Q3 2021 Performance - Gold production reached 613,000 ounces in Q3 2021[12] - Group All-in Sustaining Costs (AISC) were $1,362 per ounce in Q3 2021[12] - Adjusted EBITDA for the group amounted to $448 million in Q3 2021[12] - Cash flow from operations increased by 8% quarter-on-quarter to $342 million[13] Production and Costs - Production ex-Obuasi increased by 5% quarter-on-quarter[13] - Underground grade improved by 6% quarter-on-quarter[13] - Total cash costs decreased by 8% quarter-on-quarter to $927 per ounce[13] - All-in sustaining costs decreased by 1% quarter-on-quarter to $1,362 per ounce[13] Financial Position - Net debt to EBITDA ratio stood at 0.43 times[13] - A new US$750 million 7-year bond was issued at a coupon rate of 3.375%[52] Regional Performance - Africa operations produced 348,000 ounces at an AISC of $1,119 per ounce[14] - Americas operations produced 140,000 ounces at an AISC of $1,805 per ounce[14] - Australia operations produced 125,000 ounces at an AISC of $1,363 per ounce[14]

AngloGold Ashanti Limited (NYSE:AU) Q4 2020 Results Conference Call February 22, 2021 8:00 AM ET Company Participants Stewart Bailey - Executive Vice President-Corporate Affairs & Sustainability Christine Ramon - Interim Chief Executive Officer Ian Kramer - Interim Chief Financial Officer Sicelo Ntuli - Chief Operating Officer-Africa Ludwig Eybers - Chief Operating Officer-International Graham Ehm - Executive Vice President-Group Planning and Technical Tim Thompson - Global Senior Vice President, Growth an ...

Financial Performance - The company's Adjusted EBITDA increased by 72% year-on-year to $803 million[13, 14, 26] - Free cash flow increased significantly by 290% year-on-year to $339 million[14, 25] - Adjusted net debt decreased by 47% to $875 million, resulting in an improved Adjusted net debt to Adjusted EBITDA ratio of 036 times[14, 26, 40] Production and Costs - Q3 2020 production was 837,000 ounces from continuing and discontinued operations[13, 14] - All-in Sustaining Costs (AISC) were $1,044 per ounce, with an AISC margin improvement to 45% from 30% in Q3 2019[12, 13] - COVID-19 had an impact of 18,000 ounces on Q3 2020 production[13] and an estimated $51/oz impact on AISC, around 5%[26] Strategic Developments - The company completed the South African asset sale, receiving an initial $200 million[14, 45] - A $700 million 10-year bond offering was completed at a coupon of 375% per annum[14, 45] - The dividend payout ratio was doubled to 20% of free cash flow pre-growth capital, to be paid semi-annually[14, 20] Operational Highlights - The All Injury Frequency Rate (AIFR) improved by 31% to 223, an all-time low for the company[8, 13] - Obuasi production increased by 52% quarter-on-quarter to 47,000 ounces, with Phase 2 completion on track for the end of Q1 2021[13, 50, 76] - Boston Shaker underground achieved commercial production[13, 60, 62]

AngloGold Ashanti Limited (NYSE:AU) Q2 2020 Results Conference Call August 7, 2020 9:00 AM ET Company Participants Stewart Bailey - Investor Relations Kelvin Dushnisky - Chief Executive Officer Christine Ramon - Chief Financial Officer Ludwig Eybers - Chief Operating Officer Sicelo Ntuli - Chief Operating Officer Africa Graham Ehm - Executive Vice President of Group Planning and Technical Tim Thompson - Global Senior Vice President, Growth & Exploration Conference Call Participants Shilan Modi - UBS Marcelo ...

Financial Data and Key Metrics Changes - Production was 716,000 ounces, with a 5% year-on-year decrease, impacted by COVID-19-related stoppages of 11,000 ounces [7][17] - All-in sustaining costs rose 4% year-on-year to $1,058 per ounce, with a margin increase to 34% from 28% [8][18] - Free cash flow before growth capital increased by 231% to $94 million, despite working capital lockups [8][18] - Net debt decreased by 10% year-on-year to $1.6 billion, with a net debt-to-EBITDA ratio of 0.5 times [8][23] Business Line Data and Key Metrics Changes - Strong performances were noted from Kibali, Geita, and Iduapriem, while production from Morila and Sadiola declined due to end-of-life operations [18][29] - Geita's production was 135,000 ounces, 24% higher than the previous period, marking the highest production in eight years [30] - Iduapriem's production increased by 5% due to higher-grade ore mining [32] Market Data and Key Metrics Changes - The gold price increased by 23%, contributing to a 64% improvement in adjusted EBITDA [18] - The company experienced a robust cash flow performance, with cash flow from operating activities rising to $219 million [18] Company Strategy and Development Direction - The company aims to safely deliver better quality production, widen margins, and improve the portfolio while maintaining discipline in the current gold price environment [5] - Ongoing divestment processes are in place to streamline the portfolio, including the sale of South African assets [10] - The company is focused on enhancing ESG practices and maintaining its license to operate [5][11] Management's Comments on Operating Environment and Future Outlook - Management withdrew guidance for 2020 due to uncertainties surrounding COVID-19, but continues to work towards internal objectives [15][26] - The company expects production to be weighted towards the second half of the year, with Obuasi ramping up production [26] - Management remains cautious about the operating landscape due to COVID-19 but is optimistic about cash flow generation improvements [25][54] Other Important Information - The company has secured a $1 billion standby credit facility, increasing liquidity to approximately $2.3 billion [14][24] - Safety measures have been intensified following four fatalities in Q1, with a commitment to achieving zero harm [6] Q&A Session Summary Question: Margins and Free Cash Flow - Inquiry about the relationship between all-in costs and free cash flow, with management indicating that free cash flow generation is expected to improve in the second half of the year due to higher gold prices and efficiency improvements [56][60] Question: Tanzania Operations - Questions regarding ongoing discussions with the Tanzanian government about the ownership structure of Geita, with management stating that there are no current discussions about changes [61][64] Question: CVSA Asset Outlook - Inquiry about the outlook for the CVSA asset, with management indicating plans to invest in reserve development to potentially extend its life beyond four years [66][68] Question: CapEx and Credit Rating - Questions about the decline in CapEx and its implications for cash preservation, with management clarifying that the reduction is part of planned sequencing rather than cash conservation [66][71]

Financial Data and Key Metrics Changes - Production for the year was 3.30 million ounces, with a strong fourth quarter performance [7] - All-in sustaining cost for the year was $992 per ounce, which was 2% higher than 2018 [18] - Cash generated by operations was strong, up 22% to just over $1 billion [7] - Free cash flow before growth capital doubled year-on-year to $448 million [7] - EBITDA increased by 16% year-on-year to $1.7 billion, and free cash flow rose by 90% year-on-year to $127 million [14] Business Line Data and Key Metrics Changes - Geita, Kibali, Tropicana, and Iduapriem registered record production numbers in 2019 [6] - Geita produced 604,000 ounces, its best performance in 14 years, with a total cash cost of $695 per ounce [27] - Kibali produced 366,000 ounces at an all-in sustaining cost of $704 per ounce [28] - Siguiri's production was lower at 213,000 ounces due to commissioning challenges, but it showed a 14% quarter-on-quarter increase in Q4 [29] Market Data and Key Metrics Changes - The company experienced a favorable gold price environment, which contributed to improved margins [9] - Cash costs were largely steady at $776 per ounce, with inflationary pressures offset by weaker currencies [18] - The company received $75 million in dividends from Kibali for the year [15] Company Strategy and Development Direction - The company's strategy focuses on delivering quality production, widening margins, and improving the portfolio [6] - The company is committed to responsible mining and enhancing partnerships with local communities [9] - The ongoing portfolio transformation includes the sale of non-core assets to create a more focused business [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges and improve cash flow generation [47] - The company anticipates production guidance for 2020 to be between 3.05 million ounces and 3.3 million ounces [22] - Management highlighted the importance of disciplined capital and cost management to take advantage of favorable market conditions [10] Other Important Information - The Board declared a final dividend of $0.11 per share for 2019, a 57% increase from 2018 [21] - The company has a strong liquidity position with approximately $1.4 billion undrawn on its credit facility [20] - The Obuasi Redevelopment Project is expected to achieve commercial production around mid-2020 [16] Q&A Session Summary Question: Expectations for ore reserve conversion and development - Management expects increases in reserves in 2020 and beyond, with updates provided throughout the year [52][53] Question: Cost inflation assumptions and operational efficiencies - Cost inflation is assumed at 6%, with management focusing on operational excellence to mitigate increases [57][58] Question: Guidance on production and balance sheet outlook - Production is expected to step down due to asset sales and lower production from certain operations, but ramp-up at Obuasi is anticipated [62] Question: Capital allocation framework and hurdle rates - The company maintains a 15% after-tax return hurdle rate for projects, with a conservative gold price of $1,100 per ounce for reserves [71][74] Question: Satisfaction with portfolio adjustments - Management is pleased with the progress made in streamlining the business and does not foresee further transactions at this time [76]