Q1 2025 AngloGold Ashanti PLC Earnings Call

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Operator: Please note that this call is being recorded.

I'd now like to hand, the conference over to Stewart Bailey. Please go ahead.

Stuart Bailey: I would now like to hand the conference over to Stuart Bailey. Thanks Irene and welcome everybody to our Q1 2025 earnings call.

Thanks.

Stewart Bailey: And welcome everybody to Q1 2025 earnings call.

Speaker Change: You have a better and Julian will be delivered in the presentation.

Stuart Bailey: You have Alberto and Jillian will be delivering the presentation, you do have other members of the executive team present.

Stewart Bailey: Executive team present.

Speaker Change: And I will.

Speaker Change: As you also look at this and it's all of a sudden at the beginning of the presentation deck today, which contains important information, particularly around forward looking statements.

Stuart Bailey: I would urge you all to look at the Slave Fibre statement at the beginning of the presentation deck today which contains some important information particularly on forward-looking statements made without any further ado I'll hand over to Alberto.

Speaker Change: Any further regional and up until then.

Speaker Change: Thank you Stuart.

Alberto: Thank you, Stuart. Safety remains our highest priority. And we've committed to eliminating injuries from all sides. Be proud of the strides we've made, but always mindful that we're only ever as good as our last day, injury-proof pre-day. We work hard to mitigate risk and to learn from our mistakes and near misses. For the first quarter of the year, our TRIFR was 1.11 injuries per million hours worked. That remains well below the average 2023 ICMF number. The average is of those members are 2.59, so more than double.

Speaker Change: Thank you remains our highest priority.

Speaker Change: We are committed to eliminating injuries from all sides.

Speaker Change: We are proud of the strides we've made but always mindful that we're only as good as our last day injury proofreading.

Speaker Change: We worked hard to mitigate risk and to learn from our mistakes and near misses.

Speaker Change: For the first quarter of the year.

Speaker Change: Our tier tier Ifr was 111 injuries per million hours work.

Speaker Change: It remains well below the average 2023 I assume that number.

Speaker Change: Averages, but below those members on $2 5 million more than doubled.

Speaker Change: Yes.

Speaker Change: I'm pleased to report a strong start to the year.

Alberto: I'm pleased to report a strong start to the year. We have delivered an impressive operational and financial performance underpinned by continued momentum in our portfolio and in support of the Gold Project. Production increased 22% year-on-year to 720,000 ounces. That's the highest Q1 output since 2020. The result was driven by clear year-on-year improvements from Sigridi, Tropicana and Sunrise Dam, as well as a steady performance from Oahuasi and the addition of Sucari.

Speaker Change: <unk> delivered an impressive operational and financial performance underpinned by continued momentum in our portfolio and a support of gold price.

Speaker Change: Production increased 22% year on year to 720000 ounces. That's the highest Q1 output. Since 2020. The result was driven by clear year on year improvements from sequelae, Tropicana and Sunrise dam as.

Speaker Change: As well as the steady performance from our velocity.

Speaker Change: And the additional some culling.

Speaker Change: I'd like to focus first on the performance from our managed operations.

Alberto: I'd like to focus first on the performance from our managed operation. that is all of our operations. except Kivali, where production was up 28% year-on-year. The cost performance is impressive. we saw a 2% drop year-on-year in both total cash cost per pound and all in sustaining cash cost per pound. If you think about it... when we started the year, there's two things that are inevitable, which is obviously inflation and probably a good cost that are royal. For a company, if it stayed exactly the same as the previous year, their cash costs would have increased by 10%, roughly 5% from inflation and 5% from the royalties.

Speaker Change: It is all of our operations.

Speaker Change: At Kibali.

Speaker Change: Production was up 28% year on year.

Speaker Change: The cost performance is impressive.

We saw a 2% drop year on year in both total cash cost per ounce and all in sustaining cash cost per ounce.

Speaker Change: If you think about it.

Speaker Change: When we started the year Theres two things that are inevitable, which is obviously inflation and probably a good cost at our royalties. So far a company if it stayed exactly the same as the previous year.

Speaker Change: The cash cost would have increased by 10% roughly 5% from inflation and 5% from the royalties. So the fact that we dropped 2% implies that we have between obviously some coffee operational improvement for us and potential all of that delivering a reduction in cash costs.

Alberto: So the fact that we dropped 2% implies that we have, between obviously Zuccotti, operational improvement, forex potential, all of that delivered a reduction in cash costs of about 12%, which is quite, I believe, impressive in the scheme of things.

Speaker Change: About 12%, which is quite I believe impressive in the scheme of things.

Speaker Change: Unfortunately, the opposite happened with our non managed operation you can calculate the cash cost went up 60% and that production was really suffered I know that they're doing everything they can but still.

Alberto: Unfortunately, the opposite happened with our non-managed operation. You can calculate the cash costs went up 60% and the production was really suffered. I know that they're doing everything they can, but still a very big impact on the company. Cash flow was exceptionally strong, the business generated over a billion dollars in EBITDA, up 85 percent, and more than 400 million in pre-cash flow. That's a sevenfold increase from Q1 last year. This underscores the quality of our asset base and our ability to sell. to stay a step ahead of inflation.

Speaker Change: Very big impact on the company.

Speaker Change: Cash flow was exceptionally strong.

Speaker Change: <unk> generated over $1 billion in a beta up 85% and more than $400 million in free cash flow. That's a sevenfold increase from Q1 last year.

Speaker Change: This underscores the quality of our asset base and our ability to.

Speaker Change: To stay a step ahead of inflation more importantly, though these results are the product of exceptional collaboration and teamwork across the business. Our operating teams continue to execute well across a forefront setting the stage for another strong year as we reaffirm.

Alberto: More importantly though, these results are the product of exceptional collaboration and teamwork across the business. Our ball-driving teams continue to execute well across our board front, setting the stage for another strong year as we reaffirm guidance on all networks. improving fundamentals. What we could control this quarter, we controlled very well. That is clear when you look at our managed operations. Production was up at Siguiri, Tropicana, Chalabanguardia, and Zambaitan. Oboasi recorded a steady quarter in line with our plan, and Zucali showed its quality. Australia's production was up 24% year-on-year, with both sophie can and sunrise dam.

Speaker Change: Guidance on all metrics.

Speaker Change: Yeah.

Speaker Change: Improving fundamentals, what we could control this quarter, we control very well that is clear when you look at our managed operations.

Speaker Change: Doctrine was opex equating Tobey kind of shoveling worthy on Sunday is down while velocity recorded steady score core came in line with our plan.

Speaker Change: Two cali shortage quantity.

Speaker Change: Australia production was up 24% year on year with both for Pecan and southern lifetime.

Speaker Change: Doug bouncing back from the flood related disruptions in Q1 last year and finally at Kibali are owning online the JV production was down principally due to lower recovery rates.

Alberto: then bouncing back from the flood-related disruptions in Q1 last year. And finally, Al-Kibali, her only non-managed JV production was down, principally due to low recovery rates. Our cash costs remain steady over a year, which reflects the continued focus on driving efficiencies across the business. You see that in the pre-cash flow significant higher at $403 million and our overall profitability EBITDA was up 158% to $1.12 billion and headline earnings up nearly eightfold to around $400 billion. We have a strong balance sheet with leverage close to zero and no material near-term maturity. and we're implementing our new dividend policy with a quarterly dividend of 12.5 U.S.

Speaker Change: Our cash costs remained steady over the year, which reflects the continued focus on driving efficiencies across the business.

Speaker Change: You've seen that in the free cash flow significant higher at $403 million and in our overall <unk>.

EBITDA was up 158% to 112 billion and headline earnings up nearly eight fold to around $400 million.

Speaker Change: Our strong balance sheet with leverage close to zero and no material near term maturities and we're implementing our new dividend policy with a quarterly dividend of 12, and a half USA a share of around $63 billion.

Alberto: cents a share of around 63 billion dollars. As a reminder, we will pay that amount each quarter with a 12 to 50 percent of free cash flow at the end of the year to take the overall pay up to half of free cash. That's a very healthy number, particularly the gold price remains anywhere near current levels.

Speaker Change: As a reminder, we will pay that amount each quarter with a true up to 50% of free cash flow at the end of the year to take the overall PE.

Speaker Change: To have a free cash flow.

Speaker Change: That's a very healthy number, particularly the gold price remains anywhere near current levels.

Speaker Change: Q1, 2025 at a glance.

Alberto: Q1 2025 at a glance. We have an impressive portfolio of Tier 1 assets. They account for around two-thirds of production, 80% of our reserves, and about half of our resource. We expect to see that production share rise still further as Obeloxy runs up. Kuyapas move into the Tier 1 category is underpinned not only by the exceptional turnaround this year, but also its low cost profile and its strong geological potential. Over the next three years, our plan is to incrementally grow production there to over 3,000. 300,000 ounces as we accept deeper, higher weight ore parts of the ore body.

Speaker Change: We have an impressive portfolio of tier one assets they account for around two thirds of production, 80% of our reserves and about half of our resource we expect to see that production share rise still further as a velocity rumsfeld.

Speaker Change: <unk> move into the tier one category is underpinning not only by the exceptional turnaround this year, but also its low cost profile and strong geological potential over the next three years of our plan is to incrementally grow production there to over 3000.

Speaker Change: 300000 ounces as we accept the deeper higher grade or parts of the lower bogging.

Speaker Change: It's clearly a tier one asset even though.

Alberto: It's clearly a Tier 1 asset, even though it's slightly, let's say, of $300,000, short of $500,000, but it's great, close to $600,000. It's the free cash flow we produce, for example, in the last quarter is in the $400 per ounce. So it is a magnificent asset. Our Tier 2 assets are also operating very well. What you see here are healthy margins and exceptional cash flow leverage, which is especially pronounced in the current gold price environment. We are and will continue to be active managers of our portfolio. Last week, you would have seen the sale of our interest in the Doropo and ABC projects to Resolute Mining.

Speaker Change: Slightly let's say, a 300000 short of 500000, but its grades closer to six.

Speaker Change: It's the free cash flow we produce for example in the last quarter is in the $400 per ounce. So it is a blinking answers and passion.

Speaker Change: Our tier two assets are also operating very well.

Speaker Change: What you see here are healthy margins and exceptional cash flow leverage, which especially pronouncing the current gold price environment. We are and will continue to be active managers of our portfolio last week, you would've seen the sale of our interest in adult all point ABC projects into rest of the mining dismayed scored on a common commitment to.

Alberto: This makes good on our commitment to evaluate and act without unnecessary delays to maintain a tight focus on the main engine room of our business. One thing we understand well, after three decades in this space, is that distractions are to be avoided at all costs.

Speaker Change: Advisory and act without unnecessary delays to maintain a tight focus on the main engine of growth of our business. One thing we understand well after three decades in this space is a distraction so ought to be avoided at all costs.

Speaker Change: This week, we agreed the goldfields to pulse discussions regarding a potential JV in Ghana.

Alberto: Early this week, we agreed with Goldfields to pause discussions regarding our potential JV in Ghana. Over the past two years, we've identified significant improvements to the standalone mine plan at Idoprix, which has closed the relevant path with the JV proposition. Now our focus will be on fleshing out that mine plan in more detail. Importantly, without the destruction of the potential JV, which is not healthy for any large mine, we'll be able to focus on driving operational improvements and realizing full value from our research. On Oboasi, we hosted a site visit to Oboasi in March in which we were able to showcase our investment in underground infrastructure that will greatly improve flexibility and underpin the ramp-up.

Speaker Change: Over the past few years, we've identified significant improvements to the style of a mine plan that needle free which is closed the royalton tap to the JV proposition now our focus will be on fleshing out that mine planning more detailed importantly, without the destruction of the distraction of the potential JV, which is not healthy for us.

Speaker Change: Any large mine will be able to focus on driving operational improvements and realizing full value from our research.

Speaker Change: Yes.

Speaker Change: On a velocity, we hosted a site visit to <unk> in March.

Speaker Change: Which we were able to showcase our investment in underground infrastructure that will greatly improve flexibility and underpin the ramp up with tooling access points to move people out of materials. The decline on the kms shaft, we have vastly improve our ability to handle the movements of ore and waste we have hybrid mining method.

Alberto: With two main access points to move people and materials, the decline and the KLS shaft, we have vastly improved our ability to handle movements of ore and waste. We have a hybrid mining method that is fit for purpose with bulk loss mining for areas of relatively low grade and more selected underhand drift and fill for high-grade zones where ground conditions have been challenging. crews are working hard now to ensure that upgrades to the underground ore handling infrastructure and in particular new ore passes to new material from Block 8 and 10 to the KMS are commissioned in time and functioning according to plan.

Speaker Change: That is fit for purpose with bulk Schloss mining for areas of relatively low rate and more selected underhand drift and fill for high grade zones, where ground conditions have been challenging crews are working hard now to ensure that upgrades to the underground ore handling infrastructure and in particular, new lower packages to more material from block.

Speaker Change: Turning to the Ams Our commission in Thailand functioning. According to plan. So far so good pulp production in Q1 is steady at $5 54000 ounces ore tonnes mined from underhand drift until were up 72% over Q4.

Alberto: So far, so good. Coal production in Q1 is steady at 554,000 oz. Ore tons mined from underhand drift and steel were up 72% over Q4. That's an important trend, which underpinned the UHCF contribution of around 8,000 oz in Q1. Our asset potential remains the cornerstone of our ability to operate predictably, to drive better cash flows, and to improve the long-term value of our business. More than that, it's come to define how we operate. We monitor improvements to the fundamental value drives on each side, whether it is the mining volumes, recoveries, development, or any other lever available to us.

Speaker Change: As an important trend with upwards underpinning the uhm.

Speaker Change: Contribution of around 8000 ounces in June.

Or is it potential remains a cornerstone of our ability to operate predictably to drive better cash flows and to improve the long term value of our business more than that it has come to define how we operate we monitor improvements to the fundamental value drivers of a side whether it is.

Speaker Change: Is the mining volumes recoveries that settlement or any other lever lever available to us we know what trust at once the underlying indicators trending in the right direction.

Alberto: We know and trust that once the underlying indicators trend in the right direction, the cash flows will look after themselves. Here you will see the improvements from the Q1 2022 baseline. Tropicana has been focused on pushing underground volumes as one of its main value drivers. Those were up 20%. At Gaeta, where we're also driving underground volumes, tonnages are up 55% since the beginning of 2015. At Sunrise Dam and Sigridi, where we focus on the plant, recoveries are also strongly up. key success of the program has been the introduction of link tables to compare the performance at each site.

Speaker Change: Cash flows will look after themselves here you will see the improvements from the Q1 2022 baseline for <unk>.

Speaker Change: Pat has been focused on pushing underground volumes as one of its main value drivers those were up 20% at data, where we're also driving underground volumes tonnages are 55% since the beginning of 2000.

Speaker Change: At Sunrise Dam, and <unk>, where we focus on the plant recoveries are also strongly up.

Speaker Change: The success of the program has been the introduction of league tables to compare the performance of each site. We started with processing, which included the company's recoveries runtime and tonnes processed as a percentage of the hotels you retrofit maximum of <unk>.

Alberto: It started with processing, which included the company's recoveries, run time, and pounds processed as a percentage of the theoretical maximum of full asset potential at each site. This slide shows the relative improvement year-on-year, which again, almost two percentage points just between 2024 and 2025. In terms of ounces and ultimately dollars, that is a huge uplift. What is even more exciting is the result we got in Q1, where in aggregate our plans reported closing the gap to 100.2% of the theoretical maximum. These link tables would also have injected some healthy competition into the business. Everyone wants to be on top.

Speaker Change: Full asset potential at each site.

Speaker Change: Slides shows the relative improvement year on year, which again almost two percentage points just between 2024 and Q1 2020 volume.

Speaker Change: In terms of ounces and ultimately that is a huge uplift.

Speaker Change: What is even more exciting is the result regarding Q1, where in aggregate our plants reported closing the gap to 102% of the theoretical maximum this league tables.

Speaker Change: Also have injected some healthy competition into the business everyone wants to be installed.

Speaker Change: Nobody was really of the Baltimore.

Alberto: Nobody wants to be at the bottom.

Speaker Change: We're less fixated on that and focused more on the Onboarding tooling journey Yoga CBD is a good example.

Alberto: But let's take a second on that and focus more on the upward improvement journey. Look at Sigwiddi as a good example. It may be propping up the bottom of the table, but its improvement year on year is impressive. Its cash contribution to the business, even more so.

Speaker Change: Propping up the Vulcan will the table.

Speaker Change: The improvement year on year is impressive.

Speaker Change: Cash contributions to the business even more so.

Speaker Change: We've now rolled out league tables will open pit and underground mining and hope to see similar results.

Alberto: We've now rolled out leaked tables for open pit and underground mining and hope to see similar results. We continue to uncover value in the U.S. where the overall quality of our discovery in Southern Nevada will deliver value to shareholders and a host of open stakeholders for decades to come. North Bullfrog remains an important opportunity for economic development around the BT mining district. It will provide hundreds of jobs and a significant investment into the area. It also serves as a step towards our expanded silicon project, which we have renamed the Arthur Gold Project. As we've said, North Pole Front will allow us to learn and adapt to smooth out the development pathway for the larger prize in the region.

Speaker Change: We continue to uncover value in the U S, where the overall quality of our discovery selling Nevada will deliver value to shareholders.

Speaker Change: In our wholesale polar local stakeholders for decades to come.

Speaker Change: Portugal remains an important opportunity broken only development around the <unk> minus industry, you will provide some additional jobs and a significant investment into the area.

Speaker Change: It also serves as a step towards our expanded Silicon project, which we have renamed the Arthur Goldberg. Thank you.

As we've said in the old program and allow us to learn and adapt to smooth out the development pathway for the larger price in the region.

Speaker Change: At multiple for a project we have chosen voluntarily to develop the water conservation alternative there in response to the public input we received during school.

Alberto: At North Pole Front project, we have chosen voluntarily to develop the water conservation alternative in response to the public input we received during scoping. Now, based on the latest information available, we anticipate a record of decision from BLM by the end of next year. Importantly, we're looking collaboratively to multiple federal and state agencies and look forward to progressing this important opportunity that will bring investment and convey jobs to benefit the region. We're on track to deliver the PFS for Arthur by around the end of the year and are working hard to make the first reserve declaration for the project at the same time.

Speaker Change: Now based on the latest information available we anticipate a record of decision from them by the end of next year.

Speaker Change: Fortunately, we're looking collaboratively with a multiple federal and state agencies and look forward to progressing this important opportunity that will bring investment and good paying jobs to benefit the region. We're on track to deliver the psf for Boston.

Speaker Change: S authored by around the end of the year and are working hard to make the first reserve declaration for the project at the same time.

Speaker Change: We're more confident than ever that this will be.

Alberto: We're more confident than ever that this will be a magnificent Tier 1 asset over the very long term in the world's top mining jurisdiction.

Speaker Change: <unk> tier one assets over the very long term in the board we stopped mining jurisdiction.

Speaker Change: On renewables, we recently took another major step towards meeting our decarbonization plans as a reminder, we've committed to a 30% reduction in emissions from our 2021 basin.

Alberto: On renewables, we recently took another major step towards meeting our decarbonization plans. As a reminder, we've committed to a 30% reduction in emissions from our 2021 baseline. The guidance has been clear from the outset that each project must be valuable and creative to the business. Our first big win was the grid connection we gave last year, which brings cleaner, cheaper energy for the site. We have now completed and commissioned the Mega Renewables Project at Tropicana, creating the largest hybrid power system in Australia's mining sector. It's impressive for a number of reasons, but it's worth acknowledging that this project was delivered on time and on budget, despite the epic flooding we experienced last year.

Speaker Change: Our guidance has been clear from the outset that each project must be value accretive to the business. Our first big win with the grid connection date last year, which bearing brings cleaner cheaper energy for the site.

Alberto: The integration of 61 megawatts of clean energy into the existing power system at the mine will cut diesel and gas consumption for power generation by 96% and 50% respectively. That translates into a reduction of more than 65,000 tons a year in our coal emissions. Pacific Energy, which owns and operates the gas-fired power station at Tropicana, will operate the hybrid system under a 10-year power purchase agreement. Combined thermal and renewable power systems will have a capacity of 150 megawatts. It's another example we believe that you can do well by doing good.

Speaker Change: It does mean that translates into a reduction of more than 65000 tons a year in oncology emissions specific energy, which owns and operates the gas fired power stations will be kind of will operate the hybrid system under a 10 year power purchase agreement combined thermal and renewable power systems will have.

Speaker Change: Roughly 450 megawatts. It's another example, we believe that we can do well by doing good.

Speaker Change: I'll now hand over to Julian to Rumford and Biron assets.

Gillian: I'll now hand over to Gillian to wrap up my last. Thank you, Alberto, and good morning. In 2025, the gold price continued its upward trend, with the average price received for the quarter of 39% year-on-year. That's the result of a number of factors, including, but certainly not limited to, continued sovereign buying, geopolitical uncertainty, race expectations and stubborn inflation. Oil prices were around 8% lower than the prior year.

Thank you Ms Danielle and good morning.

Speaker Change: In 2025, the gold price continued its upward trend with the average price received for the quarter of 39% year on year.

Speaker Change: After results of a number of factors, including but certainly not legacy Q, kristine suffering buying geopolitical uncertainty rates expectations and stubborn inflation.

Speaker Change: Oil prices were around 8% lower than the prior year.

Speaker Change: U S CPI decreased to two 4% down from three 5% in 2024, highlighting a steady moderation in inflation.

Gillian: U.S. CPI decreased to 2.4%, down from 3.5% in 2024, highlighting a steady moderation in inflation. Argentina saw a sharp drop in inflation, reducing to 56% from 288%, while Brazil went the other way, up around 5.5% from 3.9% in the prior year. It is uncertain at this stage what the impact of the U.S. reciprocal tariffs will have on the U.S. and global economy. We will monitor and don't anticipate significance to our global call. Our realized inflation rate, which represents CPI changes in the jurisdictions that we operate, was around 5.1%, keeping an upward pressure on costs. Q1 saw a production of 720,000 oz versus 591,000 oz in Q1 last year.

Speaker Change: Argentina saw a sharp drop in inflation.

Speaker Change: <unk> seen 256% from 288%, while Brazil went the other way up around five 5% from three 9% in the prior year.

Speaker Change: It is uncertain at this stage what the impact of the U S were cyclical tariffs will have on the U S. In global economy, we will.

Speaker Change: We'll monitor and junction CUSIP page significance to our global costs.

Speaker Change: Our realized inflation rates, which represents CPI changes in the jurisdictions that we operate was around five 1% keeping in ultra and pressure on costs.

Speaker Change: Q1 saw production of 720000 ounces versus 591000 ounces in Q1 last year, that's our strongest Q1 since 2020.

Gillian: That's our strongest Q1 since 2020. This improvement reflects mainly the first quarter contribution of 117,000 oz from Sakari and a stronger operational consistency across the broader portfolio. This result was driven by a particularly strong performance for managed operations, partially offset by continuing operating challenges that came along. Production that managed operations rose by 28% to 650,000 ounces, up from 515,000 ounces in Q124, despite operational challenge and a temporary plant stoppage at Idibrium. This growth was underpinned by the inclusion of Sukari into the portfolio and strong year-on-year improvements at Siguri adding 32,000 ounces and Tropicana up 21,000 ounces.

Speaker Change: This improvement reflects mainly the first full quarter contribution of 117000 ounces from Sperry and a stronger operational consistency across the broader portfolio.

Speaker Change: This result was driven by a particularly strong performance for managed operations, partially offset by continuing operating challenge that kibali.

Speaker Change: Production at managed operations rose by 28% to 650000 ounces up from 515000 ounces in Q1, 'twenty four despite operational challenge and a temporary plant stoppage at <unk>.

Speaker Change: This growth was underpinned by the inclusion of <unk> into the portfolio and a strong year on year improvements on securing adding 32000 ounces and Tropicana up 'twenty, one as an instrument.

Speaker Change: <unk> delivered a sharp turnaround in performance achieving 80000 ounces in Q1 2025 versus <unk> 48000 ounces in Q1, 2020 form supported by improved metallurgical recoveries and higher throughput.

Gillian: Sigourney delivered a shock turnaround in performance achieving 80,000 ounces in Q1 2025 versus 48,000 ounces in Q1 2024 supported by improved metallurgical recovery and higher throughput. both Tropicana and Sunrise Dam recovered from last year's rainfall disruption. Overall we realize the year-on-year uplift in mills, tons and underground recovery grade on the back of continued reinvestment in improved conditions. Total cash costs for managed operations decreased. uh by two percent despite rising inflation and total ASIC from managed operations decreased by two percent reflecting the company's ongoing focus on efficiency and operational discipline. The numbers underscore discipline, execution, and operational excellence, translating into meaningful value creation.

Speaker Change: Tropicana and Sunrise download covered from last year rainfall disruptions.

Speaker Change: Overall, we realized a year on year uplift in milled tonnes and underground recovered grade on the back of continued reinvestment and improvement initiatives.

Speaker Change: <unk> cash costs for managed operations decreased.

Speaker Change: By 2% despite rising inflation in total AC for managed operations decreased by 2%, reflecting the company's ongoing focus on efficiency and operational discipline.

Speaker Change: The numbers underscore disciplined execution and operational excellence translating into meaningful value creation.

Speaker Change: <unk> EBITDA rose, 158% year on year to $1 1 billion as firm cost control ensured that stronger revenues converted into earnings and cash flow.

Gillian: Adjusted EBITDA rose 158% year-on-year to $1.1 billion as firm cost control ensured that stronger revenues converted into earnings and cash flow. Basic earnings climbed to $443 million from $58 million a year earlier, fostered by the 39% increase in average gold price received and a 28% rise in managed operations output. Net cash from operating activities was up 188% to $725 million, reflecting improved operating fundamentals. After capital expenditure and cabaling proceeds, free cash flow reached $403 million, seven times that of the prior year. Adjusted net debt fell 60% versus March 24, reducing the adjusted net debt to EBITDA ratio to 0.15 times.

Speaker Change: Basic earnings volume to 443 million from $58 million a year earlier bolstered by a 39% increase in average gold price received and a 28% rise in managed operations outputs.

Speaker Change: Net cash from operating activities was up 188% to $725 million, reflecting improved operating fundamentals.

Speaker Change: After capital expansion expenditure antibiotic proceeds free cash flow reached 403 million seven times that of the prior year.

Speaker Change: Adjusted net debt fell 60% versus March 'twenty for reducing the adjusted net debt to EBITDA ratio to one five times.

Speaker Change: That's in lowest in more than a decade provides us with significantly increased financial flexibility.

Gillian: that's its lowest in more than a decade provides us with significantly increased financial flexibility. We remain focused on narrowing the valuation gap with our North American peers by sustaining operational improvements, maximizing cash conversion, extending mine life, and maintaining disciplined capital allocation. The total cash cost performance underlines the progress we've made in improving our position on the cost curve. Group total cash costs were $1,223 an ounce, within the guidance range of $1,125 an ounce and $1,225 an ounce, and only 4% year-on-year, higher year-on-year, despite persistent inflation and royalty costs. Underperformance at the non-managed Kibale JV added approximately $45 an ounce to the group's total cash cost.

Speaker Change: We remain focused on narrowing the valuation gap with our north American peers by sustaining operational improvements maximizing cash conversion extending mine life and maintaining disciplined capital allocation.

Speaker Change: Okay.

Speaker Change: The total cash cost performance of the volumes the progress we've made in improving our position on the cost curve groomed.

Speaker Change: <unk> total cash costs were $1223, an ounce within the guidance range of $1125, an ounce and $1225, an ounce and only 4% year on year higher year over year, despite persistent inflation.

Speaker Change: Royalty costs.

Speaker Change: Under performance at the non managed Kibali JV added approximately $45 an ounce to the group's total cash costs.

Speaker Change: Managed operations total cash cost fell 2% to $1230 an M.

Gillian: Managed operations total cash costs fell 2% to $1,213 an ounce, aided by the addition of Supari and continued inefficiencies at Siyuri. industry-wide macro factors, namely inflation and hold higher gold price linked royalties, added about 7% or $78 an ounce to cash costs, an impact largely offset by favorable currency movements in Australia and Brazil. Adjusting for the prior year's one-off weather events at Tropicana, controllable costs and managed operations, including Safari, improved by $62 an ounce, reflecting tight discipline on volumes, grains and absolute spend. These benefits were partially offset by operational challenges and a temporary plant stoppage at Inupiaq.

Speaker Change: Aided by the addition of Paris and continued efficiencies that theory.

Speaker Change: Industry wide macro factors, namely inflation and hold higher gold price linked royalties added about 7% or $78, an ounce to cash costs and impacts largely offset by favorable currency movements in Australia and Brazil.

Speaker Change: Adjusting for the prior year's one off weather events at Tropicana controllable costs, and managed operations, including Supari improved by $62, an ounce, reflecting tight discipline them on volumes grades and absolute spend.

Speaker Change: These benefits were partially offset by operational challenges and a temporary plant stoppage at any premium.

Speaker Change: All in sustaining costs tell the same story.

Gillian: All in sustaining costs tell the same story. Group ASIC rose just 1% despite the drag from inflation, whilst managed operations ASIC declined 2% to $1,657 an ounce. These results demonstrate our consistent focus on operational excellence, cost containment and capital efficiency, key drivers in our strategy to advance down the peer groups cost curve. We continue to focus on ensuring that the higher gold price is translated efficiently into earnings and cash. which came in at $403 million up from $57 million in Q1 2024. Gold price gains of $544 million equivalent to $811 an ounce delivered an after-tax boost of $346 million underscoring disciplined financial execution.

Speaker Change: <unk> AC rose just 1% despite the drag from inflation, whilst managed operation basic declined 2% to $1657 an ounce.

Speaker Change: These results demonstrate our consistent focus on operational excellence cost containment and capital efficiency key drivers in our strategy. The one down the peer cost curve.

Speaker Change: We continue to focus on ensuring that the higher gold price is translated efficiently into earnings and cash.

Speaker Change: Which came in at $403 million up from $57 million in Q1 2024.

Speaker Change: Gold price gains of 544 million equivalent to $811 and ends to leverage and obviously tax of $346 million underscoring disciplined financial execution.

Speaker Change: Fire sales maniac to jewelry, and Tropicana and including the first contribution from Sakari Adam's referred to $246 million.

Gillian: Fire sales mainly at Figuri and Tropicana and including the first contribution from Sukari added a further $246 million. Cost pressures were contained to $165 million, principally from price-linked royalties and higher volumes. Movements in working capital rose by $62 million to $169 million in Q1 of 2025. Inventory was flat, trade receivables higher, partly driven by higher gold price and Sukkari debtors, and finally trade payables lower as we settled bonuses, royalties and contractor labour invoices in the first quarter of the year. Capital expenditure increased in line with our plans and the inclusion of Sucari, ensuring sustainability and growth of the portfolio.

Speaker Change: Cost pressures were contained to 165 million principally from price linked royalties and higher volumes.

Speaker Change: Movements in working capital rose by $62 million to $169 million in Q1 25.

Speaker Change: Inventory was flat trade receivables higher partly driven by higher gold price and superior debtors and finally trade payables lower as we settled bonuses royalties and contractor labor invoices in the first quarter of the year.

Speaker Change: Capital expenditure increased in line with our plans and the inclusion of Sakari, ensuring sustainability and growth of the portfolio.

Speaker Change: We have continued to have strong liquidity and financial position over the border.

Gillian: we have continued to have strong liquidity and financial position over the quarter. Adjusted net debt down to 525 million at the 31st of March 2025, whilst the adjusted net debt to EBITDA ratio improved to 0.15 times from 0.21 times at year-end, underscoring disciplined cash generation and leaner capital structure. management routines through the cycle target at one time on this leverage metric. Liquidity remains ample at approximately $3 billion, including $1.5 billion in cash and cash equivalents. That positions us well to fund our capital pipeline, to return cash to shareholders and to maintain resilience regardless of the price environment.

Speaker Change: Adjusted net debt down to $525 million at the 31st of March 2025, whilst the adjusted net debt to EBITDA ratio improved to point to one five times from two one times at year end, underscoring disciplined cash generation and a leaner capital structure.

Management has changed through the cycle target of one times on this leverage metric.

Speaker Change: Liquidity remains ample approximately $3 billion, including one 5 billion.

Speaker Change: Cash and cash equivalents optimizations of Wow to fund our capital pipeline to return cash to shareholders and to maintain Brazilians regardless of the price environment.

We are pleased to reaffirm our 25 2025 guidance on all metrics.

Gillian: We are pleased to reaffirm our 2025 guidance on all metrics. As usual, production is expected to be second half weighted, albeit quite balanced across the year.

Speaker Change: As usual production is expected to be second half weighted, albeit quite balanced across the year.

Alberto: With that I'll hand back to Alberto to directly up.

Alberto: With that, I'll hand back to Alberto to wrap this up.

Alberto: Thanks Julien.

Alberto: Thanks, Julian. We plan some strong operating improvements, but we're far from satisfied. We will continue to find ways to optimize and operate more efficiently. who left his potential as an embedded in the business and has now shifted from a pure operational optimization program to a way of working. It has improved both our predictability and our resilience over the past two years. Oboasi has developed its infrastructure, is undergoing its pivot to the hybrid mining method, and is getting our full attention as it moves off the curve. At Zucavi, we expect to enhance value through full asset potential.

Speaker Change: <unk> strong operating improvements, but we're far from service for them.

Alberto: We will continue to find ways to optimize and operate more efficiently.

Speaker Change: Will lessen potential is embedded in the business.

Speaker Change: It's now shifted from a pure operational optimization program jewelry working.

Speaker Change: Does that improve over predictability on our resilience over the past two years.

Speaker Change: She has evolved as infrastructure is only going to speedway to the hybrid mining method.

Speaker Change: And it's getting our full attention as it moves up to curve.

Speaker Change: We expect to enhance volume through for us potential we realize the bulk of the corporate synergies around $30 million and a working each day to ensure we leverage our global abilities are close to securing supply chain and filings.

Alberto: We realize the bulk of the corporate synergies, around $30 million, and are working each day to ensure we leverage our global abilities across procurement, supply chain, and family. We continue to refine the operating model and remain vigilant to prevent any regression to the Byzantine organizational structure and corporate entropy of past years. We continue to look at the shape of the portfolio always asking the question of whether any asset is worth more inside or outside. We have a new more generous dividend policy which ensures time-to-cash return to shareholders, and that is part of our commitment to ensure capital is allocated in the most prudent and value-enhancing way.

Speaker Change: We continue to refine our operating model and remain vigilant to prevent and integration to the <unk>.

Speaker Change: <unk> organizational structure and corporate banks will be of past years.

Speaker Change: We continue to look at the shape of the poor performing always asking the question of whether any asset is worth more and Sean.

Speaker Change: We have a new more generous dividend policy, which ensures firm free cash returned to shareholders and that is part of our commitment to ensure capital is allocated in the most prudent and values countrywide.

Speaker Change: Our World Class exploration team continues to add value from the drill rigs across our properties, we continue to prioritize safety and environmental the carbonization projects, which are novel and.

Alberto: Our world-class exploration team continues to add value to the entrailment across our properties. We continue to prioritize safety and advance our decarbonization projects, which are not only NPD-positive, but reduce our reliance on thermal energy and often complex supply chains to get fuel to reload ships. Our technical team continues to uncover value in Nevada as they work to bring our projects to account.

Speaker Change: Possibly but reduce our reliance on thermal LNG and often complex supply chains to get fuel to remote charts. Our technical team continues to uncover valuing the bottom as they work to bring Gulf projects to account.

Speaker Change: One earned will go over shortly when I joined the business just under three years ago. The mission was simple.

Alberto: White and your Gold Ashanti.

Alberto: When I joined the business just under three years ago, the mission was simple. to safely regain cost competitiveness. to bet more than three years. At the time, we have jumped to the top of the industry cost curve. Then in late 2021, with new senior leadership working at one side in power operating and with a new clear operating model in place, we've implemented the full asset potential program to turn the tide. We continue to evaluate progress against our initial goals with mid-2021 as the base adjusting for U.S. CPI. Our cash flows are about 1% higher in real terms relative to a 20% average increase for the peer group.

Speaker Change: Two safety regaining cost competitiveness.

Speaker Change: So a bit more than three years ago.

Speaker Change: From the time, we have jumped to the top of the industry cost curve.

Speaker Change: Then in late 2021, with new senior leadership, working alongside the empower operating and with a new two year operating model in place.

Speaker Change: Employment in the full lesser professional programs drove the time, we continue to evaluate progress against our initial goals with mid 2021 as the base.

Speaker Change: Adjusting for USC beyond or cash flows or about 1% higher in real terms relative to a 20% beverage increased for the peer group.

Speaker Change: Also narrowed the gap appreciably in absolute terms.

Alberto: We have also narrowed the gap appreciably in absolute terms. We believe we have now embedded in our business the tools to help us continue to improve our competitive position. For as long as this company has been in existence, we struggled with the disconnect of our production size and rating relative to our North American peers. We know that this isn't the result of a single thing, but rather the cumulative effect of a number of factors. We've gone about systematically addressing the issues over the past three years. Today the fundamentals of our business are strong and the outlook is even better.

Speaker Change: We believe we have now embedded in your business to tools to help us continue to improve.

Speaker Change: Competitive position.

Speaker Change: For as long as this company has been in existence, we struggled with a disconnect from our production sites and raising rotors toward North American peers.

Speaker Change: We know that this isn't a result of a single thing, but rather the cumulative effect of a number of factors we've gone about systematically addressing the issues over the past three years.

Speaker Change: The fundamentals of our business are strong and the outlook is even better.

Speaker Change: Doing well controllers.

Making meaningful strides to achieve and reach our full potential as.

Alberto: We're doing what we promised and we're taking meaningful strides to achieve and reach our full potential. And as you can see the valuation metrics, we believe the AngloGold Ashanti continues to offer an attractive investment proposition. If you look at the from left to right top, free cash flow yield is one of the highest in the industry. Dividend yield is also one of the highest in the industry. Inferred all-in calls is basically very similar now to most of our peers except Peer1. And then nevertheless, when you look at EB2 EBITDA, we're still lagging. If you again exclude Peer1, we are about 10% lower still in EB2 EBITDA.

Speaker Change: And as you can see the valuation metrics, we believe the Anglogold Ashanti continues to offer.

Speaker Change: And attractive investment proposition.

Speaker Change: You look at the table from left to right top free cash flow yield is one of the highest in the industry dividend yield is also one of the highest in the industry.

Speaker Change: First of all in Kohl's is.

Speaker Change: <unk> very similar now to most of our peers, except the one and then.

Speaker Change: Nevertheless, when you look at EV to EBITDA.

Speaker Change: Still lagging if you again, it's through pier one.

Speaker Change: We are about 10% lower spill in EV to EBITDA, so still a room to grow in relative terms.

Alberto: So still a room to grow in relative terms. With that, I'll take your questions.

With that I'll take your questions.

Speaker Change: Thank you we will now be conducting the question and answer session.

Operator: Thank you.

Operator: We will now be conducting the question and answer session. If you would like to ask a question, please press star and then 1 on your touch-tone phone or on the Keeper news screen. You will hear a confirmation tone that you have joined the queue. If you decide to withdraw your question, you may press star and then 2 to remove yourself from the question queue. Once again, if you would like to ask a question, you may press star, and then...

Speaker Change: If you would like to ask a question. Please press Star then one on your Touchtone phone or on the keypad a new screen.

Speaker Change: You will hear a confirmation time that you have joined the queue.

Speaker Change: If you decide to withdraw your question you May Press Star and then two to remove yourself from the question queue.

Speaker Change: Once again, if you would.

Speaker Change: To ask a question you May press Star then one.

Speaker Change: The first question, we have is from Ross <unk> of BMO capital markets. Please go ahead.

Raj Ray: The first question we have is from Raj Ray of BMO Capital Markets. Please go ahead. Thank you, operator, and good morning, Alberto, Julian and team.

Speaker Change: Thank you operator, and good morning, our bottled Giuliano team.

Speaker Change: Three questions if I may for sub on the Obasi Alberto can give us some visibility on how the ramp up is going are when we are at the size. It was good to see all the infrastructure work are finally complete.

Alberto: Three questions, if I may. First up on Obuasi, Alberto, if you can give us some visibility on how the ramp up is going. When we were at the site, it was good to see all the infrastructure were finally complete. It was down to the increased development rate. There was a new crew that was supposed to come in and give us some color as to how that's going.

Speaker Change: It will come down to the inquiries development raise those a new crew that was supposed to come in and give us some color as to how that's going.

Speaker Change: Secondly on into a prim.

Alberto: Secondly, on Iduaprim, the decision to pause, the press release highlighted that there is potential for enhanced value at Iduaprim. If you can touch upon what positives you're seeing based on the work you've done at Iduaprim and how you can increase value.

Speaker Change: Hum.

Speaker Change: The business is to pause.

Speaker Change: Press release highlighted above there is potential for enhanced value added into our premium.

Speaker Change: If you can touch upon what.

Speaker Change: Positives you are seeing based on the work they've done them into a premium high return increased value.

Speaker Change: And third is so with respect to the working capital the smartphone Jillian last year, there was a $254 million negative working capital move in Q1 that some of the 169.

Gillian: And third is, with respect to the working capital, it's more for Jillian. Last year, there was a $254 million negative working capital move. In Q1, that's another $169 million.

Speaker Change: Can you give us some idea as to how we should look at the working capital for the rest of the year Theres just some unwind so the rest of the year. That's it for me. Thank you.

Raj Ray: Can you give us some ideas as to how we should look at the working capital for the rest of the year? Do you see some unwind for the rest of the year? That's it for me. Thank you. Thank you, Raj.

Speaker Change: Thank you Ross.

Speaker Change: The ramp up is going well and the wahid.

Alberto: The wrap-up is going well in Ogoatee. At this stage, we believe we will be within the range that we signal to the market. I'll give you one indicator. We have to do about 130,000 tons of ore per month. And as I look at April, most of the week and all of that, we're doing about that, which is 30,000 per week. So I think the second quarter will be good. And so we're pretty even, let's say, across the quarters. So yeah, we're happy with Oahu. It's still, obviously, there's a lot of work and focus and dedication from everybody at the mine site and from corporate, but it's going well.

<unk>.

Speaker Change: At this stage, we believe we will be within the range that really a signal to the market.

Speaker Change: I'll give you one indicator we'd have to do about 130000 tons of more.

Speaker Change: Per month.

Speaker Change: And as I look at April most of the week and all of that we're doing about that which is 30000 per week.

Speaker Change: So I think the second quarter will be good.

Speaker Change: So, we're and pretty even let's say across the quarters.

Speaker Change: So we're happy with our velocity is Phil obviously.

Speaker Change: There's a lot of work and focus and dedication phone everybody at the mine site and from corporate but it's going well.

Speaker Change: In Ukraine.

Alberto: I feel free. There's two things, obviously, one, we did a lot of additional work in our what we call a Resol W, the long-term plans, the potential for the asset. When we started reassessing the numbers, and it's always about, okay, well, what does the future of this asset look independently and with the JV? What we had seen two years and a half ago with the knowledge we have then, with the understanding of the other asset and our asset, there was a clear, let's say, benefit in increasing NPV. That's not the case right now. And so that's where we said, okay, let's just look at how we can stabilize this one, because this has been very unsettling for the teams on the ground.

Speaker Change: The first two things, obviously wasn't going within a lot of additional work.

Speaker Change: In the our what we call a Russell W. With a long term plans the potential for the outfit.

Speaker Change: And.

Speaker Change: When we started reassessing the numbers.

It's always about okay well.

Speaker Change: What does the future of this.

Speaker Change: Asset look independently and with the JV.

Speaker Change: What we have seen two years on the half a goal with the knowledge. We have then with the understanding of the other asset on our assets.

Speaker Change: There was a clear, let's say benefit and increasing NPV, that's not the case right now and so that's where we said okay. Let's just look at how we can stabilize this one because this has been very unsettling for the teams on the ground, but also we have.

Speaker Change: New understanding we've discovered the way two mines at additional resource adult into frame has an exciting future.

Alberto: But also, we have a new understanding, we've discovered the way to mine that additional resource. And so the Supreme has an exciting future as a standard loan. And that's one we'll talk to the market more. This is early stages, but basically, it's all about developing that additional resource that we see now clearly in what we call H2 horizons and H3 horizons.

Speaker Change: As a stronger alone stand alone and that's the one we'll talk to the market more this is early stages, but basically it's all about developing that additional resource we see now purely in our what we call due to a rise in tonnage pretty origins.

Speaker Change: On <unk>, yeah. Thanks, <unk>, so I think firstly on bids.

Gillian: on Julia. Yes, thanks Raj. So I think firstly, there's obviously a number of factors within working capital. So the first one, we do have a reduction in gold indicators, primarily GATA and CUEVA. CUEVA, you know, has transitioned back to full plant production from a sort of a concentrate mix. And so there are some temporary working capital impacts there. Receivables then is up, partially from sort of higher prices, and then the inclusion of to carry balances in there. And then on payables, we know we had significant payments in Q1 off the back of sort of contractor cost payments in January, and then royalty payments, and also payments of bonuses, et cetera.

Speaker Change: Obviously, a number of factors within working capital. So the first one and we do have a reduction in ingalls in deployment.

Speaker Change: Primarily data and Cui and.

Speaker Change: And clean line, you'll know has transitioned back to full plant production from the set of a concentrate mix and so there are some temporary working capital impact.

Speaker Change: Impacts their receivables than in off partially from sort of higher prices and then increased in all after Terry.

Speaker Change: <unk> in there and then on payables.

Speaker Change: We know we have significant payments in Q1 of.

Speaker Change: The contracted costs payments in January and then royalty payments.

Speaker Change: And also pains in England.

Speaker Change: Hours et cetera, what we anticipate for the remainder of the year is the recovery fell off on the payables side.

Gillian: What we anticipate for the remainder of the year is a recovery somewhat on the payable side, but would want you to bear in mind, you know, as costs are coming down, you're paying less.

Speaker Change: But would want each bear in mind as costs are coming down you're paying less and so think about a set of of reversion or correction on payables and southern continuation with inventory levels, roughly where they are and then receivables doing what it will do based on bulk.

Gillian: And so think about a sort of a reversion or a correction on payables and sort of continuation with inventory levels roughly where they are, and then receivables doing what it will do based on gold prices.

Speaker Change: Right.

Ryan: And Ryan.

Ryan: The next question, we have is from Josh Wolfson of RBC. Please go ahead.

Josh Wolfson: The next question we have is from Josh Wolfson of RBC, please go ahead. Yeah, thanks very much. First question, I guess, just on the capital allocation side, you know, I understand the new dividend framework in place, free cash for this quarter was very strong. And when I look forward at, you know, what the net cash position is going to be, it will grow significantly even with this new dividend policy. You know, when you start to think about, you know, further capital allocation measures beyond the dividend in the second half of this year and into next year, you know, where's the company leading when you start to think about that excess cash balance being built?

Josh Wolfson: Yeah, Thanks very much.

Ryan: First question I guess, just on the capital allocation side.

Josh Wolfson: Understand the new dividend framework in place our free cash flow. This quarter was a was very strong.

Ryan: And when I look forward to it.

Ryan: With a net cash position is going to be.

Ryan: It will grow significantly even with this new dividend policy.

Ryan: You start to think about.

Ryan: Further capital allocation measures beyond the dividend in the second half of this year and into next year, whereas the company, leading when you start to think about that excess cash balance being built.

Alberto: Thanks.

Josh Wolfson: Thanks, Josh.

Alberto: Oh, thanks, Josh. that when we released a new policy that we understood that we would maybe in the future if the gold price remained as strong that we will be open to other avenues of returning cash to shareholders including buybacks. This is the first quarter when we implement a new policy. What we've asked is let us implement a new policy, one, two quarters, three quarters. But clearly this year, again, if the gold price stays where it is, we'll have to look at other ways of redistributing. So at this stage, it's a discussion that we will have with the board.

Josh Wolfson: But when we released a new policy that we understood that we would may be in the future of the gold price remains a strong and that we will be open to other avenues of returning cash to shareholders, including buybacks.

Josh Wolfson: This is the first quarter, we implemented a new policy, while we've asked us let us implement the new policy, one two quarters three quarters, but clearly this year.

Josh Wolfson: Again as the gold price stays where it is we'll have to look at other ways of redistributing. So at this stages of discussion that we will have with the board.

Josh Wolfson: What is the appropriate mechanism to do that but yeah.

Josh Wolfson: What is the appropriate mechanism to do that? But, yeah, I just, again, underscore, this is just a new policy, first quarter. First time we pay quarterly dividends. And, yeah, we'll get back to the market in due time.

Josh Wolfson: Yes.

Josh Wolfson: I just again underscore this is just the new policy first Forbes, our first time repaid corporately dividends.

Josh Wolfson: We'll get back to the market in due time.

Josh Wolfson: Okay got it.

Josh Wolfson: And then on North Bull frog.

Josh Wolfson: Okay, got it.

Alberto: And then on North Bullfrog and with some of the changes here on the permitting side, so first question I have is just on the historical CapEx guidance. How does this delay in the project affect the budget for the asset, I guess, in 2025 and 2026? Um Look, apart from inflation uh yeah there's nothing there may be something with the tariffs but we're not at this stage we're focused on of the permission for the BLM and we don't think there's anything significant at this stage uh and I just have to say which is interesting we valued that project a very concerted gold prices but the long-term gold price keeps going up and on the long-term I'm talking about it until the project I would say that if anything maybe it has some more costs But in terms of the IRRs that we have internal, we haven't talked about it, but MVB is looking even better, even though it's small, but it's looking very well.

Josh Wolfson: And with some of the changes here on the permitting side. So first question I have is just on the historical Capex guidance.

Josh Wolfson: How does this delay in the project effects affect the budget for the asset I guess from 2025 and 26.

Josh Wolfson: Oh.

Speaker Change: Logan apart from inflation.

Speaker Change: The others them nothing there may be something within tolerance, but we're not.

Speaker Change: At this stage we're focused on.

Speaker Change: The permission for the BLM and we don't think there's anything significant at this stage.

Speaker Change: But potent.

Speaker Change: Ill just have to say, which is interesting we valued that project are very concerned and gold prices of the long term gold price keeps going up another long term on talking about it.

Speaker Change: Until the project I will say that if anything maybe it has some more costs.

Speaker Change: In terms of the IRR is that we have internally, we havent talked about that <unk> is looking even better even though it's small, but it's going very well.

Speaker Change: But okay I understand in terms of what are in terms of what we are spending on it and guidance is $45 million in 2026.

Alberto: But in terms of what we are spending on it, in guidance, it's $45 million in 2026. And then in 2026, probably it will be slow. We have talked about 300 and we expect to spend less in terms in 2026. Okay.

Speaker Change: And then in 2026, probably it will be slow we have talked about 300, and we expect to spend less in terms in 2026.

Speaker Change: Okay.

Speaker Change: And then when you think I guess more broadly at the permitting outlook in Nevada here.

Alberto: And then when you think, I guess, more broadly at the permitting outlook in Nevada here, you know, my understanding was, at least based on some of the prior commentary, I think this was a more simplified permitting process through, you know, a more succinct EA. And, you know, the project permitting timeline, I think it's been delayed two years thus far. You know, what does this sort of mean for the outlook at, I guess, the new ARTHUR project, and how are you looking at maybe potential pressure points with that permitting process, which will ultimately be, I think, a lot more complicated than North Bullfrog.

Speaker Change: My understanding was at least based on some of the prior commentary I think this was a more simplified permitting process through.

Speaker Change: Hum.

Speaker Change: More succinct.

Speaker Change: Hey.

And the.

Speaker Change: The project permitting timeline I think it's been delayed two years, thus far.

Speaker Change: Yeah.

Speaker Change: What is the sort of means for the outlook as I guess, the new offer projected and how are you looking at.

Speaker Change: Maybe potential pressure points with that permitting process, which will ultimately be I think a lot more complicated than Denmark bullfrog.

Alberto: Thanks. Hello, I think that there's North Bullfrog has been a very useful project from many points of view, but one of them important is how to navigate. This is the first time in years that we are navigating here and especially in Nevada. And so how to navigate with the BLM and all the permissions and communities that we all require. So I think it's been a very useful process. As we look, let me state two things. First, we are actively engaging with the authorities in Washington, the BLM senior management, Department of the Interior, and I have to say that the support that these projects, you've all heard about it publicly, but I probably can reiterate that privately, there's an enormous amount of support.

Speaker Change: So I think that this.

Speaker Change: Multiple pronged has been.

Speaker Change: Already useful approach it from many points of view, but one of them importantly, how to navigate this is the first time in years that we are navigating here, especially in Nevada.

Speaker Change: And so.

Speaker Change: How to navigate with the BLM and all the permissions and communities that we all require so.

Speaker Change: So I think it's been a very useful process as we look.

Speaker Change: Let me say two things.

Speaker Change: First we are actively engaging with the authorities in Washington, The BLM Senior management.

Speaker Change: Part of the interior and I'd have to say that the support.

Speaker Change: These projects you've all heard about it publicly but I probably can reiterate that privately that's an enormous amount of support of course, you have to do the right thing you have to listen to the communities in a way that's what we've done and we've found much more efficient ways of minimizing the use of water.

Alberto: Of course, you have to do the right thing. You have to listen to the community. In a way, that's what we've done, and we found much more efficient ways of minimizing the use of water, which is a big thing for the North Pole probe, and that would also be applied in Arthur. But look, I don't think that the sort of general sort of news that we have of when Arthur will be in production, all of that, but then they have materially changed. We will talk about that when we finish the BFS at the end of this year.

Speaker Change: Which is a big thing for the North pole pole and that would also be applied in.

Speaker Change: Arthur.

Speaker Change: Look I don't think of that.

Speaker Change: <unk>.

Speaker Change: The sort of general sort of.

Speaker Change: It was that we have of what Arthur will be in production at all of that they have materially changed we will talk about that when we finished up.

Speaker Change: The PFS at the end of this year, we will give much more.

Alberto: We will give much more probably guidance to the market about the future of the project. It could be at the end of this year or in February of next year. It depends when we finish it. Let me just summarize by saying we are quite encouraged for Arthur by a very clear pro-business support from the U.S. government and the BLM.

Speaker Change: Although bleed.

Speaker Change: Our guidance to the market about the future of the projects it could be at the end of this year or in February of next year. It depends when we finish it.

Speaker Change: No.

Speaker Change: Let me just summarize by saying we are.

Speaker Change: Encourage for Arthur.

Speaker Change: I have very clear pro business support from the U S government and there'll be other.

Speaker Change: Great. Thank you very much.

Josh Wolfson: Great, thank you very much.

Speaker Change: The next question, we have is from Chris Nicholson of RMB Morgan Stanley. Please go ahead.

Chris Nicholson: The next question we have is from Chris Nicholson of R&D Morgan Stanley, please go ahead. Thank you Julian and Alberto. I wondered if maybe you could make some comments on how these higher gold prices might impact the economy. And then, I think, linked to that, could you comment, you know...

Chris Nicholson: Alright, Thank you gentlemen.

Speaker Change: I'll bet.

Speaker Change: Wondered if maybe you could make some comments on how these higher gold prices might impact the way you think about the mine plans across the operations with it provides additional scope optionality to do things that humana previous you've done.

Speaker Change: Not just linked to that could you comment.

Speaker Change: Enhanced value in a standalone basis.

Chris Nicholson: Enhanced Value Equities on a standalone basis, Sadeh Jipriyas… QEIBA may be expanding production towards 200,000 ounces. Chris, could you maybe just repeat that first question we asked you on the call? I got the first one, but it infringed on the question and the third one... Sure. Yeah, I'll repeat the question. I'm asking in respect of the higher gold price, how does that impact the way you think about your mine plans across the portfolio? Is the additional value you see in the standalone basis, has some of that arisen due to, I guess, the optionality a higher gold price provides you?

Speaker Change: If any of that.

Speaker Change: Rhythm.

Speaker Change: Maybe the Optionality.

Speaker Change: <unk>.

Speaker Change: And then the final one you made some comments that Chris you, Bob maybe you can expand production towards <unk> thousand ounces metric broad, but more details to you how you're looking to get that thank you.

Speaker Change: Chris could you maybe just repeat that first question. We lost you on the call.

Speaker Change: Our Gulf of first but even pre and during the question and the third one five.

Speaker Change: Sure Yes.

Speaker Change: Repeat the question.

Speaker Change: I'm asking in respect of the higher gold price, how does that impact the <unk>.

Speaker Change: As you think about your mine plans across the portfolio.

Speaker Change: Additional optionality to have minimums if.

If you're a premium am has isn't it.

Speaker Change: Is the additional value you see on the Standalone basis as some of that's arisen due to I guess the Optionality of high Gold price provides you and then also just pre buy you made some comments around getting to 300000 ounces haul kind of maybe some further detail on how youre looking to get there. Thank you.

Alberto: And then also, just pre-buy, you made some comments around getting to 300,000 ounces. Maybe some further detail on how you're looking to get there. Okay, thank you. Look, the reality is that we have kept our resource price, our reserve price still basically like most of the market and very low at $1,650 and that's part of the two ones. And so that's way below the consensus pricing. I'd probably add something more. In all of our operations where we are plant constrained, we keep at the lowest end of that one because our main focus is on increasing the margin.

Speaker Change: Okay. Thank you.

Speaker Change: Look the reality is that we have kept our resource price of research.

Speaker Change: Price still basically like most of the market.

Speaker Change: Very low at $6 50, and bank deposit all the tier ones.

Speaker Change: And so that's way below the consensus pricing I'd, probably add something more in all of our operations, where we're we are flying constrained.

Speaker Change: We keep at the lowest end of that one because our main focus is on increasing the margin and Thats why you can see we've done so well in cash flows. There is no point in processing, let's say when you have your plan for in opening the floodgates for lower grade ore. So.

Alberto: And that's why you can see we've done so well in cash flows. There is no point in processing, let's say, when you have your plant full in opening the floodgates for lower grade ore. So my point is, we are very... deliberate and focused on keeping coasts under control and on keeping the margin. the widest possible to have the highest free cash flow. I'll tell you one metric that underspins this. Look at our free cash flow per ounce in the first quarter. It was in the $600. That's higher, for example, than our two largest peers in the industry.

Speaker Change: My point is we are very.

Speaker Change: Deliberate and focused on keeping costs under control and on keeping the March.

Speaker Change: The widest possible to have the highest free cash flow I'll tell you one metric that underpins. This look at our free cash flow per ounce.

Speaker Change: The first warrant or it was in the $600.

Speaker Change: It's higher for example than our two largest peers in the industry.

Speaker Change: So that sort of underpins we are not changing the core sort of guide the corn prices that we use for operations for resource or reserve and we're maintaining that way way below the current gold price.

Alberto: So that just underpins, we are not changing the core sort of guide, the core prices that we use for operations, for research, for reserve, and we're maintaining them way, way below the current gold price. And that then answers your second question, which is E-Dupri. No, it has nothing to do with the gold price. This is about our understanding. We've done a lot of work at the whole company in the last years in understanding the horizons of the different assets, let's say in a five, 10, and 20-year window. We've actually got to start talking in the next quarters of each asset.

Speaker Change: And that then answers your second question, which is it will bring no. It has nothing to do with the coal price. This is about.

Speaker Change: Our understanding we've done a lot of work up the whole company in the last years in understanding Youre rises of the different assets, let's say in.

Speaker Change: 510, and 20 year window, we've actually got to start talking in the next quarters of each asset I'll, Let me give you a <unk>.

Speaker Change: <unk> a preview of that probably the one that we will talk we're seeing like an incredible long term future for gates are even higher than it is today and going way into that to even be end of 2000 and therapies. So we've done that across the whole company.

Alberto: Let me give you probably a preview of that, probably the one that we will talk. We're seeing like an incredible long-term future for GATA, even higher than it is today, and going way into even the end of 2030s. So we've done that across the whole company. And when E-Dupri, we understood the potential of E-Dupri, that's when we said, okay, this makes that we continue this path on our own. We'll give you more color of that when we have. We've just taken this decision, and I can give you more color of how we're going to get to $300,000.

When do you can frame we understood the potential video frame. That's when we said okay. This makes sense that we continue this path on our own we will give you more color on that when we haven't we've just taken this decision and I can give you more color on how we're going to get to 300000, but at this stage its early stages.

Alberto: But at this stage, it's early stages. We know the potential we have. We just have to unlock with more studies how are we going to get that potential. Okay, thank you. But did he ask Cuyabán? Yeah, he asked Cuyabán to 300. Oh, I'm sorry. I thought it was Hiduprín. So Cuyabán, it's the same, but Cuyabán, we're already at 260, 270. So it's just going to be that the average grade is going to be pushing into the 6 and higher. And yeah, that's what we understand probably much better how we get to 300. I think that all the studies and all of that underpin that we should be there in two years or something like that.

Speaker Change: We know the potential we have we just have to unlock with more studies, how are we going to get that potential.

Speaker Change: Okay. Thank you can do to print.

Speaker Change: <unk> I'm, sorry, I thought he was he dupree, so uncle <unk>, it's the same but clear Bob we're already at 260% to 70. So it's just going to be that the average grade is going to be pushing into the six and higher.

Speaker Change: And yes, that's what we understand.

Speaker Change: Much better how we get to 300.

Speaker Change: I think that all the studies and all of that.

Speaker Change: Underpinning that we should be there in two years or something like that to maximum three but I think two years, we'll get at the 300000.

Alberto: Two, maximum three. But I think two years we'll get at the 300,000 level. Thank you very much.

Speaker Change: But as already mentioned the higher rates okay.

Speaker Change: Okay.

Adrian Hammond: The next question, we have is from Adrian Hammond of SPG Securities. Please go ahead.

Adrian Hammond: The next question we have is from Adrian Hammond of SPG Securities, please go ahead. Thanks, operator. Firstly, well done on a good quarter, particularly that your cost management is very disciplined and spot on. record gold prices, which is which is a Contrary to the past. So well done there.

Speaker Change: Thanks, operator of Ohio.

Adrian Hammond: Firstly.

Adrian Hammond: All done on a on a good quarter, particularly diligent cost management is.

Adrian Hammond: Very disciplined and responsive.

Adrian Hammond: Gold prices, which is which is.

Adrian Hammond: And contrary to the past.

Adrian Hammond: So well done there.

Adrian Hammond: I'd just like to ask.

Alberto: But I'd just like to ask a bit about Sukauri, great performance and cost down 24% year-on-year. So what's driving that? Where have you managed to yield a change at Sukauri? And then following our visit there earlier this year, there was certainly some prospects around connecting to the grid that could have meaningful change to the costs further. Any progress there and any progress on the draft mining code that included value share that was expected. come through. Thanks.

Adrian Hammond: I'll ask a bit about safari, great performance on costs down 24% year on year. So.

Adrian Hammond: What's driving that wherever you managed to yield.

Adrian Hammond: Change at Zuccotti, and and then a follow up visit day earlier this year there was a.

Adrian Hammond: Certainly some prospects around.

Adrian Hammond: Connecting to the grid that could have meaningful change to the costs further any progress there and any progress on the draft mining code that <unk>.

Adrian Hammond: Included value share that was expected to come.

Adrian Hammond: Come through.

Adrian Hammond: Thanks.

Adrian Hammond: Okay.

Adrian Hammond: So.

Gillian: tulp all I'll ask Julia to give you the details on the first question on Zuccotti, but there was a different classification of what they put in cash costs. We put in basically growth capital. You remember that was an issue in the last quarter when there was a surprise of why the numbers were higher in capital, and it was related to that. So there's a definition, just a different definition that we use. But on top of that, they are, again, very good in terms of higher production and cost control. So there's a real reduction in cash costs per ounce, but part of that explanation is that...

Speaker Change: I'll ask Julia to true true too busy with details on the first question on <unk>, but there was a.

Speaker Change: A different classification of what they put in cash cost we put in basically growth capital you'll remember that was an issue in the last quarter. When there was a surprise why the numbers were higher in capital and it was related to that so there's a definition just a different definition that we use but on top of that.

Speaker Change: Again very good in terms of higher production and cost control. So theres, a real reduction in cash cost per ounce.

Speaker Change: Part of that explanation.

Speaker Change: Julien.

It's exactly right. So it's actually waste stripping slightly better range and then.

Gillian: Jillian, could you...? That's exactly right. So it's actually waste-stripping, slightly better grade, and then... And, yeah, and the definition... The definitions between ADA and sentiment. So the higher grades coming through and higher production is a change in waste-stripping. And I think probably the most important piece to note is this is pretty full of potential work that's going to happen later on this year. So we're really happy and we see a further opportunity there as well.

Speaker Change: And that again and the definition.

Speaker Change: The definition between Asia invention in for the higher grades coming through in higher production does it change the waste stripping and and I think probably the most important piece to noted it did pre settled for some potential award thats going to happen and later on this year. So we're really happy and we see further opportunity there as well.

Speaker Change: Okay and then.

Speaker Change:

Gillian: Okay, and then, um... Connecting to the grid, so That is going to happen. It was some issues on the contract that we wanted to clarify, so we've worked a bit on the terms of the contract and all of that, but I think that that is proceeding well. Someone 26 comes in line in 26. And that uh one thing probably to uh that came uh clear it was defined by the way it's now sign and seal is a tax uh extension for the next 15 years in egypt the draft mining code yeah on the draft money code that's gone to the cabinet and um it's advanced with legal approval and we're just waiting for notification for something kind of fine so i think you know using provisions that's kind of doing the need Thanks.

Speaker Change: Connecting to the grid so.

Speaker Change: That is going to happen we.

There was some issues on the contract.

Speaker Change: That we wanted to clarify a little more a bit on the terms of the contract on all of that but I think that is.

Speaker Change: Proceeding well.

Speaker Change: To summarize 2006 comes in line in 2006.

Speaker Change: And then.

Speaker Change: Al one thing probably to that became clear it was defined by the way is now signed and sealed is the tax.

Speaker Change: <unk> for the next 15 years in Egypt.

Speaker Change: Drop mining code.

Speaker Change: Yeah.

Speaker Change: Monica.

Speaker Change: See the attendance.

Speaker Change: Residential attributable and we just wait that's the pension income.

Speaker Change: I'm fine.

Speaker Change: But I think the business.

As countries in a sedan.

Speaker Change: <unk>.

Speaker Change: Thanks, and then just on.

Adrian Hammond: And then just on... Your assets in general, Tier 1 versus Tier 2, do you think there are any Tier 2 assets that could become Tier 1 assets in your portfolio? It gets the sense that you're looking more inward versus asset sales previously, given the price.

Speaker Change: Two assets in general tier one versus tier two do you think there are any tier two assets that could become tier one assets in your portfolio.

Speaker Change: Get the sense that you.

Speaker Change: Looking more inward.

Speaker Change: This is asset sales previously.

Speaker Change: Previously given the price and then for Julien.

Alberto: And then for Jillian, any chance you might want to switch to a semi-annual top-up that may perhaps… Just, you know, control the lazy balance sheet, if so it became became a criticism for me from the market. Yes. So, um... I think that there are two acids. We've announced one, but the second one, it'll take us some time, but I think it has the potential to become Tier 1, and that means low cost and significant production. So the first one is Cuyabán, the second one is Sigüiri. We're very excited by the future of Sigüiri. It will take us some time, but not only the potential for a map, there's no question on the risks.

Speaker Change: Any chance you might want to switch to semiannual top up that may perhaps.

Speaker Change: In our control.

Speaker Change: The lazy balance sheet.

Speaker Change: So it became.

Speaker Change: Yes.

Speaker Change: Became a criticism from each market.

Speaker Change: Yeah. So.

Speaker Change:

Speaker Change: I think that there are two assets.

Speaker Change: We've announced one but the second one it will take us some time, but I think it has the potential to become tier one.

Speaker Change: And that means low cost and significant production. So the first one is <unk>. The second one is sequelae.

We're very excited by the future of <unk> It will take us some time, but not only the potential for a map theres no question on the reasons.

Speaker Change: There's no question that we can sustain.

Alberto: There's no question that we can sustain. very high levels of production, 400 on 1,000 plus for decades. There's still question marks about how we do that. We've done a lot of progress with communities. I have to say the government, the new ministerial lines, we think is exceptional and we are receiving a lot of support and we're quite happy there. So there are issues to be worked, but in terms of potential, she really has all the potential to be Tier 1. and quinoa is already a tier one.

Speaker Change: Very high levels of production 400000, plus four decades, which is there. So there's some question marks about how we do that there is.

Speaker Change: We've done a lot of progress with communities I have to say the government the new minister of mines.

Speaker Change: We think is exceptional and we are receiving a lot of support and we're quite happy there, but so there are issues to be work, but in terms of potential.

Speaker Change: It really has all the potential to be tier one.

Speaker Change: And can devise already a tier one.

Speaker Change: Probably I'll add something in your question. We said we are working.

Alberto: Probably, I'll add something in your question. We said we are working, I said, three months ago on about two or three disposals. They're obvious, but I wasn't saying the names. We completed one already in the first half, and I would expect to complete another one in the second half. We're not going to, if we don't find an appropriate buyer, we won't do it, but But I think that there are some interesting possibilities of continuing this disciplined approach to portfolio management.

Speaker Change: Is it three months ago on about two or three disposals theyre all views, but I wasn't saying the names we completed one already in the first time and I would expect to complete another one in the second half we're not going to if we don't find an appropriate buyer, we won't do it but.

Speaker Change: But I think that there are some interesting possibilities of continuing this disciplined approach to portfolio management.

Adrian Hammond: And I'm, sorry, I'm Adrian I kind of understood. Your question seems to be similar to the one in Alberta the lines on the dividend allocation policy. So the fact that we were indeed continue to kill regime with incremental debt.

Gillian: I'm sorry, Adrian, I kind of understood your question to be similar to the one Alberto answered on dividend allocation policy. So just the fact that we can continue to review we've implemented the quarterly dividend and we're open to. revising options or whatever towards the end of the year. I mean, that's indirectly what you asked. Not exactly, it's the same policy you have, you're just paying it more frequently. Right now, we're just implementing the policy. We'll discuss with the board if we do something at the half year instead of at the end of the year, but the policy is the end of the year, but it's in discussion.

Speaker Change: Quarterly dividend and we're open to.

Speaker Change: Providing options on land rush towards the end of the year I mean, thus indirectly what you asked I think it's sure thing is hunting.

Speaker Change: Exactly it's the same it's the same policy you have you're just paying it more frequently.

Speaker Change: Yeah.

Speaker Change: That's just that's right now we're just implement the policy will discuss with the board.

Speaker Change: We do something at the half year instead of at the end of the year, but the policy at the end of the year, but.

Speaker Change: Its under discussion we kind of discussed.

Speaker Change: Thanks.

Gillian: We can discuss it.

Operator: Thanks. Thank you.

Speaker Change: Yeah.

Speaker Change: Thank you.

Speaker Change: Okay. Thank you Sir please go ahead ma'am.

Speaker Change: But we understand from questions from the webcast.

Operator: Great.

Operator: We're going to take some questions from the webcast.

Speaker Change: Two questions from a taper at Investec.

Inka Teko: Two questions from Inka Teko at Investec. For Alberto and Gillian, at these price levels close to record highs, has hedging and locking in some of these higher prices increased in appearance? The second one is just your view on M&A at this point in the cycle.

Speaker Change: <unk>.

Speaker Change: Four of them.

Speaker Change: And Julien at these price levels close to record.

Speaker Change: Record highs as hedging and locking in some of these increases.

Speaker Change: The increased in Q1.

Speaker Change: And the second one is just your view on M&A at this point in the cycle.

Speaker Change: Thank you so <unk>.

Speaker Change: Our policy.

Alberto: Thank you. So our policy as a rule is not to hedge. There's always exceptions. like in the case we talked about in Brazil, but no, I... I can probably... I'll just guess the amount of. profit impact of the hedging of some of our peers like it's a very that it's just a plain lottery so so we don't we don't do that we're naturally hedged and we won't hedge as a poll.

Speaker Change: As our role is not to hedge there's always exceptions.

Speaker Change: Like in the case, we talked about in Brazil, but now I E.

Speaker Change: I can probably.

Speaker Change: Just a guess the amount of.

Speaker Change: Sort of.

Speaker Change: Profit impact of the hedging of some of our peers like it. It's a very it's just stop play lottery from so we do we don't do that we're naturally hedged and we wont hedge as a policy.

Speaker Change:

M&A.

Alberto: So M&A, I'll probably go back to what we said in the past, we're very focused internally, we're very focused in discipline. The business development group is mainly focused on divestures as I said before. They always have a mandate to look at opportunities, but that's always complicated and yeah, that's part of the job.

Speaker Change: Ill probably go back to what we said in the past we're very focused in turnover, we're very focused and disciplined business development group is mainly focused on divestitures as I said before they always have a mandate to look at opportunities.

Speaker Change: But that's always a complicated.

Speaker Change: That's part of the job, but if you have to be the focus of the company is internally full of potential disciplined integrating zuccotti.

Alberto: But if you ask me, the focus of the company is internally full of potential, discipline, integrating Zucari, and that's the main area for Good, thanks Alberto.

Speaker Change: And that's the main area of focus.

Speaker Change: So those are then going to see David Horton.

David Horton: Then good to see David Hortons back from Global Mining Research. David, your questions on idioprene options and also potential other assets to be rationalised, I think have been answered, but thanks for those.

Speaker Change: <unk> from global mining research David your questions on video stream auctions and also potential other assets to be rationalized I think to be honest.

Speaker Change: With us.

Tanya: And there's another one from Tanya <unk> from discussion.

Tanya Jakuskanen: There's another one from Tanya Jakuskanen from Scotia. Tanya has a question on North Bullfrog saying that, you know, given the new permit time frame, does it mean production now is expected in around 2028? Yeah, that's right. That's the expectation is close in 2028. Great. Tanya, your question on whether the permitting delay of impact after gold, I think it's similar to the one Josh asked, but that's answered.

Speaker Change: And Tanya as a listener multiple program, saying that given the new payment timeframe does it mean production.

Tanya: Now as expected in around 2028.

Tanya: Some of them.

Tanya: Yeah that's.

Tanya: That's why that's the expectation is to close in 2020.

Tanya: Tony Your question on whether the 17 denial of implant off the Golar I think in some of this is the one Josh asked for that's onward.

Tanya: For drilling on guidance guidance is second half weighted are you looking at 45 55, H one edge to in one of our capital over that period now so I think it's far more balanced than in previous hearings and probably against our peers I think approval of <unk> 52 in aggregate and then.

Gillian: One for Gillian on guidance, just guidance is second half weighted. Are you looking at 45, 55 H1, H2, and what about... No, so I think it's far more balanced than in previous periods and probably against our peers I think it's more 48-52 in aggregate and then teams are making good progress on say in business capital spend so no real swings. We always have the kind of go the rush at the end of the year to get orders for things in place etc but not anything sort of as in we're thinking quite balanced across the year.

Tanya: Our teams are making good progress on same business capital spend.

<unk> always had the kind of color.

Tanya: The rush at the end of the year to get orders for things and James Accenture, but not anything.

Tanya: As of the ordinary we're thinking quite balanced across the year good sense to them.

Tanya: <unk>.

Gillian: Great, thanks Jillian.

Tanya: Think that that's it from the webcast the domicile of the quest.

Stuart Bailey: I think that's it from the webcast but then I see there are no other questions on the queue so Irene I'm going to quickly just hand over to Alberto for a couple of closing comments.

Tanya: Questions in the queue.

Tanya: So I'm going to increase interest and other to Alberta for a couple of closing comments. Thank.

Alberta: Thank you Stuart.

Alberta: I'd like to take a minute before signing off to.

Alberto: Thank you, Stuart.

Alberto: I'd like to take a minute before signing off to recognize the enormous contribution that Richard has made to us over about 15 years at Angel Gold Ashanti, Richard Jorgensen, our COO. Aside from the incredible stability and predictability you see in the portfolio at the moment, and the fact that we've closed the cost gap with most of our peers, he has had a far more profound impact over the long term fortunes of the business. It was Richard who masterminded the pivot to hybrid mining at Oguwafi, and it's Richard who has evangelized the use of RC drilling for underground grade control, both of which will add shareholder values for decades to come.

Alberta: To recognize the enormous contribution that Richard has made to us over about 15 years Anglogold Ashanti pension charges from our CFO.

Alberta: <unk>, probably incredible stability and predictability youll see in the portfolio at the moment and the fact that we close the cost gap with most of our peers. She has had a far more profound impact over the long term fortunes of the business.

Alberta: It was Richard who masterminded the paper to hybrid mining at a Washington, and it's Richard who has evangelize the use of RC drilling for underground or underground grade control.

Alberta: Of which we'll announce shareholder values for decades to come.

Alberta: Also been a wise counsel to me since I started here when he was the GM of data I'm very fortunate that he will remain available to mean that our advisory role even after his retirement.

Alberto: He's also been a wise counsel to me since I started here when he was the GM at GATA. I'm very fortunate that he will remain available to me in that advisory role even after he's retired.

Alberta: I'd like to offer Richard our deep gratitude and wish him the Congress and all the very best in this near term.

Alberto: I'd like to offer Richard on deep breath. and wish him the good rest and all the very best in this new Thanks very much Irene and thank you everybody for joining us on today's call.

Alberta: Thanks, very much Irene and thank you everybody for joining us on today's.

Alberta: Ladies and gentlemen that concludes today's conference.

Operator: Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your line.

Speaker Change: For joining US you may now disconnect your lines.

Speaker Change: Good day, ladies and gentlemen, and welcome to the Anglogold Ashanti quarter, one 2025 earnings release.

Operator: Good day ladies and gentlemen, and welcome to the AngloGold Ashanti Quarter 1 2025 Earnings Release. All participants will be in listen-only mode. There will be an opportunity to ask questions later during the conference. If you should need assistance during the call, please signal an operator by pressing star then zero. Please note that this call is being recorded.

Speaker Change: All participants will be in listen only mode.

Speaker Change: There will be an opportunity to ask questions later during the conference.

Speaker Change: If you should need assistance during the call. Please signal an operator progression Star then zero.

Speaker Change: Please note that this call is being recorded.

Speaker Change: I would now like to hand, the conference over to Stewart Bailey. Please go ahead.

Stuart Bailey: I would now like to hand the conference over to Stuart Bailey. Thanks Irene and welcome everybody to our Q1 2025 earnings call. You have Alberto and Gillian will be delivering the presentation, you do have other members of the executive team present.

Stewart Bailey: Thanks Irene.

Stewart Bailey: Welcome everybody to Q1 2025 earnings call.

Stewart Bailey: You have Alberta, and Julian will be delivered in the presentation you did at other members of the executive team present.

Stewart Bailey: And as you also look at incentives all of a sudden at the beginning of the presentation deck today, which contains important information, particularly on forward looking statements then.

Stuart Bailey: I would urge you all to look at the Slave Fibre statement at the beginning of the presentation deck today which contains some important information particularly on forward-looking statements made without any further ado and I'll hand over to Alberto.

Stewart Bailey: Any further regional and up until then.

Speaker Change: Thank you Stuart.

Alberto: Thank you, Stuart. Safety remains our highest priority. And we've committed to eliminating injuries from all sides.

Stewart Bailey: Thank you remains our highest priority.

And we are committed to eliminating injuries from all sides.

Stewart Bailey: We are proud of the strides we've made but always mindful that we're only as good as our last day injury group pretty vague.

Alberto: Be proud of the strides we've made but always mindful that we're only ever as good as our last day, injury-proof pre-day. We work hard to mitigate risk and to learn from our mistakes and near misses. For the first quarter of the year, our TRIFR was 1.11 injuries per million hours worked. That remains well below the average 2023 ICMF number. the averages of those members are 2.59, so more than double.

Stewart Bailey: We work hard to mitigate risk and to learn from our mistakes and near misses from.

Stewart Bailey: For the first quarter of the year.

Tier two our ifr was 111 injuries per million hours worked.

Stewart Bailey: It remains well below the average 2023 LNG in that number.

Stewart Bailey: Averages of those members on $2 5 million.

Stewart Bailey: More than doubled.

Stewart Bailey: Okay.

Speaker Change: I'm pleased to report a strong start to the year.

Alberto: I'm pleased to report a strong start to the year. We have delivered an impressive operational and financial performance, underpinned by continued momentum in our portfolio, and have supported gold prices. Production increased 22% year-on-year to 720,000 ounces. That's the highest Q1 output since 2020. The result was driven by clear year-on-year improvements from Sigwiddi, Tropicana and Sunrise Dam, as well as a steady performance from Oahuasi and the addition of Sucari.

Speaker Change: We have delivered an impressive operational and financial performance underpinned by continued momentum in our portfolio and in support of gold price.

Speaker Change: <unk> increased 22% year on year to 720000 ounces. That's the highest Q1 powerful since 2020. The result was driven by clear year on year improvements from sequelae, Tropicana and Sunrise dam.

Speaker Change: As well as the steady performance from our velocity.

Speaker Change: And the additional some cutting.

Speaker Change: I'd like to focus first on the performance from our managed operations.

Alberto: I'd like to focus first on the performance from our managed operation. That is all of our operations. except Kibali, where production was up 28% year-on-year. The cost performance is impressive. we saw a 2% drop year-on-year in both total cash cost per ounce and all in sustaining cash cost per ounce. If you think about it... When we started the year, there's two things that are inevitable, which is obviously inflation and probably a good cost that are royal. So for a company, if it stayed exactly the same as the previous year, their cash costs would have increased by 10%, roughly 5% from inflation and 5% from the royalties.

Speaker Change: That is all of our operations.

Speaker Change: Except kibali.

Speaker Change: Production was up 28% year on year.

Speaker Change: Our cost performance is impressive.

Speaker Change: We saw a 2% drop year on year in both total cash cost per ounce and all in sustaining cash cost per ounce.

Speaker Change: If you think about it.

Speaker Change: When we started the year.

Speaker Change: Two things that are inevitable, which is obviously inflation and probably a good cost at our royalties so for our country.

Speaker Change: It stayed exactly the same as the previous year.

Speaker Change: The cash cost would have increased by 10% roughly 5% from inflation and 5% from the royalties. So the fact that we dropped 2% implies that we have between obviously some coffee operational improvement for vaccine potential all of that delivered a reduction in cash cost.

Alberto: So the fact that we dropped 2% implies that we have, between obviously Zuccotti, operational improvement, forex potential, all of that delivered a reduction in cash costs of about 12%, which is quite, I believe, impressive in the scheme of things.

Speaker Change: It was down 12%.

Speaker Change: Which is quite I believe impressive in the scheme of things.

Speaker Change: Unfortunately, the opposite happened with our non managed operation you can calculate the cash cost went up 60%.

Alberto: Unfortunately, the opposite happened with our non-managed operation. You can calculate the cash costs went up 60% and the production was really suffered. I know that they're doing everything they can, but still a very big impact on the company. cash flow was exceptionally strong. The business generated over a billion dollars in EBITDA, up 85%, and more than 400 million in pre-cash flow. That's a 7-fold increase from Q1 last year. This underscores the quality of our asset base and our ability to to stay a step ahead of inflation. More importantly though, these results are the product of exceptional collaboration and teamwork across the business.

On the production was really suffered.

Speaker Change: They're doing everything they can but still.

Speaker Change: A very big impact on the company.

Speaker Change: Cash flow was exceptionally strong the business generated over $1 billion and beat them up 85% and more than 400 million in free cash flow. That's a sevenfold increase from Q1 last year.

Speaker Change: This underscores the quality of our asset base and our ability to.

Speaker Change: To stay a step ahead of inflation more importantly, though these results product programs of exceptional collaboration and teamwork across the business.

Speaker Change: Our operating teams continue to execute well across a forefront setting the stage for another strong year as we reaffirmed guidance on all metrics.

Alberto: Our operating teams continue to execute well across the board front, setting the stage for another strong year as we reaffirm guidance on all metrics. Improving fundamentals. What we could control this quarter, we controlled very well. That is clear when you look at our managed operations. Production was up at Siguiri, Tropicana, Chavaranguardi, and Zambaitan. Oboasi recorded a steady quarter in line with our plan, and Zucali showed its quality. Australia's production was up 24% year-on-year, with both Tropican and Sunrise dams. bouncing back from the flood-related disruptions in Tijuan last year.

Speaker Change: Improving fundamentals, what we could control this quarter, we control very well that is clear when you look at our managed operations production was off the sequelae Tobey kind of shoveling worthy of some breakdown of loss. We recorded a steady score core came in line with our plan.

Speaker Change: Two cali shortage quantity.

Speaker Change: Australia production was up 24% year on year with both Tropicana and Sunrise Dam.

Speaker Change: Doug bouncing back from the flood related disruptions in Q1 last year and finally on Kibali are owning online the JV production was down principally due to lower recovery rates.

Alberto: And finally, at Tivalli, our only non-managed AVE production was down specifically due to low recovery grades. Our cash costs remain steady over a year, which reflects the continued focus on driving efficiencies across the business. You see that in the pre-cash flow, significant higher at $403 million and overall profitability a bit that was up 158% to $1.12 billion and headline earnings up nearly eightfold to around $400 billion.

Speaker Change: Cash costs remained steady over the year, which reflects the continued focus on driving efficiencies across the business.

Speaker Change: You see that in the free cash flow significant higher at $403 million and in our overall.

Speaker Change: EBITDA was 158% to 1.12 billion and headline earnings up nearly eight fold to around $400 million.

Speaker Change: We have a strong balance sheet with leverage close to zero and no material near term maturities and we're implementing our new dividend policy with a quarterly dividend of 12, and a half USA a share of around $63 billion.

Alberto: We have a strong balance sheet with leverage close to zero and no material near-term maturity. and we're implementing our new dividend policy with a quarterly dividend of $12.5 U.S. cents a share of around $63 billion. As a reminder, we will pay that amount each quarter with a 12 to 50% of free cash flow at the end of the year to take the overall pay up to half of free cash. That's a very healthy number, particularly the gold price remains anywhere near current levels.

Speaker Change: As a reminder.

Speaker Change: <unk>, we will pay that amount each quarter with a true up to 50% of free cash flow at the end of the year to take the overall pay up to half of free cash flow. That's a very healthy number, particularly in the gold price remains anywhere near current levels.

Speaker Change: Q1, 2025 about Atlanta.

Alberto: Q1 2025 at a glance. We have an impressive portfolio of Tier 1 assets. They account for around two-thirds of production, 80% of our reserves, and about half of our resource. We expect to see that production share rise still further as Obeloxy ramps up. Cuyapah's move into the Tier 1 category is underpinned not only by the exceptional turnaround this year, but also its low-cost profile and its strong geological potential. Over the next three years, our plan is to incrementally grow production there to over 3,000. 300,000 ounces as we accept deeper, higher-weight ore parts of the ore body.

Speaker Change: We have an impressive portfolio of tier one assets they account for around two thirds of production, 80% of our reserves and about half of our resource we expect to see that production share rise still further risk of velocity Rumsfeld.

Speaker Change: We advanced move into the tier one category is underpinning not only by the exceptional turnaround this year.

Speaker Change: But also its low cost profile and strong geological potential over the next three years. Our plan is to incrementally grow production there to over 3000.

Speaker Change: 300000 ounces as we have said the deeper higher grade or parts of the ore body is.

Speaker Change: It's clearly a tier one outfit even though.

Alberto: It's clearly a Tier 1 asset, even though it's slightly, let's say, 300,000 short of 500,000, but it's great, close to 6. It's the free cash flow we produce, for example, in the last quarter is in the $400 per ounce. So it is a magnificent asset. Our Tier 2 assets are also operating very well. What you see here are healthy margins and exceptional cash flow leverage, which is especially pronounced in the current gold price environment. We are and will continue to be active managers of our portfolio.

Speaker Change: Slightly let's say, a 300000 short of 500000, but its grades closer to six.

Speaker Change: It's the free cash flow we produce for example in the last quarter is in the $400 per ounce. So it is a magnificent passion.

Speaker Change: Our tier two assets are also operating very well.

Speaker Change: What you see here are healthy margins and exceptional cash flow leverage which is especially pronounced in the current gold price environment. We are and will continue to be active managers of our portfolio last week, you would've seen the sale of our interest in adult all point ABC projects into rest of the mining dismayed scored on a common commitment to.

Alberto: Last week, you would have seen the sale of our interest in the Doroco and ABC projects to Resolute Mining. This means good on our commitment to evaluate and act without unnecessary delays to maintain a tight focus on the main engine room of our business. One thing we understand well after three decades in this space is that distractions are to be avoided at all costs.

Speaker Change: Advisory and act without unnecessary delays to maintain a tight focus on the main engine of growth of our business. One thing we understand awareness or three decades. In this space is that construction starts to be avoided at all costs.

Speaker Change: Early this week, we agreed the goldfields to past discussions regarding a potential JV in Ghana.

Alberto: Early this week, we agreed that Goldfields to pause discussions regarding our potential JV in Ghana. Over the past two years, we've identified significant improvements to the standalone mine plan Alidu Pre, which has closed the relevant path with the JV proposition. Now our focus will be on fleshing out that mine plan in more detail. Importantly, without the distraction of the distraction of the potential JV, which is not healthy for any large mine, we'll be able to focus on driving operational improvements and realizing full value from our research.

Speaker Change: Over the past few years, we've identified significant improvements in the Standalone mine internally Dupree, which is closed progressive tap you the JV proposition and our focus will be on fleshing out the mine plan in more detail importantly, without the destruction of the distraction of the potential JV, which is not healthy for.

Speaker Change: The large mine will be able to focus on driving operational improvements and realizing full value from our research.

Speaker Change: Yes.

Speaker Change: On a velocity, we hosted a site visit to <unk> in March and food, which we were able to showcase our investment in underground infrastructure that will greatly improve flexibility underpin the ramp up with too many access points to move people out of materials. The decline on the kms shaft, we have vastly improve our ability.

Alberto: On Oboasi, we hosted a site visit to Oboasi in March in which we were able to showcase our investment in underground infrastructure that will greatly improve flexibility and underpin the ramp-up. With two main access points to move people and materials, the decline and the KLS shaft, we have vastly improved our ability to handle movements of ore and waste. We have a hybrid mining method that is fit for purpose with bulk slush mining for areas of relatively low grade and more selective underground drift and fill for high-grade zones where ground conditions have been challenging. Crews are working hard now to ensure that upgrades to the underground ore handling infrastructure, and in particular new ore passage to wool material from Block 8 and 10 to the KMS, are commissioned in time and functioning according to plan.

Speaker Change: Tito carload movements of ore and waste.

Speaker Change: We have a hybrid mining method that is fit for purpose with bulk Schloss mining for areas of relatively low rate and more selected from their net drift and fill for high grade zones, where ground conditions have been challenging crews are working hard now to ensure that upgrades to the underground ore handling infrastructure and in particular in the <unk>.

Speaker Change: Our packages to move materials from locate and intend to the Kms Our commission in time and functioning. According to plan. So far so good pulp production in Q1 is steady at $5 54000 ounces ore tonnes mined from underhand drift until were up 72% over Q4.

Alberto: So far, so good.

Alberto: Coal production in Q1 is steady at 554,000 oz. Ore tons mined from underhand drift and fill were up 72% over Q4. That's an important trend, with Pounder being the UHTF contribution of around 8,000 oz in Q1. Our asset potential remains the cornerstone of our ability to operate predictably, to drive better cash flows, and to improve the long-term value of our business. More than that, it's come to define how we operate. We monitor improvements to the fundamental value drivers at each site, whether it is the mining volumes, recoveries, development, or any other lever available to us.

Speaker Change: As an important trend with upwards underpinning the uhm.

Speaker Change: Contribution of around 8000 ounces in tools.

Speaker Change: Or is it potential remains a cornerstone of our ability to operate predictably to drive better cash flows and to improve the long term value of our business more than that it has come to define how we operate we monitor improvements to the fundamental value drivers of each side, whether it is.

Speaker Change: Is the mining volumes recoveries that settlement or any other lever lever available to us we know a chest at once the underlying indicators trending in the right direction.

Alberto: We know and trust that once the underlying indicators trend in the right direction, the cash flows will look after themselves.

Speaker Change: Cash flows will look after themselves here you will see the improvements from the Q1 2022 baseline Tropicana has been focused on pushing bumps around volumes as one of its main value drivers those were up 20%.

Alberto: Here you will see the improvements from the Q1 2022 baseline. Tropicana has been focused on pushing underground volumes as one of its main value drivers. Those were up 20%. At Gaeta, where we're also driving underground volumes, tonnages are up 55% since the beginning of 2020. At Sunrise Dam and Sigridi, where we focus on the plant, recoveries are also strongly up. Key success of the program has been the introduction of leading tables to compare the performance at each site. We started with processing, which included the company's recoveries, run time, and pounds processed as a percentage of the theoretical maximum of full asset potential at each site.

Speaker Change: Data, where we're also driving under run volumes tonnage is around 55% since the beginning of 2000.

Speaker Change: At Sunrise dam and seek really where we focus on the plant recoveries are also strongly up.

Speaker Change: The success of the program has been the introduction of league tables to compare the performance of each site. He started with processing, which includes the company's recoveries runtime and tonnes processed as a percentage of the hotels theoretical maximum.

Speaker Change: Full asset potential at each site.

Speaker Change: Slides shows the relative improvement year on year, which again almost two percentage points just between 2024 and Q1 2020 volume.

Alberto: This slide shows the relative improvement year-on-year, which again was almost two percentage points just between 2024 and Q1 2025. In terms of ounces and ultimately dollars, that is a huge uplift. What is even more exciting is the result we got in Q1, where in aggregate our plans reported closing the gap to 100.2% of the theoretical maximum. These leading tables would also have injected some healthy competition into the business.

Speaker Change: In terms of ounces and ultimately be dollars that is a huge uplift.

Speaker Change: What is even more exciting is the result regarding Q1, where in aggregate our plants reported closing the gap to 102% although theoretical maximum.

Speaker Change: This league tables.

Speaker Change: Also have injected some healthy competition into the business everyone wants to be installed.

Speaker Change: Nobody wants to be of the Baltimore.

Speaker Change: With less fixated on that and focused more on the Onboarding tooling journey yoga sequelae as a good example.

Alberto: Let's fixate on that and focus more on the upward-improving journey. Look at Sigwiddi as a good example. It may be propping up the bottom of the table, but its improvement year on year is impressive. Its cash contribution to the business, even more so.

Speaker Change: Maybe propping up the bulk of the table.

Speaker Change: <unk> year on year as impressive as cash contribution the business even more so.

Speaker Change: We've now rolled out league tables will open pit and underground mining and hope to see similar results.

Alberto: We've now rolled out leaked tables for open pit and underground mining and hope to see similar results.

Speaker Change: We continue to uncover value in the U S, where the overall quality of our discovery selling Nevada will deliver value to shareholders.

Alberto: We continue to uncover value in the U.S. where the overall quality of our discovery in Southern Nevada will deliver value to shareholders and a host of local stakeholders for decades to come. North Bullfrog remains an important opportunity for economic development around the PT mining district. It will provide hundreds of jobs and a significant investment into the area. It also serves as a step towards our expanded Silicon project, which we have renamed the Arthur Gold Fund. As we've said, North Pole Front will allow us to learn and adapt to smooth out the development pathway for the larger prize in the region.

Speaker Change: And a host of polar local stakeholders for decades to come.

Speaker Change: <unk> remains an important opportunity broken always development around the BT minus industry, you will provide some additional jobs and a significant investment into the area.

Speaker Change: It also serves as a step towards our expanded Silicon project, which we have renamed the Arthur Goldberg. Thank you as.

Speaker Change: As we've said in the full program will allow us to learn and adapt to smooth out the development pathway for the larger price in the region.

Speaker Change: <unk> project, we have chosen voluntarily to develop the water conservation alternatives.

Alberto: At North Pole Front project, we have chosen voluntarily to develop the water conservation alternative in response to the public input we received during scoping.

Speaker Change: In response to the public input we received during scoping.

Speaker Change: Now based on the latest information available we anticipate a record of decision from them by the end of next year.

Alberto: Now, based on the latest information available, we anticipate a record of decision from BLM by the end of next year. Importantly, we're looking collaboratively to multiple federal and state agencies and look forward to progressing this important opportunity that will bring investment and good paying jobs to benefit the region. We're on track to deliver the PFS for Arthur by around the end of the year and are working hard to make the first reserve declaration for the project at the same time. We're more confident than ever that this will be a magnificent Tier 1 asset over the very long term in the world's top mining jurisdiction.

Speaker Change: Importantly, we're looking to level with a multiple federal and state agencies and look forward to progressing this important opportunity that will bring the investment in good paying jobs to benefit the region. We're on track to deliver the psf for Boston PFS or also by around the end of the year and are working hard to make the.

Speaker Change: First reserve ratio for the project at the same time.

Speaker Change: We're more confident than ever that this will be.

Speaker Change: Magnificent tier one answered over the very long term in the mortgage stopped mining jurisdiction.

Speaker Change: On renewables, we recently took another major step towards meeting our decarbonization plans as a reminder, we've committed to a 30% reduction in emissions from a 2021 basin.

Alberto: On renewables, we recently took another major step towards meeting our decarbonization plans. As a reminder, we've committed to a 30% reduction in emissions from our 2021 baseline. The guidance has been clear from the outset that each project must be valuable and creative to the business. Our first big win was the grid connection we gave you last year, which brings cleaner, cheaper energy for the site. We have now completed and commissioned the Mega Renewables Project at Tropicana, creating the largest hybrid power system in Australia's mining sector. It's impressive for a number of reasons, but it's worth acknowledging that this project was delivered on time and on budget, despite the epic flooding we experienced last year.

The guidance has been clear from the outset that each project must be value accretive to the business. Our first big win was a grid connection date for last year, which bearing brings cleaner cheaper energy for the site.

Speaker Change: We have now completed and commissioned the Mega Renewables project consulting economy, creating the largest hybrid power system came on strong as mining sector. It's impressive for a number of reasons, but it's worth acknowledging that this project was delivered on time and on budget. Despite the epic flooding, we experienced last year the integration.

Speaker Change: 61 megawatts of clean energy into the existing power system at the mine will come diesel and gas consumption for power generation by 96% and 50% respectively.

Alberto: The integration of 61 megawatts of clean energy into the existing power system at the mine will cut diesel and gas consumption for power generation by 96% and 50% respectively. That translates into a reduction of more than 65,000 tons a year in our current emissions. Pacific Energy, which owns and operates the gas-fired power station at Tropicana, will operate the hybrid system under a 10-year power purchase agreement. Combined thermal and renewable power systems will have a capacity of 150 megawatts. It's another example we believe that you can do well by doing good.

Speaker Change: Translates into a reduction of more than 65.

Speaker Change: <unk> tons, a year and our coal emissions Pacific energy, which owns and operates the gas fired power station for Buchanan will operate the hybrid system under a 10 year power purchase agreement combined thermal and renewable power systems will have a capacity of 150 megawatts. It's another example.

Speaker Change: We believe that we can do well.

Speaker Change: Doing good.

Speaker Change: Now going over to Julian to round for the acquired assets.

Gillian: I'll now hand over to Gillian to wrap up this webinar. Thank you, Roberto, and good morning. In 2025, the gold price continued its upward trend, with the average price received for the quarter of 39% year-on-year. That's the result of a number of factors, including, but certainly not limited to, continued sovereign buying, geopolitical uncertainty, rate expectations and stubborn inflation. Oil prices were around 8% lower than the prior year.

Speaker Change: Thank you Joe and good morning in 2025, the gold price continued its upward trend with the average price received for the quarter of 79% year on year.

Speaker Change: As a result of a number of factors, including but certainly not related to Q concerning suffering fine geopolitical uncertainty rates expectations and southern inflation.

Speaker Change: Oil prices were around 8% lower than the prior year.

Speaker Change: U S CPI decreased to two 4% down from three 5% in 2024 highlights misstating moderation in inflation.

Gillian: U.S. CPI decreased to 2.4%, down from 3.5% in 2024, highlighting a steady moderation in inflation. Argentina saw a sharp drop in inflation, reducing to 56% from 288%, while Brazil went the other way, up around 5.5% from 3.9% in the prior year. It is uncertain at this stage what the impact of the U.S. reciprocal tariffs will have on the U.S. and global economy. We will monitor and don't anticipate significance to our global call. Our realised inflation rate, which represents CPI changes in the jurisdictions that we operate, was around 5.1%, keeping an upward pressure on COF. Q1 saw a production of 720,000 oz versus 591,000 oz in Q1 last year.

Speaker Change: Actually China saw a sharp drop.

Speaker Change: And inflation and <unk> seen <unk>, 56% from two Virgin and 88%, while Brazil went the other way up around five 5% from three 9% in the prior year.

Speaker Change: It is uncertain at this stage, what the impact of the U S with cyclical tariffs will have on the U S. In global economy, We will we will monitor.

Speaker Change: And just interested page significance to our global cost.

Speaker Change: Our realized inflation rates, which ranked against CPI changes in new jurisdictions that we upgrades was around five 1% keeping an upward pressure on costs.

Speaker Change: Q1 saw a reduction of 720000 handsets versus 591000 ounces in Q1 last year, that's our strongest Q1 since 2020.

Gillian: That's our strongest Q1 since 2020. This improvement reflects mainly the first full-quarter contribution of 117,000 oz from Sikari and a stronger operational consistency across the broader portfolio. This result was driven by a particularly strong performance for managed operations, partially offset by continuing operating challenges that can come. Production that managed operations rose by 28% to 650,000 ounces, up from 515,000 ounces in Q1 2024, despite operational challenge and a temporary plant stoppage at Idibrium. This growth was underpinned by the inclusion of Supari into the portfolio and strong year-on-year improvements at Siguri adding 32,000 ounces and Tropicana up 21,000 ounces.

Speaker Change: This improvement reflects mainly the first full Florida contribution of 117000 ounces firms carry and a stronger operational consistency across the broader portfolio.

Speaker Change: These results were driven by a particularly strong performance from ash operations, partially offset by continuing operating challenges that.

Speaker Change: Production at managed operations rose by 28% to 650000 ounces up from 516th as announced in Q1 'twenty four despite operational challenge any temporary plant stoppage at <unk>.

Speaker Change: This growth is underpinned by the inclusion of <unk> into the portfolio and a strong year on year improvement in securing and integrity Nazianzus Entropic, China up to 21 has been answered.

Speaker Change: Uhm neighborhoods sharp turnarounds in performance, achieving 80000 ounces in Q1 2025 versus <unk> 48 in.

Gillian: Sigourney delivered a shock turnaround in performance, achieving 80,000 ounces in Q1 2025 versus 48,000 ounces in Q1 2024, supported by improved metallurgical recovery and higher throughput.

Speaker Change: In Q1, 2020 form supported by improved.

Speaker Change: Nursing home recovery and higher transmission.

Speaker Change: Both Tropicana and Sunrise download covered from last year rainfall strips.

Gillian: both Tropicana and Sunrise Dam when covered from last year's rainfall destruction. Overall we realized a year-on-year uplift in mills, tons and underground recovery grade on the back of continued reinvestment in improved ignition. Total cash costs for managed operations decreased. uh by two percent despite rising inflation and total ASIC from managed operations decreased by two percent reflecting the company's ongoing focus on efficiency and operational discipline. The numbers underscore discipline, execution and operational excellence, translating into meaningful value creation. Adjusted EBITDA rose 158% year-on-year to $1.1 billion, as firm cost control ensured that stronger revenues converted into earnings and cash flow.

Speaker Change: Overall, we realized a year on year uplift in mills tons and underground recovered grade on the back of continued reinvestments in interest in commissions.

Speaker Change: Total cash costs for many separations decreased.

Speaker Change: By 2% despite rising inflation in total I think from a managed operations decreased by 2%, reflecting the company's ongoing focus on efficiency and operational discipline.

Speaker Change: Analyst underscore a disciplined execution and operational excellence translating into meaningful value creation adjusted.

Speaker Change: Adjusted EBITDA rose, 158% year on year to $1 1 billion as firm cost control ensured that stronger revenue converted into earning and cash flow.

Speaker Change: Basic earnings <unk> 443 million from $58 million a year on year bolstered by a 39% increase in average gold price received and a 28% rise in managed operations outputs.

Gillian: Basic earnings climbed to $443 million from $58 million a year earlier, fostered by a 39% increase in average gold price received and a 28% rise in managed operations output. Net cash from operating activities was up 188% to $725 million, reflecting improved operating fundamentals. After capital expenditure and value proceeds, free cash flow reached $403 million, seven times that of the prior year. Adjusted net debt fell 60% versus last 24, reducing the adjusted net debt to EBITDA ratio to 0.15 times. that's its lowest in more than a decade providing us with significantly increased financial flexibility. We remain focused on narrowing the valuation gap with our North American peers by sustaining operational improvements, maximizing cash conversion, extending mine life, and maintaining disciplined capital allocation.

Speaker Change: Net cash from operating activities of course, it has an 88%.

Speaker Change: <unk> hundred $25 million, reflecting improved operating funds of actions.

Speaker Change: Asset capital expense expenditure and Kibali proceeds free cash flow reached 403 million seven times that of the prior year.

Speaker Change: Adjusted net debt fell 60% versus last 24, reducing the adjusted net debt to EBITDA ratio cheap.

Speaker Change: One five times.

Speaker Change: That's it's lowest in more than a decade provides us with significantly increased financial flexibility.

Speaker Change: We remain focused on narrowing the valuation gap with our north American peers by sustaining operational improvements maximizing cash conversion extending mine life and maintaining disciplined capital allocation.

Speaker Change: The total cash cost performance underlines the progress we've made in improving our position on the cost curve.

Gillian: The total cash cost performance underlines the progress we've made in improving our position on the cost curve. Group total cash costs were $1,223 an ounce, within the guidance range of $1,125 an ounce and $1,225 an ounce, and only 4% year-on-year, higher year-on-year, despite persistent inflation and royalty costs. Underperformance at the non-managed Kibale JV added approximately $45 an ounce to the group's total cash cost. Managed operations total cash costs fell 2% to $1,213 an ounce, aided by the addition of CACARI and continued efficiencies at Ciguri. Industry-wide macro factors, namely inflation and hold higher gold price linked royalties, added about 7% or $78 an ounce to cash costs, an impact largely offset by favorable currency movements in Australia and Brazil.

Speaker Change: Total cash costs were $1223, an ounce within the guidance range of $1125, an ounce and $1225, an ounce and <unk>, 4% year on year higher year, Gary despite persistent inflation and.

Speaker Change: <unk> costs.

Speaker Change: Underperformance at the nonetheless to Kibali JV added approximately $45 and she didn't brings total cash costs.

Speaker Change: <unk> total cash costs fell 2% to $1230 an ounce agent.

Speaker Change: <unk> aided by an addition of Perry and continued efficiency and scenery.

Speaker Change: Industry wide macro factors, mainly inflation and hold higher gold price linked royalties added about 7% or $78 an ounce to cash costs.

Speaker Change: An impact largely offset by favorable currency movements in Australia and Brazil.

Speaker Change: Adjusting for the prior year's weather events, and Tropicana controllable costs and managed operations and trading to carry interest by $62, an ounce, reflecting tight discipline them on volumes grades and absolute spend.

Gillian: Adjusting for the prior year's one-off weather events at Tropicana, controllable costs and managed operations, including Safari, improved by $62 an ounce, reflecting tight discipline on volumes, grains and absolute spend. These benefits were partially offset by operational challenges and a temporary plant stoppage at Iliumpreum. All in sustaining costs tell the same story. Boom ASIC rose just 1% despite the drag from inflation, whilst managed operations ASIC declined 2% to $1,657 an ounce. These results demonstrate our consistent focus on operational excellence, cost containment and capital efficiency, key drivers in our strategy to run down the peer goods cost curve.

Speaker Change: These benefits were partially offset by operational challenges and a temporary stoppage at any premium.

Speaker Change: All in sustaining costs tell the same story thing.

Speaker Change: AC rose just 1% despite the drag from inflation, whilst nine separation basic declined 2% to $1657.

Speaker Change: These results demonstrate our consistent focus on operational excellence cost containment and capital efficiency key drivers being our strategy. The van can appear cost curve.

Speaker Change: We continue to focus on ensuring that the higher gold price is translated efficiently into earnings and cash.

Gillian: We continue to focus on ensuring that the higher gold price is translated efficiently into earnings and cash. which came in at $403 million up from $57 million in Q1 2024. Gold price gains of $544 million, equivalent to $811 an ounce, delivered an after-tax boost of $346 million, underscoring disciplined financial execution. Higher sales mainly at Figuri and Tropicana, but including the first contribution from Sukari added a further 246 million. Cost pressures were contained to $165 million, principally from price-linked royalties and higher volumes. Movements in working capital rose by $62 million to $169 million in Q1 of 2025.

Speaker Change: Which came in at $403 million up from $57 million in Q1 2024.

Speaker Change: The old price gains of 544 million equivalent to $811, an ounce to leverage an after tax gain of $346 million underscoring disciplined financial execution.

Fire sales Maniac, CBRE and Tropicana, a feeling the first contribution from some county and is a further tumors at $46 million.

Speaker Change: Cost pressures were contained to $165 million <unk> from price linked royalties and higher volumes.

Speaker Change: Movements in working capital rose by $62 million to $169 million in Q1 and 25.

Speaker Change: Inventory was flat trade receivables higher partly driven by higher gold price and CCAR Ganders and finally trade payables lower has the sandals bonuses royalties and contractor labor invoices in the first quarter of the year.

Gillian: Inventory was flat, trade receivables higher, partly driven by higher gold price and Sukari debtors, and finally trade payables lower as we settled bonuses, royalties, and contractor labour invoices in the first quarter of the year. capital expenditure increased in line with our plans and the inclusion of Sucari, ensuring sustainability and growth of the portfolio. we have continued to have strong liquidity and financial position over the quarter, adjusting net debt down to 525 million at the 31st of March 2025, whilst the adjusted net debt to EBITDA ratio improved to 0.15 times from 0.21 times at year end, underscoring disciplined cash generation and leaner capital structure.

Speaker Change: Capital expenditure increased in line with our plans and the invasion of Sakari, ensuring sustainability and growth of the portfolio.

Speaker Change: We are continuing to have strong liquidity and financial position over the quarter.

Speaker Change: Adjusted net debt down to $525 million at the 31st of March Spring 'twenty five whilst the adjusted net debt to EBITDA ratio improved to point to one five times from two one times at year end, underscoring disciplined cash generation and a leaner capital structure.

Speaker Change: Lastly, the change through the cycle target of one times on this leverage metric.

Gillian: management routines through the cycle target at one time on this leverage metric. Liquidity remains ample at approximately $3 billion, including $1.5 billion in cash and cash equivalents. That positions us well to fund our capital pipeline, to return cash to shareholders, and to maintain resilience regardless of the price environment. We are pleased to reaffirm our 2025 guidance on all metrics. As usual, production is expected to be second half weighted, albeit quite balanced across the year.

Speaker Change: Liquidity remains ample approximately $3 billion, including $1 5 billion in cash and cash equivalents Activations of land to fund our capital pipeline to returning cash to shareholders and to maintain resilience regardless of the price environment.

We are pleased to reaffirm or 25 2025 guidance on all metrics.

Speaker Change: Initial production is expected to be second half weighted, albeit quite balanced across the year.

Speaker Change: With that I'll hand back to Alberto to wrap us up.

Alberto: With that, I'll hand back to Alberto to wrap this up. Thanks, Julian. We plan some strong operating improvements, but we're far from satisfied. We'll continue to find ways to optimize and operate more efficiently.

Alberto: Thanks Julien.

Speaker Change: <unk>.

Speaker Change: We pass on strong operating improvements, but we're far from satisfied.

Speaker Change: We will continue to find ways to optimize and operate more efficiently.

Speaker Change: <unk> potential is embedded in the business.

Alberto: who has his potential as embedded in the business and has now shifted from a pure operational optimization program to a way of working. It has improved both our predictability and our resilience over the past two years. Oboasi has developed its infrastructure, is undergoing its pivot to the hybrid mining method, and is getting our full attention as it moves up the curve. At Zucalli, we expect to enhance value through full asset potential. We realize the bulk of the corporate synergies, around $30 million, and are working each day to ensure we leverage our global abilities across procurement, supply chain, and family.

Speaker Change: It is now shifted from a pure operational optimization program to our way of working.

Speaker Change: Is that improve both our predictability and our resilience over the past two years.

Speaker Change: <unk> has developed its infrastructure is undergoing its pivot to the hybrid mining method.

And it's getting our full attention as it moves up to curve.

Speaker Change: <unk>, we expect to enhance value through full potential we realize the bulk of the corporate synergies around $30 million and a working each day to ensure we leverage our global abilities across procurement supply chain and Tommy.

Speaker Change: We continue to refine the operating model and remain vigilant to prevent any regression to the Boston team organizational structure and corporate entropy of past years.

Alberto: We continue to refine the operating model and remain vigilant to prevent any regression to the Byzantine organizational structure and corporate entropy of past years. We continue to look at the shape of the portfolio, always asking the question of whether any asset is worth more inside or outside. We have a new more generous dividend policy, which ensures time-free cash return to shareholders. And that is part of our commitment to ensure capital is allocated in the most prudent and value-enhancing way. Our world-class exploration team continues to add value to the entailment across our properties. We continue to prioritize safety and advance our decarbonization projects, which are not only NPV-positive, but reduce our reliance on thermal energy and often complex supply chains to get fuel to remote sites.

Speaker Change: We continue to look at the shape of our portfolio always asking the question of whether any asset is worth more inside or Inc.

Speaker Change: We have a new more generous dividend policy, which ensures times cash returned to shareholders and that is part of our commitment to ensure capital is allocated in the most prudent and value enhancing ways.

Speaker Change: Our World Class exploration team continues to add value through the drill bid across our properties. We continue to prioritize safety and Invesco de carbonization projects, which are not only MPV positive, but reduce our reliance on thermal energy and often complex supply.

Speaker Change: Chase to get fuel to remote sites, our technical team continues to uncover value in Nevada as they work to bring our projects to account.

Alberto: Our technical team continues to uncover value in Nevada as they work to bring our projects to account.

Speaker Change: Anglogold Ashanti when I joined the business just under three years ago. The mission was simple.

Alberto: Why Annual Gold Ashanti? When I joined the business just under three years ago, the mission was simple. to safely regain cost competitiveness. It's a bit more than three years. At the time we have jumped to the top of the industry cost curve. Then in late 2021 with new senior leadership working at one side in power operating and with a new clear operating model in place, we've implemented the full asset potential program to turn the tide. We continue to evaluate progress against our initial goals with mid-2021 as the base and adjusting for US CPI. Our cash are about 1% higher in real terms relative to a 20% average increase for the peer group.

Speaker Change: Two safety regaining cost competitiveness.

Speaker Change: It's a bit more than three years ago.

Speaker Change: At the time, we have jumped to the top of the industry cost curve.

Speaker Change: Then in late 2021, with new senior leadership, working alongside the empowered operating and with a new clear operating model in place we've implemented the full asset potential program to turn the tide, we continue to evaluate progress against our initial goals.

Speaker Change: With mid 2021 as the base.

Speaker Change: Justin for U S CPI or cash flows or about 1% higher in real terms relative to a 20% beverage increased for the peer group. We have also narrowed the gap appreciably in absolute terms.

Alberto: We have also narrowed the gap appreciably in absolute terms. We believe we have now embedded in our business the tools to help us continue to improve our competitive position. For as long as this company has been in existence, we struggled with the disconnect of our production size and rating relative to our North American peers. We know that this isn't the result of a single thing, but rather the cumulative effect of a number of factors. We've gone about systematically addressing the issues over the past three years. Today, the fundamentals of our business are strong and the outlook is even better.

Speaker Change: We believe we have now embedded in our business to tools to help us continue to improve.

Speaker Change: The position.

Speaker Change: For as long as this company has been in existence, we struggled with the disconnect of our production size and raising relative to our north American peers.

Speaker Change: We know that this isn't a result of a single thing, but rather the cumulative effect of a number of factors.

Speaker Change: We've gone about systematically addressing the issues over the past three years.

Speaker Change: Today, the fundamentals of our business are strong and the outlook is even better.

Speaker Change: While components and we're taking meaningful strides to achieve and reach our full potential and as you can see the valuation metrics. We believe the Anglogold Ashanti continues to offer an attractive investment proposition.

Alberto: We're doing what we promised and we're taking meaningful strides to achieve and reach our full potential. And as you can see, the valuation metric... We believe the AngloGold Ashanti continues to offer an attractive investment proposition. If you look at the table from left to right top, free cash flow yield is one of the highest in the industry. Dividend yield is also one of the highest in the industry. Inferred all-in calls is basically very similar now to most of our peers except peer one. And then, nevertheless, when you look at EV to EBITDA, we're still lagging.

Speaker Change: If you look at the table from left to right top free cash flow yield is one of the highest in the industry dividend yield is also one of the highest in the industry inferred all in Kohl's is basically very similar now to most of our peers, except the one and then nevertheless, when you look at.

Speaker Change: Moving to EBITDA.

Speaker Change: Still lagging if you again, it's through pier one.

Alberto: If you again exclude peer one, we are about 10% lower still in EV to EBITDA.

Speaker Change: We are about 10% lower still in EV to EBITDA, so still a room to grow in relative terms.

Alberto: So still a room to grow in relative terms. With that, I'll take your questions. Thank you.

Speaker Change: With that I'll take your questions.

Speaker Change: Thank you.

Speaker Change: We'll now be conducting the question and answer session.

Operator: We will now be conducting the question and answer session. If you would like to ask a question, please press star and then 1 on a touch-tone phone or on the Keeper news screen. You will hear a confirmation tone that you have joined the queue. If you decide to withdraw your question, you may press star and then 2 to remove yourself from the question queue. Once again, if you would like to ask a question, you may press star, and then...

Speaker Change: If you would like to ask a question. Please press star and then one on your Touchtone phone or on the keep admin screen.

Speaker Change: You will hear a confirmation tone that you have joined the queue.

Speaker Change: If you decide to withdraw your question you May Press Star and then two to remove yourself from the question queue.

Speaker Change: Once again, if you would add.

Speaker Change: So I'll ask a question you May press Star then one.

Speaker Change: The first question, we have is from Ross <unk> of BMO capital markets. Please go ahead.

Raj Ray: The first question we have is from Raj Rae of BMO Capital Markets, please go ahead. Thank you, operator, and good morning, Alberto, Jillian and team. Three questions, if I may, first up on Obuasi. Alberto, if you can give us some visibility on how the ramp up is going. When we are at site, it was good to see all the infrastructure work finally complete. It was down to the increased development rate. There was a new crew that was supposed to come in. Can you give us some color as to how that's going? Secondly, on IDUA-PRIM, the decision to pause, the press release highlighted that there is potential for enhanced value at IDUA-PRIM.

Speaker Change: Thank you operator, and good morning, Alberto Chilean and team.

Speaker Change: Three questions if I may for sub on the OSC Alberto if you can give us some visibility on how the ramp up is going are when we are at the size. It was good to see all the infrastructure work are finally complete.

Speaker Change: It will come down to the inquiries development raise those a new crew that was supposed to come in and give us some color as to how that's going.

Speaker Change: Secondly on into a prim.

Speaker Change: Hum.

Speaker Change: The business is to pause.

Speaker Change: Press release highlighted that there is potential for enhanced value added to our premium.

Speaker Change: If you can touch upon what.

Alberto: If you can touch upon what positives you are seeing based on the work you've done at IDUA-PRIM and how you can increase value.

Speaker Change: Positives you are seeing based on the work you've done on into a premium and how you can increase value.

Speaker Change: And third is so with respect to the working capital the smartphone Jillian last year, there was a $254 million negative working capital move in Q1 that some of the 169.

Alberto: And third is, with respect to the working capital, it's more for Jillian. Last year, there was a $254 million negative working capital move. In Q1, that's another $169 million. Can you give us some ideas as to how we should look at the working capital for the rest of the year? Do you see some unwind for the rest of the year? That's it for me. Thank you. Thank you, Raj. The Iran Cup is going well in Abu Dhabi. at this stage, we believe we will be within the range that we signal to the market. I'll give you one indicator.

Speaker Change: Can you give us some idea as to how we should look at the working capital for the rest of the year and there is some unwind of the rest of the year. That's it for me. Thank you.

Speaker Change: Thank you Ross.

Speaker Change: The ramp up is going well and a wahid.

Speaker Change: At this stage, we believe we will be within the range that we.

Speaker Change: Signal to the market.

Speaker Change: I'll give you one indicator we'd have to do about 130000 tonnes of ore per.

Alberto: We have to do about 130,000 tons of ore per month. And as I look at April, most of the weeks and all of that, we're doing about that, which is 30,000 per week. So I think the second quarter will be good. And so we're pretty even, let's say, across the quarters. So yeah, we're happy with Owasi. It's still, obviously, there's a lot of work and focus and dedication from everybody at the mine site and from corporate, but it's going well. I've been praying There's two things obviously. We did a lot of additional work in our what we call our SOW, the long-term plans, the potential for the asset.

Speaker Change: Per month.

Speaker Change: And as I look at April most of the week and all of that we're doing about that which is 30000 per week. So I think the second quarter will be good and that in somewhere and pretty even let's say across the quarters. So we're happy with our velocity is still on.

Speaker Change: Obviously.

Speaker Change: There's a lot of work and focus and dedication phone everybody at the mine site and from corporate but it's going well.

Speaker Change: In training.

Speaker Change: The first two things obviously, what we did a lot of additional work.

Speaker Change: In our what we call a Russell W. With a long term plans the potential for the outfit.

Speaker Change: And.

Speaker Change: When we started reassessing the numbers and it's always about okay well.

Alberto: When we started reassessing the numbers, and it's always about, okay, well, what does the future of this asset look independently and with the JV? What we had seen two years and a half ago with the knowledge we have then, with the understanding of the other asset and our asset, there was a clear, let's say, benefit in increasing NPV. That's not the case right now. And so that's where we said, okay, let's just look at how we can stabilize this one, because this has been very unsettling for the teams on the ground. But also we have a new understanding, we've discovered the way to mine that additional resource.

Speaker Change: What does the future of this asset look independently and with the JV.

Speaker Change: What we have seen two years and a half ago with the knowledge. We have then with the understanding of the other assets and our assets.

Speaker Change: There was a clear, let's say benefit increasing NPV, that's not the case right now and so that's where we said okay. Let's just look at how we can stabilize this one because this has been very unsettling for the teams on the ground, but also we have.

Speaker Change: New understanding we've discovered the way two minds at additional resource and sell into frame has an exciting future.

Gillian: And so Ethereum has an exciting future as a standalone. And that's the one we'll talk to the market more. This is early stages. But basically, it's all about developing that additional resource that we see now clearly in what we call H2 horizons and H3 horizons. on Julia. Yes, thanks Raj. So I think firstly, there's obviously a number of factors within working capital. So the first one, we do have a reduction in gold inventories, primarily Gator and Cueva. Cueva, you know, has transitioned back to full plant production from a sort of a concentrate mix. And so there are some temporary working capital impacts there.

Speaker Change: As a stronger loan the Standalone and that's the one we'll talk to the market more of this is early stages, but basically it's all about developing that additional resource we see now purely in our what we call dates to horizon's vintage three horizons.

Julian Rumford: On Julian yes, Thanks, Ross, So I think firstly.

Julian Rumford: Obviously, a number of factors within working capital. So the first one and we do have a reduction in ingalls in deployment.

Julian Rumford: Primarily gate in Quebec, and clean line, you'll know has transitioned back to full plant production from instead of a concentrate mix and so there are some temporary working capital.

Julian Rumford: Impacts their receivables than in.

Gillian: Receivables then is up, partly from sort of higher prices, and then the inclusion of to carry balances in there. And then on payables, we, you know, we had significant payments in Q1 off the back of sort of contractor cost payments in January, and then royalty payments, and also payments of bonuses, etc. What we anticipate for the remainder of the year is a recovery somewhat on the payable side, but would want you to bear in mind, you know, as costs are coming down, you're paying less. And so think about a sort of a reversion or a correction on payables and sort of continuation with inventory levels roughly where they are, and then receivables doing what it will do based on gold prices.

Julian Rumford: Partially from sort of higher prices and then increased in all after Terry.

Julian Rumford: <unk> in there and then on payables, we know we have significant payments in Q1.

Julian Rumford: And sort of contracted cough payments in January and then royalty payments.

Julian Rumford: And also pain and in front of ours et cetera, while we anticipate for the remainder of the year is the recovery follow up on the payables side.

Julian Rumford: And but would want each bearing in mind as costs are coming down and you're paying less and so think about instead of a reversion of a correction.

Julian Rumford: Payables.

Hudson in relation with inventory levels roughly in the arm and then receivables doing what it will do.

Julian Rumford: Some bulk price.

Julian Rumford: Alright.

Gillian: Okay.

Josh Wolfson: The next question, we have some cash Wolfson of RBC. Please go ahead.

Josh Wolfson: The next question we have is from Josh Wolfson of RBC, please go ahead. Yeah, thanks very much. First question, I guess, just on the capital allocation side, you know, I understand the new dividend framework in place, free cash for this quarter was very strong. And when I look forward at, you know, what the net cash position is going to be, it will grow significantly even with this new dividend policy. You know, when you start to think about, you know, further capital allocation measures beyond the dividend in the second half of this year and into next year, you know, where's the company leading when you start to think about that excess cash balance being built?

Julian Rumford: Okay.

Speaker Change: Yes, thanks very much.

Speaker Change: First question I guess, just on the capital allocation side.

Speaker Change: I understand the new dividend framework in place our free cash flow. This quarter was a was very strong.

Speaker Change: And when I look forward to what the.

Speaker Change: With a net cash position is going to be.

Speaker Change: It will grow significantly in with this new dividend policy.

Speaker Change: You start to think about <unk>.

Speaker Change: Further capital allocation measures beyond the dividend in the second half of this year and into next year, whereas the company, leading when you start to think about that excess cash balance being built.

Josh Wolfson: Thanks, Josh.

Alberto: Oh, thanks, Josh. That's when we released a new policy that we understood that we would maybe in the future if the gold price remained as strong that we will be open to other avenues of returning cash to shareholders, including buyback. This is the first quarter where we implement a new policy. What we've asked is let us implement a new policy, one, two quarters, three quarters. But clearly, this year, again, if the gold price stays where it is, we'll have to look at other ways of redistributing. So at this stage, it's a discussion that we will have with the board.

Josh Wolfson: But when we released a new policy that we understood that we would may be in the future of the gold price remains strong and that we will be open to other avenues of returning cash to shareholders, including buybacks.

Josh Wolfson: This is the first quarter, we implemented a new policy. While we've asked is that of implement the new policy, one two quarters three quarters, but clearly this year.

Josh Wolfson: Again as the gold price stays where it is we'll have to look at other ways of reducing beauty. So at this stage. It's a discussion that we will have with the board.

What is the appropriate mechanism to do that but yeah.

Alberto: What is the appropriate mechanism to do that? But yeah, I just again underscore this is just a new policy, first quarter, first time we pay quarterly dividends. And yeah, we'll get back to the market in due time. Okay, got it.

Josh Wolfson: Yeah.

Josh Wolfson: I just again underscore this is just the new policy first floor was our first time, we paid quarterly dividends.

Josh Wolfson: We'll get back to the market in due time.

Josh Wolfson: Okay got it.

Josh Wolfson: And then on North Bull frog.

Alberto: And then on North Bullfrog, with some of the changes here on the permitting side, so first question I have is just on the historical CapEx guidance. How does this delay in the project affect the budget for the asset, I guess, in 2025 and 2026? Um Look, apart from inflation uh yeah there's nothing there may be something with the tariffs but we're not at this stage we're focused on of the permission for the BLM and we don't think there's anything significant at this stage uh and I just have to say which is interesting we valued that project a very concerted gold prices but the long-term gold price keeps going up and I'm the long-term talking about it until the project I would say that if anything maybe it has some more costs but in terms of the IRRs that we have internal, we haven't talked about it, but MVBs, it's looking even better, even though it's small, but it's looking very well.

Josh Wolfson: And with some of the changes here on the permitting side. The first question I have.

Josh Wolfson: It's just on the historical Capex guidance.

Josh Wolfson: How does this delay in approach act effects affect the budget for the asset I guess in 2025 and 26.

Josh Wolfson: Oh.

Josh Wolfson: Looking at apart from inflation.

Josh Wolfson: There's been nothing there may be something with the parents, but we're not.

Josh Wolfson: At this stage we're focused on.

Josh Wolfson: The permission for the BLM and we don't think there's anything significant at this stage.

Josh Wolfson:

Josh Wolfson: Sure So to say, which is interesting we valued that project, a very conserved and gold prices of the long term gold price keeps going up another long term I'm talking about it.

Josh Wolfson: Until the project I would say that if anything maybe it has some more costs.

Josh Wolfson: But in terms of the IRR is that we have internally, we havent talked about that on MTBE.

Josh Wolfson: Its looking even better even though it's small but still in very well.

Josh Wolfson: But okay understood in terms of what we are in terms of what we are spending on it and.

Alberto: But in terms of what we are spending on it, in guidance, it's $45 million in 2026. And then in 2026, probably it will be slow. We have talked about 300 and we expect to spend less in terms in 2026. Okay. And then when you think, I guess, more broadly at the permitting outlook in Nevada here, you know, my understanding was, at least based on some of the prior commentary, I think this was a more simplified permitting process through, you know, a more succinct EA. And, you know, the project permitting timeline, I think it's been delayed two years thus far.

Josh Wolfson: And guidance is $45 million in 2026.

Josh Wolfson: And then in 2026, probably it will be slow we have talked about 300, and we expect to spend less in terms in 2026.

Josh Wolfson: Okay.

Josh Wolfson: And then when you think I guess more broadly at the permitting outlook in Nevada here.

Josh Wolfson: My understanding was at least based on some of the prior commentary I think this was a more simplified permitting process through.

Josh Wolfson: Hmm.

Josh Wolfson: A more succinct at AA and.

Josh Wolfson: The project permitting timeline I think it's been delayed two years, thus far.

Josh Wolfson: Yes.

Speaker Change: What is the sort of means for the outlook as I guess, the new Arthur projected and how are you looking at.

Alberto: You know, what does this sort of mean for the outlook at, I guess, the new Arthur project, and how are you looking at maybe potential pressure points with that permitting process, which will ultimately be, I think, a lot more complicated than North Bullfrog. Hello, I think that this North Bullfrog has been a very useful project from many points of view, but one of them important is how to navigate. This is the first time in years that we are navigating here and especially in Nevada. And so how to navigate with the BLM and all the permissions and communities that we all require.

Speaker Change: Maybe potential pressure points with that permanent process, which will ultimately be I think a lot more complicated than Denmark bullfrog.

Speaker Change: So I think that this.

Speaker Change: Multiple pronged has been.

Speaker Change: A useful approach it from many points of view, but one of them important is how to navigate. This is the first time in years that we are navigating here, especially in Nevada.

Speaker Change: And so on.

Speaker Change: How to navigate with the BLM and all the permissions and communities that we require.

Speaker Change: So I think it's been a very useful a process as we look that.

Alberto: So I think it's been a very useful process. As we look, let me state two things. First, we are actively engaging with the authorities in Washington, the BLM senior management, Department of the Interior, and I have to say that the support that these projects, you've all heard about it publicly, but I probably can reiterate that privately, there's an enormous amount of support. Of course, you have to do the right thing. You have to listen to the community. In a way, that's what we've done, and we found much more efficient ways of minimizing the use of water, which is a big thing for the North Pole probe, and that would also be applied in Arthur.

Speaker Change: Let me say two things first.

Speaker Change: First we are actively engaging with the authorities in Washington, The BLM Senior management.

Speaker Change: Part of the interior and I have to say that the support.

Speaker Change: These projects you you've all heard about it publicly but I probably can reiterate that privately that's an enormous amount of support of course, you have to do the right thing you have to listen to the communities in a way that's what we've done and we found much more efficient ways of minimizing the use of water.

Speaker Change: Which is a big thing for the full trial and that would also be applied in.

Speaker Change: Arthur but look I don't think of that.

But look, I don't think that the sort of general sort of news that we have of when Arthur will be in production, all of that, but then they have materially changed. We will talk about that.

Speaker Change: The sort of general sort of.

Speaker Change: It was that we have of what Arthur will be in production at all of that but then they have materially changed we will talk about.