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    Adrian Hammond • Standard Bank Group

    Adrian Hammond's questions to Anglogold Ashanti PLC (AU) leadership

    Adrian Hammond's questions to Anglogold Ashanti PLC (AU) leadership • Q1 2025

    Question

    Adrian Hammond questioned the drivers of Sukari's cost performance, progress on its grid connection, the potential for Tier 2 assets to become Tier 1, and the dividend top-up frequency.

    Answer

    CFO Gillian Doran and CEO Alberto Calderon attributed Sukari's cost improvement to a change in waste stripping classification, higher grades, and strong cost control. They confirmed the grid connection is proceeding for 2026 and the new mining code awaits presidential approval. Calderon identified Cuiaba as a new Tier 1 asset and Siguiri as having Tier 1 potential. He also noted the dividend top-up frequency is under discussion but the current policy is an annual true-up.

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    Adrian Hammond's questions to Anglogold Ashanti PLC (AU) leadership • Q2 2024

    Question

    Adrian Hammond asked about the future potential of the full asset potential program to maintain cost competitiveness and inquired about the updated timeline for achieving higher production targets at the Obuasi mine.

    Answer

    CEO Alberto Calderon explained that the full asset potential program continues to yield significant benefits, citing a $100 million potential at Sunrise Dam, which should help counter inflation. Regarding Obuasi, he noted that accessing the high-grade Block 10 is key and is now expected later, likely in Q2 of the next year due to ventilation infrastructure needs, which will delay reaching production levels significantly above 300,000 ounces per year.

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    Adrian Hammond's questions to Anglogold Ashanti PLC (AU) leadership • H1 2024

    Question

    Adrian Hammond asked about the future potential of AngloGold Ashanti's cost reduction program, its ability to maintain cost competitiveness, the timeline for Obuasi reaching its production targets, and the potential for a credit rating upgrade.

    Answer

    CEO Alberto Calderon explained that the full asset potential program continues to yield significant benefits, such as a $100 million opportunity at Sunrise, which should help counter inflation and maintain competitiveness. He noted Obuasi's ramp-up to higher production levels is now tied to ventilation infrastructure completion in Q2 of next year. CFO Gillian Doran added that while dialogue with credit rating agencies is positive, they are cautious, noting Nevada is not yet operational and they do not factor in the current high gold price.

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