AngloGold Ashanti Plc

Good afternoon, welcome to the Anglo Gold Ashanti Q2 2026 earnings release. All participants are in a listen only mode. The 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.

Stuart Bailey Thanks very much, Judith. Good afternoon, good morning to everyone, depending on where you are, and welcome to our results for the second quarter and the first half of 2026. Alberta and Gillian will be presenting, but members of the executive team for any questions you might have. As always, we have a safe harbour statement at the front of the presentation, which has important information regarding forward-looking statements. And we would encourage you to read that. I'll hand over to Alberto.

Thank you, Stuart. I will start with safety. You will remember from our Q1 presentation that we had a tragic fatality out of Oasi on April 24. We suspended operations for two weeks to undertake a thorough investigation into the incident, and we are taking the necessary and important steps to prevent a recurrence. This kind of event validates the effort and resources that we spend every day to improve our safety performance. We do remain proud of the enormous strides we have made over the past five years, as you can see. Before we go into the quarter, Let's take a step back and look at the first half, which really, how are we doing after half a year? Production after stripping out the sale of Cerro Grande was more or less stable year on year at around one and a half million ounces. We had an exemplary cost performance again, managing controllable costs slightly lower in real terms. That is, if you strip away inflation, oil price, royalties, exchange rate, which is what we can't control, we once more are below that level of controllables. Once again, you see strong growth in EBITDA and earnings. Comparisons are not usually Nice, but probably we had the best EBITDA growth year on year of all of the large gold companies. Comfortably outstripping the rise in the gold price along with a more than doubling in cash flows. We made sure that shareholders both see the full benefit and see it right away with just under a billion dollars in dividends declared over six months. It's been an extraordinary period by any measure. As we look to Q2, there was a production impact from both Cerra Grande sale and the temporary safety suspension at Oboasi. On the positive side of the ledger, we had standard performances at Tropicana and Cuyabá. Total cash costs to the group were 1,480 per ounce once again, As with the half year, the macro context is critical. As I mentioned before, royalties, fuel, broad inflation, FX basically accounted for all of the increase. While this impact is driving cost inflation across the industry, our underlying operational discipline is firmly intact. And that discipline is why our financial metrics are so strong. We've ensured that earnings and cash flow grow well ahead of the gold price. EBITDA was up 46% to 2 billion. Headline earnings were 58% better at 1 billion. You can see our cash flows remain robust. Cash generated from operations grew 49% to 1.8 billion. As we expected, cash taxes more than doubled year over year to 542 million. This reflects not only our improved profitability, but also the timing of payments across our operating jurisdictions. Importantly, it is a seasonal peak. As we start reading the analyst reports, I think that that's probably something that needs to be adjusted because, for example, we do expect cash taxes to fall to less than half of that 542 million to about 230 to 250 in each of Q3 and Q4. So that points to an even stronger cash conversion over the remainder of the year. We continue to transform the balance sheet. Liquidity is ample at $4.2 billion underpinned by a net cash position of nearly $1 billion. To put that in perspective, we had a net debt position of $311 million just 12 months ago. This allows us to comfortably invest in our growth pipeline while ensuring our shareholders benefit from strong cash returns. This is an interesting graph, and we could make this one since 2021, but right now you're seeing since H1 of 2024. As we look at the broader industry landscape, it's clear that external market-driven factors have fundamentally reshaped cost profiles across the industry. Every operator is navigating the same intense macroeconomic pressures, Persistent inflation, fuel spikes and the impact of higher gold price link royalties. Our approach is not to passively accept them. We are relentlessly focused on executing what we can control. This chart provides important historical context of our cost performance. The gray bars represent our normalized costs. That is what our total cost would be if we simply accepted market inflation and royalty hikes and nothing else changed. However, through active mitigation strategies implemented across our portfolio, we have managed to partially offset these macro factors. This is reflected in the orange parts, which represents the total cash costs we actually reported, proving our ability to consistently outperform these macro inflated baselines. Through rigorous operational discipline and our full asset potential program, we have successfully compensated not only for the increase due to these external factors, but also for normal changes in grade and mining further from infrastructure that is inevitable. Ultimately, by decoupling our controllable operating costs from these escalating market headwinds, we ensure that the full benefit of record gold prices flows directly to the bottom line, maximizing free cash flow and driving our sector-leading yields. Our Tier 1 assets are the core growth and cash engine of the group, accounting for over 70% of total production at an exceptional 71% cash market. These assets hold approximately 80% of our middle reserves, underscoring the structural long-term quality of our global portfolio. Our Tier 2 assets continue to serve as reliable cash generators delivering a solid 58% margin with ongoing focus on operational discipline and cost competitiveness. This combined asset structure provides superior cash flow leverage to the higher gold price environment while maintaining the quality foundation needed to keep us firmly on track for full year guidance. The high-quality portfolio we just walked through is not static. We are fortunate to have an emerging slate of low-risk, capital-efficient, and potentially very high-return brownfield and greenfield opportunities. These projects underscore what I've said repeatedly. While we always scan the landscape for value-adding M&A, the best opportunities for us lie within our portfolio. Nevada has anticipated to become a significant production center for the company in the early 2030s. we're advancing to full feasibility study at Arthur. But even at our existing operation, we have options with the potential to add between 10% to 15% to our current production profile in the next three years, all from our existing operations. There are various opportunities identified through leveraging our established strategic asset review and option analysis processes. Key operational focus areas include additional ore sources and processing plant expansions aimed at sustainably improvement on current production bottlenecks at Cuiabá, Gaita, Sigüiri, Oboase and Zucari. We are currently advancing high-value exploration opportunities, priority studies and project implementations all around the pipeline with a new, more agile, fast-track project framework. I will give a detailed update of these growth projects in Q3. This is what disciplined capital allocation looks like, taking part of a record free cash flow and reinvesting in its low risk, high return opportunities that will optimize the value we can deliver from a world class or bodies. We are pre-funding the health and expansion of these assets today, ensuring they remain highly profitable cash generators well into the next decade. On dividends, it is worth having a quick reminder of our dividend policy. It provides for quarterly payout of 12.5 cents a share, It also provides for an annual true up payment, bringing the pay up to 50% of free cash flow. We again use discretion to make that true up at the half year, underlining not only the extraordinary cash flow generation, but also our confidence in the outlook of the business. That takes our dividend declaration for the half year to $949 million with $364 million declared in Q2. This remains one of the most generous yields in the sector, and as normal, we expect a strong second half. When you look at our overall capital allocation framework, you can see it working precisely as intended. Our portfolio is well capitalized and is performing consistently to plan. Our balance sheet is the strongest it's ever been. We're delivering sector-leading returns with one of the industry's most attractive yields We've shown an investment forward approach with more frequent dividend payments. In April, we executed a buyback of our outstanding bonds, retiring $666 million of our 28 and 30 notes. That's another reduction in our longer-term financing risk and a clear improvement in our strategic flexibility. That position was welded to deploy excess liquidity into a $2 billion open market share buyback program. Shareholders approved the program last week and we're now waiting approval from the South African Reserve Bank. Again, if you step back, this is a business with a predictable operating base and unrivaled project pipeline and a balance sheet that will stand us in good stead in whatever market we encounter. With that, I hand over to Gillian.