 21 - 25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Responsibility&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technical Specialist**

Estimation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janet Luponelo

Evaluation QA/QC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janet Luponelo

Exploration&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mjinja Hatari

Geological Model&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mjinja Hatari

Geology QA/QC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mjinja Hatari

Geotechnical Engineering&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samuel Banda

Hydrogeology&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gordon Maclear

Mineral Resource Classification&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janet Luponelo

Environmental and Permitting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mhando Yusuph

Financial Model&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ikingo Gombo

Infrastructure&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliakimu Kagimbo

Legal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elizabeth Karua

Metallurgy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elibariki Andrew

Mine Planning&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mzungu Magoti

Mineral Reserve Classification&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard Makwamaya&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

17 March 2022 &nbsp;&nbsp;&nbsp;&nbsp; 2

------

AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

____________________________________________________________________________

**Consent of Qualified Person**

I, **Damon Elder**, in connection with the Technical Report Summary for "**Geita Gold Mine, A Life of Mine Summary Report**" dated 31 December 2022 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti and AngloGold Ashanti Holdings plc's registration statement on Form F-3 (Registration Nos. 333-264051 and 333-264051-01) (and any amendments or supplements thereto).

Date: 17 March 2023

<u>/s/ Damon Elder</u>

**Damon Elder**

17 March 2022 &nbsp;&nbsp;&nbsp;&nbsp; 3

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

____________________________________________________________________________

**Consent of Qualified Person**

I, **Duan Campbell**, in connection with the Technical Report Summary for "**Geita Gold Mine, A Life of Mine Summary Report**" dated 31 December 2022 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti and AngloGold Ashanti Holdings plc's registration statement on Form F-3 (Registration Nos. 333-264051 and 333-264051-01) (and any amendments or supplements thereto).

Date: 17 March 2023

<u>/s/ Duan Campbell</u>

**Duan Campbell**

17 March 2022 &nbsp;&nbsp;&nbsp;&nbsp; 4

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

____________________________________________________________________________

**Contents**

---

| | |
|:---|:---|
| 1 Executive Summary | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.1 Property description including mineral rights | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.2 Ownership | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_19)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.3 Geology and mineralisation | <u>[12](#ibab0ca7b7d2c42b292abe78a26dce5ff_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.4 Status of exploration, development and operations | <u>[13](#ibab0ca7b7d2c42b292abe78a26dce5ff_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.5 Mining methods | <u>[13](#ibab0ca7b7d2c42b292abe78a26dce5ff_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.6 Mineral processing | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_31)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.7 Mineral Resource and Mineral Reserve estimates | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_34)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.8 Summary capital and operating cost estimates | <u>[15](#ibab0ca7b7d2c42b292abe78a26dce5ff_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.9 Permitting requirements | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_40)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 Conclusions and recommendations | <u>[16](#ibab0ca7b7d2c42b292abe78a26dce5ff_46)</u> |
| 2 Introduction | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_46)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_46)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.1 Disclose registrant | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_49)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.2 Terms of reference and purpose for which this Technical Report Summary was prepared | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_52)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.3 Sources of information and data contained in the report / used in its preparation | <u>[17](#ibab0ca7b7d2c42b292abe78a26dce5ff_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.4 Qualified Person(s) site inspections | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_58)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.5 Purpose of this report | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_61)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_61)</u> |
| 3 Property description | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_64)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.1 Location of the property | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_67)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.2 Area of the property | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_70)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_70)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.3 Legal aspects (including environmental liabilities) and permitting | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_73)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_73)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.4 Agreements, royalties and liabilities | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_76)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_76)</u> |
| 4 Accessibility, climate, local resources, infrastructure and physiography | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_79)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_79)</u> |
| 5 History | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_85)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_85)</u> |
| 6 Geological setting, mineralisation and deposit | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_88)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_88)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.1 Geological setting | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_91)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.2 Geological model and data density | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.3 Mineralisation | <u>[29](#ibab0ca7b7d2c42b292abe78a26dce5ff_97)</u> |
| 7 Exploration | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_100)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_100)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 Nature and extent of relevant exploration work | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_103)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_103)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 Drilling techniques and spacing | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_106)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_106)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3 Results | <u>[38](#ibab0ca7b7d2c42b292abe78a26dce5ff_109)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4 Locations of drill holes and other samples | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;7.5 Hydrogeology | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_115)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_115)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;7.6 Geotechnical testing and analysis | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_118)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_118)</u> |
| 8 Sample preparation, analysis and security | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_121)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_121)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 Sample preparation | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_124)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_124)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 Assay method and laboratory | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_127)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_127)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 Sampling governance | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_130)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_130)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;8.4 Quality Control and Quality Assurance | <u>[47](#ibab0ca7b7d2c42b292abe78a26dce5ff_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;8.5 Qualified Person's opinion on adequacy | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_136)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_136)</u> |
| 9 Data verification | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_139)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_139)</u> |

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17 March 2022 &nbsp;&nbsp;&nbsp;&nbsp; 5

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

____________________________________________________________________________

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; 9.1 Data verification procedures | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_142)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_142)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.2 Limitations on, or failure to conduct verification | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_145)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_145)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.3 Qualified Person's opinion on data adequacy | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_148)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_148)</u> |
| 10 Mineral processing and metallurgical testing | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_151)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_151)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.1 Mineral processing / metallurgical testing | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_154)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_154)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.2 Laboratory and results | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_157)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_157)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.3 Qualified Person's opinion on data adequacy | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_160)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_160)</u> |
| 11 Mineral Resource estimates | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_163)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_163)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 Reasonable basis for establishing the prospects of economic extraction for Mineral Resource | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_166)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_166)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.2 Key assumptions, parameters and methods used | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_169)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_169)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.3 Mineral Resource classification and uncertainty | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_172)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_172)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.4 Mineral Resource summary | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_175)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_175)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.5 Qualified Person's opinion | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_178)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_178)</u> |
| 12 Mineral Reserve estimates | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_181)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_181)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.1 Key assumptions, parameters and methods used | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_184)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_184)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.2 Cut-off grades | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_187)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_187)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.3 Mineral Reserve classification and uncertainty | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_190)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_190)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.4 Mineral Reserve summary | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_193)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_193)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.5 Qualified Person's opinion | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_196)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_196)</u> |
| 13 Mining methods | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_199)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_199)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.1 Requirements for stripping, underground development and backfilling | <u>[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_202)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_202)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.2 Mine equipment, machinery and personnel | <u>[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_205)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_205)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.3 Final mine outline | <u>[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_208)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_208)</u> |
| 14 Processing and recovery methods | <u>[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_211)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_211)</u> |
| 15 Infrastructure | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_217)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_217)</u> |
| 16 Market studies | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_220)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_220)</u> |
| 17 Environmental studies, permitting plans, negotiations, or agreements with local individuals or groups | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_223)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_223)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.1 Permitting | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_226)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_226)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;17.2 Requirements and plans for waste tailings disposal, site monitoring and water management | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_229)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_229)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.3 Socio-economic impacts | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_232)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_232)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.4 Mine closure and reclamation | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_235)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_235)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.5 Qualified Person's opinion on adequacy of current plans | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_238)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_238)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.6 Commitments to ensure local procurement and hiring | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_241)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_241)</u> |
| 18 Capital and operating costs | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_244)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_244)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.1 Capital and operating costs | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_247)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_247)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.2 Risk assessment | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_250)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_250)</u> |
| 19 Economic analysis | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_253)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_253)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.1 Key assumptions, parameters and methods | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_256)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_256)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.2 Results of economic analysis | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_259)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_259)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 19.3 Sensitivity analysis | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_262)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_262)</u> |
| 21 Other relevant data and information | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_268)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_268)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.1 Inclusive Mineral Resource | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_271)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_271)</u> |

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17 March 2022 &nbsp;&nbsp;&nbsp;&nbsp; 6

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; 21.2 Inclusive Mineral Resource by-products | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_274)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_274)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.3 Mineral Reserve by-products | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_277)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_277)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.4 Inferred Mineral Resource in annual Mineral Reserve design | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_280)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_280)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.5 Additional relevant information | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_283)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_283)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.5.1Tracking of the conversion of Inferred to Indicated Mineral Resource between years | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_872)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_872)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.5.2 Reconciling mined Inferred Mineral Resource to Grade Control | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_879)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_879)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.5.3 Additional relevant information | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_886)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_886)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 21.6 Certificate of Qualified Person(s) | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_286)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_286)</u> |
| 22 Interpretation and conclusions | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_289)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_289)</u> |
| 23 Recommendations | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_292)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_292)</u> |
| 24 References | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_295)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_295)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.1 References | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_298)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_298)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; 24.2 Mining terms | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_301)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_301)</u> |
| 25 Reliance on information provided by the Registrant | <u>[10](#ibab0ca7b7d2c42b292abe78a26dce5ff_304)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_304)</u> |

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**List of Figures**

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| | |
|:---|:---|
| Geita Location Map | <u>[10](#ibab0ca7b7d2c42b292abe78a26dce5ff_16)</u> |
| Location of Lake Victoria Greenstone Belts | <u>[10](#ibab0ca7b7d2c42b292abe78a26dce5ff_16)</u> |
| Geita License Status 2022 | <u>[11](#ibab0ca7b7d2c42b292abe78a26dce5ff_16)</u> |
| Map showing the location, infrastructure and mining license area for Geita | <u>[18](#ibab0ca7b7d2c42b292abe78a26dce5ff_67)</u> |
| Geita License Status 2022 | <u>[19](#ibab0ca7b7d2c42b292abe78a26dce5ff_73)</u> |
| Geita Location Map | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_79)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_79)</u> |
| Geita Regional Geological Map | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_91)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_91)</u> |
| Geita SML geology map | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_91)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_91)</u> |
| Central Districts - Spatial Relationships of deposits (Nyankanga-Lone Cone-Geita Hill). A SW-NE geological isometric view is shown below the plan view. | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)</u> |
| Geita Greenstone Belt Simplified Stratigraphic Column | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)</u> |
| NE-SW Star and Comet Cut 3 Cross-section (looking southeast) | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)</u> |
| NW-SE Nyankanga Underground Block 4 cross-section (looking northeast) | <u>[29](#ibab0ca7b7d2c42b292abe78a26dce5ff_94)</u> |
| Geita Nyamulilima geology map | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_97)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_97)</u> |
| Geita Kukuluma-Matandani geology map | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_97)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_97)</u> |
| Geita Hill Underground cross section (looking west) | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_97)[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_97)</u> |
| Geita Geological map showing Exploration target areas for 2022-2024 | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_103)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_103)</u> |
| SE-NW Nyankanga underground - 2022 exploration drilling intersections (long section looking southwest) | <u>[39](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)</u> |
| E-W Geita Hill underground - 2022 exploration drilling intersections (long section looking south) | <u>[39](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)</u> |
| E-W Geita Hill underground 2022 exploration drilling locations and drilling forecast (long section looking southwest) | <u>[39](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)</u> |
| SE-NW Star and Comet-Ridge 8 underground-2022 Exploration drilling locations and some significant intersections (long section looking southwest) | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)</u> |

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17 March 2022 &nbsp;&nbsp;&nbsp;&nbsp; 7

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

____________________________________________________________________________

---

| | |
|:---|:---|
| Geita region catchments and monitoring points | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_112)</u> |
| Geita Gold Mine Assay Quality Assurance Workflow | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_133)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_133)</u> |
| HARD Plot CRM | <u>[48](#ibab0ca7b7d2c42b292abe78a26dce5ff_133)</u> |
| HARD Plot Pulp Duplicates | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_133)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_133)</u> |
| HARD Plot Field Duplicates | <u>[49](#ibab0ca7b7d2c42b292abe78a26dce5ff_133)</u> |
| HARD Plot Check Assays | <u>[49](#ibab0ca7b7d2c42b292abe78a26dce5ff_133)</u> |
| GGM 2022 Mineral Reserve modifying factors regarding mining methods | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_184)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_184)</u> |
| Geita Gold Mine Site Map | <u>[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_208)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_208)</u> |
| Process flow chart | <u>[79](#ibab0ca7b7d2c42b292abe78a26dce5ff_211)</u> |
| Cash Flow | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_259)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_259)</u> |
| Net Present Value | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_259)[7](#ibab0ca7b7d2c42b292abe78a26dce5ff_259)</u> |
| NPV Sensitivity | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_262)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_262)</u> |

---

**List of Tables**

---

| | |
|:---|:---|
| Exclusive Gold Mineral Resource | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_34)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_34)</u> |
| Gold Mineral Reserve | <u>[15](#ibab0ca7b7d2c42b292abe78a26dce5ff_34)</u> |
| Operating Costs | <u>[1](#ibab0ca7b7d2c42b292abe78a26dce5ff_37)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_37)</u> |
| Mineral Resource to Reserve to Production Reconciliation | <u>[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_85)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_85)</u> |
| Exploration Drilling Cost and Metre Forecast | <u>[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_103)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_103)</u> |
| Details of average drill hole spacing and type in relation to Mineral Resource classification | <u>[38](#ibab0ca7b7d2c42b292abe78a26dce5ff_106)</u> |
| Strength parameter results for the major lithologies per deposit | <u>[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_118)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_118)</u> |
| Parameters under which the underground Mineral Resource was generated are summarised below | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_169)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_169)</u> |
| Parameters under which the open pit Mineral Resource was generated are summarised below | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_169)[4](#ibab0ca7b7d2c42b292abe78a26dce5ff_169)</u> |
| Exclusive gold Mineral Resource | <u>[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_175)[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_175)</u> |
| Mineral Reserve Modifying Factors | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_184)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_184)</u> |
| Gold Mineral Reserve | <u>[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_193)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_193)</u> |
| Operating Costs | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_124)[5](#ibab0ca7b7d2c42b292abe78a26dce5ff_124)</u> |
| Cash Flow and NPV calculations | <u>[8](#ibab0ca7b7d2c42b292abe78a26dce5ff_256)[6](#ibab0ca7b7d2c42b292abe78a26dce5ff_256)</u> |
| Inclusive gold Mineral Resource | <u>[89](#ibab0ca7b7d2c42b292abe78a26dce5ff_271)</u> |
| Inferred gold Mineral Resource in annual Mineral Reserve design | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_280)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_280)</u> |
| The Nyamulilima open pit Inferred to Indicated Mineral Resource conversion | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_872)[2](#ibab0ca7b7d2c42b292abe78a26dce5ff_872)</u> |
| Geita Hill underground Inferred to Indicated Mineral Resource conversion | <u>[9](#ibab0ca7b7d2c42b292abe78a26dce5ff_872)[3](#ibab0ca7b7d2c42b292abe78a26dce5ff_872)</u> |
| Local prices of gold, used as a basis for estimation in the December 2022 | <u>[10](#ibab0ca7b7d2c42b292abe78a26dce5ff_304)[0](#ibab0ca7b7d2c42b292abe78a26dce5ff_304)</u> |

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17 March 2022 &nbsp;&nbsp;&nbsp;&nbsp; 8

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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**<u>1.</u><u>Executive Summary</u>**

**<u>1.1</u><u>Property description including mineral rights</u>**

Geita Gold Mine (Geita or GGM) is wholly owned by Geita Gold Mining Limited (GGML), a subsidiary of AngloGold Ashanti Limited (AngloGold Ashanti). Geita currently has three underground (UG) mines (Star and Comet, Nyankanga and Geita Hill) and one open pit (Nyamulilima Cut 1, 2 and 3) in production since 2021, located on Special Mining License SML45/99 (SML) in the Lake Zone of northwestern Tanzania. Geita is a production stage property.

Historically, Geita was an underground mining operation between 1934 and 1966, and in more recent times, from 1999, it has operated as an open pit mine with underground mining commencing at Star and Comet in 2016, at Nyankanga in 2017 and at Geita Hill underground in 2020. Both Star and Comet and Nyankanga underground mines are in full production, with a Mineral Reserve of 0.14Moz and 0.66Moz respectively.

The Geita Hill underground mine commenced development in November 2020, following government approval in September 2020, and is scheduled to reach full production in late 2023. Intensive Mineral Resource definition drilling from surface was undertaken from 2021 through to 2022. Underground development provided drilling access for Mineral Resource definition drilling at Blocks 1 and 2. Geita Hill underground mine has a Mineral Reserve of 0.40Moz as per 2022 published Mineral Resource.

The Star and Comet Cut 5 and Ridge 8 underground deposits are part of the Star and Comet Complex, where currently Star and Comet Cut 5 has a Mineral Resource of 0.25Moz and Ridge 8 has a Mineral Resource of 0.34Moz, both with no Mineral Reserve declared. Mineral Resource definition drilling commenced in 2021 at Star and Comet Cut 5 from underground and in mid-2022 at Ridge 8 from surface to increase Mineral Resource confidence required for mining studies and future Mineral Reserve declaration.

The Nyankanga open pit was mined to completion in September 2020, with ore stockpiled from Nyankanga open pit processed up until the end of the second quarter, 2021. The Nyamulilima open pit is 22km from the Process Plant, and located near Star and Comet, 17km from the Process Plant. Nyamulilima open pit commenced production in April 2021 and provides the base load for underground operations with a current Mineral Reserve of 2.1Moz.

Open pit deposits that have a declared Mineral Resource at Geita with no declared Mineral Reserve include Matandani/Kukuluma (0.67Moz) and Chipaka, Kalondwa Hill and Selous deposits, totalling 0.37Moz. Geita has 0.31Moz Mineral Reserve in stockpiles.

Geita is located approximately 1,200km from the main Tanzanian business centre of Dar es Salaam. It falls within the Lake Zone of northwestern Tanzania, approximately 120km west of Mwanza and 4km west of Geita town. Geita is hosted in the Geita Greenstone Belt (GGB), which is a northern segment of the Sukumaland Greenstone Belt, located in the northwestern part of the Tanzania Craton and south of Lake Victoria. Geita is located at a latitude of 2.8676° S and longitude of 32.1865° E representing the coordinates of the Geita process plant.

Gold mineralisation is reported to have been first discovered in the Geita district in 1898 by a German prospector. A regional survey by a Kenyan company, Saragura Prospecting Syndicate, followed in 1930. The first mine was developed in 1934, and between 1936 and 1966, the Geita mine was the largest gold mine in East Africa, producing a million ounces from underground operations.

In 1996, Ashanti acquired the Geita tenure through the acquisition of Cluff Resources and acquired the Kukuluma and Matandani in 1998 from Samax Resources Limited. In December 2000, Ashanti reached an agreement to sell AngloGold a 50% interest in Geita for $324M. AngloGold added its neighbouring Nyamulilima Hill deposits into the joint venture (JV) company. In 2004, the merger of AngloGold and Ashanti resulted in the operation being wholly-owned by AngloGold Ashanti.

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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Geita Location Map

![image7.jpg](image7.jpg)

Location of Lake Victoria Greenstone Belts

![image8.jpg](image8.jpg)

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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Geita commenced open pit mining in 1999, with open pit mining at Nyankanga between 1999 and 2020, at Geita Hill including Lone Cone between 2001 and 2018, at Kukuluma and Matandani between 2002 and 2007, and at Star and Comet between 2007 and 2014. In 2015, a decision was taken to go underground at Star and Comet and the underground development started in 2016. In 2017 the Nyankanga underground operation commenced and in 2020 the Geita Hill underground operation commenced and is scheduled to ramp-up to full production by end of 2022. In 2020, the Nyankanga open pit, the only remaining operating pit at the time, was mined to completion in September 2020. In April 2021, the Nyamulilima open pit commenced operations.

The SML45/99 is jointly held by GGML and Samax Resources Limited, with 85% and 15% ownership. Both GGML and Samax Resources Limited are subsidiaries of AngloGold Ashanti. It covers an area of approximately 196.27km<sup>2</sup> and expires on 26 August 2024. Within the SML there are also seven Primary Mining Licences (PML) of about 0.629km<sup>2</sup> which belong to third parties. There are a further 31km<sup>2</sup> of Prospecting Licences (PLs), held by GGML, in the immediate vicinity to the SML which do not contain any Mineral Reserve. GGML also holds 690km<sup>2</sup> of PLs located in Dodoma, Singida and Shinyanga regions, which do not contain any Mineral Resource or Mineral Reserve. In 2023, exploration licences in Central Tanzania will transfer to a new Greenfields Company, Geita Greenfields Mineral Exploration Limited. All licences are in good standing.

Geita Licence Status 2022

![image9.jpg](image9.jpg)

The Geita process plant is crushing and milling approximately 5.2Mtpa and is forecast to produce approximately 0.5Moz per annum over the Life of Mine (LOM). The current operations are supported by a LOM plan to 2030, with an annually updated, LOM exploration strategy in place for Mineral Resource growth and to replace and grow Mineral Reserve at a rate of greater than depletion (greater than 0.6Moz per annum).

The exploration strategy is aligned with the Geita business plan (BP) and seeks to extend the LOM beyond 2030, with exploration drilling targeting Mineral Resource conversion in the underground mines securing near-term ounces, in conjunction with exploration targeting underground extension for Mineral Resource growth, and surface exploration of key prospects exploring for potential future open pit and underground mining opportunities.

**<u>1.2</u><u>Ownership</u>**

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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GGML is the 100% owner and operator of Geita and is a subsidiary of AngloGold Ashanti Limited.

**<u>1.3</u><u>Geology and mineralisation</u>**

Geita is hosted in the GGB, which is a northern segment of the Sukumaland Greenstone Belt, located in the northwestern part of the Tanzania Craton and south of Lake Victoria. This Archaean sequence strikes almost east-west, extending for about 80km long and is up to 20km wide. The GGB sits dominantly within the Nyanzian Supergroup stratigraphy that is sub-divided into the Lower Nyanzian and the Upper Nyanzian groups.

The Lower Nyanzian Group is composed of mafic volcanic units (basalts, pillow basalt, minor gabbro, and dolerites). This group of rocks within the GGB is collectively termed the Kiziba Formation. The Upper Nyanzian Group consists of black shales, banded iron formation (BIF), clastic sedimentary rock, tuffs, agglomerates and felsic volcaniclastics. The entire Nyanzian package is intruded by a variety of mafic to felsic rocks. The supra-crustal package shows variable thickness and is estimated to be more than 500m thick in places, mostly underlain by intrusive complexes.

At Geita, a simplified stratigraphy is summarised as: Archaean Basalt and minor gabbro basement overlain by intermediate to acid volcanoclastic sediments and BIF with Archaean Diorites, Tonalites-Granodiorites, Granites intrusives and later intrusion by Proterozoic Gabbro dykes. Across the Archaean-Proterozoic rocks there is a property-wide paleo-drainage system, which likely flowed towards Lake Victoria. These late sediments likely represent the remnants of a much thicker package that might have covered all the hills exposed today. Both the Archaean-Proterozoic rocks and paleo-alluvials are covered by ferricrete at different levels of induration and evolution, up to 15m thick.

The region hosts several world-class shear-hosted Archaean lode gold deposits and forms the northern portion of the regional Sukumaland Greenstone Belt, itself one of several belts that comprise the Lake Victoria goldfields. Other gold mines hosted in the Lake Victoria Goldfields include Golden Pride (Resolute Mining Limited), Bulyanhulu, Tulawaka, Buzwagi and North Mara (all owned by Barrick Gold Corporation). The Geita gold deposits are shear hosted, Archaean orogenic gold deposits. Within Geita leases the GGB is subdivided into three major mineralised trends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geita Central Trend, hosting the Nyankanga, Geita Hill, and Lone Cone deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyamulilima Trend in the west, hosting Star and Comet, Ridge 8 and Nyamulilima deposits, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matandani-Kukuluma Trend to the northeast, hosting Matandani and Kukuluma deposits

The Geita Central Trend contains three major gold deposits occurring along a NE-SW mineralised trend. These are from northeast to southwest: Geita Hill, Lone Cone and Nyankanga. Other prospects occur singly: Chipaka in the centre of the greenstone belt, and Kalondwa Hill, P30, Fukiri-Jumanne along an NW-SE trending ironstone ridge. Geita Hill, Lone Cone and Nyankanga occur along a moderately NW dipping system of reverse faults that have been multiply reactivated during subsequent deformation events. The mineralisation is mainly related to diorite and BIF contacts exploited by the shear system. The alteration is restricted within the ore zone and consists of secondary sulphide (mainly pyrite), silica, carbonate and moderate potassic alteration.

The Nyamulilima Trend contains three major gold deposits on an approximately NW-SE mineralised trend. These are from SE to NW: Ridge 8, Star and Comet and Nyamulilima open pit (historically named Roberts). Individual deposits occur along a series of N-S trending, steeply dipping, left stepping en-echelon fault zones that cut across the ironstone-rich sediments and granite-granodiorite-tonalite intrusions. Mineralisation is preferentially localised along fault zones where they cut the ironstone-granitoid contacts. The mineralisation is associated with secondary pyrite and minor pyrrhotite, silica, carbonate and actinolite alteration.

The Kukuluma Trend contains five gold deposits distributed along an approximately E-W mineralised trend. These are from east to west: Area 3 South, Area 3 Central, Area 3 West, Kukuluma and Matandani. The mineralisation is steeply dipping along the contacts of intermediate fine-grained intrusions and magnetite rich chert and ironstone showing a general en-echelon, left stepping geometry. The gold is associated with secondary pyrite, arsenopyrite and minor pyrrhotite. magnetite, silica, carbonate, and amphibole alteration are variably present within the mineralised zone.

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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Deformation in the GGB comprises of early stages of ductile shearing and folding (D1 to D5), with periodic emplacement of large diorite intrusive complexes, sills, and dykes. Later stages of deformation (D6 to D8) involved development of brittle-ductile shear zones, with faults developed in the later stages of deformation, with late emplacement felsic porphyry dykes within the greenstone belt, and granitic intrusions located on the margins of the greenstone belt.

Gold mineralisation occurred late in the tectonic history of the greenstone belt, synchronous with the development of brittle-ductile shear zones (D6). Mineralisation is dominantly sulphide replacement of magnetite-rich layers in ironstone, with local replacement of ferromagnesian phases and magnetite in the diorite intrusions. Primary gold mineralisation is associated with the intersection of the brittle-ductile shear zones and pre-existing fold hinges, with higher grade concentrations associated with BIF lithologies and with diorite dyke and sill contacts.

The mineralisation in GGB is preferentially hosted within deformation zones developed along the contact of BIF and porphyries of various compositions and associated with major shear systems. The structures associated with the mineralised system are well defined, the alteration zone is restricted to the mineralised zone, quartz veins are rare or missing although silicification is common.

**<u>1.4</u><u>Status of exploration, development and operations</u>**

Geita has an aggressive, annually updated five-year exploration plan in place, with approximately 20 drill rigs operating and forecast to drill approximately 157km in 2023. The exploration strategy targets Mineral Resource and Mineral Reserve growth ahead of annual depletion in the LOM plan, where surface drilling is targeting new open pit and underground opportunities, and underground drilling is targeting Mineral Resource conversion to allow Mineral Reserve growth via mine planning, engineering and extension of underground operations down-dip and along strike.

**<u>1.5</u><u>Mining methods</u>**

Mining at Geita is by both open pit and underground mining methods. Open pit mining at Nyankanga Cut 8 was completed in 2020. The Nyamulilima open pit commenced production in April 2021 and is scheduled to reach full production during 2022. This mining is done utilising a truck and shovel system operated by Geita with a contractor providing drill and blast support. Underground mining commenced at Star and Comet in 2016 and subsequently at Nyankanga in 2017 and most recently Geita Hill in 2020. Star and Comet underground has successfully transitioned to owner mining and the mining contractor African Underground Mining Services (AUMS) is used at Nyankanga and Geita Hill for underground development and stoping. The underground mining method is a combination of longitudinal and transverse open stoping. Cement Aggregate Fill (CAF) is used at Nyankanga to fill the primary stopes and allows for mining of secondary stopes. Ore is hauled from the Star and Comet and Nyankanga underground operations to the central run of mine (ROM) pad located at the Geita processing plant.

**<u>1.6</u><u>Mineral processing</u>**

Geita ore is processed via a conventional carbon-in-leach (CIL) process with a throughput capacity of 5.2Mtpa. The circuit contains a primary gyratory crusher, secondary and tertiary crushers, a semi-autogenous mill, a ball mill and 12 leach tanks. This is coupled with a gravity circuit using two Knelson concentrators. In planning the plant feed blend material, hardness, grade, oxide and sulphide content are considered to optimise throughput and recovery. Power to the mine is self-generated using diesel generators but there is planned construction of a 33kV hydropower station by Tanzania Electric Supply Company Limited (TANESCO).

**<u>1.7</u><u>Mineral Resource and Mineral Reserve estimates</u>**

As per AngloGold Ashanti's Guidelines for the reporting of the Mineral Resource and Mineral Reserve, 2022 (Guidelines for Reporting), the exclusive Mineral Resource is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied, all entities are reported from the equivalent Mineral Resource Model. The exclusive Mineral Resource consists of the following components:

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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<u>Portion 1</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open Pit: The Mineral Resource that lies within the Mineral Resource model between the LOM design shell and the Mineral Resource shell optimised at the Mineral Resource cut-off grade and quoted at the Mineral Resource cut-off grade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underground: The Mineral Resource that lies outside an underground design but within shapes defined at the Mineral Resource price and quoted at 0g/t cut-off

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common: Note that an exploration anomaly that is considered to be a Mineral Resource, but not a Mineral Reserve is a subset of this category

<u>Portion 2</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material within the LOM design shell that lies between the Mineral Resource and Mineral Reserve cut-offs as reported from the Mineral Resource model but not reported as Mineral Reserve. There is no underground equivalent

<u>Portion 3</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open Pit: All Inferred Mineral Resource, including Inferred Mineral Resource within the LOM design shell that lies above the Mineral Resource cut-off

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underground: All Inferred Mineral Resource, including Inferred Mineral Resource within the Mineral Reserve designs

<u>Portion 4</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resource where the technical studies to engineer a Mineral Reserve have not yet been complete

<u>Portion 5</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockpiles that qualify as a Mineral Resource, but not as a Mineral Reserve

The total Geita estimated exclusive Mineral Resource is 78.33Mt at 2.36g/t and 5.95Moz (of which 36.21Mt at 2.64g/t and 3.08Moz is Inferred Mineral Resource). The total open pit exclusive Mineral Resource is 52.37Mt at 1.66g/t and 2.79Moz (47% of the total exclusive Mineral Resource), the underground exclusive Mineral Resource is 25.0Mt at 3.86g/t and 3.10Moz (52% of the total exclusive Mineral Resource) as well as 0.95Mt at 2.04g/t and 0.06Moz (1% of the total Mineral Resource) in stockpiles.

A significant portion of the open pit exclusive Mineral Resource is contained in the Nyamulilima open pit (1.80Moz), being Inferred Mineral Resource inside the final pit design (less than 5%) and remaining Mineral Resource outside the final pit design and inside the $1,750/oz gold price 2022 Mineral Resource optimisation shell. The Kukuluma / Matandani open Mineral Resource is 0.67Moz and several small open pit Mineral Resource total 0.33Moz (Area 3, Kalondwa Hill, Chipaka, Selous) and these have no Mineral Reserve declared.

The underground exclusive Mineral Resource is informed is by Geita Hill underground 11.54Mt at 3.47g/t and 1.29Moz, Nyankanga underground 8.68Mt at 3.57g/t and 1.0Moz and Star as well as Comet 4.79Mt at 5.33g/t and 0.82Moz (which includes Star and Comet Cut 5 (0.25Moz) and Ridge 8 (0.34Moz) for which there is no Mineral Reserve declared), all relating to Mineral Resource not in Mineral Reserve.

Stockpiles of 0.06Moz below the Mineral Reserve cut-off and above the Mineral Resource cut-off include low-grade (0.01Moz) and refractory ore (0.05Moz) stockpiles.

Exclusive Gold Mineral Resource

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Geita** | **Geita** | **Tonnes** | **Grade** | **Contained Gold** | **Contained Gold** |
| **as at 31 December 2022** | **Category** | **million** | **g/t** | **tonnes** | **Moz** |
|  | Measured | 1.80 | 4.15 | 7.50 | 0.24 |
|  | Indicated | 40.32 | 2.03 | 81.96 | 2.63 |
|  | **Measured & Indicated** | **42.12** | **2.12** | **89.45** | **2.88** |
|  | Inferred | 36.21 | 2.64 | 95.71 | 3.08 |

---

Notes:

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of Mineral Resource is exclusive of Mineral Reserve. The Mineral Resource exclusive of Mineral Reserve ("Exclusive Mineral Resource") is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The property is currently in a production stage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on a gold price of $1,750/oz.

The total Geita estimated Mineral Reserve is 48.49Mt at 2.29g/t and 3.57Moz and represents a net increase of 35% year to year. The open pit Mineral Reserve is 30.0Mt at 2.13g/t and 2.05Moz (57.6% of the total Mineral Reserve), underground Mineral Reserve is 9.0Mt at 4.17g/t and 1.20Moz (33.6% of the total Mineral Reserve) and 9.5Mt at 1.02g/t and 0.31Moz (8.7% of the total Mineral Reserve) in stockpiles.

Gold Mineral Reserve

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Geita** | **Geita** | **Tonnes** | **Grade** | **Contained Gold** | **Contained Gold** |
| **as at 31 December 2022** | **Category** | **million** | **g/t** | **tonnes** | **Moz** |
|  | Proven | 9.54 | 1.02 | 9.70 | 0.31 |
|  | Probable | 38.95 | 2.60 | 101.19 | 3.25 |
|  | **Total** | **48.49** | **2.29** | **110.89** | **3.57** |

---

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. "Moz" refers to million ounces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Tonnes" refers to a metric tonne which is equivalent to 1,000 kilograms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Property is currently in a production stage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on a gold price of $1,400/oz.

**<u>1.8</u><u>Summary capital and operating cost estimates</u>**

Stay in Business (SIB) and Capital expenditure (CAPEX) was estimated on a zero-base using the Geita's BP2023 9+3 LOM (naming convention of schedule file, 9 months actual plus 3 month's forecast for 2022 but also covers full LOM) mining schedule and is estimated at $159M for the LOM plan. The CAPEX relates to relates to Ore Reserve development (ORD), surface and underground infrastructure and related development, mining fleet replacement, process infrastructure upgrades and other site SIB projects. Operating expenditure (OPEX) is estimated by a first principles budget process, applying known unit costs from mine contracts to physicals, and is estimated at $2,676M for the LOM plan. The average All in Costs (AIC) over the Mineral Reserve derived LOM plan equates to $934/oz.

Operating Costs

---

| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Total LOM** |
| **Operating costs** | | |
| Mining Cost | USD M | 1225 |
| Processing Cost | USD M | 742 |
| General & Admin | USD M | 528 |
| Other Operating Cost | USD M | 181 |
| **Total Operating costs** | **USD M** | 2676 |
| Sustaining Capital | USD M | 159 |

---

**<u>1.9</u><u>Permitting requirements</u>**

The SML45/99 is jointly owned by GGML and Samax Resources Limited. It covers an area of approximately 196.27km<sup>2</sup> and expires on 26 August 2024. In 2004 a licence enlargement was granted to include Nyamulilima area. Another extension was granted in 2009 to include an extension of the Geita Hill area.

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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The Mineral Resource and Mineral Reserve as declared as at 31 December 2022 are contained within this SML and Geita has the surface rights to the necessary portions of the SML required for mining and infrastructure. More recently, in 2016, Geita has been awarded underground rights to the necessary portions of the SML required for underground mining and infrastructure at Star and Comet and Nyankanga, and in 2020 for Geita Hill underground. Geita has several PLs (additional 31km<sup>2</sup>) which contain several exploration targets.

All the deposits used in the Mineral Resource and Mineral Reserve estimation are within the mine's SML area and the mine has permits for their exploitation. The SML expires 26<sup>th</sup> August 2024, and Geita will be engaging with the Government of the Republic of Tanzania to renegotiate existing development agreements and renewal of the SML from 2022 and concluding before expiry in August 2024. There were no changes to the SML boundaries and its term / duration during 2022.

At the time of compiling this report, there were no known risks that could result in the loss of ownership, in part or in whole, of the deposits that were used in estimating the Mineral Resource and Mineral Reserve as at 31 December 2022.

**<u>1.10</u><u>Conclusions and recommendations</u>**

The total Geita estimated exclusive Mineral Resource is 78.3Mt at 2.36g/t and 5.95Moz (of which 36.21Mt at 2.64g/t and 3.08Moz is Inferred Mineral Resource). The Mineral Resource is considered robust with high confidence classifications to support the Mineral Reserve and the LOM plan; and is supported by an external audit completed by SRK Consulting (South Africa) (Pty) Ltd (SRK Consulting) in December 2022.

The increase in the exclusive Mineral Resource is largely as a result of exploration success due to accelerated drilling activities because of the planned reinvestment, and changes in methodology were as a result of revised estimation parameters, and refined ore wireframes.

The increase in the Mineral Resource price (from $1,500/oz as at 31 December 2021 to $1,750/oz as at 31 December 2022) and favourable cost reductions in open pit haulage, general and administrative expenses and new underground contract rates led to lower cut-off grades resulting in additional Mineral Resource, which was partially offset by depletion. The total Geita estimated Mineral Reserve is 48.5Mt at 2.29g/t and 3.57Moz.

The Geita Mineral Reserve is fully contained within the LOM plan. Stockpiled Mineral Reserve is declared as Proven Mineral Reserve and Mineral Reserve from open pit and underground is declared as Probable Mineral Reserve. The increase in the Mineral Reserve is mainly due to ongoing exploration drilling success resulting in larger pit designs at Nyamulilima and in the first-time reporting of the Geita Hill underground Mineral Reserve based on a Feasibility Study (FS) currently being completed. An increase in the Mineral Reserve price (from $1,200/oz as at 31 December 2021 to $1,400/oz as at 31 December 2022) and reduced costs mostly by reductions in hauling cost on surface and contractor rates is partially offset by depletion and operational changes. Appropriate mining and processing modifying factors and a gold price of $1,400/oz were used to prepare the Mineral Reserve.

**<u>2.</u><u>Introduction</u>**

**<u>2.1</u><u>Disclose registrant</u>**

This Technical Report Summary was prepared for GGML, a subsidiary of AngloGold Ashanti Limited.

**<u>2.2</u><u>Terms of reference and purpose for which this Technical Report Summary was prepared</u>**

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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The terms of reference follow the AngloGold Ashanti Guidelines for the reporting of the Mineral Resource and Mineral Reserve (Guidelines for Reporting) and are based on public reporting requirements as per Subpart 229.1300 of Regulation S-K (Regulation S-K 1300 or 1300 Regulation S-K). The Technical Report Summary aims to reduce complexity and therefore does not include large amounts of technical or other project data, either in the report or as appendices to the report, as stipulated in Subpart 229.1300 and 1301, Disclosure by Registrants Engaged in Mining Operations and 229.601 (Item 601) Exhibits, and General Instructions. The Qualified Person (QP) has drafted the summary to conform, to the extent practicable, with the plain English principles set forth in § 230.421. Should more detail be required they will be furnished on request.

The following should be noted in respect of the Technical Report Summary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All figures are expressed on an attributable basis unless otherwise indicated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless otherwise stated, $ or dollar refers to United States dollars

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Group and company are used interchangeably

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mine, operation, business unit and property are used interchangeably

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rounding of numbers may result in minor computational discrepancies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Numbers presented are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage to zero decimal places, content for gold to two decimals and copper, content with no decimals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metric tonnes (t) are used throughout this report and all ounces are Troy ounces to zero decimal places

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Abbreviations used in this report: gold - Au

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reference coordinate system used for the location of properties as well as infrastructure and licences maps / plans are stated in latitude longitude geographic coordinates in various formats, or the relevant Universal Transverse Mercator (UTM) projection

**<u>2.3</u><u>Sources of information and data contained in the report / used in its preparation</u>**

Geita technical specialists have prepared this report. For the purpose of this report, the QPs have relied upon information provided by AngloGold Ashanti Corporations legal counsel regarding the validity of exploitation permits and licensing; this opinion has been relied upon in property description and location sections and in the summary of this report. The Geita Mineral Resource and Mineral Reserve was externally audited in 2019 by Golder Associates, internally audited in 2020 and with a comprehensive external audit completed by SRK Consulting in December 2022, with no significant flaws identified.

**<u>2.4</u><u>Qualified Person(s) site inspections</u>**

The QP for Mineral Resource and the QP for Mineral Reserve are employed by GGML and are based at the mine. As such, they regularly visit each of the Geita mineral deposits, operations, and projects. The regional office staff who perform peer reviews on Mineral Resource and Mineral Reserve visit the mine site a minimum of once per year.

**<u>2.5</u><u>Purpose of this report</u>**

This Technical Report Summary was first reported for Geita's 2021 Mineral Resource and Mineral Reserve. Reporting in this Technical Report Summary is related to Geita's Mineral Resource and Mineral Reserve for 2022.

**<u>3.</u><u>Property description</u>**

**<u>3.1</u><u>Location of the property</u>**

Geita is located approximately 1,200km from the main Tanzanian business centre of Dar es Salaam. It falls within the Lake Zone of northwestern Tanzania, approximately 120km west of Mwanza and 4km west of Geita town. Geita is hosted in the GGB, which is a northern segment of the Sukumaland Greenstone Belt, located in the north-western part of the Tanzania Craton and south of Lake Victoria. Geita is located at a latitude of 2.8676° S and longitude of 32.1865° E representing co-ordinates of the Geita process plant.

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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Map showing the location, infrastructure and mining licence area for Geita

![image15.jpg](image15.jpg)

There are no known technical, environmental, social, economic, political, or other key risks that materially impact the Mineral Resource and Mineral Reserve for which the site management and parent company do not have mitigation plans in place. However, it should be noted that the Government of the Republic of Tanzania recently amended the mining legislation and while this does not pose any risk to the current licences to operate, Geita is engaging with the Government of the Republic of Tanzania to renegotiate existing development agreements and renewal of the SML from 2022 and plan to conclude before the SML expiry in August 2024.

**<u>3.2</u><u>Area of the property</u>**

The SML covers an area of approximately 196km<sup>2</sup> and expires on 26<sup>th</sup> August 2024. Within the SML, there are also seven PML of about 0.629km<sup>2</sup> which belong to third parties. The third parties operate minor artisanal scale mining, where relationships with Geita are well managed. There are a further 31km<sup>2</sup> of PLs in the immediate vicinity of the SML which do not contain any Mineral Resource or Mineral Reserve. Geita also holds 690km<sup>2</sup> of PLs located in Dodoma, Singida and Shinyanga regions, which do not contain any Mineral Resource or Mineral Reserve. The PL located in Dodoma, Singida and Shinyanga regions will be operated by AngloGold Ashanti Greenfields from 2023. All licences are in good standing.

**<u>3.3</u><u>Legal aspects (including environmental liabilities) and permitting</u>**

Geita holds a valid SML, issued by the Ministry of Energy and Minerals in 1999 and which expires 26 August 2024. The SML covers an area of approximately 196km<sup>2</sup>. Within the SML there are also seven PML of about 0.629km<sup>2</sup> which belong to third parties.

The declared Mineral Resource and Mineral Reserve are contained within this SML and Geita has the surface rights to the necessary portions of the SML required for mining and infrastructure. More recently, Geita has been given the underground rights to the necessary portions of the SML required for underground mining and infrastructure in 2016, and more recently, in 2020, has been given the rights to mine at Geita Hill underground and in 2021, has been given the surface open pit mining rights at Nyamulilima.

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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Geita has three PLs, with an area of additional 31km<sup>2</sup>, which contain several exploration targets. The PLs are located adjacent to the SML and currently have no reported Mineral Resource or Mineral Reserve.

The PLs are Kifufu PL10566/2016, Bukolwa South PL10925/2016 and Kibugwe West PL9558/2014. The location of the PLs relative to SML is shown in Geita Licence Status 2022 map.

Nyamikoma PL9413/13 and Kukujuma South PL9466/2013 reached final expiry in October 2022. All the deposits used in Mineral Reserve estimation are within the mine's SML area and the mine has permits for their exploitation. There were no changes to the SML boundaries and its term / duration during 2022.

At the time of compiling this report, there were no known risks that could result in the loss of ownership, in part or in whole, of the deposits that were used in estimating the Mineral Resource and Mineral Reserve as at 31 December 2022.

Geita License Status 2022

![image28.jpg](image28.jpg)

Approximately, 77% of the mine lease falls within the Geita forest reserve which is typically dominated by Miombo woodland with minor area of grasses and shrubs.

In addition to the SML the following permits and licences are in place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The mine has a permit #FD/RES/GEITA/44 of 1999 to mine in the forest reserve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental Impact Assessment (EIA) were conducted and approved prior to the commencement of operations at Nyankanga (1998), Kukuluma (1998), Geita Hill (2005)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The underground EIA Certificate No. for Geita Hill West and Nyankanga, as well as the new replacement power plant is: 6020/EC/EIA/2874, and valid for the duration of the specific project. This is dated January 2017

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The underground EIA Certificate No. for Star and Comet is: 5397/EC/EIA/2336, and valid for the duration of the specific project. This is dated March 2016

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In relation to SML 45/99; approval of changing of mining method for underground mining was granted in 2016 for Star and Comet and Nyankanga underground operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geita Hill underground mine approval granted in September 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The open pit EIA was granted for Nyamulilima in January 2021 and is valid for the duration of the project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The open pit mining approval was granted for Nyamulilima in February 2021 and is valid for the duration of the project

Permits or agreements that were needed to be obtained with respect to the current Mineral Resource and Mineral Reserve declaration for Nyamulilima relate to an approval from the Ministry of Minerals to commence open pit mining at Nyamulilima. The approval was obtained in February 2021 and required for commencement of open pit mining in April 2021.

At the time of compiling this report, there were no known impediments related to the security of tenure and the right to operate with respect to the current Mineral Resource and Mineral Reserve declaration.

Geita takes account of the environmental legal requirements through its certified Environmental Management System for better management of environmental aspects such as Tailings Storage Facilities (TSF), waste disposal facilities (landfill, bio farms etc.), waste rock dumps, power generation, source pits and wastewater impoundments. Monitoring programmes are periodically undertaken as detailed in the approved AngloGold Ashanti's Geita Environmental Management Plan (EMP) which is subject to annual audits by the National Environmental Management Council and the Tanzania Mineral Audit Agency.

There are currently no legal proceedings or claims that influence the rights to mine and further explore the Geita SML and associated PLs. Site Management is working with the Resident Mines Office and other relevant government entities ensure the area remains clear of illegal mining activities.

The mine is permitted to extract water by pumping of approximately 25,000m<sup>3</sup> of raw water from Lake Victoria per day. In addition, there is sustainable use of raw water through recycling of the process water.

**<u>3.4</u><u>Agreements, royalties and liabilities</u>**

Royalty is legislated at 6% of gross revenue with an additional 1% inspection fee of the gross revenue from gold exports is charged from 2017 (7% of gross revenue).

The SML45/99 is jointly held by GGML and Samax Resources Limited, with 85% and 15% ownership respectively. Both GGML and Samax Resources Limited are subsidiaries of AngloGold Ashanti.

GGML is the 100% owner and operator of Geita SML.

Rehabilitation liability is included in the mine closure costs which is taken into consideration when defining the cut-off grade for Mineral Resource and Mineral Reserve estimates.

**<u>4.</u><u>Accessibility, climate, local resources, infrastructure and physiography</u>**

Geita is surrounded by several natural hills and valleys extending from the eastern to western parts of the SML that was issued by the Ministry of Energy and Minerals in 1999. Approximately 77% of the mine lease falls within the Geita forest reserve which is typically dominated by Miombo woodland with minor areas of grasses and shrubs.

The mine is located approximately 4km west of Geita Town and approximately 25km upstream of the Lake Victoria water basin. Geita is situated at the headwaters of the Mtakuja River which drains directly into the Lake Victoria. Apart from Mtakuja river, there are other streams that drain straight to the lake such as Mabubi river, Kukuluma and Matandani streams that form part of the Lake Victoria basin.

The mine can be accessed through a well-sealed tarmac road from Mwanza to the east.

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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The area is a bimodal rainfall region that generally receives rainfalls from mid-October to December and from March to mid-May of the year. However, changes in weather patterns have been experienced in recent times; this includes, but is not limited to, prolonged drought and storm events that lead to flood, siltation and sedimentation of rivers or channels. Changes in weather patterns are suspected to be contributed to by global climate change.

The Geita population is approximately 1.7 million people with varying economic activities including small scale and artisanal mining works, animal husbandry and subsistence farming. Recently, the surrounding community has put high pressure on natural resources and impacted significantly on the natural forest due to demand for timber extraction, small and illegal mining workings and charcoal burning.

Geita Location Map

![image30a.jpg](image30a.jpg)

**<u>5.</u><u>History</u>**

Gold mineralisation is reported to be first discovered in the Geita district in 1898 by a German prospector. A regional survey by a Kenyan company, Saragura Prospecting Syndicate, followed in 1930. The first mine was developed in 1934, and between 1936 and 1966, the Geita mine was the largest gold mine in East Africa, producing a million ounces from underground operations.

In 1996, Ashanti acquired the Geita tenure through the acquisition of Cluff Resources and acquired the Kukuluma and Matandani in 1998 from Samax Resources Limited. In December 2000, Ashanti reached an agreement to sell AngloGold a 50% interest in Geita for $324M. AngloGold added its neighbouring Nyamulilima deposits into the JV company. In 2004, the merger of AngloGold and Ashanti resulted in the operation being wholly run by AngloGold Ashanti.

Geita commenced open pit mining in 1999, with open pit mining at Nyankanga between 1999 and 2020, at Geita Hill including Lone Cone between 2001 and 2018, at Kukuluma and Matandani between 2002 and 2007, and at Star and Comet between 2007 and 2014.

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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In 2015, a decision was taken to go underground at Star and Comet and the underground development started in 2016. In 2017 the Nyankanga underground operation commenced and in 2020 the Geita Hill underground operation commenced and is scheduled to ramp-up to full production in the first half of 2023. In 2020, the Nyankanga open pit, the only remaining operating pit at the time, was mined to completion in September 2020. In April 2021, the Nyamulilima open pit commenced operations.

Geita is an operating mine with a significant Mineral Resource (9.93Moz) and Mineral Reserve (3.57Moz). Based on past 20 years of production performance, and a current LOM plan forecasting production through to 2030, Geita is a significant asset for AngloGold Ashanti.

Gold production more than 0.5Moz per annum was achieved over the period 2017 to 2020, with 0.49Moz produced in 2021 and 0.52Moz produced in 2022. Forecast gold production for 2023 is estimated between 0.50Moz and 0.52Moz.

During late 2021 to end of 2022, the transition from completing the Nyankanga open pit in September 2020, and commencement of the new Nyamulilima open pit in April 2021 was achieved, and with commencement of the third underground operation at Geita Hill underground mine in November 2020. The Nyamulilima open pit Cut 1 is in full production and Geita Hill underground is scheduled to reach full production during 2023.

The current operations are supported by a LOM plan to 2030, with an annually updated, LOM exploration strategy in place for Mineral Resource growth and to replace and grow Mineral Reserve at a rate of greater than depletion (greater than 0.6Moz per annum). The exploration strategy is aligned with the Geita business plan and seeks to extend the LOM beyond 2030, with exploration drilling targeting Mineral Resource definition allowing for engineering of an increased Mineral Reserve in the underground mines securing near-term ounces, in conjunction with exploration targeting underground extension for Mineral Resource growth, and surface exploration of key prospects exploring for potential future open pit and underground mining opportunities.

Geita has been in operation since 2000, and the Mineral Resource to Reserve to production reconciliation is monitored and shows reliable performance between Mineral Resource, Mineral Reserve and production.

Infill drilling plans ensure that the two-year production window is drilled to Indicated and Measured Mineral Resource categories. The Mineral Resource to Mineral Reserve to production reconciliation shows a steady improvement since 2009 when this infill drilling strategy was initiated for open pit mining. This strategy was then extended to underground operations in 2016 when Star and Comet started. Currently the underground Mineral Resource confidence is upgraded to Measured Mineral Resource 18 to 24 months ahead of mining through underground grade control drilling programmes.

The existing historical Mineral Resource estimates and performance statistics on actual production are presented below.

Mineral Resource to Reserve to Production Reconciliation

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year** | **Year** | **Year** | **Year** | **Year** |
| **Reconciliation Entity** | **2018** | **2019** | **2020** | **2021** | **2022** |
| Mineral Resource Model (oz) | 461227 | 511310 | 627356 | 301146 | 441480 |
| Grade Control Model (oz) | 604210 | 608493 | 741355 | 298094 | 464427 |
| Percentage (%) | 131 | 119 | 118 | 99 | 105 |
|  | **Year** | **Year** | **Year** | **Year** | **Year** |
| **Reconciliation Entity** | **2018** | **2019** | **2020** | **2021** | **2022** |
| Mining Feed (oz) | 682241 | 651041 | 711042 | 489753 | 522421 |
| Plant Accounted (oz) | 642997 | 665840 | 680915 | 530830 | 565839 |
| Percentage (%) | 94 | 102 | 96 | 108 | 108 |

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Mining feed as obtained from the grade control models performs well against the plant accounted gold.

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AngloGold Ashanti Geita Technical Report Summary – effective date 31 December 2022

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Geita is reporting open pit, underground and stockpiled Mineral Reserve. Open pit Mineral Reserve is reported from Nyamulilima (2.05Moz) and underground Mineral Reserve (1.37Moz) is reported from Geita Hill (0.40Moz), Nyankanga (0.66Moz) and Star and Comet (0.14Moz).

**<u>6.</u><u>Geological setting, mineralisation and deposit</u>**

**<u>6.1</u><u>Geological setting</u>**

The Geita deposit is hosted in the GGB, which is a northern segment of the Sukumaland Greenstone Belt, located in the north-western part of the Tanzania Craton and south of Lake Victoria. This Archaean sequence strikes almost east west, extending for about 80km long and up to 20km wide. The GGB sits dominantly within the Nyanzian Supergroup stratigraphy that is sub-divided into the Lower Nyanzian and the Upper Nyanzian groups. The Lower Nyanzian group is composed of mafic volcanic units (basalts, pillow basalt, minor gabbro, and dolerites). This group of rocks within the GGB is collectively termed the Kiziba Formation. The Upper Nyanzian group consists of black shales, BIF, clastic sedimentary rock, tuffs, agglomerates and felsic volcaniclastics. The entire Nyanzian package is intruded by a variety of mafic to felsic rocks. The supra-crustal package shows variable thickness and is estimated to be more than 500m thick in places, mostly underlain by intrusive complexes.

At Geita, a simplified stratigraphy is summarised as: Archaean Basalt and minor gabbro basement overlain by intermediate to acid volcanoclastic sediments and BIF with Archaean Diorites, Tonalites-Granodiorites, Granites intrusives and later intrusion by Proterozoic Gabbro dykes.

Across the Archaean-Proterozoic rocks there is a property-wide paleo-drainage system, which likely flowed towards Lake Victoria. These late sediments likely represent the remnants of a much thicker package that might have covered all the hills exposed today. Both the Archaean-Proterozoic rocks and paleo-alluvials are covered by ferricrete at different levels of induration and evolution, up to 15m thick.

The region hosts several world-class shear-hosted Archaean lode gold deposits and forms the northern portion of the regional Sukumaland Greenstone Belt. Other gold mines hosted in the Lake Victoria Goldfields include Golden Pride, Bulyanhulu, Tulawaka, Buzwagi, North Mara and Nyanzaga.

The GGB has been subjected through a protracted history of deformation, which resulted in a large scale syn-formal configuration in the region, with west-northwest trending limbs connected by a northeast trending hinge zone.

Eight deformation phases (D1 to D8) and four folding phases (F1 to F4) are identified at Geita, where deformation in the GGB comprises of early stages of ductile shearing and folding (D1 to D5), with periodic emplacement of large diorite intrusive complexes, sills, and dykes. Later stages of deformation (D6 to D8) involved development of brittle-ductile shear zones, with faults developed in the later stages of deformation, with late emplacement felsic porphyry dykes within the greenstone belt, and granitic intrusions located on the margins of the greenstone belt.

Gold mineralisation occurred late in the tectonic history of the greenstone belt, synchronous with the development of brittle-ductile shear zones (D6). The mineralisation in GGB is preferentially hosted within deformation zones (both ductile and dominant brittle deformation) developed along the contact of BBIF and porphyries of various compositions and associated with major shear systems. The shear systems preferentially exploit fold axial planes as well as the contacts between the supra-crustal and intrusive rocks. The structures associated with the mineralised system are well defined, the alteration zone is restricted to the mineralised zone, quartz veins are rare or missing although solidification is common.

Mineralisation is dominantly sulphide replacement of magnetite-rich layers in BIF, with local replacement of ferromagnesian phases and magnetite in the diorite intrusions. Primary gold mineralisation is associated with the intersection of the brittle-ductile shear zones and pre-existing fold hinges, with higher grade concentrations associated with BIF and with diorite dyke and sill contacts.

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Geita Regional Geological Map

![image16.jpg](image16.jpg)

The Geita gold deposits are shear hosted, Archaean orogenic gold deposits, and within the leases the GGB is subdivided into three major mineralised trends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geita Central Trend, hosting Nyankanga, Geita Hill, and Lone Cone deposits,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyamulilima Trend in the west, hosting Star and Comet, Ridge 8 and Nyamulilima deposits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matandani-Kukuluma Trend to the northeast, hosting Matandani and Kukuluma deposits

The Geita Central Trend contains three major gold deposits occurring along a NE-SW mineralised trend. These are from northeast to southwest: Geita Hill, Lone Cone and Nyankanga.

Other prospects occur singly: Chipaka in the centre of the greenstone belt, and Kalondwa Hill, P30, Fukiri-Jumanne along an NW-SE trending BIF ridge.

The deposits of the Central Trend are mainly located within the relatively low-strain hinge zone, where the Geita Hill, Lone Cone and Nyankanga deposits occur along a moderately NW dipping system of reverse faults that have been frequently reactivated during subsequent deformation events.

At Geita Hill (and Lone Cone), dioritic rocks are present as sills and dykes intruded into a supra-crustal sequence that has been subject to extensive polyphase folding. The mineralisation is controlled by a northeast-trending and northwest-dipping shear zone that exploits the axial surfaces of F3 folds. Ore is also hosted by deformation zones adjacent to the main shear. A low-grade (0.5g/t) mineralisation envelope can be defined along the length of the Geita Hill deposit, trending northeast-southwest, dipping moderately northwest, and cutting across bedding and the diorite layers. The mineralisation appears to be largely confined to the short limb of a major D3 fold pair. High-grade ore shoots are observed plunging 45°, towards west to north-northwest, associated with a common linear direction that approximately parallels the orientation of F3 and F4 fold hinges. The mineralisation is mainly related to diorite-BIF contacts exploited by the shear system. The alteration is restricted within the ore zone and consists of secondary sulphide (mainly pyrite), silica, carbonate and moderate potassic alteration.

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The Nyankanga deposit is hosted in a BIF dominated supra-crustal package that is extensively intruded by, and locally forms a roof pendant within the dioritic Nyankanga Intrusive Complex. The mineralisation is controlled by a northeast trending and northwest dipping anastomosing shear system, with mineralisation typically located along the lowermost shears. The higher-grade mineralisation is mainly proximal to the basal contact of BIF packages. High-grade ore shoots are developed and plunge to the northwest. Mineralisation is associated with potassic (chlorite-carbonate-silica) alteration and pyrite dominant sulphide in the deformation zones surrounding the shear surfaces as veins, veinlets, local breccias and sulphide replacement of magnetite layers.

The Nyamulilima trend contains three major gold deposits on an approximately NW-SE mineralised trend. These are from SE to NW: Ridge 8, Star and Comet and the Nyamulilima open pit. The deposits occur along a series of NW-SE trending, steeply dipping, left stepping en-echelon fault zones that cut across the BIF-rich sediments and granite-granodiorite-tonalite intrusions. Mineralisation is preferentially localised along fault zones where they cut the ironstone-granitoid contacts. The mineralisation is associated with secondary pyrite and minor pyrrhotite, silica, carbonate and actinolite alteration.

At Star and Comet, a folded sedimentary package of BIF intercalated with clastic and tuffaceous meta-sediments is intruded by a tonalitic complex, with a major mineralised shear zone, oriented north-northwest to south-southeast dipping steeply west-southwest, developed through the deposit where it is localised along the contact of BIF and tonalite. An envelope of mostly brittle deformation up to 10m thick (which affects both lithologies) occurs on either side of the shear zone and controls the distribution of mineralisation, extending southeast to Ridge 8. The gold mineralisation is hosted in pyrrhotite patches associated with strong silicification, and carbonate alteration.

At Nyamulilima, the meta-sedimentary package depicts a regional F3 fold system having a dominant NW plunge (35° to 50°) with significant tonalite intrusions. Mineralisation at Nyamulilima Cut 1 and 2 is hosted dominantly on northwest trending, moderate to steeply southeast dipping shears. Mineralisation is preferentially localised along the shear zones, with significant mineralisation forming where the shears cut the BIF-tonalite contacts. The mineralisation is associated with secondary pyrite and minor pyrrhotite, and silica, carbonate and actinolite alteration.

The Matandani-Kukuluma trend strikes west-northwest, with sub-vertical limbs being dominant over compressed, multiphase folded zones. The three major deposits in the area (Kukuluma, Matandani and Area 3) are located along a 5km long east-southeast mineralisation trend.

The geology of the Matandani-Kukuluma trend deposits is dominated by volcano-sedimentary rocks that are poly-deformed and intruded by syn-to-late folded diorite bodies. Host rocks for mineralisation are fine-grained iron-rich clastic sediments, chert, BIF and tuffaceous rocks, with local intercalated carbonaceous shales. The mineralisation is steeply dipping along the contacts of intermediate fine-grained intrusions and magnetite rich chert and BIF showing a general *en-echelon*, left stepping geometry. The gold is associated with secondary pyrite, arsenopyrite and minor pyrrhotite. magnetite, silica, carbonate, and amphibole alteration are variably present within the mineralised zone.

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Geita SML geology map

![image17.jpg](image17.jpg)

**<u>6.2</u><u>Geological model and data density</u>**

Geological models are constructed using integrated geological data obtained through exploration work programmes such as surface geological mapping, pits and underground face and side wall mapping, geochemical studies, geophysical surveys, and exploration drilling for each deposit at Geita. After the desktop studies have been completed around the acquired prospecting licence, the exploration work programmes mentioned above are designed based on the preliminary geological understanding gained from the desktop studies and ground truthing.

Exploration targeting and interpretation identifies new prospects for exploration, where exploration drilling advances within the target area the level of geological confidence increases.

During late 2015 a 2D seismic survey conducted by HiSeis Pty Ltd over the central part of GGM, covering the Nyankanga, Lone Cone Geita Hill West and Geita Hill East pits and their down-dip extensions. In mid-2016, a high-resolution 3D seismic survey was conducted. The objective of the surveys was to identify down-dip extensions based on gold mineralisation in the study area generally occurring at the sheared contacts between BIF and diorite. The 3D seismic data generated several deep exploration targets based on interpreted location of BIF horizons, however with limited drill testing to date. Further work is planned in 2023 to re-process using new processing techniques, with objective to identify BIF units more accurately at depth for exploration drill testing.

The geological models are constructed and updated to provide the extent and geometries of the rock types, structural frameworks, orebody geometry and controls to mineralisation.

For Geita deposits, the mineralisation is generally hosted in BIF and along the lithological contacts between BIF and other volcano-sedimentary units or intrusive rocks at locations where these host rocks

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have been cut by shear zones and fold axes, and where the site geology is generally well understood, and results in high quality geological interpretations.

Central Districts - Spatial Relationships of deposits (Nyankanga-Lone Cone-Geita Hill). A SW-NE geological isometric view is shown below the plan view.

![image31.jpg](image31.jpg)

A significant amount of exploration drilling has been completed over the lease area, from the mid-1990s and drilling, sampling logging and assaying samples have been collected according to AngloGold Ashanti and industry best practice protocols. The exploration drill hole data combined with integrated geology and geophysical data sets forms the basis for the geological models, which are constructed using Leapfrog<sup>TM</sup> and Datamine® software.

The exploration drill spacing typically ranges from 20/25m x 20m to 40m x 20m for Indicated Mineral Resource and up to about 40/80m x 40/80m for Inferred Mineral Resource. Grade control drill spacing is typically 15/12.5/10m x 10/5m for Measured Mineral Resource.

Intensive exploration programmes at Geita started mid-1990s and mining operations recommenced in 1999. Since then, Geita has been intensively investing in exploration to facilitate new gold discoveries and improve confidence in the known Mineral Resource so as to extend the LOM. The geological concepts behind exploration initiatives and confidence within the GGB have been driven by presence of colonial mining at Geita Hill, Prospect 30 and Ridge 8, presence of historical and recent mining activities within the belt, strong geochemical anomalies in all known deposits and satellite targets, coherent geophysical features with good correlation with other geological data sets, favourable host rocks, confidence level in understanding the geology and mineralisation controls and confidence in ore recoveries (except Kukuluma and Matandani). Recent exploration drilling on underground deposits has also increased the confidence level in orebody plunges (Star and Comet and Nyankanga), and this concept appears to hold true in almost all deposits at Geita.

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Geita Greenstone Belt Simplified Stratigraphic Column

![image.jpg](image.jpg)

NE-SW Star and Comet Cut 3 Cross-section (looking southeast)

![image23a.jpg](image23a.jpg)

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NW-SE Nyankanga Underground Block 4 cross-section (looking northeast)

![image11.jpg](image11.jpg)

**<u>6.3</u><u>Mineralisation</u>**

Significant sulphide minerals present in the deposits include pyrite (Nyankanga Deposit), pyrite and pyrrhotite (Geita Hill), pyrite and pyrrhotite (Nyamulilima, Star and Comet) and pyrite, pyrrhotite and arsenopyrite (Kukuluma-Matandani). These sulphide minerals are generally associated with gold and influence the gold recovery in the process plant. Silver occurs in small quantities, mostly in Geita Hill ore. The recoveries of the different ore types have been tested and ore types are blended to maximise the overall recovery. The major host lithology of ore is BIF. Minor host lithologies include intrusives and volcaniclastics. The mineralogy of the host lithology does not significantly impact gold recovery but does have an impact on plant throughput rates. Again, this is managed through blending of ore types to optimise process plant throughput.

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Geita Nyamulilima geology map

![image24a.jpg](image24a.jpg)

Geita Kukuluma-Matandani geology map

![image1.jpg](image1.jpg)

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Significant mineralised zones for Geita deposits vary in thickness from approximately 5 to 15m at Star and Comet Underground to 5 to 35m thick at Nyankanga and Geita Hill. The strike and plunge also varies by deposit, with the Star and Comet Underground mineralisation continuing for about 300m on strike and 500m on dip, Nyankanga mineralisation for about 2,000m on strike and 1,000m on dip and the Geita Hill mineralisation for about 2000m on strike and 700m on dip.

The Nyamulilima open pit deposit is a shear hosted ore body in BIF and tonalite lithologies, continuing for about 1,000m on strike and 700m on dip.

All the deposits have a strong association of gold mineralisation with both geological structures and lithological contacts. In general, the mineralisation of all deposits is hosted in BIF and along lithological contacts between BIF and other volcano-sedimentary units or intrusive rocks at locations where these host rocks have been cut by shear zones and fold axes.

All deposits show potential down-dip or down-plunge continuities for further exploration follow up.

Geita Hill Underground cross section (looking west)

![image29.jpg](image29.jpg)

**<u>7.</u><u>Exploration</u>**

**<u>7.1</u><u>Nature and extent of relevant exploration work</u>**

The current operations are supported by a LOM plan to 2030 with an annually updated LOM exploration strategy in place for Mineral Resource growth and to replace and grow Mineral Reserve at a rate of greater than depletion (greater than 0.6Moz per annum).

The exploration strategy is aligned with the Geita's BP2023 LOM Plan and seeks to extend the LOM beyond 2030, with exploration drilling targeting Mineral Resource conversion in the underground mines securing near-term ounces, in conjunction with exploration targeting underground extension for Mineral Resource growth, and surface exploration of key prospects testing for potential future open pit and underground mining opportunities.

The Exploration Budget for the LOM totals $172.8M, with drilling programmes totalling 892,285m.

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Exploration Drilling Cost and Metre Forecast

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Units** | **Description** | **2023** | **2024** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **TOTAL** |
| USD M | Expensed Sustaining | 9.78 | 12.33 | 9.16 | 11.85 | 14.06 | 12.28 | 10.77 | 6.22 | **86.45** |
| USD M | Expensed Non-Sustaining | 12.26 | 12.16 | 10.54 | 8.42 | 7.55 | 6.03 | 5.03 | 2.49 | **64.48** |
| **USD M** | **Expensed Total** | **22.04** | **24.49** | **19.69** | **20.26** | **21.61** | **18.31** | **15.80** | **8.71** | **150.93** |
| **USD M** | **Capital - SIB** | **7.45** | **5.74** | **3.78** | **3.23** | **0.82** | **0.82** | **0.00** | **0.00** | **21.85** |
| **USD M** | **Total** | **29.48** | **30.24** | **23.48** | **23.50** | **22.44** | **19.13** | **15.80** | **8.71** | **172.77** |
| Km | Expensed Sustaining | 40.8 | 62.1 | 40.6 | 52.3 | 58.4 | 48.7 | 40.6 | 18.9 | **362.4** |
| Km | Expensed Non-Sustaining | 65.7 | 57.3 | 59.0 | 52.7 | 43.9 | 35.6 | 30.2 | 15.8 | **360.2** |
| **Km** | **Expensed Total** | **106.5** | **119.4** | **99.6** | **105.0** | **102.2** | **84.4** | **70.8** | **34.7** | **722.6** |
| **Km** | **Capital - SIB** | **50.9** | **49.8** | **33.1** | **28.0** | **3.9** | **3.9** | **0.0** | **0.0** | **169.7** |
| **Km** | **Total** | **157.4** | **169.2** | **132.7** | **133.0** | **106.1** | **88.3** | **70.8** | **34.7** | **892.3** |

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Exploration drilling programmes at Geita for 2022 completed a total of 179,048m for both capitalised and expensed projects for a total spend of $37.7M (including Labour).

Mineral Resource development drilling for Capitalised - Sustaining Projects completed 60,201m, with 26,168m from surface (22,985m at Nyamulilima open pit and 3,183m at Ridge 8) and 34,033m from underground projects (19,607m at Star and Comet Cuts 2, 3 and 5, and 14,426m at Nyankanga Block 1).

Mineral Resource development drilling for Capitalised-Non Sustaining Projects completed 51,953m of exploration drilling comprised of 34,200m from surface (33,137m at Geita Hill Blocks 3, 4, 5 and 6, 1,062m at Kalondwa Hill and 16,504m from underground projects (Geita Hill Blocks 1 and 2).

Mineral Resource delineation/development drilling for expensed sustaining projects completed a total of 41,110m of exploration drilling comprised of 30,710m from surface (1,902m at Nyamulilima Cut 2 open pit, 25,804m at Xanadu and 3,004m at Mabe) and 10,399m from underground projects at Star and Comet Cuts 2, 3, 4, and 5 targeting new Inferred Mineral Resource.

The Mineral Resource delineation and exploration upside drilling for expensed non-sustaining projects completed 23,834m comprised of 14,764 from surface drilling (12,512m at Mabe and 2,252m at Kibugwe in the Nyamulilima district) and 9,070m of underground extensions at Star and Comet Cuts 2 and 3 (3,225m) and Nyankanga Blocks 3 and 4 (5,845m).

Mineral Resource delineation drilling completed 5,899m at Star and Comet Cut 4/Cut 2 on level 930DDD to convert the lower confidence material portion of Star and Comet Cut 4 footwall mineralisation between levels 850mRL (mRL is equal to metres above mean sea level) and 700mRL to Inferred Mineral Resource classification. The drilling also tested the potential continuity of Star and Comet Cut 2 mineralisation below 500mRL. The assay results from this drilling reported tight intersections of medium and high-grade material confirming the mineralisation along the hangingwall and deeply seated Cut 2 footwall structures. The intersection shows potential continuity of Cut 2 mineralisation below 500mRL.

Mineral Resource delineation drilling completed 4,387m at Star and Comet Cut 3 on levels 931mRL, 896mRL, 846DSP and 881DSP to extend the Cut 3 Mineral Resource below 500mRL. Assay results from 931mRL and 896mRL drilling reported tight intersections of medium grade, hosted within a brecciated massive sulphide unit developed along the contact between Lapilli and Ash tuffs. The intersections confirmed the downdip continuity of the mineralisation on the southern portion of Cut 3 below 700mRL. The drilling also confirmed potential mineralisation continuity below 750mRL on the northern portion of Cut 3 hosted within brecciated massive sulphide developed along the contact between Ash Tuff and BIF. The results from 846DSP and 881DSP returned significant and economic intersections with high-grade inclusions confirming the down-dip continuity of Star and Comet Cut 3 mineralisation below 500mRL where future drilling programmes will be completed to assess the potential for extension of Star and Comet Cut 3.

Mineral Resource delineation drilling completed 3,461m at Star and Comet Cut 5 on levels 1246mRL and 1021mRL to convert the Ridge 8 Mineral Resource from level 1200mRL to 800mRL to Inferred

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Mineral Resource classification and test the down-dip potential below 800mRL. Assay results from this drilling confirmed the mineralisation continuity along the Ridge 8 host structure, hence, warranting Mineral Resource conversion of Cut 5 Mineral Resource model from Inferred to Indicated Mineral Resource classification at levels 1226mRL, 1201mRL, 1176mRL and 1151mRL. Mineral Resource-development drilling is ongoing.

Mineral Resource development drilling (12,358m) was carried out at Star and Comet Cut 3 from levels 931mRL, 896mRL and 881mRL. The Mineral Resource-development drilling on levels 931mRL and 896mRL was aimed at converting the Cut 3 Mineral Resource model at levels 876mRL, 866mRL and 851mRL (northern portion) to Indicated Mineral Resource classification and fence the mineralisation below 700mRL. The Mineral Resource-development drilling on level 881mRL was aimed at converting the Cut 3 Mineral Resource model at levels 841mRL, 816mRL and 791mRL (southern part) to Indicated Mineral Resource classification. Assay results from the Mineral Resource-development drilling at Star and Comet Cut 3 reported medium and high-grade intersections of limited widths, confirmed the mineralisation continuity on the northern portion of Cut 3 on levels 866mRL, 841mRL, 816mRL & 791mRL, hence, warranting extension of additional minable stopes below Star and Comet Cut 3 LOM design. The ore zones are hosted within brecciated massive sulphide unit running along the contact between Ash tuffs and BIF and associated with massive sulphide and intense silica-carbonate-pyrite alterations. The intersections are confirming the boudinage nature of the open-ended ore zones with grade improvement at depth.

Mineral Resource development drilling at Star and Comet Cut 5 (7,126m) was carried out from Level 1246mRL to convert the Cut 5 Mineral Resource model between levels 1226mRL-1201mRL and 1176mRL-1151mRL to Indicated Mineral Resource classification. The drilling results from Star and Comet Cut 5 returned significant and economic intersections confirming the mineralisation continuity along the Ridge 8 host structure, hence, improving the Mineral Resource confidence and warranting Mineral Resource conversion of Cut 5 Mineral Resource model from Inferred to Indicated Mineral Resource classification at levels 1226mRL, 1201mRL, 1176mRL and 1151mRL.

The first round of Mineral Resource-development drilling from surface commenced at Ridge 8 in quarter 2 (3,183m) to convert the Ridge 8 Underground Mineral Resource at level 1176mRL to Indicated Mineral Resource classification and test the extent of the known voids within the area. Assay results from this drilling are returning significant and economic intersections as anticipated in the geological model, hence, warranting the conversion of Ridge 8 Inferred Mineral Resource to Indicated Mineral Resource classification at level 1176mRL. Drilling is ongoing with phase 2 drill plan scheduled to commence in January 2023.

Mineral Resource development drilling was carried out at Nyankanga Underground Blocks 1 and 2 (14,426m) from levels 1075DD and 1050 SP2 (Block 1) and 930 SP6 (Block 2) to convert the Inferred Mineral Resource to Indicated Mineral Resource category. The drilling results at Block 1 confirmed an up-dip continuity of the mineralisation within the Nyankanga shear zone. The mineralisation remains open-ended both up-dip and up-plunge towards southeast, hence, warranting an extension of the stopes towards southeast. The drilling results from Nyankanga Block 2 confirmed the mineralisation continuity along the Nyankanga Shear zone and improved the Mineral Resource confidence to Indicated Mineral Resource category. Also, the results at Block 2 defined open potential targets further down for drilling opportunity to chase the down dip continuity of mineralisation along the Nyankanga Shear zone. Further drilling is required to fully define the down-dip potential within these areas.

Mineral Resource delineation drilling (5,845m) was carried out at Nyankanga Blocks 1, 3 and 4 underground. The lower confidence material drilling at Block 1 was carried out from levels 11075DD and 1050 SP2 to convert the lower confidence Mineral Resource to Inferred Mineral Resource classification as well as testing the potential continuity of mineralisation down the Nyankanga shear/fault zone. Weak, erratic intersections were observed downdip the host structure at Nyankanga Block 1 due to change/lack of geological complexities and weak development of the host structure. Lower confidence material drilling at Nyankanga Block 3 was carried out from level 815 DDW) to test the down-dip continuity and strike extension of mineralisation within the main Nyankanga shear zone and projected seismic structures sitting below the Nyankanga main shear.

At Block 4 (level 960FWD), the BST drilling tested an up-dip continuity of mineralisation within the main Nyankanga shear zone and projected seismic structures sitting below the Nyankanga main shear before the development of permanent underground infrastructure at Block 4_960FWD. The drilling results at

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Block 3 improved the Inferred Mineral Resource while opening potential lower confidence material targets further down the Nyankanga structure both at Blocks 2 and 3. The projected seismic structures continued to show narrow and erratic mineralisation trend downdip along the Nyankanga shear zone. Further planning is needed to chase strike extension of these seismic structures to ascertain their economic potential. No significant mineralisation below the Nyankanga Shear zone was identified at Nyankanga Block 4, and therefore, the area can be used for permanent Underground infrastructure.

Mineral Resource development drilling was undertaken at Geita Hill (49,641m) to create Inferred/Indicated Mineral Resource for underground Blocks 1, 2, 4, 5 and 6 and confirm the designed mine stopes ahead of underground mining developments. Diamond Drilling (DD) from underground platforms was carried out at Blocks 1 & 2 and Mineral Resource definition drilling from surface was carried out at Blocks 3,4 & 5. Assay results from both drilling programmes reported significant and economic intersections from all Blocks, significantly confirming the Indicated Mineral Resource and improvement on the overall Geita Hill underground Mineral Resource. Grade improvements at depth are noticed in most of the Blocks, giving good indications of underground BST potential below the current level of Mineral Resource confidence. At Geita Hill Block 3 (GH3) the ore zones tend to narrow down at depth due to lithological variabilities and depleted zones into the voids. The intersections reported from Block 4 confirmed down-dip continuity and widening up of the orebody compared to the upper portion, hence, setting a good lower confidence material potential downdip. At Block 2 the drilling results continued to define the down-dip extension of the mineralisation below the Indicated Mineral Resource portion of the Mineral Resource model. At Block 1, the assay results are defining open-ended multiple ore zones hosted within the corridors of damage zones.

The first round of Mineral Resource development and delineation drilling programme was completed at Lone Cone (3,197m consisted of 1,248.6m of Mineral Resource-development and 1,948m of Mineral Resource-delineation) to build more confidence on the Mineral Resource conversion from Inferred to Indicated Mineral Resource category as well as lower confidence material to Inferred Mineral Resource. The drilling also tested the potential continuity of mineralisation down the projected Lone Cone shear zones. Assay results this drilling reported significant and economic intersections which added more confidence on the Indicated Mineral Resource as well as confirming an open-ended down-dip continuity of the mineralisation within the host structure, hence, setting up some lower confidence material targets for follow up down the structure. The drilling also enhanced the confidence on the lower confidence Mineral Resource to be promoted to Inferred Mineral Resource category, and in some areas the drilling was able to identify the down-dip continuity of mineralisation to about 200m below the current level of Mineral Resource confidence. In addition, the lower confidence material drilling managed to firm up nearly 300m strike length of the mineralised zone. Further drilling will be planned after sorting out the underground access drive from Nyankanga.

Both Mineral Resource-delineation and Mineral Resource-development drilling programmes were undertaken at Nyamulilima Cuts 1 and 2 pit (24,887m consisted of 22,985.1m of Mineral Resource-development and 1,902m of Mineral Resource-delineation) for further defining the down-dip extension of the orebody and firming up the Indicated Mineral Resource within and along the margins of the pit shell. The drilling was focused on confirming the sensitive parts of the pit design where the April 2022 Mineral Resource model defined regions of high-grade zones that needed further justification to firm up the Indicated Mineral Resource. Assay results received confirmed presence of significant and economic intersections within and outside the currently modelled Mineral Resource and pit design, hence, favouring the drilling objectives and Mineral Resource conversion methodology. The results are warranting for additional lower confidence material and in-pit Mineral Resource-development drilling to expand the declared Mineral Resource and justification for underground potential.

Following these observations, another Mineral Resource-development drilling programme was proposed and undertaken during quarter 2 along the north-western margin of Nyamulilima Cut 2 pit. The drilling was motivated after the release of a new Mineral Resource model for Nyamulilima at the end of April 2022. The Whittle Optimisation which included Measured, Indicated, and Inferred Mineral Resource identified a potential expansion of the pit outside the current design along the North-West section of the pit at a $1,200/oz gold price. The expansion was considered to bring another 150koz of which 35% is Inferred Mineral Resource to Nyamulilima LOM.

The assay results from this drilling phase confirmed the ore zones and triggered another Mineral Resource model upgrade in late September 2022. The new Mineral Resource upgrade confirmed the economic viability of the North-West pit expansion. The cost analysis indicated a breakeven gold price

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sitting around $1,060/oz for this expansion. Using the BP2022 costs and $1,200 gold price, the North-West Expansion showed a potential of 180koz at 2.96g/t of which 21.5% is Inferred Mineral Resource. Using the BP2023 costs and $1,400/oz gold price, the Expansion potential increased to 219Koz at a much lower grade (2.38g/t). However, it should also be noted that the Mineral Resource model upgrade was done while a reasonable number of results were still pending, some of which having a potential to deliver significant intersections to further boost the Mineral Resource numbers in 2023 Mineral Resource model update.

A Mineral Resource delineation drilling programme was carried out at Xanadu to delineate the strike extensions of Xanadu Satellite target towards west and northwest to warrant Mineral Resource conversion to Inferred and Indicated Mineral Resource categories. The drilling along the southeast of the target was intensified, seeking to delineate the downdip continuity of the mineralisation from Nyamulilima Cut 2, while firming up potential zones along strike to Xanadu west. The drilling targeted the zones of complex fracturing and fold geometries while honouring areas along intrusive-BIF contacts. The drilling results from the central parts of the target and areas to the west were discouraging due to intrusion of non-mineralised TTG suites. The assay results along the southeast of the target reported wider mineralised zones containing low and medium grade materials defining the downdip continuity of the Nyamulilima Cut 2 ore zones as well as strike continuity towards Xanadu west. The intersections are hosted in tonalite intrusive. The drilling along the southeast of Xanadu was put on hold to allow detailed interpretation which will define downdip projections of high-grade shoots from Nyamulilima Cut 2.

Mineral Resource delineation drilling is ongoing along the north-west extension of Xanadu, which also forms the south-western extension of Selous satellite target. The drilling within the area was motivated after detailed review of the drilling data from Xanadu Main. The drilling results from Xanadu Main delineated narrow mineralised zones that appear to be discontinuous both along strike and downdip due to wider coverage of the delineation drilling programme and placement of late intrusive complex body which downgraded the potential of the target. Drill cores were re-logged and additional surface geological mapping along road cuts and drill pads were conducted to ascertain the geological model and potential mineralisation controls and possible continuities. Visual observations from the drill holes indicate presence of narrow, but relatively high grade, near surface ore zones hosted in hydrothermally brecciated BIF units and along the contact between BIF and earlier intrusives (tonalite/granodiorite). The anticipated ore zones are associated with strong silicification to quartz-carbonate veins and pyrrhotite and pyrite sulphidation occurring as bedding-parrallel alteration zones, fracture fills and fine disseminations within rock mass. Majority of the assay results from this drilling are pending, but at least one of the drill holes reported a narrow high-grade intersection averaging 3.4m at 5.02g/t from 5.4m confirming the geological concepts. A total of 25,804m were drilled during the year from Xanadu sub-domains.

The first round of Mineral Resource delineation drilling was carried out and completed at Mabe Satellite target to test the mineralisation potential of the area. The programme was intended to test the regional structural framework focusing on testing the interpreted strong NW-SE trending geophysical contrast preliminarily interpreted as a sheared contact between the volcano-sedimentary units and mafic metavolcanics/intrusive bodies located on the northern flats of Mabe Satellite target. In Geita perspective, the sheared intrusive-metasedimentary contacts form primary exploration targeting criterion for gold mineralisation. The drilling also tested the stratigraphy of Mabe Hills for further delineation of the lower confidence Mineral Resource. Majority of the assay results from the northern flanks of Mabe Hills and flat areas to the north of the target reported insignificant gold grades due to lack of favourable host lithologies and alteration haloes related to gold mineralisation.

Another round of Mineral Resource development drilling (Mineral Resource conversion to Indicated Mineral Resource category) commenced at Mabe satellite target close to end of quarter 3. The drilling seeks to convert the remaining portion of the Inferred Mineral Resource of Nyamulilima Cut 2 NW extension which remains open along strike towards Mabe. This drilling carries the potential of expanding the Nyamulilima Cut 2 pit to the NW for another 500 to 700m from the current pit margin. The mineralisation favours a near surface open pit material hosting ore zones ranging between 5 to 10m wide at an average grade of +3g/t along a strike length of about 700m. Drilling is ongoing.

The drilling intersections from previous drilling together with those reported recently from the Nyamulilima Cut 2 pit expansion drilling programme provide more insights in the area to be drilled at a reduced spacing as an initial phase of Mineral Resource conversion to Indicated Mineral Resource classification. Two holes were completed from the first drill section at Mabe and intersected near surface

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multiple zones of hydrothermally brecciated BIF units in contact with tonalite-granodiorite intrusives associated with strong silica-carbonate alterations and pyrrhotite-pyrite sulphides. The breccia zones suggest potential ore zones. Assays are outstanding. A total of 15,517m were completed during the year from Mabe sub-domains.

An initial phase of reconnaissance exploration drilling programme was undertaken at Kibugwe during the quarter to test the prominent NW-SE trending geochemical anomaly identified along the western stretch of Xanadu Satellite target through to Kibugwe PL. Ten drill holes totalling 2,199m were completed. Assay results have been received from two drill holes. The holes tested the two prominent Ridges where rock exposure starts from surface. The overall results were not encouraging, and no significant intersection was identified. The gold grades for the first 20m from surface are looking similar in both holes but being relatively lower than those observed from geochemical surface anomaly. The drilling was kept on hold to allow detailed interpretation and more assay results before concluding for another phase of drilling or abandon the prospect for being barren.

The first round of Mineral Resource development and Mineral Resource delineation drilling commenced close to year end at Kalondwa Hill (1,062m) to convert the existing lower confidence material and Inferred Mineral Resource to Indicated Mineral Resource category. Kalondwa Hill target is located to the southern part of Nyankanga deposit and separated from the Nyankanga Block 5 deposit by the Iyoda faults. Previous drilling identified potential mineralised ore zones which were used to run the Mineral Resource estimation to Inferred category (0.06Moz of Inferred Mineral Resource at an average grade of 3.91g/t). Detailed surface geological mapping and other reviews from geophysical datasets identified three corridors of sub-parallel, brittle-ductile shear zones extending about 0.7km along a NE-SW trend, steeply dipping to the NW and NNW. The current drilling proposal seeks to upgrade this Mineral Resource to an economically mineable pit as well as assessing the potential continuity of mineralisation from the nearby Nyankanga Block 5 underground mine stope and potential opening towards Fikiri-Jumanne satellite targets to the west. Assay results have been received for only one drill hole which reported three narrow mineralised zones at a depth of 156m below surface. The first two zones reported medium gold grades between 2 and 3.7g/t. The lower zone reported narrow but extremely high-grade intersection. The mineralisation is hosted along the sheared BIF-Diorite contact associated with strong silica alteration and fine-grained pyrite disseminations. Drilling is ongoing and more assays are awaited.

Geita Geological map showing Exploration target areas for 2022-2024

![image25a.jpg](image25a.jpg)

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Non-drilling exploration works for the year involved detailed prospect scale geological review and surface geological mapping for targets consolidation at Geita Hill East Pit through to Prospect 5 as well Prospect 30, Samena-Fikiri-Jumanne-Kalondwa Hill trend and Nyamulilima. Also some members of Exploration Section accompanied the Global AngloGold Ashanti Greenfields Exploration team to revisit the Greenfields PLs (Nhumbu PL located at Shinyanga and Manjaro PL located at Singida region).

Exploration activities were focused at Nyamulilima (16km<sup>2</sup> area) and at the Geita Hill, Star and Comet and Nyankanga underground mines (15km<sup>2</sup>). Greenfields non-drilling exploration programmes were undertaken at Nhumbu PL located at Shinyanga and Manjaro PL located at Singida region).

Primary data collected includes bulk density, geological data (structure, lithology, alteration, mineralisation), survey data (downhole and collar), gold assay, bottle roll data and multi-element analysis data from Reverse Circulation (RC) and DD.

The data capture process is completed in accordance with in-house guidelines aligned to the AngloGold Ashanti company guidelines.

All data is captured into Core Fusion<sup>TM</sup> database which is validated bi-weekly and monthly basis to ensure that the collected data is accurate and validated. User access to the data is regulated. The database is regularly backed up both on-site and to Corporate Office servers.

No data from surrounding properties was used for geological interpretation, geological modelling or Mineral Resource estimation. However, when AngloGold and Ashanti merged in 2004, exploration data was inherited from Ashanti. The Ashanti database was a merge from Ashanti Goldfields who owned Geita Central Trend, Anglo American who was the owner of Nyamulilima Trend and Samax Resources Limited who owned Kukuluma Trend. During the merge of AngloGold and Ashanti Goldfields, a full data validation exercise was conducted as per in-house standard procedures before import into the database and incorporation into the geological and Mineral Resource models.

**<u>7.2</u><u>Drilling techniques and spacing</u>**

Both DD and RC drilling are undertaken. The average depth of drilling is variable depending on the objective of the drilling programme. In summary, RC drilling techniques are used for surface exploration, and surface and underground grade control. DD with NQ sized core is used for surface and underground exploration, and NQ and LTK sized core for underground grade control. Further details for each technique are presented below.

DD:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Type - Standard rod

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core is orientated with the ACT Digital orientation tool during drilling and core is then aligned and marked on a "V" Rail/Angle Iron during core processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Down hole surveys are completed using Reflex and Champ gyroscopic downhole survey instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Diameters are HQ/NQ2/LTK

RC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No orientation, RC chip samples collected rotating cone splitters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Down hole surveys are completed using Reflex and Champ gyroscopic downhole survey instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RC drill hole diameters are 5.2 to 5.5 inches

Core logging (logging) is conducted as per in-house procedures which are compliant with AngloGold Ashanti geological logging guidelines. The logging is completed with sufficient detail on lithology, structure, alteration, mineralisation, geotechnical and rock mass quality to support the geological modelling, estimation, mining, metallurgical and technical studies required, and for Mineral Resource and Mineral Reserve estimation.

DD half-core is retained and stored in the Geita core yard for future reference and re-logging, sampling and assaying as required. RC sample chip trays are stored for future reference and re-logging, and RC bulk/reject samples are stored for 3 to 6 months and discarded once assays are received and validated.

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Logging is both qualitative and quantitative. All diamond drill core is oriented for collection of structural and geotechnical data. Core photography is conducted as per Geita's in-house procedures and is electronically stored. Logging is completed for the entire length of all completed drill holes.

All exploration drill holes are set up using Azi Alignment tools or survey control, with surveying at 6m to confirm correct hole trajectory after collaring. Downhole surveying is typically completed at 30m intervals as the drill hole progresses, with a final end of hole (EOH) survey completed. Downhole surveys are collected using north seeking gyroscopic downhole survey instruments. The survey results are sent electronically to the project geologists who verify the surveys and prepare data for import into the Fusion<sup>TM</sup> database.

Drill hole spacing over the Geita projects is variable, where drilling at Geita varies from 20/25m x 20m grid for Indicated Mineral Resource and 40/80m x 40m for Inferred Mineral Resource. Drilling to Measured Mineral Resource is typically completed as grade control drilling to 12.5/10m x 10/5m spacing. Only RC and DD drilling is used to update Mineral Resource models at Geita.

Details of average drill hole spacing and type in relation to Mineral Resource classification

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Spacing m (-x-)** | **Type of drilling** | **Type of drilling** | **Type of drilling** | **Type of drilling** | **Type of drilling** |
| **Category** | **Spacing m (-x-)** | **Diamond** | **RC** | **Blasthole** | **Channel** | **Other** |
| Measured | 10x10,10x15 | Yes | Yes | No | No | No |
| Indicated | 10x10, 10x15, 20x20, 25x15, 25x40, 40x20,<br>40x40 | Yes | Yes | No | No | No |
| Inferred | 20x20, 40x40, 50x40, 50x50, 80x40 | Yes | Yes | No | No | No |
| Grade Control | 5x10, 10x5,<br>10x15 | Yes | Yes | No | No | No |

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**<u>7.3</u><u>Results</u>**

The geological data used to carry out the geological interpretation and geological modelling are extracted by the project geologist from the Fusion<sup>TM</sup> database. Primary information to plot the drill holes trace are the collar, downhole survey, lithology and assay tables. The secondary tables to supplement the interpretation are the structure, alteration and mineralisation tables. 3D data viewing, validation, interpretation, and modelling are conducted using Leapfrog<sup>TM</sup> and Datamine®. The project data can still be further integrated with geophysical data using a 2D based ArcGIS<sup>®</sup> software. Drill plans and sections are printed as hard copies for detailed geological interpretation on a light table. Once completed, they are scanned and digitised to continue with interpretation and 3D modelling in Leapfrog<sup>TM</sup> and Datamine®.

No drilling results relating to the Mineral Resource model areas have been excluded from use in Mineral Resource estimates. Both DD and RC samples are used for Mineral Resource calculations at Geita as these methods are believed to provide good quality samples. Assay results from the laboratory are accompanied by Certificates of Analysis for each batch.

Assays are validated and imported into the Fusion<sup>TM</sup> database as they are received, and the import notification is automatically generated to notify pass or failed batches. The laboratory is notified on the failed batches and re-assay is completed. Quality Assurance and Quality Control (QA/QC) reports are generated on weekly, monthly, quarterly, annually and for specific Mineral Resource model estimates. Geological models are routinely validated and updated as drilling progresses, and final review is conducted prior to Mineral Resource model updates. Exploration results are communicated on weekly, monthly, quarterly, and annual basis through site and corporate reporting frameworks.

**<u>7.4</u><u>Locations of drill holes and other samples</u>**

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SE-NW Nyankanga underground - 2022 exploration drilling intersections (long section looking southwest)

![image32.jpg](image32.jpg)

E-W Geita Hill underground - 2022 exploration drilling intersections (long section looking south)

![image18.jpg](image18.jpg)

E-W Geita Hill underground 2022 exploration drilling locations and drilling forecast (long section looking southwest)

![image19a.jpg](image19a.jpg)

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SE-NW Star and Comet-Ridge 8 underground-2022 Exploration drilling locations and some significant intersections (long section looking southwest)

![image10.jpg](image10.jpg)

**<u>7.5</u><u>Hydrogeology</u>**

Geita does not use laboratory techniques to test for groundwater flow parameters. Groundwater flow parameters are not laboratory-derived, they are determined from field tests such as pumping tests, packer tests and falling head tests. In these tests the changes in water level over time in a pumping drill hole, together with measurements of water level response in surrounding piezometers (water level monitoring drill holes), are used to determine the hydrogeological parameters of an aquifer, i.e., the permeability (K), transmissivity (T) and storage or storativity (s) of the lithology through which groundwater is flowing in response to a flow gradient (i). Pumping tests are carried out comprising Step-Tests, Constant Discharge (or Constant Head) Test, followed by a Recovery Test. These are standard tests used by hydrogeologists to determine aquifer parameters where the data from the tests are collated and assessed using industry standard equations such as the Theis DuPuit and Thiem equations applied to Darcy's Law.

Routine rainfall measurements are taken from gauging stations across the Geita site. These data are used to determine surface flow and groundwater recharge rates based on surface catchment runoff and groundwater infiltration rates using Excel spreadsheets and applying models such as CRD (Cumulative Rainfall Departure) and OPSIM (Operational Simulation of Industrial water Management and natural resource systems). Seasonal rainfall is compared to long-term site average conditions and predicted conditions (global meteorological forecasting models). Site dewatering pumping rates are set to cater for average as well as extreme events using pit stage curves to determine expected ingress volumes of water to the open pits based on average and extreme events. Open pit sump dewatering pump availability is set to enable pumping out a 1:100 RI event within 30 days.

Surface water flow monitoring and site water balances are carried out using data from flowmeters and flow gauges (such as a V-notch weir) and data is collated and assessed in Excel spreadsheets as well as using software packages such as OPSIM. This is an integral component of routine water flow and storage monitoring and management at Geita to ensure operational efficiency (maximise re-use of water) and mitigate risks (e.g., inrush and inundation of underground workings from an extreme rainfall event).

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Surface water and groundwater quality monitoring is routinely carries out by the environmental section at GGM to ensure quality compliance to the mining licence and national standards. Samples are collected and analysed at accredited laboratories for indicator parameters and compared with water use and discharge standards. Standard QA/QC and strict chain of custody procedures are followed. The hydrogeology section routinely makes in-field water quality tests for basic indicator parameters (salinity and pH). Water quality results are collated and assessed for compliance to, or deviation from, relevant standards and remediation measures put in place if required.

Surface (open pit) mining is carried out at Nyamulilima pit where implementation of de-watering infrastructure has been commissioned in 2022.

All underground operations are accessed from within their respective open pit shells, where the mined out open pits are used for water storage from both surface and underground water sources.

Pumps and related infrastructure for the underground dewatering are managed by Underground Engineering and the pumping rates and targets are managed by the Hydrogeology Section of the Mine Technical Services Department on site.

A summary of the underground water supply and dewatering is outlined below:

As underground workings are developed, sumps are constructed, and dewatering pumping is done via stage-lifts to surface where water is discharged into the respective pit lakes/sumps for re-use/recycling for mining operations.

Star and Comet underground water supply rate approx. 9l/s from open pit pumps. Outflow from underground is discharged to the Star and Comet Open pit and recycled.

Nyankanga underground operations supplied at approx. 19l/s from the mined out Lone Cone open pit.

Dewatering is discharged from underground operations into the Nyankanga open pit sump. Geita Hill underground water supply is from water stored in the pit lake as well as pumping of a void dewatering drill hole (approximately. 4l/s). Underground water is discharged into Geita Hill open pit lake/sump and transfer pumped to Lone Cone pit for storage and re-use for GGM mining and ore processing operations.

Cover drilling is carried out at all underground operations ahead of 'blind' development zones, supervised by the Geotechnical Section.

Any underground water intersections (water-bearing structures) are reported to and monitored by the Hydrogeology and Mining and Geotech are advised on which water management strategies to implement (whether to grout or allow self-draining into the underground sumps).

Any significant water intersections reported by Geology Department during exploration drilling activities, are reported to Hydrogeology and monitoring of water flows initiated together with water management strategies.

The majority of water-bearing structures intersected are left open and drain with time. Depending on operational requirements some of these intersections are sealed using a Van Ruth plug which is removed once development has proceeded to allow gravity drainage. This is the preferred method to minimise piezometric pressure build-up around underground workings.

The rock mass in general has a low permeability (0.0001 - to 0.1m/d determined from Pumping Tests) with limited secondary structures in the rock mass.

Laboratory testing is not carried out for determining hydrogeological characteristics.

Site water balance is carried out on a routine (weekly) basis or for simulation modelling using OPSIM.

At GGM the annual evaporation (approximately 1,300mm) exceeds the annual rainfall (approximately 1,000mm).

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Geita region catchments and monitoring points

![image12.jpg](image12.jpg)

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Water levels in open pit sumps / pit lakes (Geita Hill West, Nyankanga, Lone Cone and Star + Comet Pits), as well as Nyankanga Dam are routinely measured.

Open pit water levels are maintained at an elevation below the lowest portal to underground workings that provides adequate buffer to contain rain/storm water inflow during extreme events (1:100 RI), to prevent inrush or inundation.

Summary of open pit dewatering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open pit dewatering is carried out to ensure dry mining operations, prevent flooding of equipment and to prevent water inrush or inundation of entrances/portals to underground workings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyankanga dewatering pumping rate approx. 150m<sup>3</sup>/hr and stage-pumped to Lone Cone pit for re-use in mining operations and Process Plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Similarly, Geita Hill West pit is dewatered at a rate of approx. 160m<sup>3</sup>/hr and stage-pumped into Lone Cone Pit for operational use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyamulilima open pit dewatering commenced during 2022.

A new dam has been constructed at Nyamulilima for purposes of storing water pumped from Nyamulilima Pit (dewatering operations). This water will be used for dust suppression.

**<u>7.6</u><u>Geotechnical testing and analysis</u>**

Geotechnical information that has been collected from laboratory testing and field measurements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• various lithologies and alteration types present and their distribution within the deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• structural data regarding the location, orientation, length, spacing and character of infilling material for faults, defects, and veins

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strength properties of intact rock and of fresh and saw-cut joint planes

Geotechnical core logging is undertaken primarily to obtain information that can be used to determine the engineering properties of the rock mass, which is essential for open pit and underground mine design. The engineering properties of the rock mass determines behaviours and response of the rock mass when benches, slopes, tunnels and stopes are excavated in them. The data gathered from geotechnical logging forms the basis for determining the stable slope, stope and pillar size design parameters and design for stope and development ground support.

The following geotechnical parameters are collected from geotechnical logging:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material strength and anisotropy estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quantity of defects

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strength quality of defects, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Orientation and geometry of structures

Geotechnical field mapping is done to identify structures and rock masses that can have a material impact on production:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major structure mapping, which involves collecting data about large structures that may affect the overall design of the underground mine or inter-ramp/overall slopes or multiple developments and/or stopes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cell mapping, which involves collecting relatively small structures that may affect a single bench, development, or stope

The mapped structures are projected to interim and final benches, inter-ramp and overall slopes for the open pits, and onto development and stope designs for the underground to identify possible failure geometries before they are exposed.

Laboratory testing of rock material is undertaken to give confidence to the rock mass strength properties that are estimated from rock mass classification systems. Laboratory testing techniques used at GGM

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include uniaxial compressive strength (UCS), triaxial compressive strength and direct shear testing to some extent. Historically, the mine has utilised accredited rock testing laboratories to undertaking laboratory testing. However, in the recent past, the company has setup an inhouse rock testing laboratory with the aim of doing some of the initial testing in house

Rock sampling and testing procedures are used as part of quality control and assurance to ensure the samples are collected and prepared correctly and also to ensure that testing is done in accordance with International Society of Rock Mechanics Commission on Standardization of Laboratory and Field Tests (1978). The collected data (laboratory and field) is validated and stored in secure site databases and a central companywide geotechnical database.

The results of laboratory testing at Geita show that the rock strengths in all the deposits (i.e., Nyankanga, Geita Hill and Star and Comet) are generally greater than 100MPa, which equates to a R5 grade and very strong rocks.

The strength parameter results for the major lithologies per deposit are summarised in the tables below.

Strength parameter results for the major lithologies per deposit

Nyankanga:

---

| | | |
|:---|:---|:---|
| **Lithology** | **UCS Strength** | **UCS Strength** |
| **Lithology** | **Mean (MPa)** | **Standard Deviation (MPa)** |
| BIF | 144.74 | 80.27 |
| DPH | 108.58 | 39.54 |
| QFP | 52.09 | 24.21 |
| TUFF | 189.11 | 63.98 |

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Geita Hill:

---

| | | |
|:---|:---|:---|
| **Lithology** | **UCS Strength** | **UCS Strength** |
| **Lithology** | **Mean (MPa)** | **Standard Deviation (MPa)** |
| BIF | 194.81 | 69.02 |
| DPH | 108.00 | 32.37 |

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Star and Comet:

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| | | |
|:---|:---|:---|
| **Lithology** | **UCS Strength** | **UCS Strength** |
| **Lithology** | **Mean (MPa)** | **Standard Deviation (MPa)** |
| BIF | 214.48 | 101.04 |
| DPH | 367.32 | 101.87 |
| QFP | 344.67 | 156.33 |

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**<u>8.</u><u>Sample preparation, analysis and security</u>**

**<u>8.1</u><u>Sample preparation</u>**

Drilling samples are collected from RC and DD drilling methods.

Samples from RC drilling are collected at 1m intervals using rotating cone splitters, with approximately 3kg collected in calico sample bags, and bulk reject sample collected in plastic sample bags (in case re-assaying is required).

For DD, the samples are collected from half-core at an average of 1m interval, but the sampling interval can change based on geological observations (change in rock type, alteration, mineralisation, structural fabrics in the rock mass or core loss). The minimum sample length from drill core is 0.5m and up to a maximum length is 1.5m as per Mineral Resource estimation guidelines. The majority of exploration DD uses NQ size drilling equipment. The half-core is placed in calico sample bags.

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Grab samples are collected during geological mapping at the geologist's discretion and from underground face mapping, however, are not used in Mineral Resource estimation.

Portable X-ray fluorescence analysers (pXRF) handheld instruments are used to collect *in-situ* simultaneous multielement analysis outside the confines of a laboratory, and handheld hyperspectral (Terraspec<sup>TM</sup>) scans are completed for geometallurgical studies from selected pulverized sample returned from the assay laboratory. For DD core, samples are collected from half-core at 1m intervals, with niche samples as required to honour lithological contacts and other geological observations. DD is typically NQ size.

Rotating cone splitters (Sandvik Rotaport<sup>TM</sup>) are fitted to RC drill rigs for sampling through which the samples are collected at 1m intervals, collecting approximately 3kg of sample for assaying.

For Mineral Resource estimation, samples are composited to 1m intervals (with a minimum composite length of 0.5m) for Mineral Resource estimation.

Geological logging is completed for RC and DD to describe rock type - lithology, mineralisation, alteration, texture, grainsize, vein systems and lithological profiles (oxide/transition or fresh rock).

Structural and geotechnical logging is completed on all DD core for structure, rock mass characterisation, rock quality designation (RQD) and core recovery. All DD core are oriented where possible.

Bulk density is routinely collected from DD core using water immersion method, with measurements taken at 1m intervals.

Gold mineralisation is determined by fire assay, with samples collected from the entire drill holes.

Geometallurgical data collection includes routine bottle roll test work of mineralised zones to determine recovery, and hyperspectral scanning and pXRF analysis of assay pulp reject material is undertaken for geometallurgical project work.

Routine metallurgical test work is undertaken to monitor recovery and hardness, and specialist test work is completed for new ore bodies.

Drill hole planning takes into consideration the geometry of each ore body to ensure that the drill hole - ore body intersection is as close to perpendicular as possible.

When reporting exploration results if true width intercepts are not possible, intercepts are noted as "downhole width, true width not known".

DD core samples are generally retained throughout the LOM and beyond. If a need to dispose of DD core arises, a disposal permit is requested from the Ministry of Energy and Minerals, typically limited to DD core related to mined out volumes.

RC samples (chips) are generally also retained until mined out, and if they need to be disposed of, the disposal process follows the company's environmental waste management protocols. RC bulk and reject samples are collected and stored for 3 to 6 months and discarded once assays are received and validated.

In-house standard procedures (developed in line with AngloGold Ashanti Sampling Guideline Rev 1.04 2019) are in place to ensure optimal sample recoveries through DD core recovery logging and mass balance studies for RC drill samples. Mass balance sampling of RC sample intervals requires routine testing of selected drill holes (target 10%) where the entire sample interval is weighed and compared to theoretical volumes and weights to determine RC sample recovery.

NQ2 (50.7mm core diameter) and HQ (63.5mm core diameter) sized DD drill samples are generally cut with core saw and half is submitted as half-core for sampling and analysis. LTK60 (44mm core diameter) sized DD drill core, generated from underground grade control drilling, is sampled as full core.

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RC samples are taken at 1m intervals and are split using rotating cone splitter attached to the RC drill rig. DD and RC Samples are composited to 1m intervals (with a minimum composite length of 0.5m and maximum sample length of 1.5m for diamond core) for Mineral Resource estimation.

NQ2 and HQ sized DD drill samples are presented to the laboratory as 1m, half-core samples (LTK sized core is sampled as full core from grade control drilling) which are oven dried (12 hours at 104°C), then crushed to 90% passing 2mm, samples are split to approximately 0.5kg to 1kg and pulverized to 90% passing 75µm.

RC samples presented to the laboratory as air dried, approximately 3kg samples which are oven dried (12 hours at 104°C), then crushed to 90% passing 2mm, samples are split to approximately 0.5 - 1kg and pulverized to 90% passing 75µm.

A 40g (site laboratory) or 50g (Mwanza laboratory) sample of pulverized material is assayed by fire assay with an AAS finish.

**<u>8.2</u><u>Assay method and laboratory</u>**

All exploration, infill drilling and grade control samples are assayed by African Assay Laboratories Tanzania Limited owned by SGS group. The African Assay Laboratories Tanzania Limited is ISO 17025 accredited by SANAS. The Accreditation Number is T0470, and the registration number is TIN 100-139-677. African Assay Laboratories Tanzania Limited operates the Geita onsite laboratory and a commercial laboratory in Mwanza, Tanzania.

Gold is determined using fire assay with an AAS finish. This is considered a total assay for gold. The Mwanza laboratory completes 50g fire assays and the Geita onsite Lab completes 40g fire assays. The detection limit is 0.01 ppm in both cases.

Gravimetric finish is used for samples returning assays in excess of 5g/t and screen fire assay for all samples returning values in excess of 20g/t (this is a QC measure to check for the presence of coarse gold). ICP12B by ICP (32 Elements) is used for multi element analysis and conducted on mineralised intervals.

**<u>8.3</u><u>Sampling governance</u>**

Sample collection strictly adheres to AngloGold Ashanti Sampling Guideline Rev 1.04 2019, and collection controlled as per in-house sampling protocols and procedures which are aligned to AngloGold Ashanti standards and guidelines for sampling, assaying and QA/QC. It involves the secure packaging, labelling and transportation of samples to laboratories. Laboratories send an electronic reconciliation of samples received. Thereafter, assay results are reported electronically and captured into the Fusion<sup>TM</sup> database.

A full QA/QC programme is in place to monitor the sampling process to ensure quality and sample representivity.

This programme includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mass balance for RC sampling and core recovery measurements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal and external QA/QC checks and analyses as per AngloGold Ashanti and in-house QA/QC protocols

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring and supervision of drilling activities (quality assurance) by a dedicated geology representative

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring the assay laboratories' performance (through regular audits and inspections)

Results of the above monitoring programmes are rigorously tracked through internal weekly and monthly reporting systems.

Data is electronically stored in the Fusion™ database with built-in QC controls to prevent duplication, overlaps and gaps. Onsite database personnel conduct daily, weekly and monthly database health

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checks on the imported data to ensure validated and accurately captured data. Assay data is managed and controlled as per in-house QA/QC protocols which are aligned to AngloGold Ashanti standards and guidelines for sampling, assaying and QA/QC.

The Fusion<sup>TM</sup> database is a SQL database, and is hosted on secure servers, with routine backup functionality.

Audit processes include internal and external audits. Internal audits are conducted generally on an annual basis whilst external audits are conducted every two years.

**<u>8.4</u><u>Quality Control and Quality Assurance</u>**

QA/QC procedures and protocols are in place and are aligned to the AngloGold Ashanti QA/QC guidelines. Control materials employed include certified reference materials (CRMs), coarse and pulp blanks, coarse rejects and duplicates which are used to monitor precision, accuracy and bias of assays during sample preparation and analytical procedures.

Other methods include particle size analysis, gravimetric analysis and screen fire assay analysis. QA/QC was conducted on exploration, grade control and underground activities. An illustration of the workflow with regards to holes generation, QC insertion, laboratory processes and quality assurance protocols is shown below.

Geita Gold Mine Assay Quality Assurance Workflow

![image13.jpg](image13.jpg)

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HARD Plot CRM

![image26a.jpg](image26a.jpg)

HARD Plot Pulp Duplicates

![image14.jpg](image14.jpg)

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HARD Plot Field Duplicates

![image5.jpg](image5.jpg)

HARD Plot Check Assays

![image20a.jpg](image20a.jpg)

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**<u>8.5</u><u>Qualified Person's opinion on adequacy</u>**

Exploration samples are adequately monitored and prepared to undergo laboratory tests. An initial process to prepare the samples for dispatch to the laboratory begins at exploration core yard. Samples are confirmed and identified with sample numbers and reconciled with drilling and sampling records. Once samples are confirmed in order, commercial and non-commercial quality control materials - blanks and standards are inserted for QA/QC purposes.

Samples transported to Mwanza Laboratory (outside the mine site) undergo security check at sample yard by government officials and sealed in a closed truck using the government seals. Samples processed onsite are transported to the site laboratory, and for both laboratories follow comprehensive sample transport procedures.

The receiving laboratory sends back the electronic reconciliation report confirming the samples received. At the laboratory, assaying is completed and follows analytical procedures aligned with industry and AngloGold Ashanti standards. Assay results and Certificates of Analysis are sent electronically to the client, and QA/QC verification is completed before assays are loaded to the company's database for geology and mine planning use.

GGM completes routine site laboratory visits to check compliance to industry best practice and AngloGold Ashanti standards.

No analytical procedures are used at GGM that are not part of conventional industry practice.

**<u>9.</u><u>Data verification</u>**

**<u>9.1</u><u>Data verification procedures</u>**

Exploration drilling is done as per approved drill planning proposals. The drilling data is captured and loaded into Fusion<sup>TM</sup> database while the assay results are validated and loaded as soon as they are received. The database report is extracted after every two weeks for review and progressive validation. A summary form is completed and signed-off by the exploration manager confirming that the data recorded is reasonable, and that the missing information is recorded and addressed to the responsible project geologists for completion.

**<u>9.2</u><u>Limitations on, or failure to conduct verification</u>**

No limitations are identified for data verification.

**<u>9.3</u><u>Qualified Person's opinion on data adequacy</u>**

The data provided in this report is considered accurate, and exploration data used for Mineral Resource estimation is prepared to a high standard, and in accordance with the Guidelines for Reporting.

**<u>10.</u><u>Mineral processing and metallurgical testing</u>**

**<u>10.1</u><u>Mineral processing / metallurgical testing</u>**

Mineral Resource model recovery estimates are based on appropriate levels of metallurgical test work performed on DD core samples. GGM is an on-going operation and Mineral Resource model predictions are reconciled to the actual process plant recoveries. The Mineral Reserve is currently stated on material from the same areas that are currently being mined and fed to the process plant. Nyamulilima open pit ore has added to the current feed blend.

**<u>10.2</u><u>Laboratory and results</u>**

SGS African Assay Laboratories Tanzania Limited laboratories located onsite at GGM process grade control drilling samples and metallurgical samples from the process plant. Exploration drilling samples

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are processed by SGS at Mwanza. The process plant uses Nesch Mintec Laboratory in Mwanza for project metallurgical work. AMTEL Canada and Australian Laboratory Services (ALS) Australia are used as required for ore characterisation.

Routine assaying is conducted for gold by fire assay methods. Base metal assaying is conducted routinely on exploration and grade control ore zone samples where no metallurgically deleterious elements are present in concentrations that have potentially negative effect to recovery.

Silver is present in the ores at Geita accounting for 7% of bullion for Star and Comet / Nyankanga blended ores. Silver increases to 10% of bullion in Nyankanga / Geita Hill blends. Presence of silver is not considered deleterious to metallurgical recovery.

Kukuluma and Matandani transitional and sulphide ores (declared as Mineral Resource only) are refractory with recoveries of ~60% from preliminary test work (reflecting current process plant configuration) completed between 2011 and 2015. The Kukuluma and Matandani ores will require alternative processing method to be determined to increase recovery and economic potential.

**<u>10.3</u><u>Qualified Person's opinion on data adequacy</u>**

The laboratory data provided in this report is considered accurate and determined using conventional analytical techniques and procedures for exploration and grade control drilling and for metallurgical sampling for the process plant.

**<u>11.</u><u>Mineral Resource estimates</u>**

**<u>11.1</u><u>Reasonable basis for establishing the prospects of economic extraction for Mineral Resource</u>**

Appropriate modifying factors have been applied to the modelled grade and tonnage to account for anticipated dilution and ore loss in determination of the Mineral Resource and Mineral Reserve. Open pit Mineral Resource and Mineral Reserve are supported by optimised pit shells and designs, while underground Mineral Resource and Mineral Reserve are supported by the sufficient designs and modifying factors. Sufficient work has been done to determine the prospect for economic extraction.

Open pit mining at Geita, located at Nyamulilima (22km from process plant), is by conventional truck-and-shovel open pit mining method. The open pit mining is conducted using Geita owned, operated, and maintained fleet. Capital Mining Services Tanzania Limited provides production drilling services and Orica provides blasting services. Underground mining commenced at Star and Comet in 2016 while at Nyankanga the operations started in 2017 using the services of an underground mining contractor. In 2018, Star and Comet became an owner operator operation, whilst Nyankanga and Geita Hill are mined using the services of an underground mining contractor. Stope mining is by a combination of longitudinal and transverse open stoping. Ore is hauled from the Nyamulilima open pit (22km) and from Star and Comet (17km), Nyankanga (4km) and Geita Hill (2km) underground operations to the central ROM pad by the Geita surface mining fleet.

Geita ore processing method is via conventional CIL process. The CIL plant has a throughput capacity of ~5.2Mtpa. The circuit contains a primary gyratory crusher, secondary and tertiary crushers, a semi-autogenous grinding (SAG) mill, ball mill and 12 leach tanks. This is coupled with a gravity circuit through two Knelson concentrators. In planning, the plant feed blend based on material, hardness, grade, and sulphide content are considered to optimize throughput and recovery. Ore from Nyankanga (90.7%) and Nyamulilima (92%) have recoveries greater than 90%, however Geita Hill (87.2%) and Star and Comet (Cut 2 88.3%, Cut 3 88.4%, Cut 5 80.4% and Ridge 8 80.4%) ore have lower metallurgical recoveries. When blended with Nyankanga and Nyamulilima ores, at up to 30% in blend, recoveries above 87% are maintained in the blends, with a metallurgical recovery of 91.6% recorded for 2022. A comprehensive strategy is in place to manage ore blending in the LOM.

Geita has an established 5.2Mtpa CIL processing plant capable of processing hard ore. The Nyankanga open pit mining was completed in October 2020. Starting up of the Nyamulilima open pit in 2021 allows for 5.2Mtpa to be maintained, hence, no modifications required to the processing plant. GGM also has an established TSF with sufficient area to construct wall raises every three years to accommodate

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planned future production. A full workshop facility is in place to support the maintenance of all types of machineries (heavy and light mining equipment) and all types of supporting light trucks and light vehicles available on site. The mine also runs its own 36MW diesel generation power plant at full capacity and a 25km length water supply pipeline from Lake Victoria for water supply to the mine. Mine dewatering provides additional water for process plant and mining operations, and recycled tailings water is returned to the process plant. Contractor infrastructure supported on the mine site includes workshops for the production and exploration drilling contractors, workshops for the underground mining contractor, a plant for the explosives supplier as well as samples analysis laboratory. Geita has further support infrastructure in place including a mine village, medical facility, mine store, administration buildings, food catering facility and an airstrip.

The Geita SML has been granted and Geita has legal permission to mine the Mineral Resource and Mineral Reserve. SML number 45 of 1999 with initial period of 25 years has been obtained to mine the portion of the Mineral Resource and Reserve. For the part of SML that falls within the forest reserve Geita has been granted permit number FD/RES/GEITA/44 to mine in Geita forest reserve.

There are no anticipated environmental or social factors that are a risk to an economic extraction of the declared Mineral Resource and Mineral Reserve. Mining Permits are in place for all operations, with an EIA for Nyamulilima open pit and Underground Mining Permit for Geita Hill being recently approved by the Mining Commission. Costs for environmental rehabilitation and social sustainability projects are included in the optimisation cost model and modifying factors. Land compensation demands and speculations are being constantly monitored on site and attended to as they arise. Covid-19 pandemic has been well managed at the site but has future potential to impact operations, through reduction of manpower and technical personnel in times of widespread infection.

No marketing parameters are significant in determination of the Mineral Resource and Mineral Reserve, however cost of selling and refining gold are included in cost models and modifying factors.

The Mineral Resource is declared at an assumed gold price of $1,750/oz. The Mineral Reserve is declared at an assumed gold price of $1,400/oz.

These gold prices are considered reasonable assumptions based on the recent historical gold price. Capital and operating costs used in cost models are based on projections of actual operating costs and the anticipated capital (for example for the mining fleet, TSF or asset integrity) required to sustain the production.

At the time of compiling this report, there were no material risks identified that would prevent economic extraction of the Mineral Resource and Mineral Reserve. GGM does have a risk management process in place whereby operational risk is identified, mitigated, and managed. This risk register (AuRisk) is managed by Corporate, and internally reviewed, audited and updated quarterly/annually. An independent external Mineral Resource and Mineral Reserve audit was undertaken in 2019 and found no fatal flaws in process or output. In 2020, an internal Mineral Resource and Mineral Reserve audit was undertaken and found no fatal flaws in process or output. A comprehensive external audit was completed by SRK Consulting in December 2022 and found no significant flaws in process or output.

**<u>11.2</u><u>Key assumptions, parameters and methods used</u>**

Both Mineral Resource inclusive and Mineral Resource exclusive of Mineral Reserve is disclosed. The selected point of reference is 31 December 2022.

The Mineral Resource exclusive of Mineral Reserve ("exclusive Mineral Resource") is defined as the Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. The exclusive Mineral Resource consists of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inferred Mineral Resource, including that within the Mineral Reserve design or stope shape

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resource that sits above the Mineral Resource cut-off grade but below the Mineral Reserve cut-off grade that resides within the defined Mineral Reserve volume

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Resource that lies between the LOM pit shell/mine design and the Mineral Resource pit shell/mine design (this material will become economic if the gold price increases)

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Mineral Resource where the technical studies to engineer a Mineral Reserve have not yet been completed.

For the open pits, the mineralisation boundaries for the individual deposits are defined from detailed logging of all geological drill holes. This information is validated and then used to create a 3D model. The geological model is subsequently populated with an appropriately dimensioned block model. Ordinary kriging is used to interpolate values into the blocks. Localised Uniform Conditioning (LUC) is used to generate a recoverable Mineral Resource model which estimates the proportion of ore that occurs above the Mineral Resource cut-off grade assuming a specified selective mining unit (SMU). The open pit Mineral Resource is reported within a $1,750/oz optimised pit shell and above the calculated mineralised waste cut-off grade per pit.

For the underground Mineral Resource, the geological model and the mineralised boundary are generated in the same way as for the open pits. However, a high-grade wireframe is delineated within the broader, lower grade mineralised envelope. In this instance, all geological controls are adhered to when determining this domain. Ordinary kriging models are then constructed within the low and high-grade domains and numerous validation exercises are completed to ensure robust estimates are achieved. The ultimate open pit designs are used as the limiting boundaries between open pit and underground during model compilation. The underground Mineral Resource is reported inside a mineable shape optimiser (MSO) volume generated using a determined underground cut-off grade for each deposit. The underground stopes and development are evaluated using the ordinary kriging models and the open pit designs are evaluated using the LUC models.

Stockpiled material above mineralised waste cut-off grade is included in the Mineral Resource. The Geita Mineral Resource is reported as *in-situ* Mineral Resource, as located at the Geita open pit and underground operations.

Parameters under which the underground Mineral Resource was generated are summarised below

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cost Inputs** | **Unit** | **Nyankanga UG** | **Cost Inputs** | **Unit** | **Nyankanga UG** | **Cost Inputs** | **Unit** | **Nyankanga UG** | **Cost Inputs** | **Unit** |
| Ore mined\* | k tonnes | 2027 | 6369 | 991 | 497 | 2076 | 2988 | 2825 | 3213 | 6087 |
| Total material mined\*\* | k tonnes | 2762 | 8443 | 995 | 497 | 2570 | 4824 | 3997 | 4923 | 9142 |
| **Costs** |  |  |  |  |  |  |  |  |  |  |
| Production (Mining Cost) | $/tonne ore | 59.94 | 63.7 | 47.68 | 63.19 | 64.81 | 82.88 | 78.02 | 74.71 | 66.94 |
| Mine Services | $/tonne ore | 21.97 | 21.97 | 21.97 | 22.76 | 22.76 | 25.78 | 25.78 | 25.78 | 25.78 |
| Processing cost | $/tonne treated | 18.46 | 18.46 | 18.46 | 19.11 | 19.11 | 19.11 | 19.11 | 18.98 | 18.98 |
| MSO optimising cut-off | g/t | 2.08 | 2.08 | 1.86 | 2.25 | 2.51 | 3.01 | 2.59 | 2.57 | 2.4 |
| Mineral Resource cut-off grade | g/t | 2.08 | 2.08 | 1.86 | 2.25 | 2.51 | 3.01 | 2.59 | 2.57 | 2.4 |
| Mineral Resource price | $/oz | 1750 | 1750 | 1750 | 1750 | 1750 | 1750 | 1750 | 1750 | 1750 |
| Metallurgical Recovery factor | %MetRF | 91.4% | 91.4% | 89.8% | 88.3% | 88.4% | 80.4% | 70.4% | 87.2% | 87.2% |
| Royalties | % | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% | 7.3% |

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Parameters under which the open pit Mineral Resource was generated are summarised below

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| | | |
|:---|:---|:---|
| **Cost inputs** | **Unit** | **Nyamulilima Cut 1 2 & 3** |
| Ore Mined | k tonnes | 48156 |
| Waste Mined | k tonnes | 235984 |
| Total material mined | k tonnes | 284139 |
| Stripping ratio | t:t | 4.90 |
| **Costs** |  |  |
| &nbsp;&nbsp;&nbsp;Ore Mining cost | $/t mined | 3.30 |
| &nbsp;&nbsp;&nbsp;Waste mining cost | $/t mined | 3.30 |
| &nbsp;&nbsp;&nbsp;Material handling | $/t treated | 2.03 |
| &nbsp;&nbsp;&nbsp;Processing Cost | $/t treated | 18.63 |
| &nbsp;&nbsp;&nbsp;G&A | $/t treated | 8.43 |
| **Other Parameters** |  |  |
| &nbsp;&nbsp;&nbsp;Met. Recovery | % | 89% |
| &nbsp;&nbsp;&nbsp;Slope angles | degree | 55 |
| &nbsp;&nbsp;&nbsp;Mineral Resource cut-off grade | g/t | 0.65 |
| &nbsp;&nbsp;&nbsp;Mineral Resource price | $/oz | 1750 |
| &nbsp;&nbsp;&nbsp;Royalties | % | 7.3 |
| &nbsp;&nbsp;&nbsp;\*Ore Mined equals Mineral Resource Tonnes reported above cutoff | &nbsp;&nbsp;&nbsp;\*Ore Mined equals Mineral Resource Tonnes reported above cutoff | &nbsp;&nbsp;&nbsp;\*Ore Mined equals Mineral Resource Tonnes reported above cutoff |

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GGM has four deposits which are active mining operations and supported by Mineral Resource and Mineral Reserve. The primary Mineral Resource models are updated annually, and are in place for Nyankanga underground, Star and Comet underground and Geita Hill underground operations and for Nyamulilima open pit operations. For each of the deposits, 3D geological wireframe models are constructed for the mineralisation, structures and lithology which are used as the basis for the Mineral Resource estimate.

These geological models and Mineral Resource estimates are updated when new information is received (updated at least once per year). Geological data is collected as per in-house data collection procedures and is later electronically stored in the Fusion<sup>TM</sup> database. Data in the database is locked to prevent unauthorised changes.

Geological models are constructed using different data sources and subject to reviews. The geological models are peer reviewed by in-house technical specialists external to Geita. The geological models are regularly updated as the project grows and shared with the Mineral Resource modelling team. The models are also reviewed during exploration workshops for knowledge sharing and new inputs. At all stages of the geological updates and reviews, the lithological and structural frameworks are all discussed at length are alteration and mineralisation controls.

Geita has been involved in active mining since 2000. There are currently no obvious geological, mining, metallurgical, environmental, social, infrastructural, legal, and economic factors that are anticipated to have a significant effect on the prospects of any possible future exploration target or deposit currently reported in the Mineral Resource.

There is no known structural, lithological, mineralogical, or other geological data that could materially influence the estimated quantity and quality of the Mineral Resource. The arsenopyrite bearing ore at Matandani-Kukuluma is refractory in nature, but this has already been catered for in the pit shell optimisations and cut-off grade calculations.

For the open pits, the mineralisation boundaries for the individual deposits are defined from detailed logging of all geological drill holes. This information is validated and then used to create a 3D model. The geological model is subsequently populated with an appropriately dimensioned block model. Ordinary kriging is used to interpolate values into the blocks. LUC is used to generate a recoverable Mineral Resource model which estimates the proportion of ore that occurs above the Mineral Resource

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cut-off grade assuming a specified SMU. The open pit Mineral Resource is reported within a $1,750/oz optimised pit shell and above the calculated mineralised waste cut-off grade per pit. Stockpiled material above mineralised waste cut-off grade is included in the Mineral Resource. For the underground Mineral Resource, the geological model and the mineralised boundary are generated in the same way as for the open pits. However, a high-grade wireframe is delineated within the broader, lower grade mineralised envelope. In this instance, all geological controls are adhered to when determining this domain.

Ordinary kriging models are then constructed within the low and high-grade domains and numerous validation exercises are completed to ensure robust estimates are achieved. The ultimate open pit designs are used as the limiting boundaries between open pit and underground during model compilation. The underground Mineral Resource is reported inside a MSO volume generated using a determined underground cut-off grade for each deposit. The underground stopes and development are evaluated using the ordinary kriging models and the open pit designs are evaluated using the LUC models.

<u>Estimation Techniques</u>

Estimation methodologies at Geita has evolved since 2001 to embrace nonlinear techniques. Progressive updates on Mineral Resource models since then have shown that uniform conditioning (UC) is a robust technique and suitable for the ore bodies at GGM. Previous external audits conducted on the Mineral Resource Models for Nyankanga, Geita Hill and Star and Comet by QG and Optiro consultants also confirmed that UC is an appropriate technique that is suitable for the ore bodies at GGM.

UC is considered appropriate based on the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highly skewed Au distributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The wide Exploration drill spacing of 40m x 40m or 20m x 20m versus short range variography that is characterised by 40% to 50% nugget effects and 90% variability within 10m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complex ore zones in which low-grade meta-sediments are structurally juxtaposed with higher grade BIF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impracticality of using wireframes to separate mineralisation from waste within the ore zone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The understanding that extensive grade control ahead of mining would be critical in determining the actual within-pit location of the ore blocks (SMUs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The change of support is robust and can be demonstrated as correct at the validation stage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The results can be validated against the theoretical grade distributions and grade control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The method is robust in the presence of grade zonation

LUC has been adopted from 2018, involving post processing of UC results. Adoption of LUC is driven by inability to predict a spatial location of the recoverable mineralisation and hence regarded as a disadvantage of the conventional UC method.

Treatment of extreme grade values: A thorough statistical analysis of the data set drives the determination of the top cutting / capping values to be applied during estimation for each deposit. In some instances local capping is applied on areas that are poorly informed or areas with high-grade anomalies that have shown to be influenced by presence of the high grades in the vicinity.

<u>Compositing</u>

Sample drilled through the core length (DD) or through non-core (RC) are sampled at an average of 1m interval, guided by the collected geological information. During Mineral Resource estimation, sampling composites are applied at composite length of 1m and Minimum Composite Length of 0.5m, weighting by lithological types.

<u>Domaining</u> 

Stationarity analysis is undertaken to identify distinct trends in the grade behaviour that links to geological characteristics. The identified distinct trends represent domains that describes homogeneity within a giving area. Parallel to stationarity analysis, geological interpretation is linked to the analysis to support/firm up the identified domains.

<u>Estimation Parameters</u> 

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Optimisation of the estimation environment is a four to five stage process depending on data availability. These stages include:

Search volume optimisation, various iterations are performed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stabilise the Kriging variance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maximise the slope of regression

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimise sample screening resulting in negative weights; and attaching maximum Kriging weight to the sample nearest the block centre

Maximum number of samples in the search environment. Based upon using sufficient samples to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stabilise the Kriging variance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maximise the slope of regression

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimise sample screening, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attaching maximum Kriging weight to the sample nearest the block centre

Compare the average of the block estimates with the averages for both the raw and de-clustered conditioning sample data.

Conducting Regression analysis of drill hole data against OK block estimates set at standard search and estimation environment parameters.

Based upon the above, the kriging environment is adjusted as appropriate until satisfactory results are achieved. The final kriged estimates honour the validated exploration and Resource Development drilling data.

<u>Estimation Unit Size</u>

Estimation block sizes is determined based on average drilling spacing along X, Y and Z, and estimation is conducted on a Panel. The Panel is subdivided into sub-cells to improve orebody resolution.

<u>Density Estimation</u>

Two density estimation methodologies are applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ordinary Kriging - All available density data from the Fusion™ database is exported, composited at 1m together with AU field. The minimum and maximum limit values are generated based on variances from the mean using standard deviation (2D/3D) aiming at minimising the influence of outliers. All values less than the minimum threshold or greater than the maximum threshold are projected to the minimum and maximum limits respectively. Data is selected within lithological volumes and statistical analyses are computed on all data, per lithology, and per mineralisation domains. Following the analyses, the density data was de-surveyed and used in estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicator Kriging - Density data is extracted from the exploration drill hole data based by rock type, redox state (Oxide, Transition and Sulphide) and whether it is from within or external to the mineralised envelope. Within the exploration drill holes the drill intersections are flagged on lithology as BIFC Banded Iron Formation – Chemical (BIFC – magnetite, chert present)), Banded Iron Formation – Sediment (BIFS – magnetite absent) or Non-BIF. Indicator variograms are generated from the flagged data and used in the kriging of mineralised and waste panels to estimate per panel the proportion of BIFS and BIFC. From the sum of the BIFC and BIFS indicators the non-BIF proportion is deduced. The panels are then identified as belonging to Oxide, Transition or Sulphide using the REDOX boundary wireframes and the panel density determined by applying the average density for the material proportioned by rock type class.

<u>Mineral Resource Model checks and validation</u>

Mineral Resource Model checks and validation process steps includes:

Kriged Estimate Validation:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Visual Checks - This process involves check of Mineral Resource Estimates visually by comparing to the samples (drill hole data) to the kriged estimate. It is conducted by stepping through the Mineral Resource Model, section by section. This process is used to determine whether the estimation has been effective locally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statistical Validation - The process involves running summary statistics of the kriged estimates in comparison to the clustered and drill hole information. The objective is to ensure the estimate average is within the allowable limits. Observed huge discrepancies might require revisiting applied estimation methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trend Analysis along X, Y and Z of the model data versus the drill hole data - The process involves checking Mineral Resource estimates agreement with the drill hole data. Strip widths that correspond to kriged block sizes or search neighbourhood used for kriging in the X, Y and Z directions are used. The mean of the kriged values is compared to the mean of the de-clustered sample values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regression Plots of kriged mean values vs block sample averages - The process involves a re-krig of the exploration data and comparison against sample average values within the specified search. Regression plot of kriged values against sample average values is created. Check of significant bias and outliers is done and further investigated in a 3D environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discrete Gaussian Change of Support (COS) - The process involves comparison of estimates to the COS at the Panel Scale. Gaussian Anamorphosis is undertaken by zone using the appropriate variography and samples to generate theoretical grade-tonnage distributions. The aim of the process is to reproduce global grade-tonnage distributions at panel and SMU support from the ordinary kriging and UC results respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LUC Grade/Tonnage curves validation: The process involves selection of an area with adequate grade control drilling information. A common volume area is delineated and comparison of the distributions (Tonnage and Grade) for Mineral Resource Model (with the actual LUC) and grade control model is conducted. The grade control model should be the same block size as the SMU block size used for the LUC.

In instances where the validation results are unsatisfactory, a process of revisiting the estimation process and re-modelling will be followed.

For all Geita deposits the main variable is gold (Au). No other variables are currently modelled or correlated with gold.

Computer programmes used in Mineral Resource Estimates are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Datamine® StudioRM™ Version 1.12.113.0 for mineralisation interpretation and Mineral Resource model compilation)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leapfrog<sup>TM</sup> Geo 2022.1.0 for mineralisation interpretation and geological modelling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Isatis<sup>TM</sup> - 2018.5 Version 18.05 for de-clustering, Variography, Gaussian Anamorphosis, support - correction, UC, and LUC

No co-products, by-products or deleterious elements are modelled at GGM.

**<u>11.3</u><u>Mineral Resource classification and uncertainty</u>**

&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Classification guideline:

Mineral Resource Classification is based on the 15% Rule. A Measured Mineral Resource should be expected to be within 15% of the metal estimated at least 90% of the time (three-month periods), while for an Indicated Mineral Resource estimate the annual estimate should be within 15% of the metal estimated at least 90% of the time (yearly periods).

For Inferred Mineral Resource the error may be greater than 15%, 90% of the time (yearly periods). This is explained in detail in the Guidelines for Reporting.

GGM Mineral Resource classification categories are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Measured Mineral Resource - Only on completion of grade control drilling and modelling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicated Mineral Resource - Indicated Mineral Resource category spacing varies from 20m x 20m, 25m x 15m and 40m x 20m staggered pattern for different projects respectively. The 20 x 20m / 25m x 15m and 40m x 20m drill pattern covers for a two-year open production window and a 40 x 40m drill pattern for the rest of LOM production schedule. The 40m x 40m drill pattern is

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the lower end of indicated Mineral Resource and where present these areas are classified as risk areas to be followed up by infill drilling prior to production

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inferred Mineral Resource - Mineralisation classification is defined within a grid spacing of greater than 40m x 40m to a maximum of 80m x 40m to 80m x 80m plus any mineralised blocks within the external waste volume

Ore material outside these ranges is extrapolated and classified as exploration upside.

No uncertainties are identified that would materially impact the Mineral Resource, including classification or level of confidence of the Mineral Resource.

All aspects of the data capture from drilling, geological logging, sampling, and assaying are verified to ensure location / positional accuracy and sampling and assaying follows strict guidelines for data processing, gold analysis and QA/QC validation.

Drilling, sampling, data processing and handling, geological modelling and Mineral Resource estimation were conducted as per AngloGold Ashanti standard operating procedures and guidelines, aiming at addressing uncertainties to increase Mineral Resource confidence.

Due to the nature of the orebodies the following key elements are adhered to as per AngloGold Ashanti standard operating procedures and guidelines, and implemented to minimise uncertainties in Mineral Resource confidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration and Mineral Resource Development drilling is conducted at optimal drilling spacing, and supported by drill spacing studies to determine optimal drill spacing for Mineral Resource classification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drilling, Sampling and Assaying QA/QC programmes in place

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample analysis and assaying conducted at an ISO accredited Assaying Laboratories (African Assay Laboratories (SGS) - ISO SO 17025 accredited by SANAS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geological modelling and Mineral Resource estimation are completed by technical experts and conducted as per AngloGold Ashanti Mineral Resource Estimation guideline

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal peer review processes are conducted upon completion of Mineral Resource models, bi-annual AngloGold Ashanti Internal Mineral Resource Audits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External Mineral Resource audits conducted every three years by reputable Mineral Resource and Mineral Reserve consulting firms

The Mineral Resource is based on Mineral Resource models prepared by Geita technical experts, in accordance with AngloGold Ashanti Mineral Resource estimation, modelling and reporting guidelines and procedures - no significant uncertainty is identified for disclosure.

**<u>11.4</u><u>Mineral Resource summary</u>**

The open pit Mineral Resource is reported within a $1,750/oz optimised pit shell and above the calculated mineralised waste cut-off grade per pit. Stockpiled material above mineralised waste cut-off grade is included in the Mineral Resource. The underground Mineral Resource is reported inside a MSO volume generated using a determined underground Mineral Resource cut-off grade for each deposit. The underground stopes and development are evaluated using the ordinary kriging models and the open pit designs are evaluated using the LUC models.

Exclusive gold Mineral Resource

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Geita** | **Geita** | **Tonnes** | **Grade** | **Contained Gold** | **Contained Gold** |
| **as at 31 December 2022** | **Category** | **million** | **g/t** | **tonnes** | **Moz** |
| Area 3 West (oxide) | Measured | - | - | - | - |
| Area 3 West (oxide) | Indicated | 0.70 | 2.44 | 1.70 | 0.05 |
| Area 3 West (oxide) | **Measured & Indicated** | **0.70** | **2.44** | **1.70** | **0.05** |
| Area 3 West (oxide) | Inferred | 0.00 | 1.88 | 0.01 | 0.00 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Chipaka | Measured | - | - | - | - |
| Chipaka | Indicated | 0.48 | 2.01 | 0.96 | 0.03 |
| Chipaka | **Measured & Indicated** | **0.48** | **2.01** | **0.96** | **0.03** |
| Chipaka | Inferred | 1.04 | 2.24 | 2.33 | 0.07 |
| Kalondwa Hill | Measured | - | - | - | - |
| Kalondwa Hill | Indicated | - | - | - | - |
| Kalondwa Hill | **Measured & Indicated** | **-** | **-** | **-** | **-** |
| Kalondwa Hill | Inferred | 0.71 | 3.64 | 2.59 | 0.08 |
| Kukuluma (oxides) | Measured | - | - | - | - |
| Kukuluma (oxides) | Indicated | 0.06 | 3.22 | 0.21 | 0.01 |
| Kukuluma (oxides) | **Measured & Indicated** | **0.06** | **3.22** | **0.21** | **0.01** |
| Kukuluma (oxides) | Inferred | 0.03 | 1.98 | 0.06 | 0.00 |
| Kukuluma (transitional) | Measured | - | - | - | - |
| Kukuluma (transitional) | Indicated | 0.10 | 4.54 | 0.45 | 0.01 |
| Kukuluma (transitional) | **Measured & Indicated** | **0.10** | **4.54** | **0.45** | **0.01** |
| Kukuluma (transitional) | Inferred | 0.03 | 4.62 | 0.13 | 0.00 |
| Kukuluma (sulphides) | Measured | - | - | - | - |
| Kukuluma (sulphides) | Indicated | 0.02 | 4.84 | 0.12 | 0.00 |
| Kukuluma (sulphides) | **Measured & Indicated** | **0.02** | **4.84** | **0.12** | **0.00** |
| Kukuluma (sulphides) | Inferred | 0.36 | 4.03 | 1.47 | 0.05 |
| Matandani (oxides) | Measured | - | - | - | - |
| Matandani (oxides) | Indicated | 1.85 | 1.84 | 3.40 | 0.11 |
| Matandani (oxides) | **Measured & Indicated** | **1.85** | **1.84** | **3.40** | **0.11** |
| Matandani (oxides) | Inferred | 0.91 | 1.91 | 1.74 | 0.06 |
| Matandani (transitional) | Measured | - | - | - | - |
| Matandani (transitional) | Indicated | 0.08 | 2.96 | 0.23 | 0.01 |
| Matandani (transitional) | **Measured & Indicated** | **0.08** | **2.96** | **0.23** | **0.01** |
| Matandani (transitional) | Inferred | 0.22 | 3.95 | 0.87 | 0.03 |
| Matandani (sulphides) | Measured | - | - | - | - |
| Matandani (sulphides) | Indicated | 0.08 | 3.39 | 0.26 | 0.01 |
| Matandani (sulphides) | **Measured & Indicated** | **0.08** | **3.39** | **0.26** | **0.01** |
| Matandani (sulphides) | Inferred | 3.18 | 3.70 | 11.78 | 0.38 |
| Nyamulilima Cuts 1, 2 & 3 | Measured | - | - | - | - |
| Nyamulilima Cuts 1, 2 & 3 | Indicated | 23.15 | 1.14 | 26.46 | 0.85 |
| Nyamulilima Cuts 1, 2 & 3 | **Measured & Indicated** | **23.15** | **1.14** | **26.46** | **0.85** |
| Nyamulilima Cuts 1, 2 & 3 | Inferred | 18.03 | 1.63 | 29.38 | 0.94 |
| Selous (Open Pit) | Measured | - | - | - | - |
| Selous (Open Pit) | Indicated | - | - | - | - |
| Selous (Open Pit) | **Measured & Indicated** | **-** | **-** | **-** | **-** |
| Selous (Open Pit) | Inferred | 1.33 | 1.95 | 2.58 | 0.08 |
| Geita Stockpile (Full Grade Ore) | Measured | - | - | - | - |
| Geita Stockpile (Full Grade Ore) | Indicated | - | - | - | - |
| Geita Stockpile (Full Grade Ore) | **Measured & Indicated** | **-** | **-** | **-** | **-** |
| Geita Stockpile (Full Grade Ore) | Inferred | - | - | - | - |
| Geita Stockpile (Marginal Ore) | Measured | - | - | - | - |
| Geita Stockpile (Marginal Ore) | Indicated | 0.39 | 0.95 | 0.37 | 0.01 |
| Geita Stockpile (Marginal Ore) | **Measured & Indicated** | **0.39** | **0.95** | **0.37** | **0.01** |
| Geita Stockpile (Marginal Ore) | Inferred | - | - | - | - |
| Geita Stockpile (Refractory Ore) | Measured | - | - | - | - |
| Geita Stockpile (Refractory Ore) | Indicated | 0.56 | 2.80 | 1.57 | 0.05 |
| Geita Stockpile (Refractory Ore) | **Measured & Indicated** | **0.56** | **2.80** | **1.57** | **0.05** |
| Geita Stockpile (Refractory Ore) | Inferred | - | - | - | - |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Geita Hill (Underground) - West | Measured | - | - | - | - |
| Geita Hill (Underground) - West | Indicated | 2.23 | 3.54 | 7.90 | 0.25 |
| Geita Hill (Underground) - West | **Measured & Indicated** | **2.23** | **3.54** | **7.90** | **0.25** |
| Geita Hill (Underground) - West | Inferred | 2.27 | 3.78 | 8.58 | 0.28 |
| Geita Hill (Underground) - East | Measured | - | - | - | - |
| Geita Hill (Underground) - East | Indicated | 4.99 | 3.20 | 15.98 | 0.51 |
| Geita Hill (Underground) - East | **Measured & Indicated** | **4.99** | **3.20** | **15.98** | **0.51** |
| Geita Hill (Underground) - East | Inferred | 2.04 | 3.68 | 7.53 | 0.24 |
| Nyankanga (Underground) - Block 1 and 2 | Measured | 0.02 | 5.01 | 0.11 | 0.00 |
| Nyankanga (Underground) - Block 1 and 2 | Indicated | 1.03 | 4.36 | 4.51 | 0.14 |
| Nyankanga (Underground) - Block 1 and 2 | **Measured & Indicated** | **1.06** | **4.37** | **4.62** | **0.15** |
| Nyankanga (Underground) - Block 1 and 2 | Inferred | 1.03 | 4.21 | 4.36 | 0.14 |
| Nyankanga (Underground) - Block 3 and 4 | Measured | 1.43 | 3.77 | 5.38 | 0.17 |
| Nyankanga (Underground) - Block 3 and 4 | Indicated | 2.70 | 3.42 | 9.23 | 0.30 |
| Nyankanga (Underground) - Block 3 and 4 | **Measured & Indicated** | **4.12** | **3.54** | **14.61** | **0.47** |
| Nyankanga (Underground) - Block 3 and 4 | Inferred | 1.36 | 3.01 | 4.08 | 0.13 |
| Nyankanga (Underground) - Block 5 | Measured | 0.17 | 4.44 | 0.77 | 0.02 |
| Nyankanga (Underground) - Block 5 | Indicated | 0.47 | 3.04 | 1.42 | 0.05 |
| Nyankanga (Underground) - Block 5 | **Measured & Indicated** | **0.64** | **3.42** | **2.19** | **0.07** |
| Nyankanga (Underground) - Block 5 | Inferred | 0.47 | 2.37 | 1.11 | 0.04 |
| Ridge 8 (Underground) | Measured | - | - | - | - |
| Ridge 8 (Underground) | Indicated | 0.50 | 4.19 | 2.10 | 0.07 |
| Ridge 8 (Underground) | **Measured & Indicated** | **0.50** | **4.19** | **2.10** | **0.07** |
| Ridge 8 (Underground) | Inferred | 1.80 | 4.61 | 8.30 | 0.27 |
| Star and Comet (Underground Cut 2) | Measured | 0.09 | 4.86 | 0.45 | 0.01 |
| Star and Comet (Underground Cut 2) | Indicated | 0.37 | 3.81 | 1.41 | 0.05 |
| Star and Comet (Underground Cut 2) | **Measured & Indicated** | **0.46** | **4.02** | **1.86** | **0.06** |
| Star and Comet (Underground Cut 2) | Inferred | 0.28 | 5.19 | 1.46 | 0.05 |
| Star and Comet (Underground Cut 3) | Measured | 0.09 | 8.72 | 0.78 | 0.03 |
| Star and Comet (Underground Cut 3) | Indicated | 0.15 | 9 | 1.36 | 0.04 |
| Star and Comet (Underground Cut 3) | **Measured & Indicated** | **0.24** | **8.89** | **2.15** | **0.07** |
| Star and Comet (Underground Cut 3) | Inferred | 0.36 | 5.51 | 1.96 | 0.06 |
| Star and Comet (Underground Cut 5) | Measured | - | - | - | - |
| Star and Comet (Underground Cut 5) | Indicated | 0.41 | 5.72 | 2.32 | 0.07 |
| Star and Comet (Underground Cut 5) | **Measured & Indicated** | **0.41** | **5.72** | **2.32** | **0.07** |
| Star and Comet (Underground Cut 5) | Inferred | 0.75 | 7.23 | 5.39 | 0.17 |
| **Total** | Measured | 1.80 | 4.15 | 7.50 | 0.24 |
| **Total** | Indicated | 40.32 | 2.03 | 81.96 | 2.63 |
| **Total** | **Measured & Indicated** | **42.12** | **2.12** | **89.45** | **2.88** |
| **Total** | Inferred | 36.21 | 2.64 | 95.71 | 3.08 |

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**<u>11.5</u><u>Qualified Person's opinion</u>**

Geita has three underground mines and one open pit in production, with a LOM plan currently to 2030, and the ore bodies currently in production are well understood in terms of mining method, cost, geology, metallurgy and geotechnical parameters after 20 years of mining, and Geita has a strong exploration plan in place for continued Mineral Resource and Mineral Reserve growth. It is the opinion of the QP that there is no material risk to continued economic extraction at GGM, from LOM plans based on those Mineral Resource and associated with Mineral Reserve. Through continuous exploration and Mineral Resource development of the Geita Mineral Resource there remains a reasonable expectation and potential for Mineral Resource growth and future economic extraction.

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**<u>12.</u><u>Mineral Reserve estimates</u>**

**<u>12.1</u><u>Key assumptions, parameters and methods used</u>**

Safety is AngloGold Ashanti's first value, all economic extraction activities and operations are planned and executed with this value in mind.

The Geita Mineral Reserve is 48.49Mt at 2.29g/t and 3.57Moz. Reconciliation of 2022 Mineral Reserve with 2022 Mineral Reserve shows a net increase of 919.5Koz mainly from Mineral Resource additions and gold price changes. The depletion for 2022 represents depletion from 1 January 2022 to 31 December 2022 based on a 9 months actual and 3 months forecast.

Geita has three Underground Mines namely, Star and Comet, Nyankanga and Geita Hill and one open pit mine named Nyamulilima (historically known as Roberts).

The open pit mine makes use of traditional truck and shovel mining while the underground mines make use of two methods; Up hole longitudinal retreat and/or transverse mining.

For the Mineral Reserve the reference point is as received and accounted for by the processing plant.

Mine designs are based on the following Mineral Resource models:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open pit (Nyamulilima): GGMNYM0722

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Star and Comet Cut 2: SC2_IPM_110722V2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Star and Comet Cut 3: SC3_IPM_260422

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyankanga: NY underground_IPM_100622

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geita Hill : GGMGH underground0322_V2

Mine designs are derived from optimised mining shapes using the 2022 Mineral Reserve commodity prices as stipulated in the Guidelines for Reporting, are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold at $1,400/oz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Silver at $21.00/oz (Not considered during cut-off grade calculations due to marginal revenue contribution)

For the open pit, optimised pit shells are created using Whittle<sup>TM</sup> optimisation software and typically select the optimisation shell that represents the revenue factor (RF1) shell, i.e., the 1,400$/oz shell. A practical mine design is created from the selected optimised Whittle shell allowing for in pit haul roads, berms, water deviation channels and other infrastructure considerations. All relevant geological, geotechnical, hydrogeological, equipment type, and mining rates are factored into the design and schedules.

For the underground, a combination of MSO and Stope Notes (SN) are used for Mineral Reserve estimates. MSO is the underground optimisation equivalent of the open pit Whittle optimisation and is widely recognised as the industry-standard software tool for generating stope optimisation shapes. A SN is an AngloGold Ashanti approved method for creating signed off stope notes. All relevant geological, geotechnical, hydrogeological, ventilation, equipment type, and mining rates are factored into the design and schedules.

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GGM 2022 Mineral Reserve modifying factors regarding mining methods

![image2.jpg](image2.jpg)

Appropriate mining and processing modifying factors were applied such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Face and regional pit slope angles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dilution tonnage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining recovery and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Met recovery factor

Stability of open pit and underground excavations are mainly affected by geotechnical structures such as faults, thrusts, shears. Groundwater is synonymous with these structures adding to the complication of stress management. The management of groundwater drainage and mining shapes in and around the proximity of these geotechnical structures are crucial to minimise the induced stresses that cause dilution and/or mining recovery. Management interventions include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cover hole drilling to determine presence of groundwater

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lithological drill hole logging derived from either Mineral Resource definition and/or grade control drilling to assess the ground conditions and weathering profile

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Face sampling open pit and underground

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interpret and build structural models also included in Mineral Resource models used for planning purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduce face angle in open pit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase berm widths in open pit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Slope management plan and monitoring systems in open pit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rockfall analysis using specialised software in the open pit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimise mining width and length to reduce hydraulic radius underground

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining Sequence and backfill underground

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development support standard per excavation size and purpose underground

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seismicity sensors for open pit and underground

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The factors applied are Mineral Resource modifying factor (RMF), mining recovery factor (MRF), mine call factor (MCF) and metallurgical recovery factor (MetRF). For underground operations a MRF and dilution is applied.

Mineral Reserve Modifying Factors

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **as at 31 December 2022** | **Primary Commodity**<br>**Price** | **Local Price of Primary**<br>**Commodity Unit** | **Cut-off grade g/t Au** | **Stoping width cm** | **Dilution %** |
| Nyamulilima Cuts 1, 2 and 3 | 1400 | $/oz | 1.00 | - | 11.6 |
| Stockpile (full grade ore) | 1400 | $/oz | 0.90 | - | - |
| Stockpile (marginal ore) | 1400 | $/oz | 0.70 | - | - |
| Geita Hill - West | 1400 | $/oz | 3.59 | 450 | 10.0 |
| Geita Hill - East | 1400 | $/oz | 3.35 | 2500 | 10.0 |
| Nyankanga - Blocks 1 and 2 | 1400 | $/oz | 2.91 | 2500 | 10.0 |
| Nyankanga - Blocks 3 and 4 | 1400 | $/oz | 3.07 | 2500 | 12.1 |
| Nyankanga - Block 5 | 1400 | $/oz | 2.77 | 2500 | 17.0 |
| Star and Cornet - Cut 2 | 1400 | $/oz | 3.24 | 450 | 13.2 |
| Star and Cornet - Cut 3 | 1400 | $/oz | 3.58 | 450 | 12.2 |
| Star and Cornet - Cut 5 | 1400 | $/oz | 4.20 | 450 | 10.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **as at 31 December 2022** | **% RMF**<br>**(based on tonnes)** | **% RMF**<br>**(based on g/t)** | **% MRF**<br>**(based on tonnes)** | **% MRF**<br>**(based on g/t)** | **% MCF** | **MetRF %** |
| Nyamulilima Cuts 1, 2 and 3 | 99.5 | 93.0 | 100.0 | 100.0 | 100.0 | 89.1 |
| Stockpile (full grade ore) | - | - | - | - | 100.0 | 90.9 |
| Stockpile (marginal ore) | - | - | - | - | 100.0 | 91.2 |
| Geita Hill - West | 100.0 | 100.0 | 90.0 | 90.0 | 100.0 | 87.2 |
| Geita Hill - East | 100.0 | 100.0 | 90.0 | 90.0 | 100.0 | 87.2 |
| Nyankanga - Blocks 1 and 2 | 100.0 | 100.0 | 86.0 | 86.0 | 100.0 | 91.4 |
| Nyankanga - Blocks 3 and 4 | 100.0 | 100.0 | 95.2 | 95.2 | 100.0 | 91.4 |
| Nyankanga - Block 5 | 100.0 | 100.0 | 95.0 | 95.0 | 100.0 | 89.8 |
| Star and Cornet - Cut 2 | 100.0 | 100.0 | 94.5 | 94.5 | 100.0 | 88.4 |
| Star and Cornet - Cut 3 | 100.0 | 100.0 | 92.5 | 92.5 | 100.0 | 80.4 |
| Star and Cornet - Cut 5 | 100.0 | 100.0 | 95.0 | 95.0 | 100.0 | 80.4 |

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**<u>12.2</u><u>Cut-off grades</u>**

The Geita business model is primarily driven by revenue generated from gold sold, although some marginal revenue is generated from silver by-product sales.

Net revenue sales are derived considering the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recovered gold revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recovered silver revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Downstream expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transport Costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Smelting and refinery costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deductions such as royalties and taxes

These are based on inputs compiled on site with assistance from the regional finance team. Some parameters have been tested - details in the Mineral Reserve statement document. Gold price input as per AngloGold Ashanti corporate directives issued annually in the Guidelines for Reporting.

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<u>Open Pit</u>

All costs and parameters are based on BP2022. Cut-off grade is based on economic factors using the break-even point to determine ore.

A gold price of $1,400/oz for other parameters per mineralised zone include royalties, dilution, processing costs, recoveries, general and administration costs, and ore mining costs. The Mineral Reserve was based on a marginal cut-off grade. Mineral Resource contained within the final pit designs were estimated against these cut-off grades to produce the open pit Proven and Probable Mineral Reserve. Cut-off grade sensitivities were done by adjusting gold price to determine impact.

The following cut-off grades were applied for the 2022 Mineral Reserve Declaration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyamulilima Oxide: 0.95g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyamulilima Transitional: 1.00g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyamulilima Sulphide: 1.05g/t

<u>Underground</u> 

GGM updates the cut-off grade inputs and calculations once a year. Cut-off grade inputs are based on recent operating experience, projected costs, and AngloGold Ashanti corporate guidance. The break-even cut-off grade is used for Mineral Reserve estimation. All stopes that fail to meet the cut-off grade are classified as waste. Stope cut-off grade used for the estimation of the December 2022 Mineral Reserve is the diluted cut of grade. The cut-off grades were applied to stope panels after dilution and ore loss had been accounted for in the stope.

The QP for the Mineral Reserve considers that the process used is appropriate for this deposit. However, it is important to acknowledge that cut-off grades calculated in this deterministic process have some limitations as they do not consider the impact that including low-grade material (grade just above the cut-off grade) may have in deferring the mining of higher-grade material and hence reducing net present value (NPV).

The 2022 Mineral Reserve cut-off grade is specific to a mining block; with different operating models and mining methods applied to Geita underground operations.

The Nyankanga and Geita Hill operation are contractor operated and Star and Comet is owner operated.

The following cut-off grades were applied for the 2022 Mineral Reserve Declaration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geita Hill (Underground) - Blocks 1 and 2 at 3.59g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geita Hill (Underground) - East at 3.35g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyankanga underground Block 1 and 2 at 2.91g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyankanga underground Block 3 and 4 at 3.07g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nyankanga underground Block 5 at 2.77g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Star and Comet underground Block 2 at 3.24g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Star and Comet underground Block 3 at 3.58g/t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Star and Comet underground Block 3 at 4.20g/t

**<u>12.3</u><u>Mineral Reserve classification and uncertainty</u>**

The Mineral Resource models are used as the basis for Mineral Reserve estimation. Input parameters for estimating the Mineral Reserve include gold price, mining dilution and recovery, geotechnical information, SIB capital, operating costs, metallurgical recovery, processing capacity and mining equipment capacities.

Appropriate Mineral Reserve cut-off grades are applied, and optimised pit shells are generated for the open pit sources. Pit designs are then done on selected shells and signed off by all relevant parties to ensure compliance to specifications. Underground designs are completed and evaluated. These designs are incorporated into the production and treatment scheduling stages to yield ore tonnes and grades. Financial evaluations are completed for production and treatment schedules to check cash flow analysis from the estimated Mineral Reserve.

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The Mineral Reserve for open pit and underground operations was estimated using updated economic factors, latest Mineral Resource models, geological, geotechnical, mining engineering and metallurgical parameters.

In addition, environmental, socio-political, legal, and regulatory factors were also considered.

The Mineral Reserve from stockpiles is declared as a Proven Mineral Reserve. The GGM estimated Mineral Reserve from open pit and underground is declared as a Probable Mineral Reserve and has been derived from Measured and Indicated Mineral Resource.

The major contributing factors to classification of the mining component includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confidence in factors applied to transverse secondary stopes planned to be mined from 2022 onwards. This method has not been applied at GGM before but is a proven mining method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Better understanding of geotechnical structures at Nyankanga Block 5 and Geita Hill and the risk it poses to achieve the desired MRF necessitated the down grading to Probable Mineral Reserve and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Auditable stope reconciliations were used to substantiate MRF applied in 2022.

The Mineral Reserve only includes components of the Measured and Indicated Mineral Resource, noting Inferred Mineral Resource is not used in the estimation and reporting of the Mineral Reserve.

The inclusive Mineral Resource includes the *in-situ* component of Mineral Reserve.

**<u>12.4</u><u>Mineral Reserve summary</u>**

The GGM Mineral Reserve as at 31 December 2022 is estimated as 48.49Mt at 2.29g/t and 3.57Moz and consists of stockpile (0.31Moz) declared as Proven Mineral Reserve, with underground (1.20Moz) and open pit ore (2.05Moz) totalling 3.25Moz, declared as Probable Mineral Reserve.

A gold price of $1,400/oz was provided by the Registrant and viewed as sound and reasonable. The quoted Mineral Reserve from these volumes includes only the converted Measured and Indicated Mineral Resource and no Inferred Mineral Resource is converted to Mineral Reserve. The Geita Mineral Reserve is derived from open pit, underground and stockpile ore sources with a 57.6%, 33.6% and 8.7% contribution in terms of ounces respectively.

The Geita SML number 45/99 has been subject to historic mining activities, the true extent of the recovered gold mineralisation is unknown. Mined out areas are considered in the LOM design but have no impact on the 2022 declared Mineral Reserve. No other sources of ore apart from what has been declared exist. Underground pillars are placed to improve geotechnical stresses and form part of the MRF.

Gold Mineral Reserve

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Geita** | **Geita** | **Tonnes** | **Grade** | **Contained Gold** | **Contained Gold** |
| **as at 31 December 2022** | **Category** | **million** | **g/t** | **tonnes** | **Moz** |
| Nyamulilima Cut 1, 2 & 3 | Proven | - | - | - | - |
| Nyamulilima Cut 1, 2 & 3 | Probable | 30.00 | 2.13 | 63.90 | 2.05 |
| Nyamulilima Cut 1, 2 & 3 | **Total** | **30.00** | **2.13** | **63.90** | **2.05** |
| Geita Stockpile (Full Grade Ore) | Proven | 2.80 | 1.44 | 4.04 | 0.13 |
| Geita Stockpile (Full Grade Ore) | Probable | - | - | - | - |
| Geita Stockpile (Full Grade Ore) | **Total** | **2.80** | **1.44** | **4.04** | **0.13** |
| Geita Stockpile (Marginal Ore) | Proven | 6.74 | 0.84 | 5.66 | 0.18 |
| Geita Stockpile (Marginal Ore) | Probable | - | - | - | - |
| Geita Stockpile (Marginal Ore) | **Total** | **6.74** | **0.84** | **5.66** | **0.18** |
| Geita Hill (Underground) - West | Proven | - | - | - | - |
| Geita Hill (Underground) - West | Probable | 0.74 | 3.95 | 2.94 | 0.09 |
| Geita Hill (Underground) - West | **Total** | **0.74** | **3.95** | **2.94** | **0.09** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Geita Hill (Underground) - East | Proven | - | - | - | - |
| Geita Hill (Underground) - East | Probable | 2.26 | 4.23 | 9.57 | 0.31 |
| Geita Hill (Underground) - East | **Total** | **2.26** | **4.23** | **9.57** | **0.31** |
| Nyankanga (Underground) - Block 1 and 2 | Proven | - | - | - | - |
| Nyankanga (Underground) - Block 1 and 2 | Probable | 0.54 | 4.66 | 2.51 | 0.08 |
| Nyankanga (Underground) - Block 1 and 2 | **Total** | **0.54** | **4.66** | **2.51** | **0.08** |
| Nyankanga (Underground) - Block 3 and 4 | Proven | - | - | - | - |
| Nyankanga (Underground) - Block 3 and 4 | Probable | 3.57 | 4.23 | 15.11 | 0.49 |
| Nyankanga (Underground) - Block 3 and 4 | **Total** | **3.57** | **4.23** | **15.11** | **0.49** |
| Nyankanga (Underground) - Block 5 | Proven | - | - | - | - |
| Nyankanga (Underground) - Block 5 | Probable | 0.81 | 3.53 | 2.88 | 0.09 |
| Nyankanga (Underground) - Block 5 | **Total** | **0.81** | **3.53** | **2.88** | **0.09** |
| Star and Comet (Underground Cut 2) | Proven | - | - | - | - |
| Star and Comet (Underground Cut 2) | Probable | 0.21 | 3.76 | 0.80 | 0.03 |
| Star and Comet (Underground Cut 2) | **Total** | **0.21** | **3.76** | **0.80** | **0.03** |
| Star and Comet (Underground Cut 3) | Proven | - | - | - | - |
| Star and Comet (Underground Cut 3) | Probable | 0.81 | 4.31 | 3.48 | 0.11 |
| Star and Comet (Underground Cut 3) | **Total** | **0.81** | **4.31** | **3.48** | **0.11** |
| **Total** | Proven | 9.54 | 1.02 | 9.70 | 0.31 |
| **Total** | Probable | 38.95 | 2.60 | 101.19 | 3.25 |
| **Total** | **Total** | **48.49** | **2.29** | **110.89** | **3.57** |

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The reference point for the Mineral Reserve is the point where the ROM material is delivered to the processing plant. It is quoted as at 31 December 2022.

**<u>12.5</u><u>Qualified Person's opinion</u>**

The GGM Mineral Reserve is fully contained within the LOM plan and is classified as Probable Mineral Reserve. Measured Mineral Resource is included in the Probable Mineral Reserve portion of the Mineral Reserve, with all unclassified material to be mined classed as dilution.

The SML expires 26 August 2024, and Geita will be engaging with the Government of the Republic of Tanzania to renegotiate existing development agreements and renewal of the SML from 2023 and concluding before expiry in August 2024.

**<u>13.</u><u>Mining methods</u>**

<u>Open Pit</u>

Open pit mines are known to have high productivities and flexibility, with high ore recoveries and better working conditions than underground mines. The unit costs of mining with the open pit method are normally lower than the unit costs of mining using underground methods because of economies of scale. Usually when the unit costs of mining with open pit method becomes higher than unit costs of mining with underground methods, a decision must be made to switch to underground methods.

For the open pit operations at Geita, a conventional drill, blast, load and haul shovel and truck open pit mining method is used. This is the same mine method that was used at completed open pits for Nyankanga, Geita Hill, Lone Cone, Matandani, Kukuluma and Star and Comet.

Currently open pit operations are located at the Nyamulilima open pit deposit. The Nyamulilima open pit is comprised of three phases or cutbacks (Cuts 1, 2 and 3). The deposit is situated 1km east of the on-going underground operation at Star and Comet and 22km from the processing plant. Studies for this mining this open pit deposit were completed to FS level in 2020. The open pit operations commenced in April 2021 where ore is trucked by Caterpillar 785C and Caterpillar 777D haul trucks from the Nyamulilima ROM stockpile to the central stockpiling area about 22km by haul road from the Nyamulilima Pit.

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Open pit mining activities are conducted as owner miner for both open pit operations and ore haulage from Nyamulilima open pit to the plant. An intermediate ROM pad at Nyamulilima has been designed to allow flexibility in ore haulage and provide safety around mining and ore haulage equipment interactions. The primary waste dump (WD17) has been designed and placed following sterilisation drilling in 2020 and 2021, to avoid sterilising any further potential pit expansions due to economics changes as well as staying within the exclusion zones and licence areas.

Mining operations at Nyamulilima open pit involves the conventional drilling of grade control and production holes, blasting, loading, and hauling. The design parameters are driven by previous open pit such Nyankanga and Geita Hill. These include a bench height of 10m mined in three flitches of 3.33m each.

Open pit dewatering is carried out to ensure dry mining operations, prevent flooding of equipment and to prevent water inrush to or inundation of entrances/portals to underground workings. At the completed Nyankanga open pit a dewatering pumping rate of approximately 150m<sup>3</sup>/hr is maintained and stage-pumped to the completed Lone Cone pit for re-use in mining operations and process plant. Similarly, Geita Hill West pit is dewatered at a rate of approximately 160m<sup>3</sup>/hr and stage-pumped into Lone Cone Pit for operational use. Nyamulilima open pit dewatering has not yet commenced. The de-watering system has been designed for commissioning in quarter 2, 2022.

Some major considerations for the Nyamulilima open pit Mineral Reserve included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Mineral Resource model used for the BP2022 budget was released in April 2022, and a new updated model for Mineral Reserve was released in October 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The process recoveries are based on the test results done on site and in laboratories in South Africa as well as actuals derived from the current feed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The geotechnical slope angles are based latest geotechnical results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs are based on the detailed Geita BP 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A $1,400/oz gold price was used for cut-off-grade calculation and optimisation

The open pit LOM plan is based on a mining schedule with a start position based on the 9-month actual plus 3-month forecast for 2022, therefore effectively started in October 2022. The mining operations is owner operated and uses the existing mining fleet on site, RH170 excavators and Cat785 haulage trucks.

The current pit design is based on a selected shell from the Whittle optimisation following metallurgical recoveries, economics, geotechnical assumptions and has been designed to accommodate the size of mining fleet equipment.

When deciding on the theoretical pit shell to use for design, the limiting pit is initially selected as the highest, best-case shell. A push back strategy is applied with the final shell lying between the best- and worst-case scenarios. This selection method can provide a final pit at a price below the base gold price used. In addition to the discounted value, overall cost per ounce, incremental cost by pushback, minimum mining width, pit size, required Mineral Reserve base, and ore and waste volumes are considered before selecting the final pit. The $1,400/oz gold price used in the optimisation process was issued as part of the Guidelines for Reporting.

The optimal open pit excavation rates were based on the existing mining fleet capacity and in particular the hauling fleet. The mining schedule was optimised with the key objective of minimising cash and capital costs, while maximising free cash flow. Increased amount of stripping is expected ahead of ore mining in Nyamulilima open pit with mining volumes from 25Mbcm in 2022 to above 30Mbcm for 2023. Once the requisite sequence was determined, the equipment and materials inputs were estimated in line with the concept of resourcing to the schedule. The forecast fleet availabilities and utilisations were used to derive the fleet size.

Any shortfall in the ROM ore delivery to the plant meant that plant feed had to be supplemented with ore on existing stockpiles, a large portion of that being low-grade marginal ore.

The Mineral Resource models received from the geology department on site were first prepared for pit optimisation. The first step was performing the model data checks that include checking for zero densities, missing cells, and grade errors. Waste blocks were added to the Mineral Resource models by

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the geology departments evaluation team so as to cover projected practical pit limits. The models are also depleted using projected end of year surfaces.

The conversion of Mineral Resource models to Gemcoms Whittle 4X<sup>TM</sup> optimisation models also includes the digital insertion into the model of mining and processing costs. A reference level or elevation is selected for each pit and the base cost applicable at that reference level determined. Additional costs related to elevation and material type are added. These are termed the mining cost adjustment factors and processing cost adjustment factors.

The Datamine® subcelled model was converted to a Datamine® regularised model (10m L x 5m W x 3.33m H) and used in Whittle 4X™. The Datamine® regularised mode enables faster processing time allowing for multiple scenarios.

In the Whittle pit optimisation process only, Measured and Indicated full grade ore (FGO) Mineral Resource was considered for process plant treatment, with the combined marginal grade ore (MGO) and mineralised waste material (MW) being available for sensitivity studies, and later if required, treatment scheduling.

The four components of the Measured and Indicated Mineral Resource are the *in-situ* FGO, the *in-situ* MGO, stockpiled FGO and stockpiled MGO. The *in-situ* components are determined from the material above the respective FGO and MGO cut-off grades and lie within the practical design pit shell.

A set of nested pits for each deposit is produced during the pit optimisation exercise. Using various scheduling simulations in the Whittle software, a series of NPVs, stripping profiles, and pushback options were generated. The pit with the optimum NPV was chosen as the ultimate theoretical pit for each area. Factors such as pit value, mill tonnes, pit depth, strip ratios, mining width, and incremental profit per tonne milled, and ounce of gold recovered were considered in arriving at the optimal shell. In general, the biggest pit with last significant increase in content whilst still having positive incremental shell value was selected. This selected pit was used as guideline to design the final practical pit in Datamine® mine planning software.

Pit shell selection during mine optimisation for Nyamulilima deposit based on two sets of optimisations conducted separately for Measured and Indicated Mineral Resource; and Measured and Indicated and Inferred Mineral Resource. The pits were designed based on the shell generated from Measured and Indicated Mineral Resource at $1,400/oz, optimisations using the Measured, Indicated and Inferred Mineral Resource at $1,400/oz were completed to confirm additional cutbacks but did not yield worthwhile additions and hence the final pit shell was derived from the Measured and Indicated Mineral Resource at $1,400/oz.

Mining blocks are generated and evaluated in the Datamine® software provide the tonnes and grade classified into FGO, MGO, MW and waste for Oxide, Transitional and Sulphide material types. In addition, any Inferred Mineral Resource within the cutbacks or practical pit designs is tracked so that it can be excluded from the Mineral Reserve to be published. Tonnage and grade factors and mining parameters are applied in SPRY<sup>TM</sup> to provide detailed mining production, ore tonnes and metal delivered to the ROM stockpiles.

To assist the sequencing of the Mineral Reserve sources, cash cost per recovered ounce for each cutback or pit was calculated and ranked from lowest to highest. To maximise the return on investment, cutbacks with the lowest cash cost (or in other words highest cash margins) are excavated first.

Other considerations were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Target range of volumes moved per annum matched to the heavy mining fleet capacity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Satellite ROM to main ROM haulage capacity, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Practical bench turnover rate

This sequencing is totally independent of any sequencing information obtained from the nested pits in Whittle.

The ore treatment scheduling philosophy is that the higher grade, lower stripping ratio ore is preferentially treated, whilst the lower grade and marginal ore material is stockpiled for later treatment.

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From its very definition, marginal ore is treated at the end of mine life after all mining has stopped, i.e., under a much-reduced cost structure.

<u>Underground</u>

The current and proposed mining methods for underground operations at Geita are well proven mining techniques that do not introduce unknown risks to people, equipment, and the environment; and are mining methods adopted in other underground mining operations in Tanzania, and globally. At Geita, a combination of longitudinal and transverse stoping methods are used.

The main underground mining activities include horizontal development, vertical development, production and grade control drilling, production blasting, bogging, and hauling, and all associated works required as part of the mining cycle.

The advantages of this mining method include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Less upfront capital with balanced development and stoping schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ability to access high-grade ore located at the top of the orebody during the early stages of the production schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rapid payback period due to early access to ore

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provides flexibility through grade control, and then drill and blast techniques to define the ore boundary on each production level; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development ahead of mining for underground Mineral Resource conversion and extensional exploration drilling

Transverse longhole stoping is a bulk mining method in which the long axis of the stope and access drives are perpendicular to the strike of the orebody. Transverse longhole stoping is more favourable to longitudinal stoping in areas of increased ore thickness. Transverse longhole stoping is also used where the rock mass quality of the hangingwall limits the length of the stope strike length.

Transverse open stope mining method with a variant of top-down and bottom-up mining sequence is used for primary and secondary stope mining respectively.

Rockfill is used for stability support of primary and secondary stopes, respectively, in addition to cable bolting the sub-panel backs and hangingwalls. At Nyankanga, CAF is used to fill primary stopes. A minimum crown pillar thickness from the base of the pit to the stopes was evaluated at 63m, with a minimum standoff of 25m of the stopes from the pit walls. However, due to the shallow dipping nature of the orebody, all planned stopes do not lie directly below the pit bottom.

At Star and Comet, the orebody is structurally controlled and sub-vertically dipping with a northwest- southeast strike. Orebody width varies from about 5m is generally less than 20m. The rock mass is competent and slightly blocky to massive. Ground stability is controlled by localised poor rock mass conditions associated with sub-vertical dyke contacts and faults; and interaction of steep dipping mineralisation controlling thrusts with the stope excavations. longitudinal longhole methods operate parallel to the strike of the orebody. longitudinal longhole stoping is more favourable to transverse stoping in areas where ore thickness is narrower. Longitudinal methods are used where the rock mass quality of the hangingwall rock is competent enough to allow the development of greater stope strike lengths. The resulting open stopes are supported using a combination of vertical (rib) pillars and horizontal (sill) pillars to achieve local and regional stability. Rib pillars are generally used to provide stope stability for thicker ore bodies while sill pillars are used to provide stope stability for thinner ore bodies. An inverted V mining advance shape is employed to manage regional stability. A minimum crown pillar thickness from the base of the pit to the stopes was evaluated at 25m, with a minimum standoff of 15m of the stopes from the pit walls.

At Nyankanga, the orebody is structurally controlled and shallow dipping to the north. Orebody width varies from about 10m to over 50m. The rock mass is moderately competent and generally blocky to very blocky. Ground stability at Nyankanga is controlled by poor rock mass conditions associated with Iyoda shears, shallow dipping thrusts and fault contacts; and interaction of shallow north dipping thrusts and fault contacts with trending NW-SE subvertical shears, veins and joints that tend to form blocks that can be released from stope backs and hangingwalls.

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At strategic positions cover holes are drilled serving a dual purpose to validate the presence of water bearing structures/bodies and geotechnical rock conditions. The information derived from these holes guide further development plans and execution. The cover drilling is carried out at all underground operations ahead of 'blind' development zones supervised by the geotechnical section, to check for structure ahead of development, water, and voids.

Underground water intersections from drilling are reported to and monitored by the hydrogeology and geotech departments, who advise on appropriate water management strategies (i.e., whether to grout or plug drill holes or to allow drill holes to self-drain into the underground sumps). Water and void intersections encountered during exploration drilling follow the same procedure. Typically, the majority of water-bearing structures intersected are left open and drain with time, requiring minimal intervention. Depending on operational requirements, development plans and sump infrastructure some water intersections are sealed using a Van Ruth plug, which is removed once development has proceeded to allow gravity drainage. Overall, the preferred method is to minimise piezometric pressure build-up in and around underground workings.

For the underground schedule a combination of MSO and SN are used to generate Mineral Reserve estimates. The MSO process is run using Datamine® mine planning software and is the underground optimisation equivalent of the open pit Whittle optimisation and is widely recognised as the industry-standard software tool for generating stope optimisation shapes. A SN is an AngloGold Ashanti approved method for creating signed off stope notes. All relevant geological, geotechnical, hydrogeological, ventilation, equipment type, and mining rates are factored into the design and schedules.

For the LOM steady state ore tonnes of 1,080ktpa, 1,204ktpa and 1,100ktpa are targeted for Star and Comet, Nyankanga and Geita Hill respectively resulting in a combined underground mined ounces profile of 400Kozpa.

To sustainably mine the required ounce profile and create Mineral Reserve development rates of 6,800mpa, 6,500mpa and 8,300mpa for Star and Comet, Nyankanga and Geita Hill respectively are required, where these include capital development and operation development headings with capital development contributing 60%.

Mining Dilution and Recovery are mainly affected by the geotechnical structures, the methods of mining have been adapted to safely operate within the geotechnical constraints to minimise dilution and recovery losses. The economic stable mining shapes are designed to include dilution that would otherwise create unsafe working conditions.

The unplanned dilution and recovery factors depend on the mining methods used, values of 10% and 95% for dilution and mining recovery respectively are applied to stable shape designs. For stopes that that were derived from MSO, higher factors are assigned, and this is to allow for the geotechnical structures.

Underground grade control forms an integral part of any mining operation being a precursor to any stoping activity. Grade control drilling is conducted at a 10x10 optimal fan drilling pattern from the ore drives using specialised underground RC drill rigs, and minor DD. In addition, face sampling is done at every cut (nominally 4m). The information gathered from the grade control drill sampling are used to create the grade control models that the mine planners use for final stope designs.

Geita underground staff include the following departments, mining and technical services, geology and exploration, infrastructure, engineering and reliability and site support for security, health, safety, environment and training (HSET), finance, supply chain and human resources.

Mining personnel distribution depends on the operating model. Only direct mining related personnel quantities are referenced below. Staff includes personnel from Geology, Technical Services and Engineering Maintenance.

Owner operated (Star and Comet)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expats 31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Staff 139

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operators 208

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Contractor Operated (Nyankanga and Geita Hill)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expats 21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Staff 58

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operators 86

Mining production rates and grades are aligned with the strategic objectives of Geita, aiming to consistently produce >0.5Moz per annum. The process plant is designed to treat approximately 5.2Mt of sulphide ore per annum. The instantaneous plant throughput is around 680tph, and the mill availability and utilisation are about 96% and 94% respectively.

Ore from open pit and underground sources are placed and blended on the main ROM stockpile to and through blending strategy achieve the desired feed grade blend.

The following items form key elements of the combined open pit and underground LOM plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital constraints across the whole business meant that the mining volume movement had to be matched to the current aging fleet and replacement schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining production operations commenced in Nyamulilima the April 2021. During the next three years, the mine will focus on developing Nyamulilima for open pit operations (Cut 1 and Cut 2) while underground operations are mining at Nyankanga Blocks 1 to 5 and Star, Geita Hill Blocks East and West and Comet Cut 2 and 3 for Mineral Reserve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The mine continues with the cash conservation approach that implies reduced stripping levels and increased depletion of ore from existing ore stockpiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The marginal Mineral Reserve currently on stockpiles and future mining will form part of mill feed over LOM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The gold production profile will increase gradually in the next three years maintaining gold production above 0.5Moz per annum in the next 4 years. The Nyamulilima pit (Cuts 1, 2 and 3) remain the backbone of the mine over the current LOM, where it is of strategic importance that the ore supply from this pit flows constantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LOM scheduling was done using SPRY<sup>TM</sup> software, as a manual block by block scheduler, to produce material movements, equipment usage and an input into the processing plant schedule, budget system and financial models

Safety is AngloGold Ashantis first value, all economic extraction activities are planned and executed with this value in mind. Geita is compliant with ISO 45001 and ISO 14001 Standards.

The underground department uses Datamine® Studio Underground™, Enhanced Production Scheduler™ (EPS) and MSO™ software for the underground Mineral Reserve optimisation. The first principal costing approach is followed where the insitu economic cut-off Grade is determined using the cost and modifying factors and then applied in the Datamine's Studio Underground™ software to determine the Mineral Reserve MSO shapes. The appropriate factors are then applied to declare Mineral Reserve.

**<u>13.1</u><u>Requirements for stripping, underground development and backfilling</u>**

<u>Mine scheduling strategies</u>

The guiding strategy is to develop the new Nyamulilima Pit and together with underground ore sources feed the plant. Any shortfalls in ore supply required to fill the plant will be supplemented by marginal ore stockpiles.

<u>Open pit stripping strategy</u>

The Nyamulilima open pit required bulk waste stripping ahead of ore mining in Cut 1 which was largely completed in 2021. Ore mining commenced in Cut 1 during 2022 with increasing ore volume as the 2022 progressed the year, with waste stripping continuing in 2023 for Cut 2. Nyamulilima Cut 3 is a further cutback on Cut 1 and will required only nominal waste stripping.

<u>Waste rock dump strategy</u>

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The waste dumping schedule incorporates management of Potential Acid Forming (PAF) / Non-Acid Forming (NAF) materials, where waste tipping designs are converted to block models to calculate volumes and to have as waste dump models as inputs for scheduling waste dumping.

The waste dumping strategy manages PAF material by encapsulation.

Currently, Nyamulilima open pit is the primary producer of waste materials, where the Nyamulilima WD17 waste dump is under construction.

<u>Stockpile strategy</u>

Gold bearing material from the pit has three destinations namely, full grade ore stockpiles (ROM pad), marginal and mineralised waste stockpiles. The marginal and mineralised stockpiles need clear demarcation and undergo regular volume and grade balances.

Marginal ore is preferably stockpiled close to the ROM pad and treated at the end of mines life and at any time when the full grade ore cannot fill up the plant.

The plan also strives to maintain on the ROM pad full grade ore tonnages equivalent 2 to 3 months of production at the planned feed grade. This is to enable smooth blending, manage the possible risks that can cause disruptions to pit operations (floods, small scale wall or ramp failures) as well as enable unhurried, carefully thought out and safe excavation of the pits.

Stockpiles are an inherent part of a gold mine with different processing plant feed sources available (especially if they all have different effects on the plant), high variability of grades in the model, pits, and pushbacks at various stages (pre-stripping, waste stripping and ore mining) and the mine striving to produce a certain target at a certain margin. By creating a stable feed and treating the higher grade at a stable enough high production rate, NPV is maximised under stable conditions.

<u>Blending strategy</u>

The blending strategy was established to ensure stable hardness, recovery, and grade blend to stabilise processing plant operations. Since the inception of the Star and Comet underground, it has been discovered that the blend of Geita Hill and Star and Comet material does not yield good recoveries because of pyrrhotite in the Star and Comet Cut 3 material, and the silver in Geita Hill material. There is also excessive consumption of reagents associated with a Geita Hill and Star and Comet blend. However, a better recovery is achieved from a blend of Nyankanga and Star and Comet material. Current practice is that before the Nyankanga and Star and Comet blend, the plant needs to run with only Nyankanga material for 24 hours before the new blend can be introduced. Geita Hill ore is similar, where Geita Hill ore maintains good recoveries when blended with Nyankanga and Nyamulilima ores.

The feeding of Star and Comet alone remains a challenge in the plant because of the mineralogy of the material. The excessive consumption of cyanide, lead nitrate and oxygen can result in low recoveries, of 88%. Star and Comet sulphide ore is also very hard and can result lower throughputs. In response Star and Comet ore is limited to 30% of the plant feed blend at any time to manage both lower metallurgical recoveries and throughput relating to ore hardness. Star and Comet ore is only blended with Nyankanga and Nyamulilima ores. Geita Hill ore is fed to a maximum of 35% with only Nyankanga and Nyamulilima ores. Oxide material, currently being mined from Nyamulilima, is limited to 35% of the blend. The oxide material poses major handling challenges, during the wet season, where high moisture in the oxide results in clogging and blocking of the crusher. This is managed by reducing the oxide blend where high moisture is encountered in saturated, oxide ores.

<u>Underground Stoping Strategy</u>

There are two distinct sequencing patterns for the various mining methods, including transverse primary and secondary stoping and longitudinal retreat stoping. The transverse primary and secondary sequencing concept is that primary stopes mine from hangingwall to footwall on a top-down mining sequence with a vertical height not exceeding 50m. The secondary stopes follow a bottom-up approach, this is achieved by placing rockfill in the bottom stope before the next stope above can be mined. A secondary stope cannot start mining until the primary stopes on either side have been mined and filled with CAF. Regional pillars are required in areas of high stress.

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Access development is via portals in the open pit. Major development infrastructure is placed in the footwall side of the orebody with ore drives (OD) placed parallel to the transverse stopes, stopes are placed 25m apart. Hangingwall drives (HWD) connect the ODs with the footwall drives (FWD) effectively forming multiple access points. Declines are spiralled as far as practically possible with longer straight sections strategically placed to maintain the optimal weighted strike per production level as it connects the production levels that are spaced 25m vertically apart.

Longitudinal retreat stoping is used as the extraction method to mine the narrower stopes retreating from the furthest extent of the economical stopes back towards the crosscut. Access development is also via portals in the open pit. Major development infrastructure is placed in the footwall side of the orebody. Cross cuts are placed in the middle of the strike as far as practically possible to allow for dual mining horizons per level. Rib and sill pillars are required to stabilise the ore body to ensure safe stable mining extraction.

<u>Mine Ventilation Strategy</u>

All underground mines at GGM are ventilated by both primary and secondary ventilation systems. Ventilation requirements are modelled using Ventsim™ software to ensure all working areas have adequate ventilation for both personnel and diesel equipment.

Geita provides mine ventilation designs that support best practice and good quality air to ensure the health and safety of mine workers as well as providing a suitable atmosphere for the safe and effective operation of mining plant and equipment.

The primary ventilation system utilises the decline as the fresh air intake, with a system of inter- level rises forming the return air circuit, exhausting the return air through the vent rises into the atmosphere. This system of rises provides the exhaust ventilation circuit for the mine development, preventing recirculation of contaminated mine air. The primary exhaust system is ventilated using dedicated primary fans, located at the top of the vent rises.

Secondary ventilation is provided by underground secondary fans and ventilation ducting. Secondary fans are mounted in the main decline or incline development, drawing in fresh air, which will force fresh air to the working face via the ventilation duct. The ducting is extended periodically as the development advances and shifted to the new mine areas as they are developed.

**<u>13.2</u><u>Mine equipment, machinery and personnel</u>**

The proposed continuous shift durations for mining activities are twelve (12) hour shifts for all personnel working underground and twelve (12) hour shifts for those working on the surface. A 4 day on 4 day off cycle is adopted for all personnel who operate machines with exception of the expat operators that work rosters of 9 weeks on 3 weeks off, having 2 rest days per week. Technical staff work normal week hours.

Work force available supporting mining operations, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Community affairs = 11 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executive Management = 2 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finance = 43 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geology = 213 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HSE&T = 181 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Human Resources = 62 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining Underground = 349 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining Open Pit = 318 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engineering = 581 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process = 269 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SCM = 96 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security = 195 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainability = 3 personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Services = 98 personnel

<u>Open Pit</u>

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The conventional truck and shovel open pit mining method is used for extraction. Normal drilling and blasting operations are carried out on both ore and waste material. Mining equipment utilised for Nyamulilima Pit mining is RH 170 excavator with 18m<sup>3</sup> bucket capacity along with CAT 785 truck types which are of 150t capacity. Drilling and blasting operation are conducted by utilising DML of 203mm hole diameter for production drilling activities and D65 of 127mm hole diameter for presplit activities for wall stabilisation. There are 62 Machines available on site, grouped by type, number and capacities below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x 6 cubic m Excavators (RH40)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4 x 20 cubic m Excavators (RH170, RH170E)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 x 28 cubic m Excavators (RH340)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 x 5 cubic m Front End Loaders (Caterpillar 966)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 x 9 cubic m Front End Loaders (Caterpillar 990)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4 x 12 cubic m Front End Loaders (Caterpillar 992K)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12 x 100t Haul trucks (Caterpillar 777D)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 23 x 150t Haul trucks (Caterpillar 785C)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 x 240t Haul trucks (Terex MT4400)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5 x Dozers (Caterpillar D10T)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x Wheel Dozers (Caterpillar 834H)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5 x Graders (Caterpillar 16H)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5 x Water trucks (Caterpillar 777WC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 x Support equipment (Caterpillar 336)

Operational targets are set for daily, weekly, and monthly reporting. Operational targets vary by month depending on the available Mineral Resource per month, per week. In this case, shorter production month like January with 25 production days have lower targets when compared to other months. For example, budgeted open pit total volume (Ore and Waste) for January and December, 2022 were 869,211bcms and 1,161,825bcms respectively. Daily and weekly production targets intend to achieve the monthly plans in terms of waste and ore mining. The average daily and weekly targets for open pit for December 2022 were 32,273bcms and 225,911bcms respectively.

Stripping ratios also vary on daily, weekly, and monthly depending on the areas planned to be mined, location of ore in the bench as well as positioning of excavators. For example, the average planned open pit stripping ratio for January and December 2022 were 18.85 and 10.18 respectively. Higher Stripping ratio is January was triggered by the expected more waste mining required to unlock the ore body. The low stripping ratio for the month of December resulted from more ore tonnes mined during the month.

Nyamulilima utilises a total of 6 drill rigs, 4 x DML with 203mm drill bit diameter for production drilling and 2 x D65 with 127mm drill bit diameter for presplit drilling. There are 4 x MMU charging trucks from Orica.

<u>Underground</u>

Star and Comet, Nyankanga, and Geita Hill underground operations will all be using the same standardised fleet of equipment. This has advantages for training, maintenance, and operation for all personnel at GGM. Equipment selection is aimed to achieve productivity, better safety performance and improved project economics. The underground fleet equipment includes twin boom jumbo drills, long-hole drill rigs, load-haul-dump (LHDs) and low-profile haul trucks as the primary mining fleet.

Electric powered Sandvik DD420-60C jumbos are used for all development and ground support installation. Diesel powered Caterpillar R2900G loaders are the primary loaders used for the extraction of ore and waste. These loaders are used to load waste and ore onto trucks for transportation to the designated dumping areas.

Diesel powered Caterpillar AD60 underground haul trucks are used as the primary haul and dump units for both waste and ore. The waste will be transported and dumped in the current mined out open pit whilst the ore is transported to the ore stockpile locations on surface. A Volvo L120 IT will be used as a utility and support vehicle. Some units will be fitted with quick hitch and forks, as well as fork extensions.

Light vehicles including single and dual cab Land Cruisers and two (2) personnel carrier will be mobilised for the Geita Hill project. The LVs will be used for transportation into the mine and between the

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mine, workshop and camp. The personal carriers will be used to transport employees between their places of residence and work. The safety requirements for all light vehicles carrying passengers into the mine will follow the AngloGold Ashanti CAR Region Safe transportation of personnel guideline (AGTE 20.7.2).

The equipment selection has been based on the rates that can be achieved in industry benchmark for each piece of equipment required. This is derived from the mining schedule and the unit rate for each piece of equipment. The table that follows summarises the benchmarked rates for each development and production machine required underground.

There are 58 x Machines available on site, grouped by type, number and capability per machine below:

Star and Comet Operation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x Jumbo drills capable of 300 m/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x Longhole drills capable of 5700 m/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 x Tele Remote Loaders capable of 27,820 t/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x Conventual Loaders capable of 36,380 t/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5 x Trucks capable of 53,914 tkm/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x Charge wagons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4 x Integrated Tool carriers

Nyankanga Operation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 x Jumbo drills capable of 300m/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 x Longhole drills capable of 5,700m/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 x Tele Remote Loaders capable of 27,820t/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x Conventual Loaders capable of 36,380t/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5 x Trucks capable of 53,914tkm/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 x Charge wagons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3 x Integrated Tool carriers

Geita Hill

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x Jumbo drills capable of 300m/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 x Longhole drills capable of 5,700m/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 x Conventual Loader capable of 36,380t/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 x Trucks capable of 53,914tkm/month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 x Charge wagon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 x Integrated Tool carrier

The estimated peak manpower (steady state production over all three underground sites) required for the underground operations is 701 persons.

**<u>13.3</u><u>Final mine outline</u>**

Geita is an operating mine adequately equipped with all the facilities and infrastructure to safely maintain the production profiles.

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Geita Gold Mine Site Map

![image21a.jpg](image21a.jpg)

**<u>14.</u><u>Processing and recovery methods</u>**

The Geita processing plant treats ROM ore from underground and open pit mining operations through a CIL processing plant. ROM ore from the various mining operations is blended to achieve the desired grade and recovery before feeding the plant. Current ore sources include: Nyankanga (underground and open pit), Geita Hill (underground and open pit), Star and Comet (underground), and Nyamulilima (open pit). Approximately 80% of the gold is recovered through the CIL process with the balance of 20% recovered through the gravity concentration circuit. These proportions will vary depending on the source and characteristics of ore fed into the plant.

The process plant is designed to treat approximately 5.2Mpta of sulphide ore per annum. The instantaneous plant throughput is around 680tph, and the mill availability and utilisation are about 96% and 94% respectively. Extensive metallurgical test work is conducted on all ore types and blends to optimise the metallurgical parameters for maximum gold recovery and optimal reagents consumptions. The optimum grind size for the CIL circuit is 80% passing 106m. Gold recovery varies according to the type of ore blend fed into the plant; however, it ranges between 88% and 92% for sulphide ore Star and Comet, Geita Hill at the lower end of the range, and Nyankanga, Nyamulilima ores at the higher end of the range), and up to 95% for Nyamulilima oxide ore.

Processing starts with crushing through a three-stage crushing circuit. Mined ore is delivered to the ROM pad where it is temporarily stored before being blended and fed to the 42 x 70 primary gyratory crusher, using dump trucks and front-end loaders. The primary crusher is operated at a closed side setting of 120mm. The primary crushed product is screened to remove +120mm size fraction which is either fed to the secondary crusher or sent directly to the fine ore stockpile. The -120mm fraction is screened again in the tertiary screen to remove the -40mm (to the fine ore stockpile) before feeding the two off tertiary crushers (CH600 Sandvik).

The tertiary crushers are in closed circuit with one 40mm aperture double deck screen. The +40mm and -120mm material from the tertiary screen is delivered to the tertiary crusher. Products from both

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secondary and tertiary crushers report to the double deck tertiary screen (closed circuit) which recovers the -40mm material as final product conveyed to the fine ore stockpile.

The fine ore stockpile has a live capacity of 9,000 tonnes, and a total capacity of around 100 kt. Crushed ore from the fine ore stockpile is reclaimed by two hydraulically driven apron feeders to the mill feed conveyor which feeds the grinding circuit. Dry quicklime is added directly onto the mill feed conveyor to condition the ore for the leaching process.

The grinding circuit is a two-stage milling process consisting of a SAG Mill in open circuit and a Ball mill in closed circuit with hydro-cyclones. Both mills are rated at 9.0MW individually. The SAG mill product is screen through a trommel which produces the oversize scats (pebbles) and the undersize mill product which reports to the mill discharge hopper. The scats product is recycled back to the SAG mill via a series of conveyors. The SAG mill product is combined with the ball mill product in the common mill discharge hopper where the two products are diluted using process water prior to cyclone classification. The cyclones include two primary clusters which produce the final product and two gravity (dewatering) clusters dedicated for the gravity circuit.

The diluted mill discharge slurry is pumped to a distribution box which feeds the primary clusters and the gravity clusters. The cyclone overflow at about 40 w/w% solids (weight per weight percent) gravitate to the thickener via two trash screens for trash removal whilst the underflow gravitates to ball mill at 80 w/w% solids. The underflow from the gravity cluster feeds a scalping screen which removes and returns the +3mm particles to the SAG mill. Undersize from the scalping screen reports directly to the two off 52-inch Knelson concentrators.

The Knelson concentrator is a centrifugal gravity concentrator that recovers free gold from the scalping screen underflow into a small mass concentrate suitable for treatment in the Acacia reactor by intensive cyanidation leaching process. The intensive leach reactor produces a highly concentrated gold solution which is pumped to an electrowinning cell where gold concentrate is plated before the smelting process. The tails stream from Knelson concentrator is gravity fed to the mill discharge hopper.

Overflow from both the primary and gravity clusters gravitates to two linear trash screens (to remove trash and grit) before reporting to the 25m diameter high-rate thickener for solid-liquid separation. Flocculant is added to accelerate the settling rate of solid particles to the underflow stream. Thickened slurry at 52 w/w% solids as thickener underflow is pumped to the CIL circuit for the cyanidation process.

The CIL circuit consists of two pre oxidation tanks and ten CIL tanks, each with a live capacity of 2,240m<sup>3</sup>. The slurry flows by gravity through the tanks which are interconnected by launders. Each tank has been fitted with a mechanical agitator for uniform slurry mixing. The ten CIL tanks are each fitted with two mechanically swept wedge wire screens (Kemix Screens) to retain the carbon.

The pH is maintained around 10.5 for optimum cyanidation and cyanide stabilisation. Lead nitrate is added into the pre-oxidation tanks for gold recovery improvement. Oxygen is sparged through the agitator shafts for an optimal dissolved oxygen concentration. In addition, hydrogen peroxide is added to supplement the oxygen supply.

Sodium cyanide solution is dosed in two stages to maintain the desired concentration for gold leaching process. The first dose is tank no. 03 (the first CIL stage) and the second one in tank no. 06. Regenerated and activated carbon is added in tank no.12 (last CIL stage) and advanced counter-current to the slurry flow until it reaches the first CIL tank (tank no. 03), where loaded carbon is recovered with slurry and pumped to the loaded carbon recovery screen.

All parameters for the CIL operation are monitored and controlled by in line instruments for optimal metallurgical requirements. Two automatic samplers are installed before and after the CIL circuit to determine the CIL gold feed grade and the tails grade. Gold barren slurry (tailings) from the last CIL tank (tank 12) gravitates to the tailing's hopper via the linear carbon safety screen where fine carbon is recovered for further treatment. Tailings slurry is pumped and safely stored at the TSF.

On the carbon recovery screen, slurry is washed off the loaded carbon through the screen underflow and gravitates back to the CIL tanks whilst the loaded carbon reports to the 14-ton acid wash column to commence the gold stripping processes. The acid wash process makes use of a dilute (3%) hydrochloric acid to remove inorganic foulants from the carbon. After acid washing, the loaded carbon is hydraulically transferred to the elution column.

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Elution is by means of the Anglo American Research Lab (AARL) method using treated water (through the inline solution heaters and a heat exchanger) and sodium hydroxide (caustic soda) at high temperature and pressure. After desorbing, the gold from the surface of the carbon is transported in solution referred to as the pregnant solution which is directed to one of the pregnant solution tanks prior to electrowinning. After elution, carbon is re-activated in the regeneration kiln and recycled back to the CIL circuit through the carbon sizing screen.

The pregnant solution is pumped through the electrowinning cells and recirculated back to the pregnant solution tank. Direct current is passed between stainless steel anodes and cathodes, which are covered with a fine stainless-steel mesh. Electrolysis causes the gold in solution to plate out on the cathodes. Seven cells are arranged in parallel, with an eighth cell dedicated to the gravity circuit. Electrowinning takes approximately 8 to 12 hours and continues until the solution leaving the electrowinning cells (barren solution) is depleted of gold. The barren solution is recycled back to either the strip solution tank or leaching circuit. Concentrate gold is washed off the cathodes, filtered and dried in electric ovens. The dried concentrate is then smelted and poured into bullion bars which are shipped to Rand Refinery in Johannesburg for further refining and sale. Bullion fineness ranges between 85% to 92% gold and 8% to 12% silver.

Unit power consumption is currently 42kWh/ton on average which converts to approximately 18MWh per month. The existing Wartsila diesel power station has the required capacity to fulfil this demand.

The water requirement for process is currently 1.6m<sup>3</sup>/t of ore treated. This equates to 564Mm<sup>3</sup> of water per month. Half of the water supply is sourced from the water resources such as Lake Victoria and Nyankanga Dam and Lone Cone Pit.

Total labour complement in the processing plant is approximately 269 employees including both operational and maintenance functions.

The recent development of Nyamulilima pit has been going on quite well and has started delivering some medium-grade oxide ore into the plant. Treatment of oxides has continued without any major challenges except for material handling issues at the crusher resulting in frequent blockages.

However, test work results indicate that although majority of the Nyamulilima sulphides can be treated without any major recovery issues where recoveries ranged from 90 – 94%, there were some low recovery ore (<2%) of total volume, with recoveries as low as 60% in test work) identified in the volcanoclastic rock type.

Planning assumptions are based on extensive test work results which form part of the overall geometallurgical programme. The test work programme includes ore characterisation tests such as bond work index, abrasion index, hardness and recovery test work such as bottle roll leach tests with reagent optimisation, optimum grind tests, mineralogy and solid-liquid separation tests. Many test work samples are required to ensure the representativity of the test work. The majority of these are obtained from the grade control sampling, exploration DD (core) and others are pure metallurgical test samples.

The majority of the test work is conducted on site whilst additional test work is conducted externally by certified laboratories abroad such as ALS in Australia and SGS in South Africa. On average, the onsite laboratory processes approximately 300 samples per month. Phase 1 of the test work programme done during the development of Nyamulilima involved over 700 samples taken from various lithologies existing in the pit. A second phase of test work is currently ongoing and is aimed at better understanding the mineralogy and its relation to the lower recovery risks explained above.

The metallurgical process and flowsheet employed at GGM has been in operation for more than 20 years since commissioning and has been successfully tested and optimised over the years.

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Process flow chart

![image22a.jpg](image22a.jpg)

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**<u>15.</u><u>Infrastructure</u>**

The Mineral Resource within the Geita SML is accessed from the existing road infrastructure. There are no anticipated impediments to the construction of new haul roads for open pit Mineral Resource. Access to underground Mineral Resource is assumed to be via mechanised mining methods and there are no anticipated impediments to developing the required underground access infrastructure. Extraction of the Mineral Resource will utilise existing administration, engineering, power and other utility and support infrastructure, upgraded or expanded where necessary.

As part of the annual LOM process the following facilities and infrastructure need to be upgrade and or provided.

A tailings dam lift was completed in 2020, with next lift scheduled for mid-2023.

A 36MW power plant was commissioned in July 2018 to cater for LOM power requirement. There is planned construction of a 33kV hydropower station by TANESCO which will provide green energy (hydroelectricity) to the mine. The sub-station with be synchronised to Wartsila power plant which will operate on hot-standby mode. The civil construction stands at 60% and design and manufacturing of switch gears at 56%. The project costs $26M.

Current waste dumps have sufficient capacity to accommodate all waste in the LOM plan. Remnants of historical mining activities can be found on the property (underground mine shafts and surface workings) in various states of repair. Although remnants of the historical mining activities remain, the mine has been developed, with new facilities having been built to support the current mining and processing activities.

The key on-site surface and underground infrastructure at Geita include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 5.2Mtpa process plant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mine access and internal road network from the neighbouring Geita town

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TSF upgraded in 2013 and a recent lift completed in 2020. The other wall lift is scheduled in financial year 2023 with anticipation of a rise of 6m at a cost of $10M

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accommodation village for married and single staff and employees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative buildings, stores warehouses, laboratory, workshops for surface and underground equipment, security buildings, medical and emergency response facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fuel Storage facility with capacity to create buffer of 2 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw and process water containment and storage dams and water distribution network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communications and data transmission networks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Airstrip

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Twin declines

All necessary logistics have been considered. Geita is a mature operation that has all necessary support infrastructure already in place. In the opinion of the QP, the infrastructure is adequate and has been, or is being, provided at Geita to support the anticipated production targets from both the open pit and the underground mine.

**<u>16.</u><u>Market studies</u>**

No by-products are reported, only gold declared at $1,400/oz as gold price for Mineral Reserve estimations provided by AngloGold Ashanti corporate office and are seen to be sound and reasonable.

The primary product sold from the mining and beneficiation of ore at our operations, is gold doré. The accepted framework governing the sale or purchase of gold, is conformance to the loco London standard.

Only gold that meets the LBMAs Good Delivery standard is acceptable in the settlement of a loco London contract. In the loco London market, gold is traded directly between two parties without the involvement of an exchange, and so the system relies on strict specifications for fine ounce weight, purity and physical appearance.

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For a bar to meet the LBMA Good Delivery standard, the following specifications must be met as a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weight: 350 fine troy ounces (min) 430 fine troy ounces (max)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purity / Fineness: Minimum fineness of 995.0 parts per thousand of fine gold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appearance: Bars must be of good appearance not displaying any defects, irregularities such as cavities, holes or blisters

Only bullion produced by refiners whose practices and bars meet the stringent standards of the LBMAs Good Delivery List can be traded on the London market. Such a refiner is then an LBMA Accredited Refiner and must continue to meet and uphold these standards in order for its bars to be traded in the London market.

Provided the bullion meets the LBMA Good Delivery standard, it is accepted by all market participants and thus provides a ready market for the sale or purchase of bullion.

Annually, the gold prices used for determining Mineral Resource and Mineral Reserve are determined by the Chief Development Office (CDO). Two different prices used for determining Mineral Resource and Mineral Reserve. These prices are provided in local currencies and are calculated using the historic relationships between the USD gold price and the local currency gold price.

The Mineral Resource price reflects the company's upside view of the gold price and at the same time ensures that the Mineral Resource defined will meet the reasonable prospects for economic extraction requirement. Typically, the price is set closer to spot than the Mineral Reserve price and is designed to highlight any Mineral Resource that is likely to be mined should the gold price move above its current range. A margin is maintained between the Mineral Resource and ruling spot price, and this implies that Mineral Resource is economic at current prices but that it does not contribute sufficient margin to be in the current plans.

The Mineral Reserve price provided is the base price used for mine planning. AngloGold Ashanti selects a conservative Mineral Reserve price relative to its peers. This is done to fit into the strategy to include a margin in the mine planning process. The company uses a set of economic parameters to value its assets and Business plan, these economic parameters are set on a more regular basis and reflect the industry consensus for the next five years. These are generally higher than the Mineral Reserve price and enable more accurate short term financial planning. Finally, the company uses a fixed price to evaluate its project and set its hurdle rate. This price and the hurdle rate are set by the board and changed when indicated due to significant changes in the price of gold.

The determination of the Mineral Resource and Mineral Reserve prices are not based on a fixed average, but rather an informed decision made by looking at the trends in gold price. The prices for copper, silver and molybdenum are determined using the same process used for gold.

Major service contracts in place at GGM include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1. AUMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2. Capital Mining Services (Tanzania)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3. Orica

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4. African Assay Laboratories (SGS)

AUMS provide underground mining services (development and stoping) at Nyankanga and Geita Hill underground operations. Capital Mining Services (Tanzania) provide surface and underground grade control and exploration drilling and provide surface open pit production drilling for open pit blasting operations. Orica supply explosives to GGM and provide open pit and underground blasting services. African Assay Laboratories (SGS) provide onsite geological and metallurgical sample assaying services.

All listed contracts are with unaffiliated third parties.

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**<u>17.</u><u>Environmental studies, permitting plans, negotiations, or agreements with local individuals or groups</u>**

**<u>17.1</u><u>Permitting</u>**

GGM operates under the SML granted on 27 August 1999. The licence tenure is 25 years from the date of grant with the right to apply for renewal under the Mining Act. In 2004 a licence enlargement was granted to include Nyamulilima area. Another extension was granted in 2009 to include an extension of the Geita Hill area. The SML covers a total area of 196.27km<sup>2</sup>.

The SML expires 26 August 2024, and Geita will be engaging with the Government of the Republic of Tanzania to renegotiate existing development agreements and renewal of the SML from 2023 and concluding before expiry in August 2024.

The SML was granted under the Mining Act of 1998. The law required an EIA report to accompany the application for the licence. The first EIA study was done in 1998 to that end, in addition to company's commitment to environmental protection as a best practice. Over time, several EIAs were conducted for licence enlargement and other projects in compliance with applicable acts and regulations. The following is a list of EIAs conducted to date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EIA for main Geita area (1998)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supplementary EIA for Kukuluma and Matandani (1998)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EIA for Nyamulilima (2003)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EIA for relocation of air strip (2003)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EIA for Geita Hill (2005)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EIA for Star and Comet underground project (2016)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EIA for new power plant, Nyankanga and Geita Hill pits underground projects (2016)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EMP update (2016)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EIA for Nyamulilima open pit project (2021)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EIA for Installation of the new Incinerator (2021)

Approximately 77% of the SML is within the Geita forest reserve. Geita has permission to carry out mining operations in the reserve from the Ministry of Natural Resources and Tourism. Geita has controls in place to comply with the Forest Act and regulations. Over and above, Geita closely works with Tanzania Forest Services (an agency under the Ministry) to manage the SML area falling within the forest reserve.

In addition to the SML, Permission to Mine in the Geita forest reserve, and EIA certificates, Geita has all other environmental permits/licences/approvals required for its operation in compliance with applicable legislation. These include, mining plan approval, water use permits, waste disposal facility, water discharge permits, chemical registration certificate, waste rock dump construction permits, change of mining method to underground operations, Permit to operate waste landfills, permit to operate a waste incinerator, registration of TSF, Licence to possess and use medical diagnostic x-ray equipment, petroleum consumer installation licence, electricity own use generation licence and registration of Nyankanga water dam.

Controls are in place to ensure compliance with legal and other requirements, i.e., audits and inspections, legal register, evaluation of compliance. In addition, Geita is subject to regulatory audits and inspections. Over and above, Geita subscribes to ISO14001 and has managed to maintain a certification since 2001.

**<u>17.2</u><u>Requirements and plans for waste tailings disposal, site monitoring and water management</u>**

In Tanzania, TSFs are managed by the Water Resources Management Act, 2009 and the Dam safety regulations of 2013. In addition, the TSF management must comply with the Mining Act and the Environmental Management Acts, read together with their respective regulations. The TSF has been part of the EIA studies conducted. Water quality monitoring plans covers locations in and around the

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TSF. The TSF has been registered with the Ministry of Water in compliance with the Dam Safety regulations.

In compliance with the same regulations, Geita has appointed an Approved Professional Person for management of the facility. Over and above, Geita is certified by the International Cyanide Management Institute (ICMI) for meeting the Cyanide code requirements. The TSF is part of the ICMI audit scope.

Site monitoring and water management are covered in the approved EMP. The EMP is prepared to enable the company to comply with relevant legal requirements.

The objectives of the water management plan include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prevent contamination of surface and groundwater

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimise water use in mining and other activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimise interference with natural drainage systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimise impact on community water sources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure availability of water for intended use in the area

**<u>17.3</u><u>Socio-economic impacts</u>**

Geita is an operating mine and as such already has budget and programmes in place to comply with legislated requirements. The Section 105 of the Written Laws (Miscellaneous Amendment) Act 2017 requires the Mineral rights holder to prepare a credible CSR Plan that considers social, economic, cultural, and environmental needs of the host community and in consultation with the Local Government Authorities.

Geita complies with a legal requirement and the Company commits on annual basis to spend 0.7% of its total turnover on corporate social investment, estimated to about $4.7M. The funds are directed to financing of social infrastructure in education, health, water, environmental management, roads as well as small and medium enterprises.

In addition to the social investment, Geita also plays a key role as a source of revenue for the Local Government Authorities. The Company pays a statutory local Government service levy at the rate of 0.3% equivalent to $3.4M to $3.6M of the net turn over to the Local Government Authorities (District and Town councils).

From the time mining activities commenced the service levy fee was at a fixed amount of $200,000 per annum. However, it changed from September 2014, following renegotiation and amendment of the Mineral Development Agreement (MDA) between the Government and the Company resulting to payment of 0.3% of the Company gross turnover.

&nbsp;&nbsp;&nbsp;&nbsp;At the time of this report, the extraction of the Mineral Reserve is not anticipated to have any additional socio-economic or cultural impact for which specific mitigations are required. For example, no relocation of communities, nor sensitive areas are required. Impacts from the current on-going operation of the mine are managed through dedicated budgets and teams and these operational costs are included in the Mineral Reserve estimation process. These ongoing programmes includes artisanal and small-scale mining and securing the tenement. Directed Security and restoration of the tenement vandalised areas and engaging with stakeholders for mutual benefit and building up trust.

Understanding and responding to community socio-economic challenges, GGM allocates approximately $4M/year to support the Geita host community by supporting community investment policies, in the areas of art culture and heritage, social infrastructure, small and medium enterprises (SME), health and environment.

**<u>17.4</u><u>Mine closure and reclamation</u>**

In Tanzania, Mining Closure requirements are covered in the Mining Act, the Mining regulations, and the Mine Closure Guidelines. Geita has a mine closure plan (MCP) to guide closure activities. The current MCP was reviewed by the National Mine Closure Committee and approved by the Chief Inspector of

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Mines in April 2020. The AngloGold Ashanti's GGML, Mine Closure Plan Volume 1, 2019 (MCP) covers Biophysical, Social and Human Resources closure.

The Biophysical closure includes restoration and demolition plan over the LOM. Progressive rehabilitation is carried out where disturbed areas are available for rehabilitation.

The MCP is an active document which is updated on a regular basis. The Mine Closure Guidelines requires the MCP to be updated once in three years where the LOM is more than three years, and annually where the LOM is equal or less than three years. In addition, the associated closure liability estimate is updated on a quarterly basis.

As at December 2022, the restoration and decommissioning liabilities are estimated at $36.8M and $39.5M respectively. Hence, the total mine closure liability estimates stand at $76.3M. These costs include restoration of all facilities and domains, decommissioning and demolition of all infrastructures, P&Gs at 6%, contingency at 10% and operational costs at closure.

**<u>17.5</u><u>Qualified Person's opinion on adequacy of current plans</u>**

The environmental and socio-economic plans in place are adequate ensuring environmental compliance. Any new environmental and socio-economic concerns will be addressed as they arise.

**<u>17.6</u><u>Commitments to ensure local procurement and hiring</u>**

GGML complies with Tanzanian labour laws and adheres to ILO Conventions ratified by Tanzania and all other labour guidelines and international best HR practices in dealing with her employees. Strategic relations with employees are governed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The employment legislations regulating relationship at workplace

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collective Bargaining Agreement between GGM management and the majority Trade Union

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disciplinary Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee's engagements and communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A How We Work Programme which is an internal, AngloGold Ashanti based approach

GGM's vision is to be the overall best mining employer in Tanzania in all employment aspects including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attraction and retention of critical human capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occupational Health and Safety

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees development aimed at enhancing capabilities of Tanzanian employees to be able to deliver to their full potentials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Labour Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation strategy

Our recruitment and selection process starts with the definition of each role, advertising the position and choosing the most appropriate candidate for the job through a rigorous and objective interview and assessment processes.

To date, Geita employs 97.5% Tanzanian Nationals while 2.5% being Non-Citizens. This is a very good ratio for a multinational entity; however, there are ongoing management efforts to further build the capabilities of local employees at Geita.

While the Company is yet to attain its desired level of women employment (currently only 12% of employees are female), several initiatives are in place to increase the level of diversity. We work very closely with the Association of Tanzania Employers through its Female Future programme to enhance managerial and supervisory capabilities of Geita female employees. We implement affirmative actions to employ women when an opportunity arises. We have also increased female intake of our internship programme, and this has helped us to increase the level to 12%.

For local procurement, Geita is committed to empower local vendors by giving them preference over foreign vendors for goods and services that can be sourced in the local market. Geita complies with Local Content Regulations of 2018 and its 2019 amendments. All local vendors are given equal chance

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to expressing their interest to provide specified service or goods advertised in the newspaper as per the Regulation 16 (2)(a).

For the Corporate Social Responsibility (CSR) projects, Geita is using local vendors to supply goods and services required in the projects. Moreover, Geita is working very close with the government to conduct capacity building programme to the local business community to have knowledge and skills to participate in procurement processes. The statistics show positive increase on business awarded to local registered vendors as shown below: Percentage of business awarded to local companies by year is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2019 - 73%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2020 - 86%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2021 - 88%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2022 – 88%

**<u>18.</u><u>Capital and operating costs</u>**

**<u>18.1</u><u>Capital and operating costs</u>**

SIB and CAPEX was estimated on a zero-base and is based on Geita's BP2023 9+3 LOM (naming convention of schedule file, 9 months actuals plus 3 month's forecast for 2022 but also covers full LOM) mining schedule and is estimated at $159M for the LOM plan. The CAPEX relates to relates to ORD, surface and underground infrastructure and related development, mining fleet replacement, process infrastructure upgrades and other site SIB projects.

OPEX is estimated by a first principles process, applying known unit costs from mine contracts to physicals, and is estimated at $2,676M for the LOM plan. The average AIC over the Mineral Reserve derived LOM plan equates to $934/oz.

Operating Costs

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| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Total**<br>**LOM** |
| **Operating costs** | | |
| &nbsp;&nbsp;Mining Cost | USD M | 1225 |
| &nbsp;&nbsp;Processing Cost | USD M | 742 |
| &nbsp;&nbsp;General & Administrative | USD M | 528 |
| &nbsp;&nbsp;Other Operating Cost | USD M | 181 |
| **Total Operating costs** | **USD M** | **2676** |
| &nbsp;&nbsp;Sustaining Capital | USD M | 159 |

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**<u>18.2</u><u>Risk assessment</u>**

The addition of Nyamulilima Cut 1, 2 and 3 open pit and the Geita Hill underground to the existing underground operations (Nyankanga and Star and Comet) reduces the Mineral Reserve risk at Geita. This provides four sources of ore from the open pit (Nyamulilima) and underground operations (Geita Hill, Nyankanga and Star and Comet) at Geita.

Mitigating actions put in place focus on optimising the exploration and project plans to convert both surface and underground Mineral Resource to Mineral Reserve.

Other risks include, reduced underground production efficiencies when transitioning to owner mining in selected areas, ball mill and crusher plant integrity.

An independent external Mineral Resource and Mineral Reserve audit was undertaken by SRK Consulting in 2022 and found no significant flaws in process or output.

The socio-economic impacts, political engagements and environmental concerns plans are well managed with QPs driving the outcomes and actions. The systems that have been put in place cover everything needed for the safe, effective, responsible governance of Geita.

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**<u>19.</u><u>Economic analysis</u>**

**<u>19.1</u><u>Key assumptions, parameters and methods</u>**

Business Plan for the Mineral Reserve 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold price $1,400/oz real terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Royalties: 6% of gross gold revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service Levy: 0.3% of gross gold revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inspection and clearance fees: 1% of gross gold revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Community Investment Spent:0.7% of gross gold revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Gold Council: 0.10% of gross gold revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Tax: 30% of Net profit (as per current tax legislation)

Cash Flow and NPV calculations

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **Total LOM** | **2023** | **2024** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** |
| **<u>Production</u>** |  |  |  |  |  |  |  |  |  |  |
| Gold | Oz ('000) | 3034.8 | 510.2 | 468.7 | 468.8 | 402.0 | 450.5 | 449.6 | 218.5 | 66.5 |
| Silver | Oz ('000) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Copper | lb ('000) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| **<u>Revenue</u>** |  |  |  |  |  |  |  |  |  |  |
| By product (+/-) | USD M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| **Gross Revenue** | **USD M** | **4248.7** | **714.3** | **656.2** | **656.3** | **562.8** | **630.7** | **629.5** | **305.9** | **93.1** |
| Royalties | USD M | 298 | 50.0 | 46.2 | 45.9 | 39.4 | 44.1 | 44.1 | 21.4 | 6.5 |
| **<u>Operating Costs</u>** |  |  |  |  |  |  |  |  |  |  |
| Mining Cost | USD M | 1225 | 259.5 | 239.8 | 217.3 | 187.6 | 168.3 | 120.7 | 32.1 | 0.0 |
| Processing Cost | USD M | 742 | 98.8 | 101.6 | 101.0 | 101.3 | 101.2 | 101.4 | 92.3 | 44.6 |
| General & Admin | USD M | 528 | 106.6 | 73.6 | 114.7 | 65.3 | 78.1 | 83.2 | 6.7 | 0.0 |
| Other Operating Costs | USD M | 181 | 36.6 | 26.6 | 36.7 | 22.9 | 26.6 | 27.2 | 4.2 | 0.0 |
| **Total Operating Cost** | USD M | 2676 | 501.5 | 441.5 | 469.7 | 377.0 | 374.3 | 332.6 | 135.3 | 44.6 |
| Sustaining Capital | USD M | 159 | 37.8 | 40.7 | 28.6 | 21.8 | 23.1 | 7.0 | 0.1 | 0.0 |
| **<u>Non-GAAP Metrics & Cash Flow</u>** |  |  |  |  |  |  |  |  |  |  |
| **Total AISC** | USD M | **2836** | **539.2** | **482.3** | **498.3** | **398.8** | **397.3** | **339.6** | **135.4** | **44.6** |
| **Total AISC** | USD/oz<sup>1</sup> | **934** | 1057 | 1029 | 1063 | 992 | 882 | 755 | 620 | 671 |
| Other Capital (non Sust.) | USD M | 51 | 12.3 | 12.2 | 10.5 | 8.4 | 7.6 | 0.0 | 0.0 | 0.0 |
| **Total AIC** | USD M | 2886 | **551.5** | **494.4** | **508.8** | **407.2** | **404.9** | **339.6** | **135.4** | **44.6** |
| **Total AIC** | USD/oz<sup>1</sup> | **951** | 1081 | 1055 | 1085 | 1013 | 899 | 755 | 620 | 671 |
| Tax | USD M | 409 | 48.9 | 48.5 | 44.2 | 46.7 | 67.7 | 87.0 | 51.1 | 14.5 |
| Closure Costs | USD M | 12 | 2.5 | 1.7 | 2.7 | 1.5 | 1.8 | 2.0 | 0.2 | 0.0 |
| **Free Cash Flow** | **USD M** | **643** | **61.5** | **65.3** | **54.6** | **68.0** | **112.1** | **156.9** | **97.8** | **27.4** |
| **Key metrics** |  |  |  |  |  |  |  |  |  |  |
| NPV0 | USD M | 643.5 |  |  |  |  |  |  |  |  |
| NPV5 | USD M | 526.5 |  |  |  |  |  |  |  |  |
| NPV10 | USD M | 438.8 |  |  |  |  |  |  |  |  |
| NPV10.93 | USD M | 423.2 |  |  |  |  |  |  |  |  |
| NPV15 | USD M | 372.0 |  |  |  |  |  |  |  |  |
| Cash Flow Margin | % | 47.2% |  |  |  |  |  |  |  |  |

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**<u>19.2</u><u>Results of economic analysis</u>**

The investment analysis received input for operating costs, capital expenditure, physical activity, tax and macro-economic assumptions from the technical functional areas involved in the project and from the corporate office. Over the LOM of the Mineral Reserve a cash flow of $643M is achieved.

Cash flow

![image3.jpg](image3.jpg)

The investment analysis received input for operating costs, capital expenditure, physical activity, tax and macro-economic assumptions from the technical functional areas involved in the project and from the corporate office. The economic evaluation results show:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NPV0% is $643.5M

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NPV5% is $526.5M

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NPV10% is $438.8M

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NPV15% is $372.0M

Net Present Value

![image4.jpg](image4.jpg)

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Inferred Mineral Resource was not included as part of the economic assessment. All Inferred tonnes reporting as part of Reserve estimation are due to partial inclusion in the smallest mining unit, 0g/t was assigned effectively discounting any Inferred Mineral Resource value.

**<u>19.3</u><u>Sensitivity analysis</u>**

The $1,400/oz Mineral Reserve estimation schedule was used for the sensitivity runs with the only variable being the gold price.

Mineral Reserve sensitivities were run using $1,300/oz and $1,500/oz.

At the lower price sensitivity of $1,300/oz Geita yields a positive NPV regardless of the discount rate selected.

NPV Sensitivity

![image27a.jpg](image27a.jpg)

No information is available for adjacent properties as there are no adjacent property owners.

Geita is 100% owned by AngloGold Ashanti and all information used in Mineral Resource and Mineral Reserve estimates occurs within the current prospecting and site mining lease areas.

No information in this report relates to adjacent properties.

**<u>21.</u><u>Other relevant data and information</u>**

**<u>21.1</u><u>Inclusive Mineral Resource</u>**

As per the Guidelines for Reporting, the inclusive Mineral Resource is a Mineral Resource that has a reasonable and realistic prospect for economic extraction. The Mineral Resource is reported as at 31 December 2022.

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The depletion for 2022 represents depletion from 1 January 2022 to 31 December 2022 based on a 9 months actuals +3 months forecast.

The Geita estimated inclusive Mineral Resource is 125.3Mt at 2.46g/t and 9.93Moz, where the open pit Mineral Resource is 78.5Mt at1.92g/t and 4.86Moz (49% of the total inclusive Mineral Resource), the underground Mineral Resource is 36.3Mt at 4.02g/t and 4.70Moz (47% of the total inclusive Mineral Resource) and 10.5Mt at 1.11g/t and 0.37Moz (4% of the total inclusive Mineral Resource) in stockpiles.

A significant portion of the open pit inclusive Mineral Resource is informed by Nyamulilima open pit (3.86Moz), inside the $1,750/oz gold price 2022 Mineral Resource optimisation shell. The Kukuluma / Matandani open Mineral Resource is 0.67Moz and several small open pit Mineral Resource total 0.33Moz (Area 3, Kalondwa Hill, Chipaka, Selous) and which have no Mineral Reserve declared.

The underground inclusive Mineral Resource includes Geita Hill underground of 15.3Mt at 3.69g/t and 1.82Moz, Nyankanga underground of 14.7Mt at 3.96g/t and 1.88Moz and Star and Comet of 6.30Mt at 4.96g/t and 1.01Moz (which includes Star and Comet Cut 5 (0.25Moz) and Ridge 8 (0.34Moz) for which there is no Mineral Reserve declared).

Stockpiles of 0.37Moz in the Mineral Resource include full grade ore (0.13Moz), low-grade (0.19Moz) and refractory ore (0.05Moz) stockpiles.

The 2022 inclusive Mineral Resource increased by 1.70Moz (21%) to 9.93Moz from the 2021 inclusive Mineral Resource of 8.23Moz.

Inclusive gold Mineral Resource

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Geita** | **Geita** | **Tonnes** | **Grade** | **Contained gold** | **Contained gold** |
| **as at 31 December 2022** | **Category** | **million** | **g/t** | **Tonnes** | **Moz** |
| Area 3 West (oxide) | Measured | - | - | - | - |
| Area 3 West (oxide) | Indicated | 0.70 | 2.44 | 1.70 | 0.05 |
| Area 3 West (oxide) | **Measured & Indicated** | **0.70** | **2.44** | **1.70** | **0.05** |
| Area 3 West (oxide) | Inferred | 0.00 | 1.88 | 0.01 | 0.00 |
| Chipaka | Measured | - | - | - | - |
| Chipaka | Indicated | 0.48 | 2.01 | 0.96 | 0.03 |
| Chipaka | **Measured & Indicated** | **0.48** | **2.01** | **0.96** | **0.03** |
| Chipaka | Inferred | 1.04 | 2.24 | 2.33 | 0.07 |
| Kalondwa Hill | Measured | - | - | - | - |
| Kalondwa Hill | Indicated | - | - | - | - |
| Kalondwa Hill | **Measured & Indicated** | **-** | **-** | **-** | **-** |
| Kalondwa Hill | Inferred | 0.71 | 3.64 | 2.59 | 0.08 |
| Kukuluma (oxide) | Measured | - | - | - | - |
| Kukuluma (oxide) | Indicated | 0.06 | 3.22 | 0.21 | 0.01 |
| Kukuluma (oxide) | **Measured & Indicated** | **0.06** | **3.22** | **0.21** | **0.01** |
| Kukuluma (oxide) | Inferred | 0.03 | 1.98 | 0.06 | 0.00 |
| Kukuluma (transitional) | Measured | - | - | - | - |
| Kukuluma (transitional) | Indicated | 0.10 | 4.54 | 0.45 | 0.01 |
| Kukuluma (transitional) | **Measured & Indicated** | **0.10** | **4.54** | **0.45** | **0.01** |
| Kukuluma (transitional) | Inferred | 0.03 | 4.62 | 0.13 | 0.00 |
| Kukuluma (sulphide) | Measured | - | - | - | - |
| Kukuluma (sulphide) | Indicated | 0.02 | 4.84 | 0.12 | 0.00 |
| Kukuluma (sulphide) | **Measured & Indicated** | **0.02** | **4.84** | **0.12** | **0.00** |
| Kukuluma (sulphide) | Inferred | 0.36 | 4.03 | 1.47 | 0.05 |
| Matandani (oxide) | Measured | - | - | - | - |
| Matandani (oxide) | Indicated | 1.85 | 1.84 | 3.40 | 0.11 |
| Matandani (oxide) | **Measured & Indicated** | **1.85** | **1.84** | **3.40** | **0.11** |
| Matandani (oxide) | Inferred | 0.91 | 1.91 | 1.74 | 0.06 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Matandani (transitional) | Measured | - | - | - | - |
| Matandani (transitional) | Indicated | 0.08 | 2.96 | 0.23 | 0.01 |
| Matandani (transitional) | **Measured & Indicated** | **0.08** | **2.96** | **0.23** | **0.01** |
| Matandani (transitional) | Inferred | 0.22 | 3.95 | 0.87 | 0.03 |
| Matandani (sulphide) | Measured | - | - | - | - |
| Matandani (sulphide) | Indicated | 0.08 | 3.39 | 0.26 | 0.01 |
| Matandani (sulphide) | **Measured & Indicated** | **0.08** | **3.39** | **0.26** | **0.01** |
| Matandani (sulphide) | Inferred | 3.18 | 3.70 | 11.78 | 0.38 |
| Nyamulilima Cuts 1, 2 and 3 | Measured | - | - | - | - |
| Nyamulilima Cuts 1, 2 and 3 | Indicated | 49.32 | 1.84 | 90.76 | 2.92 |
| Nyamulilima Cuts 1, 2 and 3 | **Measured & Indicated** | **49.32** | **1.84** | **90.76** | **2.92** |
| Nyamulilima Cuts 1, 2 and 3 | Inferred | 18.03 | 1.63 | 29.38 | 0.94 |
| Selous (open pit) | Measured | - | - | - | - |
| Selous (open pit) | Indicated | - | - | - | - |
| Selous (open pit) | **Measured & Indicated** | **-** | **-** | **-** | **-** |
| Selous (open pit) | Inferred | 1.33 | 1.95 | 2.58 | 0.08 |
| Geita stockpile (full grade ore) | Measured | 2.80 | 1.44 | 4.04 | 0.13 |
| Geita stockpile (full grade ore) | Indicated | - | - | - | - |
| Geita stockpile (full grade ore) | **Measured & Indicated** | **2.80** | **1.44** | **4.04** | **0.13** |
| Geita stockpile (full grade ore) | Inferred | - | - | - | - |
| Geita stockpile (marginal ore) | Measured | - | - | - | - |
| Geita stockpile (marginal ore) | Indicated | 7.13 | 0.85 | 6.03 | 0.19 |
| Geita stockpile (marginal ore) | **Measured & Indicated** | **7.13** | **0.85** | **6.03** | **0.19** |
| Geita stockpile (marginal ore) | Inferred | - | - | - | - |
| Geita stockpile (refractory ore) | Measured | - | - | - | - |
| Geita stockpile (refractory ore) | Indicated | 0.56 | 2.80 | 1.57 | 0.05 |
| Geita stockpile (refractory ore) | **Measured & Indicated** | **0.56** | **2.80** | **1.57** | **0.05** |
| Geita stockpile (refractory ore) | Inferred | - | - | - | - |
| Geita Hill (Underground)<br>- Blocks 1 and 2 | Measured | - | - | - | - |
| Geita Hill (Underground)<br>- Blocks 1 and 2 | Indicated | 3.40 | 3.64 | 12.38 | 0.40 |
| Geita Hill (Underground)<br>- Blocks 1 and 2 | **Measured & Indicated** | **3.40** | **3.64** | **12.38** | **0.40** |
| Geita Hill (Underground)<br>- Blocks 1 and 2 | Inferred | 2.27 | 3.78 | 8.58 | 0.28 |
| Geita Hill (Underground)<br>- East | Measured | - | - | - | - |
| Geita Hill (Underground)<br>- East | Indicated | 7.59 | 3.70 | 28.05 | 0.90 |
| Geita Hill (Underground)<br>- East | **Measured & Indicated** | **7.59** | **3.70** | **28.05** | **0.90** |
| Geita Hill (Underground)<br>- East | Inferred | 2.04 | 3.68 | 7.53 | 0.24 |
| Nyankanga (Underground)<br>- Blocks 1 and 2 | Measured | 0.12 | 4.43 | 0.53 | 0.02 |
| Nyankanga (Underground)<br>- Blocks 1 and 2 | Indicated | 2.49 | 4.78 | 11.92 | 0.38 |
| Nyankanga (Underground)<br>- Blocks 1 and 2 | **Measured & Indicated** | **2.61** | **4.76** | **12.45** | **0.40** |
| Nyankanga (Underground)<br>- Blocks 1 and 2 | Inferred | 1.03 | 4.21 | 4.36 | 0.14 |
| Nyankanga (Underground)<br>- Blocks 3 and 4 | Measured | 3.48 | 4.50 | 15.63 | 0.50 |
| Nyankanga (Underground)<br>- Blocks 3 and 4 | Indicated | 4.06 | 3.64 | 14.78 | 0.48 |
| Nyankanga (Underground)<br>- Blocks 3 and 4 | **Measured & Indicated** | **7.53** | **4.04** | **30.42** | **0.98** |
| Nyankanga (Underground)<br>- Blocks 3 and 4 | Inferred | 1.36 | 3.01 | 4.08 | 0.13 |
| Nyankanga (Underground)<br>- Block 5 | Measured | 0.95 | 3.77 | 3.57 | 0.11 |
| Nyankanga (Underground)<br>- Block 5 | Indicated | 0.76 | 3.08 | 2.32 | 0.07 |
| Nyankanga (Underground)<br>- Block 5 | **Measured & Indicated** | **1.70** | **3.46** | **5.89** | **0.19** |
| Nyankanga (Underground)<br>- Block 5 | Inferred | 0.47 | 2.37 | 1.11 | 0.04 |
| Ridge 8 (Underground) | Measured | - | - | - | - |
| Ridge 8 (Underground) | Indicated | 0.50 | 4.19 | 2.10 | 0.07 |
| Ridge 8 (Underground) | **Measured & Indicated** | **0.50** | **4.19** | **2.10** | **0.07** |
| Ridge 8 (Underground) | Inferred | 1.80 | 4.61 | 8.30 | 0.27 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Star and Comet (Underground)<br>- Cut 2 | Measured | 0.35 | 3.58 | 1.25 | 0.04 |
| Star and Comet (Underground)<br>- Cut 2 | Indicated | 0.39 | 3.86 | 1.51 | 0.05 |
| Star and Comet (Underground)<br>- Cut 2 | **Measured & Indicated** | **0.74** | **3.72** | **2.76** | **0.09** |
| Star and Comet (Underground)<br>- Cut 2 | Inferred | 0.28 | 5.19 | 1.46 | 0.05 |
| Star and Comet (Underground)<br>- Cut 3 | Measured | 0.73 | 4.61 | 3.35 | 0.11 |
| Star and Comet (Underground)<br>- Cut 3 | Indicated | 0.75 | 4.89 | 3.65 | 0.12 |
| Star and Comet (Underground)<br>- Cut 3 | **Measured & Indicated** | **1.47** | **4.75** | **6.99** | **0.22** |
| Star and Comet (Underground)<br>- Cut 3 | Inferred | 0.36 | 5.51 | 1.96 | 0.06 |
| Star and Comet (Underground)<br>- Cut 5 | Measured | - | - | - | - |
| Star and Comet (Underground)<br>- Cut 5 | Indicated | 0.41 | 5.72 | 2.32 | 0.07 |
| Star and Comet (Underground)<br>- Cut 5 | **Measured & Indicated** | **0.41** | **5.72** | **2.32** | **0.07** |
| Star and Comet (Underground)<br>- Cut 5 | Inferred | 0.75 | 7.23 | 5.39 | 0.17 |
| **Total** | Measured | 8.42 | 3.37 | 28.37 | 0.91 |
| **Total** | Indicated | 80.71 | 2.29 | 184.72 | 5.94 |
| **Total** | **Measured & Indicated** | **89.13** | **2.39** | **213.09** | **6.85** |
| **Total** | Inferred | 36.21 | 2.64 | 95.71 | 3.08 |

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**<u>21.2</u><u>Inclusive Mineral Resource by-products</u>**

Gold is the primary element mined at Geita. There are no other elements reported as by-products for the Mineral Resource.

**<u>21.3</u><u>Mineral Reserve by-products</u>**

Gold is the primary element mined at Geita. There are no other elements reported as by-products for the Mineral Reserve.

**<u>21.4</u><u>Inferred Mineral Resource in annual Mineral Reserve design</u>**

AngloGold Ashanti's planning process allows the use of Inferred Mineral Resource in Mineral Reserve determination and reporting as well as in our business planning. These two are closely aligned with the Mineral Reserve being a subset of the business planning process. It is important to note that in all AngloGold Ashanti's processes, despite the use of Inferred Mineral Resource, we never convert the Inferred Mineral Resource to a Mineral Reserve.

AngloGold Ashanti completes an Inferred Mineral Resource risk test on all plans. This involves setting the Inferred Mineral Resource grade to zero within the Mineral Reserve design (thereby considering a worst-case scenario whereby the Inferred Mineral Resource totally fails to deliver, and it consists completely of waste). The Mineral Reserve design is evaluated with the Inferred Mineral Resource at zero grade, and if the design using Measured and Indicated Mineral Resource remains financially positive, it has been proven that the Mineral Reserve is robust enough to make a positive financial return and therefore satisfies the requirements of a Mineral Reserve.

With appropriate caution, a portion of the Inferred Mineral Resource was included in the business plan optimisation process. This accounts for 29% of the Mineral Reserve plan of six years. No Inferred Mineral Resource is considered in Mineral Reserve reporting.

The exploration strategy is aligned with the Geita business plan and seeks to extend the LOM beyond 2030, with exploration drilling targeting Mineral Resource to Mineral Reserve conversion in the underground mines securing near-term ounces and increasing Mineral Resource confidence, in conjunction with exploration targeting underground extension for Mineral Resource growth, and surface exploration of key prospects exploring for potential future open pit and underground mining opportunities.

It is therefore the Mineral Resource definition drilling that continues to convert lower confidence (Inferred) Mineral Resource into Indicated Mineral Resource approximately three years ahead of mining,

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ensuring only high confidence (Indicated/Measured) Mineral Resource is informing the short to medium term business LOM plan.

Inferred gold Mineral Resource in annual Mineral Reserve design

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| | | | | |
|:---|:---|:---|:---|:---|
| **Geita** | **Tonnes** | **Grade** | **Contained gold** | **Contained gold** |
| **as at 31 December 2022** | **million** | **g/t** | **Tonnes** | **Moz** |
| Nyamulilima Cuts 1, 2 and 3 | 18.03 | 1.63 | 29.38 | 0.94 |
| Geita Hill - West | 0.19 | 3.72 | 0.72 | 0.02 |
| Geita Hill - East | 0.34 | 4.13 | 1.40 | 0.04 |
| Nyankanga - Blocks 1 and 2 | 0.17 | 4.19 | 0.73 | 0.02 |
| Nyankanga - Blocks 3 and 4 | 0.21 | 2.59 | 0.54 | 0.02 |
| Star and Comet - Cut 3 | 0.01 | 7.70 | 0.07 | 0.00 |
| Star and Comet - Cut 5 | 0.09 | 2.80 | 0.26 | 0.01 |
| **Total** | **19.05** | **1.74** | **33.09** | **1.06** |

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**<u>21.5</u><u>Additional relevant information</u>**

**<u>21.5.1Tracking of the conversion of Inferred to Indicated Mineral Resource between years</u>**

The conversion from Mineral Resource to Mineral Reserve follows the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code). The QPs are aware of the deposits considered for and included in the Mineral Resource and Mineral Reserve.

AngloGold Ashanti evaluates the conversion of Inferred Mineral Resource to Indicated Mineral Resource on an annual basis. An analysis for the Nyamulilima open pit shows conversion rates for the Nyamulilima open pit between 2019 and 2022.

The Nyamulilima open pit inclusive Mineral Resource has grown from 0.41Moz in 2019 to 1.93Moz in 2020 to 2.79Moz in 2021 to 3.86Moz in 2022. A first-time Mineral Reserve was declared of 0.99Moz in 2020 and increased to 2.05Moz Mineral Reserve in 2022, informed by Measured and Indicated Mineral Resource. This demonstrates a strategy for conversion of open pit Inferred Mineral Resource to Indicated and Measured Mineral Resource.

The Nyamulilima open pit Inferred to Indicated Mineral Resource conversion is show in the table below. The reconciliation is based on conversion of Inferred Mineral Resource inside the 2020 final pit volume.

The Nyamulilima open pit Inferred to Indicated Mineral Resource conversion

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Nyamulilima<br>Cut 1,2 & 3 | **2019** | **2019** | **2019** | **2020** | **2020** | **2020** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** |
| Nyamulilima<br>Cut 1,2 & 3 | Tonnes | Grade | **Oz** | **Tonnes** | **Grade** | **Oz** | **Tonnes** | **Grade** | **Oz** | **Tonnes** | **Grade** | **Oz** |
| Nyamulilima<br>Cut 1,2 & 3 | (Mt) | (g/t) | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** |
| Starting Inferred Mineral Resource | 10.74 | 2.04 | 0.71 | 12.41 | 2.45 | 0.98 | 4.20 | 1.99 | 0.27 | 2.80 | 1.85 | 0.17 |
| Resulting Indicated Resource (year + 1) | 0.03 | 2.71 | 0.00 | 8.21 | 2.68 | 0.71 | 1.40 | 2.26 | 0.10 |  |  |  |
| Conversion between years (%) | 0.2% | 132.9% | 0.3% | 66.2% | 109.6% | 72.5% | 33.3% | 113.8% | 37.9% |  |  |  |
| Cumulative Conversion (%) | 0.2% | 132.9% | 0.3% | 76.7% | 131% | 100.8% | 89.8% | 128.3% | 115.2% |  |  |  |

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In the underground operations, exploration drilling is undertaken to extend the underground deposits down dip and along strike, with exploration drilling identifying extensions at a wide spacing with infill drilling converting the new zones to new Inferred Mineral Resource. The drill programmes continue to convert Inferred Mineral Resource to Indicated and Measured Mineral Resource providing the opportunity to engineer new Mineral Reserve.

This underground exploration drilling typically occurs three years ahead of mining providing a continuous generation of new Mineral Resource and new Mineral Reserve, and thus supporting the LOM plan.

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The following table shows Inferred to Indicated Mineral Resource conversion at Geita Hill underground operations. Significant infill drilling was completed from surface during 2020, 2021 and 2022, to approximately 400m below surface, targeting Inferred Mineral resource for conversion to Indicated Mineral Resource. Underground exploration commenced in Geita Hill West mid-2021, with underground drilling ongoing in 2023 in Geita Hill Blocks 1 and 2 for Mineral Resource to Mineral Reserve conversion.

Geita Hill underground Inferred to Indicated Mineral Resource conversion

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Geita Hill underground | **2019** | **2019** | **2019** | **2020** | **2020** | **2020** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** |
| Geita Hill underground | Tonnes | Grade | **Oz** | **Tonnes** | **Grade** | **Oz** | **Tonnes** | **Grade** | **Oz** | **Tonnes** | **Grade** | **Oz** |
| Geita Hill underground | (Mt) | (g/t) | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** |
| Starting Inferred Mineral Resource | 8.36 | 4.34 | 1.17 | 8.36 | 4.34 | 1.17 | 7.44 | 4.27 | 1.02 | 4.32 | 3.73 | 0.52 |
| Resulting Indicated Resource (year + 1) | - | - | - | 0.06 | 4.40 | 0.01 | 9.34 | 3.68 | 1.07 |  |  |  |
| Conversion between years (%) | 0.0% | 0.0% | 0.0% | 0.8% | 101.4% | 0.8% | 125.4% | 86.2% | 104.9% |  |  |  |
| Cumulative Conversion (%) | 0.0% | 0.0% | 0.0% | 0.8% | 101% | 0.8% | 112.5% | 82.4% | 92.6% |  |  |  |

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The current operations are supported by a LOM plan to 2030, with an annually updated, LOM exploration strategy in place for Mineral Resource growth and to replace and grow Mineral Reserve at a rate of greater than depletion (greater than 0.6Moz per annum).

The exploration strategy is aligned with the Geita business plan and seeks to extend the LOM beyond 2030, with exploration drilling targeting Mineral Resource Inferred to Indicated conversion in the underground mines securing near-term ounces, in conjunction with exploration targeting underground extension for Mineral Resource growth, and surface exploration of key prospects exploring for potential future open pit and underground mining opportunities.

**<u>21.5.2 Reconciling mined Inferred Mineral Resource to Grade Control</u>**

No Inferred Mineral Resource was converted to Grade Control in any one of the past 3 years, and therefore no Inferred Mineral Resource to Grade Control (Measured) reconciliation is presented.

Geita's drilling strategy for underground exploration is to convert Inferred Mineral Resource to Indicated for mine planning in a window of three to four years ahead of stoping. Grade Control drilling is typically occurring 12-24 months ahead of stoping and primarily focuses on conversion of Indicated Mineral Resource to Grade Controlled (Measured).

For the Nyamulilima open pit, only 7% of the Mineral Resource in the business plan is classified as Inferred Mineral Resource and is located at the bottom of the pit, well below current mining benches and grade control drilling.

**<u>21.5.3 Additional relevant information</u>**

There is no additional relevant information to be included within this Technical Report Summary.

**<u>21.6</u><u>Certificate of Qualified Person(s)</u>**

**Damon Elder certificate of competency**

As the author of the report entitled Geita, I hereby state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.My name is Damon Elder. I am the Qualified Person for the Mineral Resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.My job title is: Senior Manager: Geology and Exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.I am a member of the Australian Institute of Mining and Metallurgy (AusIMM 208240). I have BSc Hons (Geology) degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.I have 26 years relevant experience.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.I am a Qualified Person as defined in Regulation S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.I am not aware of any material fact or material change with respect to the subject matter of the report that is not reflected in the Report, the omission of which would make the report misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.I declare that this Report appropriately reflects my view.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.I am not independent of AngloGold Ashanti Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.I have read and understand Regulation S-K 1300 for Modernisation of Property Disclosures for Mining Registrants. I am clearly satisfied that I can face my peers and demonstrate competence for the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.I am an employee of the issuer, AngloGold Ashanti Ltd for the 2022 Final Mineral Resource.

At the effective date of the report, to the best of my knowledge, information and belief, the report contains all scientific and technical information that is required to be disclosed to make the report not misleading.

**Duan Campbell certificate of competency**

As the author of the report entitled Geita, I hereby state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.My name is Duan Campbell. I am the Qualified Person for the Mineral Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.My job title is: Technical Services Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.I am a member of the Engineering Council of South Africa (ECSA Membership number 202201953) I have a BEng (Mining) degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.I have 20 years relevant experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.I am a Qualified Person as defined in Regulation S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.I am not aware of any material fact or material change with respect to the subject matter of the report that is not reflected in the Report, the omission of which would make the report misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.I declare that this Report appropriately reflects my view.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.I am not independent of AngloGold Ashanti Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.I have read and understand Regulation S-K 1300 for Modernisation of Property Disclosures for Mining Registrants. I am clearly satisfied that I can face my peers and demonstrate competence for the deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.I am an employee in respect of the issuer AngloGold Ashanti Ltd for the 2022 Final Mineral Reserve.

At the effective date of the report, to the best of my knowledge, information and belief, the report contains all scientific and technical information that is required to be disclosed to make the report not misleading.

**<u>22.</u><u>Interpretation and conclusions</u>**

Geita holds a valid SML45/99 which was awarded in 1999 and expires on 26 August 2024 and covers an area of approximately 196.27km<sup>2</sup>. The SML is jointly owned by GGML and Samax Resources Limited. In 2004 a licence enlargement was granted to include Nyamulilima area. Another extension was granted in 2009 to include an extension of the Geita Hill area.

The 31 December 2022 Mineral Resource and Mineral Reserve are contained within this SML and Geita has the surface rights to the necessary portions of the SML required for mining and infrastructure. More recently, in 2016, Geita has been awarded underground rights to the necessary portions of the SML required for underground mining and infrastructure at Star and Comet and Nyankanga, and in 2020 for Geita Hill underground, and for Nyamulilima open pit in 2021. Geita has several PLs (additional 31km<sup>2</sup>) which contain several exploration targets.

All the deposits used in the Mineral Resource and Mineral Reserve estimation are within the mine's SML area and the mine has permits for their exploitation. The SML expires 26 August 2024, and Geita will be engaging with the Government of the Republic of Tanzania to renegotiate existing development agreements and renewal of the SML from 2022 and concluding before expiry in August 2024. There were no changes to the SML boundaries and its term / duration during 2021.

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At the time of compiling this report, there were no known risks that could result in the loss of ownership, in part or in whole, of the deposits that were used in estimating the Mineral Resource and Mineral Reserve as at 31 December 2022.

The total Geita estimated exclusive Mineral Resource is 78.3Mt at 2.36g/t and 5.95Moz (of which 36.21Mt at 2.64g/t and 3.08Moz is Inferred Mineral Resource). The total open pit exclusive Mineral Resource is 52.4Mt at1.66g/t and 2.79Moz (47% of the total exclusive Mineral Resource), the underground exclusive Mineral Resource is 25.0Mt at 3.86g/t and 3.10Moz (52% of the total exclusive Mineral Resource) as well as 4.8Mt at 2.04g/t and 0.06Moz (1% of the total Mineral Resource) in stockpiles.

The Geita Mineral Reserve is fully contained within the LOM plan. Stockpile Mineral Reserve is declared as Proven Mineral Reserve and Mineral Reserve from open pit and underground is declared as Probable Mineral Reserve. The total Geita estimated Mineral Reserve is 48.5Mt at 2.29g/t and 3.57Moz.

The Geita Mineral Reserve is derived from open pit, underground and stockpile ore sources with a 57.6%, 33.6% and 8.8% contribution in terms of ounces respectively. The depletion for 2022 represents depletion from 1 January 2022 to 31 December 2022 based on a 9 months actuals and 3 months forecast.

Appropriate mining and processing modifying factors and a gold price of $1,400/oz were used to prepare the Mineral Reserve.

The Geita process plant is crushing and milling approximately 5.2Mtpa and forecast to produce approximately 0.5Moz per annum over next five plus years.

The current operations are supported by a LOM plan to 2030, with an annually updated, LOM exploration strategy in place for Mineral Resource growth and to replace and grow Mineral Reserve at a rate of greater than depletion (greater than 0.6Moz per annum).

The exploration strategy is aligned with the Geita business plan and seeks to extend the LOM beyond 2030, with exploration drilling targeting Mineral Resource to Mineral Reserve conversion in the underground mines securing near-term ounces, in conjunction with exploration targeting underground extension for Mineral Resource growth, and surface exploration of key prospects exploring for potential future open pit and underground mining opportunities.

**<u>23.</u><u>Recommendations</u>**

A first-time Mineral Reserve was declared for Geita Hill Underground in 2022, where surface exploration drilling was completed in 2022 with ongoing underground exploration drilling for Geita Hill underground operations. The Geita Hill Underground Mineral Reserve is based on a FS currently being completed.

The SML expires 26 August 2024, and Geita will be engaging with the Government of the Republic of Tanzania to renegotiate existing development agreements and renewal of the SML from 2023 and concluding before expiry in August 2024.

For the 2022 external audit process, SRK Consulting carried out an independent audit on GGM in Tanzania during December 2022, concluding the Statement of Mineral Resource and Mineral Reserve as at 31 December 2022 has been examined and the Mineral Resource and Mineral Reserve is reported in accordance with the current international reporting codes. No material risks were identified following completion of external reviews.

**<u>24.</u><u>References</u>**

**<u>24.1</u><u>References</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal - AngloGold Ashanti Guidelines for the reporting of the Mineral Resource and Mineral Reserve 2022 (Guidelines for Reporting)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal - AngloGold Ashanti Economic Factors 2022

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal - AngloGold Ashanti CAR Region Safe transportation of personnel guideline (AGTE 20.7.2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal - AngloGold Ashanti Geita Environmental Management Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal - AngloGold Ashanti Sampling Guideline Rev 1.04 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal - AngloGold Ashanti Geita Cold Mine, Mine Closure Plan Volume 1, 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External - International Society of Rock Mechanics Commission on Standardization of Laboratory and Field Tests (1978)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External - The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code) 2016 edition

**<u>24.2</u><u>Mining terms</u>**

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| |
|:---|
| ***All injury frequency rate:*** The total number of injuries and fatalities that occurs per million hours worked. |
| ***By-products:*** Any potentially economic or saleable products that emanate from the core process of producing gold or copper, including silver, molybdenum and sulphuric acid. |
| ***Carbon-in-leach (CIL):*** Gold is leached from a slurry of ore where cyanide and carbon granules are added to the same agitated tanks. The gold loaded carbon granules are separated from the slurry and treated in an elution circuit to remove the gold. |
| ***Carbon-in-pulp (CIP):*** Gold is leached conventionally from a slurry of ore with cyanide in agitated tanks. The leached slurry then passes into the CIP circuit where activated carbon granules are mixed with the slurry and gold is adsorbed on to the activated carbon. The gold-loaded carbon is separated from the slurry and treated in an elution circuit to remove the gold. |
| ***Comminution:*** Comminution is the crushing and grinding of ore to make gold available for physical or chemical separation (see also "Milling"). |
| ***Contained gold or Contained copper:*** The total gold or copper content (tonnes multiplied by grade) of the material being described. |
| ***Cut-off grade:*** Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio. |
| ***Depletion:*** The decrease in the quantity of ore in a deposit or property resulting from extraction or production. |
| ***Development:*** The process of accessing an orebody through shafts and/or tunneling in underground mining operations. |
| ***Development stage property:*** A development stage property is a property that has Mineral Reserve disclosed, but no material extraction. |
| ***Diorite:*** An igneous rock formed by the solidification of molten material (magma). |
| ***Doré:*** Impure alloy of gold and silver produced at a mine to be refined to a higher purity. |
| ***Economically viable:*** Economically viable, when used in the context of Mineral Reserve determination, means that the Qualified Person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions. |
| ***Electrowinning:*** A process of recovering gold from solution by means of electrolytic chemical reaction into a form that can be smelted easily into gold bars. |
| ***Elution:*** Recovery of the gold from the activated carbon into solution before zinc precipitation or electrowinning. |
| ***Exploration results:*** Exploration results are data and information generated by mineral exploration programmes (i.e., programmes consisting of sampling, drilling, trenching, analytical testing, assaying, and other similar activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit) that are not part of a disclosure of Mineral Resource or Reserve. A registrant must not use exploration results alone to derive estimates of tonnage, grade, and production rates, or in an assessment of economic viability. |
| ***Exploration stage property:*** An exploration stage property is a property that has no Mineral Reserve disclosed. |

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| |
|:---|
| ***Exploration target:*** An exploration target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. |
| ***Feasibility Study (FS):*** A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A Feasibility Study is more comprehensive, and with a higher degree of accuracy, than a Pre-Feasibility Study. It must contain mining, infrastructure, and process designs completed with sufficient rigor to serve as the basis for an investment decision or to support project financing. |
| ***Flotation:*** Concentration of gold and gold-hosting minerals into a small mass by various techniques (e.g. collectors, frothers, agitation, air-flow) that collectively enhance the buoyancy of the target minerals, relative to unwanted gangue, for recovery into an over-flowing froth phase. |
| ***Gold Produced:*** Refined gold in a saleable form derived from the mining process. |
| ***Grade:*** The quantity of ore contained within a unit weight of mineralised material generally expressed in grams per metric tonne (g/t) or ounce per short ton for gold bearing material or Percentage copper (%Cu) for copper bearing material. |
| ***Greenschist:*** A schistose metamorphic rock whose green colour is due to the presence of chlorite, epidote or actinolite. |
| ***Indicated Mineral Resource:*** An Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a Probable Mineral Reserve. |
| ***Inferred Mineral Resource:*** An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resource, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability. With caution AngloGold Ashanti uses Inferred Mineral Resource in its Mineral Reserve estimation process and the Inferred Mineral Resource is included in the pit shell or underground extraction shape determination. As such the Inferred Mineral Resource may influence the extraction shape. The quoted Mineral Reserve from these volumes includes only the converted Measured and Indicated Mineral Resource and no Inferred Mineral Resource is converted to Mineral Reserve. The cash flow analysis does not include the Inferred Mineral Resource in demonstrating the economic viability of the Mineral Reserve. |
| ***Initial assessment (also known as concept study, scoping study and conceptual study):*** An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralisation to support the disclosure of Mineral Resource. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of Mineral Resource but cannot be used as the basis for disclosure of Mineral Reserve |
| ***Leaching:*** Dissolution of gold from crushed or milled material, including reclaimed slime, prior to adsorption on to activated carbon or direct zinc precipitation. |
| ***Life of Mine (LOM):*** Number of years for which an operation is planning to mine and treat ore, and is taken from the current mine plan. |
| **Measured Mineral Resource:** A Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve. |
| ***Metallurgical plant:*** A processing plant constructed to treat ore and extract gold or copper in the case of Quebradona (and, in some cases, often valuable by-products). |
| ***Metallurgical recovery factor (MetRF):*** A measure of the efficiency in extracting gold from the ore. |
| ***Milling:*** A process of reducing broken ore to a size at which concentrating or leaching can be undertaken (see also "Comminution"). |

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| |
|:---|
| ***Mine call factor (MCF):*** The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling. The ratio of contained gold delivered to the metallurgical plant divided by the estimated contained gold of ore mined based on sampling. |
| ***Mineral deposit:*** A mineral deposit is a concentration (or occurrence) of material of possible economic interest in or on the earth's crust. |
| ***Mineralisation:*** The process or processes by which a mineral or minerals are introduced into rock, resulting in a potentially valuable deposit. |
| ***Mining recovery factor (MRF):*** This factor reflects a mining efficiency factor relating the recovery of material during the mining process and is the variance between the tonnes called for in the mining design and what the plant receives. It is expressed in both a grade and tonnage number. |
| ***Mineral Reserve:*** A Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that, in the opinion of the Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. |
| ***Mineral Resource:*** A Mineral Resource is a concentration or occurrence of material of economic interest in or on the earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled. |
| ***Modifying Factors:*** Modifying factors are the factors that a Qualified Person must apply to Indicated and Measured Mineral Resource and then evaluate in order to establish the economic viability of Mineral Reserve. A Qualified Person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resource to Proven and Probable Mineral Reserve. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. |
| ***Open pit mining:*** An excavation made at the surface of the ground for the purpose of extracting minerals, inorganic and organic, from their natural deposits, which excavation is open to the surface. |
| ***Ounce (oz) (troy):*** Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams. |
| ***Pay limit:*** The grade of a unit of ore at which the revenue from the recovered mineral content of the ore is equal to the sum of total cash costs, closure costs, Mineral Reserve development and stay-in-business capital. This grade is expressed as an in-situ value in grams per tonne or ounces per short ton (before dilution and mineral losses). |
| ***Precipitate:*** The solid product formed when a change in solution chemical conditions results in conversion of some pre-dissolved ions into solid state. |
| ***Preliminary Feasibility Study (Pre-Feasibility Study or PFS):*** is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product |
| ***Probable Mineral Reserve:*** A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource. |
| ***Production stage property:*** A production stage property is a property with material extraction of Mineral Reserve. |
| ***Productivity:*** An expression of labour productivity based on the ratio of ounces of gold produced per month to the total number of employees in mining operations. |
| ***Project capital expenditure:*** Capital expenditure to either bring a new operation into production; to materially increase production capacity; or to materially extend the productive life of an asset. |
| ***Proven Mineral Reserve:*** A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource. |
| ***Qualified Person:*** A Qualified Person, in respect of the Company's material properties, is an individual who is (1) a mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) an eligible member or licensee in good standing of a recognised professional organisation at the time the technical report is prepared. Section 229.1300 of Regulation S-K 1300 details further recognised professional organisations and also relevant experience. |

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| |
|:---|
| ***Quartz:*** A hard mineral consisting of silica dioxide found widely in all rocks. |
| ***Recovered grade:*** The recovered mineral content per unit of ore treated. |
| ***Reef:*** A gold-bearing horizon, sometimes a conglomerate band, that may contain economic levels of gold. Reef can also be any significant or thick gold bearing quartz vein. |
| ***Refining:*** The final purification process of a metal or mineral. |
| ***Regulation S-K 1300:*** On 31 October 2018, the United States Securities and Exchange Commission adopted the amendment Subpart 1300 (17 CFR 229.1300) of Regulation S-K along with the amendments to related rules and guidance in order to modernise the property disclosure requirements for mining registrants under the Securities Act and the Securities Exchange Act. Registrants engaged in mining operations must comply with the final rule amendments (Regulation S-K 1300) for the first fiscal year beginning on or after 1 January 2021. Accordingly, the Company is providing disclosure in compliance with Regulation S-K 1300 for its fiscal year ending 31 December 2021 and will continue to do so going forward. |
| ***Rehabilitation:*** The process of reclaiming land disturbed by mining to allow an appropriate post-mining use. Rehabilitation standards are defined by country-specific laws, including but not limited to the South African Department of Mineral Resources, the US Bureau of Land Management, the US Forest Service, and the relevant Australian mining authorities, and address among other issues, ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues. |
| ***Resource modification factor (RMF):*** This factor is applied when there is an historic reconciliation discrepancy in the Mineral Resource model. For example, between the Mineral Resource model tonnage and the grade control model tonnage.<br>It is expressed in both a grade and tonnage number. |
| ***Scats:*** Within the metallurgical plants, scats is a term used to describe ejected ore or other uncrushable / grinding media arising from the milling process. This, typically oversize material (ore), is ejected from the mill and stockpiled or re-crushed via a scats retreatment circuit. Retreatment of scats is aimed at fracturing the material such that it can be returned to the mills and processed as with the other ores to recover the gold locked up within this oversize material. |
| ***Seismic event:*** A sudden inelastic deformation within a given volume of rock that radiates detectable seismic energy. |
| ***Shaft:*** A vertical or subvertical excavation used for accessing an underground mine; for transporting personnel, equipment and supplies; for hoisting ore and waste; for ventilation and utilities; and/or as an auxiliary exit. |
| ***Smelting:*** A pyro-metallurgical operation in which gold precipitate from electro-winning or zinc precipitation is further separated from impurities. |
| ***Stoping:*** The process of excavating ore underground. |
| ***Stripping ratio:*** The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes mined divided by ore tonnes mined. |
| ***Tailings:*** Finely ground rock of low residual value from which valuable minerals have been extracted. |
| ***Tonnage:*** Quantity of material measured in tonnes. |
| ***Tonne:*** Used in metric statistics. Equal to 1,000 kilograms. |
| ***Underground mining:*** The extraction of rocks, minerals and industrial materials, other than coal, oil and gas, from the earth by developing entries or shafts from the surface to the seam or deposit before recovering the product by underground extraction methods. |
| ***Waste:*** Material that contains insufficient mineralisation for consideration for future treatment and, as such, is discarded. |
| ***Yield:*** The amount of valuable mineral or metal recovered from each unit mass of ore expressed as ounces per short ton or grams per metric tonne. |
| ***Zinc precipitation:*** Zinc precipitation is the chemical reaction using zinc dust that converts gold in solution to a solid form for smelting into unrefined gold bars. |

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**<u>25.</u><u>Reliance on information provided by the Registrant</u>**

Reliance on the information provided by the registrant includes guidance from the annual update to the Guidelines for Reporting. This guideline is set out to ensure the reporting of Mineral Resource and Mineral Reserve is consistently undertaken in a manner in accordance with AngloGold Ashanti's business expectations and is also in compliance with internationally accepted codes of practice adopted by AngloGold Ashanti.

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Included as part of this guideline is the price assumptions supplied by the Registrant which includes long-range commodity price and exchange rate forecasts. These are reviewed annually and are prepared in-house using a range of techniques including historic price averages. AngloGold Ashanti selects a conservative Mineral Reserve price relative to its peers. This is done to fit into the strategy to include a margin in the mine planning process. The resultant plan is then valued at a higher business planning price.

**Gold price**

The following local prices of gold were used as a basis for estimation in the December 2022 declaration, unless otherwise stated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Local prices of gold** | **Local prices of gold** | **Local prices of gold** | **Local prices of gold** | **Local prices of gold** |
| | **Gold price** | **Australia** | **Brazil** | **Argentina** | **Colombia** |
| | **$/oz** | **AUD/oz** | **BRL/oz** | **ARS/oz** | **COP/oz** |
| **2022 Mineral Reserve** | **1400** | **1919** | **7830** | **167901** | **4261380** |
| 2021 Mineral Reserve | 1200 | 1633 | 6182 | 134452 | 3849000 |
| **2022 Mineral Resource** | **1750** | **2416** | **9401** | **234708** | **6076725** |
| 2021 Mineral Resource | 1500 | 2072 | 7940 | 173065 | 5336250 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.AUD is Australian dollars

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.BRL is Brazilian real

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.ARS is Argentine peso

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.COP is Colombian peso

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## Exhibit 19.15

![](exhibit191552022001.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 1 Technical Report Summary Obuasi A Life of Mine Summary Report Effective date: 31 December 2021 As required by § 229.601(b)(96) of Regulation S-K as an exhibit to AngloGold Ashanti's Annual Report on Form 20-F pursuant to Subpart 229.1300 of Regulation S-K - Disclosure by Registrants Engaged in Mining Operations (§ 229.1300 through § 229.1305).

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![](exhibit191552022002.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 2 Date and Signatures Page This report is effective as at 31 December 2021. Where the registrant (AngloGold Ashanti Limited) has relied on more than one Qualified Person to prepare the information and documentation supporting its disclosure of Mineral Resource or Mineral Reserve, the section(s) prepared by each qualified person has been clearly delineated. AngloGold Ashanti has recognised that in preparing this report, the Qualified Person(s) may have, when necessary, relied on information and input from others, including AngloGold Ashanti. As such, the table below lists the technical specialists who provided the relevant information and input, as necessary, to the Qualified Person to include in this Technical Report Summary. All information provided by AngloGold Ashanti has been identified in Section 25: Reliance on information provided by the registrant in this report. The registrant confirms it has obtained the written consent of each Qualified Person to the use of the person's name, or any quotation from, or summarisation of, the Technical Report summary in the relevant registration statement or report, and to the filing of the Technical Report Summary as an exhibit to the registration statement or report. The written consent only pertains to the particular section(s) of the Technical Report Summary prepared by each Qualified Person. The written consent has been filed together with the Technical Report Summary exhibit and will be retained for as long as AngloGold Ashanti relies on the Qualified Person's information and supporting documentation for its current estimates regarding Mineral Resource or Mineral Reserve. MINERAL RESOURCE QUALIFIED PERSON Emmarentia Maritz Sections prepared: 1 - 11, 20 - 25 ________________ MINERAL RESERVE QUALIFIED PERSON Douglas Atanga Sections prepared: 1, 12-19, 21 - 25 ________________ Responsibility Technical Specialist ESTIMATION Kwadwo Sarpong EVALUATION QAQC Linda Acheampong EXPLORATION Raymond Trornu GEOLOGICAL MODEL Kwadwo Sarpong GEOLOGY QAQC Augustine Boachie GEOTECHNICAL ENGINEERING Dawuda Konadu HYDROGEOLOGY Godwyll Quansah MINERAL RESOURCE CLASSIFICATION Linda Acheampong ENVIRONMENTAL AND PERMITTING Nixon Asante FINANCIAL MODEL Andrews Buadi INFRASTRUCTURE Awie Frey LEGAL Juliet Manteaw-Kutin METALLURGY Kwaku Buahin MINE PLANNING Douglas Atanga MINERAL RESERVE CLASSIFICATION Douglas Atanga /s/ Emmarentia Maritz /s/ Douglas Atanga

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![](exhibit191552022003.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 3 Consent of Qualified Person I, Emmarentia Maritz, in connection with the Technical Report Summary for "Obuasi Mine, A Life of Mine Summary Report" dated 31 December 2021 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2021 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to: • the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F; • the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary; • any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and • the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti's registration statements on Form F-3 (Registration No. 333-230651) and on Form S-8 (Registration No. 333-113789) (and any amendments or supplements thereto). I am responsible for authoring, and this consent pertains to, the Technical Report Summary. I certify that I have read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which I am responsible. Date: 30 March 2022 Emmarentia Maritz /s/ Emmarentia Maritz

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![](exhibit191552022004.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 4 Consent of Qualified Person I, Douglas Atanga, in connection with the Technical Report Summary for "Obuasi Mine, A Life of Mine Summary Report" dated 31 December 2021 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2021 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to: • the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F; • the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary; • any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and • the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti's registration statements on Form F-3 (Registration No. 333-230651) and on Form S-8 (Registration No. 333-113789) (and any amendments or supplements thereto). I am responsible for authoring, and this consent pertains to, the Technical Report Summary. I certify that I have read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which I am responsible. Date: 30 March 2022 Douglas Atanga /s/ Douglas Atanga

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![](exhibit191552022005.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 5 Contents 1 Executive Summary ............................................................................................................................... 8 1.1 Property description including mineral rights .................................................................................. 8 1.2 Ownership ..................................................................................................................................... 8 1.3 Geology and mineralisation ........................................................................................................... 9 1.4 Status of exploration, development and operations ........................................................................ 9 1.5 Mining methods ............................................................................................................................. 9 1.6 Mineral processing ......................................................................................................................... 9 1.7 Mineral Resource and Mineral Reserve estimates ....................................................................... 10 1.8 Summary capital and operating cost estimates ............................................................................ 11 1.9 Permitting requirements ............................................................................................................... 11 1.10 Conclusions and recommendations ........................................................................................... 11 2 Introduction .......................................................................................................................................... 12 2.1 Disclose registrant ....................................................................................................................... 12 2.2 Terms of reference and purpose for which this Technical Report Summary was prepared .......... 12 2.3 Sources of information and data contained in the report / used in its preparation ........................ 13 2.4 Qualified Person(s) site inspections ............................................................................................. 13 2.5 Purpose of this report .................................................................................................................. 13 3 Property description ............................................................................................................................. 13 3.1 Location of the property ............................................................................................................... 13 3.2 Area of the property ..................................................................................................................... 15 3.3 Legal aspects (including environmental liabilities) and permitting ................................................ 15 3.4 Agreements, royalties and liabilities ............................................................................................. 15 4 Accessibility, climate, local resources, infrastructure and physiography ............................................... 16 4.1 Property description ..................................................................................................................... 16 5 History ................................................................................................................................................. 16 6 Geological setting, mineralisation and deposit ..................................................................................... 18 6.1 Geological setting ........................................................................................................................ 18 6.2 Geological model and data density .............................................................................................. 19 6.3 Mineralisation .............................................................................................................................. 21 7 Exploration ........................................................................................................................................... 22 7.1 Nature and extent of relevant exploration work ............................................................................ 22 7.2 Drilling techniques and spacing ................................................................................................... 23 7.3 Results ........................................................................................................................................ 24 7.4 Locations of drill holes and other samples ................................................................................... 24 7.5 Hydrogeology .............................................................................................................................. 25 7.6 Geotechnical testing and analysis ................................................................................................ 31 8 Sample preparation, analysis and security ........................................................................................... 34 8.1 Sample preparation ..................................................................................................................... 34 8.2 Assay method and laboratory ...................................................................................................... 36 8.3 Sampling governance .................................................................................................................. 36 8.4 Quality Control and Quality Assurance ........................................................................................ 37

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![](exhibit191552022006.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 6 8.5 Qualified Person's opinion on adequacy ...................................................................................... 40 9 Data verification ................................................................................................................................... 40 9.1 Data verification procedures ........................................................................................................ 40 9.2 Limitations on, or failure to conduct verification ............................................................................ 40 9.3 Qualified Person's opinion on data adequacy .............................................................................. 41 10 Mineral processing and metallurgical testing ...................................................................................... 41 10.1 Mineral processing / metallurgical testing .................................................................................. 41 10.2 Laboratory and results ............................................................................................................... 41 10.3 Qualified Person's opinion on data adequacy ............................................................................ 42 11 Mineral Resource estimates ............................................................................................................... 43 11.1 Reasonable basis for establishing the prospects of economic extraction for Mineral Resource . 43 11.2 Key assumptions, parameters and methods used...................................................................... 44 11.3 Mineral Resource classification and uncertainty ........................................................................ 49 11.4 Mineral Resource summary ....................................................................................................... 52 11.5 Qualified Person's opinion ......................................................................................................... 53 12 Mineral Reserve estimates ................................................................................................................. 53 12.1 Key assumptions, parameters and methods used...................................................................... 53 12.2 Cut-off grades ............................................................................................................................ 54 12.3 Mineral Reserve classification and uncertainty .......................................................................... 55 12.4 Mineral Reserve summary ......................................................................................................... 56 12.5 Qualified Person's opinion ......................................................................................................... 58 13 Mining methods ................................................................................................................................. 58 13.1 Requirements for stripping, underground development and backfilling ...................................... 60 13.2 Mine equipment, machinery and personnel ................................................................................ 65 13.3 Final mine outline ....................................................................................................................... 66 14 Processing and recovery methods ..................................................................................................... 66 15 Infrastructure ...................................................................................................................................... 68 16 Market studies ................................................................................................................................... 69 17 Environmental studies, permitting plans, negotiations, or agreements with local individuals or groups ............................................................................................................................................................... 70 17.1 Permitting .................................................................................................................................. 70 17.2 Requirements and plans for waste tailings disposal, site monitoring and water management .... 70 17.3 Socio-economic impacts ............................................................................................................ 72 17.4 Mine closure and reclamation .................................................................................................... 72 17.5 Qualified Person's opinion on adequacy of current plans ........................................................... 73 17.6 Commitments to ensure local procurement and hiring ............................................................... 73 18 Capital and operating costs ................................................................................................................ 73 18.1 Capital and operating costs ....................................................................................................... 73 18.2 Risk assessment........................................................................................................................ 77 19 Economic analysis ............................................................................................................................. 77 19.1 Key assumptions, parameters and methods .............................................................................. 77 19.2 Results of economic analysis ..................................................................................................... 77 19.3 Sensitivity analysis ..................................................................................................................... 78

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 7 20 Adjacent properties ............................................................................................................................ 79 21 Other relevant data and information ................................................................................................... 79 21.1 Inclusive Mineral Resource ........................................................................................................ 79 21.2 Inclusive Mineral Resource by-products .................................................................................... 81 21.3 Mineral Reserve by-products ..................................................................................................... 81 21.4 Inferred Mineral Resource in annual Mineral Reserve design .................................................... 81 21.5 Additional relevant information ................................................................................................... 81 21.6 Certificate of Qualified Person(s) ............................................................................................... 83 22 Interpretation and conclusions ........................................................................................................... 84 23 Recommendations ............................................................................................................................. 84 24 References ........................................................................................................................................ 84 24.1 References ................................................................................................................................ 84 24.2 Mining terms .............................................................................................................................. 86 25 Reliance on information provided by the Registrant ........................................................................... 89 List of Figures A schematic representation of the South Treatment Plant ...................................................................... 10 Map showing the location, infrastructure, and mining license area for Obuasi. ....................................... 14 Stratigraphic column for the southwest of Ghana (Perrouty et al, 2012) ................................................. 20 A typical S-N geological cross-section for Block 8 (X=13000mE) ........................................................... 21 Section showing the underground areas with the locations of drillholes, shafts, declines and development (in local grid) .......................................................................................................................................... 25 Rainfall and pumping .............................................................................................................................. 25 Underground water types for underground sampling points.................................................................... 27 Underground isotopic plots ..................................................................................................................... 27 Obuasi monitoring wells and infrastructure ............................................................................................. 30 Geotechnical logging/mapping data coverage within the mining blocks .................................................. 32 Example of Certified Reference Material SL-61 (2021) ........................................................................... 38 Example of Certified Reference Material SN-60 (2021) .......................................................................... 38 Coarse blank control chart for 2021 ........................................................................................................ 39 Pulp blank control chart for 2021 ............................................................................................................ 39 Obuasi inclusive Mineral Resource grade and tonnage curve (surface) ................................................. 48 Obuasi inclusive Mineral Resource grade and tonnage curve (underground) ......................................... 48 Example TOS design for Block 8L and LRS design for Block 11 ............................................................ 59 Obuasi in situ stress measurement locations.......................................................................................... 61 Relationship of Principal Stress with Depth ............................................................................................ 62 WASM AE stress measurements: pole plot ............................................................................................ 62 Obuasi mine outline................................................................................................................................ 66 Obuasi Mineral Reserve sensitivity on key value drivers ........................................................................ 79 A typical S-N vertical section (in local coordinates) for Block 1 comparing the 2020 gold grade estimates with the 2021 gold grade estimates for an area upgraded from Inferred to Indicated Mineral Resource. 82

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 8 1 Executive Summary 1.1 Property description including mineral rights Obuasi Gold Mine (Obuasi) is owned and operated by AngloGold Ashanti Limited and is a production stage property. All required mineral rights to the property are held by the company. The mine is an underground operation, and it has been in operation since 1897 (more than 120 years). It has been owned and operated by AngloGold Ashanti since 2004. The mine is in the municipality of Obuasi, in the Ashanti region of Ghana, about 240km northwest of the capital Accra and 60km south of Kumasi. Obuasi has a long mining history dating back to 1897. It has been owned and operated by various operators during this time. The current operator became involved in 2004 following the merger of the former AngloGold Limited of South Africa and the Ashanti Goldfields Company Limited of Ghana. However, for several years leading up to 2014, the mine began to struggle due to ailing infrastructure and outdated methodologies. It was realised that significant rationalisation and/or replacement of current infrastructure would be necessary to enable the delivery of better utilisation and productivity metrics. In 2014, a Feasibility Study (FS) commenced that considered the optimum mining methodology and schedules for the underground mine, based on modern mechanised mining methods and refurbishment of underground, surface and process plant infrastructure. During this time, Obuasi operated in a limited operating phase with underground activities essentially restricted to continued development of the Obuasi deeps decline and underground infill drilling. The limited operating phase was brought to a halt after an incursion by illegal miners on Obuasi's concession in February 2016 at which point the mine was placed under care and maintenance. The study however continued and in 2016, a favourable FS was completed (the June 2016 Obuasi Optimised Feasibility Study; also referred to as the P300 study). The study indicated a strong technical and economical case with an anticipated 20-year life of mine (LOM). In 2018, approval was received from the AngloGold Ashanti board and the government of Ghana to proceed with the project. The redevelopment project kicked off in 2019. The Obuasi concession previously covered an area of 474km2 and had 80 communities within a 30km radius of the mine. This was reduced to 201km2 in March 2016 and subsequently reduced to 141.2km2 in January 2021. This 141.2km2 comprises of three mining leases including the Obuasi mining lease covering 87.5km2, the Binsere 1 mining lease covering 29.0km2 and the Binsere 2 mining lease covering 24.7km2. The Obuasi mining lease will expire on 4 March 2054 and the Binsere leases in April 2028. The leases are covered by a development agreement and tax concession agreement with the government of Ghana and all leases are renewable. The redevelopment project started in 2019 and underground development recommenced in 2019, with the first stope mined in October 2019 and first gold poured later that same year in December 2019. In 2020, production ramped up to 2,000 tons per day (tpd) and a further ramp up to 4,000tpd was planned for 2021. However, underground mining activities were voluntarily suspended following a sill pillar failure on 18 May 2021 which resulted in a fatality. A detailed review of the mining and ground management plans were initiated and conducted by a cross-functional internal team and supported by independent third-party, Australian Mining Consultants (AMC). Following this review, a comprehensive series of protocols were introduced to supplement existing operating procedures and underground ore mining resumed in October 2021. For the remainder of 2021, underground ore was used only to replenish the Run-of-Mine (ROM) stockpile. Gold production from underground ore sources was therefore expected to re-commence in January 2022. The safe production ramp up to the full mining rate of 4,000tpd is expected to be achieved by the end of the first half of the 2022. 1.2 Ownership Obuasi is owned by AngloGold Ashanti Limited. The mine is operated by AngloGold Ashanti Ghana Limited which is a wholly owned subsidiary of AngloGold Ashanti.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 9 1.3 Geology and mineralisation The mine is located within the Obuasi concession area in southwestern Ghana along the north-easterly striking Ashanti volcanic belt. The deposit is one of the most significant Proterozoic gold belts discovered to date. The Ashanti belt predominantly comprises sedimentary and mafic volcanic rocks and is the most prominent of the five Birimian Supergroup gold belts found in Ghana. The Birimian was deformed, metamorphosed, and intruded by syn- and post-tectonic granitoids during the Eburnean tectonothermal event around two billion years ago. Folding trends are dominantly north- northeast to northeast. Elongate syn-Birimian basins developed between the ridges of the Birimian system, and these were filled with the Tarkwaian molasse sediments made up primarily of conglomerates, quartzose and arkosic sandstones and minor shale units. Major faulting has taken place along the same trends. The Lower Birimian metasediments and metavolcanics are characterised and defined by argillaceous and fine to intermediate arenaceous rocks. These rocks are represented by phyllites, metasiltstones, metagreywackes, tuffaceous sediments, ash tuffs and hornstones in order of decreasing importance. Adjacent to the shear zones, these rocks are replaced by sericitic, chloritic and carbonaceous schists, which may be graphitic in places. Multiple lodes are a common feature. Mineralised shears are found in close proximity to the contact with harder metamorphosed and metasomatically altered intermediate-to basic Upper Birimian volcanics. The competency contrast between the harder metavolcanic rocks to the east and the more argillaceous rock to the west is thought to have formed a plane of weakness. During crustal movement, this plane became a zone of shearing and thrusting coeval with the compressional phases. Gold mineralisation is associated with, and occurs within, graphite-chlorite-sericite fault zones. These shear zones are commonly associated with pervasive silica, carbonate and sulphide hydrothermal alteration and occur in tightly folded Lower Birimian schists, phyllites, metagreywackes and tuffs, along the eastern limb of the Kumasi anticlinorium. Two main ore types are present, namely quartz vein and sulphide ore. The quartz vein type consists mainly of quartz with free gold in association with lesser amounts of various metal sulphides containing iron, zinc, lead and copper. This ore type is generally non-refractory. The sulphide ore type is characterised by the inclusion of gold in the crystal structure of arsenopyrite minerals. Higher gold grades tend to be associated with finer grained arsenopyrite crystals; the sulphide ore is generally highly refractory. 1.4 Status of exploration, development and operations Exploration, development, and operations recommenced during 2019 as part of the redevelopment project and production ramped up to 2,000tpd in 2020. These activities were temporarily halted in May 2021 due to the sill pillar failure incident. Development and exploration were gradually restarted again in August 2021 and underground ore mining steadily resumed in October 2021. 1.5 Mining methods Obuasi is an underground operation utilising both vertical shafts and declines as main access routes to the underground workings. The mine has seen extensive historical mining activities with varying applications of different mining methods to date. The current LOM design employs mostly the Long Hole Open Stoping (LHOS) mining method for ore extraction. LHOS is a highly selective and productive method of mining that can be employed for orebodies of varying thicknesses and dips. The three main distinct variations of the LHOS used at Obuasi are Longitudinal Retreat Stoping (LRS), Longitudinal Open Stoping (LOS), and Transverse Open Stoping (TOS). The Blind Upper Stoping (BUS) is a form of LRS or TOS used for partial sill pillar recovery. 1.6 Mineral processing The plant is configured for both conventional and flash flotation and BIOX™ treatment which is required for the refractory sulphide ore. The gravity gold recovery system also integrated with Knelson concentrators and Inline Leach Reactors (ILR).

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 10 A schematic representation of the South Treatment Plant 1.7 Mineral Resource and Mineral Reserve estimates The exclusive Mineral Resource is reported exclusive of the in situ component of the Mineral Reserve and includes that portion of the Mineral Resource which was not converted to Mineral Reserve. Further study and design, change in costs and/or gold price is required to develop economic extraction plans for the exclusive Mineral Resource. A large proportion of the exclusive Mineral Resource is Inferred Mineral Resource and will require drilling to upgrade its confidence. The exclusive Mineral Resource occurs in all areas but is mostly from underground sources. Anyinam and Gyabunsu-Sibi are surface sources (open pits), and they constitute about 1% of the total Mineral Resource. The remainder are underground sources, and the highest proportion is from Cote D'Or. However, there is no Mineral Reserve for Cote D'Or, Block 14 or the two open pits. Exclusive gold Mineral Resource Obuasi Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Measured 2.57 7.97 20.45 0.66 Indicated 25.81 7.04 181.57 5.84 Measured & Indicated 28.37 7.12 202.02 6.50 Inferred 50.15 7.47 374.66 12.05 The Mineral Reserve for Obuasi as of 31 December 2021 totals 30.80Mt at 8.34g/t for 8.26Moz, consisting of 4.73Mt at 7.79g/t for 1.19Moz Proven Mineral Reserve, and 26.07Mt at 8.45g/t for 7.08Moz Probable Mineral Reserve. The Obuasi Mineral Reserve estimate is based on the development of appropriately detailed and engineered LOM plan. The mine design and planning process incorporates realistic modifying factors and the use of appropriate cut-off grades for the individual mining Blocks and considers relevant geotechnical inputs and major equipment and infrastructure capacities. The 2021 Mineral Reserve was based on the review of the mine design on 2020 updated Block models for the southern mining blocks (Sansu, B8L, B10, B11, B1, and B2) and 2021 models for the northern blocks (Cote D'Or and Adansi).

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 11 The AngloGold Ashanti Corporate gold price of $1,200/oz was used in the Mineral Reserve estimates. The Mineral Reserve estimate is entirely from underground Mineral Resource with no surface potential included. Gold Mineral Reserve Obuasi Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Proven 4.73 7.79 36.88 1.19 Probable 26.07 8.45 220.14 7.08 Total 30.80 8.34 257.02 8.26 1.8 Summary capital and operating cost estimates The key capital cost expenditure relates to Mineral Reserve development (ORD), surface and underground infrastructure development, mining fleet replacement, process infrastructure upgrades and site process water improvement projects. Total capital cost is estimated at $1,427M. Non sustaining capital expenditure of about $174M is associated with the Obuasi Deeps Decline (ODD), Kwesi Mensah vent shaft (KMVS) development and the Obuasi phase 3 redevelopment project items. Mining costs are based on agreed rates with the mining contractor (UMA) and includes owner geology and mine technical costs. Mining cost averages about $79/t. However, this varies from block to block depending on location and mining method. Processing costs have been determined based on total material to be milled. Milling cost is estimated to be $42/tonne. General and administration costs are calculated based on per tonne milled. Closure cost is estimated at $255m. This is inclusive of a total security provision of $50.2m ($20.2m cash deposit and $30m bank guarantee). A royalty payable to the government of Ghana (GOG) of 3% of gold revenue is applied for a 10-year concession period. AngloGold Ashanti signed a tax and redevelopment agreement with the government of Ghana in 2017 and 2018 respectively. In these agreements, a royalty rate of 3% and corporate tax rate of 32.5% apply within a 10-year concession period. Beyond this concession period, standard rates of 5% and 35% apply for royalty and income tax respectively. An agreed schedule of input duties is applicable for an initial period of six years ending 31 December 2023. 1.9 Permitting requirements In terms of permitting requirements, there are currently no significant encumbrances and Obuasi holds valid mining leases and environmental permits for all projects planned under the Obuasi Redevelopment Project. 1.10 Conclusions and recommendations Obuasi has been in operation since 1897 and all available, appropriate data has been used for Mineral Resource and Mineral Reserve compilation. This includes the geological and survey data collected over several decades prior to the merger of AngloGold and Ashanti Goldfields in 2004. The risk associated with the inclusion of this data has been mitigated by a comprehensive data validation project completed between 2015 and 2018 (for geological data) and by reduced Mineral Resource confidence (such as the downgrades of Indicated to Inferred Mineral Resource for Cote D'Or). The verification of historical survey data, used for depletion and sterilisation, is an ongoing project and will continue as areas become accessible and further infill drilling and verification work becomes possible. The Obuasi Mineral Reserve was derived from the complete LOM plan which is based on a full mine design review and production schedule. The mine design and production schedule have considered the required infrastructure and all relevant mining constraints to arrive at appropriate productivities. The mine plan is designed to optimise ounces produced as early as possible and with due regard to geotechnical considerations and available infrastructure. This is fundamentally in tandem with the Obuasi P300 FS which provided the basis for the project redevelopment.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 12 The key economic parameters including capital and operating costs have been considered in completing the Mineral Reserve estimates. These economic factors and costs have been reviewed and acceptably reflect the latest available information of the operations and are in line with best industry practices. All permitting requirements and regulatory approvals have been obtained for the operations and there are no outstanding permits that would cause a material impact on the Mineral Reserve estimate. A gold price of $1,200/oz used to represent the long-term price was provided by the AngloGold Ashanti Corporate office and group guidance and is seen to be sound and reasonable. The socio-economic and/or political factors in the local and general community are acceptably managed. The Obuasi sustainability department runs several community projects within its catchment area and there are regular engagements with community leaders. In the opinion of the QP, the Obuasi Mineral Reserve statement is sound, and the QP is not aware of any information that materially will affect the outcome of this work. 2 Introduction 2.1 Disclose registrant This Technical Report Summary was prepared for the registrant, AngloGold Ashanti Limited. 2.2 Terms of reference and purpose for which this Technical Report Summary was prepared The purpose of this Technical Report Summary is to report the Mineral Resource and Mineral Reserve for Obuasi. Terms of reference are following AngloGold Ashanti Guidelines for the Reporting of Exploration Results, Mineral Resource and Ore Reserve (hereinafter referred to as the Guidelines for Reporting) and based on public reporting requirements as per Regulation S-K 1300. Although the term Mineral Reserve is used throughout S-K 1300 and this document, it is recognised that the term Ore Reserve is synonymous with Mineral Reserve. AngloGold Ashanti uses Ore Reserve in its internal reporting. The Technical Report Summary aims to reduce complexity and therefore does not include large amounts of technical or other project data, either in the report or as appendices to the report, as stipulated in Subpart 229.1300 and 1301, Disclosure by Registrants Engaged in Mining Operations and 229.601 (Item 601) Exhibits, and General Instructions. The qualified person must draft the summary to conform, to the extent practicable, with the plain English principles set forth in§ 230.421 of this chapter. Should more detail be required they will be furnished on request. The following should be noted in respect of the Technical Report Summary: • All figures are expressed on an attributable basis unless otherwise indicated • Unless otherwise stated, $ or dollar refers to United States dollars • Group and company are used interchangeably • Mine, operation, business unit and property are used interchangeably • Rounding off of numbers may result in computational discrepancies • To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, content for gold to two decimals and copper, content with no decimals • Metric tonnes (t) are used throughout this report and all ounces are Troy ounces • Abbreviations used in this report: gold – Au • The reference co-ordinate system used for the location of properties as well as infrastructure and licences maps / plans is latitude longitude geographic co-ordinates in various formats, or relevant Universal Transverse Mercator (UTM) projection.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 14 Map showing the location, infrastructure, and mining license area for Obuasi. The coordinates of the mine, as represented by the plant, are depicted on the map and are in the UTM co-ordinate system.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 15 3.2 Area of the property The current area of the property is 141.2km2. 3.3 Legal aspects (including environmental liabilities) and permitting The Constitution of Ghana as well as the Minerals and Mining Act, 2006 (Act 703) (GMM Act) provide that all minerals in Ghana in their natural state are the property of the state and title to them is vested in the President on behalf of and in trust for the people of Ghana, with rights of reconnaissance, prospecting, recovery, and associated land usage being granted under license or lease. The grant of a mining lease by the Ghana Minister of Lands and Natural Resources (LNR Minister) upon the advice of the Minerals Commission is subject to parliamentary ratification unless the mining lease falls into a class of transactions exempted by the Ghanaian Parliament. The LNR Minister has the power to object to a person becoming or remaining a controller of a company which has been granted a mining lease if the LNR Minister believes, on reasonable grounds, that the public interest would be prejudiced by the person concerned becoming or remaining such a controller. Except as otherwise provided in a specific mining lease, all immovable assets of the holder of a mining lease vest in the state upon termination, as does all moveable property that is fully depreciated for tax purposes. Moveable property that is not fully depreciated is to be offered to the state at the depreciated cost. A holder must exercise his rights subject to such limitations relating to surface rights as the LNR Minister may prescribe. The concession previously covered an area of 474km2 and had 80 communities within a 30km radius of the mine. This was reduced to the 201km2 in March 2016. in January 2021 a further reduction was approved by the Minister, bringing the total size of the lease to 141.2km2. The Obuasi Mineral Resource and Mineral Reserve are constrained within these mining leases and AngloGold Ashanti Ghana has the surface rights to the necessary portions of the mining license required for mining and infrastructure. Following the latest reduction of the lease area, Obuasi holds three mining leases including the Obuasi mining lease comprising 87.5m2, the Binsere 1 mining lease covering 29.0km2 and the Binsere 2 mining lease covering 24.7km2. At the time of compiling this report, there were no known risks that could result in the loss of ownership in part, or in whole, of the Mineral Resource and Mineral Reserve. The Obuasi mining lease will expire on 4 March 2054 and the Binsere 1 and 2 leases are valid until 8th April 2028. All the leases are renewable. In terms of existing agreements, Obuasi does not have a Joint Venture (JV) partner and is wholly owned by AngloGold Ashanti. There is no known heritage or environmental impediments over the leases and all required permits are in place. AngloGold Ashanti Ghana declared force majeure on 9 February 2016 with the incursion of Illegal mining activities on 5 February 2016 but law and order were restored with the arrival of the military and police in October 2016. The force majeure condition was lifted in mid-February 2017, and it is deemed that there is a low probability of this re-occurring. The Company has a security agreement with government in which the government has agreed to provide security for the mine especially against illegal mining. The tenure is secure at the time of reporting. Any future permits are reasonably expected to be granted and there are no known impediments to obtaining or retaining the right to operate in the area. There are no known legal proceedings that may influence the rights to prospect or mine. Obuasi has all governmental/statutory requirements and permits in place as required and future permits can be reasonably expected to be obtained. 3.4 Agreements, royalties and liabilities Royalties are based on a sliding scale as covered by the tax concession agreement with the government of Ghana. The percentage rate payable is dependent on the gold price per ounce.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 16 The property is not owned or operated by any other party than the registrant. The AngloGold Ashanti closure planning standard and Ghanaian mining law require that the future risks and liabilities associated with closure are identified and managed appropriately to ensure that they are left in a condition which is safe, stable and minimises adverse impacts on people and the environment. Hence, rehabilitation and closure liabilities are considered and included in the mine closure costs and plans. The Company is required to post a reclamation bond based on approved work plan for reclamation. The estimated rehabilitation cost as per approved Environmental Impact Statement is $137.3 million. Out of the cost estimate, AngloGold Ashanti Ghana is required to post a reclamation bond of $50 million which is split into the cash deposit of $20 million currently held in an account with Stanbic Bank™ and a bank guarantee of $30 million (the Guarantee Amount). The bank guarantee is currently provided by Stanbic Bank and United Bank for Africa (UBA) in proportions of $20 million and $10 million respectively. 4 Accessibility, climate, local resources, infrastructure and physiography 4.1 Property description Obuasi is in the municipality of Obuasi in the Ashanti Region of Ghana. It is near Obuasi town, with a population of about 200 thousand people. The area has a rich mining history with good availability of mining personnel. The mine can be accessed by paved road network from Kumasi and by road or chartered air transport from the capital Accra. The topography of the Obuasi area is controlled by the strike of the Ashanti gold belt which results in a hill formation running in a northeast and southwest direction of the concession area for a length of 18km. The lowest and highest elevations of the entire concession area are respectively 50m and 540m above sea level with low-lying areas in the south, southwest and west of the concession. Topography does not affect mining activities. The climate in the region of the mine is defined as equatorial savannah and is characterised by high temperatures and humidity that remain relatively constant throughout the year. There are two well-defined wet seasons; the main wet season is between mid-March and the end of July, followed by a short wet season characterised by light rains between September and November. The wet seasons are separated by a relatively short, dry period in July and August, with the main dry season from December to March. The monthly average temperatures range from 24°C to 33°C, with February recorded as the hottest month. The average annual precipitation over the last 69-years is 1,600mm, with annual precipitation ranging from a minimum of 1,089mm to a maximum of 2,240mm. The operation is provided electricity by the national grid. There are also emergency diesel-powered generators available. The mine is permitted by the Water Resources Commission to extract water from the Jimi Dam and treated for domestic use, whilst underground water is extracted for operational use. The mine has sufficient land area for expansion of facilities such as tailings storage facilities (TSF) and waste dumps. Overall, the surface rights are deemed to be sufficient for the mining operations and it is deemed that none of the aforementioned conditions will impact significantly on mining activities (i.e., topography, access to the properly, climate and so forth). 5 History The Obuasi deposit was discovered in 1897 and has a long history of successful commercial gold production (over 120 years). It was owned by Ashanti Goldfields until the merger in 2004 with AngloGold to become AngloGold Ashanti. The historical ounce production from the mine is presented below. It is separated into tailings, open pit, underground or plant cleaning sources. The cleaning exercise was undertaken from 2015 to 2017 during the care and maintenance phase and the gold mainly came from carbon sludge. In total more than 30Moz has been produced from the deposit.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 17 Historical ounce production from 1897-2017 (koz) 1897- 2001 2002 2003 2004 2005 2006 2007 2008 2009 Tailings 767 42 44 31 32 41 36 34 34 Open pit 3,430 23 34 19 29 29 29 30 9 Underground 24,400 472 435 343 331 318 296 293 339 Plant cleaning - - - - - - - - - Total 28,597 537 513 393 391 387 360 357 381 2010 2011 2012 2013 2014 2015 2016 2017 Total Proportion of Production (%) Tailings 18 0 - 4 24 - - - 1,106 3.3% Open pit 6 3 10 14 - - - - 3,665 11.0% Underground 293 309 270 221 148 - - - 28,467 85.5% Plant cleaning - - - - - 53 2 2 56 0.2% Total 317 313 280 239 172 53 2 2 33,293 100.0% In the years prior to 2014, the mine began to struggle due to ailing infrastructure and outdated methodologies. In November 2014, the mine decided to enter into a Limited Operating phase. At this time, a FS was initiated that aimed to determine more optimum mining methods and schedules based on modern mechanised mining methods and refurbishment of underground, surface, and process plant infrastructure. It was recognised that a significant rationalisation and/or replacement of current infrastructure was needed to enable the delivery of improved utilisation and productivity metrics. Following an incursion by illegal miners in February 2016, the mine was placed under care and maintenance. However, with law and order restored, the FS was finalised in March 2016, with a schedule for the potential restart of underground production. In 2018 approval was granted from the AngloGold Ashanti board and the Ghanaian government to redevelop the mine. The Obuasi redevelopment project commenced in 2019 and first gold was poured during December 2019. With the first gold pour, the reconciliation of produced grade and tonnage resumed. The Mineral Resource and Mineral Reserve estimates and performance statistics on actual production for 2020 and 2021 are presented below. Reconciliation of produced gold for 2020 and 2021 Year Reconciliation entity 2020 2021 Mineral Resource model (oz) 184,895 119,553 Grade control model (oz) 184,174 122,271 Percentage (%) 99.6 102.3 Year Reconciliation entity 2020 2021 Mining Feed (oz) 161,381 126,124 Plant Accounted (oz) 148,326 131,096 Percentage (%) 92 104 It is considered that the current Mineral Resource and Mineral Reserve estimates are performing adequately. The Mineral Resource estimates are performing well against the grade control estimates. In 2020, the plant accounted for 92% of the mining feed and, in 2021, for 104%. The mining feed is based on the grade control model estimates.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 18 6 Geological setting, mineralisation and deposit 6.1 Geological setting The Ashanti Region of Ghana, in which Obuasi is located, lies in the eastern margin of the Pre-Cambrian West African craton. This craton consists of Lower Proterozoic volcanic and flysch sediments which make up the Birimian system, overlain in part by the molasse sediments of the Middle Proterozoic Tarkwaian. The Ashanti belt is the most prominent of the five Birimian Supergroup gold belts found in Ghana and is a 300-km wrench fault system that propagated from Dixcove in the southwest to beyond Konongo in the north-east. The Paleoproterozoic rocks in the vicinity of Obuasi consist of volcano-sedimentary rocks of Birimian and Tarkwaian Series. The Birimian Series consists of the Sefwi group in the bottom of the stratigraphic column and the Kumasi group above it. These rocks are cut by voluminous intrusives, mostly granitoids of different ages. The Sefwi group forms the Lower Birimian Ashanti greenstone belt; and consists mostly of andesites and basalts interlayered with metasediments and gabbros (WAXI II, 2013). A syntectonic granitoid intrusion dated at 2,170Ma is being considered as a minimum age for the Sefwi group, while the maximum age of this group is still a matter of discussion. The Kumasi group contains mainly metaturbidites with graphitic interlayers and minor metavolcanics. Detrital and magmatic zircon geochronology revealed that sedimentation of this group is associated with minor volcanism during the Upper Birimian is between 2,154Ma and 2,125Ma (WAXI II, 2013). The youngest Paleoproterozoic Tarkwaian Series consists mostly of metasediments (meta-conglomerates, quartzites) and phyllites interlayered with dolerite sills in the upper part. The Tarkwaian Series rocks lie unconformably on the Sefwi Group within the Ashanti greenstone belt. The occurrence of Tarkwaian Series rocks on Kumasi basin sediments has not been reported. Re-interpretation of zircon geochronology revealed that the deposition of the Tarkwaian Series occurred in a short period between 2,107-2,097Ma. It is also constrained by intrusions of metagabbro sills dated at 2,102 plus-minus 13Ma (Adadey et al., 2009) and by granitoids at 2,097 plus-minus 2Ma (Oberthur et al., 1998). The Paleoproterozoic granitoids are usually divided into belt-type of Lower Birimian age (e.g. Sekondi granitoid, 2,174 plus-minus 2Ma and Dixcove suite) and basin-type of Upper Birimian age emplaced from 2,116 plus-minus 2Ma to 2,088 plus-minus 1Ma (Hirdes et al., 1992; Davis et al., 1994). Hydrothermally altered and auriferous basin-type granitoids are ubiquitous in the vicinity of Obuasi along the western flank of the Ashanti belt, at Anyankyerim, Nhyiaso, Yao Mensakrom and Esuajah (Ayanfuri); all have intrusion ages within error of 2,105 ±2Ma. Geochemistry shows that the belt-type granitoids are juvenile additions to the Paleoproterozoic crust, while the basin-type granitoids are a result of crustal recycling and partial melting of an existing crust (WAXI II, 2013). With the exception of some late granitoids and dolerite dykes, all other lithologies have undergone regional metamorphism that generally does not exceed upper greenschist facies. Muscovite, chlorite, actinolite and epidote define a general metamorphic assemblage (Oberthur et al. 1994). Calculated P-T ranges imply conditions of 340°C to 460°C at 2kb to 5kb based on the stability of the mineral assemblage (Schwartz et al. 1992). Peak metamorphic conditions occurred along the Ashanti Fault and have been estimated at 520°C and 5.4kb (John et al., 1999). The metamorphism has been dated on metamorphic titanites within the basin-type granitoids at 2,092 ±3Ma (Oberthur et al., 1998). The Obuasi deposit comprises three identifiable trends, namely the Main trend, the Binsere trend about 5km to the northwest of the Main trend and the Gyabunsu trend about 3km to the southeast of the Main trend. The bulk of the auriferous deposits occur in the Main trend. Five major shear zones have been identified within the Main trend with the Obuasi Fissure being the most prominent extending roughly NE-SW over a strike length of about 8km and mainly dipping towards the northwest at 65 to 90 degrees. The other identifiable mineralised structures within the Main trend are the Cote D'Or, the Ashanti, the Insintsiam, the 12/74 and various footwall and hanging wall mineralised structures. These secondary shears branch off the main shear in an anastomosing structural pattern.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 19 Gold mineralisation is associated with, and occurs within, graphite-chlorite-sericite fault zones. These shear zones are commonly associated with pervasive silica, carbonate and sulphide hydrothermal alteration and occur in tightly folded Upper Birimian schists, phyllites, meta-greywackes, and tuffs, along the eastern limb of the Kumasi anticlinorium (i.e., the Kumasi Group). They are found near the contact with harder metamorphosed and metasomatically altered intermediate to basic Lower Birimian volcanics (the Sefwi Group). The contact between the harder metavolcanic rocks to the east and the more argillaceous rock to the west is thought to have formed a plane of weakness. This is because of the contrast in competency at the contact between the lithological units. During crustal movement, this plane became a zone of shearing and thrusting coeval with the compressional phases. There are two broad styles of gold mineralisation at Obuasi which includes free milling quartz vein gold and sulphide rich disseminated gold lodes which form alteration haloes around the quartz vein lodes. 6.2 Geological model and data density The geological model is constructed using geological data that has been obtained through underground geological mapping, cross-cut and reef drive sampling and exploration and grade control drilling. This information is then used to build an understanding of the local geology of the deposit and to extrapolate the models to depth and beyond data to guide the exploration program. The mine has been exploited for over 120 years and the amount of geological data available is substantial and varied. The data has been collected over many years and the data density varies from close spaced grade control sampling (around 10m x 10m to 20m x 20m) to wider spaced exploration drilling ranging from about 50m x 50m up to 200m x 200m. Prior to 2014, all available data was converted to digital format and imported into a Fusion™ database. A review of the Obuasi Fusion™ database was undertaken in 2014 to ascertain the level of error associated with the database. Conclusions drawn was that the errors were varied and systematic and would necessitate a methodical approach to rectify the issues identified. A comprehensive data validation project commenced and in the ensuing years (2015-2017), the hard copy records were sourced, and a detailed validation exercise was undertaken. This, together with mine reconciliation records and a comprehensive QAQC program, implemented since 2005, improves confidence in the pre-2014 data. For all newly collected data, QAQC procedures are in place to ensure quality and reliability (as described in the following sections) both at collection and at the laboratory. The data density, distribution and reliability of information is considered sufficient to support statements concerning the mineralisation. The Obuasi deposit is an orogenic gold deposit and the geological concepts being applied, and forming the basis of the exploration program, centres around this and the shear-hosted nature of the deposit. The first broad zone marks the boundaries of gold occurrence within which the shearing has occurred resulting in the Main Fissure and other hangingwall and footwall mineralised lodes. These are further separated into quartz and sulphides as deemed appropriate. Most of the shearing are parallel to the general strike of the deposit. The mineralisation dips steeply which informs the drilling orientations so that they are appropriate (attempts are made to intercept mineralisation perpendicularly). Mineralisation models are extrapolated beyond data along strike and depth (as deemed appropriate and representative of the geological concepts). Extrapolations beyond 100m are not included in the Mineral Resource estimates but are rather deemed exploration upside (not declared as Mineral Resource, but only used internally by the company to represent an exploration target or upside potential).

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 20 Stratigraphic column for the southwest of Ghana (Perrouty et al, 2012)

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 21 A typical S-N geological cross-section for Block 8 (X=13000mE) 6.3 Mineralisation The mineralisation is classified into two types: sulphide hosted, and quartz lode hosted. Sulphide-hosted mineralisation is dominated by arsenopyrite (60-95% of all sulphides) with lesser amounts of pyrite, pyrrhotite, marcasite, chalcopyrite, and micrograins of native gold (Oberthur et al. 1994). This ore type has been responsible for half the gold production at Obuasi (Milesi et al. 1991). The larger arsenopyrite grains are zoned with gold-poor cores, gold-rich inner rims, and gold-poor outer rims. Gold within the sulphide mineralisation is refractory and locked in the sulphide lattice. The quartz lode hosted mineralisation is associated with spatially variable but exceptionally high-grade visible gold in quartz veins / lodes (up to 4m widths). The visible gold is within microfractures overprinting the quartz lodes. These lodes mainly comprise quartz but also minor amounts of ankerite and host rock fragments. The mineralised microfractures contain muscovite, gold, graphite and accessory minerals like galena, chalcopyrite, sphalerite, bournonite, boulangerite, and aurostibine (Oberthur et al. 1994). The mineralised zones have a strike length of approximately 8km and extend to depths ranging from about 1,000m in the south of the mine (near Sansu) to 2,200m in the north of the mine (Blocks 11 and 14). The width of the mineralisation varies across the deposit. It is thicker in the south (20m to 40m) than in the north (10 to 20m) and narrows with depth where it is around 2 to 8m thick. The mineralisation is associated with, and occurs within, graphite-chlorite-sericite fault zones. These shear zones are commonly associated with pervasive silica, carbonate and sulphide hydrothermal alteration and occur in tightly folded Lower Birimian schists, phyllites, meta-greywackes, and tuffs. The most significant mineralised zone encountered on the property is called the Obuasi Fissure. It is steeply dipping and strikes for approximately 8km. Although the structure itself has high continuity, it is variably mineralised with the best mineralisation plunging at about 45 degrees to the north. Various hangingwall and footwall mineralised lodes splay off the Obuasi Fissure.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 22 They can be very well mineralised (especially close to the Obuasi Fissure), but their continuity decreases with distance away from the Fissure and generally eventually pinch out. Other identifiable and more continuous mineralised structures within the Main Trend are the Cote D'Or, the Ashanti and the Insintsiam. However, these secondary shears branch off the main Obuasi Fissure in an anastomosing structural pattern. These mineralised lodes are persistent and deep seated, forming in shear zones controlled by thrust faulting along the contact between the Lower Birimian phyllites and Upper Birimian metavolcanics. The mineralised zones generally comprise of quartz mineralisation surrounded by sulphides. In the south and at shallower levels, the sulphide mineralisation dominates. It is thick and well developed surrounding less continuous and narrower quartz zones. Towards the north, and at depth, the mineralisation narrows, and quartz start to dominate especially at depth, where it is much more continuous with little surrounding sulphides. 7 Exploration 7.1 Nature and extent of relevant exploration work A substantial amount of exploration work has been carried out for the mine over several decades. Prior to the redevelopment of the mine in 2019, underground diamond drilling was carried out by an in-house drilling department and combined with systematic underground mapping and extensive reef drive and crosscut channel sampling. Since redevelopment, underground mapping activities have continued, but crosscuts and reef drives are no longer sampled. It has been fully replaced by diamond drill sampling which is being done by drilling contractors Boart Longyear™ and Westfield Drilling Limited™. During 2021, infill drilling focused on 41 and 32 levels, while the expensed drilling targeted the George Cappendell Shaft (GCS) top (Block 8). The GCS top area has extensive historical mining; however, the block has further opportunity for Mineral Resource identification and definition with the planned drilling program. The upside potential focused on between 900 Level to 1400 Level. The strategy is to make use of the existing stockpile cuddies along the main decline and drill from 8 Level towards 14 Level. A total of 10,998m have been planned for the area, results are showing that continuity and grades are improving as the drilling extends down dip and plunge. The focus of the definition and infill drilling during 2021 was to upgrade areas in Blocks 8L and 10 from Inferred to Indicated Mineral Resource and ultimately prepare it for mining by completing the last phase of grade control drilling. The strategy is to use 32 and 41 Level as the main drilling platforms and target the area below 32 and 41 Level respectively. The Block 10 area being drilled lies along the trend of a flat plunging shoot of approximately 380m vertical extent, where the current geological interpretation shows wider mineralisation with multiple lodes. A total of about 32,000m is being drilled on 41 Level. Results from the drilling show that the dip of the Obuasi Fissure, which is the main drill target, appears to steepen and roll over an easterly plunging felsic igneous body. High-grade mineralised quartz veins seem to be concentrated around the margins of this felsic igneous body creating a drill target at depth. Where tighter spaced drilling has already been done into the area, elevated metal content has been observed. The shear zone, within which the mineralisation in Block 8 is focused, is around the 12/74 fissure which links the Obuasi Fissure to the east with a network of carbonaceous shears on the margin of the Sansu dyke to the west. The Obuasi and 12/74 fissures splay apart at the eastern end of Block 8 with the Obuasi Fissure continuing in a WNW direction. A total of about 16,000m is being drilled from the 32 Level platform targeting the mineralisation below the platform. Results show a continuous Obuasi Fissure below 32 Level but with strong display of pinch and swell characteristics. Both drilling and non-drilling geological data are collected for the mine. The non-drilling data include mapping data and reef drive- and crosscut sampling. For crosscuts, sampling was carried out on both the north and south walls of the crosscuts along channel cuts of about 1.0m from the floor. Three channels were sampled on each wall (at the bottom, middle and top). Only the mid channel samples are currently extracted from the database. For reef development, face cut samples were taken across the entire reef at the development face, at 5-metre intervals. Since redevelopment, crosscuts and reef drives are no longer sampled and it has been fully replaced by diamond drill sampling. However, the past crosscut and reef drive samples form a substantial and useful dataset and are therefore still used.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 23 The reef drive samples are not considered adequate for grade estimation, but they do supply useful information for geological interpretation and are therefore included for wireframe modelling. In contrast, the crosscut channel samples are deemed to be representative and of adequate quality to be included in grade estimation. The introduction of grade bias, because of the use of both diamond core and channel samples for grade estimation, has been highlighted as a potential concern. Yet, bias tests conducted to date, suggest that the bias between channel and diamond (DD) core grades are within acceptable limits and that they may be used together for grade estimation (see Section 8.1 for more information). With time, as mining progresses, there will be less reliance on channel sampling as all new sampling is by DD core drilling. Over the years, extensive underground mapping has been completed and this practice has been continued. All mapping information (old and new) is considered during geological wireframe interpretation and includes rock types (such as metasediments, metavolcanics, graphite, or quartz); the contacts between these or the positions of geological structures. Prior to 2019, conventional mapping was undertaken by washing of the development headings and observing the faces as well as the side walls. The rock types were noted, and the boundaries marked out. The attitudes of the geological structures and contacts were measured, and reference pegs put in place. Currently, a new mapping software, 3DM Analyst Mine Mapping Suite™ (3DM, Datamine™), is used in conjunction with the conventional method to map all geological structures and contacts. Pictures are taken underground, geo-referenced and exported to the 3DM software. The structures, as well as the lithological contacts, are then digitised to generate strings which can be used to guide geological interpretation. The data acquired from the drilling and non-drilling data include lithology, structure, alteration, mineralisation, geotechnical and rock characteristics, this is captured electronically where it is combined with the assay information to give an extensive database of geological data per mapping and sampling point. Since 2020, density data is also routinely collected for a representative subset of all new drill samples. The geological data collected are deemed to be to a level of detail that supports Mineral Resource estimation. Obuasi is a large deposit covering a strike length of about 8 km and extend down to depths of about 2 km in some areas. Exploration activities have been undertaken in most areas over many decades. Since drilling recommenced about three years ago for the redevelopment project, exploration, and infill during have focused on the south of the mine in the two active blocks (Sansu and Block 8) as well as on 41 level in Blocks 1 and 10. Sansu and Block 8 extend for about 2 km and drilling have focused on the central parts of the Sansu block and, in Block 8, at shallower levels near the ODD decline and around current active mining areas deeper down. The 41-level drilling is being done in Blocks 1 and 10 and will eventually target a strike length of around 1.9km. No recent exploration has been done for the remaining blocks (Blocks 2, Cote D'Or, Adansi, Block 11 and Block 14). The primary geological data collected over time include bulk density, geological data (lithology, alteration, mineralisation etc), survey data (downhole and collar), gold grade assays and quality control samples. All data is captured into a FusionTM remote database. A data validation program was completed to validate all pre-2019 data stored in the FusionTM database. Currently, all logging data is captured electronically (directly onto tablets); collar and downhole surveys are electronically transferred as well as laboratory assay results. Several validation checks are completed before the data is authorised and approved for geological modelling and grade estimation. Checks include items such as "completeness" (all required data, including the meta data and table data); checks on the spatial information (collar and survey) and interval checks (such as overlapping intervals or duplicates). Once the data is authorised, it is directly extracted from the FusionTM database for modelling and estimation (directly imported into the modelling software using ODBC links and SQL views). The FusionTM database is stored on a site-based server which is regularly backed up (daily; weekly and monthly). The monthly backups are in turn stored offsite at the Gold House office, Accra, in a safe box which is housed in a safe room. The FusionTM database also remotely synchronises with a server located off site in the corporate office in Johannesburg. No data from other parties or sources are used in Mineral Resource estimation. 7.2 Drilling techniques and spacing Prior to the mine going into care and maintenance (2016), underground DD drilling was carried out by the in-house diamond drill department. The rigs used were the LM90™ and the LM75™ electric-hydraulic rig with NQ sized core. Currently, only DD core drilling is being done.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 24 It is outsourced to two drilling contractors namely Westfield Drilling Limited™ (Westfield) and Boart Longyear. Westfield operates two rigs (of ESD-9 type) which drills NQ2 sized core while Boart Longyear operates 3 rigs (one LM110™, one LM90 and one LM75) which also drills NQ2 sized core. The core is oriented by both contractors using a TRUCORE™ Core Orientation Kit (Boart Longyear) or a REFLEX ACT III™ system (Westfield) which digitally records the orientation of the core sample and other key data. Logging is conducted as per an in-house procedure which is compliant with company guidelines. The logging is done with sufficient detail on lithology, structure, alteration, mineralisation, and rock mass quality to support the geological modelling, estimation, mining, metallurgical and technical studies required to support the Mineral Resource and Mineral Reserve estimation. Data is electronically captured (on handheld tablets) and stored in the FusionTM Remote database. Half-core and sample chip trays are retained for the purposes of further reference and detailed logging as required. Since 2019, only DD core samples are being collected. However, the previously collected channel samples are still retained and used in Mineral Resource estimation. Logging is both qualitative and quantitative in nature. Core photography is conducted in-house; is electronically stored and takes place before core cutting as well as after core cutting in the case of half- core sampling. Logging is completed over the entire length of each drillhole. Both Westfield and Boart Longyear use the REFLEX EZ-TRAC™ survey tool for downhole surveys. Downhole surveys are taken at 6m, 30m then every 30 meters down the hole and at the end of the hole. REFLEX EZ-TRACTM was also used in the past (pre-2019). The downhole survey data is provided electronically through either the IMDEX HUB-IQTM software hub or as CSV files. The data is validated by the project geologist before it is imported into the FusionTM database. Any anomalous results are queried and resolved or excluded. DD and reverse circulation (RC) samples informed the open pit estimates. For underground estimation, DD and channel samples were used. Channel samples are no longer collected and have been fully replaced by DD. Details of average drill hole spacing and type in relation to Mineral Resource classification Category Spacing m (-x-) Type of drilling Diamond RC Blasthole Channel Other Measured 15x15 Yes Yes - Yes - Indicated 60x60 Yes Yes - Yes - Inferred 90x90 Yes Yes - Yes - Grade/ore control 15x15 Yes Yes - Yes - 7.3 Results AngloGold Ashanti has elected not to provide drilling results for its operating mines as drilling at these operations are generally done to provide incremental additions, or conversions to already reported Mineral Resource and therefore they are not seen as material. While these increase confidence in our Mineral Resource as well as add LOM extensions, the incremental additions that occur on a yearly basis are not material to that operation or the company as a whole. In cases where the drilling projects are supporting a non-sustaining addition, these projects are commented on in the project section of the report (Section 1.4 and/or Section 7.1). In our major greenfield projects, if any single drill result is considered material, and may change the reported Mineral Resource significantly, then it will be reported. As such, this report is not being submitted in support of the disclosure of exploration results and therefore no disclosure of drilling or sample results is provided. 7.4 Locations of drill holes and other samples The Obuasi deposit is large, extending over 8km along strike and 2km in depth, with mining taking place for more than 120 years. Due to its extent, for practical purposes, the deposit is subdivided into various

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 25 blocks. The extent to which each block has been drilled, is illustrated below. It is showing the full mine extent along strike, in relation to the shafts, main Obuasi decline and primary development. It is presented in local grid. Currently mining is taking place in Sansu and Block 8 with exploration drilling in Blocks 1 and 10. Block 2, Cote D'Or and Adansi are older, more extensively mined areas, but no activity is currently taking place in these areas. No mining has yet taken place in the deeper Blocks 11 and 14. Section showing the underground areas with the locations of drillholes, shafts, declines and development (in local grid) 7.5 Hydrogeology Rainfall and underground pumping Mean annual rainfall at the site is about 1,580mm, of which about 75-80% falls within a seven-month wet season from April to October. The figure below shows that, for the past 15 years (2006-2021), the mine pumping rate varied seasonally with a minimum of about 5,218m3/day (60l/s) in June 2019 and a maximum of about 14,049m3/day (163 l/s) reported in June 2014. In addition to a general increase in pumping during the wet season, short term increases in the pumping rate also correlate with discrete high rainfall events, which suggests that a significant portion of the water is derived from discrete recharge sources. Available historical records and anecdotal information indicate that, since the aerial mine footprint area was expanded to its maximum extent in the early 1980s, the overall pumping rate has remained fairly constant, varying only and with rainfall patterns (seasonal and longer-term trends). The overall pumping rate has not increased significantly as a result of deepening of the mine workings. Rainfall and pumping

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 26 Water quality – ground and surface water sampling Environmental sampling at Obuasi is conducted both for surface water and groundwater. Surface water is sampled by the grab method where containers are used to collect the samples from the water bodies. Groundwater sampling is conducted in monitoring boreholes across the mine for the purpose of monitoring specific facilities. All boreholes are purged before sampling with submersible low flow pump (Grundfos® Redi-Flo2). Underground water from pump stations is also periodically sampled and analysed. Physical parameters including pH, electrical conductivity, Oxidation-Reduction-Potential, and turbidity is checked and recorded on field sampling sheets. In line with the mine's sampling protocols, 10% duplicates and blanks are taken for every sampling regime. Samples are preserved for parameters that are not analysed immediately to ensure that the chemical composition of the sample at the time of analysis is the same as it was at the time and place of sampling. As part of the Obuasi water management strategy to reduce pumping from underground by recharge reduction, identifying sources of recharge was of concern. In line with that, and as part of the feasibility study work, about 149 and 139 water samples were taken for hydrochemical and isotopic analysis respectively. These samples were from underground workings, surface water, pit lake/ponds/dams, monitoring and water supply wells. The main objective was to identify sources of recharge to underground workings. Chemical composition analysis of all water samples were undertaken as a basis for understanding the interaction between the surface and groundwater using Piper and Durov plots, coupled with oxygen-18 and deuterium isotopic analysis of all the 139 water samples. Stable isotopes were used to understand the interrelationships between rainfall, surface water groundwater and pit lakes/ponds. Sampling locations were grouped for the purpose of evaluation and interpretation as: - Surface water: water sampled from rivers, streams and springs. - Underground water: water sampled within underground workings. - Groundwater: water sampled from monitoring and water supply wells. - Pit lakes/pond/dam water: water sampled from pit-lakes, ponds and dams. Chemical compositions of all groups were presented as a basis for understanding the interaction between surface and groundwater. Piper and Durov plots were developed for all groups of water occurrence in the sampling program. The hydrochemical analytical results are presented as descriptive statistical parameters (i.e., maximum, minimum, and average in the table below. Summary of major hydrochemical parameters of samples Parameter No 1 2 3 4 Water Surface water Under- ground Groundwater Pit lakes/ ponds/dams pH Max 7.8 8.4 7 7.9 Min 6.8 5.7 3.8 6.8 Avg 7.3 7.8 6.2 7.4 EC (umho/cm) Max 2,780 5,330 1,868 4,890 Min 61 352 27 233 Avg 706 2,452 291 1,563 TDS (mg/l) Max 2,272 6,144 1,380 5,016 Min 46 194 26 84 Avg 574 2,494 215 1,380 Total Hardness (mg/l) Max 1,427 4,915 587 2,151 Min 33 129 11 89 Avg 410 1,825 118 817 Total Alkalini as CaCO3 (mg/l) Max 260 504 235 248 Min 23 24 1 38 Avg 110 186 74 125

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 27 The Piper and Durov plots showed Ca and HCO3 as most dominant ions in surface water samples whereas Mg and SO4 were dominant in underground samples with 14% of the samples being of CaHCO3, 7% CaSO4, 4% MgHCO3 and 75% MgSO4. It was evident that CaHCO3 types of water within the underground workings were mostly recharged from the surface water. Isotopic signatures of some underground samples tend to plot in the same zone as the rainfall data implying recent rainfall recharged these areas (as presented in the figures below). Three types of water were identified within the underground workings: - Underground water: in situ groundwater. - Mixture of underground water and surface water. - Mixture of underground and rainfall. Underground water types for underground sampling points Underground isotopic plots

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 28 Aquifer system The mine occurs in basement metasedimentry and metavolcanic rocks (predominantly phyllites), beneath a well-developed regolith zone which may be up to 70 m thick in some places. Gold mineralisation is associated with major northeast striking graphite-chlorite-sericite fault zones. The northeast structural trend also exerts a major influence on the hydrogeology, with strongly enhanced permeability along strike. Compartmentalisation along the main structural strike is also evident due to cross-cutting faults, though the effect of these has become reduced with time because of the inter-connected nature of the workings along their 8km strike length. The aquifer system is defined on the basis of its permeability, saturation and extent. The underground geological settings restrict the groundwater flow to joints, fractures or other openings within the rock formations. The weathered zone which covers part of the mine catchment has a variable porosity as a result of variation in lithology from weathered to hard rock. This produces localisation of aquifer and perch aquifers. The lithology has a variety of primary and secondary porosity and is therefore permeable ranging from partly saturated to unsaturated. Hydraulic conductivity values for all major units of the stratigraphy have been defined based on results of pumping tests and the subsequent interpretation of constant discharge and recovery tests using the Jacob's method (which forms the standard technique or pumping test data interpretation). It was then detailed from using FEFLOWTM for groundwater modelling. The hydraulic properties of the different units were initially entered based directly on the 'average' values for each lithology derived from pump tests. They were then iteratively adjusted within the limits of the minimum and maximum values derived from the tests until optimum model convergence was achieved. The values ultimately used in the calibrated numerical model are summarised in the table below. The fractured bedrock unit is discretised to represent the discrete formations with different K values. Hydraulic conductivities of main hydrogeologic units Hydrostratigraphic unit Hydraulic conductivity Specific storage (1/m) Laterite 1.70E-05 0.0001 Saprolite:Highly weathered phylite 2.00E-05 0.0001 Saprolite/Saprock: Moderately weathered phyll 9.00E-05 0.0001 Fresh Phylite 1.76E-05 0.0001 Phylite 5.00E-09 0.0001 Deep Phylite 1.26E-10 0.0001 Volcanics 5.00E-10 0.0001 Volcano-clastics (Upper-Birimian) 4.00E-10 0.0001 Quartzite (Tarkwaian) 3.00E-10 0.0001 Tarkwaian 4.50E-10 0.0001 Granite 1.00E-10 0.0001 Due to the mode of initial deposition of meta-sedimentary units of the fresh phyllite zone, anisotropy between horizontal and vertical hydraulic conductivity may occur. In addition, foliations and folds observed in the deep fractured bedrock may have an effect on the flow direction. In the absence of any specific basis for incorporating anistropy within this layer into the model, it was assumed however that vertical hydraulic conductivity is equivalent to horizontal conductivity. Recharge Virtually all groundwater inflows are now derived from ongoing infiltration and recharge over the mine area. There is virtually no regional-scale groundwater flow in the basement rocks away from the immediate mine area. There is no longer any significant component of groundwater storage removal, even as the workings are deepened.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 29 Groundwater levels observed in recently constructed environmental monitoring wells suggest that the area of dewatering influence extends past the 8km NE-SW strike length of the mine but is limited to 0.5 to 1 km to the north-west and south-east and is mostly limited to an area about 7- 8km2 in extent. Historical and recent underground flow mapping and field observations suggest significant mine water inflows are derived from infiltration through the overlying mined out pits, with the remainder derived from infiltration over the general area of drawdown influence, including holding ponds and other surface water infrastructure. Historical mapping has also indicated infiltration contribution from the Rusty Monkey and Sansu pits which are now partially backfilled. Typical natural recharge rates have been estimated through a number of previous studies, as summarised in the table below. These provide a range of values for recharge as a percentage of mean annual precipitation (MAP) which extends from 11 to 22.7%. Recharge estimates from previous studies Source Methodology Recharge (mm/yr) Recharge (%MAP) Golder,2010 Chloride 389 22.7 Kuma, 2007 Soil moisture 299 17 Baseflow analysis 192±30mm 12 SRK, (2011) Numerical model 173(natural) 11 225 (waste rock) 14 Groundwater Discharge Natural groundwater discharge at the mine occurs along the axes of surface water drainage channels in the form of river base flow. Very little surface water flow monitoring has been undertaken historically at the mine and hence the contribution of base flow to the stream hydrographs across the site is not well understood. In the sector of the Obuasi concession, which has been subject to underground mine development, the most important mechanism of groundwater discharge is essentially artificial and relates to the pumping of water from underground sumps. Within the mine, groundwater inflows are conveyed via a complex system of gutters, raise bores and cascade dams to the lowest level within each sector of the mine. The water is then pumped to surface from collection sumps. The rainfall and pumping figure presented earlier on in this section, shows monthly pumping rates in conjunction with monthly rainfall. Average daily pumping rates to surface is estimated to be of the order of 97L/s over the period 2006-2021.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 30 Obuasi monitoring wells and infrastructure

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![](exhibit191552022031.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 31 7.6 Geotechnical testing and analysis The geotechnical evaluations involve assessment of all available geotechnical data which includes rock mass and structural data from geotechnical logging of DD core and mapping of underground exposures together with laboratory testing of intact rock properties. Geotechnical parameters are logged to provide sufficient data for determination of all the major rock mass classification systems including Rock Mass Rating (RMR), Rock Tunnel Quality Index (Q and Q') and Geological Strength Index (GSI). The parameters logged include rock types, geotechnical intervals, core recovery within geotechnical intervals, RQD, number of discontinuities, fracture infill types, number of joint sets, fracture frequency, Qualitative Strength Index (QSI), etc. An example of the rock mass logging parameters and the coverage of geotechnical logging/mapping data are shown below. Example of geotechnical rock mass core logging parameters BHID From (m) To (m) Inter- vals (m) Major Rock Type Weathe- ring Reef/ Waste QSI Recovery (m) RQD (m) Reco- very (%) RQD % OB115875 0.00 14.30 14.3 GK FR W R4 14 12.70 98 89 OB115875 14.30 28.04 13.7 GK FR O R4 13.7 13.30 100 97 OB115875 28.04 28.84 0.8 QTZ FR O R2 0.8 0.45 100 56 OB115875 28.84 39.80 11.0 GK FR O R4 10.96 10.52 100 96 OB115875 39.80 58.54 18.7 GK FR O R4 18.7 18.00 100 96 OB115875 58.54 63.80 5.3 QTZ FR O R3 5.26 3.88 100 74 OB115875 63.80 68.26 4.5 CSC FR O R3 3.76 2.40 84 54 OB115875 68.26 72.80 4.5 GK FR O R4 4.2 3.88 93 85 OB115875 72.80 78.80 6.0 GK FR W R4 6 5.88 100 98 OB115875 78.80 90.95 12.2 SCH FR W R4 12.15 11.50 100 95 OB115875 90.95 97.00 6.1 SCH FR O R4 6 6.00 99 99 OB115875 97.00 104.65 7.7 GK FR W R4 7.65 7.38 100 96 OB115875 104.65 112.00 7.3 MV FR W R4 7.21 5.32 98 72 BH ID Joint sets Fract (1) 0-30 Micro 0-30 Macro 0-30 Infill type Infill Thick JA JWA Fract (2) 30- 60 Micro 30-60 Macro 30-60 Infill type Infill Thick JA JWA OB115875 3 6 PS PL B 1 B 1 35 PS PL B 1 B 1 OB115875 2 - - - - - - - 16 PS PL B 1 B 1 OB115875 2+ 1 PS PL B 1 B 1 4 PS PL B 1 B 1 OB115875 2+ 4 PS PL B 1 B 1 16 PS PL B 1 B 1 OB115875 2+ 6 PS PL B 1 B 1 20 PS PL B 1 B 1 OB115875 2 - - - - - - - 19 PS PL B 1 B 1 OB115875 3 10 PS PL B 1 C 1 20 PS PL B 1 C 1 OB115875 3 6 PS PL B 1 B 1 8 PS PL B 1 B 1 OB115875 2 - - - - - - - 8 PS PL B 1 B 1 OB115875 3 8 PS PL B 1 B 1 17 PS PL B 1 B 1 OB115875 2 - - - - - - - 10 PS PL B 1 B 1 OB115875 3 6 PS PL B 1 B 1 10 PS PL B 1 B 1 OB115875 3 21 PS PL B 1 B 1 24 PS PL B 1 B 1 BH ID Fract (3) 60-90 Micro 60- 90 Macro 60- 90 Infill type Infill Thick JA JWA Total fracture FFPM OB115875 24 PS PL B 1 B 1 65 5 OB115875 15 PS PL B 1 B 1 31 2 OB115875 4 PS PL B 1 B 1 9 11 OB115875 17 PS PL B 1 B 1 37 3 OB115875 22 PS PL B 1 B 1 48 3 OB115875 10 PS PL B 1 B 1 29 6 OB115875 15 PS PL B 1 B 1 45 12 OB115875 7 PS PL B 1 B 1 21 5 OB115875 10 PS PL B 1 B 1 18 3 OB115875 16 PS PL B 1 B 1 41 3 OB115875 10 PS PL B 1 B 1 20 3 OB115875 10 PS PL B 1 B 1 26 3 OB115875 22 PS PL B 1 B 1 67 9

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 32 Geotechnical logging/mapping data coverage within the mining blocks The geotechnical logging parameters are assessed to generate rock mass classification which is used to build a 3D Mining Rock Mass Model (MRMM) for mine designs and stope stability assessment. The geotechnical rock mass model is represented by a simplistic set of domains (hangingwall, orebody, footwall) established per block, based on the dominant lithology present. Lithology of Obuasi consists of these main units: meta-sediments (schist, greywacke, carbonaceous/graphitic schist), meta-volcanics (dyke), graphite and/or quartz. The meta-sediment and meta-volcanic lithologies are intermixed throughout the hangingwall, orebody, and footwall areas. An example of rock mass classification for a logged borehole is shown below. Example of rock mass classification derived from geotechnical core logging parameters Borehole ID From TO ROCK TYPE RMR MRMR Q' RQD/ Jn Blk Size Class Jr/Ja Joint Strength Class Q' OB115875 0 14.3 Greywacke 52 38 10 Fair 1 Fair 9.87 OB115875 14.3 28.04 Greywacke 57 42 24 Good 1 Fair 24.2 OB115875 28.04 28.84 Quartz 41 30 9 Fair 1 Fair 9.37 OB115875 28.84 39.8 Greywacke 53 39 16 Good 1 Fair 16 OB115875 39.8 58.54 Greywacke 55 40 16 Good 1 Fair 16.01 OB115875 58.54 63.8 Quartz 48 35 18 Good 1 Fair 18.44 OB115875 63.8 68.26 Carbonaceous Schist 42 31 6 Poor 0.6 Poor 3.59 OB115875 68.26 72.8 Greywacke 51 37 9 Fair 1 Fair 9.5 OB115875 72.8 78.8 Greywacke 55 40 25 Good 1 Fair 24.5 OB115875 78.8 90.95 Schist 53 39 11 Fair 1 Fair 10.52 OB115875 90.95 97 Schist 54 40 25 Good 1 Fair 24.79 OB115875 97 104.65 Greywacke 53 39 11 Fair 1 Fair 10.72 OB115875 104.65 112 Dyke 47 34 8 Fair 1 Fair 8.04

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![](exhibit191552022033.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 33 Rock strength has been derived mainly from point load tests conducted on site. 948 rock samples from DD core were tested for point load strength. Samples were selected from the major rock types within geotechnically logged core from the various mining blocks. Uniaxial compressive strength (UCS) values were derived from the point load test results. Summary of point load test results by mining blocks Major Rock Type Average UCS from Point Load Test for Rocks in Individual Mining Blocks Average UCS (MPa) Block 1 Lower Block 2 Block 5 & 6 Block 8 Upper Block 8 Lower Block 9 & 10 Mine Range (MPa) Schist 125.8 113.3 N/A 104.8 133 146 125 80 - 160 Carbonaceous Schist 67.4 70.4 53.1 72.8 80.2 82.3 71 60 - 90 Greywacke 155.1 120.5 N/A 142.9 155 149.3 145 120 - 180 Quartz 121.3 112.1 133.3 91.6 142.6 124.4 121 120 - 180 Schist/Quartz 40.1 43.5 N/A 98.95 120.83 144.4 90 40 - 145 Phyllite N/A N/A N/A 90.1 N/A 103.6 97 80- 110 Dyke N/A 133.6 118.7 N/A 176.3 143 143 120 - 180 Graphite 0 - 15 Uniaxial compressive strength and elastic properties were analysed by an external, approved rock mechanics laboratory on some selected rock samples from the active mining blocks. Currently, active mining blocks at Obuasi include Sansu, Block 8 and Block 10. Rock samples were selected from the major rock types within defined geotechnical domains of logged DD core for laboratory testing. Thirty (30) rock samples were tested at the University of Mines and Technology (UMaT) Geotechnical Laboratory at Tarkwa (Ghana) for uniaxial compressive strength (UCS) according to ASTM: D2938-95 method specification. Fifteen (15) rock samples were tested for uniaxial compressive strength with elastic modulus & poisson ratio by means of strain gauges according to International Societies of Rock Mechanics (ISRM's) specification at Rocklabs Limited (a division of SOILLAB PTY LTD), Pretoria, South Africa. Single stage triaxial tests were conducted on 15 sets of samples at different confining pressures. For each set of triaxial tests, elastic properties were determined at each stage of confinement by means of strain gauges. The triaxial compression tests with elastic properties testing by means of strain gauges were done according to ISRM's specification at Rocklabs, South Africa. Twenty-eight (28) samples were tested for Brazilian tensile strength according to the ISRM's Specification at Rocklabs, South Africa. No direct shear tests on structural defects have been conducted. Shear strength parameters for structural defects are estimated from back-analysis of post-failure assessment of mined excavations/stopes. Quality and validity assessment of the laboratory test results for UCS, triaxial compressive strength and Brazilian tensile strength has not yet been conducted. The currently available laboratory tests for rock properties do not cover all the major rock types (schist, phyllite, greywacke, carbonaceous/graphitic schist, dyke, and quartz) across all mining blocks on the mine. The limited number of the UCS tests completed does not give a full representation of the known rock strength within all mining blocks. Hence, additional rock samples from the current DD program will be sent to external laboratories for rock strength properties testing to complement the existing dataset. A satellite geotechnical laboratory equipped with MATEST UCS equipment, which has been certified by the Ghana Standard Authority (GSA), has been set-up on the mine to undertake uniaxial compressive strength (UCS) tests of rock samples to generate sufficient rock property data for all the major rock types within the active mining blocks.

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![](exhibit191552022034.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 34 Summary of rock properties test results for the active mining blocks Mining Block Rock Type Density (g/cm³) UCS Tensile Strength Young Modulus Poisson mi (Mpa) (Mpa) (Gpa) Ratio Sansu Greywacke 2.8 92.5 20.2 59.3 0.3 16.9 Schist 2.7 55.1 14.4 67.1 0.3 9.9 Carbonaceous Schist 2.6 58.3 17 63.7 0.2 10.1 Dyke 2.9 83.5 13.3 51.9 0.2 7.5 Quartz Not Available Graphite Not Available Block 8 Greywacke Not Available Schist 2.6 59.7 15.9 50.3 0.2 2.9 Carbonaceous Schist 2.7 63.5 11.3 58.8 0.3 9.6 Dyke 3 62.2 13 69.9 0.3 Not Available Quartz 2.7 50.7 Not Available Graphite Not Available Block 10 Greywacke 2.9 304.7 17.5 67 0.3 Not Available Schist 2.8 141.2 15 69.5 0.3 3.7 Carbonaceous Schist 2.6 75.7 10.4 61.3 0.3 5.9 Dyke 3 117.6 12.8 62.2 0.3 9.2 Quartz 2.6 89.3 Not Available 96.6 0.3 Graphite Not Available Rocscience RSData™ software is used to derive the rock mass properties by analysing the intact rock strength characteristics and constitutive behaviour to determine strength envelopes and other material parameters. The derived material strength properties are used as input parameters for numerical modelling. Material strength properties derived by RSData™ are directly imported into numerical modelling software for numerical analysis. It is generally asserted that meta-sediment and meta-volcanic units are of fair rock mass quality, while the graphite is of poor rock mass quality. The graphitic shear zone represents the main weakness and is a major driver of the potential failure mechanism because most of the stope and/or development failures observed are associated with presence of graphitic shears. However, the analysis of available geotechnical rock mass data coupled with field observations confirms that generally the rock mass quality of Obuasi decreases with depth. 8 Sample preparation, analysis and security 8.1 Sample preparation DD core, RC chips and rock chip channel sampling (in crosscuts and reef drives) are the main sample types collected historically at Obuasi. Since 2019, only DD core samples are collected (although RC pre- collars were drilled during 2020; they are not used to drill mineralised areas and are not sampled). Although channel sampling is no longer being done, the previously collected samples are still used. There are usually three cross-cut samples at each location - one at the bottom, one in the middle and one at the top. Only the middle one is used. The DD, cross-cut and reef drive samples are all used for wireframe modelling whereas only cross-cut and drill samples are used for grade estimation. All samples are analysed by the laboratory using a portable XRF instrument (a Bruker™ CTX). The main elements from the pXRF analyses currently being utilised include As, Si, Fe and S.

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![](exhibit191552022035.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 35 For RC (pre-2019), the sampling processes included sampling using multi-stage riffles to give a 25% split. If necessary, this was coned and quartered to give a sample of about 2kg to be sent to the laboratory for analysis. The sample condition is recorded in the logging sheet with reference to wet/dry and recovery. For face chip sampling (pre-2019), the sampling processes included sampling of both the north and south walls of the cross cuts along channels cut 1m vertically from the floor (perpendicular to the geological domain) based on geological contacts and changes in the mineralisation. The weight of sample was approximately 1.5kg, obtained by cutting a continuous even groove 1.3cm deep and 2.5cm wide. Sampling was at various intervals generally ranging from 0.5m to 3m. This practice of sampling (face chip) has ceased but historical results is still used for modelling and estimation where appropriate. For DD core samples, the zones to be sampled are clearly marked by the geologist based on the visual identification of quartz and/or arsenopyrite mineralisation, the presence of shearing or alteration and the presence of visible gold. The geologist marks the direction along which the core should be split, after considering the attitude of the bedding or foliation relative to core axis. Sampling is generally carried out at a maximum of 1m drill length intervals, with different geological units being sampled separately. In prior years, before the start of the redevelopment project, sampling was done at various intervals and could be as long as 3m with the average length at around 1.5m. All samples (old and new) are currently composited to 1.5m intervals (with minimum length of 0.3m). Datamine™ is used for the composting, with the Mode 1 method of compositing being used, which forces all samples to be included in one of the composites by adjusting the composite length, while keeping it as close as possible to the interval length of 1.5m. The appropriateness of the composite length is continuously reviewed. For exploration drilling, the core samples are sawn into two halves, one portion is broken up and bagged for submission for assay while the other half is placed in the core tray to be stored for future reference. The grade control cores are wholly sampled. The samples are recorded onto the logging application and registered with barcode tickets before they are dispatched to the laboratory. Sample sizes are considered appropriate to the grain size of the material being sampled. Spatial data (collar and downhole surveys) are collected (as described in previous sections) for each drillhole and stored in the database. Average bulk densities are used (2.65 g/cm3 for quartz and 2.89 g/cm3 for sulphide rocks). These are based on a bulk density study done in 2007 (Boachie, A., 2007). It was done across the mine, but based on few samples and, as such, required further confirmatory work. The routine collection of density data from drill core was instituted in late 2020 with the aim of improving on the bulk density confidence. The data collected so far, supports the values currently being used (based on the 2007 study) and shows low density variability within rock types. DD core (and previous face chip samples) are logged in full to collect lithology, structure, alteration, mineralisation, and geotechnical information prior to undertaking the sampling. Drillhole planning aims to take into consideration the geometry of the orebody, to ensure drillhole/orebody intersection is at right angle to the mineralisation. However, this is not always fully achievable given the limited availability of sites for drilling underground. Underground holes are often of a "fan" nature and hence, don't always optimally intersect the orebody. As all holes are surveyed, intersection angles are known and true widths can be calculated and are reported (not drillhole lengths, unless otherwise stated). Exploration DD half-core samples are permanently retained (throughout the LOM). If the need arises to dispose of these, it requires approval, through a written disposal permit from the AngloGold Ashanti Ghana environmental department. Pulp rejects from the laboratory are retained for 3 months, in case re-assay is required. All these samples are stored at the geology coreyard, where a purpose-built shed has been built to store and protect the core from the elements. This facility has 24/7 security.

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![](exhibit191552022036.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 36 Core recovery is measured for all core and is recorded in the FusionTM database. The core depths are checked against the depth marked on the core blocks to calculate the core recovery. Any core loss is recorded in the database. Overall core recoveries are generally good and more than 90%. The introduction of grade bias, because of the use of both DD core and channel samples for grade estimation, has been highlighted as a potential concern. Yet, bias tests conducted to date, suggest that the bias between channel and DD core grades are within acceptable limits and that they may be used together for grade estimation. In the Sansu area, comparison of the mean grades of the drillhole and channel samples within a suitable test area, showed differences of between 1% and 8% for adequately informed domains. With time, as mining progresses, there will be less reliance on channel sampling as all new sampling is by DD. Exploration samples are sawn into two and one half prepared and dispatched for analysis and the other half is photographed and stored for future reference. Grade control samples are wholly sampled. There are no current RC samples, but previously they were rotary split dry. 8.2 Assay method and laboratory Prior to the merger between the former AngloGold Limited and the Ashanti Goldfields Company Limited in 2004, all samples were analysed by a mine site laboratory facility (operated and managed by the mine) situated in the plant area. After the merger, the facility continued to analyse the grade control samples, but exploration and overflow samples were sent to Australian Laboratory Services (ALS) Chemex™, an accredited laboratory, situated in Kumasi. The current onsite laboratory facility was constructed outside the plant area and operated by TMP Ghana Limited™ (TMP) in 2012. Soon after, in January 2013, TMP was acquired by SGS, and the laboratory was then operated by SGS until the mine went into care and maintenance in 2016. All samples are currently analysed by this same onsite laboratory facility which was refurbished in early 2019. This facility is owned by Obuasi but managed and operated by SGS Soluserv Limited (SGS Soluserv™) under a 3-year contract. SGS Soluserv is a JV between SGS Inspection and Testing Services Limited (SGS) and Soluserv (Ghana) Limited. Sample analysis recommenced in May 2019 and all samples are dispatched to this onsite laboratory. SGS Soluserv is not accredited, however, the parent company (SGS) is accredited and globally reputable. At the laboratory, samples are placed in an oven until dry (typically for 8 hours), then passed through a jaw crusher which reduces the maximum size to less than 6mm. A rotary splitter is used to reduce the sample size to 500 grams which is then pulverised to a nominal 95% passing -75µm using an LM2 pulverize. Wet sieve tests are done for 1 in 20 samples to check for 90% to 95% passing 75µm. A 30g sub-sample is taken for analysis. It is considered that the sampling method is appropriate, is properly implemented and that the resultant samples are representative. To minimise the potential for contamination, the jaw crusher, splitter and pulverize is flushed with barren material between each sample. The mass of the samples is also cross-checked, in and out to ensure there has been no sample loss and/or contamination. Gold determination is by fire assay on 30g aliquots with atomic absorption spectroscopy (AAS) or gravimetric finish (gravimetric for samples greater than 100 g/t). This analytical method is considered appropriate for the style of mineralisation and is considered total. 8.3 Sampling governance Sample recovery is measured for all core samples and is considered good (greater than 90% recoveries). It is not suspected to be a significant source of bias. A comprehensive Quality Assurance and Quality Control (QAQC) process is in place. It includes internal QAQC processes used by the laboratory as well as an independent, external process used by AngloGold Ashanti to independently verify QAQC performance. Overall, the QAQC results showed adequate accuracy and precision with no significant contamination. In addition, ongoing production data confirms the reliability of prior sampling and assaying.

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![](exhibit191552022037.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 37 Both DD core and channel samples (cross-cut) are used for grade estimation. Due to the difference in sampling methodology, there is potentially a bias between these sample types, although the latest bias tests (completed over the Sansu area) showed that bias was within acceptable limits. Comparison of the mean grades of the drillhole and channel samples within the Sansu bias test area, showed differences of between 1% and 8% for adequately informed domains. The other source of potential bias that may exist, is between the different sample campaigns conducted over the many decades of drilling and sampling. The comprehensive data validation exercise was done to minimise this risk and, as older areas become accessible, confirmatory drilling will be completed as a further step. Barcodes are used at all stages of core movement and sampling. Initially, the core samples are transported by the drilling contractor in barcoded trays with the hand over point being the coreyard where the core is checked and is electronically recorded as "core received". This barcoding is retained through all the logging and sampling stages, so that an individual core trays status can be checked at any point. Samples taken for assay are also barcoded at the coreyard before dispatch to the laboratory, with the individual sample's barcode being retained throughout its preparation and assay. When logging and sampling is complete, the laboratory collects the samples from the coreyard, and a sample dispatch sheet is signed by all parties. The dispatch of the samples is also electronically recorded as "dispatched". A new coreyard facility was built in 2019 which is significantly more secure than the old coreyard facility. All existing core has been moved and is now stored at the new facility. Data used to update the Mineral Resource estimates at Obuasi is stored in a Datamine FusionTM database. Much of the older data were captured on paper sheets and were manually entered into the database. During 2015-2018 a comprehensive data validation project was undertaken that focused on validating the data in the database by comparing the database against the original input data (such as the paper logs) and any noted errors (like transcription, survey grid or input errors) were corrected. Currently all data both logging and mapping is electronically captured and processed. It is all stored in the FusionTM database which has numerous data checks in place to ensure veracity and requires checks and logged authorisation before data can be loaded. The data is also directly extracted from the FusionTM database for modelling and estimation. The geology department completes monthly audits of the laboratory processes and procedures to ensure that the delivered assays are of adequate quality and reliability and that contract conditions are being met. A more comprehensive audit by a specialist is instituted on an ad-hoc basis. Such an audit was completed in August 2021. Several continuous improvement items were identified by the auditor, but no material risks. 8.4 Quality Control and Quality Assurance The current independent QAQC measures undertaken at Obuasi include the routine submission of Certified Reference Materials (CRMs), blanks (pulp and coarse) and duplicates (pulp and coarse) at regular intervals. Each QC type is inserted at a rate of approximately 1 in 20 (5%) for both grade control and exploration samples. This level of insertion is in line with company guidelines and is considered adequate to comprehensively test for assay accuracy, precision and contamination. The results are analysed by the database and QAQC Specialist as received and is compiled into a monthly report. Re-assay is requested for failed samples. The accepted range for the CRMs is the expected value ± 2 standard deviations. The expected value and standard deviations are as per the product certificate. It is expected that, if the laboratory is performing well, less than 5% of submitted CRMs will be outside of the 2 standard deviation limits. For samples submitted during 2021, there was a 1.7% failure rate; well within acceptable limits and demonstrating good assay accuracy.

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![](exhibit191552022038.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 38 Blanks are expected to report below 0.03 g/t for coarse blanks and 0.02 g/t for pulp blanks. Very few blank failures were recorded during 2021 (less than 0.3%) which indicates no significant contamination within the laboratory. Pulp- and coarse duplicates are inserted and compared with the original assay to measure assay precision and bias. For pulps, 85% of the duplicate pairs measured precision less than 20% (as measured by a Half- Absolute-Relative-Difference analysis). It is outside the ideal limit of 90%, but still considered adequate. For coarse duplicates, 82% of the pulp duplicate pairs measured less than 10% precision. This is also outside of the ideal limit of 90% but considered acceptable given the nature and style of mineralisation. Overall, these results show that the primary laboratory (SGS Soluserv) is achieving good accuracy and precision and that no significant contamination is occurring. Example of Certified Reference Material SL-61 (2021) Example of Certified Reference Material SN-60 (2021)

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![](exhibit191552022039.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 39 Coarse blank control chart for 2021 Pulp blank control chart for 2021 This QAQC program is run in addition to the normal QC insertions and monitoring undertaken in house by the laboratory. The results for the QAQC samples are frequently analysed with any discrepancies dealt with in conjunction with the laboratory prior to the analytical data being imported into the database. QAQC records are available for samples collected since 2005. Currently Intertek Minerals Limited™ (Tarkwa) is being used as referee laboratory and 10% of assays are sent to them for analysis. Like the process followed for the primary assay laboratory, CRMs, blanks, and duplicates are inserted at regular intervals into the sample stream at a rate of about 1 in 20. To date, the referee laboratories' CRM performance has been sub-standard with significantly more than 5% of the CRMs reporting outside of the two standard deviation limits. The appointment of an alternative referee laboratory is currently being investigated.

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![](exhibit191552022040.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 40 8.5 Qualified Person's opinion on adequacy The QP considers that sample preparation, security and analytical procedures are adequate. Industry standard practices are followed by the laboratory for sample preparation and analysis. Rigorous QAQC processes are applied (internal and external) to check for contamination and ensure that sample results are reliable and representative. Laboratory audits are completed to identify any non-conformances and external check assaying is done on a quarterly basis. The handover point of the samples to the laboratory is a secure core yard facility and samples are directly transported to the laboratory which is within the mine perimeter (less than a kilometre away from the core yard) and is also a secure facility. The analytical procedures used do not deviate from conventional industry practice. 9 Data verification 9.1 Data verification procedures For all new sampling (i.e., samples collected since 2019), several data controls are in place to ensure adequate data quality, processing, and handling. All drilling data are collected, validated, managed, and delivered to end users using the Datamine FusionTM mining and geological database management system (GDMS). The database is managed by an experienced database and QAQC specialist. Primary data elements used for Mineral Resource estimation include density, geological data (lithology and mineralisation), survey data (downhole and collar), gold grade assays, etc. All data is captured electronically. Logging data is captured directly onto handheld tablets; collar and downhole surveys and assay results are electronically received and transferred. Data validation checks are completed before the data is authorised and approved for geological modelling and grade estimation. Checks include items such as "completeness" (all required data collected including the meta data and table data); checks on the spatial information (collar and survey) and interval checks (such as overlapping intervals or duplicates). Once the data is authorised, it is directly extracted from the FusionTM database for modelling and estimation (directly imported into the modelling software using ODBC links and SQL views). The handover point for DD samples is the core yard (drill contractors' hand over the core to the company). The core is stored in a secure facility and a core library is in place for easy access of core. All drill core is photographed with a digital camera before sampling to create a permanent record of the initial rock condition. The photographs are stored and linked to the drilling intervals. The core is oriented, and logging captured electronically using handheld tablets. Several validations are included in the capture software which prevents erroneous data entry. Approximately 30% of the logs are verified and reviewed by a senior geologist. Data collected prior to 2019, and collected over several decades, were included for Mineral Resource estimation. A comprehensive data validation project was completed from 2015 to 2018 to validate all pre- 2019 data stored in the FusionTM database. The historic data underwent several phases of validation which aimed at checking the database information against the original scanned logs and checking for other issues such as grid conversions, collar issues, transcription issues, duplicate data, magnetic declination adjustments and so forth. A significant proportion of these drill core samples were also re-logged (most notably in Block 11). In addition to these measures, the QP has physical access to the logging area and is well versed in the methodology of data capture. She has access to the FusionTM database into which the data is captured. A process map has been created that clearly defines individual parties' accountabilities, the handover points, and steps to be followed to ensure security of samples and the quality of results. The QP was involved in the drafting of the processes, has taken time to review the process and is convinced that it is accurate and meets industry standards. 9.2 Limitations on, or failure to conduct verification There is considered to be no limitation on or failure to conduct required verification. Both Mineral Resource and Mineral Reserve QP's are based at the mine site and can conduct verification as required. This is done as part of their routine job tasks.

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![](exhibit191552022041.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 41 9.3 Qualified Person's opinion on data adequacy The QP considers that the data used is adequate for Mineral Resource and Mineral Reserve estimation. The sample preparation, analysis, quality control, and security procedures have changed over time to meet evolving industry practices. It is reasoned that practices, at the time the information was collected, were industry-standard and includes the geological and survey data collected over several decades prior to the merger of AngloGold and Ashanti Goldfields in 2004. The risk associated with the inclusion of the historic sampling data has been further mitigated by a comprehensive data validation project completed between 2015 and 2018. Verification work continues as areas become accessible and further infill drilling becomes possible. It is worth noting that there is a reliance on historical survey information for depletion and sterilisation of the Mineral Resource in areas that have been historically mined over many decades but are currently not accessible. The verification of this information is an ongoing project. However, in some areas with a high degree of uncertainty (such as Cote D'Or), the Mineral Resource was classified into the Inferred Mineral Resource category to reflect reduced confidence. 10 Mineral processing and metallurgical testing 10.1 Mineral processing / metallurgical testing The Obuasi Feasibility Study (FS) metallurgical test work program did not test multiple different flowsheets but tested and optimised the existing sulphide treatment plant (STP) flowsheet. The test work program was truncated and focused primarily on testing and optimising the condition for the gravity and flotation (i.e., flash, and bulk flotation) circuits and excluded the regrind, mesophuile BIOX batch amenability test (BAT), settling, neutralisation and BIOX carbon-in-leach (CIL) test works. This was supported by the consistently good performance of the BIOX circuit at Obuasi (typically 93% - 95%) and the relatively poor performance of the gravity and flotation circuits. As the operations reach steady state Mineral Resource model predictions will be reconciled to the actual process plant recoveries to determine performance levels. The metallurgical process is also not new and Obuasi has a long track record of production to support the metallurgical assumptions used. 10.2 Laboratory and results The FS test results were derived from historic plant recoveries, original as built data and test work program done by SGS Lakefield, South Africa on samples from the Block 8L and 10 grade control drilling programs, which provided an opportunity to reassess the stage recoveries based on representative samples of future ore sources. Upside allowance was made for higher grade ore and forecasted improved process control. SGS is a global giant in metallurgical test works and is ISO/IEC 17025 accredited. Block 8L master composite confirmatory test: flotation conditions Product Grind Size Activator Dosage Collector Dosage Co-collector Dosage Frother Dosage Flotation Time Pulp Density P80 (µm) Rate (g/t) Rate (g/t) Rate (g/t) Rate (g/t) (min) (% w/w) Flash Flotation 425 150 125 30 25 3 60 Rougher Flotation 106 100 180 65 40 30 30 Cleaner Flotation 25 10 Master composite confirmatory test: gravity recoverable gold test Product Mass Assay Grades Stage Recovery to Pull Feed Concentrate Tailings Concentrate Fraction (%) Au (g/t) Au (g/t) S2- (%) Au (g/t) Au (%) S2- (%) Flash Flotation 4.1 7.0 96.7 11.7 3.36 55.1 55.0 Rougher Flotation 12.3 2.4 16.5 3.5 0.32 87.8 90.7 Cleaner Flotation 59.4 16.5 27.2 5.7 0.87 97.9 97.5

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 42 Summary master composite confirmatory test Test Assay Head Calculated Head Residue Mass Pull to Concentrate Concentrate Grade Stage Recovery Increment al Recovery Au (g/t) Au (g/t) Au (g/t) Fraction (%) Au (g/t) Au (%) Au (%) Flash Flotation 7.0 7.21 3.38 4.11 96.7 55.1 55.1 Gravity Concentration 3.38 3.69 2.40 0.39 316 33.8 15.2 Rougher Flotation 2.40 2.31 0.32 12.3 16.5 87.8 26.1 Cleaner Flotation 16.5 0.87 59.4 27.2 97.9 -0.6 Overall Recovery 95.8 Master composite confirmatory test: products Product Stream Mass Assay Grade Recovery Fraction (%) Au (g/t) S2- (%) (%) Gravity Concentrate 0.39 316 15.2 Final Flotation Concentrate 11.4 52.2 7.9 80.6 Final Tails1 88.2 0.35 0.06 4.2 Block 8L master composite: diagnostic leach test data Diagnostic Component Description Fraction Cyanide Soluble Free milling gold that could be extracted via direct cyanidation (i.e. free and exposed gold). 31.1% Preg-robbed Gold that was 'preg'-robbed, but recoverable via CIL processing. 9.5% Hydrochloric Acid Leach Gold that could be extracted via a mild oxidative pre-leach, (i.e. gold associated with calcite, dolomite, pyrrhotite, haematite etc.) 0.1% Nitric Acid Leach Refractory gold associated with sulphide minerals (i.e. pyrite, arsenopyrite etc.) 24.3% Roast Gold associated with carbonaceous material such as kerogen 33.0% Silica/Gangue Gold locked in quartz and silicates 2.0% Total 100% CIL Recoverable Gold 40.6% Refractory Gold 24.4% All elements have been factored into the approved process route as per the FS and original plant design so no significant effect to economic extraction efficiencies and recovery targets. Recovery targets beyond the FS also considered historical data since the plant was originally commissioned and upon reaching stable operations after the redevelopment project, optimisation exercises will be pursued as by way of continuous improvement. 10.3 Qualified Person's opinion on data adequacy It is the opinion of the QP that the supporting technical information is adequate for this Technical Report Summary. The 2016 FS provided the base information upon which subsequent mine design reviews, schedules and analysis have taken place. In addition, historical data support the assumptions and procedures used.

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![](exhibit191552022044.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 44 Presently there are no anticipated environmental or social factors that are considered a risk to economic extraction. While historically there have been issues with illegal miners, more recently these incursions have been curtailed with active support from local and national government. They will continue to be closely monitored and managed. Costs for environmental rehabilitation and social sustainability projects are included in the cost model and modifying factors. There is a transparent quoted derivative market for the sale of gold and the cost of selling and refining gold are included in cost models and modifying factors. Marketing parameters are not considered an impediment to the reasonable and realistic prospects for the economic extraction of the Mineral Resource. The economic assumptions and parameters used are considered sufficient to support reasonable and realistic prospects for economic extraction. For the underground Mineral Resource, the gold price used was $1500/oz. It was used together with the appropriate cost assumptions (as per the Mineral Reserve) to calculate the appropriate cut-off grades for the Mineral Resource. The cut-off grades varied by block and was typically between 3.15g/t and 4g/t. The cost assumptions, and other factors that went into the cut-off grade calculations, are expanded on in the Section 12.2. The only difference between the Mineral Resource and Mineral Reserve cut-off grade inputs, was the gold price assumption ($1200/oz for Mineral Reserve versus $1500/oz for Mineral Resource). Cut-off grades were incorporated via the Mineable Shapes OptimiserTM (MSO) software tool. The shape optimiser creates and evaluates three dimensional envelopes of material using the cut-off grade and other relevant factors such as the minimum size, shape, dilution, and orientation of the mining units. The reported Mineral Resource is constrained within these mineable shapes. The economic assumptions used for the open pit Mineral Resource are somewhat outdated (based on work done in 2013). A slightly different gold price assumption of $1600/oz was used and there is limited information available on the cost assumptions and pit optimisation parameters used. However, the open pit Mineral Resource contribution is small (around 1% of the total Mineral Resource) and therefore, this is not considered material. A review of this work will be considered for the next round of reporting. Annually, the gold prices used are determined by the Mineral Resource and Ore Reserve Steering Committee (RRSC) of AngloGold Ashanti. Two different prices are determined - one for Mineral Resource and one for Mineral Reserve and these are used across all operations. The source and rational for the selected commodity prices are discussed in further detail in the Mineral Reserve section of this report. All available, appropriate data has been used for Mineral Resource estimation. This includes historical geological and survey data collected over several decades prior to the merger of AngloGold and Ashanti Goldfields Company in 2004. The risk associated with the inclusion of the historical geological data has been mitigated by a comprehensive data validation project completed by a team of geologists between 2015 and 2018, which included the re-logging of all available holes below 50 level. With regards to the historical survey data, given the mine's long history, there is uncertainty in the reliability of some of the previous mining volumes. Certain measures have been taken to lessen this risk including large-scale sterilisations for unreachable or extensively mined areas, or downgrades to the Inferred Mineral Resource category to reflect reduced confidence. However, verification of this historical information is ongoing and there may be additions and subtractions over time as further assessments are made, areas become accessible and more detailed investigations can be undertaken. The economic extraction relies on a "futuristic" gold price assumption ($1,500/oz) and constraining the Mineral Resource to mineable shapes (as generated by the Mineable Shapes Optimiser). An annual exploration budget is included in the mine's business plan for the purposes of upgrading the Inferred Mineral Resource to Indicated and ultimately to Measured Mineral Resource. 11.2 Key assumptions, parameters and methods used The Mineral Resource is reported exclusive of Mineral Reserve in this Technical Report Summary and is reported as at 31 December 2021. The exclusive Mineral Resource is defined as the inclusive Mineral Resource less the in situ Mineral Reserve before dilution and other factors are applied.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 45 The majority of the Mineral Resource is from underground sources with only a small proportion from open pits, namely, Anyinam and Gyabunsu-Sibi. The Anyankyirem open pit was returned to the government during 2021 and removed from the Mineral Resource. The surface Mineral Resource is constrained by pit optimisation and the underground Mineral Resource by optimised stope shapes. These shapes maximise the recovered Mineral Resource value above a cut-off while also catering for practical mining parameters. The cut-off grades are based on a gold price assumption of $1,500/oz for underground and $1,600/oz for open pit Mineral Resource. The Mineral Resource tonnages and grades are estimated and reported in situ and stockpiles are reported as broken material. The parameters under which the Mineral Resource was generated, is presented below. It includes the cut- off grades, the high-level costs informing the cut-off grade calculations and the other MSO parameters. The shape optimiser creates and evaluates three dimensional envelopes of material using the cut-off grade and other relevant factors (such as the minimum size, shape, dilution, and orientation of the mining units). The reported Mineral Resource is constrained within these mining units and all material within these shapes are reported (i.e., the cut-off grade is considered for shape creation itself and no further cut-off grade is applied when reporting from these shapes). Parameters under which the Mineral Resource was generated Inputs Block 1 Block 2 Block 8 Block 10 Adansi Cote D'Or Sansu Block 11 Block 14 Gold Price Gold Price ($/oz) 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 Costs Mining cost ($/oz) 67.71 70.99 63.08 73.56 70.99 70.99 59.52 98.01 98.01 Processing cost ($/oz) 42.06 42.06 42.06 42.06 42.06 42.06 42.06 42.06 42.06 G&A ($/oz) 22.92 22.92 22.92 22.92 22.92 22.92 22.92 22.92 22.92 Royalty (%) 3% 3% 3% 3% 3% 3% 3% 3% 3% Metallurgical Recovery Metallurgical Recovery (%) 87% 87% 87% 87% 87% 87% 87% 87% 87% Cut-off grades MSO optimising cut-off grade (g/t) 3.26 3.34 3.15 3.40 3.34 3.34 3.06 4.00 4.00 Mineral Resource cut-off grade (g/t) 3.26 3.34 3.15 3.40 3.34 3.34 3.06 4.00 4.00 Other MSO parameters Dynamic Dip and Strike Control Used (mineralisation wireframes for stope dip and strike control) Sub Stope Definition Method Used (Combination of Proportional Shapes; Alternating Sequence, Horizontal Proportional Division Type with 5 Divisions) Stope Sections (m) Fixed at 15m or 20m increments Stope Levels Aligned with development levels or proposed development levels Stope Width (m) Apparent Width Method (Min 4m, Max 100m, Min Pillar 8m) Stope Dilution (m) Applied (ELOS Dilution; Near/Far Method; Single Values of 0.5 m for Near and Far) Stope Dip Angles (degrees) Min 60, Max 180, and Max Change 20 Stope Strike Angle (degrees) Min -45, Max 45, and Max Change 5 The geological model includes 3D wireframes representing the weathering profile (for the open pit models), the main rock types (metavolcanics, metasediments, graphite, and quartz), the shear boundaries, the mineralised lodes within the shears and, for the Obuasi Fissure, a further subdivision of the sulphides into low, medium, and high-grade zones.

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![](exhibit191552022046.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 46 The mapping, drillhole, channel and reef drive sample data informs the interpretations. For the open pits, DatamineTM software (explicit modelling) is used, and for the underground areas, Leapfrog™ software (implicit modelling). The main units (Obuasi Fissure and Cote D'Or) are geologically continuous, but the Cote D'Or is very narrow, and the Obuasi Fissure is variable mineralised. Numerous hangingwall and footwall mineralised lodes splay off the Obuasi Fissure. They are often well mineralised (especially close to the Obuasi Fissure), but generally their continuity decreases with distance away from the fissure (eventually pinching out). The quartz zones are less continuous (they pinch and swell) in the south of the mine and at shallower levels, but they become very continuous and dominate at depth. The data density is considered sufficient to assure the continuity of mineralisation and geology to a conclusive level for Measured Mineral Resource and to a reasonable level of certainty for Indicated Mineral Resource. The Inferred Mineral Resource data density is low and is based on limited geological evidence; evidence that is only sufficient to establish that geological and grade or quality continuity are more likely than not. The geological information informing the interpretations are deemed to be of sufficient detail, quality, and reliability to support Mineral Resource estimation. The geological logs include detailed descriptions of lithology, alteration, structure, weathering, mineralisation style and geotechnical characteristics. In addition, underground mapping, which records lithological and mineralisation contacts and structures, is completed, and incorporated into the geological models. Geological logging and mapping are completed by qualified and experienced Geologists and about 30% of the logs are reviewed by a senior geologist to ensure reliability and consistency. The data is electronically collected and stored in the FusionTM database. Pre-2019 data was validated by a re-logging exercise and the data validation project undertaken by a team of geologists between 2015 and 2017. Obuasi has a long history of commercial mining and there are no obvious geological, mining, metallurgical, environmental, social, infrastructural, legal, or economic factors that are deemed to have a significant effect on the prospects of the deposit. In addition, it is also considered that there are no known geological data that could materially influence the estimated quantity and quality of the Mineral Resource. In terms of the estimation techniques for the underground areas (which form the bulk of the Mineral Resource), 3D wireframe models of the mineralisation and key lithologies are developed. The resulting wireframes are then used to code the drillhole samples before compositing. The lode, quartz and grade domain wireframes are used to define the estimation domains. There are several domains for each block including those representing the quartz and the surrounding low, medium and high-grade sulphides of the main Obuasi Fissure and several more for the Cote D'Or shear and other hangingwall and footwall lodes, also separated into quartz and surrounding sulphides where appropriate. The samples are composited to 1.5m intervals within the specified domains using the Mode 1 method of compositing in DatamineTM that forces all samples to be included in one of the composites by adjusting the composite length, while keeping it as close as possible to the interval length of 1.5m. Top capping exercises are done for each block to identify suitable capping thresholds (to prevent very high samples from overestimating the average grade of an area). The grade capping (top capping) applied differs from block to block. It is kept to a minimum as far as is possible and is usually less than 0.5% of the samples in a particular domain. Histograms, log-probability, and mean-and-variance plots are used to decide on appropriate values. The means and Coefficient of Variation (CV; standard deviation divided by the mean) before and after capping are compared. Generally, the top caps employed, resulted in a reduction to CVs to below 1.5 with the means not changing by more than a few percent. This was true of all domains with exception of the quartz domains, which are much more variable due to the coarse gold nature of the free gold mineralisation. Semi-variograms are calculated and modelled to represent the grade continuity. Each block is done separately. In general, the greatest continuity is along the strike (sometimes with a plunge), the second direction of continuity is down dip, and the shortest direction, along the thickness of the orebody. Typically, the variogram ranges along strike vary between 50m to 90m and down dip, between 30m and 70m. Along the shortest direction, it is typically 10m to 30m. The modelled nuggets are variable and typically range from around 10% to 40% of the population variance.

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![](exhibit191552022047.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 47 The optimal set of estimation parameters are determined by kriging neighbourhood analyses (KNAs). kriging efficiency (KE) and slope of regression (PSlope) are used to investigate conditional bias for a given set of estimation parameters. Kriging efficiency compares kriging variance against block variance. If the kriging variance is low compared to the block variance, the degree of smoothing is minimised, and the grade tonnage relationship is best reflected. The slope of regression statistic describes the linear relationship between actual and estimated grades. If the slope statistic is close to one, then an unbiased relationship is expected. For most of the areas and domains, a search of 100m x 100m x 50m meters was used and the search ellipses were oriented to the approximate strike and dip of the mineralisation (with a plunge in some cases). Minimums and maximums were selected based on the KNA optimisations (completed per block and domain) and were typically between 5 to 10 composites (as minimums) and 30 to 80 composites (as maximums). Gold grades are estimated into the block model using ordinary kriging for a parent/panel size of 20mE by 5mN by 15mRL (with exception of Block 11 which was slightly larger at 30m x 5m x 15m). Negative weights are used and a discretisation of 5m x 5m x 5m meters is employed in all cases. The bulk of open pit mining from Obuasi took place in the 1990s and production declined over the years from 39 open pits. Since 2013, there has been no open pit mining activity and the surface Mineral Resource is very small (approximately 1% of the total Mineral Resource) and is limited to two open pits: Anyinam and Gyabunsu-Sibi. These do not form part of the Mineral Reserve. The Anyankyirem open pit (which was part of last year's Mineral Resource) was returned to the government during the year and therefore removed from the Mineral Resource. The open pit Mineral Resource declaration is based on model updates and pit optimisations completed in 2013. Limited documentation is available for this work. However, the broad assumptions and the model data (block models, wireframes, sample data etc.) are available. The wireframing and grade estimation was done using DatamineTM software. Wireframing was explicit (by linking strings interpreted on a section-by-section basis). Wireframes were generated for the mineralised zone and oxidation horizons to represent oxidised, transitional, and fresh material. The densities were applied by oxidation horizon. Estimation was by ordinary kriging into block models of size 30mN by 30mE by 10mRL. Due to the lack of documentation, further details around the estimation parameters used are not available. This includes details around variogram parameters, searches, grade capping strategy, classification criteria etc. For pit optimisation, it is known that the cut-off grade of 1g/t was determined from a gold price assumption of $1,600/oz and the mining costs being achieved at that time for the Sibi open pit. Given that this work was completed some years ago, some of the assumptions used are now outdated and some key information about the estimation techniques are unavailable. However, the open pit Mineral Resource comprise about 1% of the total Mineral Resource and is not part of the Mineral Reserve. The lack of complete information is therefore not considered material but is planned to be addressed for the next statement (by appropriate model updates, the generation of comprehensive supporting documentation and pit optimisations using more up to date economic assumptions). The grade-tonnage curves presented below show the tonnes and grade above cut-offs for the inclusive Mineral Resource (Section 21.1), ranging from 0g/t to 5g/t for open pits and 0g/t to 20 g/t for underground. The graphs are separated into surface (above) and underground (below) Inclusive Mineral Resource:

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![](exhibit191552022048.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 48 Obuasi inclusive Mineral Resource grade and tonnage curve (surface) Obuasi inclusive Mineral Resource grade and tonnage curve (underground)

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![](exhibit191552022049.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 49 The estimation technique used at Obuasi is ordinary kriging and the primary estimation unit size is 20mE by 5mN by 15mRL. This estimation unit size is representative of the underground mining units and is considered appropriate given the style of mineralisation and mining methods. Compositing by length is employed and the influence of extreme grades are restricted by grade capping. Sample spacing is highly variable across the deposit and ranges from 10mE by 10mN (for grade control areas) up to 200mE by 200mN (for exploration targets). However, for Mineral Resource, the maximum extrapolation from data points is 100 m. Any areas beyond this, are considered to be upside potential rather than Mineral Resource. No correlations were made between variables as only gold grade is interpolated for Mineral Resource estimation. Computer programs used are LeapfrogTM Geo (version 5.0.4) for the wireframes and DatamineTM Studio RM (version 1.5.62) for the block modelling and estimation. SupervisorTM (version 8.13) is used for statistical analysis, variogram modelling and kriging neighbourhood analyses. The ordinary kriging estimates are compared with the input data visually; by means of a global mean comparison; by sectional plots comparing the number of composites, model grades and composite grades and grade tonnage curves (theoretical change-of-support curves versus actual curves). Prior to the mine going on care and maintenance, mine reconciliation was completed monthly whereby the Mineral Resource estimates were compared with grade control estimates, mining, and production data. This practice recommenced in 2020. The mine reconciliation for the year (up to the suspension of mining in May) showed acceptable performance. There are no co-products, by-products or deleterious elements considered at present. 11.3 Mineral Resource classification and uncertainty Several criteria were considered to classify the Mineral Resource into the Inferred, Indicated and Measured Mineral Resource categories. The sample types used for Mineral Resource estimation are considered appropriate for the geological, chemical, physical, and mineralogical properties of the mineral occurrence. Since 2019, only underground DD samples are being collected and it is considered the preferred sample type. Prior to 2019, other types of samples were also collected and, of these, only the channel and reef drive samples are considered. Reef drive, channel, and DD samples are all used for geological wireframe modelling, but only the channel and DD samples are used for grade estimation. There is a potential risk of sample bias between the channel and DD samples. However, all bias test work conducted to date, suggests that the bias is not material and within acceptable limits. For all new sampling (i.e., samples collected since 2019), several data controls are in place to ensure adequate data quality, processing, and handling. All drilling data are collected, validated, managed, and delivered to end users using the Datamine FusionTM mining and geological database management system (GDMS). The database is managed by an experienced database and QAQC Specialist. The database is stored on a site-based server which is regularly backed up (daily) with monthly backups stored off site (permanently). Primary data elements used for Mineral Resource estimation include density, geological data (lithology and mineralisation), survey data (downhole and collar), gold grade assays, etc. All data is captured electronically. Logging data is captured directly onto handheld tablets; collar and downhole surveys and assay results are electronically received and transferred. Data validation checks are completed before the data is authorised and approved for geological modelling and grade estimation. Checks include items such as "completeness" (all required data collected including the meta data and table data); checks on the spatial information (collar and survey) and interval checks (such as overlapping intervals or duplicates). Once the data is authorised, it is directly extracted from the Fusion database for modelling and estimation (directly imported into the modelling software using ODBC links and SQL views). The handover point for DD samples is the core yard (drill contractors' hand over the core to the company). The core is inspected for quality and cleanliness before accepting the core. The desired quality controls are specified in the contract with the drilling contractor. The core is not accepted if specified quality is not achieved. If the quality issue can be corrected, the drill contractors are asked to correct and return the core. In extreme cases (where issues cannot be corrected), re-drilling must be done. Weekly meetings are held with the drill contractors to communicate any quality of other issues.

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![](exhibit191552022050.jpg)

AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 50 Core recovery is measured and marked by the drill contractors and checked when receiving the core. A barcoding system is in place for core trays and samples to ensure electronic tracking. The core is stored in a secure facility and a core library is in place for easy access of core. All DD core is photographed with a digital camera before sampling to create a permanent record of the initial rock condition. The photographs are stored and linked to the drilling intervals. The core is oriented, and logging captured electronically using handheld tablets. Several validations are included in the capture software which prevents erroneous data entry. Approximately 30% of the logs are verified and reviewed by a senior geologist. Zones to be sampled are clearly marked by the geologist based on the visual identification of quartz and/or arsenopyrite mineralisation, the presence of shearing or alteration and the presence of visible gold. The samples are recorded onto the electronic logging app and registered with barcode tickets before they are dispatched to the laboratory. All samples are dispatched to the onsite laboratory, which is owned by the company, but is being managed and operated by SGS Soluserv Limited (SGS) under a 3-year contract. Gold determination is by fire assay and atomic absorption spectroscopy (AAS) finish (except where gold grade is more than 100 g/t, then a gravimetric finish is used). The contract with SGS specifies several minimum controls to be adhered to by the laboratory and several additional controls are in place to monitor the quality of assaying. This includes a comprehensive Quality Assurance and Quality Control program which includes the routine insertion of Quality Control (QC) materials into the sample stream. QC materials comprise Certified Reference Materials (CRMs), blanks, crusher and pulp duplicates and check assay. These programs are run in addition to the normal QC insertions and monitoring undertaken in-house by the laboratory themselves. The laboratory makes the results available to the client electronically through their monthly reporting and Laboratory Information Management System (LIMS). The LIMS system also has some security and validation features, and it stores audit trails of any manual adjustments of results which must be explained. Other controls include monthly review meetings between the Company and the Contractor; monthly laboratory audits conducted by the Company to identify any non-conformance issues (which the contractor is expected to amend urgently) and a requirement for the laboratory to participate in international round robins and other proficiency laboratory tests. The results received by the onsite laboratory are deemed to be accurate and precise with no significant contamination introduced. Data collected prior to 2019, and collected over several decades, were included for Mineral Resource estimation. There is some risk associated with the inclusion of this data (particularly for the data collected prior to the merger in 2004 as the records and QAQC information available for this data is more limited). To account for the uncertainties related to the estimates based on historical data without QAQC information, the highest level of confidence assigned to these areas was the Indicated Mineral Resource category (although in some places, the amount of data was sufficient for Measured Mineral Resource). It is only the blocks in which recent work (with QAQC) has been undertaken, where Mineral Resource has been classified into the Measured Mineral Resource category (i.e., Sansu, Block 8 and Block 10). In addition to these measures, a comprehensive Data Validation project was completed from 2015 to 2018 to validate all pre- 2019 data stored in the FusionTM database. The historic data underwent several phases of validation which aimed at checking the database information against the original scanned logs and checking for other issues such as grid conversions, collar issues, transcription issues, duplicate data, magnetic declination adjustments and so forth. A significant proportion of these drill core samples were also re-logged (most in Block 11). In conclusion, because of the re-logging and the data validation project, the current database is considered an accurate reflection of the data collected. The bulk densities used are based on a 2007 study which included 1,004 samples of which 627 samples were from ore material. The samples were taken across the entire underground mining area, but it has been questioned whether the amount of data collected lends sufficient confidence to the Bulk Density estimates across the entire mine. To improve on the situation, since late 2020, the routine collection of density measurements (for a representative sub-set of all new drill core samples) was implemented. To date, new density information collected in early, active areas (including Sansu, Block 8 and Block 10) supported and improved the confidence in the bulk densities determined from the 2007 study. Hence, for these early areas, no further consideration of the density in classification was deemed necessary. For the other blocks, significant differences in densities were not anticipated and it was considered that the highest confidence level of Indicated Mineral Resource adequately catered for any uncertainties in density that may be uncovered (but is not anticipated) in these future areas. Ordinary kriging is used for Mineral Resource estimation and the block size and domaining approaches are considered suitable given the style of mineralisation and mining methods.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 51 The reported Mineral Resource was considered to have reasonable prospects for economic extraction. This was considered by constraining the Mineral Resource to a gold price of 1500 $/oz. The gold price was designed to reflect the company's upside vision for the gold price and to capture any ore that is potentially economic to mine at a future realistic price. It was determined by examining long term price trends and validating against peer companies. The Mineral Resource is constrained by mineable shapes generated by a process designed to produce the optimal size, shape, and location of stopes for underground mine design using an input block model with grades or values. The process mimics what an engineer would do, and it provides a stope-shape that maximises recovered Mineral Resource value above a cut-off (based on the gold price assumption) while also catering for practical mining parameters. The cut-off grade calculations were considered reasonable and replicated those used for the Mineral Reserve (with the only difference being the gold price used). Due consideration was given to the geological, mining engineering, processing, metallurgical, legal, infrastructural, environmental, marketing, socio-political and economic assumptions in assessing the potential viability of the Mineral Resource. None of these were considered impediments to the viability. A process called the 15% rule was used to generate sampling data spacings for separation of the Mineral Resource into the Inferred, Indicated and Measured Mineral Resource categories. This process is described in the Guidelines for Reporting. The technique provides an average grade above cut-off estimate with less than 15% relative error and 90% confidence. For an Indicated Mineral Resource, annual production and for a Measured Mineral Resource, quarterly production should meet these criteria. The study concluded that a minimum definition grid of 60m x 60m x 1m was required for an Indicated Mineral Resource and 20m x 20m x 1m for a Measured Mineral Resource. The Inferred Mineral Resource targets a 90m x 90m x 1m spacing. It is deemed that the spacing identified for the Measured Mineral Resource using the 15% rule is adequate to confirm geological and grade continuity. The Measured Mineral Resource is considered to be that part of the Mineral Resource for which quantity and grade are estimated based on conclusive geological evidence and sampling. The level of geological certainty associated with it is sufficient to allow application of modifying factors in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. For the Indicated Mineral Resource, the spacing identified using the 15% rule is considered adequate to establish geological and grade continuity with reasonable certainty. The Indicated Mineral Resource is considered to be that part of the Mineral Resource for which quantity and grade are estimated based on adequate geological evidence and sampling. The level of geological certainty associated with the Indicated Mineral Resource is considered sufficient to allow application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. The quantity and grade of the Inferred Mineral Resource estimates are estimated based on limited geological evidence and sampling. The level of geological uncertainty associated with the Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Limited geological evidence means evidence that is only sufficient to establish that geological and grade or quality continuity are more likely than not. The survey data used to deplete and sterilise the Mineral Resource is historical and have been collected over several decades. It is therefore a source of uncertainty in the older areas. The verification of this historical data and Mineral Resource sterilisations are ongoing and will continue as areas become accessible and further infill drilling and verification work becomes possible. The Mineral Resource confidence for some of the areas was downgraded to reflect this uncertainty and a lower confidence category for the Mineral Resource was assigned. It includes the Cote D'Or block for which all Indicated Mineral Resource was downgraded to Inferred. Estimates of confidence levels to support the disclosure of uncertainty surrounding Mineral Resource classification have not been used, but it is deemed that all sources of uncertainty associated with each class of Mineral Resource have been considered.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 52 The most prominent factors and sources of uncertainty are judged to be related to drill spacing, the inclusion of the historic data for Mineral Resource estimation, the potential sample bias introduced due to the use of both channel and diamond core samples and the use of historical survey data for depletion and sterilisation. Drillhole spacing is used as the basis for classification and downgrading is considered from this point based on any additional factors that may warrant an increase in uncertainty in an area, such as the quality of historical survey data. The decision to downgrade is largely subjective based on empirical evidence. 11.4 Mineral Resource summary The cut-off grade used for the Mineral Resource has been estimated based on the costs of the operation and a gold price of 1,500 $/oz. This gold price was provided by the company. It was designed to reflect the company's upside vision for the gold price, while providing an economic margin, and to capture any ore that is potentially economic to mine at a future realistic price. It was determined by examining long term price trends and validating against peer companies. The Mineral Resource is reported in situ and exclusive of Mineral Reserve as at 31 December 2021. Exclusive gold Mineral Resource Obuasi Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Anyinam Measured 0.00 2.50 0.01 0.00 Indicated 0.45 3.54 1.59 0.05 Measured & Indicated 0.45 3.53 1.60 0.05 Inferred 1.02 4.23 4.32 0.14 Gyabunsu-Sibi Measured 0.05 4.00 0.21 0.01 Indicated 0.05 3.48 0.16 0.01 Measured & Indicated 0.10 3.76 0.37 0.01 Inferred 0.28 3.97 1.13 0.04 Above 50 Level - Block 1 Measured - - - - Indicated 5.79 5.50 31.80 1.02 Measured & Indicated 5.79 5.50 31.80 1.02 Inferred 2.40 5.90 14.15 0.45 Above 50 Level - Block 2 Measured - - - - Indicated 6.72 8.75 58.76 1.89 Measured & Indicated 6.72 8.75 58.76 1.89 Inferred 3.06 5.09 15.58 0.50 Above 50 Level - Block 8 Measured 1.57 7.73 12.13 0.39 Indicated 3.56 4.42 15.75 0.51 Measured & Indicated 5.13 5.43 27.88 0.90 Inferred 2.92 4.51 13.17 0.42 Above 50 Level - Block 10 Measured 0.17 9.27 1.57 0.05 Indicated 3.00 7.81 23.41 0.75 Measured & Indicated 3.16 7.89 24.97 0.80 Inferred 4.41 5.58 24.63 0.79 Above 50 Level - Adansi Measured - - - - Indicated 2.27 11.30 25.68 0.83 Measured & Indicated 2.27 11.30 25.68 0.83 Inferred 2.66 9.53 25.39 0.82 Above 50 Level - Cote d'Or Measured - - - - Indicated - - - - Measured & Indicated - - - - Inferred 24.71 7.85 193.88 6.23 Above 50 Level - Sansu Measured 0.77 8.46 6.53 0.21 Indicated 2.86 4.83 13.81 0.44 Measured & Indicated 3.63 5.61 20.35 0.65 Inferred 2.48 4.19 10.41 0.33

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 54 The cut-off grade parameters used site projected costs and a gold price of $1,200/oz provided by AngloGold Ashanti corporate. Obuasi mine has a long history of mining from which a comprehensive set of data is available for use. The LOM plan considers available access, material handling capability of the primary hoisting shafts, and horizontal trucking of ore and waste to the surface ROM stockpile. Underground mining is contracted to Underground Mining Alliance (UMA) that provides the requisite expertise to achieve the mine plan. AngloGold Ashanti management team runs the mine operations with the required technical, operational, supervisory, skilled, and general personnel. A contractors team headed by a project manager supported by operational, technical, supervisory, and administrative staff provides the operational workforce. The processing plant is managed by AngloGold Ashanti and the underground mobile fleet is managed by the contractor. The modifying factors used for the Mineral Reserve estimates are those adopted from the P300 FS. These factors were reviewed against historical performance parameters and compared with empirical analysis conducted by SRK and considered to be reasonable. The modifying factors applied include dilution factors, mining recovery factors, and cut-off grades. Dilution and mining recovery factors used for the Mineral Reserve estimates are based on historical performance parameters and geotechnical guidance. The mine has a long history of mining from which a comprehensive set of data is available for use. The cut-off grade parameters used site projected costs and a gold price of $1,200/oz provided by AngloGold Ashanti corporate. Mineral Reserve Modifying Factors as at 31 December 2021 Primary Commodity Price ($/oz) Cut-off grade g/t Au Dilution % Above 50 Level - Block 2 1,200 4.18 17.0 Above 50 Level - Block 8 1,200 3.93 17.0 Above 50 Level - Block 10 1,200 4.25 12.0 Above 50 Level - Adansi 1,200 4.18 17.0 Above 50 Level - Côte d'Or 1,200 4.18 14.0 Above 50 Level - Sansu 1,200 3.82 17.0 Below 50 Level - Block 11 1,200 5.01 12.0 as at 31 December 2021 % MRF (based on tonnes) % MRF (based on g/t) % MCF MetRF % Above 50 Level - Block 1 95.0 100.0 100.0 87.0 Above 50 Level - Block 2 95.0 100.0 100.0 87.0 Above 50 Level - Block 8 95.0 100.0 100.0 87.0 Above 50 Level - Block 10 95.0 100.0 100.0 87.0 Above 50 Level - Adansi 95.0 100.0 100.0 87.0 Above 50 Level - Côte d'Or 95.0 100.0 100.0 87.0 Above 50 Level - Sansu 95.0 100.0 100.0 87.0 Below 50 Level - Block 11 98.0 100.0 100.0 87.0 12.2 Cut-off grades Cut-off grades (CoG) are calculated in line with AngloGold Ashanti's Guideline for the Calculation of Cut-off Grades, 2014 (Cut-off Grades Guideline) to include ore development, production, processing, and G&A costs. The CoG estimation used LHOS mining method as the basis of the estimation. The estimation of CoG includes all the respective operating costs associated with mining including the lateral ore development associated with the stope. To simplify the CoG calculation, the physicals were determined per ore tonne with previous designs providing information to support the estimation of physicals used.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 56 P300 FS stope design dimensions and modifying factors recommendations Block Mining Method Sublevel Spacing (m) Max Stope Length (m) Stope (Orebody) Width (m) Mining Recovery (%) Dilution Factor (%) Block 8 (blocks 8L,8U & GCST) Longitudinal 20 20 - 30 5-15 95 20 Transverse 25 15 - 20 >15 95 12 Block 10 (blocks 9&10) 38L and above Longitudinal 20 20 - 30 3-10 95 20 Block 10 (blocks 9&10) Below 38L Longitudinal 20 20 - 30 5-10 95 20 Transverse 25 15 - 20 >15 95 12 Block 11 Longitudinal 20 15 - 20 3-7 95 20 Sansu Longitudinal 22 20 - 30 5-10 95 20 Transverse 22 15 - 20 >10 95 12 Block 1 Longitudinal 20 20 - 25 5-10 95 20 Transverse 20 15 - 20 >10 95 12 Block 2 (blocks 2,3 & 4, Adansi, Cote D'or) Longitudinal 20 15 - 20 5-10 95 20 The MSO allows the class field to be assigned to each stope generated. The mine design is reviewed taking into consideration the updated stope shapes, existing development, and future infrastructure need. A LOM plan is generated which considers fleet and infrastructure capacities. All mining Blocks are designed for LHOS mining method. The Mineral Reserve reported from the LOM plan has been derived from the Measured and Indicated Mineral Resource and is exclusive of any Inferred Mineral Resource. With caution, the Mineral Reserve estimate was based on approved economic factors, updated Mineral Resource models and appropriate modifying factors. The Mineral Reserve is classified as Proven and Probable Mineral Reserve based on the confidence levels determined in the Mineral Resource and the level of understanding of historical performance the appropriate modifying parameters. Obuasi has a long history of mining with available data that support the modifying factors being applied. The entire Probable Mineral Reserve have been derived from only Indicated Mineral Resource. All Measured Mineral Resource declared as Mineral Reserve have been classified as Proven Mineral Reserve. This is due to the improved confidence in undertaking mining activities over the last two years in the key Blocks that are currently active. Mineral Reserve only include Measured and Indicated Mineral Resource. The Mineral Resource is exclusive of the Mineral Reserve. 12.4 Mineral Reserve summary Annually, the gold prices used for determining Mineral Resource and Mineral Reserve are determined by the Mineral Resource and Ore Reserve committee (RRSC). Two different prices used for determining Mineral Resource and Mineral Reserve. These prices are provided in local currencies and are calculated using the historic relationships between the dollar gold price and the local currency gold price. The Mineral Resource price reflects the company's upside view of the gold price and at the same time ensures that the Mineral Resource defined will meet the reasonable prospects for economic extraction requirement. Typically, the price is set closer to spot than the Mineral Reserve price and is designed to highlight any Mineral Resource that is likely to be mined should the gold price move above its current range. A margin is maintained between the Mineral Resource and ruling spot price, and this implies that Mineral Resource is economic at current prices but that it does not contribute sufficient margin to be in the current plans.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 57 The Mineral Reserve price provided is the base price used for mine planning. AngloGold Ashanti selects a conservative Mineral Reserve price relative to its peers. This is done to fit into the strategy to include a margin in the mine planning process. The company uses a set of economic parameters to value its assets and Business plan, these economic parameters are set on a more regular basis and reflect the industry consensus for the next five years. These are generally higher than the Mineral Reserve price and enable more accurate short term financial planning. Finally, the company uses a fixed price to evaluate its project and set its hurdle rate. This price and the hurdle rate are set by the board and changed when indicated due to significant changes in the price of gold. The determination of the Mineral Resource and Mineral Reserve prices are not based on a fixed average, but rather an informed decision made by looking at the trends in gold price. The gold prices and exchange rates determined are then presented to the RRSC for review, in the form of an economic assumptions proposal document once a year (generally the second quarter of the year). After review and approval by the committee, it is sent to AGAs Executive Committee ("EXCO") for approval. The prices for copper, silver and molybdenum are determined using the same process used for gold. The Obuasi Mineral Reserve is estimated using a gold price assumption of $1,200/oz. The cut-off grades for the various mining Blocks are estimated by considering modifying factors specific to each Block. Processing and G&A costs are calculated per tonnes milled and applied for all Blocks. The Obuasi Mineral Reserve is mainly from underground ore sources. Seven (7) mining Blocks comprising Sansu, Block 8, Block 10, Block 11, Block 1, Block 2 and Adansi make up the key mining blocks from which the Mineral Reserve is derived. With caution AngloGold Ashanti uses Inferred Mineral Resource in its Mineral Reserve estimation process and the Inferred Mineral Resource is included in the pit shell or underground extraction shape determination. As such the Inferred Mineral Resource may influence the extraction shape. The quoted Mineral Reserve from these volumes includes only the converted Measured and Indicated Mineral Resource and no Inferred Mineral Resource is converted to Mineral Reserve. Gold Mineral Reserve Obuasi Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Above 50 Level - Block 1 Proven - - - - Probable 2.02 7.46 15.06 0.48 Total 2.02 7.46 15.06 0.48 Above 50 Level - Block 2 Proven - - - - Probable 2.41 8.16 19.64 0.63 Total 2.41 8.16 19.64 0.63 Above 50 Level - Block 8 Proven 3.80 7.72 29.34 0.94 Probable 7.78 5.98 46.47 1.49 Total 11.58 6.55 75.80 2.44 Above 50 Level - Block 10 Proven 0.00 8.75 0.01 0.00 Probable 8.40 7.06 59.33 1.91 Total 8.40 7.06 59.34 1.91 Above 50 Level - Adansi Proven - - - - Probable 0.72 17.78 12.78 0.41 Total 0.72 17.78 12.78 0.41 Above 50 Level - Sansu Proven 0.93 8.09 7.53 0.24 Probable 2.22 6.01 13.33 0.43 Total 3.15 6.62 20.86 0.67 Below 50 Level - Block 11 Proven - - - - Probable 2.53 21.18 53.54 1.72 Total 2.53 21.18 53.54 1.72 Total Proven 4.73 7.79 36.88 1.19 Probable 26.07 8.45 220.14 7.08 Total 30.80 8.34 257.02 8.26

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 58 The Obuasi Mineral Reserve was derived mainly from underground ore sources and does not include any material from ROM stockpile, tailings, or open pit. For the Mineral Reserve the reference point is as delivered to the processing plant and it is quoted as at 31 December 2021. 12.5 Qualified Person's opinion Obuasi has a long history of mining with comprehensive historical stope performance database that support the modifying factors being employed in the Mineral Reserve estimates. As a result, there is no expectation the modifying factors that are used will significantly change over time to have any adverse impact on the Obuasi Mineral Reserve estimates. 13 Mining methods Obuasi is an underground operation utilising both vertical shafts and declines as main access routes to the underground workings. The mine has seen extensive historical mining activities with varying applications of different mining methods to date. The current LOM design employs mostly the LHOS mining method for ore extraction. LHOS is a highly selective and productive method of mining that can be employed for orebodies of varying thicknesses and dips. The three main distinct variations of the LHOS used at Obuasi are longitudinal retreat stoping (LRS), longitudinal open stoping (LOS), and transverse open stoping (TOS). The blind upper stoping (BUS) is a form of LRS, or TOS used for partial sill pillar recovery. TOS is designed in areas of the orebody that are greater than 15m in thickness. Stopes are accessed by a cross-cut in the centre of the stope and then a tee along the hanging wall contact on the extraction level (lower) and on the upper level is developed to create the initial slot for stope blasting. Stope heights are on average 20m to 25m with a stope length along strike of 15m to 20m. Primary TOS stopes are the initial stopes in the mining sequence which are surrounded by fresh rock. Secondary stopes are stopes that have at least one wall of cured paste fill or hydra fill from an adjacent primary stope. LRS is designed in areas of the orebody that are less than 15m in thickness can be also known as LOS. In LRS or LOS, stopes are accessed by a single ore drive along strike on the extraction level (lower) and on the upper level. Stope heights are on average 20m with a current geotechnical constrained stope length along strike of 20m. Stoping is by way of a continuous cycle of production drilling, blasting to a slot, tele- remote mucking, then filling with cemented pastefill. A curing time for the cement is required before mining the next stope along strike or underneath. BUS has been designed in the upper crown pillar areas remaining at the top of the mining sequence within the mining Blocks. This top stoping lift completes a bottom-up mining sequence from historic production, undercutting older completed mining sequences from above. The BUS method was initially intended for partial extraction of the sill pillar stopes by drilling up holes and leaving in situ pillars 5m above. With most of the blocks now being planned to be filled with paste, this has been reviewed to be mined fully without leaving any thin pillar between the sill stopes and the upper stoping horizon. This is considered a safe way to recover sill pillars rather than leaving a 5m skin which has the potential of collapsing uncontrollably. Mining methods are selected based on their suitability for various orebody geometries and expected ground conditions. Designs are varied in order to accommodate local conditions, changes in geometry, minimise waste development and dilution, and maximise ore grade and Mineral Resource recovery. Stopes are designed for either transverse open stoping or longitudinal retreat stoping. Geotechnically, an ore body width of greater than 15m is designed for transverse open stoping and less than 15m is designed for longitudinal stoping. The P300 FS determined the strike lengths using Mathew's stability graph. Other factors that may dictate the mining method include proximity to historically mined stopes and the nature of geological structures within the orebody. The figure below provides a schematic of the TOS method, with the numbered blue stopes showing the primary stope extraction sequence, whereby double lifts one stope above another are mined at the same time. This improves the ratio of ore that can be mucked conventionally from the lowest draw point and increases the size of the pastefill cycle, both of which benefit the production rate from any given ore block. The white shapes between the numbered blue represent the secondary stopes which will be mined in a

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 59 similar manner. The purple drives running parallel to the orebody are the footwall access drives from which the green coloured cross-cuts are developed to the hanging wall of the orebody. Finally, the pink coloured development along the hanging wall represents the "T" design from where the raise and slot are drilled in order to open up the stope. An example of the LRS method along with an underhand extraction sequence for a portion of Block 11 is shown below. The mining sequence is such that a mining front (represented by the diagonal red line) is created and then retreated in the direction of the arrow so that rock stress build up is minimised in localised areas and is directed into the solid unmined mass below the mining front. Example TOS design for Block 8L and LRS design for Block 11 The LOM design is aligned with the P300 FS and updated regularly in accordance with the AngloGold Ashanti mine planning cycle. Mine development is targeted at accessing critical infrastructure and stoping fronts in order for the mine to ramp up production from the current 2,000tpd to 4,000tpd by quarter 4 2022. Production is then planned to increase by a gradual increment to 4,500tpd by 2023. Beyond 2023, production is to be sustained at an average of 5,000tpd to 5,500tpd to the end of LOM. A fleet of Sandvik™ load-haul- dump (LHDs) and trucks are used for material loading and transport from the various underground working areas through ore passes and internal decline systems that connects all levels to the either the ODD or the various hoisting shafts. The fleet is a typical underground metalliferous mine mobile mechanised fleet. Key to the applicability and effectiveness of this fleet is the central access provided by the ODD.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 60 This roadway allows efficient access to all regular mining fleet and specialised mining equipment (i.e., raisebore rigs, exploration, and grade control DD rigs) and key equipment in support of fixed plant and infrastructure projects. Exploration and grade control drilling activities are continuing to upgrade Mineral Resource to either Indicated or Measured Mineral Resource. To this end exploration drill cuddies are designed and prioritised for development in the LOM plan. The geology across Obuasi consists of three main units: meta-sediments (phyllite, greywacke, carbonaceous/graphitic schist), meta-volcanics (dyke), graphite and/or quartz. It is generally agreed that meta-sediment and meta-volcanic units are of fair rock mass quality, while graphite is of poor rock mass quality. The geotechnical evaluation focused on each mining block, and the conditions in the adjacent mined- out areas which are considered to be mining analogues. The context of each block is different, based on proximity to mined-out areas, size, and geometry. The stope design evaluation considered all existing and current geotechnical data and underground observations. Ultimately, the established rock mass properties for each of the major rock types (per major Block) were used as an input to an empirical stope design method. Additional inputs to account for stress were reviewed against numerical models, and the impact of prevailing structures in each mining block. The mine is predominantly hosted by phyllites beneath a well-developed regolith zone up to 70m in thickness. The northeast/southwest striking mineralised fault zones exert a dominant influence on the hydrogeology, with preferential permeability controlled by structures along strike. The available hydrogeological data for the underground operations do show that the pumping rates roughly follow a seasonal trend: the water inflow rates are higher during the rainy season. This is potentially due to high permeability between the open pits and underground workings. The catchment area of the open pits helps to collect and channel water to the underground voids. In general, the mine appears fairly dry as a result of substantial under draining of the current workings by underlying excavations. Before designing the selected blocks with Studio UGTM, economic cut-off grade evaluation sensitivity was carried out to know areas of economic value. Inaccessible areas or areas of severe ground deterioration have been excluded in the stope designs. 13.1 Requirements for stripping, underground development and backfilling Obuasi operates an underground mine only. The main Obuasi decline (ODD) is situated on the southern side of Obuasi and currently is the main access ramp to the active Blocks of the mine where production and development are ongoing. The decline is planned to reach approximately 1.6km vertical distance from the surface, reaching the base of the high- grade Block 11. From the decline, access drifts have been designed into the central parts of the mine and linking the main Kwesi Mensah (KMS) hoisting shaft. The northern part of the mine is accessed through the Cote D'Or decline which links Cote D'Or and Adansi Blocks. Geotechnical considerations The P300 FS Geotechnical work on Obuasi started in August 2014 with SRK Consulting (Canada) being the main architect, supported by the AngloGold Ashanti Obuasi geotechnical team. Four major mining blocks (Sansu 3, Block 8 Lower, Block 10, and Block 11) and five minor mining blocks (Block 1, Block 2, Block 9, Adansi, and CDOR were assessed. The study with SRK ended in December 2014. Australian Mining Consultants (AMC) were contacted to review the SRK work. However, between September 2015 and December 2015, Randgold Resources Limited (RRL) during a due diligence of the mine contracted Dempers and Seymour Pty Ltd (D and S) and SKCA Pty Limited/PIRAN Mining (with Beck Engineering as an associate Consortium to carry out stress modelling) to also conduct a geotechnical assessment on three major mining blocks (Block 8 Lower, Block 10 and Block 11) on its behalf. AMC Consultants Pty was again asked by AngloGold Ashanti to review the recent work done by RRL and form a considered view on the expected ground conditions and mining at depth, and the stress environment in the future production areas of Obuasi to optimise the Obuasi FS.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 61 The outcome of AMCs comprehensive review including an alignment of views across numerous geotechnical consultants were incorporated into the overall mine design process resulting in significant improvement to the P300 FS mine design. These included an assessment of the rock mass condition and other geotechnical parameters such as stope dimensions and support designs. The P300 FS geotechnical work is also based on the recently consolidated mining block names or boundaries which define Sansu mining block as the combined Sansu 1, 2, and 3; Block 8 as the combined GCS Top, Block 8U and Block 8L; mining block 10 comprises of Block 9 and Block 10, whilst mining block 2 combines blocks 2, 3 and 4. The other mining blocks such as Block 1, Cote D'Or, Adansi, and Block 11 remain unchanged. Therefore, unless otherwise stated, the geotechnical assessments are based on the consolidated Block names as represented above. Currently, P300 FS is being implemented and since the commencement of the operations various empirical and numerical analyses have provided a better understanding of the various active working areas. Mine stress modelling In situ stresses are an important requirement for understanding and predicting rock mass behaviour. Initial measurements were carried out by AMC in 1996 at 26S 333 cross-cut in the Block 8L area. A second measurement was conducted in August 2007 in 50S 131 cross-cut and 32S 249 cross-cut. This was carried out by Rock Mechanics Technologies™ (RMT) from the UK using the CSIRO™ Hollow Inclusion (HI) 12 Gauge Cell. The various measurements show general good agreement of bearing and dip between tests. RRL in December 2015 conducted in situ stress measurements as part of the due diligence specifically targeting Blocks 10 and 11 using Western Australian School of Mines™ (WASM), acoustic emission (AE) technique a methodology that can be undertaken for a specific target area remotely, without the need for direct personnel access. A total of five target areas were selected, three associated with Block 10 and two associated with Block 11. Obuasi in situ stress measurement locations BLACKIES SHAFT 1996 HI In-situ Stress 2007 HI In-situ Stress 26L 50L 32L 2015 AE In-situ Stress LEGEND

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 62 Relationship of Principal Stress with Depth WASM AE stress measurements: pole plot

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 63 In terms of the relationship of principal stress measurements with depth, as shown above, the WASM AE orientation results compared well with the HI Cell results. However, there is a slight difference with the WASM AE magnitudes when compared with the HI Cell result and this might be due to possible depth difference and/or rotation effects due to rock strength and/or structure. The in situ stress field used in the assessment was based on the overcoring results of HI cells completed by RMT (2007) as the 2015 measurement completed by RRL was considered less reliable. With the mine now in active operations, another in situ stress measurement programme has been planned for 2022 to provide up-to-date data from which a review of mining sequence and support requirements can be undertaken. Stope dilution estimates Stope dilution assessment was carried out per mining Block based on the mining method employed. Two approaches were used to arrive at the dilution percentages for each mining method (LOS and TOS). In the case of LOS, the varying orebody widths (5m, 10m, and 15m) were considered since mining width has a great impact on dilution. Empirical models using equivalent linear overbreak/sloughage (ELOS, Clark 1998) were used by SRK. ELOS calculation using measured volumes and overbreak information from the cavity monitoring survey (CMS) and stope performance back-calculated from CMS reconciliations by AngloGold Ashanti Ghana were applied. A database of approximately 50 CMS reconciliations from stopes mined using longitudinal and transverse open stopes from current mining blocks were considered in the assessment. External dilution recommendations Stope type CMS back-analysis SRK empirical analysis Recommended range 5m Longitudinal 27-45% 26-40% 25-29% 10m longitudinal 5-62% 15-25% 18-25% 15m longitudinal 14-43% 12-16% 16-22% 15m transverse (primary) 5-17% 5-11% 7-12% Dilution applied for the various blocks in the Mineral Reserve estimates Block Main stope type Dilution Applied Obuasi Underground - Above 50 Level - Block 1 LOS and TOS 17% Obuasi Underground - Above 50 Level - Block 2 LOS and TOS 17% Obuasi Underground - Above 50 Level - Block 8 LOS and TOS 12% Obuasi Underground - Above 50 Level - Block 10 LOS 17% Obuasi Underground - Above 50 Level - Adansi LOS and TOS 14% Obuasi Underground - Above 50 Level - Cote D or LOS and TOS 17% Obuasi Underground - Above 50 Level - Sansu LOS and TOS 12% Obuasi Underground - Below 50 Level - Block 11 LOS 16% Stope dilution estimates have been applied for the LOS and TOS with pastefill (except for Sansu which uses cemented rock fill), and are based on improved mechanisation and improved mining controls such as: • Higher orebody drill definition and understanding of graphitic structures • Improved geology control in ore development • Correct selection and installation of ground support • Improved drilling accuracy and blasting practices (development and stoping)

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 64 • Strict adherence to stope designs; and • Reduction in stope backfill cycle times and use of cemented pastefill Ground support regimes The ground support requirements for the mine were determined in the P300 FS based on the following: rock mass quality, graphitic shear type, prevailing stress regime and whether static loading or dynamic loading is being experienced. The support regime is, however, grouped into two categories: development and stoping support. The approach used during the development ground support design includes: the analytical method, empirical techniques, computer modelling using the Rocscience Unwedge™ software, and observations underground. Cable bolt support is required for stoping to control wall instability. An option exists on occasions (when deemed unnecessary) to mine without cable bolts per the geotechnical engineer's advice. All stope cable bolts are plated and tensioned to ensure maximum support effectiveness. Backfill system The Obuasi backfill system was redesigned during the P300 FS in response to limitations imposed by the previous system. In the previous system, stopes were often left open for excessive times resulting in time dependent failure, or alternatively un-cemented rockfill was placed in primary stopes resulting in sterilisation of ore and dilution when mining adjacent stopes. Consequently, paste fill was identified as the preferred fill method. The paste fill system and reticulation underwent technical and engineering review by AMC, who endorsed the overall design and backfill requirements. The system currently utilises the GCS shaft for delivery of the paste from surface to 20 Level from where further holes are drilled to 26 and 32 Levels. Reticulation on 20 Level provides the primary underground distribution point. The 26 Level in conjunction with 2603 Level are used for distribution to Block 8L, whilst 32 Level serves as the reticulation backbone for all the Blocks to the north of GCS, including Blocks 10, 1, 2 and 11. Reticulation into the Blocks to the south of Block 8L is carried out with pipework along 20 Level to the southern operating limits of the reticulation. The primary reticulation system design incorporates an element of redundancy, allowing for duplicate holes for the primary vertical connections from surface through to all blocks. This is to ensure high system availability and as risk mitigation when lines are temporarily blocked with cemented fill. This approach will provide flexibility and contingency to the reticulation network and increase effective system utilisation. Assessment of planned stope shapes determined paste strength requirements for transverse stopes of up to 500 kPa, whilst the paste strength for longitudinal stopes is 300kPa with these strengths including a factor of safety of 1.25 which is suitable for non-entry mining methods. The test work undertaken during the study demonstrated favourable results with use of an alternative fly ash binder, with an optimal blend ratio of 80:20 slag to cement binder ratio using Ghana general purpose (GP) cement at 70% solids density showing that 3% binder will be sufficient for LHOS of up to 500 kPa. For higher strengths up to 1,200 kPa, 6% binder will be required. Ventilation and refrigeration Obuasi is a very large and complex underground system of vertical and horizontal excavations, consistent with a mine in excess of 100 years of mining life. Historical mining operations, ore extraction methods, vast abandoned and worked out areas, past ventilation related decisions, lack of adequate / efficient ventilation controls, open voids, illegal activities affecting ventilation flows, poor maintenance of existing ventilation systems and appliances all contributed in varying degrees in the past to the condition of the overall ventilation system.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 65 During the P300 FS, ventilation design and estimation were completed for Obuasi with due consideration of the complex nature of the operations. The design and technical assumptions were primarily focused on optimising key ventilation infrastructure (sizes) and mine air volumes to reduce the overall ventilation cost (capital and operating costs). The overall ventilation network was audited by Prysm Ventilation™ Services, South Africa with no fatal flaws found; indicating the methodology for design and macro layout is robust and appropriate to support the P300 LOM plan. The primary ventilation design has fresh air delivered into the mine from the surface via the existing fresh air shafts (GCS, KRS, KMS, and FPS) and the decline system. The mine design incorporates new and larger ventilation raises (5.5m GCVS and 5.5m KVMS) into mining blocks to ensure the required volumes of primary fresh and return air are delivered in support of the mine plan. A system of smaller diameter raises within each block is designed to allow for effective distribution of the primary air to the secondary system. Refrigerated air is planned for all mining blocks below 29 Level. The new GCVS consists of a 5.5m shaft fitted with bifurcated fans. This shaft is supported with a network of internal underground raises extending below 41 level. The GCVS provides primary ventilation to Sansu, Block 8 and 10. The New KMVS surface fans and network will consist of the following: • New 6.5m ventilation shaft extending from surface to 32 Level. This raise is designed to be vertical and will miss all existing mine infrastructure; Three centrifugal type fans fitted to trifurcated surface duct arrangement, each fan duty is 250m3/s at 3.1kPa; • Primary vent collection levels on 32 Level directly servicing exhaust demand for Blocks 1 and 2 as well as crushing, trucking and infrastructure areas around 41 level. Direct linkage to second collection level on 4902 Level (to accommodate the exhaust system for Block 11) and a host of other internal raises to support the effective operation of the KMVS ventilation shaft. The newly optimised and simplified ventilation network allows for quantity allocation shifting between GCVS and the new KMVS primary systems as needed. This inherent redundancy provides system flexibility and capacity reallocation, providing risk mitigation opportunities in the event of an unplanned (or planned) fan outage. The GCVS system was commissioned in quarter 4 2021 and KVMS-2 is planned to be completed in 2024. Mine heat and refrigeration A heat load assessment for the mine was undertaken during the P300FS on an annual basis over the LOM, allowing for annual cyclic ambient temperature variations specific to Obuasi. The following heat sources were used for heat load calculation purposes: • Diesel equipment, • Auto compression, • Electrical equipment, • Strata heat, • Broken rock; and • Groundwater. The refrigeration requirements for Obuasi were calculated by determining the total heat load from these identified sources, applying a design target reject temperature of 31.0°C wet bulb. Prysm Ventilation Services South Africa, reviewed the work and found no fatal flaws; indicating the methodology for design and macro layout is robust and appropriate for the mine plan. 13.2 Mine equipment, machinery and personnel A full-scale mechanised underground mining fleet is used by UMA mining contractor, to meet the mine plan. The fleet is owned by AngloGold Ashanti but is serviced and maintained by the mining contractor, under the mining contract agreement.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 66 Six twin-boom development drill rigs (Jumbos) are being used for all lateral developments (including stope preparations for production). These drill rigs enable scaling, installation of ground support, and face drilling to be undertaken by a single unit. One boom mounted and two "horse-shoe" type production drills capable of drilling 76mm to 102mm have been selected to allow greater flexibility in current and future planned excavations sizes. A combination of 17t and 21t Sandvik loaders are selected to match with 60t Sandvik trucks (Sandvik TH663i) for material loading and transport from the various underground working areas through ore passes and internal decline systems that connect to the ODD. The production hoisting shafts (KRS, BSVS) at the south as well as the centrally located KMS production shaft will be used for material handling to surface after completion of planned refurbishment work. Above 2900 Level, ore trucking to surface using the ODD is considered optimal until the 2400 Level haulage where a dedicated truck tip system becomes operational. For the north mining areas of Adansi and Cote D'Or, material handling will be via the Cote D'Or Decline. Other auxiliary equipment is in place to either support development or stoping activities. The Obuasi management team runs the mine operations with the required technical, operational, supervisory, skilled, and general personnel. A contractors team headed by a project manager supported by operational, technical, supervisory, and administrative staff provides the operational workforce. The process plant is managed by Obuasi, and the underground mobile fleet is managed by the contractor. A workforce of some 1,458 comprising 864 Obuasi employees and 594 mining contractor employees are engaged for various roles within the operations. All significant surface activities, including ore processing, environmental management and community engagement are carried out by Obuasi staff. 13.3 Final mine outline The Obuasi mine outline is presented below. Obuasi mine outline 14 Processing and recovery methods The full Obuasi FS metallurgical test work program to simulate the Obuasi process plant (STP) flowsheet from start to finish was truncated and was also performed only on Block 8 Lower and Block 10 grade control drilling samples. The key focus was on gold recovery determination and optimisation with the primary area of gold loss from the STP flowsheet being the gravity/flotation unit operation. Even though some further opportunities exist, preliminary geometallurgical modelling results however indicate good correlation with the FS metallurgical test work results. The Obuasi Mineral Resource statement assumes economic extraction through the processing plant in all cases for the other blocks.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 67 It is however assumed that the process plant flowsheet will be modified to improve recoveries as further metallurgical test work is performed on other blocks. The assumptions on processing route and recovery are appropriate for the styles of mineralisation. The processing methods include crushing, ore handling, coarse and fine grinding, gravity, flotation, thickening, BIOX, neutralisation, CIL and tailings/water management. The original design capacity of the STP was 180,000 t/month (6,000 t/day). Since operations commenced, the plant has undergone several stages of modification, expansion, and reconfiguration, with the addition of some unit processes, in particular flash flotation and gravity separation, and the discontinuation of others, notably the CIL circuit treating the flotation tailings. The key process units of the STP are: • Single stage crushing through an open circuit jaw crusher (600mm x 600mm, single toggle jaw crusher with an upstream scalping grizzly). It should be noted that all shaft hoisted ore will go through primary crushing through underground ore handling and crushing when hoisting commences at the KMS. • Key function of the STP primary crusher is to serve as secondary crushing unit to reduce the mills energy consumption and to crush surface ore hauled directly to the ROM pad. • Grinding using an open circuit SAG mill (6.15m x 7.60m effective grinding length (EGL) with 3,800kW motor) followed by a ball mill (5.20m x 7.80m EGL with 3,800kW motor) operating in closed circuit with a bank of hydrocyclones. The design product size is 80 % passing 75µm; • Within the ball mill circulating load (hydrocyclone underflow) is a feed splitter box with three controlled outlets. One outlet feeds the primary gravity circuit, consisting of three 1.2m (48 inch) Knelson Concentrators (located in a separate structure) operating in parallel and, second outlet feeds the flash flotation circuit (OK 500) whose concentrate product is giving a further grind at the Vertimill®. The last outlet of the splitter box serves as a bypass to directly feed the ball mill in case the Knelson concentrators and flash flotation units are not available. • Knelson concentrate is cyanide leached in an In-line Leach Reactor (ILR) in a batch process with the leached gold recovered in the gold room by electrowinning. • The hydrocyclone overflow is processed in the conventional bulk flotation circuit, which consists of rougher, scavenger, cleaner, and scavenger-cleaner stages. The rougher and scavenger flotation cells are self-aspirating while the cleaner cells are forced air. Each rougher (three-of) and scavenger (four-of) cells are 130m3 in volume, whilst the cleaner (two-of) and scavenger cleaner (four-of) cells are each 40m3 in volume. Flotation tailings are thickened and report to either the backfill circuit or to final tailings. • The combined flash and conventional flotation concentrates are re-ground in a Metso VTM-1000- WB Vertimill. operating in closed circuit with a bank of hydrocyclones, ahead of bioleaching. The target regrind size is 92% passing 45µm. • The SAG mill described above is designated SAG 1. There is another SAG mill which is designated SAG 2 (5.35m x 7.20m EGL with a 2,700kW motor) which run as a parallel process route from the same crushed ore stockpile (COS) and circuit product fed directly to the conventional bulk flotation plant but at a reduced feed rate of about 90tph. The SAG no.2 process route is what is referred to as the phase 1 circuit and incorporated with its own cyclone cluster. • The BIOX circuit consist of four parallel trains, with each train consisting of six reactors (895m3 live volume per tank), the first three operating in parallel (primary reactors) and the remaining three operating in series (secondary, tertiary and quaternary reactors); • The BIOX circuit product slurry (BIOX residue) is subjected to four stages of Counter Current Decantation (CCD), each stage consisting of a 20m diameter high-rate thickener. • CCD overflow is treated in the neutralisation circuit, consisting of six 290m3 tanks in series operated in two stages, with limestone neutralisation in the first stage and lime neutralisation in the second. Product slurry from neutralisation reports to a neutralisation tails hopper which is pumped to the desliming thickener at the backfill tailings area. • CCD underflow reports to the BIOX CIL circuit, which consists of a pre-oxidation stage using three 372m3 tanks in series (for pH adjustment and oxygen conditioning) but with option of bypassing according to operational or maintenance requirements. The pre-oxidation tanks product immediately gravitates into the gold dissolution process aided by milk of quicklime from the lime mill and cyanide from the cyanide sparging plant all located within the plant perimeter.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 69 16 Market studies Obuasi has no by-products and only gold is declared in the Mineral Reserve. The primary product sold from the mining and beneficiation of ore at our operations, is gold doré. The accepted framework governing the sale or purchase of gold, is conformance to the loco London standard. Only gold that meets the LBMAs Good Delivery standard is acceptable in the settlement of a loco London contract. In the loco London market, gold is traded directly between two parties without the involvement of an exchange, and so the system relies on strict specifications for fine ounce weight, purity and physical appearance. For a bar to meet the LBMA Good Delivery standard, the following specifications must be met as a minimum: • Weight: 350 fine troy ounces (min) and 430 fine troy ounces (max), • Purity / Fineness: Minimum fineness of 995.0 parts per thousand fine gold, • Appearance: Bars must be of good appearance not displaying any defects, irregularities such as cavities, holes or blisters. Only bullion produced by refiners whose practices and bars meet the stringent standards of the LBMAs Good Delivery List can be traded on the London market. Such a refiner is then an LBMA Accredited Refiner and must continue to meet and uphold these standards in order for its bars to be traded in the London market. Provided the bullion meets the LBMA Good Delivery standard, it is accepted by all market participants and thus provides a ready market for the sale or purchase of bullion. Annually, the gold prices used for determining Mineral Resource and Mineral Reserve are determined by the Mineral Resource and Ore Reserve committee (RRSC). Two different prices used for determining Mineral Resource and Mineral Reserve. These prices are provided in local currencies and are calculated using the historic relationships between the gold price and the local currency gold price. The Mineral Resource price reflects the company's upside view of the gold price and at the same time ensures that the Mineral Resource defined will meet the reasonable prospects for economic extraction requirement. Typically, the price is set closer to spot than the Mineral Reserve price and is designed to highlight any Mineral Resource that is likely to be mined should the gold price move above its current range. A margin is maintained between the Mineral Resource and ruling spot price, and this implies that Mineral Resource is economic at current prices but that it does not contribute sufficient margin to be in the current plans. The Mineral Reserve price provided is the base price used for mine planning. AngloGold Ashanti selects a conservative Mineral Reserve price relative to its peers. This is done to fit into the strategy to include a margin in the mine planning process. The company uses a set of economic parameters to value its assets and Business plan, these economic parameters are set on a more regular basis and reflect the industry consensus for the next five years. These are generally higher than the Mineral Reserve price and enable more accurate short term financial planning. Finally, the company uses a fixed price to evaluate its project and set its hurdle rate. This price and the hurdle rate are set by the board and changed when indicated due to significant changes in the price of gold. The determination of the Mineral Resource and Mineral Reserve prices are not based on a fixed average, but rather an informed decision made by looking at the trends in gold price. The gold prices and exchange rates determined are then presented to the RRSC for review, in the form of an economic assumptions proposal document once a year (generally the second quarter of the year). After review and approval by the committee, it is sent to AGAs Executive Committee ("EXCO") for approval. The prices for copper, silver and molybdenum are determined using the same process used for gold.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 70 The underground mining operations is contracted to Underground Mining Alliance (UMA), a JV between African Underground Mining Services (AUMS, Australian) and Rocksure (Ghanaian). AUMS holds a 70% interest while its Ghanaian counterpart holds 30%. Exploration and grade control drilling are undertaken by two third party contractors, Boart Longyear and Westfield Drilling Limited. The listed contracts are with unaffiliated third parties. 17 Environmental studies, permitting plans, negotiations, or agreements with local individuals or groups 17.1 Permitting All environmental permits have been received for the project at the time of completing this report. The permits are the Obuasi Redevelopment project and Tailings and Water Infrastructure project. The existing legal social management requirement is the legislated 3% royalty payment to be made to the Stool lands through the central government and property rates of GHC120,000 and GHC 48,751.82 payable every quarter to the Obuasi Municipal Assembly and the Jacobu District Assembly respectively, for use in social development programs. The Obuasi township is an integral part of the mine, as such maintaining peaceful co-existence is critical to the operations. To this end, Obuasi through its sustainability department, carries out regular engagement with the community leaders and maintains an open dialogue with the various stakeholders within the communities. As of 31 December 2021, the extraction of the Mineral Reserve is not anticipated to have any additional socio-economic or cultural impact for which specific mitigations are required, for example, no relocation of communities, nor sensitive areas are required. Impacts from the current on-going operation of the mine are managed through dedicated budgets and teams and these operational costs are included in the Mineral Reserve estimation process. These ongoing programs include, but not limited to, the following: • Securing the mine tenement by mitigating small-scale and artisanal mining activities within the mine concession through alternative livelihood introduction, provision of security to, and restoration of, the tenement vandalised areas and relocation of illegal miners to ceded concession. • Engaging with stakeholders for mutual benefit and building trust through community consultative committee meetings and community forums and seminars, scheduled engagements with local, regional, and national government authorities and regulators and responding to community socio- economic challenges where possible. For AngloGold Ashanti, investment in the community is to be achieved through the following areas: • Art, culture and heritage. • Social infrastructure. • Small and medium enterprises (SME). • Health. • Environment. • Education. There are currently no sensitive areas that impact on the operations requiring specific mitigation measures to be put in place. 17.2 Requirements and plans for waste tailings disposal, site monitoring and water management The Environmental Impact Statements for the two (2) permits details on tailings disposal using the BIOX tailings storage facility (TSF) and describes site water management philosophy.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 71 A reclamation plan is being implemented following a signed Reclamation Security Agreement with the Environmental Protection Agency in 2018. Waste rock generated during underground development, will be used to fill secondary voids; any excess waste rock will be disposed at a designed waste dump site, covered with topsoil and revegetated following closure. The processing tailings comprise of flotation tailings, which constitute 85% of the entire tailings stream with the rest being BIOX® tailings. The BIOX® tails is deposited at the new TSF. Flotation tailings will either be sent to the paste fill plant for paste generation for backfilling voids underground or be stored in a designed tailings dam at the south TSF. The percentage of flotation tails used for paste fill will depend on the volume of void ready for backfilling at a particular point in time with the remainder transferred to the south TSF. However, in situations where no void is ready for filling the entire flotation tails will be deposited on the south TSF. The South TSF is an upstream laterite paddock hybrid TSF with a disturbance footprint of approximately 200ha. The South TSF was initially formed behind a compacted laterite starter wall which has been progressively raised as required since construction in 1993. The most recent raise of 1.5m was completed in August 2015. Deposition of flotation tailings on South TSF is operated in a manner which provides a very low arsenic-no cyanide layer over the combined tailings and establishes a water-shedding surface for closure of the facility. The water-shedding surface on South TSF will require in the order of 4.9 Mt flotation tailings, after which, the flotation tailings will be deposited in the new Dokyiwa TSF flotation compartment which will be constructed later. A decant pump and a one tower penstock located on the east side of the TSF is the primary decant method. This operational decant facility returns water to the processing facilities via the East Holding Pond. The bacteria used in the BIOX® process at the STP have a very low tolerance to trace levels of cyanide, hence all decant water returned from the TSF is treated in the STP water treatment plants prior to reuse in the STP circuit. In this manner, no water is discharged directly from the TSF to the environment as all water is treated via the South Processing Plant (SPP) water treatment plant and discharged to the various water management ponds. Water excess to the demands of the circuit is treated through the Reverse Osmosis (RO) 250 and 500 water treatment plants operated by Veola (plant operator-Contractor) to compliant quality criteria prior to discharge to the environment. An emergency penstock arrangement is located on the south side of the TSF to decant water and prevent overtopping of the TSF in the event of extraordinary rainfall event. A three-tower penstock has also been constructed on the north side in anticipation of directing decant water to the process water dam (PWD). Water management at Obuasi encompasses underground dewatering, surface catchment and storm water run-off across the mine site, water storage and treatment facilities, water extraction from, and discharge to, local watercourses, and a complex process water circuit. The site water balance, which is 'positive', is complex and intimately linked with the TSF. Significant improvements in water management and stability of the facility, including penstock improvements and buttressing of the North wall has resulted in good control of the water pool on the TSF surface and improved the stability of the facility. The minimum required distance of the pool from the TSF walls of 120m is consistently maintained and often well exceeded. Additionally, the installation of gauge posts has resulted in a more informed management approach. Management practices on the TSF to ensure its safety and stability are; • Recording of freeboard and pool depth. • Recording of rainfall figures and pool distances from the walls. • Regulate, pumping and transfer of return water from the TSF and the holding pond to the plant and seepage sump back to the TSF. • Visual inspections and recordings of the embankment, berms, canal, drain boxes and finger drains. • Recording of piezometers to check the phreatic levels in the embankment. • Fixing of erosion gullies on TSF service roads and embankment

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 72 The general principle and aim are to always manage the pool to the minimum size especially during the rainy season and ensuring that the TSF remains in a safe and stable condition and ensure that all monitoring systems remain in place to best practice standards. This care and maintenance plan has been developed to ensure that the TSF complies with regulatory provisions and conforms to best practices within AngloGold Ashanti tailings management framework. Reclamation activities are scheduled over the full LOM and provide for operational synergies, particularly minimising the liability that will remain when gold production has ceased. It also allows for progressive relinquishment of the environmental liabilities outside the core operational area and the return of this land to the Obuasi community. Reclamation practices are governed by EPA and Minerals Commission Acts and legislative instruments principally. AngloGold Ashanti Ghana is implementing an approved reclamation plan submitted to the EPA as part of the Environmental Impact Statement (EIS) for which an environmental permit has been granted. The reclamation plan is based on the methodology and closure approach as concluded in the reclamation security agreement (RSA 2018). In addition to the national regulations which AGAG is required to comply firstly, the company has also developed Corporate Closure Planning Standard (2013) and associated Closure Planning Guideline (2014) which require the reclamation and closure plans developed to mitigate site-specific closure risks and meet several overall objectives, including: • Compliance with host country requirements and site-specific commitments (noting that where the legal requirements cannot be met or are not the optimal requirement for closure, every effort must be made to negotiate an alternative with the applicable authority). • Mitigation and management of contamination (water, air, soil) and disturbed land. • Minimise costs, but not at the expense of meeting other closure objectives. • Establish sustainable land use(s) that do not compromise future public health and safety. • Evaluate the potential use of existing structures and infrastructure for future economic benefit 17.3 Socio-economic impacts In compliance with the stability agreement between AngloGold Ashanti Ghana and the government of Ghana, a Community Trust Fund has been established where $2 for every ounce of gold produced is paid into the fund. The fund is expected to contribute positively to the development of communities within AngloGold Ashanti Ghana catchment area. Apart from the Community Trust Fund that is legislated, there are other voluntary programmes that AngloGold Ashanti Ghana has initiated aimed at promoting socio-economic activities within its catchment areas. A 3-year socio-economic management plan which was launched in 2019 and ended in 2021 focused, among other things, the promotion of diversity and inclusion in AngloGold Ashanti Ghana host communities. Specifically, AngloGold Ashanti Ghana has supported the sustainable capacity development of women and girls through its Enterprise and Educational development programmes. A longer-term socio-economic development is currently being worked on to provide investment in the areas of Science, Engineering, Technology and Mathematics (STEM) with emphasis on promoting girls' participation in these areas. The mine has also established a $300,000 fund for the repair of cracks on buildings that may be impacted by blasting operations for communities that are near the mine. 17.4 Mine closure and reclamation The Environment Protection Agency is the primary agency regulating environmental-related closure issues on mine sites in Ghana, including reclamation bonds and agreement of when environmental responsibility can be divested. The Minerals Commission regulates the relinquishment of mining concessions in their entirety or part thereof.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 73 Obuasi closure plans have been well-developed and are currently being implemented according to plan. The reclamation plan is based on the methodology and closure approach as concluded in the reclamation security agreement (RSA 2018). In addition to the national regulations which AngloGold Ashanti Ghana is required to comply firstly, the company has also developed Corporate Closure Planning Standard (2013) and associated Closure Planning Guideline (2014) which require the reclamation and closure plans developed to mitigate site-specific closure risks and meet several overall objectives, including: • Compliance with host country requirements and site-specific commitments (noting that where the legal requirements cannot be met or are not the optimal requirement for closure, every effort must be made to negotiate an alternative with the applicable authority). • Mitigation and management of contamination (water, air, soil) and disturbed land. • Minimise costs, but not at the expense of meeting other closure objectives. • Establish sustainable land use(s) that do not compromise future public health and safety. • Evaluate the potential use of existing structures and infrastructure for future economic benefit The standard requires consultation with key stakeholders throughout the closure planning process, particularly on post-closure land uses and objectives. All closure options considered for individual disturbance areas were selected to meet the following overarching closure objectives: • Minimise the potential for health risks arising from closure areas; • Be technically and economically viable; • Be compatible with surrounding land use to the extent possible; and • Optimise land use suitability to the extent practicable. The full closure cost is estimated at $255M. 17.5 Qualified Person's opinion on adequacy of current plans Obuasi currently holds valid permits to operate and complies with all requirements of the permits. The closure plans have been catered for in the mine plan and there are no outstanding permit issues that the QP is aware of. The social-economic, local, and general community issues are acceptably managed, and the QP considers these plans to be adequate. 17.6 Commitments to ensure local procurement and hiring To bolster the local economy, AngloGold Ashanti has implemented policy interventions targeted at communities within its catchment area. These interventions include: • The AngloGold Ashanti community trust fund: an establishment that contributes positively to the development of communities within the AngloGold Ashanti Ghana catchment area, • The AngloGold Ashanti Health Foundation: an AngloGold Ashanti Ghana supported hospital in Obuasi and the establishment of an enterprise development program. • Local content/procurement plan: This is part of the broader social management plan aimed at creating opportunities for local businesses to increasingly participate in AGA's supply chain. This has been supported through the Commercial and Procurement department of the mine. • A local employment programme where AngloGold Ashanti Ghana and Companies who have contract with it must fill all unskilled roles from the community through the sustainability department. 18 Capital and operating costs 18.1 Capital and operating costs Capital (CAPEX) and operating (OPEX) expenditures were estimated based on the LOM mining schedule. The gold price, exchange rates, and others are provided by the corporate office. AngloGold Ashanti signed a tax and redevelopment agreement with GOG in 2017 and 2018 respectively. In these agreements, a royalty rate of 3% and corporate tax rate of 32.5% apply within a 10-year concession period. Beyond this concession period, standard rates of 5% and 35% apply for royalty and income tax respectively. An agreed schedule of input duties is applicable for an initial period of six years ending 31 December 2023.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 74 Economic criteria used, including capital and operating costs, royalties are also considered in the COGs calculation. Capital (CAPEX) and operating (OPEX) expenditures were estimated based on the business plan and LOM mining schedule. These are updated on an annual basis. The key cost components comprise of Ore Reserve development (ORD), underground DD program, mining fleet replacement, and an upgrade of processing infrastructure. The remaining capital costs are categorised as non-sustaining and involve capital spend on the Obuasi Deeps Decline (ODD), which is the main access ramp to the mine running through to the deepest part of the mine in Block 11 and the KMVS shaft, a major return air raise designed to support the mining of the central blocks of the mine, which is currently planned to be completed by 2024. The other non-sustaining capital spend are associated with the Obuasi phase 3 projects involving KMS and BSVS shaft upgrades, and power and mine services upgrades. The key operating costs are categorised into three main components: mining, processing and G&A. These costs are based on the LOM Plan (Mineral Reserve only). The top five costs for mining (excludes ORD cost), by cost element are: • Ground support. • Operational development. • Electricity and power (significant contributor being ventilation refrigeration units). • Labour (mining, mine technical and geology). • Material handling. • The mining cost model is based on, and built around, the current mining contractor scenario. • The OPEX cost is approximately $79/ore tonne mined, although this varies from Block to Block. • A similar cost breakdown for both processing operating costs and G&A are shown below. Processing operating cost estimates were developed as a matrix based on cost type and expenditure area. The following key inputs form the basis of the operation cost estimate: • Operating, technical services and maintenance labour, • Electrical power draw derived from the mechanical equipment list, • Reagent and operating consumables, • Maintenance consumables cost, • General and administration costs, within the process plant only, • Mobile equipment; and • Metallurgical analysis expenses. All applicable freight costs associated with transporting goods to, and within Ghana, are included in the estimate. The operating cost estimate includes the following: • Cost of labour for staff, including all applicable other payroll and non-payroll costs. • Labour costs for supervision, management and reporting of onsite organisational and technical activities directly associated with the processing plant. • Labour numbers have been estimated for operating and maintaining the process plant and supporting infrastructure including the newly established paste fill plant. • Costs of operating consumables, are based on current costs as supplied to site. • Cost of power; which is based on a unit cost for power supplied to the site. • Fuels, lubricants and maintenance materials used to operate and maintain the process plant and vehicles. • Miscellaneous operating costs including safety, training, recruitment and communications; and

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 75 • Costs associated with the analysis of metallurgical samples at the onsite laboratory operated by Obuasi as well as the contract laboratory. The top five (5) contributors of processing cost are: • Reagents-$560M. • Electricity and power-$279M. • Labour-$146M. • Service Water-$103M. • Engineering materials-$88M. The remaining operational cost is associated with general and administrative costs, covering key overheads, labour, contractors and general mine services. The major cost associated with G&A is labour followed by corporate recharges. Capital budget in financial model Sustaining Capital LoM (2022-2037): $M ORD Development 708 UG Infrastructure Development 198 Surface & UG Infrastructure Development 80 Mining Fleet 145 Processing Infrastructure 116 Site Process Water Improvement Projects 15 Replacement Of Sansu Emergency Faulty Genset 3.55 Lom Asset Integrity 8.20 Brownfields Exploration 80.11 Other Capital 72.42 Total 1,426.68 Other Capital (Non-Sustaining) LoM (2022-2037) : $M Mining Decline 65.98 KMVS Raise Boring 10.76 Obuasi Redevelopment Project Phase 3 90.23 Other 6.81 Total 173.78

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 76 Key operational costs Mining cost LoM (2022-2037) : $M Labour 380.64 Explosives And Accessories Material 104.10 Support And Construction Material 96.16 Material Steel 10.08 Fuel 124.40 Electricity & Power 462.71 Mining Development & Operations 615.36 Ground Support 809.55 Load & Haul - Waste 6.03 Load & Haul - Ore 329.93 Contract - Drilling 201.80 Ore Rehandle Rom 26.64 Contract Fixed Costs Overheads 351.39 ORD and Other Capital Credit\* (1,280.40) Contract - Hire Equipment 11.74 Services 10.07 Other 183.50 Total 2,443.70 \*ORD and Other Capital Credit represents the contra entry of the amounts allocated or apportioned out of the mining cost to Obuasi underground decline capital, Mineral Reserve and SIBC underground infrastructure development. Processing Cost LoM (2022-2037): $M Labour 146.11 Cement 0.28 Reagents 560.20 Engineering Materials 88.10 Fuel 45.31 Mill Liners & Spares 59.00 Electricity & Power 279.33 Contractors & Consultants 18.91 Ore Rehandle ROM 25.30 Metallurgical Analysis Expenses 18.03 Plant & Equipment Hire 3.46 Service Water 103.16 General Materials 14.17 Other 47.29 Total 1,408.64 General and Administrative cost LoM (2022-2037): $M Labour 399.79 Engineering Material 19.83 Fuel 11.07 Other Material 22.20 Power 40.95 Aircraft 6.73 Labour Contractor and Consultants 72.04 Mining Contractors 7.08 Plant And Equipment Rental 2.19 Water 24.79 Offsite Repairs 0.14 Services 119.78 Corporate Recharges 129.30 Other 44.17 Total 900.07

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 77 18.2 Risk assessment Obuasi has a long history of mining activities, experiencing various mining methods, mining equipment and application of varying technical and operational management methods compounded by difficult ground conditions resulting in a large complex mine with significant footprint of disturbed areas. Existing operating workings are overlain by extensive worked out and abandoned areas, through which the new working horizons are required to integrate. This complexity and the associated uncertainty of historical information have been mitigated by rigorous design optimisation process in historically mined areas to ensure local and regional stability. There is also a comprehensive ground control management program in place to manage any other geotechnical risks as the mine transitions deeper, and a robust management operating system to manage the operations. As such, these risks are not anticipated to impact the execution of the Mineral Reserve mine plan. All relevant permits have been obtained for the operations. In the political space, Ghana is a peaceful country with a stable democratic system, and the mine has maintained a peaceful coexistence with the communities within its catchment area. 19 Economic analysis 19.1 Key assumptions, parameters and methods • The following are material assumptions used for the Obuasi 2022 Mineral Reserve Business Plan: Power Rate: $0.140/kwh. • Diesel cost: $0.988/l. • Gold: $1200/oz. AngloGold Ashanti signed a tax and redevelopment agreement with the government of Ghana in 2017 and 2018 respectively. In these agreements, a royalty rate of 3% and corporate tax rate of 32.5% apply within a 10-year concession period. Beyond this concession period, standard rates of 5% and 35% apply for royalty and income tax respectively. An agreed schedule of input duties is applicable for an initial period of six (6) years ending 31 Dec 2023. 19.2 Results of economic analysis Inferred Mineral Resource has been excluded from the demonstration of economic viability in support of disclosure of a Mineral Reserve. As described in Section 21.4, AngloGold Ashanti takes into consideration the potential impact of the Inferred Mineral Resource in the planning process for the Mineral Reserve, but the cash flow analysis does not include the Inferred Mineral Resource in demonstrating the economic viability of the Mineral Reserve. Obuasi cash flow analysis (Mineral Reserve material only)

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 78 Revenues LOM cashflow at NPV0 is $13,082.7. This decreases to $653.3 at a discount rate of 10% and at 15% decreases to $459.3. 19.3 Sensitivity analysis A sensitivity analysis on NPV0 model for key value drivers (gold price, capital cost, operating cost, and processed grade) were completed on the Mineral Reserve financial model. A 20% change in either gold price or processed grade resulted in the NPV0 change by about the same amount. However, a 20% change in operating and capital costs resulted in 72% and 23% changes to the NPV0 respectively. As shown below, the Mineral Reserve is most sensitive to gold price and processed grade changes. Capital and operating costs have less impact compared to price and feed grade. Sensitivity analysis for key value drivers (numbers as after-tax NPV0, in $M)

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 79 Obuasi Mineral Reserve sensitivity on key value drivers 20 Adjacent properties There are concessions to the south of Obuasi owned by Adansi Gold. Edikan Gold is owned by Perseus Mining Ltd (also to the south). To the north of Obuasi, is Asanko gold mine which is a JV between Asanko Ltd and Goldfields Ltd. Goldstone Resource took over the previous Homase concession from AngloGold Ashanti Ghana in 2002/2003. These adjacent properties do not have an important bearing on this report and no information from these properties was used 21 Other relevant data and information 21.1 Inclusive Mineral Resource The majority of the Inclusive Mineral Resource is from underground sources with the surface sources (Anyinam and Gyabunsu-Sibi) constituting less than 1% of the Inclusive Mineral Resource. The largest contributions are from Cote D'Or (all Inferred Mineral Resource), Blocks 2, 8, 10 and 11. The remaining blocks each contribute less than 10%.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 80 Inclusive gold Mineral Resource Obuasi Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Anyinam Measured 0.00 2.50 0.01 0.00 Indicated 0.45 3.54 1.59 0.05 Measured & Indicated 0.45 3.53 1.60 0.05 Inferred 1.02 4.23 4.32 0.14 Gyabunsu-Sibi Measured 0.05 4.00 0.21 0.01 Indicated 0.05 3.48 0.16 0.01 Measured & Indicated 0.10 3.76 0.37 0.01 Inferred 0.28 3.97 1.13 0.04 Above 50 Level - Block 1 Measured - - - - Indicated 7.80 6.00 46.86 1.51 Measured & Indicated 7.80 6.00 46.86 1.51 Inferred 2.40 5.90 14.15 0.45 Above 50 Level - Block 2 Measured - - - - Indicated 9.12 8.59 78.39 2.52 Measured & Indicated 9.12 8.59 78.39 2.52 Inferred 3.06 5.09 15.58 0.50 Above 50 Level - Block 8 Measured 4.58 9.47 43.35 1.39 Indicated 12.13 4.97 60.33 1.94 Measured & Indicated 16.71 6.21 103.68 3.33 Inferred 2.92 4.51 13.17 0.42 Above 50 Level - Block 10 Measured 0.90 9.90 8.88 0.29 Indicated 10.67 7.07 75.44 2.43 Measured & Indicated 11.57 7.29 84.31 2.71 Inferred 4.41 5.58 24.63 0.79 Above 50 Level - Adansi Measured - - - - Indicated 2.99 12.86 38.46 1.24 Measured & Indicated 2.99 12.86 38.46 1.24 Inferred 2.66 9.53 25.39 0.82 Above 50 Level - Cote d'Or Measured - - - - Indicated - - - - Measured & Indicated - - - - Inferred 24.71 7.85 193.88 6.23 Above 50 Level - Sansu Measured 1.38 9.51 13.15 0.42 Indicated 5.40 5.20 28.06 0.90 Measured & Indicated 6.78 6.08 41.20 1.32 Inferred 2.48 4.19 10.41 0.33 Below 50 Level - Block 11 Measured - - - - Indicated 3.09 19.30 59.70 1.92 Measured & Indicated 3.09 19.30 59.70 1.92 Inferred 2.47 16.81 41.52 1.34 Below 50 Level - Block 14 Measured - - - - Indicated 0.55 8.05 4.47 0.14 Measured & Indicated 0.55 8.05 4.47 0.14 Inferred 3.72 8.19 30.48 0.98 Total Measured 6.91 9.49 65.60 2.11 Indicated 52.26 7.53 393.45 12.65 Measured & Indicated 59.17 7.76 459.04 14.76 Inferred 50.15 7.47 374.66 12.05

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 81 21.2 Inclusive Mineral Resource by-products There are no Inclusive Mineral Resource by-products. 21.3 Mineral Reserve by-products There are no Mineral Reserve by-products. 21.4 Inferred Mineral Resource in annual Mineral Reserve design AngloGold Ashanti's planning process allows the use of Inferred Mineral Resource in Mineral Reserve determination and reporting as well as in our business planning. These two are closely aligned with the Mineral Reserve being a subset of the business planning process. It is important to note that in all AngloGold Ashanti processes, despite the use of Inferred Mineral Resource, there is never a conversion of Inferred Mineral Resource to a Mineral Reserve. AngloGold Ashanti completes an Inferred Mineral Resource risk test on all plans. This involves setting the Inferred Mineral Resource grade to zero within the Mineral Reserve design (thereby considering a worst- case scenario whereby the Inferred Mineral Resource totally fails to deliver, and it is completely made up of waste). The Mineral Reserve design is evaluated with the Inferred Mineral Resource at zero grade, and if the design using Measured and Indicated Mineral Resource remains financially positive, it has been proven that the Mineral Reserve is robust enough to make a positive financial return and therefore satisfies the requirements of a Mineral Reserve. With appropriate caution, a portion of the Inferred Mineral Resource was included in the business plan optimisation process. This accounts for 10% of the Mineral Reserve plan of 16 years. No Inferred Mineral Resource is considered in Mineral Reserve reporting. Inferred Mineral Resource in Mineral Reserve design Obuasi Tonnes Grade Contained gold as at 31 December 2021 million g/t tonnes Moz Above 50 Level - Block 1 0.18 8.31 1.46 0.05 Above 50 Level - Block 2 0.25 6.80 1.73 0.06 Above 50 Level - Block 8 0.88 5.96 5.25 0.17 Above 50 Level - Block 10 1.45 6.83 9.90 0.32 Above 50 Level - Adansi 0.59 10.23 6.00 0.19 Above 50 Level - Sansu 0.49 6.02 2.93 0.09 Below 50 Level - Block 11 0.11 18.45 2.02 0.06 Total 3.95 7.43 29.29 0.94 21.5 Additional relevant information AngloGold Ashanti evaluates the conversion of Inferred Mineral Resource to Indicated Mineral Resource on an annual basis. During 2020 and 2021, Sansu, Blocks 1, 8 and 10 were drilled. Only Block 8 had Inferred Mineral Resource upgrades to Indicated Mineral Resource during both 2020 and 2021. Blocks 1 and 10 had upgrades only in 2021 and, for Sansu, no appreciable Inferred Mineral Resource was upgraded during either of the years. The conversion evaluation is presented below. For ounces, conversion rates of 22% and 121% was achieved in Blocks 1 and 10 respectively. For Block 8, the cumulative conversion achieved over the two years was 132%.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 82 Inferred to Indicated Mineral Resource Conversion for 2021 2020 2021 2022 Tonnes (t) Grade (g/t) Gold (oz) Tonnes (t) Grade (g/t) Gold (oz) Tonnes (t) Grade (g/t) Gold (oz) Block 8 Starting Inferred Mineral Resource 470,507 5.45 82,464 245,503 4.78 37,728 115,418 4.60 17,069 Resulting Indicated Mineral Resource (year+1) 671,009 5.47 117,984 245,582 5.19 40,977 - - - Conversion between years (%) 143% 100% 143% 100% 109% 109% - - - Cumulative conversion (%) 143% 100% 143% 128% 104% 132% - - - Block 10 Starting Inferred Mineral Resource - - - 418,942 7.69 103,550 243,298 5.26 41,114 Resulting Indicated Mineral Resource (year+1) - - - 319,809 12.19 125,341 - - - Conversion between years (%) - - - 76% 159% 121% - - - Cumulative conversion (%) - - - 76% 159% 121% - - - Block 1 Starting Inferred Mineral Resource - - - 87,328 19.21 53,941 7,880 6.50 1,647 Resulting Indicated Mineral Resource (year+1) - - - 43,131 8.63 11,966 - - - Conversion between years (%) - - - 49% 45% 22% - - - Cumulative conversion (%) - - - 49% 45% 22% - - - The Mineral Resource to Mineral Reserve conversion rates for Blocks 8 and 10 were very good, but a significantly poorer conversion rate was achieved in Block 1. Compared with Block 1, Blocks 8 and 10 are more mature areas where the geology and the mineralised boundary extents are better understood. Block 1 is an immature, future mining area where drilling was focused on the base of a mineralised lode to firm up on the thickness and extents of the mineralisation. With infill drilling, it was found that the mineralisation narrowed more rapidly than interpreted from the broad, Inferred Mineral Resource confidence level drilling. A typical S-N vertical section (in local coordinates) for Block 1 comparing the 2020 gold grade estimates with the 2021 gold grade estimates for an area upgraded from Inferred to Indicated Mineral Resource.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 83 AngloGold Ashanti reconciles the conversion of the Inferred Mineral Resource via grade control if it is not converted to Indicated Mineral Resource before it is mined. This is seen as the final standalone measurable point of the delivery of Inferred Mineral Resource. However, no Inferred Mineral Resource was converted directly to grade control during the two years assessed. 21.6 Certificate of Qualified Person(s) Emmarentia Maritz certificate of competency As the author of the report entitled Obuasi Technical Report summary, I hereby state: • My name is Emmarentia Maritz. I am the Qualified Person for the Mineral Resource. • My job title is Chief Geologist Evaluation. • I am member of SACNASP (South African Council for Natural Scientific Professions) with • membership number 118345. I have a BSc Hons (Geology) degree, a BSc (Geology) degree and a MSc (Mineral Resource Evaluation). • I have 18 years of relevant experience. • I am a Qualified Person as defined in Regulation S-K 1300 Rule. • I am not aware of any material fact or material change with respect to the subject matter of the report that is not reflected in the report, the omission of which would make the report misleading. • I declare that this Report appropriately reflects my view. • I am not independent of AngloGold Ashanti Ltd. • I have read and understand Regulation S-K 1300 Rule for Modernisation of Property Disclosures for Mining Registrants. I am clearly satisfied that I can face my peers and demonstrate competence for the deposit. • I am an employee in respect of AngloGold Ashanti Ltd in respect of the issuer AngloGold Ashanti Ltd for the 2021 Final Mineral Resource. • At the effective date of the report, to the best of my knowledge, information and belief, the report contains all scientific and technical information that is required to be disclosed to make the report not misleading. Douglas Atanga certificate of competency As the author of the report entitled Obuasi Technical Report Summary, I hereby state: • My name is Douglas Atanga. I am the Qualified Person for the Mineral Reserve. • My job title is Chief Mining Engineer. • I am a member of the AusIMM (Australasian Institute of Mining and Metallurgy) with • membership number 334391. I have a BSc (Mining Engineering) degree. • I have 13 years relevant experience. • I am a Qualified Person as defined in Regulation S-K 1300 Rule. • I am not aware of any material fact or material change with respect to the subject matter of the Report that is not reflected in the report, the omission of which would make the report misleading. • I declare that this report appropriately reflects my view. • I am not independent of AngloGold Ashanti Ltd. • I have read and understand Regulation S-K 1300 Rule for Modernisation of Property Disclosures for Mining Registrants. I am clearly satisfied that I can face my peers and demonstrate competence for the deposit.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 84 • I am an employee in respect of AngloGold Ashanti Ltd in respect of the issuer AngloGold Ashanti Ltd for the 2021 Final Mineral Resource. • At the effective date of the report, to the best of my knowledge, information and belief, the report contains all scientific and technical information that is required to be disclosed to make the report not misleading. 22 Interpretation and conclusions Unmitigated risks and uncertainties that could affect the confidence in the Mineral Resource and Mineral Reserve estimates pertain to historical geological and survey data. The Obuasi Mine has been in operation since 1897 and all available, appropriate data has been used for Mineral Resource and Mineral Reserve compilation. This includes the geological and survey data collected over several decades prior to the merger of AngloGold and Ashanti Goldfields Company Limited in 2004. The risk associated with the inclusion of this data has been mitigated by a comprehensive data validation project completed between 2015 and 2018 (for geological data) and by reduced Mineral Resource confidence (such as the downgrades of Indicated to Inferred Mineral Resource for Cote D'Or). The verification of historical data is an ongoing project and will continue as areas become accessible and further infill drilling and verification work becomes possible. 23 Recommendations AngloGold Ashanti runs a comprehensive business planning process which is framed by the Company's Strategic Options process. This sets the mine's budget requirements aligned to both the larger group and the necessities of the operation. The decisions that result from this process are ultimately approved by AngloGold Exco and the regional and mine's senior management. While the Qualified Person is an intimate part of this process, he/she does not make recommendations for the operation without it being part of the described framework. 24 References 24.1 References The references cited in the Technical Report Summary include the following: Publications: Adadey, K., Clarke, B., Theveniaut, H., Urien, P., Delor, C., Roig, J.Y., Feybesse, J.L. (2009) Geological map explanation - Map sheet 0503 B (1:100 000), CGS/BRGM/Geoman, Geological Survey Department of Ghana (GSD). No MSSP/2005/GSD/5a Allibone AH, McCuaig TC, Harris D, Etheridge M, Munroe S, Byrne D, Amanor J, Gyapong W (2002) Structural Controls on Gold Mineralization at the Ashanti Gold Deposit, Obuasi, Ghana. Society of Economic Geologists Special Publication 9:29 Blenkinsop, T.G., Schmidt Mumm, A., Kumi, R., Sangmor, S., 1994, Structural Geology of the Ashanti Gold Mine, Geologisches Jahrbuch, D 100, 131-153 Clark, L., 1998. Minimizing Dilution in Open Stope Mining with Focus on Stope Design and Narrow Vein Longhole Blasting. M.Sc. University of British Columbia, Vancouver, BC. John, T., Klemb, R., Hirdes, W., Loh, G., 1999, The metamorphic evolution of the Paleoproterozoic (Birimian) volcanic Ashanti belt (Ghana, West Africa), Precambrian Research, 98, 11-30 Matthews, K.E., Hoek, E., Wylie, D., and Stewart, 1981. Prediction of Stable Excavation Spans for Mining at Depths Below 1,000m in Hard Rock. CANMET DSS Serial No: 0sQ80-00081., Ottawa, ON Oberthur T, Vetter U, Schmidt Mumm A, Weiser T, Amanor J, Gyapong W, Kumi R, Blenkinsop T (1994) The Ashanti gold mine at Obuasi, Ghana: Mineralogical, geochemical, stable isotope and fluid inclusion studies on the metallogenesis of the deposit. Geologisches Jahrbuch, D 100:31-129

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 85 Oberthur T, Vetter U, Davis DW, Amanor JA (1998) Age constraints on gold mineralization and Paleoproterozoic crustal evolution in the Ashanti belt of southern Ghana. Precambrian Research 89 (34):129-143. doi:10.1016/s0301-9268(97)00075-2 Perrouty S., Ailleres L., Jessell M., Baratoux L., Bourassa Y., Crawford B., 2012, New Field and Geophysical Evidence of Pre-Tarkwaian Deformation in the Southern Ashanti Belt, Ghana Implications for Gold Mineralisation, Precambrian Research, 204-205, 12-39 Schwartz MO, Oberthuer T, Amanor J, Gyapong WA (1992) Fluid inclusion re-equilibration and P-T-X constraints on fluid evolution in the Ashanti gold deposit, Ghana. European Journal of Mineralogy 4 (5):1017-1033 West African Exploration Initiative (2013). Stage II. Australia: AMIRA International Limited Web References: Multistage mineralization of the giant Obuasi gold deposit, Ghana - Scientific Figure on ResearchGate. Available from: https://www.researchgate.net/figure/Geological-map-of-northern-Ghana-geology-and- locations-of-major-gold-deposits-modified_fig1_266375609 [accessed 26 Jan, 2021] Intrusion-related affinity and orogenic gold overprint at the Paleoproterozoic Bonikro Au (Mo) deposit (Côte d'Ivoire, West African Craton) - Scientific Figure on ResearchGate. Available from: https://www.researchgate.net/figure/Geological-map-of-the-southern-part-of-the-West-African-Craton- modified-after-Milesi-et_fig1_333116695 [accessed 26 Jan, 2021] "Ghana Gold Production". CEIC Data. Available from: www.ceicdata.com/en/indicator/ghana/gold- production [accessed 26 October 2020] "Ghana election: Nana Akufo-Addo re-elected as president". BBC News. 9 December 2020. Available from: www.bbc.com/news/world-africa-55236356 [accessed 21 June 2021] "Ghana Population (LIVE)". Worldometers. Archived from the original on 5 July 2019. Available from: www.worldometers.info/world-population/ghana-population/ [accessed 22 June 2019] Internal Company Reports: Boachie, A., 2007. Obuasi U/G Mine Density Project, 2007. Chamberlain, V, 2020. Code for the Reconciliation of Produced Grade and Tonnage, June 2020 Revision No 3. Document Number CODE2020-267-2. Crisp, S., 2018. Competent Persons Report, Mineral Resource of Obuasi Mine as at December 2018. Ulrich, S., Fougerouse, D., Miller, J., Jan 2013. Annual project report 2012 controls on the genesis, geometry and location of the Obuasi deposits, Ghana. Report produced for the Centre of Exploration Targeting (CET) project with AngloGold Ashanti Ltd. Maritz, E., 2020. The Modelling and Estimation of Sulphur, Iron, Silica and Arsenic from pXRF data Obuasi Mine April 2020. Obuasi Feasibility Study Final Draft January, 2015. Obuasi Optimized Feasibility Study (P300), June 2016. Project AKAN - Geotechnical Assessment Draft Report, January 2016. AMC215039 Obuasi Geotechnical Review, May 2015. PHD Thesis:

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 86 Fougerouse, D., 2015. Geometry and genesis of the giant Obuasi gold deposit, Ghana. The thesis was presented for the degree of Doctor of Philosophy from the Centre for Exploration Targeting, School of Earth and Environment, The University of Western Australia. 24.2 Mining terms All injury frequency rate: The total number of injuries and fatalities that occurs per million hours worked. By-products: Any potentially economic or saleable products that emanate from the core process of producing gold or copper, including silver, molybdenum and sulphuric acid. Carbon-in-leach (CIL): Gold is leached from a slurry of ore where cyanide and carbon granules are added to the same agitated tanks. The gold loaded carbon granules are separated from the slurry and treated in an elution circuit to remove the gold. Carbon-in-pulp (CIP): Gold is leached conventionally from a slurry of ore with cyanide in agitated tanks. The leached slurry then passes into the CIP circuit where activated carbon granules are mixed with the slurry and gold is adsorbed on to the activated carbon. The gold-loaded carbon is separated from the slurry and treated in an elution circuit to remove the gold. Comminution: Comminution is the crushing and grinding of ore to make gold available for physical or chemical separation (see also "Milling"). Contained gold or Contained copper: The total gold or copper content (tonnes multiplied by grade) of the material being described. Cut-off grade: Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio. Depletion: The decrease in the quantity of ore in a deposit or property resulting from extraction or production. Development: The process of accessing an orebody through shafts and/or tunneling in underground mining operations. Development stage property: A development stage property is a property that has Mineral Reserve disclosed, but no material extraction. Diorite: An igneous rock formed by the solidification of molten material (magma). Doré: Impure alloy of gold and silver produced at a mine to be refined to a higher purity. Economically viable: Economically viable, when used in the context of Mineral Reserve determination, means that the Qualified Person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions. Electrowinning: A process of recovering gold from solution by means of electrolytic chemical reaction into a form that can be smelted easily into gold bars. Elution: Recovery of the gold from the activated carbon into solution before zinc precipitation or electrowinning. Exploration results: Exploration results are data and information generated by mineral exploration programs (i.e., programs consisting of sampling, drilling, trenching, analytical testing, assaying, and other similar activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit) that are not part of a disclosure of Mineral Resource or Reserve. A registrant must not use exploration results alone to derive estimates of tonnage, grade, and production rates, or in an assessment of economic viability. Exploration stage property: An exploration stage property is a property that has no Mineral Reserve disclosed. Exploration target: An exploration target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 87 Feasibility Study (FS): A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A Feasibility Study is more comprehensive, and with a higher degree of accuracy, than a Prefeasibility Study. It must contain mining, infrastructure, and process designs completed with sufficient rigor to serve as the basis for an investment decision or to support project financing. Flotation: Concentration of gold and gold-hosting minerals into a small mass by various techniques (e.g. collectors, frothers, agitation, air-flow) that collectively enhance the buoyancy of the target minerals, relative to unwanted gangue, for recovery into an over-flowing froth phase. Gold Produced: Refined gold in a saleable form derived from the mining process. Grade: The quantity of ore contained within a unit weight of mineralised material generally expressed in grams per metric tonne (g/t) or ounce per short ton for gold bearing material or Percentage copper (%Cu) for copper bearing material. Greenschist: A schistose metamorphic rock whose green colour is due to the presence of chlorite, epidote or actinolite. Indicated Mineral Resource: An Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a Probable Mineral Reserve. Inferred Mineral Resource: An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resource, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability. With caution AngloGold Ashanti uses Inferred Mineral Resource in its Mineral Reserve estimation process and the Inferred Mineral Resource is included in the pit shell or underground extraction shape determination. As such the Inferred Mineral Resource may influence the extraction shape. The quoted Mineral Reserve from these volumes includes only the converted Measured and Indicated Mineral Resource and no Inferred Mineral Resource is converted to Mineral Reserve. The cash flow analysis does not include the Inferred Mineral Resource in demonstrating the economic viability of the Mineral Reserve. Initial assessment (also known as concept study, scoping study and conceptual study): An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralisation to support the disclosure of Mineral Resource. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of Mineral Resource but cannot be used as the basis for disclosure of Mineral Reserve. Leaching: Dissolution of gold from crushed or milled material, including reclaimed slime, prior to adsorption on to activated carbon or direct zinc precipitation. Life of mine (LOM): Number of years for which an operation is planning to mine and treat ore, and is taken from the current mine plan. Measured Mineral Resource: A Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve. Metallurgical plant: A processing plant constructed to treat ore and extract gold or copper in the case of Quebradona (and, in some cases, often valuable by-products). Metallurgical recovery factor (MetRF): A measure of the efficiency in extracting gold from the ore. Milling: A process of reducing broken ore to a size at which concentrating or leaching can be undertaken (see also "Comminution"). Mine call factor (MCF): The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling. The ratio of contained gold delivered to the metallurgical plant divided by the estimated contained gold of ore mined based on sampling.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 88 Mineral deposit: A mineral deposit is a concentration (or occurrence) of material of possible economic interest in or on the earth's crust. Mining recovery factor (MRF): This factor reflects a mining efficiency factor relating the recovery of material during the mining process and is the variance between the tonnes called for in the mining design and what the plant receives. It is expressed in both a grade and tonnage number. Mineral Reserve: A Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that, in the opinion of the Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Mineral Resource: A Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled. Modifying Factors: Modifying factors are the factors that a Qualified Person must apply to Indicated and Measured Mineral Resource and then evaluate in order to establish the economic viability of Mineral Reserve. A Qualified Person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resource to Proven and Probable Mineral Reserve. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. Ounce (oz) (troy): Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams. Pay limit: The grade of a unit of ore at which the revenue from the recovered mineral content of the ore is equal to the sum of total cash costs, closure costs, Mineral Reserve development and stay-in-business capital. This grade is expressed as an in-situ value in grams per tonne or ounces per short ton (before dilution and mineral losses). Precipitate: The solid product formed when a change in solution chemical conditions results in conversion of some pre-dissolved ions into solid state. Preliminary Feasibility Study (Prefeasibility Study or PFS): is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. Probable Mineral Reserve: A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource. Production stage property: A production stage property is a property with material extraction of Mineral Reserve. Productivity: An expression of labour productivity based on the ratio of ounces of gold produced per month to the total number of employees in mining operations. Project capital expenditure: Capital expenditure to either bring a new operation into production; to materially increase production capacity; or to materially extend the productive life of an asset. Proven Mineral Reserve: A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource. Qualified Person: A Qualified Person is an individual who is (1) A mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) An eligible member or licensee in good standing of a recognised professional organisation at the time the technical report is prepared. Section 229.1300 of Regulation S-K 1300 details further recognised professional organisations and also relevant experience. Quartz: A hard mineral consisting of silica dioxide found widely in all rocks. Recovered grade: The recovered mineral content per unit of ore treated. Reef: A gold-bearing horizon, sometimes a conglomerate band, that may contain economic levels of gold. Reef can also be any significant or thick gold bearing quartz vein.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 89 Refining: The final purification process of a metal or mineral. Regulation S-K 1300: On 31 October 2018, the United States Securities and Exchange Commission adopted the amendment Subpart 1300 (17 CFR 229.1300) of Regulation S-K along with the amendments to related rules and guidance in order to modernise the property disclosure requirements for mining registrants under the Securities Act and the Securities Exchange Act. Registrants engaged in mining operations must comply with the final rule amendments (Regulation S-K 1300) for the first fiscal year beginning on or after 1 January 2021. Accordingly, the Company is providing disclosure in compliance with Regulation S-K 1300 for its fiscal year ending 31 December 2021 and will continue to do so going forward. Rehabilitation: The process of reclaiming land disturbed by mining to allow an appropriate post-mining use. Rehabilitation standards are defined by country-specific laws, including but not limited to the South African Department of Mineral Resources, the US Bureau of Land Management, the US Forest Service, and the relevant Australian mining authorities, and address among other issues, ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues. Resource modification factor (RMF): This factor is applied when there is an historic reconciliation discrepancy in the Mineral Resource model. For example, between the Mineral Resource model tonnage and the grade control model tonnage. It is expressed in both a grade and tonnage number. Scats: Within the metallurgical plants, scats is a term used to describe ejected ore or other uncrushable / grinding media arising from the milling process. This, typically oversize material (ore), is ejected from the mill and stockpiled or re-crushed via a scats retreatment circuit. Retreatment of scats is aimed at fracturing the material such that it can be returned to the mills and processed as with the other ores to recover the gold locked up within this oversize material. Seismic event: A sudden inelastic deformation within a given volume of rock that radiates detectable seismic energy. Shaft: A vertical or subvertical excavation used for accessing an underground mine; for transporting personnel, equipment and supplies; for hoisting ore and waste; for ventilation and utilities; and/or as an auxiliary exit. Smelting: A pyro-metallurgical operation in which gold precipitate from electro-winning or zinc precipitation is further separated from impurities. Stoping: The process of excavating ore underground. Stripping ratio: The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes mined divided by ore tonnes mined. Tailings: Finely ground rock of low residual value from which valuable minerals have been extracted. Tonnage: Quantity of material measured in tonnes. Tonne: Used in metric statistics. Equal to 1,000 kilograms. Waste: Material that contains insufficient mineralisation for consideration for future treatment and, as such, is discarded. Yield: The amount of valuable mineral or metal recovered from each unit mass of ore expressed as ounces per short ton or grams per metric tonne. Zinc precipitation: Zinc precipitation is the chemical reaction using zinc dust that converts gold in solution to a solid form for smelting into unrefined gold bars. 25 Reliance on information provided by the Registrant Reliance in information provided by the registrant includes guidance from the annual update to AngloGold Ashanti's Guidelines for Reporting. This guideline is set out to ensure the reporting of Exploration Results, Mineral Resource and Ore Reserve is consistently undertaken in a manner in accordance with AngloGold Ashanti's business expectations and in compliance with internationally accepted codes of practice adopted by AngloGold Ashanti. Included in this guideline is the price assumptions supplied by the Registrant which includes long-range commodity price and exchange rate forecasts. These are reviewed annually and are prepared in-house using a range of techniques including historic price averages. AngloGold Ashanti selects a conservative Mineral Reserve price relative to its peers. This is done to fit into the strategy to include a margin in the mine planning process. The resultant plan is then valued at a higher business planning price.

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AngloGold Ashanti Obuasi - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 90 Gold price The following local prices of gold were used as a basis for estimation in the December 2021 declaration, unless otherwise stated: Local prices of gold Gold price Australia Brazil Argentina Colombia $/oz AUD/oz BRL/oz ARS/oz COP/oz 2021 Mineral Reserve(3) 1,200 1,633 6,182 134,452 3,849,000 2020 Mineral Reserve(2) 1,200 1,604 5,510 119,631 4,096,877 2021 Mineral Resource(1) 1,500 2,072 7,940 173,065 5,336,250 (1) Reported for the first time under Regulation S-K 1300. (2) Reported under Industry Guide 7. (3) Reported under Regulation S-K 1300.

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## Exhibit 19.15

Consent of Qualified Person

I, **Emmarentia Maritz**, in connection with the Technical Report Summary for "**Obuasi Mine, A Life of Mine Summary Report**" dated 31 December 2021 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti and AngloGold Ashanti Holdings plc's registration statement on Form F-3 (Registration Nos. 333-264051 and 333-264051-01) (and any amendments or supplements thereto).

Date: 17 March 2023

/s/ Emmarentia Maritz

**Emmarentia Maritz**

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Consent of Qualified Person

I, **Douglas Atanga**, in connection with the Technical Report Summary for "**Obuasi Mine, A Life of Mine Summary Report**" dated 31 December 2021 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti and AngloGold Ashanti Holdings plc's registration statement on Form F-3 (Registration Nos. 333-264051 and 333-264051-01) (and any amendments or supplements thereto).

Date: 17 March 2023

/s/ Douglas Atanga

**Douglas Atanga**

## Exhibit 19.15

![](exhibit191572022001.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 1 Technical Report Summary Kibali Gold Mine A Life of Mine Summary Report Effective date: 31 December 2021 As required by § 229.601(b)(96) of Regulation S-K as an exhibit to AngloGold Ashanti's Annual Report on Form 20-F pursuant to Subpart 229.1300 of Regulation S-K - Disclosure by Registrants Engaged in Mining Operations (§ 229.1300 through § 229.1305).

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![](exhibit191572022002.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 2 Date and Signatures Page This report is effective as at 31 December 2021. Where the registrant (AngloGold Ashanti Limited) has relied on more than one Qualified Person to prepare the information and documentation supporting its disclosure of Mineral Resource or Mineral Reserve, the section(s) prepared by each qualified person has been clearly delineated. AngloGold Ashanti has recognised that in preparing this report, the Qualified Person(s) have, relied on information provided by Barrick as the operator of Kibali. As such, the table on the following page lists the technical specialists who have provided the relevant information and input, as necessary, to the Qualified Person to include in this Technical Report Summary. All information provided by AngloGold Ashanti has been identified in Section 25: Reliance on information provided by the registrant in this report. The registrant confirms it has obtained the written consent of each Qualified Person to the use of the person's name, or any quotation from, or summarisation of, the Technical Report summary in the relevant registration statement or report, and to the filing of the Technical Report Summary as an exhibit to the registration statement or report. The written consent only pertains to the particular section(s) of the Technical Report Summary prepared by each Qualified Person. The written consent has been filed together with the Technical Report Summary exhibit and will be retained for as long as AngloGold Ashanti relies on the Qualified Person's information and supporting documentation for its current estimates regarding Mineral Resource or Mineral Reserve. MINERAL RESOURCE QUALIFIED PERSON Richard Peattie Sections prepared: 1 - 11, 20 - 25 ____________________ MINERAL RESERVE QUALIFIED PERSON Romulo Sanhueza Sections prepared: 1, 12-19, 21 - 25 ____________________ /s/ Romulo Sanhueza /s/ Richard Peattie

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![](exhibit191572022003.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 3 It should be noted that information compiled in this report is based on information from the Barrick Gold Corporation (Barrick) National Instrument (NI) 43-101 Technical Report on the Kibali Gold Mine, Democratic Republic of the Congo, effective date 31 December 2021. The following Technical Specialists listed in this report have contributed to the information used in the NI 43-101 Technical Report. Technical Specialists Company Title/Position Sections in the NI 43-101 report Rodney B. Quick MSc, Pr. Sci.Nat Barrick Gold Corporation Mineral Resource Managegment and Evaluation Executive 1.1, 1.2, 1.3, 1.10, 2, 4 to 6, 19, and 23 Simon P. Bottoms CGeol, MGeol, FGS, FAusIMM Barrick Gold Corporation Senior Vice President, Africa and Middle East, Mineral Resource Manager 1.4, 1.12, 1.13, 1.151, 3, 7 to 9, 21, 22, 24, and 26.11 Christopher B. Hobbs CGeol, MSc, MCSM, FAusIMM Barrick Gold Corporation Group Resource Geologist 1.5, 1.142, 1.152, 10 to 12, 14, 25.1, and 26.12 Graham E. Trusler MSc, Pr Eng, MIChE, MSAIChE Digby Wells and Associates Pty Ltd. CEO 1.11, 1.147, 1.157, 20, 25.5, and 26.5 Thamsanqa Mahlangu Pr. Eng, PhD Barrick Gold Corporation Head of Metallurgy, Africa and Middle East 1.8, 1.9, 1.145, 1.146, 1.155, 1.156, 13, 17, 18, 25.3, 25.4, 26.3, and 26.4 Shaun Gillespie Reg Eng Tech, FAusIMM Barrick Gold Corporation Group Planning Manager, Africa and Middle East 1.63, 1.73, 1.143, 1.153, 15.13 to 15.33, 15.4, 15.63 to 15.83, 16.13, 16.2, 16.63, 25.23, and 26.23 Ismail Traore MSc, FAusIMM, M.B. Law, DES Barrick Gold Corporation Group Underground Planning Manager, Africa and Middle East 1.64, 1.74, 1.144, 1.154, 15.14 to 15.34, 15.5, 15.64 to 15.84, 16.14, 16.3 to 16.5, 16.64, 25.24, 26.24 All - - 1.14 (Risks), 25.6, and 27 Notes: 1. Geology 2. Mineral Resource 3. Mining and Mineral Reserve – Open Pit and Stockpiles 4. Mining and Mineral Reserve – Underground 5. Processing 6. Infrastructure 7. Environment and Social Aspects

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![](exhibit191572022004.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 4 Consent of Qualified Person I, Richard Peattie, in connection with the Technical Report Summary for "Kibali Gold Mine, A Life of Mine Summary Report" dated 31 December 2021 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2021 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to: • the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F; • the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary; • any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and • the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti's registration statements on Form F-3 (Registration No. 333-230651) and on Form S-8 (Registration No. 333-113789) (and any amendments or supplements thereto). I am responsible for authoring, and this consent pertains to, the Technical Report Summary. I certify that I have read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which I am responsible. Date: 30 March 2022 Richard Peattie /s/ Richard Peattie

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![](exhibit191572022005.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 5 Consent of Qualified Person I, Romulo Sanhueza, in connection with the Technical Report Summary for "Kibali Gold Mine, A Life of Mine Summary Report" dated 31 December 2021 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2021 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to: • the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F; • the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary; • any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and • the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti's registration statements on Form F-3 (Registration No. 333-230651) and on Form S-8 (Registration No. 333-113789) (and any amendments or supplements thereto). I am responsible for authoring, and this consent pertains to, the Technical Report Summary. I certify that I have read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which I am responsible. Date: 30 March 2022 Romulo Sanhueza /s/ Romulo Sanhueza

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![](exhibit191572022006.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 6 Contents 1 Executive Summary .............................................................................................................................. 11 1.1 Property description including mineral rights ................................................................................. 11 1.2 Ownership .................................................................................................................................... 11 1.3 Geology and mineralisation .......................................................................................................... 12 1.4 Status of exploration, development, and operations ...................................................................... 13 1.5 Mining methods ............................................................................................................................ 14 1.6 Mineral processing ........................................................................................................................ 14 1.7 Mineral Resource and Mineral Reserve estimates ........................................................................ 14 1.8 Summary capital expenditure and operating cost estimates ......................................................... 15 1.9 Permitting requirements ................................................................................................................ 17 1.10 Conclusions and recommendations ............................................................................................ 17 2 Introduction ........................................................................................................................................... 19 2.1 Disclose registrant ........................................................................................................................ 19 2.2 Terms of reference and purpose for which this Technical Report Summary was prepared ........... 19 2.3 Sources of information and data contained in the report / used in its preparation .......................... 19 2.4 Qualified Person(s) site inspections .............................................................................................. 19 2.5 Purpose of this report.................................................................................................................... 20 3 Property description .............................................................................................................................. 20 3.1 Location of the property ................................................................................................................ 20 3.2 Area of the property ...................................................................................................................... 21 3.3 Legal aspects (including environmental liabilities) and permitting ................................................. 22 3.4 Agreements, royalties and liabilities .............................................................................................. 24 4 Accessibility, climate, local resources, infrastructure, and physiography ............................................... 25 4.1 Property description ...................................................................................................................... 25 5 History .................................................................................................................................................. 27 6 Geological setting, mineralisation and deposit ...................................................................................... 29 6.1 Geological setting ......................................................................................................................... 29 6.2 Geological model and data density ............................................................................................... 34 6.3 Mineralisation ............................................................................................................................... 35 7 Exploration ............................................................................................................................................ 37 7.1 Nature and extent of relevant exploration work ............................................................................. 37 7.2 Drilling techniques and spacing .................................................................................................... 42 7.3 Results ......................................................................................................................................... 44 7.4 Locations of drill holes and other samples .................................................................................... 44 7.5 Hydrogeology & water management ............................................................................................. 44 8 Sample preparation, analysis and security ............................................................................................ 45 8.1 Sample preparation ...................................................................................................................... 45 8.2 Assay method and laboratories ..................................................................................................... 48 8.3 Sampling governance ................................................................................................................... 48 8.4 Quality Control and Quality Assurance ......................................................................................... 48

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 7 8.5 Qualified Person's opinion on adequacy ....................................................................................... 54 9 Data verification .................................................................................................................................... 55 9.1 Data verification procedures ......................................................................................................... 55 9.2 Limitations on, or failure to conduct verification ............................................................................. 55 9.3 Qualified Person's opinion on data adequacy ............................................................................... 55 10 Mineral processing and metallurgical testing ....................................................................................... 56 10.1 Mineral processing / metallurgical testing .................................................................................... 56 10.2 Laboratory and results ................................................................................................................ 58 10.3 Qualified Person's opinion on data adequacy ............................................................................. 64 11 Mineral Resource estimates ................................................................................................................ 64 11.1 Reasonable basis for establishing the prospects of economic extraction for Mineral Resource .. 64 11.2 Key assumptions, parameters and methods used ....................................................................... 70 11.3 Mineral Resource classification and uncertainty .......................................................................... 83 11.4 Mineral Resource summary ........................................................................................................ 85 11.5 Qualified Person's opinion .......................................................................................................... 87 12 Mineral Reserve estimates .................................................................................................................. 88 12.1 Key assumptions, parameters and methods used ....................................................................... 88 12.2 Cut-off grades ............................................................................................................................. 91 12.3 Mineral Reserve classification and uncertainty............................................................................ 93 12.4 Mineral Reserve summary .......................................................................................................... 94 12.5 Qualified Person's opinion .......................................................................................................... 96 13 Mining methods................................................................................................................................... 96 13.1 Requirements for stripping, underground development and backfilling ..................................... 105 13.2 Mine equipment, machinery and personnel ............................................................................... 105 13.3 Final mine outline ...................................................................................................................... 107 14 Processing and recovery methods .................................................................................................... 108 15 Infrastructure ..................................................................................................................................... 112 16 Market studies .................................................................................................................................. 117 17 Environmental studies, permitting plans, negotiations, or agreements with local individuals or groups .............................................................................................................................................................. 117 17.1 Permitting ................................................................................................................................. 117 17.2 Requirements and plans for waste tailings disposal, site monitoring and water management ... 119 17.3 Socio-economic impacts ........................................................................................................... 120 17.4 Mine closure and reclamation ................................................................................................... 121 17.5 Qualified Person's opinion on adequacy of current plans .......................................................... 122 17.6 Commitments to ensure local procurement and hiring .............................................................. 122 18 Capital and operating costs ............................................................................................................... 122 18.1 Capital and operating costs ....................................................................................................... 122 18.2 Risk assessment ....................................................................................................................... 124 19 Economic analysis ............................................................................................................................ 125 19.1 Key assumptions, parameters and methods Sensitivity analysis ............................................... 125 19.2 Results of economic analysis .................................................................................................... 125 19.3 Sensitivity analysis .................................................................................................................... 127

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 8 20 Adjacent properties ........................................................................................................................... 129 21 Other relevant data and information .................................................................................................. 129 21.1 Inclusive Mineral Resource ....................................................................................................... 129 21.2 Inclusive Mineral Resource by-products.................................................................................... 130 21.3 Mineral Reserve by-products .................................................................................................... 130 21.4 Inferred Mineral Resource in annual Mineral Reserve design ................................................... 130 21.5 Additional relevant information .................................................................................................. 130 21.6 Certificate of Qualified Person(s) .............................................................................................. 130 22 Interpretation and conclusions .......................................................................................................... 131 23 Recommendations ............................................................................................................................ 133 24 References ....................................................................................................................................... 133 24.1 References ............................................................................................................................... 133 24.2 Mining terms ............................................................................................................................. 108 25 Reliance on information provided by the Registrant .......................................................................... 140

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![](exhibit191572022009.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 9 List of Figures Kibali mining lease area ........................................................................................................................... 21 Kibali tenement and permits ..................................................................................................................... 22 Kibali average monthly rainfall statistics ................................................................................................... 26 Geological map of central and eastern equatorial Africa .......................................................................... 30 Examples of altered and mineralised rocks from the KCD deposit ........................................................... 32 KCD and Gorumbwa mineralisation shown in section .............................................................................. 33 KCD and Sessenge 2021 block models with underground mine design ................................................... 34 NW-SE geological cross-section through the KCD orebody ..................................................................... 35 Kibali Project area showing airborne magnetic response ......................................................................... 38 Kibali project area with airborne EM response ......................................................................................... 39 Kibali area and stream sediment sampling ............................................................................................... 41 KCD drill plan ........................................................................................................................................... 41 Section of lithology and alteration at KCD ................................................................................................ 42 DD Core Sample Flowchart ..................................................................................................................... 46 RC Sample Flowchart .............................................................................................................................. 47 Channel Sample Flowchart ...................................................................................................................... 47 Kibali QAQC protocol flowchart ................................................................................................................ 49 Coarse blanks performance ..................................................................................................................... 51 Field duplicate quality for last year ........................................................................................................... 52 Fire Assay coarse reject duplicates .......................................................................................................... 52 Fire Assay pulp reject duplicates .............................................................................................................. 53 Fire Assay pulp re-submissions ............................................................................................................... 53 Fire Assay of umpire samples .................................................................................................................. 54 Spatial cyanidation response ................................................................................................................... 60 Extraction variability of gravity float .......................................................................................................... 60 BBWi for sulphide material ....................................................................................................................... 61 Kibali processing plant average P80 and specific energy consumption (2021) ......................................... 62 Direct leach and flotation recoveries by Particle size ................................................................................ 62 Flotation recovery by particle size ............................................................................................................ 63 Kibali inclusive Mineral Resource grade and tonnage curve (underground) ............................................. 72 Kibali inclusive Mineral Resource grade and tonnage curve (surface)...................................................... 73 Boundary analysis example for KCD domains 5101 - 5005 ...................................................................... 75 KCD UG 5000 Lode variogram ................................................................................................................ 77 KCD domain 5101/5201 QKNA results .................................................................................................... 78 Example of a dynamic anisotropy surface from KCD domain 5002. ......................................................... 80 An example for KCD 3000 Lode, domain 3106. ....................................................................................... 81 An example of the visual checks. ............................................................................................................. 82 An example of COS histogram plots. ....................................................................................................... 82 An example of decluster plots are generated to compare the ordinary kriged block estimate against the local change of support block estimate. ................................................................................................... 83

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 10 KCD 3D exclusion solid shapes 2019 to 2021 .......................................................................................... 87 Kibali underground Mineral Reserve classification (Looking NW) ............................................................. 94 KCD pit design ......................................................................................................................................... 96 Gorumbwa pit (looking east) showing historical underground void mined out in pushback 1 .................... 98 Kibali underground infrastructure, LOM Development, and as-built EOY 2021 ...................................... 100 Kibali underground Mineral Reserve by mining method (Looking NW) ................................................... 101 Transverse stope sequencing ................................................................................................................ 102 Transverse advancing face sequencing ................................................................................................. 103 Longitudinal Mining Sequencing ............................................................................................................ 104 Plan showing open pits and mine infrastructure ..................................................................................... 107 Kibali underground Mineral Reserve ...................................................................................................... 108 Simplified flowsheet of the Kibali processing plant depicting two discrete streams ................................. 109 Plant availability and utilisation .............................................................................................................. 110 Kibali processing plant overall gold recovery in 2021 ............................................................................. 111 Kibali processing plant tonnes and residue grade .................................................................................. 111 Kibali water management plan ............................................................................................................... 113 Kibali electrical supply mix ..................................................................................................................... 115 Pakaka Dam Fresh Water Reservoir Design Criteria ............................................................................. 119 Sensitivities on Key value drivers ........................................................................................................... 127

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 11 1 Executive Summary This technical report summary (the Report) was prepared for AngloGold Ashanti Ltd on the Kibali Gold Mine (Kibali) that is located in Democratic Republic of the Congo (DRC). The QP relied upon Barrick Gold Corporation, as the operator of Kibali for the majority of information used in this report. With the primary source document being Barrick Gold Corporate (Barrick) NI 43-101 Technical Report on the Kibali Gold Mine, Democratic Republic of the Congo, effective date 31 December 2021. The QPs considers it reasonable to rely on this information as Barrick operates Kibali with overall management responsibility. As such the registrant has limited access and relies upon Barrick for the day to day running of the mine and information related to its operation. The Mineral Resource and Mineral Reserve estimates have been prepared according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) 2014 Definition Standards for Mineral Resource and Mineral Reserve dated 10 May 2014 (CIM (2014) Standards) as incorporated with NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Resource and Mineral Reserve estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines). 1.1 Property description including mineral rights Kibali is a gold mining, processing and exploration project that is located in the northeastern part of the DRC in the Haut-Uélé Province near the international borders with Uganda and South Sudan. The mine is a production stage property. The mine is located adjacent to the village of Doko, which is located to the west of the lease area. Kibali is approximately 150km by road from Arua and immediately north of the district capital of Watsa. The operational area falls within the administrative territory of Watsa in Haut-Uele Province. The plant centroid co-ordinates are 3.6'50"N, 29.35'31"E. Kibali consists of the Kibali Karagba-Chauffeur-Durba (KCD) underground mine, the KCD open pit, satellite deposits, a processing plant (7.2Mtpa capacity) that produces gold doré bars, three hydropower stations, together with other associated mine operation and regional exploration infrastructure. Operations currently focus on open pit and underground mining. Development of the underground mine commenced in 2013 and production ramped up to 3.6Mt in 2019. Initial production was via a twin decline from surface. From 2018 onwards, the majority of ore was hoisted up the shaft. The decline is used to haul some of the shallower zones and to supplement shaft haulage. The first gold was poured in September 2013 from the open pit operations and development of the underground mine commenced in the same year. First underground ore from development was also mined in 2013 and stoping began in 2015. Kibali has been granted ten exploitation permits under the DRC Mining Code (2002) in respect of the Kibali Gold Project, eight of which are valid until 2029 and two of which are valid until 2030. The Mineral Resource and Mineral Reserve are covered by exploitation permits (11447, 11467, 11468,11469, 11470, 11471, 11472, 5052, 5073, and 5088) totalling 1,836km2. All Mineral Resource and Mineral Reserve summarised in this report is contained within these exploitation permits. The exploitation permits occur within two territories, namely Watsa and Faradje, which fall under the Province of Haut Uélé. The principal mineral deposit, KCD, forms both an open pit and underground mine. The operation and the associated infrastructure (processing plant, accommodation, and airport) are within exploitation permits 11447 and 11467. Currently, there are no significant encumbrances to the property. 1.2 Ownership Kibali is owned by Kibali Goldmines SA, which is a joint venture company between Barrick (45%), AngloGold Ashanti Ltd (45%) and Société Miniére de Kilo-Moto (SOKIMO) (10%). SOKIMO is wholly owned by the DRC with the shareholding held by the Minister of Portfolio of the DRC.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 12 The DRC Governmental Entity L'Office des Mines d'Or de Kilo-Moto (OKIMO) was transformed into SOKIMO in December 2010. The mine was developed by Randgold Resources Ltd and AngloGold Ashanti following their purchase of Moto in 2009 with Randgold being the operator. In 2019, Randgold and Barrick merged, and consequently, Barrick currently operates the Kibali mining and exploration projects. 1.3 Geology and mineralisation Deposits of the Kibali district are located in the Archaean Moto Greenstone Belt bounded to the north by the West Nile Gneiss and to the south by plutonic rocks of the Watsa district. The Kibali Greenstone Belt is an elongate WNW-ESE trending terrane containing Archaean-aged volcano-sedimentary conglomerate, carbonaceous shales, siltstone, banded iron formations, sub aerial basalts, mafic intermediate intrusions (dykes and sills) and multiple intrusive phases that range from granodiorite, to gabbroic in composition. Based on textures and types of lithologies present in the stratigraphy, the rocks within the project area are interpreted as having been laid down in an aqueous environment. The belt comprises three lithostratigraphically distinct blocks: • The eastern portion of the belt comprises of psammopelitic schists, amphibolite, banded-iron formations (BIF), and gneissic granitoid sills metamorphosed to upper greenschist to mid- amphibolite facies conditions. • The central and western-most parts of the belt were metamorphosed to mid to upper greenschist facies conditions and comprise weakly foliated basalts, cherts, siliciclastic rocks, dacitic volcanoclastic rocks, and carbonaceous argillite. • A thick package of immature sandstone, sandy siltstone, conglomerate, and acidic tuffs forms much of the western part of the belt, which include the host rocks to Karagba, Chauffeur, and Durba (KCD) deposit. This is the largest deposit discovered within the belt and is commonly referred to as the Kibali or KCD mine. It constitutes 71% of the total 2021 Mineral Reserve for the entire Kibali project. Radiometric dating indicates these siliciclastic rocks were deposited during a belt-wide basin extension event between ca. 2,629Ma and 2,626Ma. Boundaries between these lithostratigraphic blocks represent important exploration targets. Granitoid plutons, aged ca. 2,460Ma, intrude all rock types. The details of this are illustrated and expanded in Section 6. Gold deposits of the Kibali district are classified as Archaean orogenic gold deposits. At Kibali, the gold deposits are largely hosted in siliciclastic rocks, BIF and chert that were deformed, altered and transposed during several events. This occurred at or near greenschist metamorphic conditions. Ore-forming H2O-CO2- rich fluids migrated along a linked network of gently northeast-dipping shears and north-northeast plunging fold axes that are commonly referred to as the KZ Trend. The auriferous KZ Trend is a complexly deformed fault system specifically developed along the boundary between the younger sedimentary basin in the west of the belt that juxtaposes the older rocks to the east. Mineralisation occurred during the later stages of subsequent regional deformation which resulted in inversion of the basin and the development of reverse faults and folds. Ongoing deformation during hydrothermal activity resulted in the development of lodes in a variety of related structural settings within the KZ Trend. The location of the individual lodes within the KCD deposit are intimately related to the folding of BIF and metasedimentary lithologies. The fold geometries vary significantly from close to parallel to isoclinal. In many areas of high-grade and extensive mineralisation, transpositions structures remain and reflect the degree of both protracted deformation and mineralisation. These plunge northeast and are parallel to the intersection and stretching mineral lineations. Alteration characteristics associated with the gold mineralisation commonly include halos of quartz, ankerite, and sericite (ACSA-A alteration) that extend for tens to hundreds of metres into the enveloping host rocks. The ACSA-A alteration is closely associated with the folding and shearing, and the sericite foliation which is an integral part of the ACSA-A assemblage formed parallel to their axial planes.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 13 Zones of interrelated and auriferous ACSA-B alteration developed from an evolved fluid, along the axes, limbs, and the axial planes of these folds, locally wrapping around the hinges of the folds to form elongate, relics that also plunge north-northeast (20o to 30o). ACSA-B alteration is also commonly focused along the margins of more extensive BIFs, indicating a stratigraphic as well as structural control to the distribution of ore, both within KCD, and the wider KZ Trend. At KCD, a folded carbonaceous shear exists in the core of the deposit located at the contact between BIF, cherts and greywacke units. The 3000 lodes are above this shear and are hosted by locally ferruginous cherts, carbonaceous argillites, and minor greywacke, whereas the 5000 and 9000 lodes below are hosted by siliciclastic rocks and BIF. Fold shapes and wavelength differ between the two blocks reflecting the different rheological responses to deformation, which is reflected in the scale, shape, and continuity of units, lodes, shears and alteration domains, within each block. This widespread ACSA-A alteration assemblage is superimposed on older greenschist facies metamorphic assemblages and is most commonly associated with increased strain fabrics, quartz infiltration and silicification and sulphidation. Locally, in the vicinity of the main mineralised zones, ACSA-A alteration is overprinted by ankerite-siderite-pyrite alteration (ACSA-B) that hosts the highest-grade mineralisation (ore). Zones of auriferous ACSA-B alteration are commonly developed along the margins of BIF, or contacts between chert, carbonaceous phyllite, and BIF. Mineralised rocks in the Kibali district typically lack significant infill quartz rich veins, unlike many other orogenic gold deposits. Gold is instead associated with pyrite in zones of alteration that replaced the earlier mineralogy of the host rocks, which is typical in deposits in Canada, Australia and South Africa. Local remobilisation and upgrading of ACSA-B related ore occurred adjacent to the margins of some post-ore cross-cutting chlorite, carbonate, pyrite, magnetite-altered diorite dykes. The regional (inactive) deposits are within the KZ Trend and reflect gold mineralisation assemblages often associated with late chlorite, carbonate, and pyrite assemblage, rather than the ACSA-B assemblage. More specifically, the mineralisation domains in the smaller regional deposits away from the main KCD zone, are generally narrow and contact-related within narrow faults and BIF-Chert with variably intense chlorite-quartz- carbonate-pyrrhotite±pyrite-ilmenite assemblage or, quartz-carbonate-sericite ± subordinate chlorite-pyrite (ACSA). Additionally, the subordinate mineralisation zones may include a distinctive buff-coloured variant of ACSA-A and a texturally destructive ACSA-B assemblage (FeCO3-quartz±chloritoid±magnetite-pyrite). However, the orientation of many of the deposits, alteration extent and intensity, and the degree of deformation is significantly different to the main KCD deposit. At Pakaka and Kalimva-Ikamva chlorite, carbonate, pyrrhotite, pyrite-altered shear zones rather than folds are the principal controls of gold distribution. 1.4 Status of exploration, development, and operations Exploration at the KCD underground is aimed at defining additional extensions to mineralisation to increase the underground Mineral Resource and Mineral Reserve over the next five years. Drilling is completed from dedicated exploration drill drives particularly in the down and up plunge of the 3000 Lode and down plunge of the 5000, 9000, and new 11000 lodes. Analysis of deeper UG opportunities below the base of the existing shaft is planned to be conducted, including down plunge extensions, testing in both the hangingwall and footwall of the KCD system, refining of the 12000 Lode conceptual model, and identification of any new potential lodes that can be connected to the existing KCD underground infrastructure. Execution of 2D seismic lines in the KCD area is also planned to support exploration of deeper mineralisation. Additionally, exploration will continue across a number of satellite pits, including but not limited to; Gorumbwa, Pakaka, Kombokolo, Mengu Hill and Ikamva. These pits will be drill tested for down plunge extensions to mineralisation and evaluate their economic viability for further smaller satellite underground operations to support the mine life extension outside of the existing life-of-mine (LOM). Combined exploration efforts are planned to target the delineation of satellite deposits within the gaps between and along the structural corridors of existing Mineral Resource and Mineral Reserve. This is planned with the intention of identifying and evaluating additional targets to add to the open pit Mineral Resource and Mineral Reserve, maintaining a robust depletion replenishment pipeline for several years.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 14 During 2022, drill programmes are planned at Oere (north and south extensions), Mengu Village and Ikamva East. Ongoing drilling is also planned in the Gorumbwa-Sessenge-KCD gap to test the concept of combining the three pits especially considering that the Gorumbwa and Sessenge pits now merge. Further away from the mining centre, follow up works will include geological mapping, local soil sampling grids and rock chip channel sampling at Makoro, Abimva and Marabi. If successful, targets will be further tested with scout drilling. Additional anomalous catchments will also be tested during following three to five years to sustain a level of exploration target turnover that ultimately supports the mine's depletion replenishment pipeline for several years. 1.5 Mining methods The operation comprises both open pit and underground mining. The open pit Mineral Reserve shell optimisations are conducted on the Mineral Resource models. Detailed mine designs are then completed for open pit mining. This incorporates the mining layout, operating factors, stripping ratio, relevant cut-off grades, and modifying factors required for the reporting of the Mineral Reserve. Open pit mining is carried out using conventional drill, blast, load and haul surface mining methods. From 2022 onwards, open pit production will come from the Sessenge, Aerodrome, Pamao, Gorumbwa, Megi- Marakeke-Sayi, Kalimva-Ikamva, Oere, Pakaka, and KCD deposits. The Mengu Hill, Mofu, Kombokolo and Rhino pits were depleted in 2017. Open pit mining is conducted by contractor Kibali Mining Services (KMS), a local subsidiary of DTP Terrassement, using either free-dig or conventional drill, blast, load and haul methods. The mining equipment is jointly owned by a subsidiary of Barrick and the contractor's parent, who also operates at Barrick's Loulo-Gounkoto mine in Mali and Tongon mine in Côte d'Ivoire. For the underground operation, longitudinal and transverse longitudinal stoping methods with paste backfill are the nominated mining methods. The Kibali KCD underground mine is designed to extract the KCD deposit directly beneath the KCD open pit. A 50m crown pillar separates the pit bottom from the top of the underground mine. The Kibali underground mine produces at a rate of 3.8 million ore tonnes per year. Development of the underground mine commenced in 2013. Stoping commenced in 2015 and ore production has ramped up to 1.8Mt in 2017 and 3.6Mt in 2021. Initial production was truck hauled by a twin decline to surface. In 2017, the haulage shaft (740m deep) and materials handling system was commissioned. From 2018 onwards, underground ore has predominantly been hoisted up the shaft. The decline to surface will continue to be used to haul some of the shallower zones and to supplement shaft haulage. 1.6 Mineral processing The Kibali gold processing plant comprises two largely independent processing circuits, the first one designed for oxide and transition ores and the second for sulphide refractory ore. However, both circuits are designed to process sulphide ore when the oxide and transition ore sources are no longer available. The current processing plant can treat both oxide and fresh sulphide material and uses flotation with ultra- fine grind of the flotation concentrate, a treatment that is required for the sulphide ore type before leaching. Kibali has a processing operation capable of producing an average of 730koz of gold per annum for 10 years treating at least 7.2Mtpa throughput. The ore is blended using both KCD underground ore plus ore sourced from satellite open pits at Kibali. The flowsheet of the processing plant is provided in Section 14, below. 1.7 Mineral Resource and Mineral Reserve estimates The Kibali Mineral Resource consists of a combination of underground and open pit material. These include the KCD, Sessenge, Pakaka, Mengu Hill, Gorumbwa, Megi-Marakeke-Sayi, Pamao (inclusive of Pamao South, also known as Tete Bakangwe), Kombokolo, Kalimva-Ikamva, Aerodrome, Oere and Mengu Village deposits. Only KCD (underground and open pit), Sessenge, Gorumbwa, Pamao (including Pamao South), Aerodrome, and Oere were updated in 2021, following additional data from drilling, and/or updated geological mapping. Pamao South, Mengu Village, and Oere are new additions to the Kibali Mineral Resource for 2021. 78% of the exclusive Mineral Resource is from underground sources, namely KCD.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 15 The cut-off grade selected for reporting each of the open pit Mineral Resource areas corresponds to the in situ marginal cut-off grade at either fresh, transitional or saprolite oxidation states, using a gold price of $1,500/oz. The pit shell selected for limiting each of the Mineral Resource areas also corresponds to a gold price of $1,500/oz. Reasonable prospects for economic extraction are demonstrated as a result of this pit optimisation process. Underground Mineral Resource was reported using Mineable Stope OptimiserTM (MSO) from Datamine™, effectively within a minimum mineable stope shape, applying reasonable mineability constraints, including a minimum mining width, a reasonable distance from current or planned development, and a measure of assumed profitability at the related Mineral Resource cut-off grade, thus deemed as having reasonable prospects for economic extraction. A summary of the exclusive Kibali Mineral Resource is shown in the table below. The exclusive Mineral Resource is reported exclusive of the in situ Mineral Reserve and includes that portion of the Mineral Resource which was not converted to Mineral Reserve. The Mineral Resource reported throughout the report is attributable, unless otherwise stated. Further study and design, change in costs and/or gold price is required to develop economic extraction plans for the exclusive Mineral Resource. A large proportion of the exclusive Mineral Resource is Inferred Mineral Resource (26%) and will require drilling to upgrade its confidence. Exclusive gold Mineral Resource (attributable, 45%) Kibali Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Measured 7.62 3.19 24.29 0.78 Indicated 19.82 2.76 54.63 1.76 Measured & Indicated 27.45 2.88 78.92 2.54 Inferred 10.29 2.70 27.74 0.89 The Mineral Reserve estimates use updated economic factors, the latest Mineral Resource and geological models, geotechnical inputs, and the latest metallurgical updates. Some inputs were shared across all the operations during the preparation of the Mineral Reserve estimates. The Mineral Reserve was based on the development of appropriately detailed and engineered LOM plans. All design and scheduling work were undertaken to a suitable level of detail by experienced engineers using mine planning software. The planning process incorporated appropriate modifying factors and the use of cut-off grades and other technical- economic investigations. Gold Mineral Reserve (attributable, 45%) Kibali Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Proven 14.35 3.76 54.01 1.74 Probable 23.04 3.50 80.71 2.59 Total 37.40 3.60 134.72 4.33 1.8 Summary capital expenditure and operating cost estimates Capital costs Kibali is a sustaining capital combined open pit and underground mining operation with the necessary facilities, equipment, and manpower in place to produce gold. The total capital expenditure from 2018 to 2021 amounted to $484 million. This included $201 million spent on underground mining capital, which represented 42% of total capital expenditure. A total of $61 million, representing 13% of total capital expenditure, was spent on deferred stripping to remove mine waste material (overburden) to gain access to ore in new pits. A further $43.5 million, representing 9% of total capital expenditure, was spent on capitalised drilling which resulted in LOM extensions and conversion of Mineral Resource to allow for engineering of new Mineral Reserve. $18 million was spent on permit wide exploration for Mineral Resource replacement, representing 4% of total capital expenditure. Completion of the hydropower stations accounted for $26

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 16 million, or 5% of total capital expenditure, and $33 million for the refurbishment of open pit equipment, or 7% of total capital expenditure. Capital expenditure over the remaining LOM is estimated to be $715 million (from 2022) based on the Mineral Reserve, made up from the allocation of costs as summarised in the table below. Description Value ($M) Grade control drilling 41 Capitalised deferred stripping 35 Underground capital development and drilling 185 RAP growth capital 18 Exploration capitalised 6 Other sustaining capital 430 Total LOM capital expenditure 715 Operating costs Kibali maintains detailed operating cost records that provide a sound basis for estimating future operating costs. Costs used for the open pit optimisations were derived from Kibali Mining Services (KMS) open pit mining contractor's pricing of the open pit LOM schedule. Underground operations were costed starting in mid-year 2018 as owner costs, when underground mining changed to owner operated. Labour costs for national employees were based on actual costs. Local labour laws regarding hours of work, employment conditions were also considered, and overtime costs included. During 2021, costs for processing and general and administration (G&A) were updated based on actuals adjusted with the latest forward estimates, production profiles and personnel levels. Customs duties, taxes, charges, and logistical costs have been included. Unit costs used to estimate LOM operating costs based on the Mineral Reserve are summarised in the table below. The annual fluctuation in production levels is relatively low, such that the effect of fixed versus variable expenses is minimised. Activity Units Value Open pit Mining $/t mined 3.44 Open pit Mining $/t ore mined 33.00 Underground mining $/t mined 36.16 Underground mining $/t ore mined 37.95 Processing $/t milled 17.49 G&A $/t milled 9.35 Mining total1 $/t milled 35.60 Total LOM net OPEX1 $/t milled 62.44 Notes: 1. Total LOM Net of Opex in this table, represents the total amount, before capitalised cost and royalty costs of 4.7% based on the total revenue Cost inputs have been priced in real Q4 2021 dollars, without any allowance for inflation or consideration to changes in foreign exchange rates. The QP is satisfied that the open pit and underground LOM and cost estimates have been completed in sufficient detail to justify the economic extraction of the open pit Proven and Probable Mineral Reserve.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 17 1.9 Permitting requirements The Kibali contains 10 exploitation (mining) permits under the DRC Mining Code (2002), eight of which are valid until 2029 and the other two are valid until 2030. These key permits, licences and compliance acquired since the project acquisition include: an Environmental Adjustment Plan, an import and export licence under Kibali, permit for the construction of infrastructure at Kokiza, authorisation to import explosives, demolition permit, authorisation to resettle people, authorisation for exhumation (so that graves can be relocated out of the mining zone), title deeds for all people resettled in Kokiza and authorisation for the construction of four hydropower stations. An Environmental Adjustment Plan (EAP) has been approved by the Direction de Protection de l'Environnement Minier (DPEM) with the purpose of describing any measures that have been or will be taken for the purpose of the protection of the environment. An environmental management plan is in place, and the Kibali operations are ISO 14001:2015 certified and independently audited to continuously improve environmental management. Audits are also carried out to gauge compliance with the International Cyanide Management Code (ICMC); ICMC certification and construction of a cyanide detox plant for the tailings stream is planned to commence in 2022. The underground mine, all other open pit mining operations, and the associated infrastructure (processing plant, accommodation, and airport, etc.) are within exploitation permits 11447 and 11467. All Kibali exploitation permits are detailed in Section 17. The next renewal dates for the exploitation Permits are 5 November 2029 and 6 March 2030 and the current LOM plan for the Kibali Mineral Reserve extends beyond these dates. The DRC Mining Code (2002) includes a provision for the renewal of all exploitation permits for a successive period of 15 years, provided the holder has not breached the obligations in respect of permit fee and annual surface rights fee payments, and upholds all environmental standards set out in the exploitation permit. All the exploitation permit fees and taxes relating to Kibali's exploitation rights have been paid to date and the concession is in good standing. There are no indicators to AngloGold Ashanti from information provided by Barrick, of any significant risks that could result in the loss of ownership of the deposits or loss of the permits, in part or in whole. Additionally, Barrick and in turn AngloGold Ashanti do not believe that there are any significant risks that may affect access, title, or the right of ability to perform work on the property. 1.10 Conclusions and recommendations Geological models and subsequent Mineral Resource estimations have evolved and improved with each successive model update from added data within both open pit and underground. Significant grade control drill programs, and mapping of exposures in mine developments have been completed to increase the confidence in the resulting Mineral Resource and Mineral Reserve. This was demonstrated in 2017 as this was the first time that Proven Mineral Reserve was disclosed for the underground mine. The Qualified Persons are not aware of any environmental, permitting, legal, title, socioeconomic, marketing, metallurgical, fiscal, or other relevant factors, that could materially affect the Mineral Resource estimate or Mineral Reserve estimate. In the Qualified Person's opinion, the drilling and sampling procedures at Kibali are robust, suitable for the style of mineralisation, and are at or above industry standard practices. To their knowledge there are no drilling, sampling, or recovery factors that could materially impact the accuracy and reliability of the results. In the Qualified Person's opinion, the Kibali Mineral Resource estimation approaches are appropriate, using industry accepted methods. Furthermore, the constraint of underground Mineral Resource reporting to use optimised mineable stope shapes has been deemed to reflect good to world best practice by external project auditors. The Qualified Person considers that the Mineral Resource at Kibali is appropriately estimated and classified. The Qualified Persons are of the opinion that the 2021 Mineral Resource estimates are free of material error and are a true reflection of the geology and mineralisation that has been observed at Kibali.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 18 In the Qualified Person's opinion, the 2021 Kibali Mineral Resource estimate is appropriate for the engineering to support a Mineral Reserve. The 2021 Kibali Mineral Reserve is compiled in accordance with industry standard practices and there are no factors that could materially impact the reported Mineral Reserve. No fatal flaws have been identified during internal and external reviews.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 19 2 Introduction 2.1 Disclose registrant AngloGold Ashanti Limited is the registrant for whom the Technical Report Summary was prepared. 2.2 Terms of reference and purpose for which this Technical Report Summary was prepared The purpose of this Qualified Person's report is to support the public disclosure of the 2021 year-end Mineral Resource and Mineral Reserve estimate at the Kibali, located in the northeast of the DRC. The Mine is operated as a joint venture (JV) with Barrick being the JV operator. The Mineral Resource and Mineral Reserve are reported as at 31 December 2021. The Mineral Resource is reported in situ for block modelled Mineral Resource and as broken material for stockpiles. The Mineral Reserve is declared as delivered to the processing facility and is therefore inclusive of ore loss and dilution. The terms of reference are following AngloGold Ashanti Guidelines for the Reporting of Exploration Results, Mineral Resource and Ore Reserve and based on public reporting requirements as per regulation S-K 1300. Although the term Mineral Reserve is used throughout S-K 1300 and this document, it is recognised that the term Ore Reserve is synonymous with Mineral Reserve. AngloGold Ashanti uses Ore Reserve in its internal reporting. The Technical Report Summary aims to reduce complexity and therefore does not include large amounts of technical or other project data, either in the report or as appendices to the report, as stipulated in Subpart 229.1300 and 1301, Disclosure by Registrants Engaged in Mining Operations and 229.601 (Item 601) Exhibits, and General Instructions. The Qualified Person must draft the summary to conform, to the extent practicable, with the plain English principles set forth in§ 230.421 of this chapter. Should more detail be required they will be furnished on request. The following should be noted in respect of the Technical Report Summary: • Assumptions and models used in the writing of this report are those determined by Barrick, the operating partner, • All figures are expressed on an attributable basis unless otherwise indicated • Unless otherwise stated, $ or dollar refers to United States dollars • Group and company are used interchangeably • Mine, operation, business unit and property are used interchangeably • Rounding off of numbers may result in computational discrepancies • To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, content for gold to two decimals and copper, content with no decimals • Metric tonnes (t) are used throughout this report and all ounces are Troy ounces • Abbreviations used in this report: gold – Au 2.3 Sources of information and data contained in the report / used in its preparation The primary source for this report is the technical report filed in terms of the Barrick Gold Corporate (Barrick) NI 43-101 Technical Report on the Kibali Gold Mine, Democratic Republic of the Congo, effective date 31 December 2021. 2.4 Qualified Person(s) site inspections The following AngloGold Ashanti employees serve as the Qualified Person (QP) for the report. As part of quarterly board meeting reviews, the Qualified Person Mr. Richard Peattie, AusIMM, visited the Kibali permit and operations once out of the planned four times planned due to Covid-19 travel restrictions. Additionally, the Qualified Person Mr. Romulo Sanhueza, AusIMM visited the Kibali permit last in 2020 due to travel restrictions associated with Covid-19.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 20 Below are the 2021 mine site visit dates for the (Barrick) QPs: • Mr. Rodney B. Quick, Mr. Simon Bottoms, Mr. Christopher Hobbs, and Mr. Shaun Gillespie had multiple visits to the mine site in 2021 to review: exploration work, Mineral Resource, and grade control model updates, mine plans, mining performance results, mine strategy, results of external audits, and board meeting reviews. • Mr. Graham E. Trusler visited all major establishments within the mining area including the mining pits, tailings dams, water dams and some community projects and the resettlement sites near to the mine. Reviews were held with management teams from the social, safety and environmental departments. • Dr. Thamsanqa Mahlangu made four separate visits in 2021 and reviewed the processing plant operations performance, and geometallurgical test work on new and current deposits. Also covered were reviews on the process improvement projects and board meeting reviews. • Mr. Ismail Traore made two separate visits in 2021 to review mining performance results, Mineral Reserve, and grade control model updates, mine strategy, results of external audits, and board meeting reviews. 2.5 Purpose of this report This is the first-time reporting of the Technical Report Summary for this operation for the S-K 1300 requirements. Reporting in this Technical Report Summary relates to Mineral Resource and Mineral Reserve. Previous technical reports followed the NI 43-101 format and were filed on the Toronto stock exchange. The Mineral Resource and Mineral Reserve estimates have been prepared according to the CIM 2014 Definition Standards for Mineral Resource and Mineral Reserve dated 10 May 2014 (CIM (2014) Standards) as incorporated with NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Resource and Mineral Reserve estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines). 3 Property description 3.1 Location of the property Kibali is located in the NE of the DRC in the Haut Uélé Province, approximately 1,800km NE of the capital city Kinshasa, approximately 560km NE of the capital of the Orientale Province, Kisangani, 1,800km from the Kenyan port of Mombasa, 1,950km from the Tanzanian port of Dar es Salaam, and 150km west of the Ugandan border town of Arua, near the international borders with Uganda and Sudan. The Project, which covers an area of approximately 1,836km2, is centred at approximately 3.13º latitude and 29.58° longitude, in the Haut Uélé Province. The plant centroid co-ordinates are 3.6'50"N, 29.35'31"E. Personnel access to the project is commonly through charter flight directly to site from Entebbe, Uganda which is served daily by commercial flights from European cities. Road access is available from Kampala, Uganda and is approximately 650km, which provides the primary route for operational supply chain. The map on the following page shows the Kibali infrastructure and licences, with the total mining lease area insert shown in the top right corner. The co-ordinates of the mine, as represented by the plant, are depicted on the map and are in Latitude and Longitude.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 21 Kibali mining lease area 3.2 Area of the property The Mineral Resource and Mineral Reserve are covered by exploitation permits (11447, 11467, 11468, 11469, 11470, 11471, 11472, 5052, 5073, and 5088) totalling 1,836km2.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 22 3.3 Legal aspects (including environmental liabilities) and permitting Kibali has been granted ten exploitation (Mining) permits under the DRC Mining Code (2002) in respect of the project, eight of which are valid until 2029 and two of which are valid until 2030. The table below provides exploitation permit details and the figure below shows the exploitation permit locations. All co-ordinates use UTM Zone 35N datum WGS84 grid. Kibali exploitation permit details Arête No. Permit No. Surface Area (km2) Expiry Year 0852/CAB.MIN/MINES/01/2009 11447 226.8 2029 0855/CAB.MIN/MINES/01/2009 11467 248.9 2029 0854/CAB.MIN/MINES/01/2009 11468 45.9 2030 0853/CAB.MIN/MINES/01/2009 11469 91.8 2029 0329/CAB.MIN/MINES/01/2009 11470 30.6 2029 0852/CAB.MIN/MINES/01/2009 11471 113.0 2029 0331/CAB.MIN/MINES/01/2009 11472 85.0 2029 0856/CAB.MIN/MINES/01/2009 5052 302.4 2029 0858/CAB.MIN/MINES/01/2009 5073 399.3 2029 0103/CAB.MIN/MINES/01/2011 5088 292.2 2030 Kibali tenement and permits All Mineral Resource and Mineral Reserve summarised in this report is contained within these exploitation permits. The exploitation permits occur within two territories, namely Watsa and Faradje, which fall under the Province of Haut Uélé.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 23 The principal orebody, KCD, forms both an open pit and underground mine. This operation and the associated infrastructure (processing plant, accommodation, and airport) are within exploitation permits 11447 and 11467. All the exploitation permit fees and taxes relating to Kibali's exploitation rights have been paid to date and the concession is in good standing. The QPs are not aware of any risks that could result in the loss of ownership of the deposits or loss of the exploitation permits, in part or in whole. In the QP's opinion, all appropriate exploitation permits have been acquired and obtained to conduct the work proposed for the property. Surface rights in the area of the Kibali permits belong to the DRC Government. Utilisation of the surface rights is granted by the Kibali exploitation permit under condition that the current users are properly compensated. All the surface rights fees relating to Kibali's exploitation rights have been paid to date and the concession is in good standing. One exclusion zone with an area of 10.26km2 exists within the permit surrounding the Kibali South deposit which was transferred to SOKIMO from Kibali in December 2012. The Qualified Persons are not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform work on the property. Three Environmental and Social Impact Assessments (ESIA), and two ESIA updates have been completed for the project. All ESIAs were undertaken in compliance with DRC legislation and the applicable International Finance Corporation Performance Standards (IFC PS) (2006); ESIA updates were compliant with DRC Legislation and IFC PS (2012). The following list identifies the ESIAs and EISA updates completed since 2010: • An ESIA completed by independent consultants (Digby Wells, 2011) as part of the Feasibility Study (FS) during 2010 and 2011. The ESIA report was submitted to the authorities in 2011 and approval was received in 2011. • An ESIA was completed in June 2011 for the new Nzoro 2 hydropower station, and refurbishment of the Nzoro 1 hydropower station adjacent to the Kibali and Nzoro Rivers, respectively (Digby Wells, 2011). This ESIA included details of the upgrade of the existing powerlines from the Nzoro 1 station, construction of new powerlines from Nzoro 2 and the construction of a diversion canal from the Nzoro River to the Nzoro 2 station. • An ESIA was completed in 2012 for the Ambarau and Azambi hydropower plants located on the Kibali River (Digby Wells, 2012). • ESIA Updates for the mine in 2015 (Digby Wells, 2015) and 2020 (Digby Wells, 2020). The project is governed by the DRC Mining Code (2002) and associated Mining Regulations. Decree No. 038/2003 of 26 March 2003 relating to the Mining Regulations as modified and completed by Decree No. 18/024 of 08 June 2018 contain provisions regarding ESIAs and environmental management, public consultation, and compensation for loss of access to land. Articles 127 and 128 of the Mining Regulations (2018) sets out the contents of the EIS and the EMP and Article 452 establishes the objectives of management measures and standards of the EMP. Public consultation of the Project was achieved in accordance with Articles 451 and 478 of the Mining Regulations (2018) and with the IFC PS. A consolidated Environmental and Social Management Plan (ESMP) is in place which covers all aspects of the operation and was updated as part of the (revised) 2020 ESIA, which expands the original 2014 and 2015 ESMP. The original ESMP comprises three ESIAs and the impact assessment and management plans, which were updated and subsequently approved in 2016. The EAP was approved by the CPE, required under Articles 455 and 456 of the Mining Regulations (2003) and included the following conditions: • Adequate management of social aspects around the mine. • Respect of air quality requirements. • Water management and effluents to be in line with the legal limits before any discharge from the mine. • Waste management and hazardous waste management in line with legislation. • Flora and fauna promotion and conservation.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 24 Copies of the EAP were submitted to the Mining Registry Office as required. The ESMP includes current, future planned and proposed activities and a rehabilitation plan. The ESMP includes an environmental and social monitoring plan as approved by the regulators and comprises the following: • Air quality and dust. • Water sampling and analysis of: • TSF seepage water and tails streams (particular focus on arsenic and WAD cyanide which can be analysed on site). • Potable water. • Groundwater. • Surface water • Terrestrial and aquatic biodiversity/habitats. • Noise and blasting. • Soil. • Community relations and grievances. • Energy use. In 2020, the ESIA was revised to incorporate Kalimva-Ikamva, and to comply with the Mining Regulations (2018) that stipulates a mine's ESIA is to be updated every five years (Article 463). The 2020 ESIA update complied with DRC laws and regulations and conformed with the IFC PS (2012). Mitigation and rehabilitation measures and financial provision for planned project closure have been included in the ESIA update. Pakaka, Kombokolo, Rhino, Mofu and Mengu pits have been fully, or partially rehabilitated and environmental monitoring of these areas is ongoing. All environmental permits are in place for the Kibali processing plant, open pits and underground operations, the hydropower stations, and a permit register forms part of the EMP. Permits include: • ESIA approbation – letter for approval of the environmental impacts assessment (valid for 5 years and subject to ESIA Updates). • Environmental certificate (valid as long as taxes are paid). • Permit to export used oil (1 year licence subject to annual renewal). • Permit d'exploitation (25 years). • Authorisation for owning the hydropower plants (25 years). In 2020, more than 80% of the energy consumed by Kibali was provided by the hydropower plants. Waste is managed by adopting the waste hierarchy (avoid-reuse-recycle-landfill); some incineration takes place on site at the installed MacrotechTM incinerator V70. In 2020, a total of 650 t of waste was incinerated at the onsite incinerator, 3,400 t of waste reused or recycled, and a further 1,900t was sent to landfill. New opportunities are being sought for reusing or recycling waste to further reduce waste to landfill. Other approved permits and licences include: an import and export licence, permit for the construction of infrastructure at Kokiza, authorisation to import explosives, demolition permit, authorisation to resettle people, authorisation for exhumation (so that graves can be relocated out of the mining zone), and title deeds for all people resettled in Kokiza. Environmental incidents are recorded in a register which forms part of the Environmental and Social Management System (ESMS). Causes and responses are identified, and incidents closed out once investigations are completed and reviewed by the General and Sustainability Managers. A total of 11 environmental incidents were recorded in 2021; all were classified as Class 3 environmental incidents, which are defined as minor incidents that do not pose any adverse impacts or risks to human health or the environment. Most Class 3 incidents were minor oil and fuel spills. 3.4 Agreements, royalties and liabilities Kibali owned 90% by a joint venture between Barrick (45%) and AngloGold Ashanti (45%), and 10% by SOKIMO. Barrick is the operator at Kibali for both exploration and mining.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 25 The DRC Mining Code (2002) and associated regulations have been amended with the DRC Mining Code (2018), which came into force on 9 March 2018, and the related amended mining regulations, which came into force on 8 June 2018. The following changes made to the DRC Mining Code (2002) in 2018 introduced a series of changes at Kibali: • royalty charges were increased from 3.5% to 4.7%, which is not anticipated to materially impact the LOM profitability • various increases in import and other duties from 4% to 7% depending on consumable type, which is not anticipated to materially alter the LOM profitability • a super-tax profit has been promulgated based on the FS prepared at the time the approval was given for the construction of the project and accordingly, such a tax is applicable only if the average annual gold price was in excess of $2,000/oz. No other parties own a royalty interest other than the DRC government. This increases royalty charges over the LOM, which would not materially impact the LOM profitability. Various increases in import and other duties from 4% to 7% depending on consumable type, which would not materially impact the LOM profitability. The exact impact, if any, of the changes will only be fully known once the DRC Mining Code (2018) and related regulations are clarified and implemented in full. Going forward, the DRC Mining Code (2018) envisages a stability period for the tax, customs, and exchange control regime of five years from the date on which the DRC Mining Code (2018) came into force and further provides that a number of the taxes shall be applied in accordance with the applicable substantive law. 4 Accessibility, climate, local resources, infrastructure, and physiography 4.1 Property description Kibali is located in the NE of the DRC, approximately 560km NE of the city of Kisangani and near the international borders with Uganda and South Sudan. The project is situated in a rural setting that lacks local infrastructure. Infrastructure throughout the DRC is generally poor. The main access points for equipment and supplies for the operation include the major ports of Mombasa, Kenya (1,800km) and Dar es Salaam, Tanzania (1,950km). The routes are paved up to the DRC border. Road access is from Kampala, Uganda and is approximately 650km. The arterial road between Arua and site is unpaved and serves as the main access route for materials to site. A local certified airstrip with passport control, serves as the primary access point to site for personnel on charter flights from Entebbe, Uganda, which is approximately 470km SE of the mine. International air carriers service Entebbe – Doko – Entebbe on weekdays. Climate and physiography The DRC has a total area of 2.3 million km². The country straddles the equator and is characterised by dense tropical rain forest in the central Congo River basin and highlands in the east. The climate is generally tropical (hot and humid) in the equatorial river basin and cooler and drier in the southern highlands. The eastern highlands (Watsa territory) where Kibali is located, is cooler and wetter. The Watsa territory wet season occurs between March and November, with the dry season occurring between November and March (see figure below). Watsa experiences extreme seasonal variation in monthly rainfall with most rain occurring in heavy tropical thunderstorms. Precipitation is highest in October, and January and December are the driest months. Humidity levels are highest in the wet season.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 26 Kibali average monthly rainfall statistics Source: Kibali Goldmines, 2021 Data collected from 2012 to 2021 The Watsa territory dry season lasts from January to March, with average daily high temperatures above 30°C and average daily low temperatures of approximately 19°C. The cool season occurs between May and November, with average daily high temperatures below 29°C and average daily low temperatures of approximately 18°C. The average wind speed experiences mild seasonal variation over the course of the year, generally averaging 8.0km/h in the wet season and 6.5km/h in the dry season. Climatic conditions do not materially affect either exploration, development, or mining operations allowing these activities to be conducted year-round. The topography of the area is gently hilly, ranging in elevation between 700m to 1,500m above sea level (MASL). The immediate project area is characterised as generally hilly, which includes several discrete hills up to 170m high. The plant site is located on a flat plain area which lies at approximately 860 MASL and vegetation is dominated by elephant grass with forested areas along drainages. It is likely that the entire area comprised rainforest prior to modification by human activity. The project lies in a low seismic rated area. Infrastructure The local project area lacks any substantial infrastructure to support the mining operation, other than that which has been constructed by Kibali. All existing infrastructure supports the local subsistence and small- scale agriculture. Remnants of historical mining activities can be found on the property (residential buildings, processing plant, underground mine shafts, and surface workings) in various states of repair. Although remnants of the historical mining activities remain, the mine is essentially a greenfield development, with new facilities having been built to support the current mining and processing activities, because the current mine is of a much larger scale than any of the historical mining infrastructure. The key on-site surface and underground infrastructure at Kibali include the following: • Mine access and internal road network • A 7.2Mtpa process plant

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 27 • TSFs comprising of concentrate tailings storage facility (TSF) one, (CTSF1) and concentrate TSF two (CTSF2) for the carbon-in-leach (CIL) tails and the flotation TSF dedicated to flotation tails • Accommodation village for married and single staff and employees • Administrative buildings, stores warehouses, laboratory, workshops for surface and underground equipment, security buildings, medical and emergency response facilities • Fuel Storage • Raw and process water containment and storage dams and water distribution network • Communications and data transmission networks • Airstrip • Twin declines and vertical production shaft and a series of ramp-connected levels • Diesel generator station installed with CAT 3516B-HD (1.5MW) generators As there is no national grid power supply to the site Kibali is fully dependent on its own generation facilities. The power supply currently comes from a mix of on-site, high-speed diesel generator sets and off-site hydropower stations (Nzoro 2, Ambarau and Azambi hydropower plants); Nzoro II is currently producing approximately 22MW, Ambarau produces 10.6MW and Azambi produces a further 10.2MW, with total peak hydropower capacity of 42.8MW, which is sufficient to meet the mine power demand. A battery energy storage system was incorporated in 2020 to improve power stability. The site is connected to the hydrostations via a 66 kV overhead line network. The hydropower system has combined potential capacity of 42.8MW of hydropower (at peak) and has backup installed capacity for 43MW of thermal generation. The load demand of the mine is not constant, and power demand at full production is currently between 39MW and 43MW, averaging approximately 41MW. The primary source of raw water supply is rain and spring water catchments with top-up from a borehole system and a final backup from the Kibali River. Raw water is collected and stored in the raw water dam, which has a storage capacity of 9,500m3. The processing plant requires approximately 46,000m3 of water per day, which is sourced by reclaiming water from the FTSF and CTSF1 and CTSF2. 5 History The discovery of gold in the region is attributed to Hannan and O'Brien in 1903. Historical gold production from the Kilo and Moto areas between 1906 and 2009 is estimated to be approximately 11Moz Au, half of which came from alluvial deposits. Mining operations were conducted by the Belgian government via SOKIMO, which was established in 1926. Most of the mining activity within the project area was undertaken during the 1950s at Gorumbwa, Agbarabo and Durba deposits and are believed to have collectively produced more than 60% of the over 3Moz of recorded gold production from the Moto area. The SOKIMO processing plant was located near the old Durba mine. The plant comprised crushing and ball milling circuits, followed by gravity, cyanide leach and mercury amalgamation circuits. After independence in 1960, gold production dropped sharply as mining was mainly undertaken by artisanal workers and small-scale alluvial operations. SOKIMO changed its name to OKIMO in 1966 and was the main operator in the project area. Sporadic and negligible volumes of underground mining were conducted in the project area after 1960. The DRC governmental entity OKIMO was later transformed back into SOKIMO in December 2010. Davy McKee undertook a detailed assessment of the area on behalf of the government of Zaire in 1991, with funding from the African Development Bank. This assessment included a significant amount of drilling to verify historical data. Barrick acquired exploration rights over most of the Kilo-Moto belts in 1996 in a 70/30 joint venture with the government entity OKIMO and drilled several targets as well as completing regional and detailed soil sampling programmes. Subsequently Barrick formed a JV with AngloGold to split equally their 70% holding of the project.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 29 The summary of historical drilling highlights that approximately 2.7 million metres of drilling has occurred at Kibali since 1950. The data is not available for the 2006-2008 period. Kibali drilling summary Year Company Diamond drilling Reverse circulation RC collar + DD tail Total Metres (m) No. of holes Metres (m) No. of holes Metres (m) No. of holes Metres (m) No. of holes 1950 OKIMO 35,153 242 2,856 102 - - 38,009 344 1951 OKIMO 1,259 15 - - - - 1,259 15 1952 OKIMO 294 5 - - - - 294 5 1960 OKIMO 16,162 175 - - - - 16,162 175 1980 Moto 1,484 10 - - - - 1,484 10 1996 Barrick 8,988 70 - - - - 8,988 70 2004 Moto 9,840 50 42,133 655 - - 51,973 705 2005 Moto 42,672 201 51,685 739 - - 94,357 940 2006 Moto 50,396 227 34,658 558 178 1 85,232 786 2007 Moto 51,540 125 19,574 402 - - 71,114 527 2008 Moto 50,516 98 - - - - 50,516 98 2009 Moto 23,035 67 - - - - 23,035 67 Sub-Total 291,339 1,285 150,906 2,456 178 1 442,423 3,742 2009 Kibali Goldmines 2,938 9 - - - - 2,938 9 2010 Kibali Goldmines 28,403 64 24,166 483 - - 52,569 547 2011 Kibali Goldmines 10,507 28 59,192 1,811 - - 69,699 1,839 2012 Kibali Goldmines 23,166 79 94,764 1,834 - - 117,930 1,913 2013 Kibali Goldmines 18,794 77 80,036 1,487 - - 98,830 1,564 2014 Kibali Goldmines 34,079 176 140,283 2,941 417 3 174,779 3,120 2015 Kibali Goldmines 52,375 311 112,260 2,372 2,715 17 167,350 2,700 2016 Kibali Goldmines 71,834 559 210,908 2,950 8,691 48 291,433 3,557 2017 Kibali Goldmines 122,074 700 202,680 2,854 - - 324,754 3,554 2018 Kibali Goldmines 112,571 616 114,867 1,701 772 3 228,209 2,320 2019 Kibali Goldmines 79,584 409 102,002 1,514 - - 181,586 1,923 2020 Kibali Goldmines 116,729 551 133,902 1,900 - - 250,631 2,451 2021 Kibali Goldmines 113,698 672 182,739 3,152 793 3 297,230 3,827 Sub-Total 786,752 4,251 1,457,799 24,999 13,388 74 2,257,938 29,324 Total 1,078,091 5,536 1,608,705 27,455 13,566 75 2,700,361 33,066 Notes: OKIMO = Office des Mines du Kilo-Moto Moto = Moto Goldmines Ltd DD- diamond drilling 6 Geological setting, mineralisation and deposit 6.1 Geological setting The Kibali gold deposits are hosted in the Moto Greenstone Belt that lies in the NE Congo Craton that is formed of Proterozoic and Archaean-aged rocks. The northeastern Congo Craton extends eastward from the northern part of the DRC across the Cenozoic East African rift into Uganda, southern Kenya, and northern Tanzania (Allibone et al, 2020). Plutonic rocks underlie 80 to 90% of the area, volcano- sedimentary rocks are largely metamorphosed under greenschist facies conditions and form isolated belts for the remaining 10% to 20% of the craton (figure below). The Moto Greenstone Belt is elongated, WNW- ESE trending, and is comprised primarily of two distinct litho-stratigraphically blocks. To the north, the belt is bounded by the West Nile Gneiss complex, a Meso- or Paleoarchaean granite gneiss that extends northward into the Sahara Desert (U-Pb ages greater than 2,670Ma; Turnbull et al., 2017). To the south, the belt is bounded by the Upper Zaire Granitic Massif, an Archaean granite-gneiss terrane that dominates the NE Congo Craton. The Massif is locally represented by the Watsa Igneous Complex.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 30 The Moto Greenstone Belt contains Archaean aged volcano-sedimentary conglomerate, carbonaceous shales, siltstone, BIFs, sub aerial basalts, mafic intermediate intrusions (dykes and sills) and multiple intrusive phases that range from granodiorite, tonalite and gabbroic in composition. The Kibali deposits are predominantly hosted within sedimentary lithologies that have undergone complex structural deformation and metamorphism. Metamorphic grade varies from lower greenschist facies in the west, progressively increasing to amphibolite facies in the east. Granitoid plutons as old as 2,640Ma intrude these rocks, constraining the lithologies minimum age. Intrusive units from both the West Nile Gneiss and Moto Belt Greenstones are bimodal in geochemistry, with trace element distribution indicating formation in an island arc environment (Allibone et al, 2020). Extrusive units from both terranes show trace element signatures that are more typical of Mid Oceanic Ridge Basalts (MORB) (Allibone et al, 2020). Regional geological interpretations suggest that the belt is a thrust stack that developed during the collision of an island arc along the northern margin of the Upper Zaire Granitic Massif with the West Nile Gneiss thrust southward over the Moto Greenstone Belt. Ductile and brittle deformation events are observed in the lithological units, with polyphase isoclinal and recumbent folding mapped in some of the deposits. The belt is cut by two principal structure sets: NW-SE striking, NE dipping thrust faults, and a series of sub- vertical NE-SW shear structures, both of which in association with the folding are considered important mineralising controls. In the picture below, part A is a geological map of central and eastern equatorial Africa showing the distribution of Archaean and Proterozoic rocks in the Congo craton, and the location of major Neoarchaean gold deposits (Allibone et al., 2020). Cenozoic sedimentary and volcanic cover has been omitted to emphasise the Precambrian geology. The Kibali district is located in the northeastern part of the DRC. Part B is a summary geological map of the northeastern DRC, showing the distribution of Archaean plutonic and volcano-sedimentary rocks, the location of the Kibali mining district, and the area covered in more detail in the second figure that follows. Geological map of central and eastern equatorial Africa Source: Allibone et al, 2020

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 31 The figure on the preceding page shows a summary geological map of the Moto (Kibali Greenstone) Belt, showing major geological domains, crosscutting granitoid plutons, and the general structural architecture. The mineralised KZ Trend, which hosts the Kibali deposits, is located in the central part of the Moto Greenstone Belt. The project hosts most of the gold endowment in the Moto Greenstone Belt. The KZ Trend marks an important boundary between older and younger parts of the belt with different provenances (Allibone et al., 2020). The lithology to the east of the KZ Trend consists of variably deformed and metamorphosed basalt, dacitic volcaniclastic, psammo pelitic schists, amphibolite, BIF, carbonaceous argillite, chert, and granitoid intrusions between the western part of the KZ Trend and Belengo (Bird, 2016; Allibone et al., 2020). Radiometric dating of detrital zircons does not differ from the emplacement ages of the larger tonalitic plutons in the eastern part of the Moto Greenstone Belt and in the region to the south and suggests that these siliclastic rocks were deposited during a belt-wide basin extension event between 2,629 to 2,626Ma. Low- to mid- greenschist facies mineral assemblages, which include sericite, chlorite, pyrite, actinolite- tremolite, carbonate, epidote, titanite, pyrrhotite, and rutile, have partly to largely replaced all primary minerals in rocks between the KZ Trend and Belengo (Allibone et al., 2020). A complex history of reverse faulting, folding, and ultimately mineralisation occurred over the following 10Ma to 15Ma. Older rocks of the eastern Moto Greenstone Belt were thrust across younger rocks of the western Moto Greenstone Belt in the vicinity of the proto-KZ Trend, establishing the altered shear zones which mark the current position of the KZ Trend. At KCD, and likely elsewhere, thrust faults and klippes which formed early in this contractional event were subsequently folded and cut by younger reverse faults. Most of the mineralisation currently delineated at the project occurs along the KZ Trend. The KCD deposit and satellite deposits (Kombokolo and Gorumbwa) are located in the central part of the KZ Trend. Gold is concentrated in gently NE to NNE-plunging shoots whose orientations are generally parallel with a prominent lineation in the mineralised rocks. It has been concluded that the structure of the Kibali district is the product of at least seven phases of deformation. D1/14 through D4/14 are all ductile in character and each involved the formation of ductile faults, folds, penetrative foliations, and/or penetrative linear fabrics. D2/14 and D3/14 clearly occurred in a contractional setting, but evidence of the tectonic settings of D1/14 and D4/14 are more ambiguous. Mineralised lodes formed at some time between the S4/14 sericite foliation. D5/14 is a phase of essentially brittle faulting that was followed by a return to a more ductile style of contractional deformation during D6/14. The D7/14 event likely represents some type of minor tectonic relaxation following cessation of D6/14 shortening. At Kibali, gold deposits are generally hosted in siliciclastic (metasedimentary) rocks, BIF and chert with ore-forming H2O-CO2-rich fluids which migrated along a linked network of gently NE dipping shears and NE to NNE-plunging fold axes of the KZ Trend. On-going deformation during hydrothermal activity resulted in development of lodes in a variety of related structural settings within the KZ Trend. Three styles of mineralisation are noted: • Disseminated mineralisation is characterised by sulphide minerals over-printing and replacing chlorite and Fe-carbonate mineral phases in the phyllosilicate-rich inter-clast zones in the deformed volcano-sedimentary conglomerates, constituting the low-grade mineralisation in most deposits. • Vein style mineralisation is characterised by the formation of quartz-siderite (±aluminoceladonite) sulphide veins in lithologies that have undergone extensive Fe-carbonate alteration (Bird, 2016; Allibone et al., 2020). • Replacement mineralisation is characterised by ankerite-siderite, pyrite alteration (ACSA-B) that is typically texturally destructive. Mineralised rocks at Kibali typically lack significant infill quartz-rich veins, unlike many other orogenic gold deposits. Gold is instead associated with pyrite in zones of alteration that replaced the earlier mineralogy of the host rocks. The gold bearing pyrite is hosted by the sequence of coarser clastic sedimentary unit's conglomerate and chert-ironstone assemblage, often with an envelope of ACSA-A. Higher grades are associated with ACSA-B with disseminated sulphides. Most gold mineralisation is texturally associated with fine disseminated pyrite, with minor pyrrhotite and arsenopyrite. The gold deposits are associated with halos of quartz, ankerite, sericite, ± albite (ACSA-A)

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 32 alteration that extend into the adjacent rocks. This widespread ACSA-A alteration assemblage is superimposed on older greenschist facies metamorphic assemblages. Gold is directly associated with ACSA-B alteration. ACSA-B alteration is ACSA-A alteration overprinted by ankerite-siderite, pyrite alteration. In smaller peripheral deposits a late chlorite, carbonate, pyrite assemblage is associated with the mineralisation rather than the ACSA-B assemblage, implying a district-wide zonation of mineral assemblages along and across the KZ Trend. Zones of mineralised ACSA-B alteration are commonly developed along the margins of BIFs, or contacts between chert, carbonaceous phyllite, and BIFs. Examples of altered and mineralised rocks from the KCD deposit Source: After Allibone et al., 2020 A. Carbonate, quartz, sericite (ACSA-A) altered sandstone and siltstone in which sericite is largely confined to spaced folia that cut relict bedding at an oblique angle. B. Strong carbonate, quartz, sericite (ACSA-A) alteration which has largely destroyed all the primary textures within the protolith. Early-formed carbonate-quartz veinlets have been dismembered along the sericite folia. C. Siderite-pyrite (ACSA-B) alteration front overprinting ACSA-A alteration and destroying the sericite folia associated with this earlier assemblage. D. Typical ore from the KCD deposit, comprising numerous irregular-shaped mineralised pyrite veinlets surrounded by siderite, ± quartz, ± magnetite (ACSA-B) alteration. Relicts of the BIF protolith remain within the altered and mineralised rocks. The mineralised 5000 and 9000 series lodes at KCD are localised along and within a tightly folded BIF horizon and adjacent siliciclastic rocks partly replaced by siderite, ± quartz, ± magnetite, ± pyrite (ACSA- B) alteration. Barren carbonate, quartz, sericite (ACSA-A) alteration overprints siliciclastic rocks up to approximately 1.2km to the west at the Gorumbwa satellite deposit. A wedge-shaped block of isoclinally folded cherty BIF and carbonaceous siliciclastic rocks is juxtaposed against the more strongly altered rocks across a folded carbonaceous shear zone. This wedge of cherty BIF and carbonaceous siliciclastic rocks hosts many of the 3000 series lodes NE of this cross section. Siliciclastic rocks in both shear bounded slices of rock were deposited between 2,630Ma and 2,625Ma, an age bracketed by those of the youngest (and only) detrital zircon population in the sedimentary rocks, and that of crosscutting porphyry dykes and plugs.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 33 KCD and Gorumbwa mineralisation shown in section Source: Allibone et al, 2020 The KCD Deposit hosts the vast majority of gold mineralisation at Kibali. At KCD, the lodes are broadly categorised as the upper 3000 Lode, 5000 Lode, and the deeper 9000 Lode, 11000 Lode, and 12000 Lode. All generally plunge from surface to the NE at low to moderate angles (approximately 25°) with mineralised wireframes based on drilling intercepts indicating a down plunge continuation of over approximately 2,000m (remaining open down plunge). The 3000 Lode crops out in the present open pit (Karagba) and is the western-most lode. It is approximately 300m in width, 30m thick, and has a broad gentle and open semi-synclinal form to its plunge. The 5000 Lode outcrops slightly east and south of the 3000 Lode (Chauffeur and Durba) and forms most of the topographically elevated area known as the Durba Hill, on which the historic Durba plant is situated. The lodes are more sub-vertical in attitude than the 3000 and 9000 lodes and are consistently of higher grade. The 9000 Lode does not outcrop in the KCD open pit but crop out to the south of the Durba Hill at Sessenge. The 9000 Lode is comprised of two main lodes 9101 and 9105. The 9105 is of a similar shape and attitude as the 5000 Lode and is connected in part. The 9101 Lode joins Sessenge and is a shallow dipping lens with a similar plunge to the 5000 Lode. The 11000 and 12000 lodes were discovered during deep drilling, and were subsequently followed up plunge, where the 11000 merges with the 5000 and 9000 lodes and the 12000 Lode crops out at Sessenge SW.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 34 KCD and Sessenge 2021 block models with underground mine design The regional (inactive) deposits are within the KZ trend and reflect gold mineralisation assemblages often associated with late chlorite, carbonate, and pyrite assemblage, rather than the ACSA-B assemblage. More specifically, the mineralisation domains in the smaller regional deposits away from the main KCD zone, are generally narrow and contact-related within narrow faults and BIF-Chert with variably intense chlorite-quartz-carbonate-pyrrhotite±pyrite-ilmenite assemblage or, quartz-carbonate-sericite ± subordinate chlorite-pyrite (ACSA). Additionally, the subordinate mineralisation zones may include a distinctive buff-coloured variant of ACSA-A and a texturally destructive ACSA-B assemblage (FeCO3- quartz±chloritoid±magnetite-pyrite). However, the orientation of many of the deposits, alteration extent and intensity, and the degree of deformation is significantly different to the main KCD deposit. At Pakaka and Kalimva-Ikamva chlorite, carbonate, pyrrhotite, pyrite-altered shear zones rather than folds are the principal controls of gold distribution. The N-S and NW-SE orientations of the primary contacts and associated structures are proposed to be less favourable that those areas influenced by the NE-trending structural corridors that trend parallel to the axial surfaces of the regional folds. This reactivation appears critical for highest grade and largest volume deposits. Additionally, chlorite abundance and the less structural repetition and less likely reactivation of axial planar shears that introduces later ore-forming fluids, may be a reason why these deposits are mineralised, but remain less prospective and contain less mineralisation than the KCD deposit. 6.2 Geological model and data density Geological models are developed and based on geological and analytical data derived from drilling and sampling. The increase in confidence is coincident with the exposures in underground and open pit environments, and the closer drill spacing. For models that have been updated in 2020, manually created, geological wireframes from vertical sectional interpretations that were spaced based upon the drill hole density. During interpretation, efforts were made to minimise the amount of sub-grade material included within each of the lode wireframes. Mineralisation domains were built using a combination of grade, lithology, alteration, structures, and the presence of pyrite content (see figure below). In areas where further high-grade shoots are evident, high- grade continuity wireframes were also considered. Most of the open pit sections were based on flitch-plans and used for updating sub-surface geology, with special attention paid to barren internal waste short-ranged lithologies. Statistical and visual analysis of the data showed that a suitable geological related cut-off grade was approximately 0.5g/t gold for the KCD and Sessenge deposits. For the Gorumbwa Pakaka, Kombokolo, and Pamao deposits the ore and waste

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 35 contacts were also modelled around 0.5g/t gold. The resulting low-grade mineralised envelopes incorporated minor amounts of internal sub-grade material content to preserve continuity. The intention of the geological domaining was to generate a single stationary geostatistical population for each of the domains. If this was not possible, then these areas were sub-divided into sub-domains thereby ensuring that single populations were created. Boundary analysis was completed to check if there was a sharp change in grade profile across a domain boundary. This helped delineate the rod-like high-grade mineralisation shoots noted in the KCD, Sessenge, Kombokolo, and Pakaka deposits. The QAQC procedures and management are consistent with industry-standard practice and the assay results within the database are suitable for use in Mineral Resource estimation. The Qualified Persons have not identified any issues that could materially affect the accuracy, reliability, or representativeness of the results. A NW-SE geological cross-section through the KCD orebody is shown below, illustrating the geological boundaries, key structural elements (shears and fold axes), and the lode outlines. NW-SE geological cross-section through the KCD orebody 6.3 Mineralisation The details for the mineralisation were addressed in the geological section 6.1. The salient points are repeated below. At Kibali, gold deposits are generally hosted in siliciclastic (metasedimentary) rocks, BIF and chert with ore-forming H2O-CO2-rich fluids migrated along a linked network of gently NE dipping shears and NE to NNE-plunging fold axes of the KZ Trend.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 36 On-going deformation during hydrothermal activity resulted in development of lodes in a variety of related structural settings within the KZ Trend. Three styles of mineralisation are noted: • Disseminated mineralisation is characterised by sulphide minerals over-printing and replacing chlorite and Fe-carbonate mineral phases in the phyllosilicate-rich inter-clast zones in the deformed volcano-sedimentary conglomerates, constituting the low-grade mineralisation in most deposits. • Vein style mineralisation is characterised by the formation of quartz-siderite (±aluminoceladonite) sulphide veins in lithologies that have undergone extensive Fe-carbonate alteration (Bird, 2016; Allibone et al., 2020). • Replacement mineralisation is characterised by ankerite-siderite, pyrite alteration (ACSA-B) that is typically texturally destructive. Mineralised rocks at Kibali typically lack significant infill quartz-rich veins, unlike many other orogenic gold deposits. Gold is instead associated with pyrite in zones of alteration that replaced the earlier mineralogy of the host rocks. The gold bearing pyrite is hosted by the sequence of coarser clastic sedimentary units such as conglomerate and chert-ironstone assemblage, often with an envelope of ACSA-A. Higher grades are associated with ACSA-B with disseminated sulphides. The structural controls on the mineralisation have been established through extensive reviews and data collection stages, which includes structural analysis, field mapping, and re-logging of the drill core, combined with cross section construction. The primary outcomes are: • Stereographic projections of structural data acquired from the core indicate that the axes of folds shown on the cross sections are approximately parallel to the overall plunge of the mineralised shoots and lineation as measured in the open pit. This is consistent with an intimate relationship between folding and later ore shoot development. • Alteration and mineralisation occur preferentially in the footwall rock immediately below the major structural break that separates the chert and carbonaceous shale-bearing sedimentary package from underlying rocks. • Alteration and mineralisation are spatially related to BIF. Wherever the mineralisation fluids intersect BIF, this appears to have promoted the deposition of gold. Alteration also preferentially extends beyond the margins of BIF, following axial planes of some of the major fold hinges, or along the preferred structural orientation with increased sericite alteration. • The pervasive sericitic alterations coincides with an increased foliation fabric. This foliation is sub-parallel to the fold axial surfaces of the mapped folds. The axial surfaces of the folds in the 3000 Lode are sub-parallel to the 5000 to 9000 lodes axial surfaces, although these generally become steeper and locally more curved (due to subsequent deformation) down section in the 5000 to 9000 lodes. • The similar orientation, form, and relative paragenetic timing of the sericitic foliation in both areas suggest that the associated folds in both areas are the same generation and not fundamentally different in terms of timing or original orientation. • ACSA-A alteration is controlled by the fold axial surface foliation in both areas and is most intense in sub-parallel shears. • Mineralised zones in the 3000 Lode are typically hosted in tightly folded hinge zones where relatively brittle host rocks (chert and BIF) have resisted folding and been brecciated and sheared. • The overprinting ACSA-B alteration and mineralisation is significantly different in the 3000 Lode but is interpreted as the result of local host rock variation rather than a significant change in the mineralising hydrothermal fluids. Mineralisation in the 3000 Lode is hosted primarily in brecciated cherts and BIF in the hinges of folds, whereas mineralisation in the 5000 to 9000 lodes is hosted predominantly in the hinge zones and limbs of folded BIF units.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 37 7 Exploration 7.1 Nature and extent of relevant exploration work The Kibali district is extremely prospective for gold mineralisation, with a relatively low exploration maturity when compared to mature districts such as in Canada, USA, or Australia. The full potential of the district remains undefined with mineralised rocks intersected greater than 1,000m below the surface in the deepest holes drilled to date (only seven holes to date drilled greater than 1,000m, representing only 0.02% of total drill holes). A fundamental exploration approach in the Kibali district involves mapping deep crustal, long lived gold bearing structures (using geophysical, geochemical, isotope data and regional geological mapping) that have the potential to supply volumes of fertile hydrothermal fluids sufficient to host world-class gold deposits. Second order structures are delineated to target prospective gold depositional sites within prospective host lithologies (such as chemically reactive or rheologically contrasting units, such as BIF, cherts, or carbonaceous shale) or structural dilation zones, which have the potential to concentrate gold in sufficient quantities to form an economic deposit. Existing and identified targets are ranked using Barrick's Area Selection Criteria, based on each target's geological potential and confidence scores, the results form a framework for target prioritisation and budget allocation. Exploration at Kibali is structured to simultaneously advance brownfields targets to rapidly feed into the mine plan, and to develop greenfields targets to replenish the target pipeline and sustain the long-term growth of the mine. Brownfields exploration efforts at Kibali test for extensions of open pit and underground deposits, testing lode extensions using aggressive step out exploration, and for gap opportunities within the mine area. Once a geological model is defined and tested by exploration and the target demonstrates potential, the target is shared with the Mineral Resource management department for follow-up drill testing and Mineral Resource evaluation. Satellite deposits and gaps between the existing Mineral Resource are periodically re-evaluated to define Mineral Resource extensions based on conceptual targets. During 2022, key exploration programs will target extensions and gaps to KCD-Gorumbwa-Kombokolo-Agbarabo, Kalimva, Oere, Sessenge SW, Gorumbwa SW, and Mengu Hill with the aim of identifying and defining new Inferred Mineral Resource. Geology and geochronology Since 2011, in-depth geological and geochronologic investigations have been undertaken on a variety of scales within the KCD deposit, along the KZ Trend, and throughout the Moto Greenstone Belt to define the internal structure, hydrothermal character, and geological context of gold deposits more clearly in the Kibali district (Lawrence, 2011; Bird, 2016; Jongens et al., 2016; Allibone and Vargas, 2017, and Allibone et al, 2021). Geophysics and remote sensing Detailed interpretation of multi-source remote sensing datasets with ground checking of geological and geophysical features forms the basis of the Kibali exploration programs. Remote airborne data sets include high-resolution magnetics, radiometrics, and electromagnetic (EM) and detailed topographic surveys (LiDAR). The distribution and form of the ironstone units, carbonaceous shale horizons, and intrusives in the project area can be mapped out by the airborne data sets with confidence. Targets with coincident magnetic highs (BIF), EM conductive highs (carbonaceous shales), structural complexity with folding and dislocations, evidence of alteration and/or geochemical anomalism are of particular interest. Spectrem Air Limited™ completed an airborne EM, magnetic and radiometric survey in 2010 over the project area. A total of 10,559 line-km was surveyed at a nominal line spacing of 200m, the KCD area was in-filled to 100m line spacing. To improve the detail of mapping prospective host lithological units and structures, in January 2020, Xcalibur Airborne Geophysics™ completed a high resolution aeromagnetic and radiometric survey along the KZ Trend at nominal line spacing of 50m, for a total of 7,221 line-km.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 38 The airborne EM and magnetic data have both indirectly contributed to target generation by enhancing lithological and structural interpretations, and directly through detecting and outlining several NE plunging highly conductive linear shapes. Although the EM anomalies do not directly map gold mineralisation, it is thought that the conductive linear shapes highlight structurally prospective areas and have been interpreted as representing graphitic carbonaceous shale, which has been deformed into a rod like shape by NE trending structures. The magnetic anomalies delineate trends of BIF units and highlight some of the intrusive bodies. Geophysical datasets have been combined with a longer-term study to develop a tectonostratigraphy for Kibali, and to improve the understanding of the controls to gold mineralisation and regional geological architecture. This project-wide geological framework is driving a re-assessment of exploration work to date as part of greenfields target generation. In 2020, a high-resolution topographical survey was undertaken by Southern Mapping™ to produce a digital terrain model (DTM) and rectified colour images of the KZ south area, thus completing high- resolution DTM coverage over the entire KZ Trend. The topographical survey was carried out using an aircraft mounted LiDAR system to create a high-resolution DTM of the ground surface and objects above the ground (greater than 6 cm vertical accuracy). Digital colour images were also captured from the aircraft and used to produce colour orthophotos of the project area, with a 7 cm pixel resolution. The remainder of the project area utilised topography data from Shuttle Radar Topography Mission (SRTM). Kibali Project area showing airborne magnetic response

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 39 Kibali project area with airborne EM response Geochemical sampling Soil samples are the first pass geochemical exploration technique used in the western portion of the project, where ease of access and suitable terrain aids field activities. Despite historical ASM workings and potential surface contamination, the thin horizons of transported cover, shallow depths of paleo-weathering surfaces (marked by quartz gravel layers in the district), and weak laterite development produce robust geochemical anomalies which are in general proximal to sources of mineralisation. Geochemical anomalies correlate well with the KZ Trend (as anomalies at the Pakaka-Mengu trend and Kalimva) and NE trending structure corridors (as at KCD and Gorumbwa). Prior to conducting a soil sampling programme, a regolith map is produced by interpreting remote datasets (including DTM, satellite imagery and radiometrics) and field validation. Test pits are excavated to further understand the regolith profile, thickness, validate regolith mapping and ultimately to identify any regolith characteristics that may impact soil results. Once a grid is designed, each sampling station is cleared of surface vegetation prior to sampling. A hole is excavated to approximately 30cm depth to sample the B horizon and a 1kg sample is collected. If quartz fragments are abundant, the sample is sieved to less than 5mm. Samples are collected at 50m centres along lines spaced 200m and 400m apart. Anomalous lines are in filled with samples at 50m centres along lines spaced 100m and 200m apart. Soil samples are analysed by aqua regia-atomic absorption spectroscopy for gold and X-Ray Fluorescence (XRF) for multi- elements. In the eastern portion of the exploitation permit, thicker horizons of transported cover (greater than 2m) and higher-grade metamorphism demonstrated that further refinement of the interpretation of historic geochemical results was required. Therefore, a stream sediment sampling program was completed in 2018 to cover the whole Kibali permit. The purpose was to generate potential new greenfields targets with a greater confidence than the historic soil sampling alone. Samples were analysed for low detection gold and for 53 elements to define pathfinders. Gold shows moderate to good correlation with As-Sb-W. Anomalous catchments have been ranked and selected for follow up soil sampling and mapping.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 40 A review of multi-element and gold results in conjunction with one another highlights trends that can aid discrimination between real and transported anomalies. The table below summarises the surface geochemical samples collected annually. Stream sediment sampling identified grassroots targets Makoro, Abimva, Kialo, Lanza and Marabi in the east of the licence. The Lanza target was field tested in 2020 and the anomalous catchment was found not to have the potential to host a deposit meeting Barrick's area selection criteria. Soil and stream sediment samples per year Year Company Number of soil samples Stream Total number of samples 2008 Moto 28,864 - 28,864 2009 Kibali Goldmines 5,030 - 5,030 2010 Kibali Goldmines 617 - 617 2013 Kibali Goldmines 205 - 205 2014 Kibali Goldmines 1,673 - 1,673 2015 Kibali Goldmines 2,295 - 2,295 2016 Kibali Goldmines - - 0 2017 Kibali Goldmines 4,073 - 4,073 2018 Kibali Goldmines - 313 313 2019 Kibali Goldmines 2,420 - 2,420 2020 Kibali Goldmines 1,528 - 1,528 2021 Kibali Goldmines 447 - 447 Total 47,152 313 47,465 Geophysical and geochemical targets are investigated with geological mapping, pitting, and trenching prior to drill testing. The table below presents the Kibali trenches, auger, and pit lithosamples collected annually. Kibali trench, augur and pit samples per year Year Company Trenches Auger Pits Total Meters No. Meters No. Meters No. Meters No. 2010 Kibali Goldmines 481 5 - - 273 48 754 53 2011 Kibali Goldmines 398 2 350 185 538 147 1,286 334 2012 Kibali Goldmines 1,050 43 1,083 181 691 131 2,823 355 2013 Kibali Goldmines 3,216 61 11 2 498 165 3,725 228 2014 Kibali Goldmines 8,570 83 83 23 1,115 383 9,768 489 2015 Kibali Goldmines 12,240 110 800 360 3,727 1,128 16,767 1,598 2016 Kibali Goldmines 8,066 101 1,799 843 1,830 648 11,694 1,592 2017 Kibali Goldmines 8,712 58 - - 1,596 605 10,308 663 2018 Kibali Goldmines 7,751 53 5791.75 1128 1,137 334 14,680 1515 2019 Kibali Goldmines 4,073 30 1178.57 265 314 87 5,565 382 2020 Kibali Goldmines 3,336 21 - - 123 50 3,459 71 2021 Kibali Goldmines 361 5 - - 43 24 527 33 Total 58,255 572 11,096 2,987 11,885 3,750 81,357 7,313 The picture on the following page shows the Kibali project area with stream sediment sampling gold results for each catchment.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 41 Kibali area and stream sediment sampling The figure below shows a drill plan and representative cross section through the largest deposit, KCD. It provides an example of the drill design and extent to be found throughout the various orebodies at Kibali. KCD drill plan

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 42 Section of lithology and alteration at KCD 7.2 Drilling techniques and spacing Kibali is an active mine with open pits and an underground operation. As such, drilling is completed regularly as part of ongoing operations. All drilling falls into three categories each with specific objectives and outcomes as follows: • Exploration Drilling (EXP) - Wide spaced exploration drilling intended to grow the Mineral Resource. • Advanced Grade Control (AGC) Drilling – Consists of first pass wide spaced grade control drilling to increase confidence in open pit and underground Mineral Resource to a sufficient level of confidence to support Probable Mineral Reserve. • Infill Grade Control (GC) Drilling – Consists of close spaced grade control drilling for final production definition to inform Measured Mineral Resource/Proven Mineral Reserve. Generally, Kibali's inventory of infill GC drilling is approximately six to 12 months of production coverage for open pits and between 18 and 24 months for underground. All nominated drill spacing for Measured, Indicated and Inferred Mineral Resource classification, has been independently optimised using closely spaced variance drilling grids, supported by change of support analysis. This determined that, in general, the infill drill spacings range between 10m to 20m along the principal direction and 5m to 10m across strike within the ore zones for Grade Control.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 43 Details of average drill hole spacing and type in relation to Mineral Resource classification. For Indicated Mineral Resource drilling and advanced GC, approximately 40m x 40m spacing is adequate with geological continuity of 100m or more along strike. All open pit Mineral Resource that also form the Mineral Reserve, namely KCD, Pakaka, Pamao, Gorumbwa, Sessenge, Megi-Marakeke-Sayi, Kalimva- Ikamva, Aerodrome, and Oere have been drilled to an advanced GC spacing. For Inferred Mineral Resource classification, drill holes are 80m - 80m or less drill spacing. All drilled holes are composited to 2m down hole during Mineral Resource estimation; this is supported by a sample interval optimisation study completed that showed 2m to be optimal for sampling within the Kibali exploitation permits. Category Spacing m (-x-) Type of drilling Diamond RC Blasthole Channel Other Measured 10x25, 5x10 Yes Yes - - - Indicated 30x40, 40x40 Yes Yes - - - Inferred 80x80 Yes Yes - - - Grade/ore control 10x25, 5x10 Yes Yes - - - RC and DD are both used to support Mineral Resource estimation. Rotary air blast (RAB) drilling has previously been used in regional first pass exploration and for sterilisation purposes. Sample data from RAB drilling trenches (TR), open pit rip-lines, and underground channels are not used for Mineral Resource estimation. DD is primarily used to establish a robust geological understanding of the controls on mineralisation, for Mineral Resource extension work, for geotechnical, hydrogeological, or metallurgical investigation, and to confirm deep (greater than 200m) very high-grade intersections in RC holes, via twinning. From surface, PQ core (85.0mm diameter) is generally drilled for the first 100m down hole, with HQ core (63.3mm diameter) or NQ core (47.6mm diameter) used from 100m to 200m depending on the drilling depth requirement. All underground grade control DD drilling is completed in NQ. Core recoveries are in general excellent, with an average of 98.8% recovery in the unweathered rock, 94.3% recovery in the transitional zone and 73.6% in saprolite zone. The average mineralised interval recovery was 98.7% with a range of between 70% and 100%. RC is only used at surface, primarily to infill gaps and improve grade confidence (Advanced Grade Control) and ultimately provide infill grade control ahead of open pit mining. RC chip samples are logged with the same lithological, mineralogical and alteration information as DD core but are logged on regular 2m RC sample intervals split through a riffle splitter. If penetration rates of the RC drilling decrease materially or if groundwater inflows prevented the collection of a dry sample, then the drill hole is continued with a DD tail. RC recovery measured by weighing the total weight of the sample collected over a metre drilled and comparing it to the theoretical expected weight for each material type (lithological unit) and weathering type. RC recovery is good with an average of 94.6% recovery in the unweathered rock, 91.5% recovery in the transitional zone and 81.6% in saprolite zone. Average mineralised interval recovery was 89.2% with a range of between 76.4% and 100%. Downhole surveying and collars Reflex EZ-TracTM tools were used prior to mid-2016 but were replaced by Reflex EZ-GyroTM. When both EZ-Trac and conventional gyro surveys were being completed, the results of the gyro survey took higher priority than those of Reflex EZ-TracTM surveys. Orientation surveys are completed on all holes using either a Reflex EZ-GyroTM or a Reflex GYRO SPRINT- IQTM (new gyro tool introduced in 2020). Reflex EZ-GyroTM surveys were undertaken in both up hole and down hole directions every 5m and Reflex Sprint-Gyro surveys are undertaken in an up-hole direction every 3m.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 44 Downhole survey equipment is calibrated yearly and checked every quarter by Reflex technicians during site visits. All drill collar locations are surveyed using differential GPS to 10mm accuracy. The mine uses the UTM Zone 35N datum WGS84 grid for drill hole co-ordinates. Logging All DD core is oriented and where orientation is not possible the core is assembled with previous runs, where possible, to extend the orientation line. DD core is geologically logged into standardised paper log sheets that include weathering, grain size, mineralisation, alteration style, lithology, structural measurements with sketches and redox data. This is manually transcribed to Excel™ before being stored in a central database, after the responsible geologist has validated their inputs. All Excel™ drillhole log sheets are imported directly into the database. Direct digital capture of geological logging was tested, but loss of sketched structures and issues with ease of re-logging and collaboration mean that paper logs are preferred. Geologists create a sampling plan using the same paper sheets and label the boxes and core with sample codes. The core (both wet and dry) is then digitally photographed using a purpose-built imaging station, high-resolution camera and Imago software. These photos are stored on the cloud for ease of sharing and future viewing in 3D modelling software. A dedicated team captures detailed geotechnical logging using digital tablets for all OP and UG drill core, not just for holes drilled specifically for geotechnical assessment. Since 2018, logging data is synchronised with the main database at the end of the shift. RC chips are logged in the field by the site geologist. Geological logging is completed digitally using Maxwell LogChiefTM installed on tablets that captures weathering, grain size, mineralisation, alteration style, lithology, and redox data, for each 1m run interval. 7.3 Results AngloGold Ashanti has elected not to provide drilling results for its operating mines as drilling at our brownfields operations is generally to provide incremental additions, or conversions to already reported Mineral Resource and therefore they are not seen as material. While these increase confidence in our Mineral Resource as well as add LOM extensions, the incremental additions that occur on a yearly basis are not material to that operation or the company as a whole. In cases where the drilling projects are supporting a non-sustaining addition, these projects are commented on in the project section of the report (Section 1.4 and/or Section 7.1). In our major greenfield projects if any single drill result is considered material and may change the reported Mineral Resource significantly then it will be reported. As such, this report is not being submitted in support of the disclosure of exploration results and therefore no disclosure of drilling or sample results is provided. 7.4 Locations of drill holes and other samples Since 2009, 2,257,938m of drilling from 29,324 DD and RD holes have been drilled. This data has been used for estimation of the Mineral Resource. Prior to 2009, a total of 442,423m of historical drilling was conducted by previous operators in different drilling campaigns, as described in Section 5. This historical drill hole data now constitutes a minority (11%) of the total database used in the geological framework and for the estimation of Kibali Mineral Resource and Mineral Reserve. This data is used for exploration targeting but has been effectively superseded by current drill holes within the declared Mineral Resource. 7.5 Hydrogeology & water management The maximum daily rainfall record for Kibali over the last 15 years ranges from 60mm to 110mm in 24 hours. The months likely to register the maximum daily rainfall are May and September (four counts), July (six counts), August and October (five counts). For water management planning, 1:100 year rainfall events derived from on-site data are used across all Mineral Reserve open pit designs.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 45 Alteration changes the fabric of the rock mass and may therefore cause significant changes to its hydraulic conductivity. Silicic alteration in a rock mass has the tendency to sustain open fracturing, while fractures tend to heal due to sericitic alteration, reducing their potential to transmit groundwater. Interpretations from a historic Packer test completed in 2012 at KCD, indicate a geometric mean hydraulic conductivity of 2.38E-08m/s. Conductivities of up to 1e-5m/s were interpreted, indicating the presence of high yielding structures, even at greater depths. From a Packer test done in 2018, conductivities of up to 4.19E-5m/s were interpreted. Hydrogeological modelling and monitoring at KCD underground are managed by a hydrogeological team on site. SRK provides support and review on hydrogeological aspects. The pit dewatering strategy was reviewed and is now primarily based on using in-pit sump pumping to manage ingress on the mining floor. A revised conceptual model for the Northern KCD area was developed that considers both current (pre- mitigation) and future (post-mitigation) groundwater pathways. The revised conceptual model was used as the basis for the proposed dewatering and depressurisation plan. This is managed through the dewatering plans and processes, which rely on the appropriate pumping infrastructure that exists within the mine. Pumping installations in the sections of the mine accessed from the decline are in operation. A permanent pumping station in the shaft has been commissioned and provides pumping of all water from the underground mine. 7.6 Geotechnical testing and analysis Damage mapping undertaken by the geotechnical engineers is continuously updated. The resultant data from this mapping are being used to calibrate the numerical model, as well as an aid to understanding mining induced stress effects and the response of the rock mass to development and production mining. Installation and operation of the underground seismic system (Phase 1 and 2). Similar to the damage mapping, the resultant seismic data are used to calibrate the numerical model. While the seismic potential for Kibali does not appear to as be high as it is in Western Australia for example, seismic monitoring is still necessary as a normal part of seismic risk management. With underground stope production starting in December 2014 (and the subsequent voids backfilled with paste), assessing the geotechnical aspects of the underground mine has continued over the recent years. This will continue as experience is gained from understanding how the rock mass responds over time to the mining induced effects from stope production. This work will be particularly pertinent if there are any future changes to the geology block model that then requires modification to stope shapes and the subsequent extraction sequence. 8 Sample preparation, analysis and security 8.1 Sample preparation DD core samples selected are usually between 0.8m and 1.2m long. The drill core is split in half along a cutting line (CL), 10° clockwise from the orientation line (OL), using diamond saws utilising fresh water. When looking down hole, the right-hand side half-core is submitted for primary assay. Quarter-core is submitted when taking a field duplicate to ensure that there is some core preserved in the box. However, as of the end of 2021, half-core will be used for field duplicates. All remaining core is stored for future reference. RC samples are collected from the rig in fixed 2m intervals using an external Gilson splitter. The total mass is collected from the cyclone in 1m run intervals, split by 50% to reduce manual handling. Two consecutive runs are combined to be mixed and further homogenised twice through a splitter. This mass is split three further times to give a 3kg to 4kg sample. Auxiliary booster units are used to ensure that most of the samples collected are already dry. On the rare occasion a wet sample is obtained, it is dried before being manually split. RC chip samples are logged with the same lithological, mineralogical and alteration information as DD core but are logged on regular 2m RC sample intervals split through a riffle splitter. Recent RC drilling has generally been completed by Boart Longyear and Ore Zone, with smaller amounts completed by local

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![](exhibit191572022046.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 46 contractors AMAZONE (now TTS) and BMS. RC holes typically use 131mm diameter rods with a 5.5-inch face-sampling bit. RC recovery is measured by weighing the total weight of the sample collected over a metre drilled and comparing it to the theoretical expected weight for each material type (lithological unit) and weathering type. RC recovery is good with an average of 94.6% recovery in the unweathered rock, 91.5% recovery in the transitional zone and 81.6% in saprolite zone. Average mineralised interval recovery was 89.2% with a range of between 76.4% and 100%. All samples submitted for assay are prepared and analysed at the SGS Doko laboratory, which is independently managed by SGS but is located at the Kibali site for exclusive use by Kibali. Grade control and exploration drill samples are prepared in the same manner. Once the samples are received by SGS Doko, the sample is weighed and entered into a Laboratory Information Management System (LIMS). Samples are dried in an oven at 105°C. Channel and trench samples are disaggregated to remove dry lumps. All dried samples are crushed to ensure that 75% of the sample is below 2mm. The crushed sample is then passed through a Rocklab BOYD™ crusher with auto rotary splitter and the 75% reject material is retained. The 25% split sample is then pulverised in an LM2 pulveriser until 85% passes through a 75µm (200 mesh) screen and after mat rolling, approximately 350 g is spooned into a packet. The LM2 pulveriser is cleaned with an air hose every sample, and with blank material every sixth sample. SGS Doko undertakes regular screen sieve tests on the crushing and pulverising. The coarse (2mm) reject and the pulp (75 µm) reject material are returned to Kibali for storage at the mine site for future re-analysis, if required. Details on security measures taken to ensure validity/integrity of samples and the relevant chain of custody are documented within 8.3. A detailed stepwise flow chart is provided in the figures below. These illustrate the details and process for sample preparation for all samples at Kibali. The channel samples are used as indicators for gold mineralised systems and these require a specific treatment and preparation process. DD Core Sample Flowchart

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 47 RC Sample Flowchart Channel Sample Flowchart

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 48 8.2 Assay method and laboratories All samples are analysed at the independently operated SGS Doko laboratory or SGS Mwanza, Tanzania. SGS Doko is operated using ISO/IEC 17025:2005 for testing and calibration, and ISO 9001:2015 for quality management. SGS Mwanza is used for sample overflow and analyses that could not be completed at SGS Doko including multi element analyses and arsenic for selected samples and soils analysis. SGS Mwanza is an independent laboratory, accredited ISO / IEC 17025. Australian Laboratory Services (ALS) Johannesburg is used as an independent umpire laboratory. ALS Johannesburg is ISO 17025 accredited by the South African National Accreditation System (SANAS). All samples are analysed using lead collection 50 g fire assay with atomic absorption finish with a gravimetric finish for any samples reporting above 100 g/t. Fire assay analysis is considered a total analysis for gold. 8.3 Sampling governance Samples are under secure observation by geologists from collection at rig, to processing at the site core yard, to delivery at the laboratory. RC samples on the rig are bagged, tied with custom tags, weighed, and documented. The samples are stored in a secure warehouse facility. DD samples are stored in core boxes with the appropriate numbering and markings, at the core shed area. Sample submission forms are completed and sent to the laboratory with the samples as part of the chain of custody. These are checked at the laboratory to ensure that all samples are received. Sample security relies on samples always being attended or locked in appropriate sample storage areas, prior to dispatch to sample preparation facilities. Coarse reject samples from infill grade control are discarded immediately but are stored for two months for exploration and advanced grade control. Pulp rejects are discarded immediately if the deposit is actively mined but for deposits under exploration or Mineral Resource evaluation pulps are stored until the area is mined. They are stored in the core yard in a dedicated storage area, under clean and dry conditions to avoid contamination. The pulp sample boxes are catalogued with dispatch number, laboratory job number, and sample from and to information on each box. Samples sent to SGS Mwanza are also kept in a secured samples yard. Samples are analysed at the independently operated SGS Doko laboratory, except on infrequent occasions when the laboratory has had short-term reduced operating capabilities. In these instances, samples are prepared onsite in SGS Doko and then the pulps are shipped for analysis at SGS Mwanza, Tanzania. The samples are securely and directly shipped by logistics partner TCFF to Entebbe and then onward by road to the laboratory. Umpire samples are shipped from Entebbe to the laboratory in South Africa via air by DHL. Independent audits on the Mineral Resource and all supporting data including QAQC programmes are completed on a regular basis with previous audits completed by QG Australia Ltd. (QG) in 2012 (Quantitative Group, 2013) and Optiro in 2017 (Optiro, 2018a). In September 2021, RSC completed an independent audit of the Mineral Resource and Mineral Reserve processes used at Kibali (RSC Ltd, 2021). This included the sampling procedures used to collect the data informing Mineral Resource estimates. The audit demonstrated that Mineral Resource and Mineral Reserve processes conform to good practices. However, RSC made a number of recommendations to Kibali for improvement, including a review of RC drilling and sampling practices, particularly concerning testing of alternative splitters to provide better sample quality, which will be implemented by Kibali in 2022. 8.4 Quality Control and Quality Assurance Kibali has an extensive QAQC programme in place that is managed by site personnel and reviewed by AngloGold Ashanti and Barrick technical specialists annually. Quality control checks are inserted into the sample stream prior to dispatch to the laboratory, except for coarse and pulp duplicates, which are taken as a split by Kibali staff in the laboratory using a rotary splitter after crushing, or from the pulp reject after mat rolling. Overall, the QAQC sampling includes 10%

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 49 duplicates, 6% blanks, and 3% CRM. Independent umpire laboratories are also used on a quarterly basis to verify the primary laboratory, as well as to check the consistency in sampling protocols. Kibali QAQC protocol flowchart Results discussed include samples from exploration, Mineral Resource evaluation, and both open pit and underground grade control. A total of 261,940 samples were submitted in 2021. Approximately 27% of the total samples received are check samples inserted into the sample streams, as shown in the table below. Check samples consist of field duplicates for RC, pulp duplicates for DD cores, certified referenced materials (CRM) and coarse blanks. All laboratories undertake their own internal QAQC which includes blanks, duplicates, and CRMs, which are reported alongside Kibali results. The results of the laboratory internal QAQC are reviewed monthly by the Kibali team but are not included below. Submitted samples to the laboratory Sample Type Number of Samples Percentage DD 110,774 42% RC 80,115 31% Others 290 0% Subtotal 191,179 73% Standards 8,304 3% Coarse Blanks 8,545 3% Pulp Blanks 5,821 2% Spiked Blanks 1,157 0% Field Duplicates 8,575 3% Coarse Reject Duplicates 8,471 3% Pulp Reject Duplicates 6,757 3% Pulp Resubmitted 10,605 4% Umpires 12,526 5% Subtotal 70,761 27% Total 261,940 100%

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 50 To date QAQC reporting have not been observed to contain any significant sources of error or bias that would have a material effect on the Mineral Resource. Certified Reference Materials (CRMs) CRMs or 'standards' are inserted into batches at a frequency of 1 in 20 (5%) samples to check for bias over time and to test for laboratory handling errors. These monitor the accuracy of results received from the laboratory by comparing against the certified reference value. CRM results that have a failure outside of three standard deviations (SD) are checked for possible CRM swaps. The table below lists the CRM submitted over the last year and their respective ranges. Standard CRM in recent use at Kibali Standard ID Expected (g/t) Assayed (g/t) No. of Samples First Used Last Used Value Std Dev Min Max Min Max Mean Std Dev OREAS210 5.49 0.15 5.04 5.94 5.31 5.7 5.50 0.15 25 25/12/2020 30/08/2021 OREAS220 0.87 0.02 0.81 0.93 0.82 0.93 0.88 0.02 30 13/10/2020 27/08/2021 OREAS222 1.22 0.03 1.12 1.32 1.12 1.33 1.23 0.03 884 01/10/2020 30/08/2021 OREAS228 8.73 0.28 7.89 9.57 8.23 9.03 8.64 0.28 39 14/10/2020 27/08/2021 OREAS228b 8.57 0.20 7.97 9.17 7.52 9.24 8.64 0.20 2169 01/10/2020 30/09/2021 OREAS229b 11.95 0.29 11.09 12.81 12.4 12.9 12.72 0.29 5 26/11/2020 22/12/2020 OREAS232 0.90 0.02 0.83 0.97 0.81 1.03 0.90 0.02 3337 01/10/2020 27/09/2021 OREAS250 0.31 0.01 0.27 0.35 0.27 0.35 0.31 0.01 233 01/10/2020 08/09/2021 OREAS254 2.55 0.08 2.32 2.78 2.37 2.81 2.55 0.08 1582 03/10/2020 30/09/2021 Blanks Blank samples help ensure no false positives are obtained from laboratory analysis, checking for contamination during sample preparation, or to detect analytical contamination. These samples should return gold assay values below the analytical detection limit (i.e. less than 0.01g/t). The coarse blank samples used originate from barren granite material sourced from Matiko and Kalimva, approximately 20km NW of the project area. During the collection of samples, blank sample materials are inserted at a rate of approximately 1 in 20 (5%) of the total submitted samples. These samples undergo the same sample preparation as the drill samples to detect inter-contamination due to poor cleaning of sample preparation equipment throughout the various sub-sampling processes. A total of 8,545 coarse blank samples were submitted to SGS Doko during the review. The results are evaluated against twice the standard deviation as an acceptable limit. The overall performance shows more than 98.7% of the blank samples assayed fell within the 2SD, shown in the figure below.

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![](exhibit191572022051.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 51 Coarse blanks performance Spiked Blanks A spiked blank is inserted in an occasional batch to test whether a laboratory is actively spotting them and making adjustments. Blanks are deliberately contaminated by mixing one pulp blank with a low-grade CRM in equal proportions. These contaminated samples are inserted and submitted to the laboratory blind. Duplicates Duplicate samples are primarily used to assess precision (repeatability) of the assay data and can also be used to assess for the presence of bias in the sample preparation chain, from each sample reduction stage. A duplicate sample is a second split from the original, prepared and analysed separately with a unique sample number, inserted after every 25th sample and only in mineralised zones. Duplicate samples are obtained from five sources, with the error being cumulative: • Field Duplicate: a duplicate sample taken from the RC rig splitter or the second half of DD core, which quantifies the combined errors from field splitting through to analysis. • Coarse (Reject) Duplicate: a duplicate sample off the crusher which quantifies a coarse crush splitting error and pulverising error through to analysis. Typically, crusher and field duplicates are viewed using an absolute relative error of 20% (equates to ±10% precision level). • Pulp (Reject) Duplicate: a duplicate sample after pulverising, which quantifies pulp sub- sampling and analytical error. Typically pulp duplicates range between 5 % to 10 % precision of the primary sample (preferably within ±5% of the primary sample). • Pulp Repeat: a duplicate sample from the same pulp packet, submitted later and blind to the same laboratory, which quantifies the analytical error, but crucially can help identify bias trends over time (accuracy determination). • Umpire: a duplicate sample from the same pulp packet, submitted later to an alternative laboratory, to independently confirm the accuracy of the primary laboratory. RC and DD samples are reviewed separately to quantify and address the source of bias in duplicates more accurately.

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![](exhibit191572022052.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 52 The figures below show the quality of the field duplicates, coarse rejects, pulp rejects and pulp repeats submitted during the last year. Field duplicate quality for last year Fire Assay coarse reject duplicates

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![](exhibit191572022053.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 53 Fire Assay pulp reject duplicates Fire Assay pulp re-submissions

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![](exhibit191572022054.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 54 Umpire analysis ALS Johannesburg, South Africa is used as an independent umpire laboratory. Samples are submitted quarterly, along with CRMs, to check for and quantify bias between laboratories. A total of 4,408 pulp duplicate samples were submitted across the grade range in 2021, showing no significant bias between SGS Doko and ALS. Summary of Pulp Duplicates Analysed at ALS Statistic Discrete Statistics Percentiles Statistics Original Duplicate Units Distributio n Origin Duplicate Units Population 4,408 25.0% 1.24 1.25 ppm Minimum 0.50 0.10 ppm 50.0% 1.47 1.47 ppm Maximum 290.00 295.00 ppm 75.0% 2.01 1.98 ppm Mean 5.76 5.93 ppm 80.0% 2.68 2.68 ppm Std Dev 11.10 11.42 ppm 90.0% 3.65 3.70 ppm CV 1.91 1.93 97.5% 5.20 5.12 ppm Correlation 0.969 99.9% 6.26 6.15 ppm The Figure below illustrates that there is no systematic bias above or below the 1:1 (45°) line. There are some very high-grades greater than 10g/t reported higher by ALS, but this may reflect the paucity of sample pairs at this grade and is not considered meaningful. Fire Assay of umpire samples 8.5 Qualified Person's opinion on adequacy Based on the information provided by the operator, the QP is of the opinion that the sample collection, preparation, analysis, and security used at Kibali are performed in accordance with best practice and industry standards and are appropriate for the style of deposit.

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![](exhibit191572022055.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 55 The QAQC procedures and management are consistent with industry standards and the assay results within the database are suitable for use in Mineral Resource estimation. The QP has not identified any issues that could materially affect the accuracy, reliability, or representativeness of the results. 9 Data verification 9.1 Data verification procedures All forms of project data are securely stored in an industry standard Maxwell Geoservices (Maxwell) DataShed™ SQL™ database. Data must pass validation through constraints, library tables, triggers, and stored procedures prior to importing. Failed data is either rejected or stored in buffer tables awaiting correction. A full-time database administrator employed at site manages the database. Daily, weekly, monthly, and quarterly backups are made and stored on a hard disk onsite and automatically stored on a UK-based cloud server. A custom MS Access™ front end application has been designed for data entry, reporting, and viewing via Open Database Connectivity (ODBC), which utilises the data validation procedures from the SQL database. All other geological and mining software databases on site use ODBC link to retrieve information from the DataShed SQL database. Assay data is imported directly from assay certificates from the laboratory and validated. Only fully trained and authorised network users can upload laboratory data. Assay data is stored in a normalised format and multiple assays are stored for each sample. Ranking of different assay formats is performed automatically so that one assay result is displayed in the final table. Any change to the rankings in the assay table must be approved by the onsite database manager. Downhole survey data is directly uploaded from an associated handheld unit to Reflex HubTM, a cloud- based database server where each hole is reviewed by the respective geologist. Once approved, survey data is directly integrated with the Kibali database under an initial temporary table using a customised integration key. After further validation, it is written to the final survey table. Validation checks are performed by Kibali operations personnel on the data to be used in the estimation. In addition, Barrick as the operator completes additional data review prior to Mineral Resource estimation. An independent external database audit was completed by Maxwell in 2020 (Maxwell, 2020). Maxwell identified that the Mineral Resource data within the SQL database was in good order and only minor data issues were identified. Continued training and mentoring are ongoing for the database administrators as recommended by Maxwell. 9.2 Limitations on, or failure to conduct verification Historical data constitutes 11% of the drill hole database. This data is used for exploration targeting but has been effectively superseded in by current drill holes within the declared Mineral Resource. In general, twin holes completed to date have shown that assayed intercepts in historic holes are mostly repeatable. Some twin holes have identified that the down-hole survey or collar survey data of the historic data is not reliable. These limitations are clearly identified and understood. Therefore, grade data from historic drilling is generally not included and these holes have typically been re-drilled during Mineral Resource evaluation. Additionally, soil samples, channel samples and rockchip samples are not used as part of the Mineral Resource estimates. 9.3 Qualified Person's opinion on data adequacy From information provided by the operator, it is the QP's opinion the data verification program, as well as the sample collection, preparation, analysis, and security procedures comply with industry standards and are adequate for the purposes of Mineral Resource estimation.

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![](exhibit191572022056.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 56 10 Mineral processing and metallurgical testing 10.1 Mineral processing / metallurgical testing Metallurgical test work has been conducted on representative samples from Kibali ore bodies, starting with project initiation in 2006 and continuing to date as additional deposits are developed. Metallurgical and mineralogical characterisation has informed the initial plant design criteria and ongoing process optimisation initiatives to maximise cost effective gold recovery from a reasonably complex and variable ore mix delivered to the plant. Test work has led to the following features being incorporated in the gold recovery process: • Centrifugal gravity concentrators in conjunction with flash flotation to recover gravity recoverable gold (GRG) early in the milling circuit. • In-line leach reactor to dissolve concentrated gravity gold facilitating a short pipeline to bullion dispatch of GRG (± 23% of total gold produced). • Processing fresh ore through conventional flotation to recover refractory gold bearing sulphide/arsenopyrite concentrate for fine grinding and high shear partial oxidation resulting in improved leach recovery and reduced cyanide consumption. • Processing free milling oxide/transition ore through conventional CIL, minimising the occasional preg-robbing effect from natural carbon in ore. There have been several test work programmes completed at Kibali. Test work programmes for some satellite deposits were completed after initial plant commissioning and others targeted characterisation. More recently, studies have been completed for Pamao, Kalimva – Ikamva, the KCD 3000 and 5000 lodes, Sessenge-KCD gap, Aerodrome, and Megi-Marakeke-Sayi, as part of the definition or validation of modifying factors for Mineral Reserve. A summary of the test work to date can be found in the table below. Summary of the Kibali metallurgical test work to date Name of Programme Laboratory Report ID or Number Public ation Date Metallurgical Test Work Including Risk Reduction and Variability Tests AMTEC/Orway Mineral Consultants (OMC) A12949 A TO D 2011 Bankable Feasibility Study1 AMTEC/Orway Minerals Consultants/Senet Engineering (SA) Senet KGM Feasibility Report 2010 Feasibility Study2 AMTEC (Now ALS)/Lycopodium Engineering 1329/16.15/1329-STY- 002/S5-B 2007 Prefeasibility Study3 AMTEC (Now ALS)/Lycopodium Engineering 1329/16.15/1329-STY- 001/S5-B 2006 Satellite pits and additional work Mengu Hill Deportment of gold in Mengu Hill feed and flotation products AMTEL Amtel Report 12/55 2013 Mengu Hill Test Work Summary (Appendices available with all details of sample selection and compositing strategies) AMTEC/OMC Report No. 8888 Rev 1 2012 Pakaka Metallurgical Performance of the Pakaka Feed Blends in the CIL – Review Relative to Feasibility and Geometallurgy Arsenic domains Kibali Goldmines Internal Review and Geometallurgy Report Internal Report 2017 Laboratory flotation test work on Pakaka gold samples (also includes in APP reports work on mineralogy) Outotec Research Finland 15142-ORC-T 2016 Gold deportment analysis of Pakaka major ore types AMTEL Amtel Report 14/14 2014 Gorumbwa Metallurgical Test Work conducted upon samples from the Gorumbwa Project for Kibali ALS Metallurgy (Formerly AMTEC) Report No. A16184 2016

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![](exhibit191572022057.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 57 Gorumbwa Feasibility Study – Metallurgical Test Work Report Kibali Goldmines Internal Review and Summary of all tests conducted – T. Mahlangu Internal Report 2014 Gold Deportment in Gorumbwa ores by CN leach AMTEL Amtel Report 14/42 2014 Sessenge Processing of three samples from the Kibali – Sessenge pit according to the current Kibali flowsheet Maelgwyn Mineral Services Africa REP 18-008 2018 Kibali Met Laboratory Sessenge Geometallurgy Work_2018 Kibali Geometallurgy Internal Test Work and Review Report Internal Report 2018 Deportment of gold in Kibali Sessenge ores AMTEL Amatel Report 16/38 2016 Pamao Pamao Gravity Test Work Peacocke & Simpson PS394A to F 2017 Pamao BRT and Arsenic Distribution Kibali Geometallurgy Internal Review Report Internal Report 2017 Metallurgical Test Work – Pamao_2017 Kibali Internal Pamao Metallurgical Review – T. Mahlangu Internal Report 2017 Metallurgical Test Work – Pamao extension & low recovery zone_2021 Kibali Internal Pamao Metallurgical Review – T. Kapotwe Internal Report 2021 Ore characterisation – Pamao extension & low recovery zone_2021 AMTEL Amtel report 21-51 2021 Kalimva – Ikamva Metallurgical Test Work – Kalimva- Ikamva_2019 Maelgwyn Mineral Services Africa Report N0. 19-059 2019 Metallurgical Test Work – Kalimva- Ikamva_2019 Kibali Internal Ikamva-Ikamva Metallurgical Review – T. Kapotwe Internal Report 2019 Deportment of gold in Kalimva & Ikamva ore _2019 AMTEL Amtel report 19-39 2019 3000 Lode & 5000 Lode DP Metallurgical Test Work – 3000 Lode & 5000 Lode DP_2020 Kibali Internal Metallurgical test work – T. Kapotwe Internal Report 2020 Deportment of gold in 3000 Lode & 5000 Lode DP ore _2020 AMTEL Amtel report 20-41 2020 Sessenge-KCD GAP Metallurgical Test Work – Sessenge-KCD Gap_2020 Kibali Internal Metallurgical test works – T. Kapotwe Internal Report 2020 Aerodrome Metallurgical Test Work – Aerodrome_2020 Internal Metallurgical test works – T. Kapotwe Internal Report 2020 Megi-Marakeke-Sayi Metallurgical Test Work_Megi-Marakeke- Sayi_2020 Maelgwyn Mineral Services Africa Report No. 20-197 2020 Metallurgical Test Work_Megi-Marakeke- Sayi_2020 Kibali Internal Metallurgical Review – T. Kapotwe Internal Report 2020 Deportment of gold in Megi-Marakeke- Sayi ore _2019 AMTEL Amtel report 20-50/20-51 2019 Notes 1. Randgold, 2010 2. Moto Goldmines Ltd, 2008 3. Moto Goldmines Ltd, 2008 The extensive metallurgical test work campaigns demonstrate two distinct behavioural patterns, particularly in the oxides but sometimes in the sulphides. Some ore sources exhibit free-milling characteristics suitable for gold extraction by a conventional CIL metallurgical process. Other ore sources exhibit a degree of refractory characteristics, albeit never extreme, where straight cyanidation returns gold dissolutions in the region of 70%, which is too low for optimal plant operation. These refractory characteristics are invariably due to the presence of occluded gold particles within sulphide minerals. It has been determined that a finer grind will expose a portion of this additional gold for leaching, thus enhancing the recovery such that it exceeds 80%. In addition, many of the Kibali ore sources exhibit a preg-robbing tendency, which points to the need for rapid carbon adsorption. Thus, the Kibali plant was designed to cater for these characteristics through two distinct processing circuits: • Free-milling ore sources – conventional CIL circuit.

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![](exhibit191572022058.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 58 • Refractory ore sources – flotation circuit with ultra-fine-grinding (UFG) and dedicated intensive leaching of the concentrate generated. Float tails leaching is optional and dependent on profitability. The LOM average gold extractions are 89% excluding the leach tails with minimum and maximum recoveries of 78.4% and 96.4%, respectively. The sample selection for the ore bodies and metallurgical recoveries expected at Kibali and used in the financial model can be found in the table below. Kibali recovery values applied by deposit and material class Ore Source Recovery Oxide (%) Transitional (%) Fresh (%) KCD 90.1 90.1 86.1 KCD UG - - 90.0 Sessenge 90.3 75.9 81.0 Pamao 90.9 85.0 85.0 Kombokolo 85.0 85.0 85.0 Pakaka 89.0 89.0 80.2 Mengu Hill 81.0 77.0 70.0 Gorumbwa 90.0 90.0 90.0 Kalimva-Ikamva 90.0 89.0 89.0 Aerodrome 90.0 88.0 85.9 Megi-Marakeke-Sayi 90.0 90.0 89.5 Pamao South 89.0 88.0 86.5 Oere 88.0 86.5 87.0 The resultant strategy is to: • Maximise gold recovery into the flotation concentrate – less through increased mass pull, due to the capacity limitations imposed by the downstream concentrate treatment processes, in particular UFG, and rather by reagent suite optimisation including optimal and steady flotation operation. • Maximise gold dissolution from the concentrate – mineralogical effects might have an effect, but regular diagnostic leach tests will help keep track and identify where the problems come from. Additional residence time for concentrate can be provided by the CIL – pumpcell product is provided for the benefit of further gold dissolution in the larger tanks. 10.2 Laboratory and results The data available for the original FS metallurgical sampling and extraction test work was from KCD, Kombokolo, Mengu Hill, Pakaka, Pamao, and Sessenge. While all the samples have been tested, the selection of the process routes and subsequent plant design has been based on the results from KCD, which consists of 70% of the FS ore feed to the plant. The most significant increase in tonnage is likely to come from the KCD deposit. Mineral processing and metallurgical testing fundamentals are well established at Kibali. The ore characterisation insights gained have contributed to achievement of ongoing relatively high consistent predictable gold recoveries. Extraction The physical and extraction sample selection and test work logic was developed by Lycopodium Limited and used in the FS and OFS study for Moto gold ores, following the flowsheet shown below. Extraction results presented in the figures below include the OFS results and extraction variability tests (Moto Goldmines Ltd, 2009).

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![](exhibit191572022059.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 59 Extraction test flowsheet Select Drill Hole Metre Interval Intercepts from Site Select Comminution Test Work Samples and Comminution Variability Samples Select samples for mineralogical thin section investigation Conduct JK Drop Weight tests, Apparent SG, Abrasion index, Bwi, Rwi, SMC tests and Levin open circuit grindability test work on selected samples. Crush remainder (P100 2mm), Mix, Split, Assay and Leach a sub-sample of each 10m Interval for each hole to determine direct cyanidation characteristics of individual hole composites Select Master Composite samples for Primary and Oxide material individually Select Variability samples, both spatially and by rock type Oxide Master Composite Primary Master Composite Head Assays Head Assays Mineralogical Investigation Mineralogical Investigation Grind optimisation and leach tests Grind optimisation and flotation tests Gravity gold recovery, including intensive cyanidation of gravity concentrates at "as received" and ultra-fine-grind Gravity gold recovery, including intensive cyanidation of gravity concentrates at "as received" and ultra-fine-grind Leach optimisation, including reagents, oxygen vs. air sparging, diagnostic analysis and retention time Direct cyanidation tests, including reagents, oxygen vs. air sparging, diagnostic analysis and retention time Flotation test work Flotation reagent optimisation test work, including flotation tests in site water Oxygen Uptake Rate determination Bulk gravity separation and pilot flotation Viscosity measurements at varying pulp densities Flotation Tail Flocculation and thickener test work Head assays Sequential Triple Contact CIP (Carbon-in-pulp) test work and Equilibrium Carbon Loading test work Leach tests Geochem analysis on leach tail Viscosity measurements at varying pulp density Cyanide Detoxification test work Thickener and flocculation test work Geochem analysis Flotation Concentrate Head assays, true SG determination, mineralogical examination Ultra-fine-grind test work and leach optimisation, including reagents, oxygen vs. air sparging, and retention time Indicative oxidation test work: - Pressure Oxidation, - Roast Calcination, - Bio-oxidation, - Albion Process Oxygen Uptake Rate determination Viscosity measurements at varying pulp densities Flocculation and thickener test work Sequential Triple Contact CIP test work and Equilibrium Carbon Loading test work Geochem analysis on leach tail Cyanide Detoxification test work Upon completion of the extraction test work, the Process Route is defined for Oxide and Primary Material Subject Primary variability samples to optimal recovery conditions as determined for the Primary Master Composite material Subject Oxide variability samples to optimal recovery conditions as determined for the Oxide Master Composite material Subject Transition variability samples to optimal recovery conditions as determined for the Primary Master Composite material A total of 136 drill hole composite samples, composited at 10m to 12m intervals, were subject to direct cyanidation. The test procedure involved milling the samples to 80% passing 75µm, bottle roll leaching in the presence of oxygen at 40% solids, pH 10.5 and 0.2% w/v nominal strength of cyanide for 24 hours. Note that the Master Composite and extraction variability were selected for detailed metallurgical investigation based on the geological description of the oxidation state and not the metallurgical behaviour of the hole composite samples.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 60 The results, as depicted in the figure below indicated significant spatial changes in the cyanidation response of the deposit. The scattered nature of the results indicated that certain samples logged as primary sulphide material responded very positively to direct cyanidation. Spatial cyanidation response Notes: 1. Blue Markers = Fresh, Green Markers = Transition, Red Markers = Oxide Besides the extraction variability samples, metallurgical test work was conducted on the risk reduction samples, for both oxide and sulphide/fresh samples. The data represented in the figure below gives the extraction variability for the primary process of gravity float – float concentrate leach with the exclusion of flotation tails. Samples OFS_UG 1 to 7 represent the underground samples for the OFS (Moto Goldmines, 2009). The average extraction of all fresh samples, that is, open pit and underground excluding the leaching of tails, is 88.1%. Also included in the plots are the underground FS recovery (89.8%) and open pit FS recovery (86.1%). Extraction variability of gravity float 0 10 20 30 40 50 60 70 80 90 100 S C # 1 S C # 4 S C # 9 S C # 1 3 S C # 1 6 S C # 1 9 S C # 2 3 S C # 2 7 S C # 3 4 S C # 3 8 S C # 4 5 S C # 5 2 S C # 5 6 S C # 6 0 S C # 6 3 S C # 7 4 S C # 7 6 S C # 7 8 S C # 8 1 S C # 9 1 S C # 9 4 S C # 9 7 S C # 1 0 4 S C # 1 1 4 S C # 1 1 6 S C # 1 2 1 S C # 1 2 4 S C # 1 2 6 S C # 1 2 8 S C # 1 3 5 (%) K C D P A K A K A S O U T H P A K A K A N O R T H O T H E R K O M B O K O L O F re s h S E S S E N G I T ra n s 0 10 20 30 40 50 60 70 80 90 100 D D D 0 7 2 D D D 2 5 7 D D D 1 6 5 D D D 1 6 5 D D D 1 6 5 D D D 1 6 0 D D D 2 5 5 D D D 3 4 8 D D D 2 2 4 D D D 0 1 1 D D D 0 1 9 D G T0 0 9 D D D 1 9 5 D D D 1 6 2 D D D 1 6 6 D D D 0 8 4 D D D 2 9 0 D D D 2 2 0 D D D 2 1 1 D D D 1 2 7 D D D 3 8 8 D D D 0 0 5 2 0 1 0 M as te r C o m p D D D 3 7 5 D D D 0 7 3 O FS _U G 1 O FS _U G 2 O FS _U G 3 O FS _U G 4 O FS _U G 5 O FS _U G 6 O FS _U G 7 O FS _U G M as te r C o m p P ri m ar y Ex tr ac ti o n E xc lu t ai ls Primary Extraction Average OP Fresh Feasibility UG Fresh Feasibilty

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 61 It is clear that the strategy adopted for the treatment of the oxide/transition material of the KCD is sufficient to minimise any gold losses. The benefit of treating the transition material through the oxide route with the flash flotation component ensures that both sulphides and non-floating materials are treated in the UFG – leach and CIL, respectively. The leach results for the gravity – direct cyanidation tests on the grade control samples are detailed in the table below. Leach results for gravity and direct cyanidation test work Sample No. Assay Head (g/t) Calc Head (g/t) Solids Tail Value (g/t) Gravity Recovery (%) Dissolution (%) Total Extraction (%) Lime Cons (kg/t) NaCN Cons (kg/t) DCRC0049 4.0-1 4.0m 10.3/10.7 10.2 1.37 27.12 59.49 86.61 0.56 0.51 DCRC00 37 22.0-32.0m 18.6/18.2 20.3 0.91 17.22 78.3 95.52 0.68 0.55 DCRC0047 14.0-24.0m 9.08/9.28 9.75 0.96 17.69 72.46 90.15 0.59 0.70 DCRC00 50 4.0-14.0m 12/11.2 12 1.19 33.80 56.26 90.06 0.55 0.65 DCRC0008 26.0-36.0m 5.27/4.81 5.36 0.23 25.21 70.5 95.71 0.46 1.46 DCRC0007 46.0-58.0m 2.79/2.26 2.76 0.22 13.72 78.31 92.03 1.79 0.82 DCRC0047 4.0-14.0m 3.56/3.7 3.6 0.51 15.42 70.42 85.84 0.83 0.76 DCRC0040 16.0-26.0m 1.63/1.83 1.75 0.21 8.46 79.56 88.02 0.53 0.87 DCRC0046 4.0-14.0m 1.8/1.76 1.75 0.31 10.11 72.14 82.25 1.23 0.67 DCRC000S 8.0-1 8.0m 0.8/0.72 0.84 0.03 16.07 80.36 96.43 0.75 0.38 DCRC0013 68.0-78.0m 0.56/0.44 0.58 0.05 3.45 87.93 91.38 0.87 1.26 Comminution characterisation tests – oxides, transition and sulphide ores Kibali ore source bond work index (BBWi) numbers for fresh unweathered sulphide material are presented in the figure below. These tests were conducted at a limiting screen of 106µm since the targeted grind size is 75 µm. The Pakaka sulphide material BBWi was very high, which resulted in extra cost in terms of energy, steel balls, and liners. The BBWi of other material lies within the design BBWi. BBWi for sulphide material

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 62 The average plant operating work index recorded in 2020 was 10.19KWh/t and 10.78KWh/t for Stream #1 and Stream #2, respectively, with mills specific energy consumptions of 10.75KWh/t and 11.63KWh/t. Mill products average P80 were at 78 µm on Mill #1 and 80 microns on Mill #2 (see the figure below). Test work and gold recovery variability characterisation has in the QP's opinion resulted in provision of considerable flexibility and rigor within the plant processes enable the operation to target and customise parameters appropriate for different ore types. Kibali processing plant average P80 and specific energy consumption (2021) Particle size reduction is critical to achieve targeted direct leach and flotation recoveries as shown in the figures below. These results were generated from fresh rock KCD, Gorumbwa, and Sessenge orebody samples process in the plant post-2018 reporting. A size-by-size flotation recovery analysis conducted on plant composite samples confirmed that higher performance was achieved between 75µm and 53µm. Direct leach and flotation recoveries by Particle size

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 63 Flotation recovery by particle size Gravity amenability tests: all material types The original plant design for the gravity circuit had an estimated gravity recovery below 18%. However, actual plant performance has shown that recovery is consistently above 21%. One key change to the circuit has been to reconfigure the gravity circuit with the installation of a falcon centrifugal concentrator which primarily targets fine gold recovery. The feed to this unit is the flash flotation concentrate, which had been reporting to the final concentrate thickener creating unintended ultrafine grinding and leach inefficiencies. As part of the evaluation and optimisation of new satellite pits and new underground stopes, onsite and external laboratory gravity recoverable gold test work has become an integral part of routine work at the project. Mineralogical assessment Extensive mineralogical examination data exists for Kibali ores, primarily from the original FS work and more recently generated as part of pre-production geometallurgical studies for either new pits and/or new mining and feeding domains of the existing ore bodies. The primary objective of this work is to identify all forms and carriers of gold, assess mineralogical factors affecting gold recovery, and determine target recoveries along with opportunities to optimise. Pre-production work from proposed pits such as Kalimva- Ikamva and Megi Marakeke-Sayi are yet to be processed. Samples have been collected and are being processed to understand the bulk mineralogy and identify possible recovery impact issues. Kibali submits composite samples to an independent external laboratory for a full gold deportment, especially in cases where lower than initially predicted recoveries are encountered. Examples of exposed residual gold grains accounting for more than 3% have been identified. These have surface build-up of silver and arsenate/Fe which interfere with gold dissolution. However, up to 75% of gold losses in the tailings is accounted for by the natural refractoriness of the ore in form of sub-microscopic gold in pyrite and arsenopyrite. The latter has been consistent and elevated in the satellite orebodies that carry significant content of arsenopyrite minerals and generally retain sub-80% recoveries, exemplified by high arsenic domains at Pakaka. Deleterious elements Kibali needs to consider the remediation of cyanide species as well as arsenic. The QP confirms that there are no processing factors that could have significant effect on potential economic extraction. Kibali abides by the guidelines of the International Cyanide Management Code (ICMC) to which both Barrick and AngloGold Ashanti are formal signatories. The two cyanide TSFs (CTSFs) are both lined with a high density polyethylene (HDPE) liner. Protocols call for limited threshold discharges to the CTSF and cyanide discharge concentrations are controlled through use of an on-line cyanide analyser and controller.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 64 The presence of two CTSFs allows management of the cyanide containing liquor streams and moreover, most of the water is recycled to the plant area where there also exists an additional cyanide detoxification pond facility. Aiming to mitigate the risk of long term ICMC non-compliance and possible detrimental environmental impact of discharging high weak acid dissociable (WAD) cyanide levels in the CTSF tailings dam, Kibali evaluated the possibility of conducting peroxide detox versus the cyanide recovery process (CRP) developed by AZMET consultants, who designed the process flow sheet. Based on the Kibali LOM, the onsite test work, trade-off studies and financial analysis showed that the AZ- CRP is more effective and economic when compared to other detox methods such as the Peroxide Detox & INCO process. Another benefit of the AZMET CRP plant is the additional gold and cyanide recovery leading to an after-tax payback period of less than 4 years. The full-scale plant detox has been budgeted for 2022 and half of 2023. The main deleterious element in the Kibali ore is arsenic. Certain isolated ore types exhibit higher levels of arsenic (for example Pakaka, Sessenge and Aerodrome), which can result in dissolution during the recovery process. During the recovery process, the arsenic dissolves into solution and is captured by the leach of flotation concentrate in the intensive oxygenation/cyanidation circuit. Mitigation can occur for either of the cyanide containing streams or non-cyanide containing streams, that is, flotation tails, which report to a dedicated but unlined flotation storage facility (FTSF). Arsenic remediation can occur through oxidation of ferrous sulphate and arsenic species to the valency state (V). Alternatively, ferric chloride may be used directly, though is associated with corrosion issues. Both methods result in the formation of a stable ferric arsenate precipitate. The primary mitigation method utilised at Kibali is the application of a blending strategy where high arsenic content ores are intentionally blended with ores with low content, thereby restricting the arsenic solution tenors within the circuit. Arsenic content more than 2,000 ppm has a negative effect on gold dissolution. Dissolution values as low as 70% are attained when arsenic content increases as high as 9,000 ppm. Subsequently detailed geo-metallurgical analysis has been completed on Pakaka and Sessenge where the arsenic content has been modelled as part of the Mineral Resource block model. Metrics have been developed for stockpiling and blending, to dilute and minimise the impact of high arsenic in the overall plant feed. Additional work was carried out to identify the poor recovery related to the refractory component of the ore, while the pre-oxidation processes of the concentrate post ultrafine grinding was controlled or restricted to minimise arsenic mobilisation to solution. 10.3 Qualified Person's opinion on data adequacy Mineral processing and metallurgical testing fundamentals are well established at Kibali. The ore characterisation insights gained have contributed to achievement of ongoing relatively high and consistent predictable gold recoveries. In the opinion of the QP, the rigorous representative sampling and testing of new deposits provides a sound geometallurgical understanding of process requirements as mining activities advance. Test work and gold recovery variability characterisation has in the QP's opinion resulted in provision of considerable flexibility and rigor within the plant processes enable the operation to target and customise parameters appropriate for different ore types. 11 Mineral Resource estimates 11.1 Reasonable basis for establishing the prospects of economic extraction for Mineral Resource There are no geological parameters that are deemed to negatively impact the prospects for economic extraction. The main deleterious element in the Kibali ore sources is considered to be arsenic. Certain isolated ore types exhibit higher levels of arsenic (in Pakaka and Sessenge) which can result in dissolution

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 65 during the recovery process. The impact of arsenic was in the leach of flotation concentrate in the intensive oxygenation/cyanidation circuit. Arsenic content in excess of 2,000 ppm has a negative effect on gold dissolution where dissolution values as low as 70% are attained when arsenic content increases to values as high as 9,000 ppm. There are no co-products or by-products. Open pit mining Open pit mining is carried out using conventional drill, blast, load, and haul surface mining methods. From 2022 onwards, open pit production will come from the Sessenge, Aerodrome, Pamao, Gorumbwa, Megi- Marakeke-Sayi, Kalimva-Ikamva, Oere, Pakaka, and KCD deposits. The Mengu Hill, Mofu, Kombokolo and Rhino pits were depleted in 2017. Open pit mining is conducted by contractor Kibali Mining Services (KMS), a local subsidiary of DTP Terrassement, using either free-dig or conventional drill, blast, load, and haul methods. The mining equipment is jointly owned by a subsidiary of Barrick and the contractor's parent, who also operates at Barrick's Loulo-Gounkoto mine in Mali and Tongon mine in Côte d'Ivoire. All the deposits are characterised by the presence of a near-surface groundwater table with the potential for high groundwater inflows into the pits. The possible impacts of ingress of groundwater are investigated prior to mining and during the mining activities. Dewatering well systems are installed for all pits to lower the groundwater level prior to commencement of mining. A system of dewatering trenches are procedurally established prior to commencement of mining in each of the pits, preventing the inflow of any surface water to the active mining areas. The upper levels of the open pits are usually in weathered material, which typically is free digging material. Once fresh (unweathered) rock is encountered, drilling and blasting is required. Emulsion explosives are supplied as a down-the-hole service by the contracted explosive supplier Orica. Free digging in the upper levels uses 5m high benches, with 10m benches used for drilling and blasting operations. The 10m benches containing ore are excavated in three flitches of equal height. Opportunities exist to upgrade and convert the Inferred Mineral Resource within the current pits to Mineral Reserve with further conversion drilling, but any Inferred Mineral Resource within pit designs are not reported as Mineral Reserve. Under the current Mineral Reserve, the open pit end of life is estimated at year 2033. The addition of future open pit Mineral Reserve from additional exploration sites have the potential to extend open pit mining post-2033. Underground mining The Kibali KCD underground mine is designed to extract the KCD deposit directly beneath the KCD open pit. A 50m crown pillar separates the pit bottom from the top of the underground mine. The Kibali underground mine is a long hole stoping operation producing at a rate of 3.8 million ore tonnes per year. Development of the underground mine commenced in 2013. Stoping commenced in 2015 and ore production has ramped up to 1.8Mt in 2017 and 3.8Mt in 2021. Initial production was truck hauled by a twin decline to surface. In 2017, the haulage shaft (740m deep) and materials handling system was commissioned. From 2018 onwards, underground ore has predominantly been hoisted up the shaft. The decline to surface will be used to haul some of the shallower zones and to supplement shaft haulage. A major pump station has been installed near the shaft bottom with redundant capacity in the pumps and pipelines to the surface. A significant portion of the capital and access development for the mine is in place. To date 43,609m of capital and access development has been completed. The current LOM plan contains a further 9,928m of capital lateral development based on Mineral Reserve. Ore from stopes is loaded (both by teleremote and conventional manual loaders) from the stopes into the eight ore passes via finger raises on the respective levels. This ore is then transferred by autonomous load haul dumpers (LHDs) into two coarse ore bins and then into two primary crushers, followed by two fine ore bins and independent skip loadout conveyors near the shaft bottom. The proposed mining methods are variants of long hole open stoping with cemented paste:

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 66 • Primary / secondary long hole open stoping (primary 20% of Mineral Reserve tonnes, secondary 33% of Mineral Reserve tonnes) is used in the wider zones, with 35m interval heights where stopes are mined either as single lift or multiple (up to four) lifts, depending on stope geometry and the geotechnical stable span. • Advancing face long hole open stoping (29% of Mineral Reserve tonnes) is used where the mineralisation has a shallower plunge (approximately 20° to the NE), where stopes are mined with variable interval heights between 25m and 35m to optimise extraction. • Longitudinal open stoping (18% of Mineral Reserve tonnes) is used in narrow zones (less than 15m width) with variable interlevel heights between 20m and 30m. No significant failures of the openings in the underground workings have occurred. The rock assessed for the rock mass model is ranked as good. The underground mining operations have been owner operated by Kibali since 2018. The paste backfill plant treats the Kibali tailings from the flotation circuit by de-watering processes (filtration) to produce a paste containing binder, which is delivered to underground stopes under gravity or pump via a distribution piping system. The paste plant has been designed to treat a feed rate of 292 tph of dry tailings solids and produce nominally 190m3/hr of paste fill. The paste plant is fully automated with its own fully equipped laboratory. The paste is transported to the stopes underground via a single borehole (duty and stand-by). Paste is subsequently transported horizontally along the levels to the upper stopes. Internal boreholes take paste fill to the lower levels. Under current Mineral Reserve, the underground end of life is estimated at year 2034. The addition of future underground Mineral Reserve from additional lodes such as the 11000 Lode has the potential to extend underground mining post 2034. Mineral processing The Kibali gold processing plant comprises two largely independent processing circuits, the first one designed for oxide and transition ores and the second for sulphide refractory ore. However, both circuits are designed to process sulphide ore when the oxide and transition ore sources are no longer available. The flow sheet, depicted in Section 14 comprises crushing, ball milling, classification, gravity recovery, a conventional Carbon-in-leach (CIL) circuit, flash flotation, also conventional flotation, together producing a concentrate which goes to ultra-fine-grinding and a dedicated intensive cyanide leach. This process consists of well tested technology in the gold industry and is appropriate for the style of mineralisation present at Kibali. Extensive metallurgical test work campaigns have been completed across all deposits in Kibali that form part of the declared Mineral Reserve. These have consistently demonstrated two distinct behavioural patterns, the first of which exhibits free-milling characteristics suitable for gold extraction by a conventional CIL metallurgical process. The second of which exhibits a degree of refractoriness, where straight cyanidation returns gold dissolutions considered to be too low for optimal plant operation due to the presence of occluded gold particles within sulphide minerals. It has been demonstrated that a finer grind will expose a portion of this additional gold for leaching so that the recovery is enhanced to economically acceptable levels. Infrastructure The main access points for equipment and supplies for the operation include the major ports of Mombasa, Kenya (1,800km) and Dar es Salaam, Tanzania (1,950km). The routes are paved up to the DRC border. Road access is from Kampala, Uganda and is approximately 650km. The arterial road between Arua and site is unpaved but has been upgraded and serves as the main access route for materials to site. Local roads are generally in very poor states of repair. Supplies typically require two weeks to arrive from Mombasa. A local certified airstrip with passport control, serves as the primary access point to site for personnel on charter flights from Entebbe, Uganda, which is approximately 470km SE of the Mine. International air carriers service Entebbe – Doko – Entebbe daily with exception of Saturday and Sunday.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 67 The primary source of raw water supply is rain and spring water catchments with top-up from a borehole system and a final backup from the Kibali River. Raw water is collected and stored in the raw water dam, which has a storage capacity of 9,500m3. The processing plant requires approximately 46,000m3 of water per day, which is sourced by reclaiming water from the tailings facilities FTSF, CTSF1 and CTSF2. There are two TSFs at Kibali; one for the cyanide containing (CIL) tails and the second one for the sulphide flotation tails. The CIL tailings contain residual cyanide and are contained in an HDPE lined dam. The flotation tails contain are benign and therefore the dam is not lined. The cyanide containing TSFs are CTSF1 and CTSF2 for the CIL tails and FTSF for the flotation tails. Approximately half of the sulphide tailings generated will be used to produce paste backfill for the stoping operations. A paste fill plant filters the sulphide tailings, which are mixed with cement to form a paste fill that is delivered to the underground via a distribution pipe network from the surface. Since there is no national grid power supply to the site, Kibali is fully dependent on its own generation facilities. The power supply currently comes from a mix of on-site, high-speed diesel generator sets and off-site hydropower stations; Nzoro II is currently producing approximately 22MW, Ambarau produces 10.6MW and Azambi produces a further 10.2MW, with total peak hydropower capacity of 42.8MW, which is sufficient to meet the mine power demand. A battery energy storage system was incorporated in 2020 to improve power stability. Nzoro 2, Ambarau and Azambi hydropower plants. The site is connected to the hydrostations via a 66kV overhead line network. The hydropower system has a combined potential capacity of 42.8MW of hydropower (at peak) and has backup installed capacity for 43MW of thermal generation. The load demand of the mine is not constant, power demand at full production is currently between 39MW and 43MW, averaging approximately 41MW. Legal Kibali has been granted ten exploitation (mining) permits under the DRC Mining Code (2002) in respect of the project, eight of which are valid until 2029 and two of which are valid until 2030. All Mineral Resource and Mineral Reserve summarised in this report is contained within these exploitation permits. The exploitation permits occur within two territories, namely Watsa and Faradje, which fall under the Province of Haut Uélé. Exploitation permit details. Arête No. Permit No. Surface Area (km2) Expiry Year 0852/CAB.MIN/MINES/01/2009 11447 226.8 2029 0855/CAB.MIN/MINES/01/2009 11467 248.9 2029 0854/CAB.MIN/MINES/01/2009 11468 45.9 2030 0853/CAB.MIN/MINES/01/2009 11469 91.8 2029 0329/CAB.MIN/MINES/01/2009 11470 30.6 2029 0852/CAB.MIN/MINES/01/2009 11471 113.0 2029 0331/CAB.MIN/MINES/01/2009 11472 85.0 2029 0856/CAB.MIN/MINES/01/2009 5052 302.4 2029 0858/CAB.MIN/MINES/01/2009 5073 399.3 2029 0103/CAB.MIN/MINES/01/2011 5088 292.2 2030 Surface rights in the area of the Kibali permits belong to the DRC Government. Utilisation of the surface rights is granted by the Kibali exploitation permits under the condition that the current users are properly compensated. All the surface rights fees relating to Kibali's exploitation rights have been paid to date and the concession is in good standing.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 68 Environmental, permitting and social considerations An independent Environmental and Social Impact Assessment (ESIA) for Kibali was completed as part of the Kibali FS completed in December 2012. Subsequent ESIAs for various Project extensions and new elements have been completed, the most recent of which was in 2020. An Environmental Adjustment Plan (EAP) has been approved by the Direction de Protection de l'Environnement Minier (DPEM) with the purpose of describing any measures that have been or will be taken for the purpose of the protection of the environment. An environmental management plan is in place, and the Kibali operations are ISO 14001:2015 certified and independently audited to continuously improve environmental management. Audits are also carried out to gauge conformance with the International Cyanide Management Code (ICMC); ICMC certification and construction of a cyanide detox plant for the tailings stream is planned to commence in 2022. Waste rock is generated and disposed of on Waste Rock Dumps (WRDs) that are located adjacent to the open pits and underground shaft. The waste rock characterisation assessment returned a negative acid generating status. Waste rock is used to build various infrastructural platforms on site, while the remainder is stockpiled on surface or deposited in stopes as backfill. The waste rock has been demonstrated to have moderate to high acid neutralising capacity for the majority of lithologies tested. Tailings are generated from the plant and disposed of in two separate TSFs, the FTSF and CTSF, which consists of the CTSF1 and CTSF2. The CTSF is lined and contains materials which are acid producing and which also contain cyanide residues and materials with a higher arsenic content. The concentrate tails are acid producing and contain cyanide residues and arsenic containing materials. A portion of the flotation tailings are used for paste backfill in the KCD underground mine. Routine environmental monitoring takes place across the site, including dust deposition, noise, arsenic, and weak-acid dissociated (WAD) cyanide sampling, TSF seepage water and tails streams as well as sample collection of drinking water, ground water, surface water and the TSF borehole water. Environmental incidents are noted in a register which forms part of the Environmental Management System (EMS); the causes and responses are identified, and once completed, the incident is closed out. A comprehensive water balance model has been compiled for the site, which models flows, inputs and losses throughout the operations (i.e., the open pits, underground workings, process plant, TSFs, water management structures, offices, camp, and sewage treatment facilities). The model includes inputs regarding river water use (e.g., discharges, gains, and losses, volumes of potential savings/recycling opportunities). Opportunities to reuse water within operations has significantly reduced the volume of freshwater abstracted from the Kibali River. The original vegetation of the project area has been largely transformed through human activity. Site clearance for the establishment of infrastructure, together with anthropogenic activities has occurred across all vegetation habitat types. Alien invasive plant species occur throughout all habitat types. Despite human pressure, most protected plants species remain within gallery forests (Digby Wells, 2015) that are associated with drainage lines and water courses. Biodiversity monitoring is ongoing, such as the use of camera traps to detect fauna within the concession. The Biodiversity Management Plan is being updated to reflect additional information on the biodiversity which has been collected. The mine site lies around 65km south of the Garamba National Park, which lies on the border with South Sudan. A partnership with the park has been established to support the Garamba National Park's goals. This partnership provides a wider strategic support for game protection from poachers from the north, and connections with local enforcement networks. Mine closure costs are updated each year, with increases or decreases in disturbed areas noted and costed; the current cost for rehabilitation and closure of the mine according to the calculation model is estimated to be approximately $24 million as of 31 December 2021 (Digby Wells, 2021). The mine is a significant employer to members of the local communities. The mining operations contribute to extended LOM, employment of local Congolese and the growth of the DRC economy. Kibali's policy is to promote nationals to manage the project. The policy of promoting local employment also extends to its

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 69 contractors. The mine prioritises local employment and in October 2021, the employee bases were made up of 88% Congolese nationals; more than 70% from the local area. More than 70% of management positions were held by Congolese Nationals. Local procurement is also promoted and is a contractual requirement for contractors. Kibali procured in excess of $110 million of goods and services from DRC suppliers in 2021. This includes produce from agribusinesses (e.g. producers of eggs, pork, maize), which is purchased for use in the mine canteens. Kibali follows a resettlement and compensation process that will leave project-affected people (PAPs) in the same or better off position than before the project intervention, which is in conformance International Finance Corporation (IFC) Performance Standards (PS). Due to the construction of the project, since 2012 to date, it was necessary to resettle approximately 36,700 people, from 7,504 households. The project also displaced around 134 items of community infrastructure, including 13 communal agricultural projects, five communal business/commercial facilities, 12 education facilities, 19 health facilities, nine recreational/community facilities, 39 religious facilities, and 41 water sources. A Resettlement Working Group (RWG) was established as the primary consultation forum to develop and implement a Resettlement Action Plan (RAP). The RAP process was carried out by independent consultants. All primary stakeholders are represented on the RWG. The Moratorium Zone was expanded in 2020 to incorporate new deposits at Pamao, as well as Kalimva- Ikamva (Moratorium Zone C). These areas have been rezoned and allocated to Kibali for the mine and associated infrastructure. The land was used for residential sites, agricultural, and artisanal and small- scale mining (ASM) before mining. The Pamao RAP initiated in 2020 includes Pamao North and Pamao South as expansion areas to the Moratorium Zone A to allow mining activities of the Pamao pit. It involves resettling 628 households from two villages whereby 222 households will be physically displaced and 406 will be economically displaced, who were engaged in farming activities within the affected zone but did not reside there. An additional 250 households were affected by the Pamao Diversion Road and Gatanga-Surur Diversion Road, which are both deviating the RN26 National Road and whose section is affected by the Pamao North Zone. The physically affected households will be resettled at the Avokala host site, along with the Kalimva-Ikamva PAPs. The Kalimva-Ikamva RAP was initiated in 2019 and is still under development. It involves 1,888 households from six villages, whereby 1,141 households are physically displaced and 747 will be economically displaced. An additional 232 households are affected by the host site work at Avokala, and two diversion roads created heading to the host site. Through the RWG consultation, Kibali has made funds available in the event that PAPs decide to build infrastructure themselves. In such cases, payments are made in three instalments and full payment will only be made upon completion of construction. The Kalimva-Ikamva-Pamao RAP includes construction of water sources, schools, solar power energy, road infrastructure, sports infrastructures, health facilities, cemetery, places of prayer and adequate sanitation at the host site. Guidance was provided by Congolese town planners, as well as the RWG, for a town plan outlining the development of the host site that improves the provision of basic services and social infrastructure. Stakeholder engagement activities, community development projects and local economic development initiatives contribute to the maintenance and strengthening of Kibali's Social License to Operate (SLTO). A grievance mechanism is in place, and all registered grievances in 2021 were successfully resolved. ASM remains a concern in the Kibali exploitation permit area and the mine is working with provincial authorities to prevent and relocate ASM within the exploitation permits. The QPs consider the extent of all environmental liabilities to which the property is subject to have been appropriately met.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 70 11.2 Key assumptions, parameters and methods used The Mineral Resource is reported exclusive of Mineral Reserve in this Technical Report Summary and is reported as at 31 December 2021. The exclusive Mineral Resource is defined as the inclusive Mineral Resource less the in situ Mineral Reserve before dilution and other factors are applied. The exclusive Mineral Resource consists of the following components: • Inferred Mineral Resource, including that within the Mineral Reserve design or stope shape; • Mineral Resource that sits above the Mineral Resource cut-off grade but below the Mineral Reserve cut-off grade that resides within the defined Mineral Reserve volume. • Mineral Resource that lies between the LOM pit shell/mine design and the Mineral Resource pit shell/mine design (this material will become economic if the gold price increases). • Mineral Resource where the technical studies to engineer a Mineral Reserve have not yet been completed. The Mineral Resource tonnages and grades are estimated and reported in situ and stockpiles are reported as broken material. The Mineral Resource estimates have been prepared by Barrick according to the CIM 2014 Definition Standards for Mineral Resource and Mineral Reserve dated 10 May 2014 (CIM (2014) Standards) as incorporated with NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Resource estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines). Definitions for Mineral Resource categories used in this report are consistent with those defined by CIM (2014) and adopted by NI 43-101. In the CIM classification, a Mineral Resource is defined as 'a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for economic extraction'. Mineral Resource is classified into Measured, Indicated, and Inferred Mineral Resource categories. The cut-off grade selected for reporting each open pit Mineral Resource corresponds to the in situ marginal cut-off grade at either fresh, transitional or saprolite oxidation states, using a gold price of $1,500/oz. The pit shell selected for limiting each Mineral Resource also corresponds to a gold price of $1,500/oz. Reasonable prospects for economic extraction are demonstrated as a result of this pit optimisation process. The underground Mineral Resource were reported using MSO, effectively within a minimum mineable stope shape, applying reasonable mineability constraints, including a minimum mining width, a reasonable distance from current or planned development, and a measure of assumed profitability at the related Mineral Resource cut-off grade, thus deemed as having a reasonable potential for economic extraction. The Kibali Mineral Resource consists of the KCD, Sessenge, Pakaka, Mengu Hill, Gorumbwa, Megi- Marakeke-Sayi, Pamao (inclusive of Pamao South), Kombokolo, Kalimva-Ikamva, Aerodrome, Oere, and Mengu Village deposits. KCD (underground and open pit), Sessenge, Gorumbwa, Pamao, Aerodrome, and Mengu Village were updated following additional data and/or updated geological interpretations. The updates for each of these deposits are summarised as follows: • The KCD underground model update incorporates data from GC, ACG, and EXP drilling up until July 2021 for the 3000, 5000, 9000, and 11000 lodes. The Mineral Resource is reported for the first time for the 11000 Lode. • Sessenge was updated in August 2021 with GC drilling. The Mineral Resource for Sessenge includes a small adjacent satellite deposit known as Sessenge SW. • The Gorumbwa deposit has been updated using GC and AGC, an updated void shape, and the additional data in the gap between this deposit and Sessenge.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 71 • Pamao was updated following GC drilling inside the $1,500/oz pit shell. • Aerodrome was updated in June 2021 following GC drilling within the $1,500/oz pit shell. • No new data were added to the Mengu Village deposit. The deposit was previously estimated in 2006 using the uniform conditioning (UC) method. New geological interpretations based on additional drilling data, collected during 2020, prompted a review and update of the geological model, which was re-estimated using the ordinary kriging method in 2021. Models for actively producing deposits are updated on a quarterly basis to incorporate all additional grade control drilling results throughout 2021 with a budget model produced once a year for Mineral Resource reporting • Pamao South and Oere are new additions to the Kibali Mineral Resource based on AGC drilling up to 2021. • Megi-Marakeke-Sayi and Kalimva-Ikamva are unmined deposits where no significant drilling has been completed since 2020 and 2019 respectively. • Mengu Hill, Kombokolo, and Pakaka are depleted deposits where no significant drilling has been completed since 2018 (Mengu Hill and Kombokolo) or 2019 (Pakaka). Parameters under which the KCD open pit Mineral Resource was generated are in the table below. KCD Open Pit Unit Oxide Trans Fresh Waste cost $/t mined 2.92 2.97 3.09 Extra ore cost – GC + ore – rehandle + overhaul $/t mined 1.27 1.27 1.27 GC only $/t mined 0.75 0.75 0.75 Dilution % 10% 10% 10% Ore loss % 3% 3% 3% Process cost $/t milled 15.04 15.04 17.85 Processing recovery % 90.1 90.1 86.1 General and Administration (G&A) $/t milled 8.47 8.47 8.47 Gold price (Mineral Resource) $/oz 1,500 1,500 1,500 Gold Royalty (4.7%) $/oz 70.50 70.50 70.50 Total process cost $/t milled 15.04 15.04 17.85 Total mining cost $/t ore mined 24.69 25.08 26.04 Marginal in situ cut-off grade g/t 0.60 0.60 0.70 Strip ratio 7.0 Parameters under which the KCD underground Mineral Resource was generated are in the table below. KCD UG Unit Fresh Mine production $/t mined 36.17 Capital $/t mined 3.97 Process cost $/t milled 17.85 Processing Recovery % 90% G&A $/t milled 8.47 Gold royalties (4.7%) $/oz 70.50 Gold price (Resource) $/oz 1,500 Total unit cash cost $/t milled 66.46 Mining cut-off grade g/t 1.62 Where appropriate, all models have been depleted using the December 2021 mined out stopes and surfaces. A summary of deposits and their model date is given in the table below.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 72 Deposits, status and current model date Deposit Producing Status Model Date KCD underground Active 07/07/2021 KCD open pit Active 07/07/2021 Sessenge Active 11/08/2021 Sessenge SW Unmined 11/08/2021 Gorumbwa Active 22/07/2021 Aerodrome Active 05/05/2021 Pamao and Pamao South Unmined 30/11/2021 Mengu Village Unmined 30/06/2021 Oere Unmined 26/08/2021 Megi-Marakeke-Sayi Unmined 15/08/2020 Pakaka Depleted, $1,200/oz pushback in LOM 06/06/2019 Kombokolo Depleted, awaiting 2022 drilling for UG 10/08/2018 Mengu Hill Depleted 03/04/2018 Kalimva-Ikamva Unmined 25/07/2019 Kibali inclusive Mineral Resource grade and tonnage curve (underground)

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![](exhibit191572022073.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 73 Kibali inclusive Mineral Resource grade and tonnage curve (surface) Modelling Geological interpretation and modelling are based on the following standard procedures: • Hard copy geological cross sections and long sections are generated and updated during drill campaigns. These are then scanned and georeferenced to be used as a basis for 3D modelling. • Geological interpretations are digitised as polylines on cross sections spaced 10m apart. Lithological, weathering, oxidation, low and high-grade polylines are snapped on each section to the corresponding sample interval. In areas of complex folding, additional polylines are wireframed between sections to build a valid 3D solid. Most of the open pit sections were based on flitch-plans and used for updating sub-surface geology, with special attention paid to short range barren internal waste lithologies. • Mineralisation domains are sub domained into low-grade (greater than 0.5g/t), high-grade (greater than 2.0g/t), and very high-grade (greater than 7.5g/t) domains, utilising contact analysis and domain stationarity tests. • For active mining areas, the geological and mineralisation models are updated quarterly when additional grade control data is available. • Interpretations are regularly cross checked with DD core and RC chips to ensure the model is representative. • Chip samples are used within the underground development area to provide an additional source of information regarding the mineralisation associated with the alteration, particularly when mapping low-grade halo contacts. This data is recorded on the underground geological

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![](exhibit191572022074.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 74 maps, which are then scanned and georeferenced for wireframe model updating. However, this data is used only for modelling of geological contacts and is not directly used for Mineral Resource estimation. • Rip-line samples are used within the open cast exposed benches to provide an additional source of information regarding lithologies and mineralisation, particularly when mapping contacts and updating the exact dimensions of modelled internal dilution, artisanal depletion, and carbonaceous shale units. This data is used for refining geological models and is not used for Mineral Resource estimation. Statistical analysis of the data shows that a suitable geological related threshold grade is approximately 0.5g/t for the KCD and Sessenge deposits. This same 0.5g/t modelling threshold has been applied at all other deposits. The resulting low-grade mineralised envelopes incorporate minor amounts of internal sub- grade material to preserve continuity. During interpretation, efforts were made to minimise the amount of sub-grade material included within each of the lode wireframes. Mineralisation domains were built with a combination of grade, lithology, alteration, structural data, and the presence of pyrite. In areas where further contiguous high-grade shoots are evident and supported by the geological logging, high-grade continuity wireframes were also considered. The intention of the geological domaining is to generate a single stationary geostatistical population for each of the domains. The dimensions and orientations of the modelled mineralised domains for all deposits are summarised in the table below. Modelled dimensions and orientation per deposit/domain Deposit Down Plunge (m) Down Dip (m) Thickness (m) Plunge Direction KCD 3000 1,900 450 200 NE KCD 5000 2,200 250 80 NE KCD 9000 2,280 470 80 NE KCD 11000 670 400 100 NE Mengu Hill 850 100 90 NNE Sessenge 500 400 40 NE Gorumbwa 1,240 500 150 NE Kombokolo 730 300 30 ENE Pakaka 1700 500 30 NE Pamao 1250 690 45 NW Megi-Marakeke-Sayi 1900 450 100 NW Kalimva 1470 270 30 NNE Ikamva 1580 120 50 NE Aerodrome 350 200 40 NNW Sessenge SW 520 150 25 NE Oere 2580 600 30 NNE Pamao South 830 150 35 NE Mengu Village 1050 560 30 NW Boundary analysis (as shown in the figure below) is completed to check the nature of the grade transition across domain contacts, most profiles being sharp (hard) and rarely gradual (soft). This helps delineate the rod-like high-grade mineralisation shoots noted in the KCD, Sessenge, Kombokolo, and Pakaka deposits.

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![](exhibit191572022075.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 75 Boundary analysis example for KCD domains 5101 - 5005 Composites are coded by domain. These codes are used for statistical analysis and domain control during the estimation process. The coding of the composites and block model is prioritised to ensure that the high- grade domain codes are preserved when they are situated within surrounding low-grade mineralisation envelopes. To ensure consistency of the domaining controls used, the database and geological block model are both flagged with the same codes defining the mineralised envelopes that a particular composite falls within. The high-grade mineralised envelopes are predominantly situated within low-grade mineralisation wireframes, which are built independently of each other. Since Boolean operations are not utilised to remove these overlaps between internal high-grade shoot models and surrounding low-grade mineralisation envelope wireframes, care is taken to avoid the double-counting of samples and blocks. Compositing All samples were composited to 2m lengths honouring domain boundaries. Prior to selecting the composite length, the data was analysed using a histogram of sample length to identify the mode of length. The coefficient of variation, standard deviation, and mean plots were produced with several composite lengths to ensure that they remain stable and do not vary with compositing. Compositing is completed in Maptek VulcanTM software using the merge option for small composites, which adds the last composite (if smaller than the tolerance), to the previous interval. For Kibali, a tolerance length of 0.5m is used. In deposits where the merge option was not selected, residual composites were filtered out and disregarded during estimation. Treatment of high-grade outliers (top capping) Top capping was applied to reduce the effect of high-grade outliers during Mineral Resource estimation. Generally, the top capping occurred within the top percentile ranges, between the 95th to 99.9th percentiles within the individual mineralised lodes. A multi-variate analysis method was used to select the top cap, analysing a combination of histograms, probability plot, and disintegration. In addition, high-grade yields were occasionally used to further restrict the distance of influence of significant gold grades, with thresholds typically aligned with values observed in the histogram. Above a value threshold and beyond a specified local distance (typically drill spacing), composites are not included in the Mineral Resource estimate to limit smearing.

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![](exhibit191572022076.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 76 Variography Exploratory data analysis (EDA) was conducted using Snowden SupervisorTM statistical software, with all modelling and estimation completed in Maptek Vulcan. Values less than the detection limit (less than 0.01g/t) were replaced by half the limit (0.005g/t). Variography has been used to analyse the spatial continuity and relation within the individual mineralised lodes and to determine the appropriate search strategy and estimation parameters. The variogram modelling process involved the following steps: • A normal score transform was applied to all data prior to undertaking variography on the top capped, declustered composite dataset. The data was transformed into a normal score space using Snowden SupervisorTM. • Calculate and model the omni-directional or down hole variogram to characterise the nugget effect. • Systematically calculate orientated variograms in three dimensions to identify the plane of greatest continuity. • Calculate a variogram fan within the plane of greatest continuity to identify the direction of maximum continuity within this plane. • Model experimental variogram in the direction of maximum continuity and the orthogonal directions. • Apply a back transform to all variogram models to obtain the appropriate variogram models for interpolation of the capped composite data. Within the domains, the relative nugget effect ranged between 18% and 58%, with most of the deposits showing nuggets of 25% to 35%, indicating a low to moderate grade variability, which is typical for these type of gold deposits. Variogram ranges interpreted, were typically significantly greater than the average drill hole spacing. An example of a typical variogram for Kibali is given in the figure below, for the 5000 Lode in the KCD UG.

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![](exhibit191572022077.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 77 KCD UG 5000 Lode variogram In some areas which contain infill grade control drilling, such as KCD, variograms were required for nested structures, thus multiple ranges were used. Where an individual domain has insufficient samples to undertake variography, the variography parameters from a comparative domain with a similar trend was used and the orientation adjusted to match the domain with insufficient data. Prior to interpolation runs, each semi-variogram model is cross-validated to ensure that any bias in estimated grades compared to the actual sample grades is minimal. This was checked by estimating a grade value at each composite sample point, which ignored said sample point. The resulting grade is compared to the actual sample grade in the same location and is plotted on a scatter plot to establish a possible trend or bias and relative standard error. In most cases, there is an expected level of smoothing in an estimated grade compared to the actual sample grade, but overall, estimated grades and sample grades match well and conditional bias is minimised. Block model estimation Ordinary kriging (OK) was used to estimate all Mineral Resource. Quantitative Kriging Neighbourhood Analysis (QKNA) was applied to help to determine the minimum number of samples, search radius, and block discretisation for each domain. Almost all domains use hard boundaries to ensure that separate grade populations do not influence the grades (exception for between high and very high-grade domains at KCD which employ a semi-hard boundary). In certain cases, the input estimation parameters were adjusted following block model validation checks employed by Kibali, which involved visual checks, swath plots, decluster plots, change of support checks and global mean block model versus data comparisons. The figure below illustrates the results of the QKNA for domain 5101/5201 at KCD.

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![](exhibit191572022078.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 78 KCD domain 5101/5201 QKNA results At KCD, Sessenge, Sessenge SW, Gorumbwa, Pamao, Pamao South, Aerodrome, and Oere deposits, the search ellipse in run 1 was setup in line with the second ranges of the variogram models, which typically corresponded to 80% of the total sill. The typical variograms modelled in KCD show extended ranges associated with the last C3 structure (typically, representative of the final 20% of the sill). The search ellipse in run 2 was setup in line with the full ranges of the variogram models. The third pass was one and a half times the full variograms model ranges and the fourth pass was double the variogram model range. In rare cases, a fifth pass was employed to ensure that a limited amount of edge blocks received grade estimates. In some cases, for example Pakaka, Kombokolo, Megi-Marakeke-Sayi, Kalimva, Ikamva, Mengu Hill or where drill spacing is too wide to inform the variogram at short spacing (Mengu Village), a similar multiple pass interpolation was employed, but slightly different search distances in relation to the variograms were used. Due to the large number of domains within each of the Kibali deposits, a small subset of the KCD QKNA parameters is shown in the table below. KCD example QKNA parameters Domain OP/ UG Block Size (m) Run Search Radius (m) No. of Samples Max Samples Per Drill Hole Discretisation High- Grade Yield (g/t) High-Grade Yield Restriction X Y Z Y X Z Min Max X Y Z X Y Z 5101 Infill GC OP 5 5 2.5 1 35 15 10 9 15 3 5 5 5 62.63 10 10 5 2 70 30 20 9 12 3 5 5 5 62.63 10 10 5 3 105 45 30 6 12 - 5 5 5 62.63 10 10 5 4 140 60 40 4 12 - 5 5 5 62.63 10 10 5 5 525 225 150 4 12 - 5 5 5 62.63 10 10 5 5101 Infill GC UG/OP 5 10 5 1 35 15 10 12 18 4 5 5 5 62.63 10 10 5 2 70 30 20 10 16 4 5 5 5 62.63 10 10 5 3 105 45 30 6 12 - 5 5 5 62.63 10 10 5 4 140 60 40 4 12 - 5 5 5 62.63 10 10 5 5 525 225 150 4 12 - 5 5 5 62.63 10 10 5 UG 5 10 5 1 35 15 10 12 18 4 5 5 5 62.63 10 10 5 2 70 30 20 10 16 4 5 5 5 62.63 10 10 5

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 79 5003 Advance GC 3 105 45 30 6 12 - 5 5 5 62.63 10 10 5 4 140 60 40 4 12 - 5 5 5 62.63 10 10 5 5 525 225 150 4 12 - 5 5 5 62.63 10 10 5 Block models Consideration is given for selectivity during mine design and planning when selecting an appropriate block size. Selective Mining Units (SMUs) reflect the geological knowledge of the deposit and balancing equipment efficiency and anticipated ore loss and dilution. Block sizes used on each deposit and domain are based on the data density, directly linked to the drill campaign (GC, AGC or exploration). Block sizes are typically one half to one third the drilling spacing. Wireframes are built to define the three drill campaign areas at Kibali, which are grade control, advance grade control and exploration/Mineral Resource drilling, listed in order of decreasing drillhole density. The drill campaign wireframes control the maximum size of the blocks that are built in a specified block model area, allowing the estimation to be carried out on a parent block size appropriate to each drill campaign, within a single block model. Sub-blocking was used to define the geological and domain contacts to an acceptable level of accuracy within the block model, allowing a higher resolution when the model is interpolated. The search strategy used was based on the variogram results obtained through considering the data distribution for each of the domains. The search ellipsoids were orientated optimally for each domain, considering the plunge and dip of the wireframe. Each pass is completed using a varying degree of restrictions before any given block can be estimated. In total, four passes were used on every block model, each with increasing search radius representing the decreasing confidence in the blocks for each subsequent run. In rare situations, a fifth pass was considered to fill a small number of edge blocks with grades, typically in conceptual/exploration target zones. Dolerite dykes were wireframed and coded into the block with the relevant grade field set to zero as default. All block models use a standardised attribute field setup to ensure consistency of nomenclature and data capture across all deposits within Kibali. For all deposits, gold grades are estimated using OK. For Sessenge, Pakaka, and Aerodrome arsenic grades are also estimated using OK. Dynamic anisotropy Many of the models since 2017 were estimated using the dynamic anisotropy (DA) functionality within VulcanTM software. At Kibali, DA surfaces are modelled for each domain. These are usually simple surfaces that trend through the middle of the 3D mineralisation wireframes, orientation data from which is written to the block model and used to orientate the search neighbourhood.

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![](exhibit191572022080.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 80 Example of a dynamic anisotropy surface from KCD domain 5002. Source: Kibali Goldmines, 2021 Notes: 1. Dynamic Anisotropy surface (Red), and 5002 Mineralised domain (brown) 2. Looking northwest Topography The topography has been defined using a 2m contoured LiDAR digital terrain model (DTM). This DTM covers the entire project area as required for mine design purposes. The surface was checked against known drill hole collar elevations, and an acceptable match was found. Original data was captured in UTM WGS84 Zone 35N with elevation. For the purposes of converting the elevation from UTM to mine grid, +5,000m was applied to the elevation. Once the conversion was completed, all data (i.e., drill holes, DTM, 3D wireframes, and block models) were checked to ensure that they all use the same mine grid system. Bulk density Density values were measured from DDl core samples by applying the Archimedes Principle: density = weight (in air) ÷ (weight (in air) – weight (in water) Bulk density measurements were carried out on the fresh, transition, and saprolite material for both mineralised and waste rock using this water immersion method. A single density value is hard-coded to the block model for each estimation domain based on lithology and weathering status. The data is reviewed to remove any outliers that may exist and coded for the different mineralisation lodes. These outliers are noted to be mostly at the contacts of different weathering zones. All diamond drilling undertaken is sampled for density on routine basis. The sample selection is divided by the logged lithology, alteration and weathering type. Validation Before, during and after the block models were classified, validation checks were undertaken on the block model volumes and estimated grades to ensure that no major errors occurred during the model build or estimation process, as well as testing the precision, accuracy, and assess any bias in the estimated grades. The block models were validated using the following steps:

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![](exhibit191572022081.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 81 1. Volume Reconciliation between the block model estimation domains and related wireframes. The table below summarises the variance between the wireframe and block model volumes across all deposits. Deposit Wireframe Volume (m³) Block Model Volume (m³) Variance (%) KCD UG 101,607,249 101,527,016 0% KCD OP 23,599,755 23,593,672 0% Sessenge 5,992,984 5,921,703 0% Gorumbwa 11,025,860 11,031,844 0% Pakaka 12,365,957 12,366,826 0% Kombokolo 2,984,241 2,984,110 0% Pamao 13,697,374 13,688,344 0% Pamao South 1,729,009 1,728,547 0% Mengu Village 4,123,637 4,119,742 0% Megi-Marakeke-Sayi 10,265,978 10,266,791 0% Kalimva Ikamva 14,551,715 14,553,578 0% Mengu Hill 4,123,637 4,119,742 0% Aerodrome 1,059,927.82 1,059,593.75 0% Oere 29,364,412.50 29,350,812.50 0% 2. A check of the number of the blocks estimated with negative grades due to excessive negative kriging weights have been reset to the anisotropic nearest block grade of the closest sample. 3. A comparison between the data minimum, maximum, mean, declustered mean and the estimation mean for each of the domains (within the open pit or underground drill campaigns is created). This is completed to check for possible over or under estimation. 4. Swath plots are created for each geological domain to validate the estimated grade variability compared to the composite along strike, across strike and Z axis. This is to check that the model estimate follows the trends seen in the data and that there is no general bias with over or under estimation. Areas with less data support are also highlighted for further drilling and geological work. The swath plots for Kibali show the confidence for the deposit is within acceptable limits and that conditional bias is kept to a minimum. An example for KCD 3000 Lode, domain 3106.

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![](exhibit191572022082.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 82 5. Visual check comparing the composite data to the block estimates to check for an acceptable correlation. An example of the visual checks. 6. Change of support (COS) histogram plots which, compare the distribution of the block estimate with the distribution of the change of support local block estimate. These COS graphs demonstrate how the variance is reduced from the composited data to the change of support value of each composite. In addition, decluster plots are generated to compare the ordinary kriged block estimate against the local change of support block estimate. An example of COS histogram plots.

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![](exhibit191572022083.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 83 An example of decluster plots are generated to compare the ordinary kriged block estimate against the local change of support block estimate. 11.3 Mineral Resource classification and uncertainty Under the CIM definitions (CIM Standards on Mineral Resource and Mineral Reserve Definitions and Guidelines, 2014), a "Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade, density, shape, and physical characteristics need to be established with sufficient confidence sufficient to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit". An Indicated Mineral Resource is "that part of a Mineral Resource for which "quantity, grade, density, shape, and physical characteristics need to be established with sufficient confidence sufficient to allow the appropriate application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit". An Indicated Mineral Resource has a lower level of confidence than a Measured Mineral Resource. An Inferred Mineral Resource is "that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade continuity or quality continuity'. An Inferred Mineral Resource has a lower level of confidence than an Indicated and Inferred Mineral Resource and must not be converted to a Mineral Reserve. Mineral Resource Classification was based on geological continuity and drill data density, variogram range continuity and stability, as well as estimation quality in form of slope of regression (SR) and kriging efficiency (KE). This was carried out by displaying the estimated blocks (SR and KE), together with the supporting data as a guide. The general Mineral Resource classification parameters are presented the table below.

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![](exhibit191572022084.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 84 Mineral Resource classification parameters Statistic Deposit Measured Indicated Inferred Minimum Samples 8 6 4 Minimum Consecutive Sections 4 Good Geological Continuity - Max Drilling Density KCD OP 10m by 5m or 20m by 5m 40m by 30m 80m by 80m KCD UG 25m by 10m 40m by 40m 80m by 80m Gorumbwa 10m by 5m or 15m by 10m 20 by 10 or 30 by 30 80m by 80m Pakaka 20m by 10m or 20m by 5m 40m by 40m 80m by 60m Sessenge 10m by 10m 40m by 40m 80m by 80m Pamao 10m by 10m 20 by 20 80m by 80m Pamao South NA 20 by 20 40m by 40m Kombokolo 10m by 5m or 10 by 10m 30m by 30m 80m by 80m Mengu Village - - 40m by 40m to 80m by 40m Megi-Marakeke- Sayi - 30m by 30m 80m by 80m Kalimva-Ikamva 10m by 5m 20m by 20m 40m by 20m Aerodrome 10m by 10m 20m by 20m 40m by 40m Mengu Hill 10m by 5m 30m by 20m 80m by 60m Oere NA 20m by 20m 40m by 40m For Indicated Mineral Resource, there are some allowances for areas where drilling density is lower but successive drilling campaigns have shown there is grade and geological continuity. The application of optimised Mineral Resource shapes applies reasonable mineability constraints including a minimum mining width, a reasonable distance from current or planned development, and a measure of assumed profitability at the related Mineral Resource cut-off grade. This change in reporting method has removed isolated areas of mineralisation and lowered the grade of the reported underground Mineral Resource by reporting all material, geologically classified as ore, within each mineable shape, whilst ensuring the overall shape meets the Mineral Resource cut-off grade. Thereby ensuring that the Mineral Resource is reported in line with industry best practise with specific regard to underground Mineral Resource only being reported if there is an intention to mine the material. In 2017, Optiro completed a Mineral Resource audit at Kibali which included the KCD underground model in line with comments and recommendations in the 2016 Mineral Resource report. This is due to the substantial advanced grade control drilling completed to understand the bias in drill direction of the sub vertical underground lodes. Optiro acknowledged that the estimation of Mineral Resource at Kibali is complex, with a number of very large models. Kibali has tackled the estimation in a systematic way, with largely common approaches to compositing, top cuts, declustering, KNA, estimation parameters, classification, and validation. The documentation of the estimation and validation is generally very comprehensive. The processes follow good to best industry practice. The KCD underground Mineral Resource and geological model has been significantly affected by a sampling bias with the FS drilling data being conducted from surface. This has meant that some of the sub vertical lodes such as 9105 and 5101 were initially delineated using sub-optimal drill directions. Since 2016, there has been a significant quantity of AGC drilling conducted from the underground development where the drilling could be completed with perpendicular angles of intersection to the primary 9105, 5101, and 5110 ore lodes. The results of this drilling have significantly improved the modelled definition of the banded ironstone as the marker unit for the km-scale NE plunging fold structure, which acts as the primary control on the positioning of the 5000 and 9000 ore lodes and delineated zones of internal waste within the 9105. This has resulted in a significant model change which affected both the 2017 Mineral Resource and Mineral Reserve. The Qualified Person is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

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![](exhibit191572022085.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 85 In the Qualified Person's opinion, there are no significant risks and uncertainties that could reasonably be expected to affect the reliability or confidence in the exploration information, Mineral Resource, or Mineral Reserve estimates. 11.4 Mineral Resource summary The Mineral Resource estimates have been prepared according to the CIM 2014 Definition Standards for Mineral Resource and Mineral Reserve dated 10 May 2014 (CIM (2014) Standards) as incorporated with NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Resource estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines). An independent external review of the Mineral Resource and Mineral Reserve was undertaken in 2021 by RSC Mining and Mineral Exploration on behalf of the managing partner Barrick and found no significant flaws. The cut-off grade selected for reporting each open pit Mineral Resource corresponds to the in situ marginal cut-off grade at either fresh, transitional or saprolite oxidation states, using a gold price of $1,500/oz. The pit shell selected for limiting the Mineral Resource also corresponds to a gold price of $1,500/oz. Reasonable prospects for economic extraction are demonstrated as a result of this pit optimisation process. Underground Mineral Resource was reported using MSO, effectively within a minimum mineable stope shape, applying reasonable mineability constraints, including a 4.5m minimum mining width, a reasonable distance from current or planned development, and a measure of assumed profitability at the related Mineral Resource cut-off grade, thus deemed as having reasonable prospects for economic extraction. Stockpiles are comprised of mineralised material stored at the surface run of mine (ROM) pad, originating from both OP and UG production. Each stockpile is filled with similar material types, with an established grade range and oxidation state, tracked as part of normal mining operations and metal accounting. The stockpiles are measured by weekly drone survey. Grade and tonnage of OP stocks are estimated according to source dig blocks and number of truck counts, using a weighbridge to adjust for fluctuations in both density and truck fill factor. Grade and tonnage of UG stocks are estimated according to shaft skip weights and ore pass truck counts and their source blasts from stopes, adjusting for the presence of paste dilution. The assumptions used to generate cut-off grades for Mineral Resource estimation are based on operational data. A gold price of $1,500 is used in line with Barrick corporate guidelines, which considers long-term gold price forecasts. Open pit Mineral Resource is Mineral Resource within the $1,500/oz pit shells reported at various cut-off grades based on oxide state, with a minimum cut-off grade of 0.48g/t and maximum cut- off grade of 1.62g/t and a tonnage weighted average cut-off grade of 0.77g/t. Underground Mineral Resource in the KCD deposit is Mineral Resource, which meets a cut-off grade of 1.62g/t when reported in situ within a minimum mineable stope shape, at a gold price of $1,500/oz. An example of how the cut-offs are determined are shown below for KCD open pit and UG. KCD open pit Mineral Resource The cut-off grade calculations for the KCD open pit Mineral Resource is summarised in the table below. KCD open pit Mineral Resource parameters Material Type Unit Oxide Trans Fresh Waste cost $/t mined 2.92 2.97 3.09 Extra Ore cost – GC + ore – rehandle + overhaul $/t mined 1.27 1.27 1.27 GC only $/t mined 0.75 0.75 0.75 Dilution % 10% 10% 10% Ore loss % 3% 3% 3% Process cost $/t milled 15.04 15.04 17.85 Processing recovery % 90.1 90.1 86.1 General and Administration (G&A) $/t milled 8.47 8.47 8.47 Gold price (Mineral Resource) $/oz 1,500 1,500 1,500

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![](exhibit191572022086.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 86 Gold royalty (4.7%) $/oz 70.50 70.50 70.50 Total process cost $/t milled 15.04 15.04 17.85 Total mining cost $/t ore mined 24.69 25.08 26.04 Marginal in situ cut-off grade g/t 0.60 0.60 0.70 Strip ratio 7.0 The average tonnage weighted cut-off grade for the KCD open pit is 0.69g/t. KCD underground Mineral Resource The cut-off grade calculations for the KCD underground Mineral Resource is summarised in the table below. KCD underground Mineral Resource parameters Material Type Unit Fresh Mine production $/t mined 36.17 Capital $/t mined 3.97 Process cost $/t milled 17.85 Processing recovery % 90% G&A $/t milled 8.47 Gold royalties (4.7%) $/oz 70.50 Gold price (Mineral Resource) $/oz 1,500 Total unit cash cost $/t milled 66.46 Mining cut-off grade g/t 1.62 For the current KCD Mineral Resource, MSO shapes were used to differentiate blocks that demonstrate reasonable prospects of economic extraction. This reporting method of using stopes, not blocks, excludes high-grade blocks that are geometrically isolated and can in fact include blocks at lower grades, but that are geometrically contiguous. For KCD, 3D exclusion solid shapes were manually constructed post MSO computation, to ensure no accumulation of unrecoverable mineralised blocks in the current Mineral Resource.

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![](exhibit191572022087.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 87 KCD 3D exclusion solid shapes 2019 to 2021 A marginal mined cut-off grade of 1.62g/t at $1,500/oz defines the KCD UG optimised mineable stope shapes, within an underground reporting limit wireframe solid, with varying upper elevation (RL). This varying RL now limits the 5000 Lode to 5680mRL, and 3000 Lode to 5682.5mRL for the current Mineral Resource estimate. This varying RL was put in place to ensure that all material that forms part of the UG Mineral Resource is excluded from the OP Mineral Resource. The MSO is executed with parameters that are less restrictive than those used for Mineral Reserve calculation. Stope orientation changes and stope sizes are more flexible, as well as a proportion of waste included. All stope orientations are set to follow wireframe surfaces modelled on deposit structure. Visual checks were undertaken on blocks that were not included in the MSO shapes primarily due to geology and the shapes of mineralised lodes. These blocks would have been included in the Mineral Resource estimation if a cut-off grade only approach had been used. Exclusive gold Mineral Resource (attributable, 45%) Kibali Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Open pit Measured 1.44 2.51 3.61 0.12 Indicated 6.26 1.95 12.24 0.39 Measured & Indicated 7.70 2.06 15.85 0.51 Inferred 3.69 2.10 7.76 0.25 Underground Measured 6.19 3.34 20.68 0.67 Indicated 13.56 3.13 42.39 1.36 Measured & Indicated 19.75 3.19 63.07 2.03 Inferred 6.59 3.03 19.98 0.64 Total Measured 7.62 3.19 24.29 0.78 Indicated 19.82 2.76 54.63 1.76 Measured & Indicated 27.45 2.88 78.92 2.54 Inferred 10.29 2.76 27.74 0.89 11.5 Qualified Person's opinion The Qualified Person is not aware of any environmental, permitting, legal, title, socioeconomic, marketing, metallurgical, taxation or other relevant factors, which could materially affect the Mineral Resource estimate.

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![](exhibit191572022088.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 88 12 Mineral Reserve estimates As of 31 December 2021, the total Proven and Probable Mineral Reserve in open pits, underground, and stockpiles (100% basis) is estimated to be 83Mt at an average grade of 3.60g/t, containing approximately 9.6Moz Au. CIM Definition Standards for Mineral Resource and Mineral Reserve (CIM (2014) Standards) were used for Mineral Reserve classification. Mineral Reserve estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines). The Mineral Reserve has been estimated from the Measured and Indicated Mineral Resource and do not include any Inferred Mineral Resource. The estimate uses updated economic factors, the latest Mineral Resource and geological models, geotechnical and hydrological inputs, and metallurgical processing and recovery updates. The QPs responsible for estimating the Mineral Reserve have performed an independent verification of the block model tonnes and grade, and in their opinion the process has been carried out to industry standards. The year-end 2021 Mineral Reserve estimate shows a net increase of 0.19Moz Au when compared to the estimate for year-end 2020. This is mainly due to positive model changes resulting from infill grade control drilling, new deposits, pit size changes and various adjustments to the economic parameters, partially offset by mining depletion. The QPs have performed an independent verification of the block model tonnes and grade, and in their opinion, the process has been carried out to industry standards. The QPs are not aware of any environmental, legal, title, socioeconomic, marketing, mining, metallurgical, infrastructure, permitting, fiscal, or other relevant factors that could materially affect the Mineral Reserve estimate. 12.1 Key assumptions, parameters and methods used The Mineral Reserve estimates use the block models prepared by the QP responsible for Mineral Resource estimation. The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (the point where material is delivered to the processing facility). KCD, Sessenge, Aerodrome, and Gorumbwa are active open pits, therefore the block models were depleted with end-of-the-year (EOY) pit surveys. The KCD block model is used for both the underground and open pit Mineral Reserve estimation. Four main mineralised zones, 5101, 5102, 9101, and 9105, comprise most of the underground Mineral Reserve, while five other mineralised zones, 3101, 3102, 5104, 5105, and 5110, contribute the remaining 12% of the Mineral Reserve. The estimation was undertaken using Datamine Studio 5D™ software. The block models used were sub cell block models. The geological zones (including mineralised zones) were defined by three dimensional wireframes solids and surfaces. Both the block models and wireframes were created in Maptek Vulcan™ by the Barrick geological team. The block models and wireframes were converted to a Datamine format for use in Datamine Studio 5DTM. The 2021 Mineral Reserve estimation process was estimated by manually updating MSO generated stope shapes, which had been generated using the July 2021 block model. The process undertaken for estimation of the 2021 underground Mineral Reserve was as follows: • Define mining method by area, based on the geometry, geotechnical considerations, and the mine development requirement to access the orebody. • Review the historical and LOM planned costs to determine cut-off grades. • Use the MSO to evaluate the geological block model mineralisation and determine the areas to be included and the overall mining shapes. Due to geotechnical, productivity and practical

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![](exhibit191572022089.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 89 mining constraints, the MSO shapes have not been used for the Mineral Reserve Estimate. The resulting stope shapes were digitised as required. • Manually create stope section strings to follow geological block model mineralisation above cut- off grade, using the MSO shapes as a guide. Strings are based on level intervals determined in the previous Mineral Reserve estimate. Planned dilution is included in the stope shape to create a mineable stope shape. • Create mineable stope wireframes from the strings. • Deplete the stope wireframes by the parts of the mine survey solids that intersected them to remove development drives and parts of stopes. • Evaluate stope wireframes against the geological block model (estimate the tonnes, grade and ounces of the stopes). • Design the development required to access the mineable stopes. • Use Enhanced Production SchedulerTM (EPS) from Datamine to calculate the diluted mined tonnes, grades and contained metal. This included mining dilution added as a varying percentage depending on hangingwall exposure, stope sequence (primary, secondary, advancing transverse or longitudinal) and number of paste fill exposures. Mining loss was subtracted as a percentage from diluted tonnes and contained metal. • Assess economics of mining areas and mining individual stopes. • Exclude sub-economic stopes from the short term and LOM plan. • Classify the Mineral Reserve into Proven and Probable Mineral Reserve on a proportional basis. For the open pit mines, economic pit shells were generated using the Lerchs-Grossman algorithm within WhittleTM software and then used in the open pit mine design process and Mineral Reserve estimation. For the KCD underground mine, Datamine MSO was used to evaluate the geological block model to create overall mining shapes. Preliminary stope wireframes were created and planned dilution was added to the mineable stope shape. Datamine EPS software was used to estimate the diluted mined tonnes, grade, and contained metal of the Mineral Reserve. Stopes with a diluted grade below the cut-off grade (2.02g/t) were excluded from the Mineral Reserve. A financial model was constructed to demonstrate that the Mineral Reserve is economically viable. Assumptions Assumptions considered for the 2021 Mineral Reserve by Barrick are: • Dilution factor has been applied based on the nature of the orebody and mining equipment selected. A 10% dilution factor is applied to the open pit ore. This has proven to be accurate on a global basis by mine to mill reconciliations while mining the various pits. • Dilution of 2% has been applied on primary stopes with hangingwall exposure and no paste exposure. • Dilution of 4.0% has been applied on primary stopes with no hangingwall exposure but with a paste fill face. • Dilution of 4.3% has been applied on primary stopes with hangingwall exposure and having geotechnical structure intersecting it. • Dilution of 6.4% has been applied on primary stopes with no hangingwall exposure but with a paste fill face and having geotechnical structure intersecting it. • Dilution of 7.0% has been applied on secondary stopes with hangingwall exposure and two faces of paste fill exposure. • Dilution of 12.5% has been applied on secondary stopes with no hangingwall exposure and three faces of paste fill exposure. • Dilution of 10.0% has been applied on secondary stopes with hangingwall exposure, exposure to two faces of paste fill and having geotechnical structures intersecting it.

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![](exhibit191572022090.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 90 • Dilution of 12.5% has been applied on secondary stopes with no hangingwall exposure but with three faces of paste fill and having geotechnical structures intersecting it. • Dilution of 6.0% has been applied on transverse advancing face stopes with hangingwall exposure and no paste exposure. • Dilution of 6.0% has been applied on transverse advancing face stopes with no hangingwall exposure and two faces of paste fill exposure. • Dilution of 6.0% has been applied on transverse advancing face stopes with hangingwall exposure, no paste fill face exposure but with geotechnical structures intersecting it. • Dilution of 6.0% has been applied on transverse advancing face stopes with no hangingwall exposure, exposure to three faces of paste fill and intersecting with geotechnical structures. • Dilution of 4.0% has been applied on longitudinal stopes with footwall and hangingwall, a paste fill face exposure and intersecting with geotechnical structures. • Dilution of 4.5% has been applied on longitudinal stopes with no hangingwall exposure but footwall and a paste fill face exposure. • Dilution of 15.0% has been applied on stopes with Lower Paste UCS stopes adjacent to it. • Mining recovery factor of 95.4% has been applied on primary stopes with hangingwall exposure and no paste exposure. • Mining recovery factor of 92.5% has been applied on primary stopes with no hangingwall exposure but with a paste fill face. • Mining recovery factor of 90.5% has been applied on primary stopes with hangingwall exposure and having geotechnical structures intersecting it. • Mining recovery factor of 91.0% has been applied on primary stopes with no hangingwall exposure but with a paste fill face and having geotechnical structures intersecting it. • Mining recovery factor of 90.7% has been applied on secondary stopes with hangingwall exposure and two faces of paste fill exposure. • Mining recovery factor of 88.5% has been applied on secondary stopes with no hangingwall exposure and three faces of paste fill exposure. • Mining recovery factor of 85.0% has been applied on secondary stopes with hangingwall exposure, exposure to two faces of paste fill and having geotechnical structures intersecting it. • Mining recovery factor of 86.0% has been applied on secondary stopes with no hangingwall exposure but with three faces of paste fill and having geotechnical structures intersecting it. • Mining recovery factor of 90.0% has been applied on transverse advancing face stopes with hangingwall exposure and no paste exposure. • Mining recovery factor of 90.0% has been applied on transverse advancing face stopes with no hangingwall exposure and two faces of paste fill exposure. • Mining recovery factor of 88.0% has been applied on transverse advancing face stopes with hangingwall exposure, no paste fill face exposure but with geotechnical structures intersecting it. • Mining recovery factor of 86.0% has been applied on transverse advancing face stopes with no hangingwall exposure, exposure to three faces of paste fill and intersecting with geotechnical structures. • Mining recovery factor of 90.0% has been applied on longitudinal stopes with footwall and hangingwall, a paste fill face exposure and intersecting with geotechnical structures. • Mining recovery factor of 92.0% has been applied on longitudinal stopes with no hangingwall exposure but footwall and a paste fill face exposure. • Mining recovery factor of 75.0% has been applied on stopes with Lower Paste UCS stopes adjacent to it. • A 97% mining recovery factor has been applied to all open pit deposits and found to be conservative from historical achievement. Summary Mineral Reserve modifying factors are shown below, including the mining recovery factor (MRF), mine call factor (MCF) and metallurgical recovery factor (MetRF).

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![](exhibit191572022091.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 91 Mineral Reserve modifying factors. as at 31 December 2021 Primary commodity price Local price of primary commodity unit Cut-off grade g/t Stoping width cm Dilution % % MRF (based on tonnes) % MCF MetRF % Kibali -open pit 1,200 $/oz 1.50 - 10.0 97.0 97.0 89.0 Kibali - underground 1,200 $/oz 2.02 2,990 4.7 91.6 97.0 90.0 Kibali - stockpile 1,200 $/oz 0.55 - - - 97.0 86.8 12.2 Cut-off grades Underground The underground Mineral Reserve cut-off grade is updated once a year using inputs parameters based on recent operating experience, projected costs, and Barrick corporate guidance. The cut-off grade parameters are as follows: • Gold price per ounce • LOM production costs • Processing recovery • Processing costs • G&A costs • Royalty costs A break-even cut-off grade (BCOG) is used for Mineral Reserve estimation. All stopes and development material that fail to meet the BCOG are classified as waste. Incremental cut-off grade (ICOG) is used on the case-by-case basis. BCOG is the grade of material that will generate revenue from the sale of the finished product at the metal price after applying the cost of mining, transporting/hauling, processing, royalties, and general and administrative (G&A). It is defined using the following formula: 𝐵𝐶𝑂𝐺 = PC + MC + G&A REC X (MP X (1 - RO) - SC) • PC: Total processing operating costs (include process sustaining capital) ($/t) • MC: Total mine operating costs (include secondary development and mining sustaining capital, exclude capital development costs) ($/t) • G&A: General and administrative costs ($/t) • REC: Planned recovery of the metal (%) • MP: Selling price of metal ($/oz) • RO: Royalty (%) • SC: Selling costs (include smelter, refinery and transportation costs as required) ICOG is applied to the mineralised part of the deposit below the BCOG that can incrementally add value to the operation under certain circumstances. It is used in the following circumstances: • When mine development goes through low-grade material in order to expose higher-grade production areas or stopes. • When there is low-grade material near an already developed part of the mine. However, this low-grade material should never displace available higher-grade material above the BCOG. These materials are assessed on a case-by-case basis and may be scheduled for mining toward the end of the LOM if practical. • When the mill is operating at capacity and the mine has the ability to provide material for placements in the stockpiles that can be economically processed at a later stage.

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![](exhibit191572022092.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 92 The ICOG carries only the variable portion of the mining costs (drilling, blasting, mucking, hoisting), process operating costs, G&A costs, royalties, and re-handling costs if stockpiling is required. Development costs (capital or operating) are only included if the development is required to mine the incremental ore. ICOG is calculated using the following formula: 𝐼𝐶𝑂𝐺 = PC(var) + MC(var) + G&A(var) REC X (MP X (1 - RO) - SC) • PC (var): Variable processing operating costs (excludes process sustaining capital) • MC (var): Variable mining operating costs (excludes mining sustaining capital) • G&A (var): Variable G&A operating costs (excludes G&A sustaining capital) • REC: Planned recovery of the metal (%) • MP: Selling price of metal ($/oz) • RO: Royalty (%) • SC: Selling costs (include smelter, refinery and transportation costs as required) The table below shows the BCOG and ICOG calculation for the Underground Mineral Reserve. Kibali underground cut-off grade calculation Description Units BCOG ICOG Development ICOG Stoping Gold price $/oz 1,200 1,200 1,200 Process plant gold recovery % 90.0 90.0 90.0 Royalty % 4.7 4.7 4.7 Mine production and backfill $/t mined 36.17 5.18 25.32 Sustaining capital $/t mined 3.97 Processing $/t milled 17.85 17.85 17.85 Site G & A $/t milled 8.47 8.47 8.47 Total unit cash costs $/t milled 66.47 31.51 51.65 Mining cut-off grade g/t 2.02 0.96 1.57 The 2021 underground Mineral Reserve cut-off grade is 2.02g/t, compared to 2.09g/t used in 2020. The decrease in the cut-off grade is mainly driven by higher process recovery and lower processing and G&A costs. The reduction of the G&A and processing cost is mainly driven by the additional tonnes mined and processed on an annual basis within the new LOM. Open pit The Mineral Reserve is based on a marginal cut-off grade. Mineral Resource contained within the final pit designs were evaluated against these cut-off grades to produce the open pit Proven and Probable Mineral Reserve. Cut-off grade sensitivities were trialled by adjusting the gold price and modelling it at several scenarios and sensitivities. The cut-off grades have been estimated for each material type for all nine Mineral Reserve pits included in the 2021 Mineral Reserve estimate. These are based on a gold price of $1,200/oz for all pits, with the exception of $1,300/oz for the Sessenge and Oere pits, and $1,500/oz for the Aerodrome pit and include dilution, royalties, processing costs and recoveries, G&A costs, and ore mining costs. Royalties payable to the DRC government remained unchanged from the year-end 2020 estimate. A total royalty of 4.7% of gold revenue inclusive of 1% shipment fees was used for the year-end 2021 estimate. Processing costs for the year were reviewed as there was a slight change compared to the 2020 LOM projections. The G&A cost was reviewed based on LOM expectations and actuals for the year end 2021. A downward adjustment of 9% was noted and this was subsequently applied in the 2021 Mineral Reserve estimation.

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![](exhibit191572022093.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 93 The mining costs used for the 2021 pit optimisations were derived from the KMS 2020 budget unit plan (BUP) and Long-Term Review (LTR) pricing for the Kibali open pit operations. Mining Cost Adjustment Factors (MCAF) were generated from various bench by bench waste mining costs received for all deposits. The waste mining cost is inclusive of fuel cost, drill and blast cost per bench, pre- split cost, explosive cost per tonne, mining departmental cost, pit dewatering, rehabilitation cost, and contractor fixed costs. The MCAF were then imported into their respective block models and assigned to the corresponding benches in Surpac™ software for the creation of economic block models. Then, pit optimisations are conducted to support the final pit shell as well as intermediate pit phases (or cutbacks) 12.3 Mineral Reserve classification and uncertainty The Mineral Reserve is classified as Proven, and Probable based upon the confidence levels determined in the Mineral Resource and the confidence of the appropriate modifying parameters. These accurately reflect the Qualified Persons views of the deposit. For the open pit mines, economic pit shells were generated using the Lerchs-Grossman algorithm within Whittle™ software and then used in the open pit mine design process and Mineral Reserve estimation. The confidence categories of the Mineral Reserve are assigned as per CIM (2014) Standards. On a proportional basis, Mineral Resource that is classified as Measured or Indicated are converted to Proven and Probable Mineral Reserve. Inferred Mineral Resource is excluded and not classified as Mineral Reserve. Underground stope designs were updated from the previously reported Mineral Reserve using the latest Mineral Resource models. All Mineral Reserve, including Aerodrome, Sessenge, and Oere are profitable at $1,200/oz sales price and thus the Mineral Reserve and supporting cash flow statements are reported at $1,200/oz. This is in line with Barrick corporate guidelines, which considers long-term gold price forecasts. The following formulae are used for proportionally converting Mineral Resource into Mineral Reserve: • Proven Mineral Reserve = (Measured Material + % Measured Material x Waste Material) x Recovery x Dilution • Probable Mineral Reserve = (Indicated Material + % Indicated Material x Waste Material) x Recovery x Dilution The location of the Proven and Probable Mineral Reserve is shown in the figure below. Modifying factors for planned and unplanned rock dilution, backfill dilution and ore loss were applied to obtain the reported Mineral Reserve. Metallurgical, environmental, social, legal, marketing and economic factors were adequately considered in the Kibali FS and have been updated as the project has developed.

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![](exhibit191572022094.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 94 Kibali underground Mineral Reserve classification (Looking NW) Source: Kibali Goldmines, 2021 12.4 Mineral Reserve summary The Mineral Reserve has been estimated from the Measured and Indicated Mineral Resource and does not include any Inferred Mineral Resource. The estimate uses updated economic factors, the latest Mineral Resource and geological models, geotechnical and hydrological inputs, and metallurgical processing and recovery updates. Mineral Reserve Cut-off grades estimated as follows: • Open pit: 1.5 g/t • Underground: 2.02 g/t • Stockpiles: 1.76 g/t "The Mineral Reserve is estimated as at 31 December 2021 and tonnages and grade are reported as delivered to plant (the point where material is delivered to the processing facility). Open pit selection is based on a gold price of $1,200/oz for all pits, with the exception of $1,300/oz for the Sessenge and Oere pits, and $1,500/oz for the Aerodrome pit. All Mineral Reserve, including Aerodrome, Sessenge, and Oere are profitable at a $1,200/oz Au sales price, and thus the Mineral Reserve and supporting cash flow statements are reported at $1,200/oz Au."

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![](exhibit191572022095.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 95 Gold Mineral Reserve (attributable, 45%) Kibali Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Open pit Proven 4.84 2.28 11.03 0.35 Probable 11.79 2.51 29.56 0.95 Total 16.63 2.44 40.59 1.30 Underground Proven 9.37 4.54 42.53 1.37 Probable 11.25 4.54 51.14 1.64 Total 20.63 4.54 93.67 3.01 Stockpile Proven 0.14 3.17 0.45 0.01 Probable - - - - Total 0.14 3.17 0.45 0.01 Total Proven 14.35 3.76 54.01 1.74 Probable 23.04 3.50 80.71 2.59 Total 37.40 3.60 134.72 4.33 An independent audit was undertaken in 2017 on the Mineral Reserve estimate by Optiro, who concluded that the Mineral Reserve estimation processes used by Kibali are considered, by Optiro, to be at a level commensurate with industry best practice (Optiro, 2017). An independent technical review of the annual Mineral Resource and Mineral Reserve estimates for the Mine was carried out by the RSC during 2021, including a site visit by RSC QPs (RSC Ltd, 2021). The audit demonstrated that Mineral Resource and Mineral Reserve processes conform to good practices. However, RSC made a number of recommendations to Kibali including: • Investigate the cost/benefit of installing a proper, broken ore, falling stream sampler on the crushed mine feed belts to help analyse particular source material. • Investigate the implementation of a broader integrated reconciliation system (i.e., Snowden Reconciler or proprietary), as all current informing data sits in a range of Excel spreadsheets. • Degradation of paste fill has been allowed for in the 2021 Mineral Reserve schedule set-up; however, it remains an item requiring monitoring, along with other allowances for dilution and ore losses. • Factors for open pit mining dilution and ore losses are standardised across the site and operations. These have been applied across all facets of mine planning including optimisation, cut-off grade calculations, and generation of physicals for scheduling. RSC considers that, with the established history of mining, individual mining loss and dilution factors can and should be applied for physicals generation for each mining area. The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Reserve estimate. The QP is not aware of any mining, metallurgical, infrastructure, permitting, and other relevant factors that could materially affect the Mineral Reserve estimate.

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![](exhibit191572022096.jpg)

AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 96 12.5 Qualified Person's opinion The Kibali operation combines a series of open pit and underground mines from different deposits. Open pit mining takes place in several satellite pits over more than 14km. Some of the pits are shallow and have a short mine life whilst others are deeper with a longer life of more than a couple of years. The main deposits are located within an approximately 8km radius. The great majority of the open pit LOM plan consists of Measured and Indicated Mineral Resource. As such the material classification risk to the Mineral Reserve is considered as low. It is the Qualified Person's opinion that there are no significant material factors that will impact the open pit Mineral Reserve. The underground operation is based on a long hole open stoping method with cemented paste and pillars left between stopes which has proven to be technically appropriate for the orebody. The decline access and the shaft at the KCD underground mine support a demonstrated solid production history. It is the Qualified Person's opinion that there are no other material factors that will impact the underground Mineral Reserve. 13 Mining methods The mine comprises both open pit and underground mining operations. Open pit mining Open pit mining is carried out using conventional drill, blast, load, and haul surface mining methods. Mining of the main pits is carried out by a mining contractor, KMS. The main, KCD open pit design is illustrated in the figure below. KCD pit design Source: Kibali Goldmines, 2021 From 2022 onwards, open pit production will come from the Sessenge, Aerodrome, Pamao, Gorumbwa, Megi-Marakeke-Sayi, Kalimva-Ikamva, Oere, Pakaka, and the KCD deposits. The Mengu Hill, Mofu, Kombokolo and Rhino pits were depleted in 2017.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 97 The upper levels of the open pits are usually in weathered material, which typically is free digging material. Once fresh (unweathered) rock is encountered, drilling and blasting is required. Emulsion explosives are supplied as a down-the-hole service by the Mine's explosive contractor Orica. Free digging in the upper levels uses 5m high benches, with 10m benches used for drilling and blasting operations. The 10m benches containing ore are excavated in three flitches of equal height. Ore and waste is excavated using Leibherr excavators and loaded into CAT777 or CAT992 haul trucks to transport material to waste dumps, stockpiles or ROM pad. CAT loaders, graders and dozers are also used for material and access management. Historical ore production from the Kibali open pits, up to 2021, is detailed below. Open pit production Source 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total Tonnes (kt) KCD 4,335 5,516 4,458 764 366 - - - - 15,439 KCD PB3 - - - - - 2,082 1,688 1,561 1,154 6,484 Mofu - 83 84 - - - - - - 167 Mengu Hill - - 1,191 1,220 725 2 - - - 3,138 Kombokol o - - - 278 686 1,572 69 - - 2,605 Pakaka - - - 2,350 3,386 230 - - - 5,965 Rhino - - - 67 95 - - - - 161 Gorumbw a - - - - - - 234 1,163 1,367 2,764 Sessenge - - - - - 1,572 1,771 342 235 3,920 Aerodrom e - - - - - - - - 86 86 The estimated LOM production of ore and waste for the open pits schedule are as presented below based on the Mineral Reserve. Kibali open pits Mineral Reserve basis Open pit Ore Waste Total Tonnes (kt) Grade (g/t) Tonnes (kt) Tonnes (kt) Strip Ratio KCD PB2 N 1,778 2.43 16,896 18,673 9.5 Sessenge 1,243 2.17 4,977 6,221 4.0 Pakaka 4,735 3.02 59,301 64,036 12.5 Megi-Marakeke-Sayi 7,343 1.83 28,093 35,436 3.8 Aerodrome 529 1.36 3,778 4,307 7.1 Pamao 8,434 1.92 48,821 57,255 5.8 Gorumbwa 5,468 3.00 58,729 64,197 10.7 Kalimva-Ikamva 7,416 2.98 98,578 105,995 13.3 Total 36,946 2.44 319,174 356,120 8.6 Global 3% and 10% factors have been used for ore losses and ore dilution in the estimation of open pit Mineral Reserve. Testing of Ore Pro™ software is being completed to define approximate measured numbers for the dilution. The QP considers that the dilution and loss factors are reasonable assumptions for the estimation of the Mineral Reserve. The selected pit shells were used as guidelines to design the practical ultimate pits with internal phases. Pit design parameters were selected based on the overall pit geometry, geotechnical data and information, and the mine production rate. Pit and internal phases were designed using Surpac™ software, integrating the recommended standards for road width and minimum mining width based on an efficient operation for the size of mining equipment chosen for the open pit operations. Comparisons of 2020 Whittle shells to

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 98 2021 shells and 2021 Mineral Reserve pits were completed to assess the changes. The Gorumbwa, Pamao, and Pakaka pits were redesigned. All designs were based on approved geotechnical slope angles provided by the geotechnical department and consultants. An estimated 300Mt of waste will be mined over the remaining LOM based on the Mineral Reserve. The capacity of the Kibali open pit waste dumps has been evaluated based on the latest pit designs to confirm that there is adequate dump capacity for the estimated LOM tonnage of waste based on Mineral Reserve. A swell factor of 30% was considered in all waste dump capacity evaluations. Haul roads were also adjusted, where necessary, to ensure they provide easy access where pit ramps are day lighting. No in-pit dumping was carried out in 2021 and none is planned for 2022, as the Kombokolo, Mengu Hill, KCD, and Sessenge mines continue to explore potential underground opportunities. Future work will, however, consider the use of some of the satellite pits with low potential for future underground operations for waste disposal, based on the mining sequence. Within the current LOM, Pamao has been planned to be backfilled with tailings upon exhaustion of the Mineral Reserve. Geotechnical At Gorumbwa, the historical underground void was safely mined out in Pushback 1 during 2021, from elevation 5830mRL to 5760mRL. The void management procedure, which was developed to manage mining around these areas where personnel and equipment are exposed to higher risk associated with instability from sub-surface excavations, was strictly followed. Gorumbwa pit (looking east) showing historical underground void mined out in pushback 1 Source: Kibali Goldmines, 2021 No extra work was carried out for the KCD Pushback 3 pit. The pit still has three main domains which were generated based on the rock properties and the inter-ramp angles provided to accommodate the ramps in the final pit designs. Pushback one was mined out by March 2020. Pushback two, at a higher gold price, is currently being mined and will be completed by July 2022 following the same design parameters. Pushback 3 was mined out in 2021 and only left with Pushback 3 North, which is planned to be mined from 2027.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 99 KCD Geotechnical Geometry Domain From To Bench Height (m) Berm Width (m) Batter Angle (°) IRA1 (°) Design Consideration CB1 Surface 5880 5 4 40 27 Weathered and Weathered Shale 5880 5810 10 5 65 48 Transition to Fresh CB2 Surface 5880 5 4 40 27 Weathered Shale 5880 5810 5 4 40 27 Weathered Shale CB3 Surface 5860 5 4 40 27 Weathered Shale 5860 5810 5 5 50 30 Weathered Material Dempers and Seymour Pty Ltd (D and S) was commissioned by Kibali to undertake the pit slope design for the Sessenge pit. A 3D Mining Rock Mass Model (MRMM) was constructed based on geotechnical logging of drill core undertaken at Kibali. Rigorous analyses, including rock bridge/structure failure criteria for each rock type per geotechnical domain, were completed and pit slope designs excluding haul ramps were recommended. Slopes were considered as dry slopes and that the necessary dewatering would take place timely as scheduled. Rock mass properties for Sessenge pit Source: Kibali Goldmines, 2021 Underground mining The Kibali underground mine is a long hole stoping operation producing at a rate of 3.8 million ore tonnes per year. Development of the underground mine commenced in 2013. Stoping commenced in 2015 and ore production has ramped up to 1.8Mt in 2017 and 3.6Mt in 2021. Initial production was truck hauled by a twin decline to surface. In 2017, the haulage shaft (740m deep) and materials handling system was commissioned. From 2018 onwards, underground ore has predominantly been hoisted up the shaft. The decline to surface will be used to haul some of the shallower zones and to supplement shaft haulage. Mineral Reserve stope shapes are designed based on the Mineral Resource block model and the cut-off grade. The MSO software, generate strings on sections, linking these to create a wireframe shape and then evaluating the wireframes against a block model. The MSO provides a stope-shape that maximises recovered Mineral Resource value above a cut-off while also catering for practical mining parameters such as: • minimum and maximum mining width, • anticipated wall dilutions, • minimum and maximum wall angles, • minimum separation distances between parallel and sub-parallel stopes, • minimum and maximum stope heights and widths, etc.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 100 A significant portion of the capital and access development for the mine is in place. To date, 43,609m of capital and access development has been completed. The current LOM plan contains a further 9,928m of capital lateral development based on the Mineral Reserve. The key capital infrastructure remaining to be developed are the 9101 decline, 9101 incline, southern exhaust raises and the 3101 / 3102 access development. The figure below shows the current (December 2021) mine as-built and the LOM development. Existing infrastructure comprises: • A vertical shaft • Mobile equipment mining fleet • Backfill plant • Batch plant • Underground dewatering facility • Surface compressor house • Multiple surface workshop facilities • Electrical power line connection to the grid • Office building • Warehouse • Water clarifying plant Ore from stopes is loaded (both by teleremote and conventional manual loaders) from the stopes into the eight ore passes via finger raises on the respective levels. This ore is then transferred by autonomous LHDs into two coarse ore bins and then into two primary crushers, followed by two fine ore bins and independent skip loadout conveyors near the shaft bottom. The proposed mining methods are variants of long hole open stoping with cemented paste: • Primary / Secondary long hole open stoping (primary 20% of Mineral Reserve tonnes, secondary 33% of Mineral Reserve tonnes) is used in the wider zones, with 35m interval heights where stopes are mined either as single lift or multiple (up to four) lifts, depending on stope geometry and the geotechnical stable span. • Advancing face long hole open stoping (29% of Mineral Reserve tonnes) is used where the mineralisation has a shallower plunge (approximately 20° to the NE), where stopes are mined with variable interval heights between 25m and 35m to optimise extraction. • Longitudinal open stoping (18% of Mineral Reserve tonnes) is used in narrow zones (less than 15m width) with variable interlevel heights between 20m and 30m. Kibali underground infrastructure, LOM Development, and as-built EOY 2021

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 101 The actual stope performance is routinely reconciled against the planned performance. A dilution and mining loss matrix was developed based on Kibali site-specific experience, with allowances for certain expected problems associated with geotechnical structure, paste fill exposure and stope sequence configuration. The Kibali underground mining methods are variants of long hole open stoping with cemented paste backfill. The figure below demonstrates the mining methods in use. The mine is accessed via a twin decline, a vertical shaft, and a system of internal ramps. Ore from stopes is loaded (both by tele remote and conventional manual loaders) from the stopes into the eight ore passes via finger raises on the respective levels. This ore is then transferred by autonomous LHDs into two coarse ore bins and then into two primary crushers, followed by two fine ore bins and independent skip loadout conveyors near the shaft bottom. No significant failures of the openings in the underground workings have occurred. In general, the rock mass is classified as good with average rock mass rating values between 64 and 73, and Rock Mass Quality (Q') values between 31 and 47. The mine is currently producing an average of 10,500 t/day. The mining methods used are supported by operational data and are reviewed periodically as further Mineral Resource infill and grade control drilling changes the shape of the ore zones. There are three distinct sequencing patterns for the various mining methods, including transverse primary and secondary stoping, advancing face stoping and longitudinal stoping. Kibali underground Mineral Reserve by mining method (Looking NW) Source: Kibali Goldmines, 2021 Stope design Original stope dimensions were developed by SRK Consulting (du Plooy, 2011). The stope design approach adopted is primarily based on the allowable stope Hydraulic Radius. When undertaking a stope stability assessment, the approach adopted is the Modified Stability Graph. There are two stability graphs that are used for assessing the stope dimensions, dependent on whether cable bolt reinforcement is used or not. The 'Database of Cablebolt-Supported Stopes' is applied to the stability assessment for the crown (whereas per standard practice, cable bolts are installed in the crown of each stope, regardless of the dimensions).

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 102 Primary / secondary transverse stoping The transverse primary and secondary sequencing concept is that primary stopes are mined from hangingwall to footwall and multi-level stopes are mined concurrently up to the design vertical height. Secondary stopes follow the primary stopes. A secondary stope cannot start mining until the primary stopes on either side have been mined and filled. The level interval is 35m (floor to floor), and stopes are mind as either single lift or multiple lifts (up to four) depending on stope geometry and stable span analysis. Primary stopes are 20m along strike and secondary stopes are 30m along strike. The width of primary stopes can be up to 40m across strike. The controlling span for primary stope size is general the side (north and south) rock walls. Secondary stopes are up to the 30m across strike. The controlling span for secondary stope size is generally the side wall paste exposure of the adjacent primary stopes. Where the orebody is too wide for a single stope span (greater than 30m to 40m wide), multiple primary and secondary stopes are mined retreating from hangingwall to footwall. The figure below shows that the primary stopes are mined, and paste filled prior to mining of the adjacent secondary stopes. The stopes are mined in a bottom-up fashion. Production drill holes are a combination of up and down holes or down holes of 102mm diameter. Transverse stope sequencing Source: Kibali Goldmines, 2021 Advancing face transverse stoping Advancing face transverse stoping is used in the 9101 zone which has a shallow plunge (20° to 30°) to the NE. The level interval varies from 25m to 30m to optimise extraction. The stopes are 25m down plunge and 25m across plunge. the figure below shows that the stoping front (F) advances from NE to SW and toward the shallower part of the 9101 Lode.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 103 • Stopes located in mining front 1 (F1) must be mined and paste filled before the stope located in mining front 2 (F2) can be mined, and mining front 2 (F2) has to be mined and paste filled before mining can take place in mining front 3 (F3). • Stopes located in the same mining front that are accessed through different ore drives can be mined simultaneously. As an example, different stopes located in mining front 5 (F5) can be mined simultaneously since they are being access through different ore drive. • Stopes are mined as a single lift or multiple lift (up to three lifts) depending on ore zone thickness. Stopes are paste filled prior to the mining of adjacent stopes. • A slot raise is developed by production drilling machine or by raise boring. Production drill holes are either a combination of up and down holes or down holes of 102mm diameter. This mining sequence is designed to avoid the creation of pillars, which may potentially become highly stressed as mining progresses (see the figure below). Transverse advancing face sequencing Source: Kibali Goldmines, 2021 Longitudinal Stoping Longitudinal stoping is used as the main extraction method to mine the narrower stopes (less than 15m width). In the steeper areas (greater than 60°), the level interval varies from 20m to 35m. In the flatter areas (5 to 60°) ore drives are located on the footwall and level interval is controlled by the dip, minimising footwall waste and limiting stope width (up dip) to 20m. Stopes are paste filled prior to mining of adjacent stopes to maintain hangingwall stability (figure below). • Block 1 must be mined, and paste filled prior to mining of block 2 and block 2 stopes have to be mined and backfilled prior to mining of block 3.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 104 • Stopes located in the same block are mined as a single lift or multiple lift (up to three lifts). Longitudinal Mining Sequencing Source: Kibali Goldmines, 2021 Dilution Two forms of dilution have been considered in the 2021 Mineral Reserve estimate, including: rock dilution and paste dilution. Rock dilution and paste dilution have been combined and applied as a combined dilution percentage in the Mineral Reserve. Rock dilution is added as a percentage of stope tonnes. Rock dilution is dilution outside of the designed mining shapes on the footwall, hangingwall or sidewall of the stopes. Unplanned dilution is added at a grade of 0.00g/t. The unplanned dilution applied is based on the Kibali historical stope performance database. Paste dilution is the dilution from adjacent paste fill exposures. Paste dilution is added where a stope has paste fill exposure. Paste dilution exposures have been estimated as 2% per paste fill exposure for primary, secondary, transverse advancing face stope, and longitudinal stope. Hence, primary or secondary stopes with two paste exposure walls will have 4% paste dilution and stopes with three paste exposure walls will have 6% paste dilution. Based on the historical data, the mining method, and the stope configuration different dilution factor are applied. For stopes adjacent to poor UCS quality stopes: • To mitigate higher dilution that could result in stope sterilisation, mining losses of 25% were applied. The 25% mining losses assumed that a 4m to 5m pillar width will be left when mining adjacent to 70/30 poor strength paste. In addition, a dilution factor of 15% was applied as well. For transverse primary stopes with 20m average thickness: • Transverse primary hanging stope dilution – 2.0%. • Transverse primary footwall stope dilution – 4.0%. • Transverse primary hanging stope intersected by geotechnical structure dilution – 4.3%. • Transverse primary footwall stope intersected by geotechnical structure dilution – 6.4%. For transverse stopes with 30m average thickness the following dilutions were applied: • Transverse secondary hanging stope dilution – 7%. • Transverse secondary footwall stope dilution – 12.5%. • Transverse secondary hanging stope intersected by geotechnical structure dilution –10%.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 105 • Transverse secondary footwall stope intersected by geotechnical structure dilution – 12.5%. For transverse advancing stopes with 25m average thickness and 30m average height the following dilutions were applied: • Transverse advancing face stope dilution – 6.0%. • Transverse advancing face stope dilution – 6.0%. • Transverse advancing face stope intersected by geotechnical structure dilution –6.0%. • Transverse advancing face stope not intersected by geotechnical structure dilution –6.0%. For longitudinal stopes with a 10m to 15m average thickness the following dilutions were applied: • Longitudinal stope not intersected by geotechnical structure dilution – 4%. • Longitudinal stope intersected by geotechnical structure dilution – 4.5%. Dilution and mining loss improvement Kibali has made a significant effort toward improving the drill and blasting practices. The continuous optimisation of the drill and blast designs has been providing step improvement in the dilution and mining losses. Further improvements are planned for 2022 onwards. These include: • The implementation of the WebGenTM technology for blasting secondary stopes • The implementation of the Sandvik OptiMineTM measurement while drilling • The implementation of longitudinal ring design approach in secondary stope. WebGen™ technology Preliminary investigations in 2021 indicate WebGen™ technology (developed by Orica) will likely result in reducing paste dilution, improving the stope recovery, productivity, and safety. With the implementation of WebGen™ wireless blasting, most of the secondary stopes will be blasted and muck cleaned before firing the WebGen™ pillar that is adjacent to the paste fill stope. This inaccessible pillar will be pre-charged with WebGen™ allowing the firing against the paste to take place wirelessly at a later stage. This reduces overall paste dilution and mining losses. 13.1 Requirements for stripping, underground development and backfilling For the open pit Mineral Reserve, economic pit shells were generated using the Lerchs-Grossman algorithm within Whittle™ software and then used in the open pit mine design process and Mineral Reserve estimation. As described in the geotechnical section, pit slopes are estimated by pit, by rock/area and used in the pit optimisation and pit design. For the KCD underground mine, MSO was used to evaluate the geological block model to create overall mining shapes. Preliminary stope wireframes were created, and planned dilution was added to the mineable stope shape. Datamine's EPS Scheduler™ software was used to estimate the diluted mined tonnes, grade, and contained metal of the Mineral Reserve. Stopes with a diluted grade below the cut-off grade were excluded from the Mineral Reserve. 13.2 Mine equipment, machinery and personnel Open pit mining is carried out using conventional drill, blast, load, and haul surface mining methods. From 2022 onwards, open pit production will come from the Sessenge, Aerodrome, Pamao, Gorumbwa, Megi- Marakeke-Sayi, Kalimva-Ikamva, Oere, Pakaka, and KCD deposits. The Mengu Hill, Mofu, Kombokolo and Rhino pits were depleted in 2017. Open pit mining is conducted by contractor Kibali Mining Services (KMS), a local subsidiary of DTP Terrassement, using either free-dig or conventional drill, blast, load, and haul methods. The mining equipment is jointly owned by a subsidiary of Barrick and the contractor's parent, who also operates at Barrick's Loulo-Gounkoto mine in Mali and Tongon mine in Côte d'Ivoire.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 106 Open pit mining fleet During 2021, local mining contractors were used to strip the Aerodrome pit, and this will continue up until the pit is mined out mid-2022. The mining fleet is presented below. The fleet size for 2022 and beyond is projected to remain consistent. The maintenance schedule allows for some annual rebuilds of the equipment each year. In opinion of the QP, the fleet size is adequate to achieve the LOM production targets based on the Mineral Reserve. Current primary open pit mine equipment fleet Fleet Current Quantity Planned Planned 2021 2022 2023-2025 LIEBHERR 9350 Excavators 1 1 2 LIEBHERR 984 Excavators 0 0 0 LIEBHERR 9200 Excavators 4 4 4 CAT777G DUMP Trucks 22 22 22 CAT992WHEEL Loaders 2 2 2 CAT D9R Dozer 7 7 7 CAT 16M Graders 3 3 3 CAT 834 Pusher 2 2 2 Blast Drill Drigs 8 8 8 Water Bowsers 2 2 2 The contractor overall workforce is 531 people, of which 242 are working for load and haul, 74 for drilling and blasting, 174 for plant maintenance of equipment, and the remaining for the administration and environmental health and safety (EHS) team. Underground mining fleet The underground equipment consists of mainly development drills, production drills, trucks, loader, loader setup on Sandvik multi lite remote-control system, and loader setup on Sandvik automation control system. The list of underground equipment is presented below. All underground equipment is equipped with ANSUL or OEM fire suppression systems and handheld fire extinguishers. Kibali underground Mining Equipment Manufacturer Model Type Number Sandvik TH551 Truck 6 Sandvik LH621 Loader 12 Sandvik LH410 Loader 1 Sandvik DL421 Drill 4 Sandvik DD421 Drill 4 Sandvik DS421 Drill 2 All light A9 Light plant 2 ASOKE BUS Light vehicle 3 TOYOTA Hilux Light vehicle 14 TOYOTA Land cruiser Light vehicle 40 CAT 140K Grader 1 CAT TH414 Tele handler 1 CAT 930K Integrated tool carrier 3 VOLVO L120GZ Integrated tool carrier 1 CAT 420K Backhoe 1 TCM FORKLIFT Forklift 1

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 107 MANITOU MHT10220 Tele handler 1 NORMET Spraymec Shot crete machine 1 NORMET Trans mixer Mixer truck 1 MACLEAN SL3 Scissor Lift 1 MACLEAN EC3 Charge machine 4 MACLEAN BT3 Flat bed 2 MACLEAN TM2 Mixer 1 BTI MRH Rock breaker 1 The mine prioritises local employment and in 2021, the employees were made up of 88% Congolese nationals; more than 70% from the local area. More than 70% of management positions were held by Congolese Nationals. Direct employment is around 2,100 people. Sourcing of national skills involves looking at the nearby community within the permit before moving to other regions of the country. Training programs both in-house and outside the mine are periodically organised by Kibali for experts and consultants to up the skills and equip employees with adequate skills and knowledge. Kibali has a local procurement policy, and this extends to procurement through contractors. Kibali procured in excess of $110 million of goods and services from DRC suppliers in 2021. This includes produce from agribusinesses (e.g., producers of eggs, pork, maize) which is purchased for use in the mine canteens. 13.3 Final mine outline Plan showing open pits and mine infrastructure

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 108 Kibali underground Mineral Reserve 14 Processing and recovery methods The Kibali gold processing plant comprises two largely independent processing circuits, the first one designed for oxide, transition, and free milling ore sources and the second for sulphide refractory ore. However, both circuits are designed to be switched to process sulphide ore when the oxide, transition, and free milling ore sources have been depleted. A simplified flowsheet, depicted in the figure below, comprises crushing, ball milling, classification, gravity recovery, a conventional Carbon-in-leach (CIL) circuit, flash flotation, also conventional flotation, together producing a concentrate which goes to ultra-fine-grinding and a dedicated intensive cyanide leach. This process consists of well tested technology in the gold industry and is appropriate for the style of mineralisation present at Kibali. The processing plant rated throughput is 3.6Mtpa of soft oxide rock ore through the oxide circuit and 3.6Mtpa of primary sulphide rock ore through a parallel sulphide circuit. Once the plant is sulphide-only, the capacity is 7.2Mtpa of sulphide ore. Kibali's operational performance has demonstrated that the process plant is fully capable of its design capacity, and further modifications to the crushing circuit with finer F80 (38mm) coupled with a decreased inlet trunnion size has allowed for an even greater power draw and hence higher throughputs. The oxide ore is recovered through a standard crushing, milling, and gravity plus CIL operation, with the following processes: • Primary crushing. • An optional secondary hybrid roll type crusher for the harder transitional and free-milling sulphide ores. • Milling. • Cyclone classification. • Gravity concentration. • Flash flotation – runs optionally when the feed blend is predominantly free milling fresh ore.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 109 • CIL. • Tailing disposal. The sulphide ore requires the following processes: • Primary and secondary crushing. • Milling. • Cyclone classification. • Gravity concentration. • Flash flotation. • Conventional flotation. • Ultra-fine grinding of the concentrates. • Pre-oxidation circuit. • Extended intensive oxygenation assisted leach. • Pumpcell adsorption circuit to recover gold from the concentrates. • Tailing disposal. Simplified flowsheet of the Kibali processing plant depicting two discrete streams The pumpcell circuit is preceded by a three-tank gravity flow pre-oxidation circuit to passivate cyanide consuming sulphides, as well as liberate the gold. The first two tanks are subject to highly intensive oxidation with cyanide being introduced into the third to fifth tanks for pre-leaching, where the resultant product gravitates to a pumpcell circuit with high concentrations of activated carbon. The pumpcell residue stream may still contain some residual gold, which is then pumped to the main CIL circuit for final leaching to scavenge the remaining leachable gold. The flexibility of the plant design allows

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 110 for an extended pre-oxidation and pre-leach step within the CIL occurring after the initial pre-oxidation circuit but prior to the stream being routed to the pumpcell circuit. Most of the deposits contain some extent of free native gold, which means it is large enough to recover via a density separating step, which is performed with Knelson gravity concentrators during the milling cycle. However, a finer grind will expose a portion of the refractory (additional) gold for leaching so that the recovery is enhanced to economically acceptable levels. Most of the ore bodies contain some extent of free native gold, which means it is large enough to recover via a density separating step which is optimised with Knelson gravity concentrators during the milling cycle. Two primary jaw crushers (two Sandvik CJ815:200kW, CSS:16 0mm) are used targeting 1,300 tph and feeding two secondary crushers (two Sandvik CS660; 250kW, CSS:45mm) via a coarse ore stockpile (COS). When sulphide ore is being treated, secondary crusher product is fed onto a fine ore stockpile (FOS) via a conveyor system. The FOS serves as a common mill stockpile to both the mills and has a live capacity of 11,700 t of sulphide ore to each mill. The mill is fed from the mill feed stockpile using apron feeders that feed directly onto the mill feed conveyor. A ball milling circuit comprising two Polysius ball mills, each operating independently in parallel, treats ore at a total feed rate of 900 tph dry solids. Cyclone underflow is split into three streams: • Gravity concentration circuit. • Flash flotation circuit. • Remainder of the cyclone underflow is re-cycled to the mill feed. Gravity concentrator tailings gravitates to the mill discharge sump, while the concentrate reports to a batch ILR circuit. The flash flotation cell produces a concentrate and a high-density tailings stream. Cyclone overflow from the primary milling circuit is routed to either the rougher flotation cells or bypasses the circuit to the rougher tailings tank before being pumped to the CIL circuit (if oxide or free-milling material is being treated). Once the oxide, transition and free-milling ore sources have been depleted, the existing oxide plant can be converted to a parallel sulphide circuit, which will necessitate the expansion of the concentrate handling and pumpcell circuits. There are two flotation circuits already present in the plant. Kibali further expanded the original fine-grind section in the 2017 sulphide expansion project by adding an additional four ultra-fine-grind mills, making eight in total. The current Kibali feed plan allows for an oxide – sulphide campaign for thirty percent of the year, with the remainder of the year treating full sulphide ores The loaded carbon from the pumpcell circuit, that is, from the concentrate leach and CIP, together with carbon from whole-ore leach, are treated in independent elution circuits, followed by electro-winning of gold eluate of the pregnant solution. After smelting, the furnace crucible contents are poured into cascading moulds to produce gold bullion and slag. The constant improvement in terms of the plant utilisation and availability is mainly driven by regular planned maintenance coupled with good performance of process operations. Plant utilisation and availability from 2013 to 2021 is presented in the table below. Plant availability and utilisation Years 2013 2014 2015 2016 2017 2018 2019 2020 2021 Availability (%) 74.9 87.0 93.6 94.7 96.4 95.2 95.6 94.9 95.4 Utilisation (%) 64.9 93.1 95.9 98.0 98.6 98.8 98.8 99.5 99.1 The actual process plant gold recovery in 2021 varied monthly from 87.8% to 90.5% (Refer to the figure and table below). The average gold recovery in 2021 was 89.8%. Recovery for 2022 is expected to be 89.8%, averaging 89% for the LOM. High GRG contribution of 24.17% compared to the forecast of 23% mainly driven the high GRG from Gorumbwa pit ores fed compared to previous years. The October low recovery of 87.8% was mainly due to the high residues emanating from the circuit changes between full sulphide and sulphide/oxide campaign treatment. The changeover often results in flashing out of high residues that build up in the CIL circuit

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 111 coupled with reduced residence time during the changeover period. Quarterly changes in residue grade and tonnes treated are illustrated in the figure below. Kibali processing plant overall gold recovery in 2021 Kibali processing plant overall gold recovery in 2021 by Month Item Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 Total Tonnes Treated (Dry) (kt) 678 622 686 642 695 654 656 638 644 633 611 625 7,783 Plant Head Grade (g/t) 3.32 3.27 3.41 3.59 3.35 3.63 3.85 3.77 3.58 3.97 4.00 3.77 3.62 Kibali processing plant tonnes and residue grade The main deleterious element in the Kibali ore sources is considered to be arsenic. Certain isolated ore types exhibit higher levels of arsenic (in Pakaka and Sessenge) which can result in dissolution during the recovery process. The impact of arsenic was in the leach of flotation concentrate in the intensive oxygenation/cyanidation circuit. Arsenic content in excess of 2,000 ppm has a negative effect on gold dissolution where dissolution values as low as 70% are attained when arsenic content increases to values as high as 9,000 ppm.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 112 15 Infrastructure Mine roads Kibali is located in the NE of the DRC. Access to site by road is via Uganda and the Ugandan border town of Arua. The road from the Ugandan border at Arua has been upgraded by the company to accommodate the Project and on-going operations traffic. Maintenance of this road is carried out by the Kibali. The local road infrastructure was developed during the exploration drilling programmes and upgraded during the construction of the mine. Internal roads provide access to various infrastructure areas, including roads to the TSF, explosives storage, land fill site, mine villages, central mine offices, shaft collar area, open pit mining central operations area, general mining operations areas, new exploration areas, various water boreholes, and overhead line routes. All roads are constructed by layered rock/gravel/laterite varying in specification according to traffic expectations. Airstrip Access by air to Kibali involves a commercial flight to Entebbe in Uganda followed by a charter flight to Doko airport, situated on the mine property. The Doko airstrip was upgraded by Kibali and is equipped with runway lights and precision approach path indicator lights. Charter flights to site are arranged by Kibali on a regular schedule at frequencies dictated by operational requirements. Supply chain Since the project's inception, the majority of Kibali's imports are shipped into the port of Mombasa, Kenya, and thereafter trucked through the Northern Corridor Road route that links Mombasa to the landlocked countries in eastern and central Africa. The cargo initially moves through Kenya and Uganda into eastern DRC (to Kibali). Up to the Uganda / DRC border, the trucks use a two-way tarmac road considered to be the main route from the port of Mombasa to east and central Africa. The final 200km of the trip from the DRC border to Kibali is on laterite roads. The primary ports for mining spares and consumables are Durban and Antwerp. Reagents, such as cyanide, steel balls, peroxide, hydrochloric acid, and other flotation reagents are shipped from a variety of different ports worldwide. The shipping terms for the mining consumables and reagents are typically Ex- Works or Free on Board and Cost, Insurance and Freight, respectively. The costs associated with 20 ft and 40 ft containers, for both sea-freight and inland transport (Mombasa to the mine site), are calculated on a cost-plus basis. This is a fully transparent exercise with shipping/freight invoices being sent through for verification. Estimated port to port transit times for Kibali's most frequent sailings: • South Africa = 10 days • Europe = 35 days • China = 45 days • USA = 65 days Procurement for Kibali is carried out by its supply chain partner, Tradecorp Logistics. Surface water management Kibali lies within the northern tropical climatic region of the DRC. The area has a distinct rainy and almost dry season. The rainy season extends from March to November and the dry season from December to mid-February. The Kibali River dominates the drainage of the project area and flows along the southern boundary of the project area. The Nzoro River flows into the Kibali River approximately 30km downstream of the mine site. Numerous springs exist in the area and the spring flows remain near constant throughout the dry season.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 113 The significant sources of water that can affect the operations include rainfall directly into the open pits, rainfall surface run-off and groundwater entering the pits from the surrounding rock masses. Surface run-off is high, due to high intensity rainfall events and an undulating landscape. A system of bund walls and dewatering trenches has been established prior to mining of each of the pits, which prevents inflow of surface water to the pit areas. The network of drainage channels is used to discharge water intercepted by the perimeter drains to the Kibali River via a series of settling ponds. All the deposits are characterised by the presence of a near-surface groundwater table with the potential for high groundwater into the pits. The possible impacts of ingress of groundwater are investigated prior to mining and during the mining activities. Dewatering well systems are installed for all pits to lower the groundwater level prior to mining. A system of dewatering trenches is procedurally established prior to the commencement of mining in each of the pits, preventing the inflow of any surface water to the active mining areas. The rainfall that falls within the pit perimeter is directed out of the pit, if this is possible, particularly in the upper levels. The water that cannot be directed outwards flows to the sump at the pit bottom from where it is pumped. Kibali water management plan Water supply Raw water is collected and stored in the raw water dam (RWD), which has a storage capacity of 16,000m3. The primary sources of raw water are rain, spring water, Kibali River, and water from pit dewatering. The processing plant requires 25,000m3 of water per day, of this 75% is recycled water (from the TSFs) and 25% is from the Return Water Dam (RWD). The plant process water circuit consists of a 25m diameter process water clarifier and process water dam with a capacity of 4,600m3.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 114 The process plant has a water treatment plant unit that produces soft water. That soft water is used in some strategic areas (elution circuit, laundries, flocculent make-up, firefighting system and metallurgy laboratory section). The operational camp has an independent water purification plant and storage facility. Tailings Storage Facilities (TSF) There are two TSFs at Kibali; one for the cyanide containing (CIL) tails and the second one for the sulphide flotation tails. The CIL tailings contain residual cyanide and are contained in an HDPE lined dam. The flotation tails contain are benign and therefore the dam is not lined. The cyanide containing TSFs comprise CTSF1 and CTSF2 for the CIL tails and the FTSF is dedicated to flotation tails. Currently, it is estimated that up to 40% of the flotation tailings is used for paste backfill in the underground. The CTSF comprises two full containment, HDPE lined facilities (CTSF1 and CTSF2) that have a continuous surrounding embankment and share a common internal wall. CTSF1 and CTSF2 footprints have been merged into a single footprint (CTSF 1st Lift) by raising the embankment walls and sacrificing the common internal wall. Currently, the CTSF 1st lift is at 80% of its capacity in terms of available storage capacity. The embankment walls of the CTSF 1st lift are currently being raised by 3.5m using a downstream construction (CTSF 2nd Lift) method. The CTSF 2nd Lift is expected to be completed by March 2022 and will give an additional dam capacity of approximately 6.5Mt that covers the tailings deposition plan up to 2026. The current minimum vertical freeboard for CTSF 1st lift is 1.9m below the emergency spillway invert level. CTSF Phase 3 is currently envisaged to be constructed north of the previous CTSF Phase 2 footprint, however, this is still conceptual. Based on the current LOM plan, deposition into the Phase 3 facility would commence in Q1 2027 and continue until the end of the expected LOM. The FTSF will require a LOM capacity of approximately 57.8Mt. Phase 1 of the facility is an unlined valley impoundment, formed behind an embankment that traverses the valley. Phase 2 is currently in operation and is being operated as a full ring-dyke impoundment as a self-raising facility where the TSF is being raised by paddock deposition. Phase 3 of the TSF consists of buttressing the downstream slope of the embankment walls and paddocks with waste rock to ensure the TSF has adequate stability under post liquefaction conditions. The first phase of the buttressing construction is scheduled to start in December 2021 and continue until Q3 2022. In unlined RWD captures and stores return water from the FTSF. An unlined catchment dam captures water released from the RWD into the main storm water diversion channel, and it captures all the run-off accumulated from within the mine footprint. Power supply Since there is no grid power available in the region, Kibali needs to be self-sustaining and indeed possesses considerable thermal power generation capacity to do so. Diesel generated power comes from three banks of on-site high-speed diesel generators, each bank consisting of 12 x 1500 kVA, 400V CAT 3512B generators. To mitigate the running costs of this facility, three hydropower plants have been installed. These are as follows: • Nzoro 2 Four x 5.5MW turbines – Total installed 22MW • Ambarau Two x 5.3MW turbines – Total installed 10.6MW • Azambi Two x 5.1MW turbines – Total installed 10.2MW Separately, the pre-existing Nzoro 1 facility is of low capacity (i.e., less than 1MW). It was previously refurbished and represents a historical legacy comprising equipment dating from the 1930s. This power is dedicated to local communities. The total installed hydroelectric power capacity is 42.8MW, which currently covers most of the mine power demand. The load demand of the mine is not constant, power demand at full production is currently

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 115 between 39MW and 43MW, averaging approximately 41MW. The system has a potential capacity of 42.8MW of Hydropower (at peak) and 43MW of thermal generation. Actual hydro generation capacity is season dependent: • Maximum Capacity (43 thermal generation + 42.8 hydropower) MW. • Minimum Capacity (32 thermal generation + 10 hydropower) MW. The long-term power supply strategy for the operation is aimed at generating the maximum amount of power from hydro sources. Diesel generators will remain available as back up and as a spinning reserve for peak loads from the shaft hoist. Further improvement was made by installing a 9MW battery bank that was commissioned in 2020. The running generators have been reduced by half during wet season. This has a marked effect on reducing unit power operating costs. Wet seasons with high river flows allow for more beneficial hydro operating conditions, however the beneficial effect is not seen in the lower rainfall months. This effect is evident in the figure below which shows the power supply mix to the end of 2021. Kibali electrical supply mix Electrical power at 66kV is supplied by the hydropower stations connected to a main grid supply. The hydro-generated power is reticulated to the site by means of 66 kV overhead lines from the hydropower plants to a switchyard located at the mine. The voltage is stepped down from 66kV to 11kV, feeding the 11kV consumer substation. Diesel generation supplies power to the mine at 400V, which is stepped up to 11kV for distribution. Operational camp (village) The operational camp provides accommodation for single and married staff and incorporates all the required facilities in terms of accommodation, ablution, catering, and messing facilities. The camp comprises two villages to accommodate the mine employees; a large single status camp near the mine operations and a married-quarters camp that was opened in 2015. A single kitchen and dining room is provided for residents of the camp. A further kitchen and dining area is available at the social club that could be used if the camp kitchen was destroyed. Each of the major contractors operates their own camp and kitchen facilities nearby to their base of operation. Offices, stores, and workshops A central administration area office complex accommodates senior and administrative personnel as well as discipline functions not located specifically in the process plant or mine operations offices. The plant area includes the necessary buildings for the operations personnel related to the process operation including a gate house, control room containing the plant server and SCADA equipment, engineering room, UPS rooms, engineering offices, laboratory including carbon room, metallurgical

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 116 laboratory, wet laboratory, bullion room, balance room, environmental laboratory, receiving area, sample preparation and grade control preparation, and a maintenance workshop and offices. The central mine facilities area is located adjacent to the processing plant and includes large stores facilities related to spares and engineering consumables for mining, processing, and general operations. There are four large buildings to hold most of the stores stock, most of which is spares for machinery, and the remainder is consumables, such as personal protective equipment. There is sufficient covered space for spares and consumables. The buildings are all steel framed and clad with steel sheeting. Floors are reinforced concrete. The shaft collar area provides an office building, change house, security gate house, and a workshop for the underground mining operation. The open pit mining central operations area includes a large workshop for the maintenance of the mining fleet, an office building, a change house, and a security gate house. Emergency response and medical facilities There are two mine rescue teams on-site with a total of seventeen active members of which ten are on- site at all times. Emergency situations will be communicated by radio on a dedicated channel. A stench gas system is available. A fire truck and trailer are available for rescue teams. Medical staff on site includes two doctors, six nurses, and laboratory technicians. There are three ambulances on site and four first aid rooms together with a health clinic. The nearest hospital with good facilities is in Kampala. In the event of a need for medivac, arrangements with the air charter company would be made. Fuel storage The fuel storage installation includes three separate fuel farms. Daily consumption is between 180,000 → 200,000 litres per day depending on seasons. Approximately 65 to 70% of the consumption is used by the diesel generators at the thermal power station, 20% is used by mining and the remaining 10% is general use. The largest fuel farm is located in the central mine facilities area. The main fuel farm for the mine has three 1,000,000 litre tanks and six 100,000 litres tanks, giving a total storage capacity of 3.6Ml. Diesel is filtered before it is pumped into the main tanks and after it leaves the secondary tanks. Extensive fire protection is provided for the main fuel farm and includes a series of foam generators located around the perimeter of the containment bund and cooling rings on the tanks. The water for these fire protection systems is supplied from two dedicated tanks and two fire pumps located at the process plant. Two other fuel facilities are at the open pit and underground operations and have a capacity of 1,200m3 each with similar dispensing facilities. Communication and Information Technology The mine wide voice and data backbone with satellite fibre optic link(s) provides cellular for voice and internet connections via wireless Local Area Network (LAN). Voice communication is supplemented by two-way radio. Fibre optics on overhead lines provide for communication between the various operations sites. Security There is comprehensive security infrastructure at the site, with controlled access to the operations. The security manager reports directly to the Kibali general manager. The Kibali property is surrounded with a high fence and a security access road running along the perimeter. The plant area is fenced with security at the main gate and additional electronic access systems and security at higher values areas within the plant. The spares and materials storage sites are fenced, and access gates are kept locked, and access controlled by security staff.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 117 Gold doré produced at the mine site is moved from site on security escorted private charter flights. All necessary logistics have been considered. Kibali is a mature operation that has all necessary support infrastructure already in place. In the opinion of the QP, the infrastructure is adequate and has been, or is being, provided at Kibali to support the anticipated production targets from the underground mine. 16 Market studies Gold doré produced at the mine site is shipped from site under secured conditions and sold under agreement to Rand Refinery in South Africa. Under the agreement, Kibali receives the ruling gold price on the day after dispatch, less refining and freight costs, for the gold content of the doré gold. Kibali has an agreement to sell all gold production to only one customer. The "customer" is chosen periodically on a tender basis from a selected pool of accredited refineries and international banks to ensure competitive refining and freight costs. Gold mines do not compete to sell their product given that the price is not controlled by the producers. The QPs note that metal prices used in this study have been set by Barrick on behalf of Kibali and are appropriate to the commodity and mine life projections, fuel supply, explosive supply, and security. It is Kibali strategy to outsource mining activities to contractors and, in all instances, the contracts are such that the equipment can be purchased by the company at the end of the contract period at its depreciated price or should the contractor default at a predetermined pricing mechanism. Prior to start-up all major mining contractors are requested to tender and the most appropriate tender is accepted thereby ensuring that the best competitive current pricing is achieved. Care is taken at the time of finalising contracts to ensure that the rise and fall formula is totally representative of the build-up of the quoted price per unit. At the time of award prices quoted are compared to benchmark prices of other owner miner operations. The contract mining costs are dependent on when tenders are issued as the price of major equipment varies dependant on demand as well as the cost of finance. Rise and fall can be negatively affected by currency fluctuations as well as price squeeze due to scarcity. Other contracts that are put in place include assay facilities, oxygen supply, catering services, fuel supply, explosive supply, and security. The QPs note that all material contracts discussed above are currently in place and the terms contained within the sales contracts are typical and consistent with standard industry practice and are similar to contracts for the supply of doré elsewhere in the world. All contract terms, rates and charges are within the norms of Barrick's regional benchmarks, which are generally within the lower half of industry wide standards. 17 Environmental studies, permitting plans, negotiations, or agreements with local individuals or groups 17.1 Permitting The project is predominantly governed by the DRC Mining Code (2002) and associated Mining Regulations. Decree No. 038/2003 of 26 March 2003 relating to the Mining Regulations as modified and completed by Decree No. 18/024 of 08 June 2018 contain provisions regarding ESIAs and environmental management, public consultation, and compensation for loss of access to land. Articles 127 and 128 of the Mining Regulations (2018) sets out the contents of the EIS and the EMP and Article 452 establishes the objectives of management measures and standards of the EMP. Public consultation of the project was achieved in accordance with Articles 451 and 478 of the Mining Regulations (2018) and with the IFC PS. Under the DRC Mining Code (2002), mining operations must be covered by an EAP, which must be approved by the DPEM. The EAP must give an overview of the environmental conditions of the areas covered by the relevant mining title and to describe any measures that have been or will be taken to protect

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 118 the environment. In practice, the EAP covers what is normally required in an EIS and an EMP (collectively referred to herein as the ESIA). Three ESIAs, and two ESIA updates have been completed for the Project. All ESIAs were undertaken in compliance with DRC legislation and the applicable IFC PS (2006); ESIA updates were compliant with DRC Legislation and IFC PS (2012). The following list identifies the ESIAs and EISA updates completed since 2010: • An ESIA completed by independent consultants (Digby Wells, 2011) as part of the FS during 2010 and 2011. The ESIA report was submitted to the authorities in 2011 and approval was received in 2011. • An ESIA was completed in June 2011 for the new Nzoro 2 hydropower station, and refurbishment of the Nzoro 1 hydropower station adjacent to the Kibali and Nzoro Rivers, respectively (Digby Wells, 2011). This ESIA included details of the upgrade of the existing powerlines from the Nzoro 1 station, construction of new powerlines from Nzoro 2 and the construction of a diversion canal from the Nzoro River to the Nzoro 2 station. • An ESIA was completed in 2012 for the Ambarau and Azambi hydropower plants located on the Kibali River (Digby Wells, 2012). • ESIA Updates for the Mine in 2015 (Digby Wells, 2015) and 2020 (Digby Wells, 2020). The review of the environmental impact studies and the environmental management plans presented in the Kibali EAP was completed by the Standing Committee of Evaluation (CPE) comprising 14 members and directed by the Director of the DPEM. The EAP was approved by the CPE, required under Articles 455 and 456 of the Mining Regulations (2003) and included the following conditions: • Adequate management of social aspects around the mine. • Respect of air quality requirements. • Water management and effluents to be in line with the legal limits before any discharge from the mine. • Waste management and hazardous waste management in line with legislation. • Flora and fauna promotion and conservation. • In 2020, the ESIA was revised to incorporate Kalimva-Ikamva, and to comply with the Mining Regulations (2018) that stipulates a mine's ESIA is to be updated every five years (Article 463). This allows for a re-examination of the management processes and responsibilities and assists the mine in managing its environmental and social impacts on an ongoing basis. The 2020 ESIA update complied with DRC laws and regulations and conformed with the IFC PS (2012). Mitigation and rehabilitation measures and financial provision for planned project closure have been included in the ESIA update. Kibali undertakes concurrent rehabilitation of disturbed areas. Pakaka, Kombokolo, Rhino, Mofu and Mengu pits have been fully, or partially rehabilitated and environmental monitoring of these areas is ongoing. Some closed pits may be subject to future mining and/or underground mining. All environmental permits are in place for the Kibali processing plant, open pits and underground operations, the hydropower stations, and a permit register forms part of the EMP. Permits include: • ESIA approbation – letter for approval of the environmental impacts assessment (valid for 5 years and subject to ESIA Updates). • Certifcate environnemental (valid as long as taxes are paid). • Permit to export used oil (1 year licence subject to annual renewal). • Permit d'exploitation (25 years). • Authorisation for owning the hydropower plants (25 years). Other project permits and licences in place include an import and export licence, permit for the construction of infrastructure at Kokiza, authorisation to import explosives, demolition permit, authorisation to resettle people, authorisation for exhumation (so that graves can be relocated out of the mining zone), and title deeds for all people resettled in Kokiza.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 119 A consolidated ESMP is in place which covers all aspects of the operation and was updated as part of the 2020 ESIA. The ESMP includes current, future planned and proposed activities and a rehabilitation plan. The ESMP includes an Environmental and Social Monitoring Plan as approved by the regulators and comprises the following: • Air quality and dust. • Water sampling and analysis of: o TSF seepage water and tails streams (particular focus on arsenic and WAD cyanide which can be analysed on site). o Potable water. o Groundwater. o Surface water • Terrestrial and aquatic biodiversity/habitats. • Noise and blasting. • Soil. • Community relations and grievances. • Energy use. To improve the site water balance and reduce abstraction in the Kibali River; all abandoned pits are used as dams to collect and store both seepage and rainfall as fresh water that is now recirculated as service water in process plant operations via a newly installed 250mm HDPE water line. This will assist in mitigating the negative impact on the Kibali River during the period of dry season. The current volume of fresh water held in the dams (Pakaka, Kombokolo and Sessenge) equal to 3.1 million cubic metres (Mm3). The figure below presents the Pakaka Dam freshwater reservoir design criteria. Pakaka Dam Fresh Water Reservoir Design Criteria Source: Kibali Mine 17.2 Requirements and plans for waste tailings disposal, site monitoring and water management Mitigation and rehabilitation measures at project closure have been included in the EAP. These measures are quoted in the EAP in accordance with Chapter VII Schedule IX of the Mining Regulation Articles 95 and 123. In 2020, more than 80% of the energy consumed by Kibali was provided by the hydropower plants. Waste is segregated and managed by adopting the waste hierarchy (avoid-reuse-recycle-landfill); some incineration takes place on site at the installed Macrotech incinerator V70. In 2020, a total of 650 t of waste was incinerated at the onsite incinerator, 3,400 t of waste reused or recycled, and a further 1,900 t to landfill. New opportunities are being sought for reusing or recycling waste to further reduce waste to landfill. The other relevant aspects to water and waste management and use are also referred to in Section 17.1.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 120 Two TSFs exist at Kibali; one for the cyanide containing CIL tails and one for the sulphide flotation tails. The CIL tails contain small amounts of cyanide and must be contained in a plastic lined dam. The flotation tails contain no harmful substances and therefore the dam is not lined. The cyanide containing TSFs comprise CTSF1 and CTSF2 for the CIL tails and the FTSF is dedicated to flotation tails. A large volume of the tailings generated by the plant will be used for underground backfill in future. It is estimated that up to 50% of the flotation tailings will be used for paste backfill. 17.3 Socio-economic impacts Kibali is located in the Haut-Uélé Province and within the administrative area of Watsa Territory. The border towns of Aru in the DRC and Arua in Uganda are located 150km east of the project and are on the main road servicing the project area. The capital city of DRC, Kinshasa, is approximately 1,800km SW of Kibali. The town of Durba is immediately adjacent to the southern boundary of Kibali; nearby villages in the Surur Secteur include Renzi approximately 3km south, Kotamalembe 5km east, and Kokiza 3km west. Risks have been considered and evaluated that relate to social and Country/ political risks. These are: • Social License to Operate; possible likelihood with a moderate consequence rating; moderate risk rating; mitigation: managed through strict and transparent compliance to laws and traditions, and dedicated community engagement by company social and sustainability department. • Security and Governmental; possible likelihood with a major consequence rating; moderate risk rating; mitigation: managed through strict and transparent compliance to laws and traditions, and a dedicated government liaison team in Kinshasa. Government participation/ownership and inclusion with a continuous revenue stream. Kibali has built strong relations with the community through reinforced and continuous stakeholder engagement which includes regular meetings with a range of stakeholders and regular radio broadcasts targeting key issues pertinent to the community. International standards require that host-country laws are complied with, by default. Kibali reviews legislation and international standards and adopts the most stringent requirements. Kibali follows a resettlement and compensation process that will leave PAPs in the same or better off position than before the project intervention, which is in conformance with IFC PS. • To follow in-kind compensation where possible and limit cash compensation as far as possible, especially where the affected community's livelihoods are at stake. As a result of the construction of the Project and establishment of the Moratorium Zone, it was necessary to resettle approximately 36,700 people, from 7,504 households, since 2012 to date (RADS and Digby Wells, 2012; Digby Wells, 2015; Digby Wells, 2016; Digby Wells, 2020). The Project also displaced around 134 items of community infrastructure, including: 13 communal agricultural projects, five communal business/commercial facilities, 12 education facilities, 19 health facilities, nine recreational/community facilities, 39 religious facilities, and 41 water sources. The first RAP was initiated in 2012 for the establishment of the mine's Moratorium Zone (Zone A) and completed during 2013 and involved 20,000 people from 4,000 households in 14 villages. Where PAPs insisted on cash compensation, Kibali put processes in place to make sure funds were used appropriately and that recipients receive materials and goods that were provided for in the budget (e.g., if people decide to build infrastructure themselves, payments were made in instalments and full payment was only made upon completion of construction). A Resettlement Working Group (RWG) was established as the primary consultation forum to develop and implement a RAP. The RAP process was carried out by independent consultants. All primary stakeholders are represented on the RWG. The RAP included construction of water, energy, and road infrastructure. Guidance was provided by Congolese town planners, as well as the RWG, for a town plan outlining the development of the Kokiza

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 121 village that improved the provision of basic services and social infrastructure whilst still being maintainable, considering the overall remoteness of the area. The following was constructed at Kokiza: • Catholic Church. • 4,077 houses. • 14 schools and recreation facilities. • Five clinics/health centres. • 11 churches. • 55 boreholes. • Upgraded electricity • Four new cemeteries. • Two communal markets. The Kibali River flows along the southern boundary of the mine and then flows northwards. The existing Nzoro 1, hydrostation was refurbished and is exclusively used to provide power to the local community. Kibali procured in excess of $110 million of goods and services from DRC suppliers in 2021. This includes produce from agribusinesses (e.g., producers of eggs, pork, maize) which is purchased for use in the mine canteens. 17.4 Mine closure and reclamation Mine rehabilitation is designed to restore the biophysical environment (e.g., chemical, biological quality of air, land, and water regimes) and prepare the concession for post-mining land use. Concurrent rehabilitation opportunities are limited as some mined pits and inactive WRDs are being assessed for potential future open pit expansion or underground operations. Inactive pits and WRDs remain within Kibali's environmental monitoring programs to analyse potential impacts. Inactive pits are access restricted and are located within the Moratorium Zone and have security posts to ensure controlled entry. The aim of mine closure is to (a) develop a passive system that is a self-sustaining natural ecosystem or (b) prepare the concession for alternate land use that stakeholders agree to, and the authorities are willing to sign off. Once the post-monitoring period (at least 5 years) has established that the site is stable, the authorities will sign off and end the company's liabilities for the concession. A framework closure plan was developed as part of the 2011 ESIA and has been updated as part of the 2020 ESIA to reflect changes in mine development, operational planning, and the environmental and social status quo. The framework closure plan addresses the following: • The regulatory framework for mine closure. • Methods used to close all mine components. • The overall closure objectives for all components of the Project. Mine closure costs are updated each year. The current cost as of 31st December 2021 for rehabilitation and closure of the mine is approximately $24 million (Digby Wells, 2021). Allowance has been made for the shaping of the open pit edges and WRDs to a safe and sustainable angle. Rehabilitation of the ROM pads, demolition and management of physical infrastructure, creation of a free-draining topography, replacement of soil, re-vegetation, and general surface rehabilitation of all the disturbed areas within Kibali has also been calculated. At closure the CTSF will be rehabilitated by covering the facility with a 300mm saprolite layer (breaker layer) followed by a 300mm layer of topsoil. The top and side walls will be vegetated to stabilise the tailings against wind and water erosion, and to reduce water ingress into the tailings. Surface water diversion and management measures will be left in a state such that they can continue to control runoff from the TSF and to divert clean water around it. All upslope water will be permanently diverted around the facility; water falling on the TSF will be encouraged to discharge from it to avoid pools forming on the surface. The FTSF will be rehabilitated in the same manor but will exclude the 300mm saprolite breaker layer since the FTSF material has less contamination potential and it is therefore assumed a breaker layer will not be required.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 122 Infrastructure at the Doko airport, mine camp and mine offices could have uses for the community after mine closure and will be discussed with stakeholders as post-mining land use plans are developed. Extension areas such as laydown areas will be rehabilitated as per the contractor's agreement with Kibali. The cost of demolishing and rehabilitating these areas has therefore been excluded from the closure cost assessment. A contingency of 10% has been included. A 12% allowance has been included for operator or contractor project management fees of the airport. The total includes costs for bi-annual aquatic biomonitoring, surface and groundwater monitoring for five years after mine closure, monitoring and maintaining re-vegetated areas for three years after mine closure, hydro-carbon clean-up, and cyanide decontamination. 17.5 Qualified Person's opinion on adequacy of current plans It is the opinion of the Qualified Person that the current plans to address any issues related to environmental compliance, permitting and local individuals or groups are adequate. 17.6 Commitments to ensure local procurement and hiring Kibali complies with the labour laws of the DRC, which govern the following: • Salary and remuneration. • Job classification and competencies. • Annual leave system. • Ratios of expat to national workforce. • Representation by unions. • Employee code of conduct and disciplinary measures. • Mine Level Agreement (MLA). Kibali has an internal in-reach programme which is a platform where both employer and employee are able to actively engage with each other regarding operational updates in addition to social and community matters. Kibali employment policy gives priority to DRC nationals who have the required skills and experience. Identifying skilled nationals involves advertising and searching in the nearby communities before extending the recruitment process to other regions of the country. Where there is a lack of skills, expatriates with specific skills are employed with the primary aim of training nationals. A timeframe is developed for training nationals to take over from the skilled expatriates. Development plans are in place to facilitate skills development and succession planning. The mine prioritises local employment and in 2021, the employees were made up of 88% Congolese nationals; more than 70% from the local area. More than 70% of management positions were held by Congolese Nationals. Kibali has a local procurement policy, and this extends to procurement through contractors. Kibali procured in excess of $110 million of goods and services from DRC suppliers in 2021. This includes produce from agribusinesses (e.g., producers of eggs, pork, maize) which is purchased for use in the mine canteens. 18 Capital and operating costs 18.1 Capital and operating costs Capital and operating costs for Kibali are based on extensive experience gained from 8 years of operating this mine and an extensive number of years operating other gold mines situated within Africa. Sustaining (replacement) capital costs reflect current price trends. Operating costs are in line with historical averages. Any potential non-capitalised exploration expenditure has not been included in the economic forecasts. Capital Kibali is a sustaining capital combined open pit and underground mining operation with the necessary facilities, equipment, and manpower in place to produce gold.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 123 The open pit and underground LOM and capital and operating cost estimates have been completed in sufficient detail to be satisfied that economic extraction of the Proven and Probable Mineral Reserve is justified. The total capital expenditure from 2018 to 2021 amounted to $484 million. This included $201 million spent on underground mining capital, which represented 42% of total capital expenditure. A total of $61 million, representing 13% of total capital expenditure, was spent on deferred stripping to remove mine waste materials (overburden) to gain access to ore in new pits. A further $43.5 million, representing 9% of total capital expenditure, was spent on capitalised drilling which resulted in LOM extensions and conversion of Mineral Resource to allow for engineering to deliver a Mineral Reserve. $18 million was spent on permit wide exploration for Mineral Resource replacement, representing 4% of total capital expenditure. Completion of the hydropower stations accounted for $26 million, or 5% of total capital expenditure, and $33 million for the refurbishment of open pit equipment, or 7% of total capital expenditure. Capital expenditure over the remaining LOM is estimated to be $715 million (from 2022) based on Mineral Reserve, made up from the allocation of costs as summarised in the table below. LOM Capital Expenditure Based on Mineral Reserve Description Value ($M) Grade control drilling 41 Capitalised deferred stripping 35 Underground capital development and drilling 185 RAP growth capital 18 Exploration capitalised 6 Other sustaining capital 430 Total LOM Capital Expenditure 715 Operating costs Kibali maintains detailed operating cost records that provide a sound basis for estimating future operating costs. Costs used for the open pit optimisations were derived from Kibali Mining Services (KMS) open pit mining contractor's pricing of the open pit LOM schedule. Underground operations were costed starting in mid- year 2018 as owner costs, when underground mining changed to owner operated. Labour costs for national employees were based on actual costs. Local labour laws regarding hours of work, employment conditions were also considered, and overtime costs included. During 2021, costs for processing and general and administration (G&A) were updated based on actuals adjusted with the latest forward estimates, production profiles and personnel levels. Customs duties, taxes, charges, and logistical costs have been included. Unit costs used to estimate LOM operating costs based on the Mineral Reserve (from 2022) are summarised in the table below. The annual fluctuation in production levels is relatively low, such that the effect of fixed versus variable expenses is minimised. LOM unit operating costs based on the Mineral Reserve Activity Units Value Open pit mining $/t mined 3.44 Open pit mining $/t ore mined 33.00 Underground mining $/t mined 36.16 Underground mining $/t ore mined 37.95 Processing $/t milled 17.49 G&A $/t milled 9.35

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 124 Mining total1 $/t milled 35.60 Total LOM net OPEX1 $/t milled 62.44 Notes: 1. Total LOM Net of Opex in this table, represents the total amount, before capitalised cost and royalty costs of 4.7% based on the total revenue Kibali has used the unit costs to estimate LOM operating costs based on the Mineral Reserve (from 2022). Operating costs for the LOM plan are shown in the table below. LOM operating total costs based on the Mineral Reserve Description LOM operating total cost ($M) Open pit Mining 1,219 Underground mining 1,739 Processing 1,453 Stockpile 13 G&A 776 Total operating cost 5,189 Notes: 1. Total LOM Net of Opex in this table, represents the total amount, before capitalised cost and royalty costs of 4.7% based on the total revenue Cost inputs have been priced in real Q4 2021 dollars, without any allowance for inflation or consideration to changes in foreign exchange rates. The QPs are satisfied that the open pit LOM and cost estimates have been completed in sufficient detail to justify the economic extraction of the open pit Proven and Probable Mineral Reserve. The QPs are satisfied that the underground LOM and cost estimates have been completed in sufficient detail to justify the economic extraction of the underground Proven and Probable Mineral Reserve. 18.2 Risk assessment Kibali has undertaken analysis of the project risks as summarised in the table below; together with the QPs assessment of the risk degrees and consequences, as well as ongoing/required mitigation measures. The QPs note that the degree of risk refers to their subjective assessment as to how the identified risk could affect the achievement of the project objectives. In the QP's opinion, there are no significant risks and uncertainties that could reasonably be expected to affect the reliability or confidence in the exploration information, Mineral Resource or Mineral Reserve estimates. The following definitions have been employed by the QPs in assigning risk factors to the various aspects and components of the project: In addition to assigning risk factors, the QPs provided an opinion on the probability of the risk occurring during the LOM. The table below details the Kibali risk analysis as determined by the QPs. Kibali risk analysis Issue Likelihood Consequence Rating Risk Rating Mitigation Geology and Mineral Resource – Confidence in Mineral Resource Models Unlikely Minor Low Additional scheduled infill drilling. Resource model updated on a regular basis using production reconciliation results. Mining and Mineral Reserve – Open pit Slope Stability Unlikely Moderate Minor Continued in-pit monitoring, geotechnical drilling, instrumentation, and continued updating of geotechnical and hydrology models.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 125 Mining and Mineral Reserve – Underground Recovery and Dilution Possible Moderate Low Change in drilling and blasting practices and paste filling binder to reduce dilution and increase recovery. Processing - Salts build up in the process water - leading to carbon fouling in the CIL and elution circuits Possible Moderate Medium A full salt and water balance has been completed and tracked in the plant to ensure that correct water dilution into the critical streams of elution is managed with minimum impact on carbon fouling and gold recovery. Environmental - Groundwater contamination (arsenic) -Tailings failure and Waste Rock Possible Major Low Manage as levels through feed profile and capture runoff. All high arsenic feed reports to lined tailings facility. Encapsulate and rehabilitate waste dumps. Continuing monitoring and external or third-party audits. Social – Social License to Operate Possible Moderate Moderate Dedicated community engagement by company social and sustainability department. Accessible Grievance Mechanism Country & Political – Security – Governmental Possible Major Moderate Dedicated government liaison team in Kinshasa. Government participation/ownership. Capital and Operating Costs Unlikely Moderate Low Continue to track actual costs and LOM forecast costs, including considerations for inflation and foreign exchange. Fiscal Stability Possible Moderate Moderate Dedicated government liaison team in Kinshasa Government participation/ownership 19 Economic analysis 19.1 Key assumptions, parameters and methods Sensitivity analysis All relevant costs, exchange rates and royalties are listed in the economic analysis in section 19.2. The value of the economic analysis is prepared on a 100% basis and done at discount rates of 0%, 5%, 10% and 15%. 19.2 Results of economic analysis The QP has verified the economic viability of the Mineral Reserve via cash flow modelling, using the inputs discussed in this report. The cash flow shown below is on an annual basis and contains only the Mineral Reserve material. All Inferred Mineral Resource material in the schedule used for the cash flow forecast was set to waste. The NPV and IRR of the Mineral Reserve are both positive and align with the corporate targets. An integrated schedule was tested for cash positive, as were the individual areas mined by incremental analysis to conclude that they were cash positive.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 126 Kibali Gold Mine economic analysis Item Unit Total LOM 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Production Gold Oz ('000) 8,017.8 793.3 750.9 771.3 779.7 700.3 779.0 739.7 720.0 679.6 412.1 441.5 340.4 110.2 0.0 0.0 0.0 0.0 0.0 0.0 Revenue By product (+/-) USD M -27.7 -2.4 -2.2 -2.3 -2.3 -2.3 -2.3 -2.2 -2.3 -2.2 -2.2 -2.3 -1.6 -1.2 0.0 0.0 0.0 0.0 0.0 0.0 Gross Revenue USD M 9,679 952 901 926 936 840 935 888 864 816 494 530 409 190 - - - - 0.0 0.0 Royalties USD M 455 44.7 42.3 43.5 44.0 39.5 43.9 41.7 40.6 38.3 23.2 24.9 19.2 8.9 0.0 0.0 0.0 0.0 0.0 0.0 Operating Costs Mining Cost USD M 2,959 287.5 246.2 255.1 248.0 231.3 253.2 242.9 240.2 241.0 238.2 227.3 137.6 110.1 0.0 0.0 0.0 0.0 0.0 0.0 General & Admin USD M 777 63.9 62.7 62.8 63.0 63.2 58.6 60.7 58.4 64.8 62.8 73.4 53.3 28.9 0.0 0.0 0.0 0.0 0.0 0.0 Other Operating Costs USD M 63 5.1 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 0.0 0.0 0.0 0.0 0.0 0.0 Total Operating Cost USD M 5,156 491.9 432.6 445.5 439.1 421.5 437.5 424.8 407.2 440.3 400.7 389.4 262.1 163.4 0.0 0.0 0.0 0.0 0.0 0.0 Sustaining Capital USD M 715 232.6 93.5 54.2 89.9 40.2 44.6 39.5 51.8 45.3 17.6 4.3 1.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non-GAAP Metrics & Cash Flow Total AISC Cash USD M 6,298 766.9 566.2 540.9 570.7 499.0 523.8 503.8 497.3 521.8 439.3 416.4 281.2 171.1 0.0 0.0 0.0 0.0 0.0 0.0 Other Capital (non Sust.) USD M 18 11.8 6.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total AIC Cash USD M 6,316 778.6 572.2 540.9 570.7 499.0 523.8 503.8 497.3 521.8 439.3 416.4 281.2 171.1 0.0 0.0 0.0 0.0 0.0 0.0 Closure Costs USD M 24 0.5 0.8 0.8 0.0 1.8 0.2 0.7 0.3 0.0 0.0 0.2 0.2 0.2 3.6 8.1 1.6 1.2 1.0 2.6 Tax USD M 310 12.4 10.2 11.8 24.3 39.7 55.5 57.0 59.6 46.7 1.6 4.8 5.9 -19.1 0.0 0.0 0.0 0.0 0.0 0.0 Free Cash Flow USD M 2,574 115.7 275.5 328.6 296.6 260.3 311.4 284.4 266.2 208.7 30.4 83.5 102.1 28.7 -3.6 -8.1 -1.6 -1.2 -1.0 -2.6 1 Ounces of Gold Key metrics Comments: NPV0 USD M 2,573.8 - Closure costs NPV5 USD M 2,020.8 - No sunk capital NPV10 USD M 1,631.9 - Currencies: USD, AUD. NPV15 USD M 1,350.1 Cash Flow Margin % 52% IRR (for Projects only) % - Notes 1) Numbers included are at 100%, in real terms and based on Barrick board approved plan in January 2022 2) AiSC and AiC reflected are cash based calculations (ie. metal inventory movements not included in calculation) 3) Gold price price modelled at $1200/oz 4) Model includes some inferred and BST ounces 5) By Products reported as cost credit

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 127 19.3 Sensitivity analysis Sensitivities were run on the various inputs for the project. The base case is the Mineral Reserve estimated as at 31 December 2021 and tonnages and grade are reported as delivered to plant (the point where material is delivered to the processing facility). The Underground used a gold price of $1,200/oz and the Open pit selection is based on a gold price of $1,200/oz for all pits, with the exception of $1,300/oz for the Sessenge and Oere pits, and $1,500/oz for the Aerodrome pit. All Mineral Reserve, including Aerodrome, Sessenge, and Oere are profitable at a $1,200/oz Au sales price, and thus the Mineral Reserve and supporting cash flow statements are reported at $1,200/oz Au. The project is the most sensitive to variations in gold price, grade processed and operating costs. The sensitivity on gold price and grade processed produce similar results. Sensitivity Analysis for key value drivers (numbers as after-tax NPV0, in USD M) Sensitivities on Key value drivers Specific sensitivities of the mine to changes in gold price was run by Barrick as the operator of Kibali. An initial optimisation was run on the standard $1,200/oz Mineral Reserve gold price. Gold price sensitivities were then run for gold prices of $400/oz to $2,000/oz at an increment of $100/oz to produce a set of nested pits shells. Major deposits and producing mines are include in the tables below. Various sensitivities at different gold prices were conducted for the different open pit deposits to determine the optimal gold price to be used for the 2021 Mineral Reserve on a case-by-case basis. Analysis was completed on cash cost, strip ratios, cash flows generated, as well as geological drill coverage for each deposit. Parameter 1 Unit -20% Base Case +20% Gold Price USD/oz 948.4 2,573.8 4,199.2 Grade Processed g/t 939.1 2,573.8 4,192.5 Operating Costs USD M 3,550.6 2,573.8 1,596.9 Capital Costs USD M 2,704.7 2,573.8 2,442.8 1 Sensitivities estimated based on given current mine plan for the Base Case.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 128 Sessenge gold price sensitivities Pit Size ($/oz) Cash Flow ($M) Mineralised Material (Mt) Grade (g/t) Waste (Mt) Mining Cost ($M) Process Cost ($M) Royalty ($M) Mining Cost ($/t) Stripping Ratio (t:t) Ounces Mined (koz) Recovery (%) Gold Produced (koz) Cash Cost ($/oz) 400 2.2 0.0 3.18 0.03 -0.2 -1.0 -0.1 3.18 0.7 4 78% 3 450 500 3.9 0.1 3.20 0.08 -0.5 -1.7 -0.3 3.19 1.2 7 77% 5 463 600 5.0 0.1 2.96 0.12 -0.7 -2.6 -0.3 3.20 1.2 9 77% 7 497 700 6.0 0.1 2.69 0.19 -1.0 -3.6 -0.4 3.20 1.3 12 77% 9 545 800 6.4 0.2 2.60 0.24 -1.3 -4.1 -0.5 3.20 1.5 13 77% 10 569 900 9.5 0.3 2.70 1.52 -5.9 -8.0 -1.0 3.26 5.0 26 78% 21 728 1,000 9.8 0.3 2.66 1.68 -6.5 -8.7 -1.0 3.25 5.1 28 78% 22 744 1,100 10.8 0.5 2.66 3.41 -12.6 -12.7 -1.5 3.25 7.3 40 78% 32 849 1,200 10.9 0.5 2.56 3.69 -13.7 -14.2 -1.6 3.25 7.0 43 78% 34 870 1,300 10.1 1.3 2.22 9.93 -36.0 -34.7 -3.3 3.22 7.9 90 79% 71 1,047 1,400 9.7 1.3 2.17 10.36 -37.6 -36.9 -3.5 3.22 7.7 93 79% 74 1,060 1,500 6.8 1.6 2.11 12.84 -46.3 -43.5 -4.0 3.21 8.1 107 79% 85 1,110 1,600 6.4 1.6 2.10 13.06 -47.1 -44.4 -4.0 3.21 8.1 109 79% 86 1,116 1,700 5.9 1.6 2.09 13.35 -48.1 -45.3 -4.1 3.21 8.1 110 79% 87 1,123 1,800 -117.8 6.6 1.90 87.01 -298.5 -184.6 -15.0 3.19 13.1 404 79% 391 1,560 1,900 -127.8 7.0 1.89 92.23 -316.3 -194.7 -15.7 3.19 13.2 424 79% 335 1,572 2,000 -135.3 7.2 1.88 95.82 -328.4 -200.2 -16.2 3.19 13.3 435 79% 344 1,584 Pamao gold price sensitivities Pit Size ($/oz) Cash Flow ($M) Mineralised Material (Mt) Grade (g/t) Waste (Mt) Mining Cost ($M) Process Cost ($M) Royalty ($M) Mining Cost ($/t) Stripping Ratio (t:t) Ounces Mined (koz) Recovery (%) Gold Produced (koz) Cash Cost ($/oz) 400 10.2 0.1 3.26 0.19 -1.0 -3.9 -0.7 3.93 1.3 15 86% 13 425 500 30.1 0.6 2.52 0.64 -3.7 -16.7 -2.5 4.04 1 51 87% 44 519 600 54.7 1.3 2.5 2.57 -11.3 -34.5 -5.0 3.66 2 102 86% 88 577 700 73.3 1.9 2.44 5.16 -20.6 -51.2 -7.2 3.51 2.7 148 86% 127 622 800 93.5 2.8 2.27 8.30 -32.4 -77.3 -10.0 3.47 2.9 208 86% 178 674 900 105.8 3.7 2.15 11.09 -42.9 -99.7 -12.2 3.45 3 254 86% 217 713 1,000 120.9 4.7 2.16 19.92 -71.2 -129.2 -15.9 3.31 4.2 329 85% 281 770 1,100 128.8 6.1 2.03 26.33 -93.6 -166.3 -19.2 3.3 4.3 398 85% 340 821 1,200 130.4 7.1 1.94 30.10 -107.5 -194.6 -21.3 3.31 4.2 443 85% 378 855 1,300 127.4 8.8 1.82 36.86 -131.6 -240.5 -24.6 3.31 4.2 513 85% 437 908 1,400 122.3 9.7 1.78 42.64 -151.1 -268.2 -26.7 3.29 4.4 556 85% 474 942 1,500 114.0 10.6 1.74 48.85 -171.2 -292.4 -28.5 3.27 4.6 594 85% 505 974 1,600 103.1 11.4 1.71 54.13 -188.4 -314.3 -29.9 3.26 4.8 623 85% 530 1,005 1,700 78.3 12.6 1.67 66.14 -226.0 -349.1 -32.2 3.22 5.3 673 85% 571 1,063 1,800 63.2 13.2 1.64 72.75 -246.5 -366.7 -33.4 3.21 5.5 697 85% 591 1,093 1,900 23.3 14.3 1.61 88.83 -295.6 -400.4 -35.5 3.17 6.2 742 85% 629 1,163 2,000 7.1 14.7 1.6 95.95 -316.9 -411.0 -36.2 3.16 6.5 758 85% 643 1,189 Kalimva-Ikamva gold price sensitivities Pit Size ($/oz) Cash Flow ($M) Mineralised Material (Mt) Grade (g/t) Waste (Mt) Mining Cost ($M) Process Cost ($M) Royalty ($M) Mining Cost ($/t) Stripping Ratio (t:t) Ounces Mined (koz) Recovery (%) Gold Produced (koz) Cash Cost ($/oz) 400 19.9 0.2 4.85 0.71 -2.5 -6.6 -1.1 4.19 3.1 36 86% 30 335 500 66.2 1.0 4.28 6.29 -19.3 -30.1 -4.2 3.51 6.1 142 85% 121 443 600 109.0 2.0 3.99 13.71 -41.3 -58.0 -7.6 3.42 6.9 255 85% 218 490 700 136.7 2.9 3.79 21.27 -63.5 -83.6 -10.4 3.37 7.4 348 85% 297 530 800 147.1 3.4 3.69 27.00 -80.0 -98.4 -11.9 3.33 8 400 85% 341 558 900 151.6 3.7 3.6 30.68 -90.7 -109.2 -12.9 3.31 8.2 432 85% 368 578 1,000 159.6 4.6 3.45 41.88 -123.2 -136.0 -15.3 3.27 9 514 85% 439 626 1,100 160.2 5.3 3.3 48.59 -143.2 -156.3 -16.8 3.27 9.1 565 85% 481 657 1,200 159.5 5.9 3.09 49.03 -146.0 -173.9 -17.6 3.33 8.3 589 85% 502 672 1,300 156.5 6.7 2.86 49.05 -148.1 -196.8 -18.4 3.41 7.3 616 85% 525 692 1,400 149.2 7.7 2.62 49.80 -152.9 -226.1 -19.4 3.5 6.5 649 85% 553 720 1,500 132.2 9.1 2.42 57.12 -176.6 -267.4 -21.1 3.53 6.3 708 85% 603 771 1,600 116.0 10.5 2.24 60.72 -190.3 -308.9 -22.5 3.59 5.8 756 85% 644 810 1,700 98.3 11.9 2.08 63.43 -201.2 -350.2 -23.8 3.66 5.3 798 85% 680 846 1,800 78.2 13.2 1.97 66.73 -213.6 -389.2 -25.0 3.71 5 837 85% 713 880 1,900 55.8 14.4 1.88 71.21 -228.7 -422.7 -25.9 3.72 5 869 85% 740 915 2,000 42.1 15.4 1.81 71.92 -233.4 -451.8 -26.7 3.77 4.7 894 85% 762 935

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 129 Pakaka gold price sensitivities Pit Size ($/oz) Cash Flow ($M) Mineralised Material (Mt) Grade (g/t) Waste (Mt) Mining Cost ($M) Process Cost ($M) Royalty ($M) Mining Cost ($/t) Stripping Ratio (t:t) Ounces Mined (koz) Recovery (%) Gold Produced (koz) Cash Cost ($/oz) 400 23.1 0.2 6.59 0.86 -2.9 -5.6 -1.5 2.97 4.4 41 80% 33 302 500 31.5 0.4 5.56 1.96 -6.3 -10.2 -2.3 2.93 5.6 63 80% 50 373 600 42.6 0.6 5.05 4.87 -14.9 -17.6 -3.5 2.88 8.1 98 80% 79 458 700 50.0 0.8 4.87 7.66 -23.2 -23.4 -4.6 2.87 9.5 126 80% 101 506 800 64.1 1.8 3.77 15.59 -47.5 -50.9 -7.7 2.88 8.9 212 80% 170 623 900 65.0 1.9 3.64 16.17 -49.5 -55.0 -8.0 2.88 8.6 221 80% 177 634 1,000 65.8 2.1 3.47 17.89 -54.9 -62.3 -8.6 2.88 8.3 239 80% 192 656 1,100 60.6 3.4 3.38 41.55 -123.4 -98.8 -13.3 2.85 12.2 369 80% 296 795 1,200 53.0 4.3 3.17 53.49 -158.9 -126.0 -15.9 2.85 12.3 441 80% 354 850 1,300 48.3 4.6 3.12 57.99 -172.1 -134.3 -16.7 2.85 12.6 463 80% 371 870 1,400 44.7 4.7 3.11 60.90 -180.5 -137.9 -17.1 2.85 12.8 474 80% 380 882 1,500 -33.0 6.9 3.13 124.25 -362.3 -199.8 -24.9 2.83 18.1 691 80% 554 1,059 1,600 -44.9 7.3 3.04 130.01 -379.5 -212.1 -25.8 2.84 17.8 714 80% 573 1,078 1,700 -60.2 7.7 3 138.11 -403.2 -223.1 -26.7 2.84 18 739 80% 593 1,102 1,800 -68.0 7.9 2.96 141.60 -413.4 -228.8 -27.1 2.84 18 750 80% 601 1,113 1,900 -90.1 8.3 2.91 152.07 -443.8 -242.1 -28.1 2.84 18.3 778 80% 624 1,144 2,000 -99.4 8.5 2.89 156.28 -456.1 -246.8 -28.4 2.84 18.4 788 80% 632 1,157 20 Adjacent properties The Kibali South exploration permit is located 2.5km SW of the KCD pit in an exclusion zone surrounded by the Kibali exploitation permit. Kibali South is currently owned by SOKIMO. However, Kibali South was previously owned by Kibali and was transferred to SOKIMO in December 2012. The mineralisation is an up-plunge projection of mineralisation below the KCD 9000 Lode and is refractory in nature (Randgold, 2009). The QP has not independently verified this information and this information is not necessarily indicative of the mineralisation at Kibali. The information within this Technical Report Summary is based on the property. No information from the adjacent properties has been included in this report. 21 Other relevant data and information 21.1 Inclusive Mineral Resource Inclusive gold Mineral Resource (attributable, 45%) Kibali Tonnes Grade Contained gold as at 31 December 2021 Category million g/t tonnes Moz Open pit Measured 6.96 2.24 15.58 0.50 Indicated 20.27 2.25 45.57 1.47 Measured & Indicated 27.24 2.25 61.15 1.97 Inferred 3.69 2.10 7.76 0.25 Underground Measured 14.31 4.63 66.27 2.13 Indicated 21.67 4.06 88.02 2.83 Measured & Indicated 35.98 4.29 154.29 4.96 Inferred 6.59 3.03 19.98 0.64 Stockpile Measured 0.14 3.17 0.45 0.01 Indicated - - - - Measured & Indicated 0.14 3.17 0.45 0.01 Inferred - - - - Total Measured 21.42 3.84 82.31 2.65 Indicated 41.94 3.18 133.59 4.29 Measured & Indicated 63.36 3.41 215.90 6.94 Inferred 10.29 2.70 27.74 0.89

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 130 21.2 Inclusive Mineral Resource by-products The Kibali deposit is a gold only product and there are no significant by-products. 21.3 Mineral Reserve by-products The Kibali deposit is a gold only product and there are no significant by-products. 21.4 Inferred Mineral Resource in annual Mineral Reserve design Inferred Mineral Resource in annual Mineral Reserve design Kibali Tonnes Grade Contained gold as at 31 December 2021 million g/t tonnes Moz Open pit 1.45 1.28 1.86 0.06 Underground 1.02 5.05 5.13 0.16 Total 2.47 2.83 6.99 0.22 With appropriate caution, a portion of the Inferred Mineral Resource was included in the business plan during the optimisation process. The updated business plan contains a total of 5% of Inferred Mineral Resource (on an ounce basis), which is predominantly scheduled from 2031 onwards. All Inferred Mineral Resource included in the business plan has had modifying factors applied to the Mineral Resource and is planned to be mostly converted into Mineral Reserve in the next couple of years. The added Inferred Mineral Resource is primarily from the Oere pit and the down plunge portions of the 3000 and 5000 lodes. The current mine plan has no reliance on the Inferred Mineral Resource to support the economic viability of the project at the declared Mineral Reserve gold price of $1,200/oz. 21.5 Additional relevant information No additional information or explanation is necessary to make this Technical Report understandable and not misleading. 21.6 Certificate of Qualified Person(s) Richard Peattie certificate of competency As the author of the report entitled Kibali Gold Mine Technical Report Summary, I hereby state: • My name is Richard Peattie. I am the Qualified Person for the Mineral Resource. • AngloGold Ashanti Technical Lead for Kibali Mine • AusIMM (Member of the Australasian Institute of Mining and Metallurgy, membership number 301029). • MPhil Mineral Resource Evaluation (University of Queensland). • Years relevant experience of 25 years. • I am a Qualified Person as defined in Regulation S-K 1300. • I am not aware of any material fact or material change with respect to the subject matter of the report that is not reflected in the report, the omission of which would make the report misleading. • I declare that this report appropriately reflects my view. • I am not independent of AngloGold Ashanti Ltd • I have read and understand Regulation S-K 1300 Rule for Modernisation of Property Disclosures for Mining Registrants. I am clearly satisfied that I can face my peers and demonstrate competence for the deposit. • I am an Employee in respect of AngloGold Ashanti Ltd in respect of the issuer AngloGold Ashanti Ltd for the 2021 Final Mineral Resource.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 131 • At the effective date of the Report, to the best of my knowledge, information and belief, the report contains all scientific and technical information that is required to be disclosed to make the report not misleading. Romulo Sanhueza certificate of competency As the author of the report entitled Kibali Gold Mine Technical Report Summary, I hereby state: • My name is Romulo Sanhueza. I am the Qualified Person for the Mineral Reserve. • Vice President: Strategic Mine Planning • AusIMM (Member of the Australasian Institute of Mining and Metallurgy, membership number 211794). • BSc Engineering (Mining). • Years relevant experience of 24 years. • I am a Qualified Person as defined in Regulation S-K 1300. • I am not aware of any material fact or material change with respect to the subject matter of the report that is not reflected in the report, the omission of which would make the report misleading. • I declare that this report appropriately reflects my view. • I am not independent of AngloGold Ashanti Ltd • I have read and understand Regulation S-K 1300 Rule for Modernisation of Property Disclosures for Mining Registrants. I am clearly satisfied that I can face my peers and demonstrate competence for the deposit. • I am an Employee in respect of AngloGold Ashanti Ltd in respect of the issuer AngloGold Ashanti Ltd for the 2021 Final Mineral Reserve. • At the effective date of the report, to the best of my knowledge, information and belief, the report contains all scientific and technical information that is required to be disclosed to make the report not misleading. 22 Interpretation and conclusions It should be noted that information compiled in this report is based on information from the Barrick Gold Corporate (Barrick) NI 43-101 Technical Report on the Kibali Gold Mine, Democratic Republic of the Congo. Based on the total synthesis of the above work, the QPs support the interpretations and conclusions from Barrick as provided below. Geology and Mineral Resource - QAQC Kibali has documented standard procedures for the drilling, logging, and sampling processes, which meet industry standards. The geological and mineralisation modelling at Kibali is centred on geologically robust interpretations. The established quality control programme ensures accurate and precise assay results from the analytical laboratory. Checks conducted on the quality control database indicated that the results are of acceptable precision and accuracy for use in Mineral Resource estimation. Mineral Resource Geological models and subsequent Mineral Resource estimations have evolved and improved with each successive model update from added data within both the open pit and underground. Significant GC drill programmes, and mapping of exposures in mine developments have been completed to increase the confidence in the resulting Mineral Resource and Mineral Reserve. In the QP's opinion, the Kibali Mineral Resource top capping, domaining and estimation approach are appropriate, using industry accepted methods. Furthermore, the constraint of underground Mineral Resource reporting to use optimised mineable stope shapes has been deemed to reflect good practice by

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 132 external project audits. The QP considers the Mineral Resource at Kibali as appropriately estimated and classified. The QP is not aware of any environmental, permitting, legal, title, taxation socioeconomic, marketing, political, metallurgical, fiscal, or other relevant factors, that could materially affect the Mineral Resource estimate. The strategic focus of Kibali exploration is to prioritise higher grade underground Mineral Resource definition targets, with down plunge extension drilling, thereby extending the LOM with complementary UG and OP ore. Mining and Mineral Reserve The open pit mining operations at Kibali consists of multiple open pits. The open pits are being operated by KMS mining contractor, and a down-the-hole blasting service is provided by Orica an appropriate blasting contractor. Opportunities exist within the current pits with the Inferred Mineral Resource for conversion drilling to allow for engineering of Mineral Reserve. The end of the current open pit mine life is estimated to be year 2033 based on current Mineral Reserve. The KCD underground mine is designed to extract the KCD deposit directly beneath the KCD pit. A 50m crown pillar separates the pit bottom from the top of the underground mine. The underground mine is a long hole stoping operation planned to produce ore at a rate of 3.6Mtpa to 3.8Mtpa for 10 years, tapering off from year 11. Most of the underground mine infrastructure is already in place. A vertical production shaft was fully commissioned during 2018. Most ore is currently hoisted up the shaft, however, throughout the underground LOM the decline to surface is being used to haul ore from some of the shallower zones and to supplement the shaft haulage. Barrick, as the operator of the project, has significant experience in other mining operations within Africa and these production rates, modifying factors, and costs are benchmarked against other African operations to ensure they are suitable. The current Mineral Reserve for Kibali support a total mine life of thirteen years, twelve years of open pit operations, and thirteen years of underground mining. Estimated LOM gold production averages approximately 730koz per year for 10 years based only on the current Mineral Reserve. The schedule will be progressively optimised as mining progresses. The QP considers the modelled recoveries for all ore sources and combined process and plant engineering unit costs, used within the Mineral Resource and Mineral Reserve process to be acceptable. The QP is not aware of any environmental, legal, title, socioeconomic, marketing, mining, metallurgical, infrastructure, permitting, fiscal, or other relevant factors that could materially affect the Mineral Reserve estimate. Processing Extensive metallurgical test work campaigns have been completed across all deposits in Kibali that form part of the Mineral Reserve. These have consistently demonstrated two distinct behavioural patterns: 1. free-milling - suitable for gold extraction by a conventional CIL metallurgical process, and, 2. minor refractory - straight cyanidation returns gold dissolutions too low for optimal plant operation due to the presence of occluded gold particles within sulphide minerals. Finer grind will expose a portion of this refractory' gold for leaching to enhance recovery and economics. The Kibali process plant operational risks are materially reduced as a function of the two separate process streams and independent milling circuits. The process plant has demonstrated excellent improvements in throughput capability, even performing beyond design capacity at 7.2Mtpa at consistent recovery performance. The ore feed plan is blended using both KCD underground ore plus ore sourced from satellite open pits at Kibali to provide a stable feed grade. The Kibali feed plan utilises geometallurgical models that estimate

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 133 the arsenic content so that any ore with high arsenic content is stockpiled separately and blended into the CIL process route to minimise impacts on recovery and reagents consumption. The QP considers the modelled recoveries for all ore sources and the process and plant engineering unit costs applied to the Mineral Resource and Mineral Reserve process to be acceptable. Infrastructure Kibali is a mature operation that has all necessary support infrastructure already in place. Kibali's reliance on thermal generation requires three hydropower stations with a combined potential capacity of 42.8MW of hydropower (at peak) and has backup installed capacity for 43MW of thermal generation. The load demand of the mine is not constant, averaging 41MW. Environment and Social Aspects Three ESIAs and two ESIA updates have been completed for Kibali since 2010. The ESIAs and associated ESMP have been consolidated and incorporated into the ESIA updates which occur every five years in accordance with the DRC Mining Regulations (2018). The most recent ESIA update was completed in 2020 in compliance with both DRC national legislation and IFC PS. Kibali's EMS is ISO 14001:2015 certified. The ESIA, ESMP and EMS considers all current and proposed activities, as well as rehabilitation and closure planning requirements. All permits are in place and an EAP has been approved by the DPEM. The mine prioritises local employment and in October 2021, the workforce were made up of 88% Congolese nationals; more than 70% from the local area. More than 70% of management positions were held by Congolese Nationals. Stakeholder engagement is ongoing. Three significant resettlement campaigns have taken place since 2012. The Pamao-Kalimva-Ikamva RAP is ongoing. Ongoing monitoring of affected households to ensure that their livelihoods, often previously based on artisanal mining, are not adversely affected by the resettlement, is undertaken. Economic displacement has also been significant across the area. ASM remains a concern in the Kibali permit area and the mine is working with provincial authorities to prevent and relocate ASM within the exploitation permit. Kibali continues to invest in community development initiatives, focussing on potable water supplies, primary school education, health care education, investment in medical clinics and local economic development projects. The QP considers the extent of all environmental liabilities have been appropriately met. 23 Recommendations There is no additional work recommended. Kibali Gold Mine has a well-established program to address the Mineral Resource conversion and addition as well the underground development to deliver confidence and flexibility to the production plan. 24 References 24.1 References The references listed herein include both referenced supporting documents to the Technical and Mineral Resource or Mineral Reserve work at Kibali. The primary source document was the Barrick Gold Corporate (Barrick) NI 43-101 Technical Report on the Kibali Gold Mine, Democratic Republic of the Congo, effective date 31 December 2021. Geological Models and Mineral Resource references:

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 134 • Allibone AH, Vargas C 2013: Southwest dipping fault at KCD pit. Unpublished memorandum to Randgold Resources Ltd, 6pp. • Allibone AH, Vargas C, Lawrence J. 2013: Geology and ore controls on cross section DGT040- DDD457 through the KCD Gold deposit, Kibali. Unpublished report to Randgold Resources Ltd, 45pp. • Allibone, AH. 2013. Controls on the location of gold mineralisation in the Kibali district, northeast DRC. Unpublished report to Randgold Resources Ltd, 39pp. • Allibone, AH. 2015: KZ Structure and mineralisation in the Kibali District. Unpublished report to Randgold Resources Ltd, 57pp. • Annual Closure Cost assessment, 2017 • Beck Engineering (2014). Kibali Numerical Modelling Base Case Simulation. Letter 16 December 2014. • Beck Engineering (2015). Numerical Simulation of Kibali MHS. Report dated 10 September 2015. • Beck Engineering (2017). Global Deformation Modelling at Kibali. Report dated 22 January 2017. • Bird PJ, Treloar PJ, Vargas CA, Harbidge P, Millar I. 2014. The Kibali granite greenstone belt: exploration and investigation of a new gold-bearing terrane. MDSG Poster. • Closure Liability 2017. • Coffey Mining (2013). Kibali Gold SA 3D Mine Wide Numerical Modelling Stage 1. 11 March 2013. • Coffey Mining (2014). Kibali Gold SA 3D Mine Wide Numerical Modelling Stage 2. 31 March 2014. Community Development Plan (Undated) • Competent Persons Report Mineral Resources, Kibali Gold Mines, DRC. Compiled by Simon West, Project Resource Geologist, Randgold Resources Limited, 31 December 2017. • Competent Persons Report, Kibali Gold Mine 2017 Open Pit Ore Reserve Statement, December 2017. • CSR Strategy May 2017. • Cube Consulting Pty Ltd (2009), Amended and Restated Technical Report (Ni 43-101), Moto Gold Project Democratic Republic of Congo for Moto Goldmines Ltd. April 2009 • Davis, B. 2004. Moto Project, Structural Geological Investigation. Unpublished Report to Moto Goldmines Limited, 40 pp. • December 2017 Dewatering Review (PowerPoint), Mark Raynor, SRK Consulting, December 2017. • Dempers and Seymour (2012). Kibali Project Mining Rock Mass Model. Report dated November 2012. • Dempers and Seymour (2014). Kibali Project Mining Rock Mass Model Update. Report dated November 2014. • Dempers and Seymour (2015). Kibali Project Mining Rock Mass Model Update. Report dated March 2015. • Dempers and Seymour (2017). Kibali Project Mining Rock Mass Model Update. Report dated March 2017. • Dempers and Seymour (2017). Kibali Project Mining Rock Mass Model Update. Report dated September 2017. • Environmental Incident Register 2017. • Global Deformation Modelling at Kibali, Beck Engineering, January 2017. • Gorumbwa RAP Progress Report May 2018 (ppt) • Gorumbwa RAP Teport May 2018. • Grievance Mechanism Procedure. • Grievance Register 2017. • ISO 14001:2015 (EMS) Certificate, Feb 2018. • JORC Code 2012 Edition, Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, Joint Ore Reserve Committee of The Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Mineral Council of Australia (JORC), 2012.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 135 • Kibali ESIA 2011. • Kibali ESIA Update 2016. • Kibali RAP 2012. • Kibali Gold Mine 2016 Ore Reserve Report. Piran Mining Pty Ltd. Report dated February 2017. • Kibali Mineral Resource and Ore Reserve process review August - December 2017, Optiro Pty Ltd, February 2018. Kibali Mineral Resource Validation December 2017, Optiro Pty Ltd, January 2018. • Kibali Mineral Resource Validation December 2017. Optiro. • Kibali Optimised Feasibility Study, Randgold Resources Limited, June 2012. • Kibali Ore Reserve audit, Project no AU4312, Snowden Mining Industry Consultants, February 2014. • Kibali Project Mining Rock Mass Model update, Dempers and Seymour, March 2017. • Kibali Register of Permits, Licences and Authorisations. • Kibali Resettlement Audit March 2013. • Kibali Water Quality Data Review April 2016. • KSCA Geomechanics Pty Ltd (2012). A Review of the SRK Consulting Kibali Underground Geotechnical Feasibility Study Report (Rev0) dated February 2012. • KSCA Geomechanics Pty Ltd (2016). Kibali Stope Performance Database. Excel spread sheet dated 3 September 2016. • KSCA Geomechanics Pty Ltd (2017). Kibali Gold Mine Stope Performance (Stability Graphs). April 2017. LOM Stakeholder Engagement Plan July 2015. • Mineral Resource Review, Kibali DRC, Quantitative Group Pty Ltd, Project code RRS21301, March 2013. Mineral Reserve references: • Qualified Persons Report Mineral Resources, Kibali Gold Mines, DRC. Compiled by Simon West, Project Resource Geologist, Randgold Resources Limited, 31 December 2018. • Kibali Optimised Feasibility Study, Randgold Resources Limited, June 2012. • Kibali Gold Mine 2016 Mineral Reserve Report. Piran Mining Pty Ltd. Report dated February 2017. • Kibali Gold Mine 2018 Mineral Reserve Report. Kenmore Mine Consulting. Report dated February 2019. • Kibali Gold Mine 2019 Mineral Reserve Report. Ismail Traore. Report dated January 2020. • Kibali Project Mining Rock Mass Model update, Dempers and Seymour, March 2017. Global Deformation modelling at Kibali, Beck Engineering, January 2017. • Kibali Mineral Reserve audit, Project no AU4312, Snowden Mining Industry Consultants, February 2014. • Mineral Resource Review, Kibali DRC, Quantitative Group Pty Ltd, Project code RRS21301, March 2013. • December 2017 Dewatering Review (PowerPoint), Mark Raynor, SRK Consulting, December 2017. • Qualified Persons Report, Kibali Gold Mine 2018 Open Pit Mineral Reserve Statement, December 2018. • Kibali Mineral Resource validation December 2017, Optiro Pty Ltd, January 2018. • Kibali Mineral Resource and Mineral Reserve process review August - December 2017, Optiro Pty Ltd, February 2018. • SRK Consulting (2011). Kibali Underground Geotechnical Feasibility Study report (Rev0), November 2011. • KSCA Geomechanics Pty Ltd (2012). A Review of the SRK Consulting Kibali Underground Geotechnical Feasibility Study Report (Rev0) dated February 2012.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 136 • Western Australian Department of Mines and Petroleum. Western Australian Mines Safety and Inspection Regulations 1995. • Dempers and Seymour (2012). Kibali Project Mining Rock Mass Model. Report dated November 2012. • Dempers and Seymour (2014). Kibali Project Mining Rock Mass Model Update. Report dated November 2014. • Dempers and Seymour (2015). Kibali Project Mining Rock Mass Model Update. Report dated March 2015. • Dempers and Seymour (2017). Kibali Project Mining Rock Mass Model Update. Report dated March 2017. • Dempers and Seymour (2017). Kibali Project Mining Rock Mass Model Update. Report dated September 2017. • Coffey Mining (2013). Kibali Gold SPRL 3D Mine Wide Numerical Modelling Stage 1. - 11 March 2013. • Coffey Mining (2014). Kibali Gold SPRL 3D Mine Wide Numerical Modelling Stage 2. - 31 March 2014. • Beck Engineering (2014). Kibali Numerical Modelling Base Case Simulation. Letter 16 December 2014. • Beck Engineering (2015). Numerical Simulation of Kibali MHS. Report dated 10 September 2015. • Beck Engineering (2017). Global Deformation Modelling at Kibali. Report dated 22 January 2017. • Western Australian School of Mines (2012). Stress Measurements from Oriented Core using the Acoustic Emission Method. Report dated December 2012. • KSCA Geomechanics Pty Ltd (2016). Kibali Stope Performance Database. Excel spreadsheet - 3 Sept. 2016. • KSCA Geomechanics Pty Ltd (2017). Kibali Gold Mine Stope Performance (Stability Graphs). April 2017. • REF A: Dempers and Seymour (2018). Kibali Project Mining Rock Mass Model Update. December 2018. • REF B: Beck Engineering (2018a). Life of Mine Deformation and Stability Assessment for Kibali. 4 July 2018. • REF C: Beck Engineering (2018b). Assessment of Revised Life of Mine Sequence for Kibali. Letter Report dated 4 July 2018. • REF D: KSCA Geomechanics Pty Ltd (2018). Kibali Gold Mine Stope Performance (Stability Graphs). Report dated January 2018 24.2 Mining terms All injury frequency rate: The total number of injuries and fatalities that occurs per million hours worked. By-products: Any potentially economic or saleable products that emanate from the core process of producing gold or copper, including silver, molybdenum and sulphuric acid. Carbon-in-leach (CIL): Gold is leached from a slurry of ore where cyanide and carbon granules are added to the same agitated tanks. The gold loaded carbon granules are separated from the slurry and treated in an elution circuit to remove the gold. Carbon-in-pulp (CIP): Gold is leached conventionally from a slurry of ore with cyanide in agitated tanks. The leached slurry then passes into the CIP circuit where activated carbon granules are mixed with the slurry and gold is adsorbed on to the activated carbon. The gold-loaded carbon is separated from the slurry and treated in an elution circuit to remove the gold. Comminution: Comminution is the crushing and grinding of ore to make gold available for physical or chemical separation (see also "Milling"). Contained gold or Contained copper: The total gold or copper content (tonnes multiplied by grade) of the material being described.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 137 Cut-off grade: Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio. Depletion: The decrease in the quantity of ore in a deposit or property resulting from extraction or production. Development: The process of accessing an orebody through shafts and/or tunneling in underground mining operations. Development stage property: A development stage property is a property that has Mineral Reserve disclosed, but no material extraction. Diorite: An igneous rock formed by the solidification of molten material (magma). Doré: Impure alloy of gold and silver produced at a mine to be refined to a higher purity. Economically viable: Economically viable, when used in the context of Mineral Reserve determination, means that the Qualified Person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions. Electrowinning: A process of recovering gold from solution by means of electrolytic chemical reaction into a form that can be smelted easily into gold bars. Elution: Recovery of the gold from the activated carbon into solution before zinc precipitation or electrowinning. Exploration results: Exploration results are data and information generated by mineral exploration programs (i.e., programs consisting of sampling, drilling, trenching, analytical testing, assaying, and other similar activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit) that are not part of a disclosure of Mineral Resource or Reserve. A registrant must not use exploration results alone to derive estimates of tonnage, grade, and production rates, or in an assessment of economic viability. Exploration stage property: An exploration stage property is a property that has no Mineral Reserve disclosed. Exploration target: An exploration target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. Feasibility Study (FS): A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A Feasibility Study is more comprehensive, and with a higher degree of accuracy, than a Prefeasibility Study. It must contain mining, infrastructure, and process designs completed with sufficient rigor to serve as the basis for an investment decision or to support project financing. Flotation: Concentration of gold and gold-hosting minerals into a small mass by various techniques (e.g. collectors, frothers, agitation, air-flow) that collectively enhance the buoyancy of the target minerals, relative to unwanted gangue, for recovery into an over-flowing froth phase. Gold Produced: Refined gold in a saleable form derived from the mining process. Grade: The quantity of ore contained within a unit weight of mineralised material generally expressed in grams per metric tonne (g/t) or ounce per short ton for gold bearing material or Percentage copper (%Cu) for copper bearing material. Greenschist: A schistose metamorphic rock whose green colour is due to the presence of chlorite, epidote or actinolite. Indicated Mineral Resource: An Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a Probable Mineral Reserve.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 138 Inferred Mineral Resource: An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resource, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability. With caution AngloGold Ashanti uses Inferred Mineral Resource in its Mineral Reserve estimation process and the Inferred Mineral Resource is included in the pit shell or underground extraction shape determination. As such the Inferred Mineral Resource may influence the extraction shape. The quoted Mineral Reserve from these volumes includes only the converted Measured and Indicated Mineral Resource and no Inferred Mineral Resource is converted to Mineral Reserve. The cash flow analysis does not include the Inferred Mineral Resource in demonstrating the economic viability of the Mineral Reserve. Initial assessment (also known as concept study, scoping study and conceptual study): An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralisation to support the disclosure of Mineral Resource. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of Mineral Resource but cannot be used as the basis for disclosure of Mineral Reserve. Leaching: Dissolution of gold from crushed or milled material, including reclaimed slime, prior to adsorption on to activated carbon or direct zinc precipitation. Life of mine (LOM): Number of years for which an operation is planning to mine and treat ore, and is taken from the current mine plan. Measured Mineral Resource: A Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve. Metallurgical plant: A processing plant constructed to treat ore and extract gold or copper in the case of Quebradona (and, in some cases, often valuable by-products). Metallurgical recovery factor (MetRF): A measure of the efficiency in extracting gold from the ore. Milling: A process of reducing broken ore to a size at which concentrating or leaching can be undertaken (see also "Comminution"). Mine call factor (MCF): The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling. The ratio of contained gold delivered to the metallurgical plant divided by the estimated contained gold of ore mined based on sampling. Mineral deposit: A mineral deposit is a concentration (or occurrence) of material of possible economic interest in or on the earth's crust. Mining recovery factor (MRF): This factor reflects a mining efficiency factor relating the recovery of material during the mining process and is the variance between the tonnes called for in the mining design and what the plant receives. It is expressed in both a grade and tonnage number. Mineral Reserve: A Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that, in the opinion of the Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Mineral Resource: A Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 139 Modifying Factors: Modifying factors are the factors that a Qualified Person must apply to Indicated and Measured Mineral Resource and then evaluate in order to establish the economic viability of Mineral Reserve. A Qualified Person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resource to Proven and Probable Mineral Reserve. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. Ounce (oz) (troy): Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams. Pay limit: The grade of a unit of ore at which the revenue from the recovered mineral content of the ore is equal to the sum of total cash costs, closure costs, Mineral Reserve development and stay-in-business capital. This grade is expressed as an in-situ value in grams per tonne or ounces per short ton (before dilution and mineral losses). Precipitate: The solid product formed when a change in solution chemical conditions results in conversion of some pre-dissolved ions into solid state. Preliminary Feasibility Study (Prefeasibility Study or PFS): is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. Probable Mineral Reserve: A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource. Production stage property: A production stage property is a property with material extraction of Mineral Reserve. Productivity: An expression of labour productivity based on the ratio of ounces of gold produced per month to the total number of employees in mining operations. Project capital expenditure: Capital expenditure to either bring a new operation into production; to materially increase production capacity; or to materially extend the productive life of an asset. Proven Mineral Reserve: A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource. Qualified Person: A Qualified Person is an individual who is (1) A mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) An eligible member or licensee in good standing of a recognised professional organisation at the time the technical report is prepared. Section 229.1300 of Regulation S-K 1300 details further recognised professional organisations and also relevant experience. Quartz: A hard mineral consisting of silica dioxide found widely in all rocks. Recovered grade: The recovered mineral content per unit of ore treated. Reef: A gold-bearing horizon, sometimes a conglomerate band, that may contain economic levels of gold. Reef can also be any significant or thick gold bearing quartz vein. Refining: The final purification process of a metal or mineral. Regulation S-K 1300: On 31 October 2018, the United States Securities and Exchange Commission adopted the amendment Subpart 1300 (17 CFR 229.1300) of Regulation S-K along with the amendments to related rules and guidance in order to modernise the property disclosure requirements for mining registrants under the Securities Act and the Securities Exchange Act. Registrants engaged in mining operations must comply with the final rule amendments (Regulation S-K 1300) for the first fiscal year beginning on or after 1 January 2021. Accordingly, the Company is providing disclosure in compliance with Regulation S-K 1300 for its fiscal year ending 31 December 2021 and will continue to do so going forward. Rehabilitation: The process of reclaiming land disturbed by mining to allow an appropriate post-mining use. Rehabilitation standards are defined by country-specific laws, including but not limited to the South African Department of Mineral Resources, the US Bureau of Land Management, the US Forest Service, and the relevant Australian mining authorities, and address among other issues, ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues. Resource modification factor (RMF): This factor is applied when there is an historic reconciliation discrepancy in the Mineral Resource model. For example, between the Mineral Resource model tonnage and the grade control model tonnage. It is expressed in both a grade and tonnage number.

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AngloGold Ashanti Kibali Gold Mine - 31 December 2021 _____________________________________________________________________________________ 30 March 2022 140 Scats: Within the metallurgical plants, scats is a term used to describe ejected ore or other uncrushable / grinding media arising from the milling process. This, typically oversize material (ore), is ejected from the mill and stockpiled or re-crushed via a scats retreatment circuit. Retreatment of scats is aimed at fracturing the material such that it can be returned to the mills and processed as with the other ores to recover the gold locked up within this oversize material. Seismic event: A sudden inelastic deformation within a given volume of rock that radiates detectable seismic energy. Shaft: A vertical or subvertical excavation used for accessing an underground mine; for transporting personnel, equipment and supplies; for hoisting ore and waste; for ventilation and utilities; and/or as an auxiliary exit. Smelting: A pyro-metallurgical operation in which gold precipitate from electro-winning or zinc precipitation is further separated from impurities. Stoping: The process of excavating ore underground. Stripping ratio: The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes mined divided by ore tonnes mined. Tailings: Finely ground rock of low residual value from which valuable minerals have been extracted. Tonnage: Quantity of material measured in tonnes. Tonne: Used in metric statistics. Equal to 1,000 kilograms. Waste: Material that contains insufficient mineralisation for consideration for future treatment and, as such, is discarded. Yield: The amount of valuable mineral or metal recovered from each unit mass of ore expressed as ounces per short ton or grams per metric tonne. Zinc precipitation: Zinc precipitation is the chemical reaction using zinc dust that converts gold in solution to a solid form for smelting into unrefined gold bars. 25 Reliance on information provided by the Registrant No information was provided by the registrant for this report.

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## Exhibit 19.15

Consent of Qualified Person

I, **Richard Peattie**, in connection with the Technical Report Summary for "**Kibali Gold Mine, A Life of Mine Summary Report**" dated 31 December 2021 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti and AngloGold Ashanti Holdings plc's registration statement on Form F-3 (Registration Nos. 333-264051 and 333-264051-01) (and any amendments or supplements thereto).

Date: 17 March 2023

/s/ Richard Peattie

**Richard Peattie**

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Consent of Qualified Person

I, **Romulo Sanhueza**, in connection with the Technical Report Summary for "**Kibali Gold Mine, A Life of Mine Summary Report**" dated 31 December 2021 (the "Technical Report Summary") as required by Item 601(b)(96) of Regulation S-K and filed as an exhibit to AngloGold Ashanti Limited's ("AngloGold Ashanti") annual report on Form 20-F for the year ended 31 December 2022 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F") pursuant to Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("1300 Regulation S-K"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public filing and use of the Technical Report Summary as an exhibit to the Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of and reference to my name, including my status as an expert or "Qualified Person" (as defined in 1300 Regulation S-K) in connection with the Form 20-F and Technical Report Summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summary of, the Technical Report Summary in the Form 20-F and the use of any information derived, summarised, quoted or referenced from the Technical Report Summary, or portions thereof, that is included or incorporated by reference into the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference of the above items as included in the Form 20-F into AngloGold Ashanti and AngloGold Ashanti Holdings plc's registration statement on Form F-3 (Registration Nos. 333-264051 and 333-264051-01) (and any amendments or supplements thereto).

Date: 17 March 2023

/s/ Romulo Sanhueza

**Romulo Sanhueza**

## Exhibit 19.15

![eylogoa.jpg](eylogoa.jpg)

17 March 2023

Securities and Exchange Commission.

100 F Street, N.E

Washington, DC 20549

Dear Commissioners:

We have read item 16F of Form 20-F dated 17 March 2023, of AngloGold Ashanti Limited and are in agreement with the statements contained in paragraphs two and three therein. We have no basis to agree or disagree with other statements of the registrant contained therein.

Yours faithfully

/s/ Ernst & Young Inc.

Johannesburg, Republic of South Africa

A member firm of Ernst & Young Global Limited.

A full list of Directors is available on the website.

Chief Executive: Ajen Sita

## Exhibit 19.19

**Exhibit 19.16**

REPORT ON MSHA VIOLATIONS IN TERMS OF THE DODD-FRANK ACT

The following disclosures are provided pursuant to section 1503(a) to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), which requires certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the "Mine Act"), which is administered by the U.S. Department of Labor's Mine Safety and Health Administration ("MSHA"). AngloGold Ashanti's Sterling Mine, which was acquired by the company on 4 November 2022, is subject to the Mine Act.

***U.S. Mine Safety Information***. Whenever MSHA believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the mining operator must abate the condition or practice cited. In some situations, such as when an MSHA inspector believes that the condition or practice cited as a violation of a standard is characterised as significant and substantial and results from an unwarrantable failure to comply on the part of the mine operator, MSHA may issue an order removing miners from the area of the mine affected by the condition or practice until the alleged violation is corrected. When MSHA issues a citation or order, it proposes a civil penalty, or fine, as a result of the alleged violation. Penalty amounts are affected by such factors as the degree of negligence assessed, and the gravity and the history of prior violations that have resulted in final determinations. Citations, orders and penalty assessments can be contested and appealed, and as part of that process, may be reduced in severity and amount and are sometimes dismissed. The number of citations, orders and proposed assessments issued vary depending on such factors as the size and type of the mine, the history of violations, gravity and negligence determinations, and MSHA enforcement policies and practices.

Information in the following table is presented beginning on 4 November 2022 as that is the date on which the company acquired the Sterling Mine and assumed control over its operations.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Mine<sup>(1)</sup> | Section 104 S&S Citations(#)<sup>(2)</sup> | Section 104(b) Orders(#)<sup>(3)</sup> | Section 104(d) Citations and Orders(#)<sup>(4)</sup> | Section 110(b)(2) Violations(#)<sup>(5)</sup> | Section 107(a) Orders(#)<sup>(6)</sup> | Total Dollar Value of Proposed<br>MSHA Assessments ($)<sup>(7)</sup> | Total Number of Mining-Related Fatalities<sup>(8)</sup> | Received Notice Relating to Patterns of Violations Under Section 104(e) (Yes/No)<sup>(9)</sup> | Received Notice of Potential to Have Pattern Under Section 104(e) (Yes/No)<sup>(9)</sup> | Legal Actions Pending as of Last Day of Period(#)<sup>(10)</sup> | Legal Actions Initiated During Period(#)<sup>(11)</sup> | Legal Actions Resolved During Period(#)<sup>(12)</sup> |
| &nbsp;&nbsp;Sterling Mine (MSHA Mine ID: 2601503) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

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(1) The definition of mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities.

(2) Represents the total number of citations issued by MSHA under section 104 of the Mine Act (30 U.S.C. 814) for alleged violations of health or safety standards that are designated by MSHA as significant and substantial ("S&S").

(3) Represents the total number of orders issued by MSHA under section 104(b) of the Mine Act (30 U.S.C. 814(b)) for failure to abate a condition or practice cited in a citation under section 104(a) within the time period prescribed by MSHA.

(4) Represents the total number of citations and orders issued by MSHA under section 104(d) of the Mine Act (30 U.S.C. 814(d)) for unwarrantable failure of the mine operator to comply with mandatory health or safety standards.

(5) Represents the total number of flagrant assessments issued by MSHA under section 110(b)(2) of the Mine Act (30 U.S.C. 820(b)(2)) based on a reckless or repeated failure to make reasonable efforts to eliminate a known violation of a standard that caused or could cause death or serious injury.

(6) Represents the total number of imminent danger orders issued by MSHA under section 107(a) of the Mine Act (30 U.S.C. 817(a)) following a determination by MSHA that an "imminent danger" existed.

(7) Represents the total dollar value of proposed assessments from MSHA under the Mine Act (30 U.S.C. 801 et seq.), regardless of whether the operator has challenged or appealed the assessment.

(8) Represents the total number of mining-related fatalities during the period.

(9) Indicates whether the listed mine, of which the company or a subsidiary of the company is an operator, received written notice from MSHA under section 104(e) of the Mine Act (30 U.S.C. 814(e)) of (a) a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of coal or other mine health or safety hazards or (b) the potential to have such a pattern.

(10) Represents the total number of legal actions pending before the Federal Mine Safety and Health Review Commission (the "FMSHRC") as of 31 December 2022. The FMSHRC is an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act. These cases may involve, among other questions, challenges by operators to citations, orders and penalties they have received from MSHA or complaints of discrimination by miners under Section 105 of the Mine Act (30 U.S.C. 815). The following is a brief description of the types of legal actions that may be brought before the FMSHRC for events occurring at a gold mining operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contests of Citations and Orders – A contest proceeding may be filed with the FMSHRC to challenge the issuance by MSHA of a citation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contests of Proposed Penalties – A contest of a proposed penalty is an administrative proceeding before the FMSHRC challenging such aspects of the enforcement action as the fact of the violation, negligence, gravity, and/or the penalty amount, assessed for citations and orders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complaints for Compensation – A complaint for compensation may be filed with the FMSHRC by miners entitled to compensation when a mine is closed by certain withdrawal orders issued by MSHA. The purpose of the proceeding is to determine the amount of compensation, if any, due to miners idled by the orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complaints of Discharge, Discrimination or Interference – A discrimination proceeding is a case that involves a miner's allegation that he or she has suffered a wrong by the operator because he or she engaged in some type of activity protected under the Mine Act, such as making a safety complaint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Temporary Reinstatement Proceedings – Temporary reinstatement proceedings involve cases in which a miner has filed a complaint with MSHA stating he or she has suffered discrimination and the miner has lost his or her position.

(11) Represents the total number of legal actions initiated before the FMSHRC during the reporting period.

(12) Represents the total number of legal actions resolved before the FMSHRC during the reporting period.

<br>