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    Christopher Nicholson • RMB Morgan Stanley

    Christopher Nicholson's questions to Anglogold Ashanti PLC (AU) leadership

    Christopher Nicholson's questions to Anglogold Ashanti PLC (AU) leadership • Q1 2025

    Question

    Christopher Nicholson asked how higher gold prices might impact mine plans, whether this influenced the Iduapriem decision, and for details on Cuiaba's production expansion.

    Answer

    CEO Alberto Calderon clarified that the company maintains a conservative reserve price to maximize margins and free cash flow, rather than processing lower-grade ore. He stated the Iduapriem decision was based on new geological understanding, not the gold price. He detailed that Cuiaba's production will grow to 300,000 ounces within 2-3 years by accessing deeper, higher-grade sections of the ore body.

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    Christopher Nicholson's questions to Anglogold Ashanti PLC (AU) leadership • Q2 2024

    Question

    Christopher Nicholson of RMB Morgan Stanley asked about plans for the anticipated strong second-half free cash flow, particularly regarding dividend increases, and sought confirmation that recent hedging was a one-off event.

    Answer

    CEO Alberto Calderon confirmed the hedging was an exceptional measure to de-risk the Brazil operations with no plans for renewal. Regarding cash flow, he stated the dividend policy remains a minimum 20% payout but signaled confidence for a full-year payout above that minimum, with excess cash likely returned to shareholders via dividends.

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    Christopher Nicholson's questions to Anglogold Ashanti PLC (AU) leadership • H1 2024

    Question

    Christopher Nicholson of RMB Morgan Stanley asked about capital allocation plans given the expectation for free cash flow to double in the second half, specifically regarding the potential for a higher dividend, and sought confirmation that the company's recent hedging was a one-off event.

    Answer

    CEO Alberto Calderon confirmed the recent hedges were an 'exception to the rule' due to prior uncertainty and there are no plans to renew them. Regarding capital allocation, he stated the dividend policy remains a minimum 20% payout but can go higher. He signaled confidence in a strong full year, suggesting the final dividend would 'most probably' be above the 20% minimum, but did not commit to a specific change in policy.

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