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ANGLOGOLD ASHANTI LIMITED - Market update report for the quarter ended 30 September 2021

Release Date: 08/11/2021 07:05
Code(s): ANG     PDF:  
Wrap Text
Market update report for the quarter ended 30 September 2021

AngloGold Ashanti Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
Share codes:
ISIN: ZAE000043485
JSE: ANG
NYSE: AU
ASX: AGG
GhSE: (Shares) AGA
GhSE: (GhDS) AAD


Market update report for the quarter ended 30 September 2021


Johannesburg, 8 November 2021 - AngloGold Ashanti Limited ("AngloGold Ashanti" or the "Company") is pleased
to provide its selected financial and operational update for the three-month period ended 30 September 2021.

The Company registered an improved operating quarter from its producing assets(*) versus the prior quarter,
reporting production and cost improvements, underpinned by higher underground grades. The investment programme
to extend mine lives and enhance operating flexibility, continued to make progress. Production and costs for 2021
are expected to be in line with revised guidance.

The year-on-year performance, which saw costs rise and production decline from the third quarter of 2020, was
impacted by the voluntary suspension of underground mining activities at Obuasi in May, lower grades at certain
operations, inflationary effects, and the ongoing impacts of COVID-19.

Newly appointed CEO Alberto Calderon has prioritised reductions in all costs, improvements in operating and
capital efficiencies and the implementation of a new operating model to ensure accountability and operational
consistency and to enhance the Company's positioning through the cycle.

"We must put in place the right foundation for long-term success, and the most crucial part of that is an operating
model which prioritises efficiency, agility and accountability," Calderon said. "My immediate aim is to ensure that we have
the right people, in the right places, making the right decisions, to provide better outcomes."

AngloGold Ashanti remains focused on its strategy to create long-term value by improving the quality of its portfolio and
production base, whilst maintaining a strong balance sheet.

A new $750m bond was issued at a record-low coupon in October 2021 and the proposed acquisition of Corvus Gold
Inc., for which a definitive agreement was signed in September 2021, provides the opportunity to establish a
meaningful, low-cost production base in Nevada.

The balance sheet remains in a solid position, with approximately $2.5bn in liquidity, including cash of $1.1bn at
the end of September 2021.

"Doing the basics right, will help us realise production and cost improvements. By empowering the line, our operators will have 
the organisational clarity and resources - and also the clear accountability - to deliver on their mine plans." said Calderon.

(*) Excludes Obuasi

THIRD QUARTER 2021 HIGHLIGHTS

- Operating model introduced to eliminate inefficiencies, improve performance and ensure accountability

- Operating trend stabilised, with quarter-on-quarter improvement in costs and production; further improvements anticipated 
  in the fourth quarter of 2021

- Definitive agreement to acquire Corvus Gold Inc. signed in September 2021 to secure Tier 1 production opportunity in Nevada
 
- Balance sheet flexibility further improved by a $750m bond issue at a record low coupon of 3.375% per annum
 
- Reinvestment programme on track to grow Ore Reserve and production, at lower costs over the medium to long term

SALIENT FEATURES

 -  Production of 613,000oz in Q3 2021 up 5% quarter-on-quarter, excluding Obuasi
 -  Obuasi resumed underground mining activities in mid-October 2021
 -  Underground grade improved 6% quarter-on-quarter as reinvestment initiatives progress
 -  Total cash costs down 8% quarter-on-quarter from $1,006/oz in Q2 2021 to $927/oz in Q3 2021; All-in sustaining costs down 1% 
    quarter-on-quarter from $1,380/oz in Q2 2021 to $1,362/oz in Q3 2021
 -  Adjusted EBITDA improved 5% quarter-on-quarter from $427m in Q2 2021 to $448m in Q3 2021; Adjusted EBITDA margin of 47% in Q3 2021
 -  Adjusted net debt to Adjusted EBITDA ratio of 0.43 times
 -  Cash flow from operating activities increased 8% quarter-on-quarter from  $318m in Q2 2021 to $342m in Q3 2021; free cash inflow 
    of $17m in Q3 2021
 -  Quebradona Mining Operations License approved. Official notification received from authorities of decision to 'archive' the  environmental 
    licensing application. Licensing process to continue per 26 October 2021 announcement, new submission likely to add 18 to 24 months to the
    licensing process
 -  On track to meet revised guidance ranges for 2021

Financial and Operating Report
for the three months ended 30 September 2021

GROUP - Key statistics
                                                                                              Quarter     Quarter     Nine months     Nine months
                                                                                                ended       ended           ended           ended
                                                                                                  Sep         Sep             Sep             Sep
                                                                                                 2021        2020            2021            2020
                                                                                                  US Dollar / Imperial
Operating review
Gold
  Produced                                                                      - oz (000)        613         741           1,813           2,064
  Sold                                                                          - oz (000)        611         733           1,825           2,098
Financial review
  Price received per ounce *                                                    - $/oz          1,785       1,917           1,796           1,743
  Total cash costs per ounce *                                                  - $/oz            927         755             977             765
  All-in sustaining costs per ounce *                                           - $/oz          1,362       1,006           1,343           1,004
  All-in costs per ounce *                                                      - $/oz          1,631       1,105           1,558           1,140
  Gold income                                                                   - $m              953       1,164           2,864           3,082
  Cost of sales                                                                 - $m              692         649           2,091           1,939
  Total cash costs                                                              - $m              564         505           1,727           1,450
  Adjusted EBITDA *                                                             - $m              448         741           1,323           1,777
  Free cash inflow (outflow) *                                                  - $m               17         336              (8)            513
  Adjusted net debt *                                                           - $m              871         878             871             878
  Adjusted net debt to Adjusted EBITDA                                          - times          0.43        0.38            0.43            0.38
  Capital expenditure (including equity-accounted joint ventures)               - $m              306         146             767             492

* Refer to the "Glossary of Terms and Abbreviations—Glossary of Terms and Non-GAAP Metrics" in the Company's annual financial statements 
  for the year ended 31 December 2020, for definitions.
$ represents US Dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

The information on this page and in the Financial and Operating Report related to the three-month period ended 30 September 2020 and the nine-month period ended
30 September 2020 is based on the continuing operations of the AngloGold Ashanti group, unless otherwise indicated. The South African producing assets and related
liabilities, which were sold on 30 September 2020, are recorded as discontinued operations. For a breakdown of results between continuing and discontinued
operations, refer to the comprehensive table on page 2.

GROUP - Operating and Financial review
                                                                                              Quarter     Quarter     Nine months     Nine months
                                                                                                ended       ended           ended           ended
                                                                                                  Sep         Sep             Sep             Sep
                                                                                                 2021        2020            2021            2020
                                                                                                        US Dollar / Imperial
Operating review
Gold
  Produced - Total                                                              - oz (000)        613         837           1,813           2,306
  Produced from continuing operations                                           - oz (000)        613         741           1,813           2,064
  Produced from discontinued operations                                         - oz (000)          —          96               —             242

  Sold - Total                                                                  - oz (000)        611         826           1,825           2,341
  Sold from continuing operations                                               - oz (000)        611         733           1,825           2,098
  Sold from discontinued operations                                             - oz (000)          —          93               —             243

Financial review
  Price received per ounce from continuing and discontinued operations          - $/oz          1,785       1,904           1,796           1,733
  Price received per ounce from continuing operations                           - $/oz          1,785       1,917           1,796           1,743
  Price received per ounce from discontinued operations                         - $/oz              —       1,807               —           1,650

  All-in sustaining costs per ounce from continuing and discontinued
  operations *                                                                  - $/oz          1,362       1,044           1,343           1,035
  All-in sustaining costs per ounce from continuing operations                  - $/oz          1,362       1,006           1,343           1,004
  All-in sustaining costs per ounce from discontinued operations                - $/oz              —       1,324               —           1,296

  All-in costs per ounce from continuing and discontinued operations *          - $/oz          1,631       1,139           1,558           1,165
  All-in costs per ounce from continuing operations                             - $/oz          1,631       1,105           1,558           1,140
  All-in costs per ounce from discontinued operations                           - $/oz              —       1,394               —           1,367

  Total cash costs per ounce from continuing and discontinued
  operations *                                                                  - $/oz            927         801             977             807
  Total cash costs per ounce from continuing operations                         - $/oz            927         755             977             765
  Total cash costs per ounce from discontinued operations                       - $/oz              —       1,140               —           1,149

  Adjusted EBITDA from continuing and discontinued operations *                 - $m              448         803           1,323           1,899
  Adjusted EBITDA from continuing operations                                    - $m              448         741           1,323           1,777
  Adjusted EBITDA from discontinued operations                                  - $m                —          62               —             122

  Adjusted net debt from continuing operations *                                - $m              871        878              871             878
  Free cash inflow (outflow) *                                                  - $m               17        336               (8)            513
  Capital expenditure from continuing operations (including equity-
  accounted joint ventures)                                                     - $m              306        146              767             492

Notes: Discontinued operations refer to the following South African operations: Mponeng, Mine Waste Solutions and Surface sources.

* Refer to the "Glossary of Terms and Abbreviations—Glossary of Terms and Non-GAAP Metrics" in the Company's annual financial statements for 
  the year ended 31 December 2020, for definitions.
$ represents US Dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

OPERATING AND FINANCIAL REVIEW - CONTINUING OPERATIONS

Production
Production for the third quarter of 2021 was 613,000oz at a total cash cost of $927/oz, compared to 741,000oz at a total cash cost of $755/oz
for the third quarter of 2020. AngloGold Ashanti recorded a 5% quarter-on-quarter increase in production, after adjusting for the temporary
suspension of underground mining activities at Obuasi. The Company recorded quarter-on-quarter production improvements across most of
the mines, with strong performances at Siguiri (+14%), AGA Mineracao (+14%) and Tropicana (+8%). Steady production performances were
recorded at Kibali, Cerro Vanguardia, Geita and Sunrise Dam. The Company's improved production performance, excluding Obuasi, was
underpinned by a 1% increase in quarter-on-quarter tonnes processed and a 4% quarter-on-quarter increase in average recovered grade.
Underground grade improvements were recorded (+6% quarter-on-quarter) during the third quarter of 2021 at the Company's larger assets:
Geita (+19%), Sunrise Dam (+15%) and AGA Mineracao (+6%). Production for the third quarter of 2021 was impacted by an estimated
4,000oz due to COVID-19.

Costs
Total cash costs for the third quarter of 2021 were $927/oz compared with $755/oz in the third quarter of 2020. Total cash costs improved by
8% from $1,006/oz in the second quarter of 2021 to $927/oz in the third quarter of 2021, mainly due to higher production from producing
assets, and lower operating costs.

All-in sustaining costs (AISC) for the third quarter of 2021 were $1,362/oz compared with $1,006/oz in the third quarter of 2020, mainly due to
a 27% increase in sustaining capital expenditure and higher cash costs. AISC in the third quarter of 2021 included an estimated $20/oz
impact due to COVID-19 and an estimated $94/oz impact relating to the Brazilian tailings compliance programme.

AISC declined by $18/oz quarter-on-quarter, from $1,380/oz in the second quarter of 2021 to $1,362/oz in the third quarter of 2021, mainly as
a result of lower cash costs, and higher gold sold. This decrease was partially offset by higher sustaining capital expenditure, primarily as a
result of the tailings compliance programme in Brazil, the planned reinvestment objectives across the portfolio and COVID-19 impacts.

Earnings
Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) increased 5% quarter-on-quarter to $448m in the
third quarter of 2021, from $427m in the second quarter of 2021. The increase in Adjusted EBITDA was underpinned by more gold sold and
lower operating costs, partially offset by the lower gold price received and higher exploration costs.

Cash Flow
Net cash inflow from operating activities increased 8% quarter-on-quarter to $342m in the third quarter of 2021, compared to $318m in the
second quarter of 2021. This increase was mainly due to higher gold sold, lower cash taxes and higher dividends received from joint
ventures, partially offset by higher working capital outflows and the lower gold price.

For the third quarter of 2021, the Company recorded a free cash inflow of $17m, compared to an inflow of $66m in the second quarter of
2021. Free cash flow was lower mainly as a result of higher capital expenditure recorded in the third quarter of 2021 as the Company
progressed its key investments across the portfolio.

AngloGold Ashanti received dividends of $53m from Kibali (Jersey) Limited in the third quarter of 2021. Cumulative dividend receipts
received from Kibali (Jersey) Limited for the nine months ended 30 September 2021 were $124m. At the end of September 2021, the
Company's attributable share of the outstanding cash balances awaiting repatriation from the Democratic Republic of the Congo (DRC) was
$512m. The cash and cash equivalents held at Kibali are subject to various administrative steps before they can be distributed to the joint
venture partners and are held across three banks in the DRC, including two domestic banks. The cash is fully available for Kibali's
operational requirements. Barrick Gold Corporation, the operator of the Kibali joint venture, continues to engage with the DRC government
regarding the 2018 Mining Code and the cash repatriation.

Free cash flow was further impacted by continued lock-ups of value added tax (VAT) at Geita and Kibali and export duties at Cerro
Vanguardia (CVSA):
  -  In Tanzania, the Company calculates that net overdue recoverable VAT input credit refunds owed to it by the Tanzanian
     government increased by $8m during the third quarter of 2021 to $152m at 30 September 2021 from $144m at 30 June 2021
     despite off-setting $7m against corporate tax payments in September 2021. The Company will continue offsetting verified VAT
     claims against corporate taxes.
  -  In the DRC, the Company calculates that its attributable share of the net recoverable VAT balance owed to it by the DRC
     government remained unchanged during the third quarter of 2021 at $74m at 30 September 2021.
  -  In Argentina, the Company recorded no net change in the export duty receivables during the first nine months of 2021, which
     remained at a net amount of $23m at 30 September 2021. Cerro Vanguardia had a cash balance equivalent to $147m at 30 September 2021, 
     of which $140m is currently eligible to be declared as dividends. Application has been made to the Argentinean Central Bank to 
     approve $140m to be paid offshore. While the approval is pending, the cash remains fully available for Cerro Vanguardia's 
     operational requirements.

Free cash flow before growth capital - the metric on which dividends are calculated - was $111m in the third quarter of 2021, compared to
$149m for second quarter 2021, mainly due to higher sustaining capital expenditure in line with the tailings compliance programme in Brazil
and the planned reinvestment objectives across the portfolio.

Balance Sheet
The ratio of Adjusted net debt to Adjusted EBITDA was 0.43 times at 30 September 2021 from 0.37 times at 30 June 2021. The Company
remains committed to maintaining a flexible balance sheet with an Adjusted net debt to Adjusted EBITDA target ratio not exceeding 1.0 times
through the cycle. At 30 September 2021, the balance sheet remained robust, with strong liquidity comprising the $1.4bn multi-currency
revolving credit facility (RCF) of which $1,357m was undrawn, the $143m Geita RCF of which $34m was undrawn, the South African R500m
($35m) RMB corporate overnight facility which was undrawn, and cash and cash equivalents of approximately $1.1bn, while the $65m Siguiri
RCF was fully drawn. On 22 October 2021, a new $750m bond was issued by AngloGold Ashanti Holdings plc, which is fully and
unconditionally guaranteed by AngloGold Ashanti Limited, with a 7-year tenor at a record low coupon for the Company of 3.375% per annum.
The proceeds from the new bond are intended to be used to fund the repurchase of the $750m, 5.125% notes due 2022 through a cash
tender offer followed by the redemption of any remaining notes.

Capital Expenditure
Capital expenditure activities such as waste stripping at Tropicana, Iduapriem and Sunrise Dam's Golden Delicious pit continued and
remained on track. At Geita, the underground portal development at Geita Hill East progressed and mining operations started at the
Nyamulilima open pit. In Brazil, the Company continued its investment to convert existing tailings storage facilities (TSFs) to dry-stack
facilities at all mine sites, in a market characterised by increased competition for skills and engineering resources due to the COVID-19
pandemic and the industry requirements to meet regulatory deadlines for the decommissioning of TSFs.

Total capital expenditure (including equity-accounted joint ventures) increased by 22% quarter-on-quarter to $306m in the third quarter of
2021, compared to $251m in the second quarter of 2021. This increase was largely due to a 27% increase in sustaining capital expenditure
to $213m in the third quarter of 2021, from $168m in the second quarter of 2021. Total growth capital expenditure increased by 12% to $93m
in the third quarter of 2021 compared to $83m in the second quarter of 2021. The strategy of improving operating flexibility through
investment in Ore Reserve development and Ore Reserve expansion at sites with high geological potential over the next two years, remains
a key priority and is reflected in the higher sustaining capital expenditure recorded in the third quarter of 2021.

Operating Model Change and Organisational Model Change
AngloGold Ashanti is currently pursuing a transformation project through the implementation of a new Operating Model. The proposed model
seeks to:
  -  Empower the re-designed Business Units and have the right skills to achieve their objectives;
  -  Create clear accountability, with the right people at the right level, making the right decisions;
  -  Provide a clear mandate for the Corporate functions to set and govern minimum requirements for Business Units to deliver;
  -  Remove activity duplication, ensuring functional roles are aggregated at only two levels in the organisation; and
  -  Leverage group-wide expertise and scale where needed, supporting operations to deliver on their plans.

It is anticipated that the organisational re-design will help optimise the size of the organisation, eliminate inefficiencies, including duplication
of roles. It will better align the objectives of the Business Units with AngloGold Ashanti's overarching strategy, our values and our mandatory
commitments, while assigning clear accountability for it. We expect to develop specific targets embedded in these initiatives to ultimately
measure the success of the new Operating Model. The Company expects to complete the Operating Model re-design by the end of this year
and implement it in the first quarter of 2022.

Obuasi Review
On 30 September 2021, the Company announced that underground ore mining at the Obuasi gold mine in Ghana was expected to resume
by mid-October 2021. The first stope blast took place on 15 October 2021. For the remainder of this year, underground ore will only be used
to replenish the run-of-mine stockpile. Gold production from underground ore sources is expected to re-start only in January 2022. The safe
ramp-up to the full mining rate of 4,000 tonnes per day is expected to be achieved by the end of the first half of 2022. Underground mining
activities at Obuasi were voluntarily suspended following a sill pillar failure on 18 May 2021, which resulted in one fatality.

A comprehensive series of protocols has been introduced to supplement existing operating procedures at the Obuasi mine. These protocols,
which have been integrated into the mine operating system, include scheduled audits to ensure the accuracy and diligence in probe drilling
and the implementation of the revised plan. External consultants will continue their review of future mining areas. It is estimated that these
supplementary operating procedures will add about $10 to $20 per tonne to the mine's operating costs, or about $50/oz. There is no material
change to the mine plan or to Obuasi's published Ore Reserve and Mineral Resource.

During the third quarter of 2021, underground development and work related to the Obuasi redevelopment project continued to progress.
Phase 2 construction was substantially complete at the end of June 2021. Phase 3 of the project, which relates principally to extended capital
expenditure to refurbish existing infrastructure around the KMS Shaft, as well as to service the mine in deeper production areas, has
progressed during the third quarter of 2021 and will continue as planned through to the end of 2023.

 Summary of three months-on-three months and nine months-on-nine months operating and cost variations:

                                                                                                   % Variance                            % Variance
                                                                                      % Variance        three                                  Nine 
                                                       Three      Three      Three         three    months vs        Nine         Nine    months vs 
                                                      months     months     months     months vs   prior year      months       months   prior year 
                                                   ended Sep  ended Jun  ended Sep   prior three        three   ended Sep    ended Sep         nine
Particulars                                             2021       2021       2020        months       months        2021         2020       months
 Operating review (Gold)
 Production from continuing operations (kozs) (1)        613        613        741             —          (17)      1,813        2,064          (12)
 Production from discontinued operations (kozs)            —          —         96             —         (100)          —          242         (100)
 Production from continuing and discontinued
 operations (kozs)                                       613        613        837             —          (27)      1,813        2,306          (21)

 Financial review

 Gold price received per ounce ($/oz)                  1,785      1,814      1,917            (2)          (7)      1,796        1,743            3
 Total cash costs per ounce ($/oz) (4)                   927      1,006        755            (8)          23         977          765           28
 Corporate & marketing costs ($m) (2)                     18         21         17           (14)           6          55           53            4
 Exploration & evaluation costs ($m)                      53         29         34            83           56         114           90           27
 Capital expenditure ($m)                                306        251        146            22          110         767          492           56
 All-in sustaining costs per ounce ($/oz) (3)(4)       1,362      1,380      1,006            (1)          35       1,343        1,004           34
 All-in costs per ounce ($/oz) (3)(4)                  1,631      1,596      1,105             2           48       1,558        1,140           37
 Adjusted EBITDA ($m) (4)                                448        427        741             5          (40)      1,323        1,777          (26)
 Net cash inflow from operating activities ($m)          342        318        694             8          (51)        809        1,244          (35)
 Free cash flow ($m) (4)                                  17         66        336           (74)         (95)         (8)         513         (102)

(1) Includes Obuasi.
(2) Includes administration and other expenses.
(3) World Gold Council standard.
(4) Refer to the "Glossary of Terms and Abbreviations—Glossary of Terms and Non-GAAP Metrics" in the Company's annual financial statements 
    for the year ended 31 December 2020, for definitions.

Rounding of figures may result in computational discrepancies.

2021 REVISED GUIDANCE ON TRACK

For the remainder of the year, the Company will continue its reinvestment programme as it pursues key growth-driven brownfields projects
across the portfolio. Key risks facing the business include the continued spread of COVID-19, higher-than-normal employee turnover rates
and inflationary pressures. AngloGold Ashanti is working closely with its employees on retention of critical skills, as well as strengthening the
necessary training and graduate programmes for succession planning. Inflationary pressures are becoming evident, and the business is working 
proactively to mitigate this impact through its Operational Excellence programme and the introduction of the new Operating Model in 2022.

Cumulative inflation for the current year to date is estimated to be around 5% for the Group as a whole, predominantly driven by the current
level of the Brent crude oil price, higher freight and logistic costs, higher steel and heavy equipment pricing, some bulk consumable pricing
and competition for scarce resources, particularly labour in key jurisdictions including Brazil and Australia. The Company continues to
proactively monitor global supply chains to maintain resilience and continuity of supply and did not have any material negative impacts in the
third quarter of 2021 relating to shortfall in supply. Due to the Company's strategic partnerships on global spend categories, as well as
stocking strategies at its operations, it has benefitted from a delayed inflation impact, however, it has increasingly seen cost increases in the
third quarter of 2021 and anticipates continued pressure throughout the remainder of 2021 and into 2022.

The Company's tailings facilities in Brazil are currently being converted to dry-stacking operations in advance of the decommissioning of our
existing TSFs in Brazil. This programme, which is taking place amidst the COVID-19 pandemic leading to increased competition for skills and
engineering resources, has resulted in an increase in the investment planned to complete the conversion by the legal deadline. The
Company currently estimates that the capital expenditures required in 2021 to implement this new technology will not exceed $150m. Capital
expenditures for this work during the period 2022-2025 are expected to be material but, based on preliminary estimates to date, the
Company anticipates that annual expenditures for each of these years will be significantly less than in 2021 and will decline over time.

Group guidance, which was revised earlier this year, remains on track with production at 2.45Moz to 2.60Moz, tracking at the bottom end of
the range; total cash cost of $890/oz to $950/oz and AISC of $1,240/oz to $1,340/oz, both tracking at the top end of the range; and capital
expenditure of $1,030m to $1,190m. The revised guidance does not include any production contribution from Obuasi for the second half of
2021 as underground ore will only be used to replenish the run-of-mine stockpile after restarting underground ore mining in mid-October 2021.

Revised guidance excludes any impact on production and costs relating to the COVID-19 pandemic. For the year to date, the COVID-19
impact on production and AISC was estimated at 47,000oz and $43/oz, respectively (including $20/oz related to estimated additional cost
impacts and $23/oz related to estimated lost production).

2021 Revised Guidance
Production (000oz)                                                                                                               2,450 - 2,600
               All-in sustaining costs ($/oz)                                                                                    1,240 - 1,340
Costs
               Total cash costs ($/oz)                                                                                             890 - 950
               Total ($m)                                                                                                        1,030 - 1,190
Capital        Sustaining capital expenditure ($m)                                                                                 700 - 800
expenditure
               Non-sustaining capital expenditure ($m)                                                                             330 - 390
Overheads      Expensed exploration and study costs ($m)                                                                           175 - 195
Depreciation and amortisation ($m)                                                                                                    505
Interest and finance costs - income statement ($m)                                                                                    120
Other operating expenses ($m)                                                                                                          90

Economic assumptions for 2021 are as follows: $/A$0.75, BRL5.30/$, AP96.00/$, ZAR14.75/$; and Brent $71/bbl.

Production, cost and capital expenditure forecasts include existing assets as well as the Quebradona and Gramalote projects that remain subject to approval,
Mineral Resource conversion and high confidence inventory. Cost and capital forecast ranges are expressed in nominal terms. In addition, production, cost and
capital expenditure estimates assume neither operational or labour interruptions (including any further delays in the ramp-up of the Obuasi Redevelopment
Project), or power disruptions, nor further changes to asset portfolio and/or operating mines (except as described above) and have not been reviewed by our
external auditors. Other unknown or unpredictable factors could also have material adverse effects on our future results and no assurance can be given that any
expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at our operations together with our business continuity plans aim
to enable our operations to deliver in line with our production targets. We, however, remain mindful that the COVID-19 pandemic, its impacts on communities and
economies, and the actions authorities may take in response to it, are largely unpredictable. Actual results could differ from revised guidance and any deviation
may be significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2020 and the
Risk Factors section in AngloGold Ashanti's Prospectus Supplement dated 19 October 2021, each filed with the United States Securities and Exchange Commission (SEC).

SAFETY UPDATE
The Company recorded a fatality-free third quarter of 2021.

The All-injury frequency rate (AIFR), the broadest measure of workplace safety, increased to 2.15 injuries per million hours worked for the
quarter ended 30 September 2021, compared to 1.18 injuries per million hours worked in the quarter ended 30 September 2020. AIFR
measures workplace safety in terms of the total number of injuries and fatalities that occur per million hours worked (by employees and
contractors). The increase in AIFR is largely due to an increase in low consequence incidents, particularly at the Australian operations and
Obuasi. Actions have been introduced to address this recent increase.

From a benchmarking perspective, the Company's AIFR for the quarter and nine months ended 30 September 2021 is well aligned with the
ICMM member companies' average and with our peer companies. Our safe production strategy continues at all operations, with a focus on
intensifying our employees' focus on safety practices in all workplaces in an effort to continue and sustain AngloGold Ashanti's safety
improvement.

The major focus of the Company remains to eliminate high consequence incidents, such as fatalities and high potential incidents (HPIs).
HPIs reduced by 23% in the third quarter of 2021 compared to the same quarter in 2020.

COVID-19
AngloGold Ashanti continues to respond to the evolving COVID-19 pandemic, including the multiple waves of the outbreak in different
countries and the surge of new variants of the virus, while contributing to the global effort to stop the spread of the virus and provide 
public health and economic relief to local communities. Operations continue to implement and strengthen controls on-site and in communities,
including facilitating access to vaccines. We continue to monitor the pandemic and update guidelines and response plans to ensure
preparedness while maintaining programmes for awareness, prevention, surveillance, early detection and control at group and site level.

All operations now have access to vaccines. We believe that about 45% of the workforce has received at least one vaccine dose, and 29% of
the workforce was fully vaccinated, each at the end of September 2021. While infection rates have largely declined, some travel restrictions
and shortage of critical skills continue to challenge operations in Australia, Brazil and Ghana, albeit at varying levels. Absenteeism due to
isolation and quarantine procedures related to COVID-19 has also declined. For example, at our Brazilian operations currently an average of
about 30 people are absent per day compared to peaks of more than 300 people per day in the first quarter of 2021.

Cerro Vanguardia continues to operate at between 60% to 80% mining capacity due to ongoing inter-provincial travel restrictions in
Argentina, which continue to prevent certain employees from travelling to this remote site, hampering normal crew rotations. The
government-imposed lockdowns, quarantines and travel restrictions in Argentina have necessitated an expansion of on-site accommodation
to facilitate increased numbers of people on site for longer periods of time.

The impact on production from COVID-19 was estimated at 4,000oz in the third quarter of 2021 and 47,000oz for the year to date. The
COVID-19 impact on AISC was estimated at $20/oz (including $13/oz related to estimated additional cost impacts and $7/oz related to
estimated lost production) in the third quarter of 2021 and $43/oz (including $20/ oz related to estimated additional cost impacts and 
$23/oz related to estimated lost production) for the year to date.

OPERATING HIGHLIGHTS

The Africa region produced 348,000oz at a total cash cost of $858/oz for the quarter ended 30 September 2021, compared to 411,000oz at
a total cash cost of $717/oz for the quarter ended 30 September 2020. The region's AISC was $1,119/oz for the quarter ended 30 September 2021, 
compared to $903/oz for the same period last year.

In Ghana, Iduapriem's production was 48,000oz at a total cash cost of $1,031/oz for the quarter ended 30 September 2021, compared to
69,000oz at a total cash cost of $646/oz in the same period last year. Production was impacted by lower grades from the depletion of ore in
Cut 1 and delayed waste stripping at Cut 2 of the Teberebie pit. The higher total cash costs were partly offset by a significant amount of
waste stripping capitalised at Teberebie Cut 2 in the third quarter of 2021 compared to the same period in the prior year, together with a
decrease in royalties due to a lower gold price received and lower volumes sold.

At Obuasi, underground mining activities were suspended between 18 May 2021 and 15 October 2021 following a fatal incident in the
second quarter of 2021. Obuasi produced 13,000oz during the quarter ended 30 September 2021, compared to a production of 47,000oz in
the same period last year. Production for the quarter focused on residue material from Pond 2 sediment and Boete tailings clean-ups. Phase
3 of the redevelopment project, to refurbish existing infrastructure around the KMS Shaft as well as to service the mine in deeper production
areas, has progressed during the third quarter of 2021 and will continue as planned through to the end of 2023.

In Tanzania, Geita produced 126,000oz at a total cash cost of $764/oz for the quarter ended 30 September 2021, compared to 152,000oz at
a total cash cost of $628/oz in the same period last year. The lower production, year-on-year was due to lower grade ore from Nyankanga
and Geita Hill open pit stockpiles being included with the underground ore in feed blend to the plant, resulting in an overall reduction in grade
recovered in the current year.

The majority of ore production during this quarter was from the Star & Comet and Nyankanga underground operations. The new Nyamulilima
open pit delivered first ore to the processing plant during the third quarter of 2021, a milestone achieved three months ahead of plan. Ore
supplied from Nyamulilima is expected to increase during the fourth quarter of the year and is expected to contribute around 50% of Geita's
gold production by the end of 2022. Nyamulilima together with Star & Comet, Nyankanga underground operations, and the new Geita Hill
underground operation which is planned to be commissioned in 2022, are expected to result in Geita being able to generate an annual
production of 500,000oz from 2022 onwards. Total cash costs increased mainly due to lower grades, together with the depletion of ore
stockpiles in the current year compared to an increase in ore stockpiles during the same period last year. These movements were partly
offset by lower royalty costs and improved efficiencies in that more open pit tonnes were mined in the third quarter of 2021 at a lower rate per
tonne than that of the same period in the prior year.

In the Republic of Guinea, production improved with Siguiri delivering 67,000oz at a total cash cost of $1,181/oz for the quarter ended
30 September 2021, compared to 52,000oz at a total cash cost of $1,197/oz in the same period last year. The increase in production is due
to a lower stripping ratio and a 24% improvement in recovered grade which is attributable to improved plant recoveries as a result of CIL
conversion in the last quarter of 2020. Higher operating costs, due to price increases particularly in fuel and reagents, planned component
replacement of mining contractor equipment, metal inventory movements, and higher royalties from additional volume sold in the third
quarter of 2021, were more than offset by higher grades and additional volumes produced resulting in total cash costs closing lower year-on-year.

In the DRC, Kibali produced 94,000oz at a total cash cost of $613/oz for the quarter ended 30 September 2021, compared to 91,000oz at a
total cash cost of $651/oz in the same period last year. The mine delivered a good overall performance from the metallurgical plant, with
increased tonnage, grade, and recovery over the third quarter of 2021, driven by higher open pit tonnes mined and higher grades from
underground, as compared to the same period in the prior year. Total cash costs decreased as a result of higher production, higher waste
stripping cost capitalised in the current year, and lower royalties due to a decrease in the gold price, as compared to the same period in the
prior year.

In the Americas, production was 140,000oz at a total cash cost of $932/oz for the quarter ended 30 September 2021, compared to
181,000oz at a total cash cost of $674/oz for the same period a year ago. The region's AISC was $1,805/oz for the quarter ended
30 September 2021, compared to $963/oz for the same period last year.

The Brazil operations produced 102,000oz at a total cash cost of $960/oz for the third quarter of 2021, compared to 134,000oz at a total
cash cost of $666/oz in the same period last year. AISC was $1,945/oz for the third quarter of 2021, compared to $916/oz for the same
period a year ago. The increase was mainly due to lower production in the third quarter of 2021, an increase in sustaining capital
expenditures relating to the tailings compliance programme underway as well as Ore Reserve development, inflation and a negative
exchange rate impact, as the Brazilian Real appreciated against the US Dollar.

Production at AGA Mineracao was 84,000oz at a total cash cost of $869/oz for the third quarter of 2021, compared to 103,000oz at a total
cash cost of $683/oz in the same period last year. The Corrego do Sitio (CdS) complex was impacted by challenges in the crushing and
milling circuit and lower tonnes of ore treated. Production was also adversely impacted by a 7-day strike by mine workers in September. At
the Cuiaba complex, there was an increase in tonnes of ore treated year-on-year, which was partially offset by lower grades. Total cash costs
increased mainly due to lower production and inflationary pressures. These costs were partially offset by higher by-product revenue and
lower royalty costs.

At Serra Grande, production was 18,000oz at a total cash cost of $1,388/oz for the third quarter of 2021 compared to 31,000oz at a total
cash cost of $610/oz in the same period last year. Production decreased year-on-year due to lower tonnage resulting from various delays in
accessing mine stopes, as well as lower feed grades. Production performance for the quarter was also impacted by stabilisation challenges
during the commissioning of the new filter process as work is underway towards the conversion of the TSFs to dry-stacking operations. Total
cash costs increased mainly due to lower production, inflationary pressures and inefficiencies.

In Argentina, Cerro Vanguardia produced 38,000oz for the third quarter of 2021 at a total cash cost of $842/oz, compared to 47,000oz at a
total cash cost of $692/oz in the same period last year. Production was down year-on-year mainly due to the effect of lower grades as per the
mine plan for the current year as well as COVID-19 related limitations and restrictions that affect the mine's ability to operate at full capacity.

Total cash costs were higher year-on-year mainly due to salary increases, additional costs relating to COVID-19 tests and other related
medical costs in line with protocols set at the end of 2020 and higher materials consumption (such as fuel, explosives, and spare parts) as a
result of higher tonnes mined. The increase was partially offset by the favourable movement in the exchange rate of the Argentinean Peso
against the US Dollar and higher by-product income derived from higher silver sold (partially compensated by a lower silver price year-on-year).

The Australia operations produced 125,000oz at a total cash cost of $1,157/oz for the quarter ended 30 September 2021, compared to
149,000oz at a total cash cost of $932/oz for the quarter ended 30 September 2020. The region's AISC was $1,363/oz for the quarter ended
30 September 2021, compared to $1,174/oz for the same period last year.

Sunrise Dam produced 58,000oz at a total cash cost of $1,276/oz for the third quarter of 2021, compared to 74,000oz at a total cash cost of
$967/oz in the same period last year. Production was impacted by lower head grade and a decrease in metallurgical recovery, which was
partially offset by higher tonnes mined in the underground mine. Mine-to-mill grade reconciliations stabilised during the third quarter of 2021
and higher-grade underground ore is anticipated in the fourth quarter of 2021 as areas in the Western Shear Zone and the first stope in the
newly discovered Frankie orebody are mined. Total cash costs were higher year-on-year primarily due to lower production, as well as costs
relating to the Golden Delicious open pit operation. The increase was partially offset by lower royalty costs due to the lower spot price in the
third quarter of 2021 and favourable ore stockpile movements.

Mining of the Golden Delicious satellite open pit is progressing well. Triple-trailer road trains were commissioned in September 2021 to lift ore
haulage rates from the pit to the Sunrise Dam processing plant in line with the mine plan. Exploration drilling continues to deliver high grade
intercepts from the Frankie and Carey orebodies which have the potential to reduce reliance on the Vogue orebody and improve mining flexibility.

At Tropicana, production was 67,000oz at a total cash cost of $947/oz for the third quarter of 2021, compared to 75,000oz at a total cash cost
of $830/oz in the same period last year. Production was lower year-on-year due to a lower mill feed grade as stockpile drawdowns increased
while mining focused on waste removal in the Havana Stage 2 Cutback. Production has also been impacted by the wall failure in the Boston
Shaker open pit in June 2021 which has delayed ore delivery. Boston Shaker has been the primary source of open pit ore in 2021. The
resulting 13% drop in mill feed grade in the third quarter of 2021 compared to the corresponding quarter last year was partially offset by a 5%
increase in mill throughput following completion of the thickener duty swap project in June 2021.

Tropicana has also been impacted by labour market shortages which have impacted open pit and underground material movement. The
increase in total cash cost was mainly due to lower production, inventory movement and the impact of higher underground and open pit
mining costs. The Boston Shaker underground mine continued to ramp up to full production in the third quarter of 2021 with grade control
drilling advancing well ahead of the mining schedule.

UPDATE ON CAPITAL PROJECTS

Obuasi Redevelopment Project
Phase 2 of the Obuasi redevelopment project was substantially complete at the end of June 2021. Following the resumption of underground
stoping in mid-October 2021, the safe ramp-up to the full mining rate of 4,000 tonnes per day is expected to be achieved by the end of the
first half of 2022.

Phase 3 of the project, which relates principally to extended capital expenditure to refurbish existing infrastructure around the KMS Shaft, as
well as to service the mine in deeper production areas, has progressed and will continue as planned through to the end of 2023.

Quebradona
In September 2021, the Mining Operations License (PTO - Programa de Trabajo y Obrasi) was approved by the Antioquia's Mining Secretary.

On 4 November 2021, the Colombian Environmental Agency (ANLA) officially notified AngloGold Ashanti of its decision to 'archive' the
environmental license application relating to the Quebradona project. Per our statement on 26 October 2021, ANLA has neither denied nor
granted the license, but deemed that the information provided by AngloGold Ashanti is not enough for this authority to take a substantive
decision.

AngloGold Ashanti intends to appeal the archiving decision in order to secure further details on the specific additional information ANLA
requires to make a determination. Based on the outcome of this appeal, the Company will prepare a new environmental license application. It
is expected that the new submission would likely add an additional 18 to 24 months to the licensing process, to allow for the requisite
technical analysis. AngloGold Ashanti intends to fully collaborate with the authorities to resolve any outstanding issues in a satisfactory
manner and advance the Quebradona project to the next stage. The Company believes that the project remains an attractive long-life, high
grade, low-cost project which introduces copper and silver production into the portfolio and that the project enjoys strong support from a
range of stakeholders including local communities.

For further information, please refer to the Company's news release published on 26 October 2021:
AngloGold Ashanti provides update on Quebradona Project

Gramalote
At Gramalote, following a review of the feasibility study work to date, the joint venture partners, AngloGold Ashanti and B2Gold Corp
(B2Gold), believe that there is potential to improve the economics of the project by revisiting the original Gramalote project design included in
the existing mining permit and further optimising project design. The joint venture partners consider that further value could be created
through additional drilling of the Inferred portions of the Mineral Resource area, both within and adjacent to the designed pit, with at least
25,000 metres of drilling planned and progressing in 2021 and a Mineral Resource update expected in early 2022. Additional drilling is being
carried out at the Trinidad deposit during the remainder of 2021.

The project team is advancing work on different project optimisation opportunities to potentially reduce capital and operating costs, as well as
improve operability and sustainability of the project. B2Gold continues to monitor whether changes in the project design could require permit
amendments of the approved Environmental and Social Impact Assessment (ESIA). Supporting environmental and social studies continue to
move forward as planned. B2Gold expects that any permit amendments could potentially impact the development timeline and delivery of the
final feasibility study for the project, which is currently expected in the second quarter of 2022.

The project partners have agreed to a revised 2021 feasibility study budget (subject to final joint venture committee approval) of $69m which
includes funding for additional drilling and represents an increase of $17m (AngloGold Ashanti's share: $8.5m). The project continues to
benefit from strong federal and local government support as well as continuing support from local communities.

CORPORATE UPDATE

Executive Team and Board of Directors Changes
Mr. Alberto Calderon became Chief Executive Officer (CEO) and a member of the Company's Executive Committee on 1 September 2021.
Effective 1 September 2021, Mr. Calderon also joined the Company's Board of Directors (Board) as an Executive Director. Mr. Calderon
currently does not serve as a member of any of the committees of the Board.

Effective 1 September 2021, Ms. Christine Ramon, who served as interim CEO, resumed her role as Chief Financial Officer (CFO) of the
Company, remaining a member of the Executive Committee and the Board, and Mr. Ian Kramer, who served as interim CFO, resumed his
role as Senior Vice President: Group Finance, stepping down from the Executive Committee.

On 27 September 2021, the Company announced the appointment of Mr. Marcelo Godoy as Chief Technology Officer of the Company and a
member of our Executive Committee, effective 1 November 2021. Mr. Godoy will be replacing Mr. Graham Ehm, Executive Vice President:
Group Planning & Technical and a member of the Executive Committee, who will be retiring at the end of this year.

On 5 November 2021, the Company announced the appointment of Ms. Lisa Ali as Chief People Officer of the Company and a member of our Executive 
committee, effective 2 April 2022. Ms. Ali will be replacing Ms. Italia Boninelli, an executive consultant overseeing human resources.

AngloGold Ashanti's Bond Refinancing Transaction
On 22 October 2021, AngloGold Ashanti completed an offering of $750m aggregate principal amount of 3.375% notes due 2028. The notes
were issued by AngloGold Ashanti Holdings plc (the "Issuer"), a direct wholly-owned subsidiary of the Company, and are unsecured and fully
and unconditionally guaranteed by the Company. On 18 October 2021, the Issuer had also launched a cash tender offer for its $750m
aggregate principal amount of 5.125% notes due 2022 (the "Existing Notes"). Following expiration of the tender offer, the Issuer repurchased
$307,136,000 aggregate principal amount of Existing Notes at a purchase price of $317,735,263. On 27 October 2021, the Issuer issued a
notice of redemption in respect of its remaining outstanding Existing Notes(which had not been validly tendered and accepted for payment
in such tender offer) which will occur on 26 November 2021.

AngloGold Ashanti Signs Definitive Agreement to Acquire Corvus and Consolidate the Beatty District of Nevada
On 13 September 2021, AngloGold Ashanti announced that the Company had entered into a definitive arrangement agreement with Corvus
Gold Inc. (Corvus) pursuant to which AngloGold Ashanti agreed to acquire the remaining 80.5% of common shares of Corvus not already
owned by AngloGold Ashanti at a price of C$4.10 per common share to be paid in cash (the "Transaction"). We estimate that the total
transaction cost to us will be approximately US$356m. Corvus is a North American gold exploration and development company, which owns
mining projects at North Bullfrog, Lynnda Strip and Mother Lode in southern Nevada's Beatty District, which are in close proximity to, or
contiguous with, our exploration assets in Nevada. The Transaction is subject to Corvus shareholder approval, as well as court approval and
other customary closing conditions for transactions of this nature.

Climate change commitment
In an open letter by the CEOs of companies which are members of the ICMM on 5 October 2021, as an ICMM member, AngloGold Ashanti
was part of making a landmark climate change commitment to achieve net zero greenhouse gas emissions by 2050 or sooner. Since 2008
AngloGold Ashanti has almost halved its greenhouse gas emissions, an achievement which provides the foundation for the next leg in the
Company's climate change journey. The Company is at the final stages of developing a new climate change strategy, which is anticipated to
sharpen the Company's evaluation and management of climate risks. The Company is also working on framing a 2030 decarbonisation
target towards the ultimate goal of achieving net zero greenhouse gas emissions by 2050.

EXPLORATION UPDATE

For detailed disclosure on the exploration work done during the quarter ended 30 September 2021, see the Exploration Update document on
the Company's website at www.anglogoldashanti.com on both Brownfields and Greenfields exploration programmes.

Operations at a glance
for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020

                                                                             Underground milled /                                                             Underground recovered
                                                        Production                   treated          Surface milled / treated       Open-pit treated               grade              Surface recovered grade   Open-pit recovered grade
                                                         oz (000)                  000 tonnes               000 tonnes                   000 tonnes                g/tonne                      g/tonne                    g/tonne
                                               Sep-21   Jun-21   Sep-20     Sep-21  Jun-21  Sep-20     Sep-21  Jun-21  Sep-20     Sep-21  Jun-21   Sep-20     Sep-21  Jun-21  Sep-20    Sep-21  Jun-21  Sep-20     Sep-21  Jun-21  Sep-20

AFRICA                                            348      365      411      1,087   1,056   1,127          —       —       —      5,149   5,293    4,743       5.07    5.06    4.12         —       —       —       1.03    1.14    1.56
  DRC
   Kibali - Attr. 45%                              94       91       91        381     414     442          —       —       —        491     482      420       5.72    5.63    4.84         —       —       —       1.53    1.04    1.66
  Ghana
   Iduapriem                                       48       53       69          —       —       —          —       —       —      1,460   1,386    1,206          —       —       —         —       —       —       1.02    1.19    1.78  
   Obuasi                                          13       39       47         63     169     178          —       —       —          —       —        —       6.60    7.18       —         —       —       —          —       —       —
  Guinea 
   Siguiri - Attr. 85% *                           67       59       52          —       —       —          —       —       —      2,482   2,498    2,349          —       —       —         —       —       —       0.84    0.73    0.68
  Tanzania 
   Geita                                          126      123      152        643     473     507          —       —       —        716     927      768       4.53    3.81    3.50         —       —       —       1.38    2.19    3.85
 
AUSTRALIA                                         125      119      149        869     822     648          —       —       —      1,830   1,741    1,979       2.25    2.04    3.16         —       —       —       1.06    1.16    1.31
   Sunrise Dam                                     58       57       74        653     634     582          —       —       —        348     405      431       2.11    1.84    3.18         —       —       —       1.21    1.45    1.07
   Tropicana - Attr. 70%                           67       62       75        216     188      66          —       —       —      1,482   1,336    1,548       2.69    2.69    3.00         —       —       —       1.02    1.07    1.38
 
AMERICAS                                          140      129      181      1,060   1,055   1,068          —       —       —        231     258      389       3.28    2.82    3.66         —       —       —       2.12    2.87    3.25
  Argentina   
   Cerro Vanguardia - Attr. 92.50%                 38       37       47         85      60      40          —       —       —        207     223      251       5.97    4.08    6.64         —       —       —       2.30    3.25    3.88
  Brazil 
   AngloGold Ashanti Mineracao                     84       74      103        729     696     750          —       —       —          —       —        —       3.33    3.14    3.93         —       —       —          —       —       —
   Serra Grande                                    18       18       31        246     299     278          —       —       —         24      35      138       2.20    1.82    2.47         —       —       —       0.59    0.50    2.11
 
Continuing operations                             613      613      741      3,016   2,933   2,843          —       —       —      7,210   7,292    7,111       3.63    3.41    3.70         —       —       —       1.07    1.20    1.58

SOUTH AFRICA                                        —        —       96          —       —     219          —       —   8,068          —       —        —          —       —    7.83         —       —    0.16          —       —       —
  Mponeng                                           —        —       58          —       —     219          —       —     218          —       —        —          —       —    7.83         —       —    0.43          —       —       —
  Total Surface Operations                          —        —       38          —       —       —          —       —   7,850          —       —        —          —       —       —         —       —    0.15          —       —       —

Discontinued operations                             —        —       96          —       —     219          —       —   8,068          —       —        —          —       —    7.83         —       —    0.16          —       —       —

Total continuing and discontinued operations      613      613      837      3,016   2,933   3,062          —       —   8,068      7,210   7,292    7,111       3.63    3.41    4.01         —       —    0.16       1.07    1.20    1.58

* June 2021 tonnes and grades have been restated

Rounding of figures may result in computational discrepancies.

Operations at a glance
for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020
                                                                                                                           
                                                                        Total cash costs        All-in sustaining costs   Sustaining ORD / Stripping capex      Other sustaining capex    Non sustaining (Growth) capex
                                                                              $/oz                        $/oz                              $m                              $m                           $m
                                                                   Sep-21   Jun-21   Sep-20      Sep-21  Jun-21  Sep-20       Sep-21   Jun-21   Sep-20          Sep-21   Jun-21  Sep-20         Sep-21  Jun-21    Sep-20
AFRICA                                                                858      944      717       1,119   1,174     903           49       31       28              24       32      20             54      56        10
 DRC
  Kibali - Attr. 45%                                                  613      667      651         771     942     765            7        3        2               5       17       1              8       —         —
 Ghana
  Iduapriem                                                         1,031    1,151      646       1,580   1,616     921           16       17       15               7        5       1              —       —         —
  Obuasi                                                            1,254    1,036        —       2,541   1,426      —            15        7        —               2        4       —             20      30        10
 Guinea
  Siguiri - Attr. 85%                                               1,181    1,231    1,197       1,270   1,304   1,346            —        —        —               3        3       5              5       7         —
 Tanzania
  Geita                                                               764      890      628         969   1,017     832           11        4       11               6        3      12             21      18         —
  Non-controlling interests, exploration and other                                                                                 —        —        —               1        —       1              —       1         —

AUSTRALIA                                                           1,157    1,241      932       1,363   1,686   1,174            7       27       21              10       15       7             28       9         5
  Sunrise Dam                                                       1,276    1,372      967       1,485   1,690   1,178            4        4        7               5        8       4              3       9         —
  Tropicana - Attr. 70%                                               947    1,023      830       1,146   1,566   1,094            3       23       14               5        7       3             25       —         5

AMERICAS                                                              932      973      674       1,805   1,535     963           31       30       25              83       33      23             11      18         7
 Argentina
  Cerro Vanguardia - Attr. 92.50%                                     842      820      692       1,402   1,088   1,121            5        4        3              14        3      10              —       —         —
 Brazil
  AngloGold Ashanti Mineracao                                         869      956      683       1,659   1,581     917           21       20       16              41       21       9              —       —         —
  Serra Grande                                                      1,388    1,334      610       3,263   2,188     912            5        6        6              27        9       3              —       —         —
  Non-controlling interests, exploration and other                                                                                 —        —        —               1        —       —             11      18         7
  
OTHER                                                                                                                              —        —        —               9        —       —              —       —         —

Continuing operations                                                 927    1,006      755       1,362   1,380   1,006           87       88       74             126       80      50             93      83        22

SOUTH AFRICA                                                            —        —    1,140           —       —   1,324            —        —        9               —        —       5              —       —         —
  Mponeng                                                               —        —    1,094           —       —   1,320            —        —        9               —        —       2              —       —         —
  Total Surface Operations                                              —        —    1,213           —       —   1,323            —        —        —               —        —       3              —       —         —
Discontinued operations                                                 —        —    1,140           —       —   1,324            —        —        9               —        —       5              —       —         —

Total continuing and discontinued operations                          927    1,006      801       1,362   1,380   1,044           87       88       83             126       80      55             93      83        22

Rounding of figures may result in computational discrepancies.

                                                         Development Sampling
                                                      for the quarter ended 30 September 2021

Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating Ore Reserves.

Statistics are shown in metric units                                     Advanced                       Sampled
                                                                           metres         Sampled       Avg. ore body            gold
                                                                           (total)*        metres       thickness (cm)         Avg. g/t
AFRICA
Geita
Nyankanga                                                                   2,263             466              550.0               2.47
Star and Comet + Ridge 8                                                    1,059             557              300.0               1.73
Geita Hill                                                                  1,153              20              500.0               2.33

AMERICAS
AngloGold Ashanti Mineracao
Mina de Cuiaba                                                              3,763           1,104               91.7               5.11
Lamego                                                                      1,453             546               90.0               2.79
Corrego do Sitio Mina I                                                     2,915             441                  —               2.15
Corrego do Sitio Mina II                                                      603              63                  —               4.00
Serra Grande
Mina III                                                                    2,267           3,539              100.0               2.79
Mina Nova/PQZ                                                                 980           1,438              100.0               2.64
Palmeiras                                                                     219             536              100.0               2.11
CVSA
Cerro Vanguardia                                                            1,216             684              157.0               6.83

Statistics are shown in imperial units                                   Advanced                       Sampled
                                                                             feet         Sampled      Avg. ore body              gold
                                                                           (total)*          feet  thickness (inches)         Avg. oz/t
AFRICA
Geita
Nyankanga                                                                   7,424           1,530             216.54               0.07
Star and Comet + Ridge 8                                                    3,475           1,828             118.11               0.05
Geita Hill                                                                  3,781              66             196.85               0.07

AMERICAS
AngloGold Ashanti Mineracao
Mina de Cuiaba                                                             12,346           3,621              36.09               0.15
Lamego                                                                      4,767           1,792              35.43               0.08
Corrego do Sitio Mina I                                                     9,563           1,446                  —               0.06
Corrego do Sitio Mina II                                                    1,978             206                  —               0.11
Serra Grande
Mina III                                                                    7,439          11,611              39.37               0.08
Mina Nova/PQZ                                                               3,214           4,718              39.37               0.08
Palmeiras                                                                     719           1,759              39.37               0.06
CVSA
Cerro Vanguardia                                                            3,991           2,245              61.81               0.20

* This includes total "on-reef" and "off-reef" development metres

Johannesburg
8 November 2021

Administration and corporate information

JSE Sponsor:
The Standard Bank of South Africa Limited

Auditors: Ernst & Young Inc.

Offices
Registered and Corporate
112 Oxford Road
Houghton Estate, Johannesburg, 2198
(Private Bag X 20, Rosebank 2196)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624

Australia
Level 10, AMP Building,
140 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662

Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 773400
Fax: +233 303 778155

Directors
Executive
A Calderon Zuleta## (Chief Executive Officer)
KC Ramon^ (Chief Financial Officer)

Non-Executive
MDC Ramos^ (Chairman)
KOF Busia^^
AM Ferguson*
AH Garner#
R Gasant^
NVB Magubane^
MC Richter#~
JE Tilk**

*  British 
** Canadian 
#  American 
## Colombian
~  Panamanian 
^  South African 
^^ Ghanaian

Officers
MML Mokoka
Group Company Secretary

Investor Relations contacts
Sabrina Brockman
Telephone: +1 646 880 4526
Mobile: +1 646 379 2555
E-mail: sbrockman@anglogoldashanti.com

Yatish Chowthee
Telephone: +27 11 637 6273
Mobile: +27 78 364 2080
E-mail: yrchowthee@anglogoldashanti.com

Fundisa Mgidi
Telephone: +27 11 637 6763
Mobile: +27 82 821 5322
E-mail: fmgidi@anglogoldashanti.com

AngloGold Ashanti website
www.anglogoldashanti.com

Company secretarial e-mail
Companysecretary@anglogoldashanti.com

Share Registrars

South Africa
Computershare Investor Services (Pty) Limited
Rosebank Towers, 15 Biermann Avenue,
Rosebank, 2196
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
E-mail: queries@computershare.co.za
Website : www.computershare.com

Australia
Computershare Investor Services Pty Limited
Level 11, 172 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (Australia only)
Fax: +61 8 9323 2033

Ghana
NTHC Limited
18 Gamel Abdul Nasser Avenue
Ringway Estate
Accra, Ghana
Telephone: +233 302 235814/6
Fax: +233 302 229975

ADR Depositary
BNY Mellon (BoNY)
BNY Shareowner Services
PO Box 30170
College Station, TX 77842-3170
United States of America
Telephone: +1 866-244-4140 (Toll free in USA) or +1 201 680 6825 (outside USA)
E-mail: shrrelations@cpushareownerservices.com
Website: www.mybnymdr.com

Global BuyDIRECT(SM)
BoNY maintains a direct share purchase and dividend
reinvestment plan for ANGLOGOLD ASHANTI.
Telephone: +1-888-BNY-ADRS

AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on
the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

PUBLISHED BY ANGLOGOLD ASHANTI

Forward-looking statements
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry,
expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements,
growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of
commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold
Ashanti's liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental
health and safety issues, are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or
forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the
anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such
forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially
from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and
operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome
of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and
operational risks and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the year ended 
31 December 2020 and the Risk Factors section in AngloGold Ashanti's Prospectus Supplement dated 19 October 2021, each filed with the United States Securities and Exchange Commission (SEC). 
These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressed in any forward-looking statements. 
Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. 
AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect 
the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any 
person acting on its behalf are qualified by the cautionary statements herein.

Non-GAAP financial measures

This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP 
financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance
prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

Date: 08-11-2021 07:05:00
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 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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