AngloGold Ashanti Plc

Good afternoon, ladies and gentlemen, and welcome to the Anglicold Ashanti Q2 2025 earnings release. All participants are in listen only mode. A question and answer session will follow the formal presentation. If you should require operator assistance during the conference, please press star and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to Mr. Stuart Bailey. Please go ahead, sir.

Thanks, Judith. And good morning, good afternoon to everybody. Thank you for joining us for this Q2 2025 results call. We have Alberto and Gillian in the room and then also other members of our executive team available. Before we start, I would ask you just to look at our safe harbour statement at the beginning of the presentation. which requires important information, including regarding forward-looking statements. It is important and we urge you to read it. I'll hand over to Alberto.

Thank you, Stuart. I'm pleased to report another excellent quarter showing continued momentum in the business. The result, which is very good by any measure, is underpinned by steady delivery to plan A STRONG FINANCIAL RESULT WITH GROWTH IN FREE CASH FLOW AND EARNINGS. PRODUCTION FROM OUR MANAGED OPERATIONS WAS UP 25% YEAR ON YEAR. EARNINGS AND CASH FLOW WERE THE STRONGEST IN RECENT MEMORY DUE TO A BIT THAT DOUBLED YEAR ON YEAR AND FREE CASH FLOW WAS ALMOST UP 150%. WITH ALMOST A BILLION DOLLARS OF FREE CASH FLOW IN THE FIRST HALF AND LEVERAGE CLOSE TO ZERO, the balance sheet is at its strongest level ever. Costs were again well controlled despite inflationary pressures and importantly higher royalties. Our performance blocks the long-term industry trend of costs rising in tandem with the gold price. Since 2021, our cash costs and all in sustaining costs have remained remarkably stable in real terms of just 2% and 1% respectively. and operational excellence. Safety remains our highest priority, and we're committed to eliminating injuries from our sites. We're proud of the strides we've made, but always mindful that we're only ever as good as our last injury-free day. We work hard to mitigate risk and to learn from our mistakes and near misses. Our TRIFRA improved 17% year-on-year to 0.8 injuries per million hours worked. That's the lowest ever, and it remains well below the 2024 ICMM member average. What we can control, we need to control very well. That's clear when you look at our managed operations. Production benefited from Sukari's inclusion and higher contributions from Keita, Oboasi, Siquiri, and Cuyabá. Sukari has established itself as one of our top GATA delivered another strong performance with increases in port tons and higher grades from the open pit. OASI continued its ramp-up. Total cash costs for managed operations were only 6% higher, driven predominantly by inflation and higher royalties. And by the way, higher royalties is what we believe is the only good cause. Free cash flow was $535 million, more than double last year's result. You see, too, in our overall profitability, EBITDA also more than doubled to $1.44 billion. Headline earnings were up 151% to $639 million. We have ample liquidity, no material, near-term maturities, and leverage of zero. Our dividend policy provides for a 12.5% payout each quarter of around $63 million. It also provides for a annual true-up of up to 50% of free cash flow. We've used discretion to make that true-up at the half-year, which reflects not only the extraordinary cash flow generation of the first six months, but also our confidence in the outlook of the business. That takes the dividend declaration to 80 cents a share for approximately $406 million. And it brings the total dividends declared for the first half of the year to approximately $469 million, clearly more than double at least what we've done in the past 15 years. that provides one of the most generous yields in the sector and all things being equal we expect more of the same in the second half we will continue to evaluate further capital allocation options over the remainder of the year with a particular focus on buybacks of shares or debt our tier one assets account for around two-thirds of production and 80 percent of reserves We expect to see that production share rise at Oboassi ramp-ups as Oboassi ramps up. Our tier two assets are also making a big contribution. What you see here are healthy margins and exceptionally cash flow leverage. We remain active managers of our portfolio. The sale of Serra Grande ensures we properly allocate management time and further sharpen our focus on the core of the business. During this extraordinary turnaround journey we've been on since 2021, we've continually assessed where we can generate the most value. And the answer is clear, the best opportunities remain within. First, we are committed to lifting performance from our core assets, driving margin growth through cost discipline. Full asset potential has been invaluable in this regard, keeping cost flats in real terms. has improved our position on the cost curve and helps us to reliably deliver on our guidance. This is now embedded in how we work, and we see more opportunity to drive value. The insights from this program have helped us to unearth a pipeline of organic growth options that are beginning to reveal themselves. This pipeline extends well beyond Ubuasi, which itself is starting to develop a consistent operating cadence as it ramps up. There are other equally exciting projects to build scale and extend life at Cuyabá, Sigüidi, Gaita and Idubrim. These are relatively low risk, low capital intensive opportunities that allow us to leverage our existing footprint, infrastructure and knowledge. The returns are, as you can imagine, more than competitive. We'll flesh out in the coming quarters, helping the daylight more value in this extraordinary portfolio of ours. In November, we will be talking about, start talking about GATA in more detail. And third, we're laying the foundations for the next stage of growth in Nevada, a world-class gold camp where we're building scale, size, and optionality. We continue to uncover value in the US where the overall quality of our discovery in Southern Nevada will deliver value to shareholders and a house of other local stakeholders for decades to come. The proposed acquisition of Augusta Gold consolidates this important district and improves our ability to unlock significant synergies across permitting infrastructure, across permitting infrastructure and development sequence. It improves our ability to optimize capital, reduce execution risk, and streamline stakeholder engagement. I will now hand over to Gillian to go over the financial results.