AngloGold Ashanti Plc

Good afternoon, ladies and gentlemen, and welcome to the Anglo-Gold Ashanti Q4 2025 earnings release. All participants will be in listen-only mode. A question and answer session will follow the formal presentation. If you should require operator assistance during the conference, please key in 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 welcome everybody to our full year and Q4 results call. As always, Alberta and Gillian will walk through the presentation, but you do have other members of our senior leadership team that'll be on hand for the Q&A afterwards as needed. I direct you all to the safe harbour statement at the beginning of the presentation, which has got important information regarding forward-looking statements. Without any further ado, I'll hand over to Albert.

Thank you, Stuart, and welcome everyone. Let's start, as always, with safety. We achieved our lowest ever lowest total recordable injury frequent rate at 0.97. 0.97 injuries per million hours worked. This was the first of a number of records set last year, and by far the most important. It is another key milestone on our safety journey. Again, outperforming. by far the ACM member average. Our main aim remains to ensure complacency doesn't creep in, that we never stop learning from our mistakes, and that we are diligent in applying these lessons. This morning, I heard a podcast on our results on AI. It did a great job, but one thing that caught my attention, they talked about safety, but then they did tie it to the next part of the presentation. Such lowers of levels of safety lead to operational excellence. It means you have more plant maintenance. It means your processing plants are working like they should. You could never achieve the level of operating excellence without operation, the safety statistics that we have. So it is for us our highest priority, but it also leads the way to operational excellence. I'm proud to report a strong set of numbers for Q4 and the full year. We set new records in cash flow earnings and dividend declarations. In the final quarter, we generated free cash flow of more than a billion dollars. That's the most ever and more than three times what we generated in the same quarter last year. As a result, we've declared $875 million to shareholders as a dividend in Q4 alone. What we can't control, we continue to control very well. That's clear, especially when you look at our managed operations with higher contributions from Sukari, Oboasi, Sigiri, Gaita, Terra Vanguardia. It's worth highlighting that we also produced 3.7 million ounces of silver at CVSA in Argentina. On the other side of the ledger, we saw lower production from Induprim and Sunrise Dam. Oboasi delivered a steady on-plan performance, with improvements in recoveries and tons treated. Total costs for managed operations were only up 5% on year. This is the fourth year in a row where our cash costs are lower than inflation and royalties. So, basically, we have had, in real terms, flat cash costs since 2021. The only company in the sector to have been able to achieve that. The cash flow of almost 3 billion was up 204% year-on-year, adjusted EBITDA growth 129%, and headline earnings were up 186%. The balance sheet is in excellent shape. Even after record dividend payments, we were able to turn 567 million of net debt at the end of 2024 to 879 million of net cash at the end of 2025. We have ample liquidity and no material near short-term maturities. We've been clear that shareholders who have patient, have been patient through the commodity cycle must see direct benefit from this improved performance that requires the guardrails of a clear capital allocation framework and a competitive dividend policy as a reminder we are one year into a new dividend policy it provides for a set of quarterly payouts of 12 and a half cents per share or around 63 million dollars It also provides for an annual true-up payment, bringing the payout to 50% of free cash flow. In Q2, we took the decision to make an additional payment of $350 million. That takes our Q4 dividend to $875 million and our total payout for 2025 to almost $2 billion. That approach takes us to a net cash zero at the end of 2025. It speaks to the strength of the cash flows from our business and to our confidence in the outlook as we pay out substantially all of the cash we generate this year. want to emphasize this point because that's always in the questions what are you going to do are you going to be too net cash positive and i think this is a statement of our confidence in the future but the fact that we bring net cash to zero at the end of 25 we will see what happens this year we will see what we do at the end of the next year but i think that we have set significant precedence in terms of how we deal with quarterly dividends. And I think this is another milestone for us. With Oboassi continuing to wrap up our tier one assets, now account for more than 70% of production and 80% of reserves. The 2025 results reflect the first full year consolidation of Sukari's operation with a significant impact on both our financial and operating performance. At the same time, our tier two assets continue to deliver strong results with margins well ahead of where our tier one mines were a year ago. A healthy margin and exceptional cash flow leverage are visible across the portfolio, reflecting an active management approach. Completion of the Cerro Grande sale on December 1st, 2025 will ensure we can further sharpen our focus on the core business. At Aboasi, we delivered what we said we would. producing 266 000 ounces up 20 year on year the result was supported by investment in ventilation material handling and better equipment availability that were working hard to sustain it also showed meaningful progress on our technical proof of concept underhand drift and field is working in the high grade zones and lateral development which is key to underhand drift and fill is advancing We were up actually 34% between Q1 of 2025 and Q4 of 2025 in lateral development. And that sets us in very good stage for our forecast and guidance for 2026. We aim to grow production again in 2026 to over 300,000 ounces, alongside a commensurate increase in cash flow contribution Just on the side, this Oboassi produced about $1,300 of free cash flow per ounce in 2025, which was double, for example, what Kibali, our non-managed operation, produced in 2025. It's quite a turn of events from what was happening four years ago. Sukari is a Tier 1 operation by every measure. Record delivery, strong margins, and exceptional operational stability. It also has a world-class operating team that has shown itself to be hungry to improve the asset and to benefit from being part of a larger business. They are thriving in a more competitive and supportive environment. 2025 was a record for Sukali, delivering its best-ever production and enormous cash flow. In fact, when you look at the net acquisition cost for sentiment after stripping out the sale proceeds for ABC and Oropo and the cash on the balance sheet, we generated almost a third of the purchase in our first year as owners. And the best is yet to come. The integration is fully complete. The full asset potential team has completed its first pass. We have identified a raft of opportunities to increase value from almost every perspective. We see opportunities, the most significant expanding the underground from 1.2 million tons moved to 2.3 on higher grade ore. We just need to develop a new portal and expand the fleet and we will talk about this in another asset, the impact of the most important idea that was uncovered in the full asset potential. But there were others, a small heap leach project, improved feed efficiencies, and better recoveries in the plan, just to name a few. From a geological perspective, the ore body is still open with potential to add ounces, and we will be increasing our budget for exploration, brownfield exploration, during 2026. Essentially, there's opportunity wherever we look. While we generated record cash flow, we are aggressively drilling to secure tomorrow. It is worth remembering that we have the industry's top exploration team. They continue to deliver exceptional exploration results across our portfolio, replacing depletion and upgrading resource confidence. This slide breaks down our mineral reserve numbers. We had another very strong return from our brownfield exploration program across a range of facets. We added 10 million new ounces of reserves, more than three times our depletion. And yes, Nevada added 4.9 with the first time reserve from Alpher, but it wasn't the only one. We also showed a good spread from our operating assets, about two more million after depletion, with net additions at Geita, Oboassi, Iduprim, Cuyaba, and Kibali. At Geita, which has been a particular focus for us, most of the 1.3 million ounces are in the open pit. Mining is a long-term game, and it's important to zoom out to look at the returns over time. Over the past few years, we've added almost 23 million ounces at an average cost of about $47 an ounce. That value is hard to beat. The holy grail for any gold company is a Tier 1 discovery in a low-risk jurisdiction with long life and strong growth potential. Our Arthur Gold Project is just that. What started only a few years ago A few years ago, as an ambitious exploration thesis in the BT district has now evolved into one of the largest and most significant greenfield is gold discoveries of this century in the US. Today, it transitions from a discovery into a major high return project. The first time mineral reserve of 4.9 million ounces is just the top of the iceberg, given the much bigger resource in the project area. I probably remind everyone that we complemented our original land position with three acquisitions that were very timely from Corvus, Coor and Augusta. And that really allowed us to consolidate what is probably the most important discovery and land position in Nevada in decades. Let's take a step back and look at the project. Arthur is a fully consolidated district scale opportunity comprising the Merlin and Silicon deposits. It's a large-scale continuous gold system. It features broadly disseminated mineralization alongside high-grade vein system with thickness reaching about 150 meters. The mineralized footprint is extensive, measuring approximately 2.7 kilometers by 1.3 kilometers. The deposit, which is largely oxide, is highly amenable to both mining methods and conventional processing. We see a clear geological connection between Merlin and Silicon. There's significant room for continued mineral resource expansion to the west of Merlin and down deep and to the north at Silicon. In fact, Merlin remains completely open to the west and south, and we have a drilling program underway to support further resource exploration. The study envisages a conventional oxide gold mill with carbon and leach. It features a three-stage crushing circuit with high-pressure grinding roll, along with a heat leach circuit for lower-grade material. It is as simple as it gets. No autoclaves, no double refractory ore, and so many of the others that is common in Nevada. So I'm sorry to say it's just a very simple project. This will be a conventional open pit operation using large-scale equipment. The fleet will include electric rope shovels with 60 cubic meter buckets and ultra class old trucks. Our pit facing is designed to target higher value near surface material early in the mine life to accelerate payback. The width of the ore zones and simple pit geometry will allow for wide mining benches and highly efficient straightforward mining layouts. Let's look at some of the main highlights of the study, noting that a lot more detail will be available on March 26 when we release our technical report summary. We start with the initial probable mineral reserve of 4.9 million ounces for Merlin, calculated at $1,950 an ounce. That's 88 million tons at 1.75 grams per ton. We expect to produce roughly 4.5 million ounces over an initial nine-year life of mine. Average production is around half a million ounces low, with this edging up towards 800,000 ounces in the early years. We estimate cash cost of around $780 an ounce, all-in sustaining at $950 an ounce. Initial project capital is estimated to be around $3.6 billion. noting that normal margin of error for a PFS stage study. Even using only these initial reserves and at long-term prices, which allows us to make an economic case and to move ahead with permitting, returns at this stage are well north of 20%. Obviously, as we will see in the next slides, the total returns of the project will be much, much higher. When you factory spot prices, okay, well, obviously, the returns are higher. When you consider the full resource potential, they're higher again. This project has, by almost any measure, the potential to be a defining asset for us and for Southern Nevada because the Merlin Reserve is mainly oxide. It avoids the technical complexity and the risk of refractory processing. Crucially, visibility-level environment, hydrological and community baseline studies are already underway. This would be highly competitive asset even with only the initial reserve in my life. But while the 4.9 of reserve is impressive on its own, there's an additional 6.5 million of mineral reserves at Merlin, and we are actively exploring the potential conversion in additional reserves. Actually, we plan for this year to target an additional 1.4 million ounces in line with the online drilling program. And there's significantly more in the years ahead, both from our defined resource base and from the ongoing exploration campaign in the area, which remains incredibly prospective. And by the way, all of these bubble charts that you see, we wouldn't envision at this stage additional CapEx required. We are essentially drawing from our current record cash flows to invest in a marquee asset to anchor our portfolio well into the 2050s. With that, I will hand over to Gillian to work through a record financial results and how a robust balance sheet supports this growth.