01 AUGUST 2025 Q2 2025 EARNINGS RESULTS MINING TO EMPOWER PEOPLE AND ADVANCE SOCIETIES NYSE │ JSE │ GSE Geita, Tanzania INVESTOR NOTE │ DISCLAIMER The information included in this presentation has not been reviewed or reported on by AngloGold Ashanti's external auditors. Non-GAAP financial measures This communication may contain certain "Non-GAAP" financial measures, including, for example, "total cash costs", "total cash costs per ounce", "all-in sustaining costs", "all-in sustaining costs per ounce", "ave ...

01 AUGUST 2025 Q2 2025 EARNINGS RESULTS MINING TO EMPOWER PEOPLE AND ADVANCE SOCIETIES NYSE │ JSE │ GSE Geita, Tanzania INVESTOR NOTE │ DISCLAIMER Certain statements contained in this document, 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, cost savings and other operating results, return on equity, productivity improvements, ...

Core Viewpoint - AngloGold Ashanti PLC is expected to report a significant year-over-year improvement in earnings for Q2 2025, driven by rising gold prices and increased production levels [1][11]. Earnings Expectations - The Zacks Consensus Estimate for Q2 2025 earnings is $1.31 per share, reflecting a 118% increase from the same quarter last year [1][2]. - The earnings estimate has increased by 2% over the past 30 days [1]. Production Performance - In Q1 2025, AngloGold Ashanti produced 720,000 ounces of gold, a 22% increase year-over-year, aided by contributions from the newly acquired Sukari mine [5][7]. - The Sukari mine added 117,000 ounces to Q1 output and is expected to continue boosting production in Q2 [7][11]. - Other operations, such as Siguiri, Tropicana, and Cerro Vanguardia, also reported significant production increases, contributing to overall strong performance [6][8]. Gold Price Trends - Average gold prices in the April-June 2025 period were approximately $3,301.42 per ounce, marking a 41% year-over-year increase [8]. - Factors contributing to the rise in gold prices include tariff threats, financial uncertainty, geopolitical tensions, and strong demand from central banks [8]. Cost Management - AngloGold Ashanti has maintained effective cost control, with only a 1% rise in average real cash costs over four years, outperforming major peers who have seen over a 20% increase [10][11]. - The company is focused on enhancing operational efficiency through its Full Asset Potential program [9][10]. Stock Performance and Valuation - AngloGold Ashanti shares have increased by 25.5% over the past three months, outperforming the Zacks Mining - Gold industry, which grew by 9.9% [12]. - The stock is currently trading at a forward 12-month earnings multiple of 10.11X, which is below the industry average of 12.40X [14][17]. Strategic Growth Initiatives - The company is pursuing both organic and inorganic growth strategies, including the acquisition of Centamin, which adds significant production capacity [18]. - The Obuasi project is expected to deliver 400,000 ounces of annual production by 2028, further strengthening the company's long-term strategy [18].

Company Performance - AngloGold Ashanti closed at $49.51, reflecting a -1.3% change from the previous day, underperforming the S&P 500's gain of 0.02% [1] - Prior to the latest trading session, shares had increased by 14.31%, significantly outperforming the Basic Materials sector's gain of 4.33% and the S&P 500's gain of 4.93% [1] Earnings Projections - The company is expected to report earnings of $1.31 per share on August 1, 2025, indicating a year-over-year growth of 118.33% [2] - The Zacks Consensus Estimate for revenue is projected at $2.32 billion, which is a 67.73% increase from the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are projected at $4.99 per share and revenue at $8.85 billion, representing increases of +125.79% and +52.81% respectively from the prior year [3] - Recent changes in analyst estimates are crucial as they reflect near-term business trends, with positive revisions indicating analyst optimism [3] Valuation Metrics - AngloGold Ashanti has a Forward P/E ratio of 10.06, which is lower than the industry average Forward P/E of 11.79 [6] - The Mining - Gold industry is part of the Basic Materials sector and currently holds a Zacks Industry Rank of 37, placing it in the top 15% of over 250 industries [6] Analyst Ratings - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), indicates that AngloGold Ashanti currently holds a Zacks Rank of 1 (Strong Buy) [5] - Over the past month, there has been a 1.56% increase in the Zacks Consensus EPS estimate, reflecting positive sentiment among analysts [5]

Market Overview - The U.S. markets have shown an upward trend, with the S&P 500 and Nasdaq Composite reaching all-time highs, increasing by 1.32% and 0.64% respectively last week [1] - Positive corporate earnings and expectations of easing tariffs and trade policies have bolstered investor confidence [1] - Concerns over inflation and signs of a potential economic slowdown are influencing the Federal Reserve's cautious stance on interest rates [1] Economic Indicators - The Conference Board's Leading Economic Indicator fell by 0.3% in June, indicating early signs of a slowdown, with weakened consumer expectations and fewer manufacturing orders [2] - The S&P Global's U.S. flash PMI data for July indicated an acceleration in business activity driven by the services sector, while the manufacturing PMI dropped to 49.5 [2] - Initial jobless claims decreased by 4,000 to 217,000 for the week ending July 19, suggesting a resilient labor market with limited layoffs [2] Stock Performance - AngloGold Ashanti plc's shares increased by 23.1% since its upgrade to Zacks Rank 1 on May 19, outperforming the S&P 500's 7.2% increase [3][4] - NN Group N.V. saw a return of 12.1% since its upgrade to Zacks Rank 1 on May 29, compared to the S&P 500's 8.4% increase [4] - Zacks Rank 1 stocks returned +6.51% in May 2025, outperforming the S&P 500's +4.47% [5] Portfolio Performance - A hypothetical portfolio of Zacks Rank 1 stocks has outperformed the S&P 500 index by more than 12 percentage points since 1988 [6] - The Zacks Focus List portfolio returned +8.84% in 2025 (through June 30) compared to +6.21% for the S&P 500 [14] - The Zacks Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, outperforming the S&P 500's -4.30% decline [18] Notable Stocks - Intellia Therapeutics, Inc. gained 60.3% over the past 12 weeks, while Caterpillar Inc. returned 41.3% in the same period [13][14] - OptimizeRx Corporation and Artisan Partners Asset Management saw increases of 18.2% and 14.6% respectively since their upgrades to Outperform [10] - Hershey Company returned 17.8% over the past 12 weeks, benefiting from investor interest in quality dividend stocks [20]

Market Overview - Wall Street's winning streak continues, driven by positive trade news and strong economic data, with the S&P 500 reaching a record high following a significant trade deal between the United States and Japan, which lowers tariffs and opens up $550 billion in new investments [1] - Retail sales exceeded expectations in June, and jobless claims decreased, indicating a robust labor market and steady consumer spending despite ongoing tariff concerns [1][9] Trade Negotiations and Economic Environment - Progress in trade negotiations with the U.K., Indonesia, and the Philippines, along with positive signals from China and the EU, creates an encouraging backdrop for equities [2] - The current earnings season is contributing to market momentum, suggesting that focusing on relative price strength can help investors identify leading stocks [2] Stock Recommendations - Recommended stocks based on relative price strength include Western Digital Corporation (WDC), Flowserve Corporation (FLS), OPENLANE, Inc. (KAR), AngloGold Ashanti plc (AU), and Jabil Inc. (JBL) [3][9] - These stocks are outperforming their peers, supported by strong relative price strength metrics [9] Relative Price Strength Strategy - Earnings growth and valuation multiples are crucial for assessing a stock's potential returns and its performance relative to peers [4] - Investors are advised to avoid underperforming stocks and focus on those that are outperforming their respective industries or benchmarks [5] Screening Parameters - Stocks are screened based on relative price changes over 12 weeks, 4 weeks, and 1 week, as well as positive current-quarter estimate revisions [8] - Stocks that have shown better performance than the S&P 500 over the last 1 to 3 months and have solid fundamentals are considered for investment [6] Company Profiles - **Western Digital Corporation (WDC)**: Market cap of $23.4 billion, expected EPS growth of 2,465% year-over-year for fiscal 2025, with a trailing four-quarter earnings surprise of approximately 7.3% [11][12] - **Flowserve Corporation (FLS)**: Market cap not specified, expected EPS growth rate of 14.2% over three to five years, with a 22.1% year-over-year growth estimate for 2025 [13][14] - **OPENLANE, Inc. (KAR)**: Market cap of $2.7 billion, expected EPS growth of 17.7% year-over-year for 2025, shares up 44% in a year [14][15] - **AngloGold Ashanti plc (AU)**: Market cap of $21.8 billion, expected EPS growth of 125.8% year-over-year for 2025, shares up 89% in a year [16] - **Jabil Inc. (JBL)**: Market cap not specified, expected EPS growth rate of 16.6% over three to five years, with a 10.6% year-over-year growth estimate for 2025 [17][18]

Core Insights - SSR Mining (SSRM) and AngloGold Ashanti PLC (AU) are prominent players in the gold mining sector, benefiting from a 31.7% increase in gold prices this year due to safe-haven demand and central bank purchases [1][2] SSR Mining Overview - SSR Mining operates in the USA, Türkiye, Canada, and Argentina, and became the third-largest gold producer in the U.S. after acquiring the Cripple Creek & Victor mine [3][4] - The CC&V mine is projected to produce approximately 170,000 ounces of gold annually, contributing to SSRM's total expected production of 320,000-380,000 ounces in 2025 [4] - As of March 31, 2025, SSR Mining had $319.6 million in cash and a debt-to-capital ratio of 0.08, indicating a strong financial position [5] - Operations at the Çöpler mine in Türkiye are currently suspended due to a heap leach failure, leading to significant care and maintenance costs [6][7] - SSRM's projected all-in sustaining cost (AISC) for 2025 is $1,890-$1,950 per payable ounce, reflecting a 3% increase at the midpoint [8] AngloGold Ashanti Overview - AngloGold Ashanti has a diverse portfolio across Africa, the Americas, and Australia, recently acquiring Centamin, which adds a potential 500,000 ounces of annual production from the Sukari mine [9][10] - The company reported a 22% year-over-year increase in gold production to 720,000 ounces, with a projected output of 2.9-3.225 million ounces for 2025 [10][12] - AngloGold ended Q1 2025 with $3 billion in liquidity and a debt-to-capital ratio of 0.19, showcasing a solid financial foundation [12] - The company is focused on a Full Asset Potential program to mitigate inflation impacts, with AISC projected between $1,580 and $1,705 per ounce for 2025, indicating a 2% year-over-year increase [13][18] - AngloGold has implemented a new dividend policy aimed at returning 50% of annual free cash flow, enhancing its attractiveness to income-focused investors [27] Comparative Analysis - Year-to-date, SSRM stock has increased by 84.5%, while AU stock has risen by 125% [21] - SSRM trades at a forward earnings multiple of 7.29X, lower than its five-year median, whereas AU trades at 10.49X, higher than its five-year median [22] - AngloGold offers a dividend yield of 0.96% with a payout ratio of 18.55%, while SSRM currently does not pay dividends [23][27] - AngloGold Ashanti is viewed as a more compelling investment choice due to its lower cost structure, stronger price performance, and robust growth pipeline compared to SSR Mining [28][29]

Core Insights - AngloGold Ashanti plc (AU) reported a significant increase in free cash flow, reaching $407 million in Q1 2025, a seven-fold increase compared to the previous year, driven by higher gold prices and increased sales volumes [1][9] - The company achieved a net cash inflow from operating activities of $725 million, marking a 188% year-over-year increase, primarily due to higher prices and sales volumes, despite some offsetting factors [3] - AngloGold Ashanti's adjusted net debt decreased by 60% year-over-year to $525 million, with a notable improvement in the adjusted net debt-to-EBITDA ratio from 0.86x to 0.15x [4][9] Production and Sales - Gold production and sales were positively impacted by the acquisition of the Sukari Gold Mine in Egypt and improved output at Siguiri and Tropicana [2] - For 2025, the company projects gold production between 2.9 million and 3.225 million ounces, indicating a growth of 9% to 21% over the previous year [5] Financial Performance - In 2024, free cash flow reached $942 million, a 764% increase from 2023, primarily due to favorable gold pricing [5] - The Zacks Consensus Estimate for AngloGold Ashanti's 2025 sales is projected at $8.85 billion, reflecting a 52.8% year-over-year growth, with earnings expected to grow 125.8% to $4.99 per share [10] Stock Performance and Valuation - AngloGold Ashanti's stock has increased by 125% year-to-date, outperforming the Zacks Mining – Gold industry, which grew by 54.2% during the same period [8] - The company is currently trading at a forward 12-month earnings multiple of 10.49X, which is below the industry average of 12.46X [11]

Group 1: Gold Market Overview - Gold has outperformed the S&P 500 over the past 1-year, 3-year, and year-to-date periods, driven by geopolitical shifts and concerns over fiat currency stability [1] - Central bank demand, particularly from BRICS nations, is contributing to record levels of gold accumulation as these countries diversify away from US dollar-denominated assets [6] - Geopolitical tensions, including the Russia–Ukraine war and US-China relations, are increasing macro uncertainty, further supporting gold as a hedge against systemic risk [7][8] Group 2: Technical Analysis of Gold - Gold is forming a tightening bull flag pattern, with a potential breakout above $317.50 on GLD (or $3,475 in gold futures) signaling a major upward move [10] - The current price action indicates strong buying interest, suggesting that gold is on the verge of a significant breakout [2][10] Group 3: Top Gold Mining Stocks - Aris Mining Corporation is highlighted as a compelling opportunity, trading at 5.8x forward earnings with projected sales growth of 56% this year and earnings growth of 265% [12][13][14] - Agnico Eagle Mines, with a Zacks Rank 1, is noted for its operational consistency and projected annual EPS growth of 20.8% over the next three to five years, currently testing a breakout level [15][16][17] - Kinross Gold, also holding a Zacks Rank 1, is trading at 12.7x forward earnings with expected EPS growth of 21.2% over the next three to five years, presenting a GARP opportunity [18][22] - AngloGold Ashanti PLC has surged over 120% year-to-date, reflecting strong investor confidence and operational performance, also holding a Zacks Rank 1 [24][25][26] Group 4: Investment Outlook - The outlook for gold remains constructive, with prices nearing a technical breakout and strong global demand driven by macro trends [27][29] - Gold stocks are positioned as an attractive entry point for investors seeking diversification and exposure to rising commodity trends [29]

Core Insights - Palantir Technologies has seen its share price more than double year to date, but it is not the best-performing large-cap stock in the market [1] - The top-performing stocks include CoreWeave, Robinhood Markets, and Circle Internet Group, with year-to-date gains of 216%, 197%, and 182% respectively [2] - Analysts on Wall Street are generally skeptical about Palantir and other high-flying stocks, with a consensus 12-month price target for Palantir being 34% lower than its current share price [7][8] Performance Comparison - CoreWeave, Robinhood, and Circle Internet Group are among the top gainers, with significant ties to AI and financial services [3][4] - Other outperformers include NuScale Power, AST SpaceMobile, and Joby Aviation, which are involved in industrials and technology sectors [5] - AngloGold Ashanti is the only stock among the outperformers with a consensus price target reflecting positive upside potential, albeit minimal at less than 3% [9] Analyst Sentiment - The majority of analysts do not have favorable opinions on the stocks outperforming Palantir, with price targets for most being at least 30% below current share prices [8] - The skepticism is largely due to exorbitant valuations of these stocks, including Palantir [10] - AngloGold Ashanti's valuation is more attractive, trading at 10.4 times forward earnings, while Symbotic has a more reasonable price-to-sales ratio of 1.33 despite high earnings multiples [11]