Q2 2025 AngloGold Ashanti PLC Earnings Call

Gillian Doran: Good afternoon, ladies and gentlemen, and welcome to the AngloGold Ashanti Q2 2025 earnings release. All participants are in listen-only mode. A question and answer session will follow the formal presentation. If you should require operator assistance during the conference, please press star and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to Mr. Stewart Bailey. Please go ahead, sir.

Good afternoon, ladies and gentlemen, and welcome to the Anglo gold Shanty Q2 2025 earnings release.

All participants. I listen, only mode.

The question and answer session will follow the formal presentation.

If you should require operator assistance during the conference, please press star and then zero on your telephone keypad,

Please note that this event is being recorded.

I will now hand you over to Mr. Stuart Bailey. Please go ahead sir.

Alberto Calderon: Thanks, Judith. Good morning, good afternoon to everybody. Thank you for joining us for this Q2 2025 results call. We have Alberto Calderon and Gillian Doran in the room, and also other members of our executive team available. Before we start, I would ask you to look at our safe harbor statement at the beginning of the presentation, which requires important information, including regarding forward-looking statements. It is important, and we urge you to read it. I will hand over to Alberto.

Thanks, Judith, and good morning. Good afternoon to everybody. Thank you for joining us.

For this Q2 2025 results, call.

Before we start, I would ask you just to look at our Safe Harbor statement at the beginning of the presentation.

Which requires important information including regarding forward-looking statements? It is important and we urge you to read it.

I'll hand over to Alberta.

Marcelo Godoy: Thank you, Stewart Bailey. I am pleased to report another excellent quarter, showing continuous momentum in the business. The result, which is very good by any measure, is underpinned by steady delivery to plan, a strong financial result with growth in free cash flow and earnings. Production from our managed operations was up 25% year on year. Earnings and cash flow were the strongest in recent memory, due to EBITDA that doubled year on year, and free cash flow was almost up 150%. With almost a billion dollars of free cash flow in the first half and leverage close to zero, the balance sheet is at its strongest level ever. Costs were again well controlled despite inflationary pressures and importantly higher royalties. Our performance bucks the long-term industry trend of costs rising in tandem with the gold price.

Thank you, Stuart.

I'm pleased to report another excellent quarter showing continued momentum in the business.

The result, which is very good by any measure is underpinned, by Steady delivery to plan.

Strong financial results with growth in free, cash flow and earnings.

Production from our managed operations was up 25% year on year.

Earnings and cash flow, were the strongest in recent memory due to a bit that doubled the year on year and free cash. Flow was almost 150%.

It's almost a billion dollars of free cash flow in the first half.

And leverage close to zero.

The balance sheet is added strongest level ever.

Costs were again well controlled despite inflationary pressures and importantly, higher royalties.

Marcelo Godoy: Since 2021, our cash cost and all-in sustaining costs have remained remarkably stable in real terms of just 2% and 1% respectively. This outcome reflects our focus on ruthless cost control, disciplined execution, and operational excellence. Safety remains our highest priority, and we are committed to eliminating injuries from our sites. We are proud of the strides we have made, but always mindful that we are only ever as good as our last injury-free day. We work hard to mitigate risk and to learn from our mistakes and near misses. Our trip for improved 17% year on year to 0.8 injuries per million hours worked. That is the lowest ever, and it remains well below the 2024 ICMM member average. What we can control, we need to control very well. That is clear when you look at our managed operations.

Our performance bucks, the long-term industry trend of cost rising in tandem with the gold price. Since 2021, our cash cost and all in sustaining costs have remained remarkably stable in real terms up just 2% and 1% respectively. This outcome reflects our focus on ruthless cost control discipline, execution and operational.

Safety remains our highest priority and we're committed to eliminating injuries from our side.

We're proud of the strides we've made, but always mindful that we're only ever as good as our last.

injury 3, day, we work hard to mitigate risk, and to learn from our mistakes and near misses

Our preferred improved 17% year-on-year to 0.8 injuries per million hours worth as the lowest ever and it remains well below the 2024 icmm member average.

Marcelo Godoy: Production benefited from Sucate's inclusion and higher contributions from Geita, Obuasi, Siguiri, and Cuiabá. Sucate has established itself as one of our top operations. Geita delivered another strong performance with increases in overtimes and higher grades from the open pits. Obuasi continued its ramp-up. Total cash costs for managed operations were only 6% higher, driven predominantly by inflation and higher royalties. By the way, higher royalties is what we believe is the only good cause. Free cash flow was $535 million, more than double last year's result. You see it too in our overall profitability. EBITDA also more than doubled to $1.44 billion. Headline earnings were up 151% to $639 million. We have ample liquidity, no material, near-term maturities, and leverage of zero. Our dividend policy provides for a 12.5% payout each quarter of around $63 million.

What we can control, we need to control very well. That's clear, when you look at our managed operations,

Production benefited from supervised inclusion and higher contributions from Gotta Obuasi, Cequity, and Kuya Bar.

Sukali has established itself as 1 of our top operations.

Data delivered, another strong performance with increases importance and higher grades from the open pits.

Classic continued, its ramp up total cash cost for manage operations. Were only 6% higher through a predominantly High inflation and higher royalties. And by the way, higher order higher royalties is what we believe is the only good cause

Free cash flow was 535 million dollars more than doubled, last year's results, you see it to in our overall profitability the beta also more than doubled to 1.444 billion.

Headline earnings were up 151% to 639 million. We have ample liquidity, no material near-term maturities.

And leverage of zero.

Marcelo Godoy: It also provides for an annual true up of up to 50% of free cash flow. We've used discretion to make that true up at the half year, which reflects not only the extraordinary cash flow generation of the first six months, but also our confidence in the outlook of the business. That takes a dividend declaration to $0.80 a share for approximately $406 million. It brings the total dividends declared for the first half of the year to approximately $469 million. Clearly, more than double at least what we've done in the past 15 years. That provides one of the most generous yields in the sector. All things being equal, we expect more of the same in the second half. We will continue to evaluate further capital allocation options over the remainder of the year, with a particular focus on buybacks of shares or debt.

Our dividend policy provides for 12 and a half percent payout, each quarter of around 63 million dollars. It also provides for a annual true-up of up to 50% of free cash flow. We've used this question to make that true up at the half year.

Which reflects not only the extraordinary cash flow generation of the first 6 months, but also our confidence in the outcome of the business.

That takes the dividend declaration to 80 cents a share or approximately 406 million and it brings the total dividends declared, for the first half of the year to approximately 469 million dollars.

Clearly more than double.

At least uh what we've done in the past 15 years.

That provides 1 of the most generous yields in the sector and all things being equal. We expect more of the same in the second half,

we will continue to evaluate further, Capital allocation options over the remainder of the year, with a particular focus on BuyBacks of shares or depths

Marcelo Godoy: Our tier one assets account for around two-thirds of production and 80% of reserves. We expect to see that production share rise as Oboasi ramps up. Our tier two assets are also making a big contribution. What you see here are healthy margins and exceptionally cash flow leverage. We remain active managers of our portfolio. The sale of Serra Grande ensures we properly allocate management time and further shorten our focus on the core of the business. During this extraordinary turnaround journey, we've been known since 2021. We've continued to assess where we can generate the most value. The answer is clear: the best opportunities remain within. First, we are committed to lifting performance from our core assets, driving margin growth through cost discipline. Full asset potential has been invaluable in this regard, keeping costs flat in real terms.

Or tier 2 assets are also making a big contribution. What you see here are healthy, margins and exceptionally cash flow. Leverage, we remain active managers of our portfolio. The sale of sag Grande ensures. We properly allocate management time and further sharpen our focus on the core of the business.

During this extraordinary, turnaround Journey, we've been on since 2021 with continuously assess.

Where we can generate most the most value.

Marcelo Godoy: That's improved our position on the cost curve and helps us to reliably deliver on our guidance. This is now embedded in how we work, and we see more opportunity to drive value. The insights from this program have helped us to unearth a pipeline of organic growth options that are beginning to reveal themselves. This pipeline extends well beyond Oboasi, which itself is starting to develop a consistent operating cadence as it ramps up. There are other equally exciting projects to build scale and extend life at Quebrada, Siguiri, Geita, and Iduapriem. These are relatively low-risk, low-capital-intensive opportunities that allow us to leverage our existing footprint, infrastructure, and knowledge. The returns are, as you can imagine, more than competitive. We will flesh out in the coming quarters, helping to daylight more value in this extraordinary portfolio of ours.

And the answer is clear the best opportunities remain within first, we are committed to lifting performance from our core assets. Driving margin growth through cost discipline full asset. Potential has been invaluable in this regard, keeping cause Flats in real terms as improved our position on the cost curve and helps us to reliably deliver or guide

This is now embedded in how we work and we see more opportunity to drive value. The insights, from this program have helped us to unearth a pipeline of organic growth options that are beginning to reveal themselves.

The pipe on extends. Well beyond the bossy which itself is starting to develop a consistent operating Cadence as it ramps up.

there are other equally exciting projects to build scale and extend life at kuyaba sigui GA and edu Brim

These are relatively low-risk low, Capital intensive opportunities, that allow us to leverage our existing footprint.

Infrastructure and knowledge.

The returns are. As you can imagine more than competitive.

Marcelo Godoy: I think in November, we will be talking about Gata in more detail. Third, we are laying the foundations for the next stage of growth in Nevada, a world-class gold camp where we are building scale, size, and optionality. 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 house of other local stakeholders for decades to come. The proposed acquisition of Augusta Gold consolidates this important district and improves our ability to unlock significant synergies across permitting infrastructure and development sequence. It improves our ability to optimize capital, reduce execution risk, and streamline stakeholder engagement. I will now hand over to Gillian Doran to go over the financial results.

In flesh out in the coming quarters, helping the daylight more value in this extraordinary portfolio of ours.

We will be talking about start talking about data in more detail.

And third, we're laying the foundations for the next stage of growth in Nevada. A worldclass gold camp where we're building scale size and optionality.

We continue to uncover value in the US where the overall quality of our discovering in southern Nevada will deliver value to shareholders and a house of other local stakeholders for decades to come.

The proposed acquisition of Agusta gold. Consolidates, this important District.

And improves our ability to unlock significant synergies across permitting infrastructure, across permitting, infrastructure and development sequence. It improves our ability to optimize Capital, reduce execution risk, and streamline, stakeholder engagement. I will now hand over to Jillian to go over the financial results.

Gillian Doran: Thank you, Alberto Calderon. The gold price maintained its upward trend with the average price during the quarter $3,287 an ounce, a 41% increase year on year. The stronger gold price was influenced by sustained central bank buying, heightened geopolitical tensions, interest rate expectations, and uncertainty around U.S. fiscal policy. U.S. CPI eased to 2.7% from 3% in 2024, with oil prices 27% lower than Q2 of last year. Inflation moderated across most of our jurisdictions, with significant disinflation in Argentina down to 39% from 272% a year ago. Inflation in Brazil moderated to 5.4% from 4.2% a year earlier. Our realized inflation rate, which represents CPI changes in the jurisdictions that we operate, was around 4.6%, maintaining upward pressure on costs. We continue to look for opportunities to offset cost impacts from the macro factors we are exposed to.

Thank you, Alberto.

The gold price maintained its upward Trend with the average price during the quarter 3,287, an ounce of 41% increase year on year. The stronger, gold price was influenced by sustained Central Bank, buying heightened, geopolitical tensions, interest rates, expectations and uncertainty around us fiscal policy.

Us CPI is to 2.7%.

From 3%, in 2024 with oil prices 27%, lower than Q2 of the last year.

Inflation. Moderated across most of our jurisdictions with significant disinflation in Argentina down to 39% from 272% a year ago.

In inflation inflation, in Brazil, moderated to 5.4% from 4.2% a year earlier.

I realized inflation rate which represents CPI changes in the jurisdictions that we operate was around 4.6%. Maintaining upward pressure on costs

We continue to look for opportunities to offset cost. Impacts from the macro factors. We are exposed to

Gillian Doran: Our managed operations drove the production outperformance for Q2, with gold production up 25% year on year to 729,000 ounces, compared to 529,000 ounces in Q2 of last year. This reflects the contribution from Sucari and improved performances at key assets, including Oboasi up 31%, Gata up 20%, CBSA up 7%, Kuyaba up 6%, and Siguirri up 6%. The increase was partially offset by the 9% lower production from Kibali, due mainly to lower tons and grade. Sucari contributed 129,000 ounces in its second full quarter, firmly establishing its role as one of the top producers. Oboasi delivered strong 71,000 ounces in Q2 of 2025, a 31% year-on-year increase as grade improved and production ramped up steadily. Siguirri continued its strong operating performance from Q1, achieving 85,000 ounces in Q2, 5,000 higher year on year, supported by improved throughput and recoveries.

our managed operation throughout the production outperformance for Q2 with goals production, up 25% year-on-year to 729,000 Oz compared to 529,000 oz in Q2 of last year.

This reflects the contribution from sukari and improved performances at Key assets, including aoi of 31%, data of 20%, cbsa up 7%, queer bar up 6% and cigary up 6%.

Lower tons, and grades.

To carry contributed 129,000 oz in. Its second full quarter firmly establishing its role as 1 of the top producers.

of wi delivered strong 71,000 answers in Q2 of 2025 a 31% year-on-year increase as grade improved and production ramped up steadily

Gillian Doran: Idubrin experienced a challenging quarter with production down due to lower grades at a jumper and processing of lower-grade stockpiles. Total cash costs for managed ops increased by 6%, stemming from continued inflation and a higher gold price linked to royalties. These cost pressures were partially offset by full asset potential, operational excellence, and the addition of Sucari to the portfolio. All in sustaining costs at managed operations remains more or less flat in real terms. On a nominal basis, ASIC increased by 4%, reflecting inflationary pressures and higher royalties. We remain focused on strong cost discipline, driving operational efficiencies, and prudent capital allocation. These results reflect another strong performance from the business. Earnings and free cash flow more than doubled, driven by continued cost discipline, a 21% increase in gold production, and a higher average gold price. Adjusted EBITDA rose 111% year on year to $1.44 billion.

Figuring continued its strong operating performance from q1. Achieving 85,000 oz in Q2 5,000 higher year-on-year supported by improved throughput and recoveries

video Prem experienced a challenging quarter with production down due to lower grades at a job fair and processing of lower grade stock piles.

Total cash cost for managed Ops increased by 6% stemming from continued inflation and higher gold price, linked royalties.

these cost pressures were partially offset, by full asset potential operational excellence, and the addition of sukari to the portfolio,

All in sustaining costs that managed operations remains more or less flat in real terms.

On a nominal basis, Asic increase by 4%, reflecting inflationary pressures and higher royalties.

We remain focused on strong cost discipline.

Driving operational efficiencies and prudent Capital allocation.

These results, reflect another strong performance from the business earnings in free cash flow. More than doubled, driven by continued cost discipline. A 21% increase in gold production and the higher average gold price.

Gillian Doran: The jump in both gold price and sales volumes drove this increase. This was partly offset by higher total cash costs, which reflect higher volume, inflation, and those royalty costs linked to gold price. In addition, adjusted EBITDA was also impacted by planned costs to manage legacy tailings facilities infrastructure in Brazil, in line with our ICMM commitments and the care and maintenance costs at our CDS operations. Basic earnings rose to $669 million from $253 million a year earlier. Net cash flow from operating activities was up 142% to just over $1 billion, reflecting improved operating fundamentals and cash conversion. Free cash flow of $535 million was more than double last year's number. Adjusted net debt fell 92% versus June 2024, reducing net debt to EBITDA to almost zero, significantly increasing our financial flexibility.

Adjusted ebita Rose, 111% year-on-year to 1.44 billion. The jump in both goals price and sale, V sales volumes. Drove this increase.

This was partly offset by higher total cash costs, which reflects higher volume inflation and those royalty costs linked to gold price.

In addition adjusted ebita was also impacted by planned costs to manage Legacy tailings facilities in Brazil in line with our icmm commitments and the care and maintenance costs that our CDs operations.

Basic earnings Rose to 669 million from 253 million a year earlier.

Net cash flow from operating activities was up 142% to just over a billion dollars reflecting improved, operating fundamentals and cash conversion.

Free cash flow of 535 million was more than double last year's number.

Gillian Doran: Our aim remains to close the valuation gap with our North American peers by sustaining operational improvements, maximizing cash conversion, extending mine life, and maintaining disciplined capital allocation. Our cash cost performance continues to highlight the progress we are making to strengthen our position on the cost curve. Group total cash costs were $1,266 an ounce in Q2, 8% higher year on year due to the macro factors I described earlier. You can see from the chart on the controllables that Kibali's performance affected our overall cash cost position by around $18 an ounce. We managed to claw back most of this through a strong performance from our managed operations. If we pause for a moment to talk about royalties, again, as Alberto Calderon mentioned, we view as a good cost.

Adjusted. Net debt. Fell 92% versus June 2024 reducing net debt to eaat almost zero significantly increasing our financial flexibility.

Our aim remains to close the valuation Gap where the North American peers by sustaining, operational improvements maximizing, cash conversion, extending mine life and maintaining discipline Capital allocation.

Our cash cost, performance continues to highlight the progress. We're making to strengthen our position on the cost curve.

Group total cash costs were 1,266 announcing in Q2 8% higher year-on-year, due to the macro factors I described earlier

You can see from the chart on the controllables that cabal's performance affected our overall cash cost position by around $18 an ounce and we managed to claw back. Most of this through a strong performance from our managed operations.

If we pause for a moment to talk about royalties again, as Alberto mentioned, we view as a good cost.

Gillian Doran: We continue to see royalties move in lockstep with the gold price, which in turn ensures that our host governments and communities feel the direct benefit from our improved operations and the stronger gold price. A useful rule of thumb as you work through your models is that for every $100 per ounce move in the gold price, it causes roughly just around a $5 an ounce corresponding move in cash costs linked to royalties. Full asset potential continues to play an important role for us in mitigating the ongoing pressure on our costs. Group ASIC rose 7%, while ASIC for managed operations increased by just 4%, demonstrating continued strength in delivery of our sustaining capital program. We remain focused on converting higher gold prices into stronger earnings and free cash flow, which rose to $535 million in Q2 2025, up from $215 million in the prior year.

We continue to see royalties move in lockstep with the gold price.

Which in turn ensures that our host, governments and communities feel the direct benefit from our improved operations and the stronger gold price.

A useful rule of thumb as you work through your models is that for every hundred dollar per ounce move in the goals price uh causes roughly just around 5 dollars an ounce corresponding move in cash costs linked to to royalties.

Full asset potential continues to play an important role for us in mitigating the ongoing pressure on our costs.

% while Asic for managed operations increased by just 4% demonstrating continued strength in delivery of our sustaining Capital program.

We remain focused on converting higher. Gold prices is stronger earnings and free cash flow which rose to 535 million in Q2 2025 up from 215 million.

In the prior year.

Gillian Doran: The stronger gold price gave us a $700 million impact. Higher gold sales driven by Gata and Siguirri, and the contribution from Sucari added another $353 million to free cash flow. Operating cost increases of $216 million reflect targeted investments in asset integrity and inflation-linked inputs. The $140 million working capital outflow reflects a combination of normal operating cycle effects, seasonal timing issues, and a few one-off items. Receivables absorbed $145 million, driven by the timing of gold sales, particularly at Sucari, VAT claims at Gata, Idubrin, and Oboasi, tax-related prepayments in Australia. Inventories released $19 million, mainly related to inventory in process, and payables absorbed $14 million, with the biggest component being the payment of our landholder duties in Australia linked to our 2023 re-domicile. Capital expenditure rose in line with plan and reflects the integration of Sucari, reinforcing our commitment to sustaining and growing our asset base.

The stronger goal. Price game is the 700 million impact.

Higher Goals sales, driven by Gator and security and the contribution from Safari added another 353 million to free cash flow.

Operating cost increases of 216 million, reflect targeted, investments in asset integrity and inflation linked inputs.

The 140 million working, capital outflow, reflects a combination of normal, operating cycle effects, seasonal timing issues, and a few 1-off items.

receivables absorbed 145 million driven by the timing of gold sales particularly at sukari vat, claims at Gator idiri and abwey, uh tax related prepayments,

Um, in Australia.

Inventories released 19 million, mainly driven, uh, mainly related to inventory and process. And payables absorbed 14 million with the biggest components, being the payment of our land holder duties in Australia, linked to our 2023 re-domicile

Gillian Doran: You'll see the $150 million in dividends to non-controlling interests, reflecting the strong performance from Sucari and the consequent payments to our partner, Emra in Egypt. The second graph illustrates free cash flow margin over time. It is our free cash flow return as a percentage of revenue, with the profile demonstrating improvement in returns as the gold price has increased over the last 18 months. This strong year-on-year expansion reflects improved operating cash flow and disciplined capital allocation across the portfolio. We maintained a strong liquidity position and a robust balance sheet during the quarter, underpinned by continued financial discipline. Adjusted net debt decreased to $92 million at the 30th of June 2025, with the adjusted net debt to EBITDA ratio improving to 0.02 times from 0.21 times at the 31st of December 2024, reflecting strong cash generation and a more efficient capital structure.

Capital expenditure rose in line with plan and reflects the integration of Sukari, reinforcing our commitment to sustaining and growing our asset base.

You'll see the 150 million in dividends to non-controlling interests reflecting the strong performance from sukari and the consequent payments to our partner emre in Egypt. The second graph illustrates free cash flow margin over time. It is our free cash flow return as a percentage of Revenue with the profile demonstrating improvement in returns as the goal price has increased over the last 18.

A strong year-on-year expansion. Reflects improved operating cash flow and disciplined Capital allocation across the portfolio.

We maintained a strong, liquidity position in a, and a robust balance sheet. During the quarter underpinned by continued, Financial discipline.

Gillian Doran: Liquidity remains substantial at approximately $3.4 billion, including $2 billion in cash and cash equivalents, allowing us to fund our pipeline, return capital to shareholders, and navigate commodity price cycles with confidence. We are pleased to reaffirm our 2025 guidance on all metrics. Production is slightly second half weighted. With that, I will now hand back over to Alberto Calderon to wrap up.

Adjusted net deck, decreased to 92 million at the 30th of June 2025 with the adjusted. Net debt to Evita ratio, improving to 0.02 times from 0.21 times. At the 31st of December 2024, reflecting strong cash generation and de more efficient capital structure.

Liquidity remains substantial at approximately $3.4 billion, including $2 billion in cash and cash equivalents, allowing us to fund our pipeline, return capital to shareholders, and navigate commodity price cycles with confidence.

We are pleased to reaffirm our 2025 guidance, on all metrics. Production is slightly. Second half weighted.

um,

and with that, I'll now hand back over to Alberto to ramp up wrap up.

Marcelo Godoy: Thank you, Gillian. Before we close, I want to take a moment to reflect on the broader picture. The business is in good health. We've made tangible progress on every one of our strategic priorities. More importantly, we're operating safely, and that's a credit to every person across our business. We're delivering consistent growth from a portfolio anchored by high margin tier one assets, backed by a strong pipeline of options. We've maintained cost discipline despite persistent inflation. Since 2021, our cash cost and only sustaining cost in real terms have risen by just under 2%. Our peer averages are significantly higher than 15%. That gap matters, especially in a strong gold price environment, and it speaks to the resilience we've built into this business. Financially, we're in an exceptionally strong position: no leverage, strong liquidity, long-dated maturities.

Thank you, Julian.

Before we close, I want to make take a moment to reflect on the broader picture.

The business is in good health; we've made tangible progress on every one of our strategic priorities. More importantly, we are operating safely, and that's a credit to every person across our business.

We're delivering consistent growth from a portfolio. Anchored by high margin Tier 1 assets, backed by a strong pipeline of options. We maintain cost discipline despite persistent inflation, since 2021 for cash cost and all these sustaining costs in real terms.

Have risen by just under 2%.

On our beer average is significantly higher than 15%.

That Gap matters.

Especially in a strong gold price environment, it speaks to the resilience built into this business.

Marcelo Godoy: While we rebuilt the business between end 2021 and Q1 of this year, we paid $1.2 billion in dividends, and at the same time, we've ensured our assets and growth projects are properly capitalized. Our new dividend policy will ensure shareholders see the fruits of the improved operating cadence, a higher gold price, and much higher cash flow we're seeing now. We've been included in the Russell indexes, increasing visibility and relevance amongst U.S. institutional investors. For as long as this company has been in existence, we've struggled with the disconnect of our production size and relative size 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 the business are strong and the outlook even better.

Well, we built the business between 2021 and Q1 of this year. We paid $1.2 billion in dividends, and at the same time, we've ensured our assets and growth projects are properly capitalized.

Our new dividend policy will ensure shareholders. See the fruits of the improved, operating Cadence a higher, gold, price and much higher, cash flow. We're seeing now,

we've been included in the Russell indexes increasing visibility and relevance amongst us institutional investors.

For as long as this company has been in existence, we've struggled with a disconnect between our production size and our relative size to our North American peers.

Marcelo Godoy: We're doing what we promised, and we're taking meaningful strides to achieve and reach our full potential. As you screen the valuation metrics, we believe AngloGold Ashanti continues to offer an attractive investment proposition, strong cash flows, a shareholder-centric approach to returns, market-leading yield, and a valuation that is far from demanding. With that, I'll take your questions.

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 3 years today, the fundamentals of the business are strong and the Outlook even better.

We're doing what we promised, and we're taking meaningful strides to achieve and reach our full potential. And as you screen the valuation metrics.

We Believe Anglo gold Shanti continues to offer an attractive investment proposition strong cash flows. A shareholder Centric approach to returns Market leading yield and evaluation that is far from demanding with that. I'll take your questions.

Gillian Doran: Thank you, sir. Ladies and gentlemen, we will now be conducting the question and answer session. If you would like to ask a question, please press star and then one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star and then two to leave the question queue. To the participants who have joined via the webcast, you are welcome to submit your questions in the text box provided on your screen. While we wait for the question queue to build, I will hand over for a question from the webcast.

Thank you, sir. Ladies and gentlemen, we will not be conducting the question and answer session.

If you would like to ask a question, please press star. Then 1 I need telephone keypad.

A confirmation tone will indicate that Elon is in the question queue.

You may press star and then 2 to leave the question queue.

To the participants who have joined by the webcast.

You're welcome to submit your questions in the text box provided on your screen.

While we wait for the question q-table I will hand over for a question from the webcast.

Alberto Calderon: Thanks, Judith. At the moment, there is only one, but I will start with that, which is, as you look at further options for capital returns, how do you think about share buybacks versus debt buybacks? Is there a risk buying back shares at the current price?

Thanks Judith. And at the moment, there is only 1, but I'll start with that, which is, um, as you look at further options for Capital returns, how do you think about share BuyBacks versus debt BuyBacks? Um, and is there a risk buying back shares at the current price?

Marcelo Godoy: Thanks, Stewart. We've just declared the highest dividend in memory. We went, as an exception to the policy. The policy is that the 50% is at the end of the year. Because of the strong results, it was agreed with the board that we would anticipate this, and that's where we have the $465 million of dividends for the H1. We've said already that we will again contemplate options, buybacks of paying up debt at the end of the year, but we'll analyze that when the time comes. Right now, we're again happy to be able to provide this massive dividend, and at the end of the year, we'll see where we land.

Thanks Stuart. We we just uh,

Declared um, the highest dividend in memory, uh, we went as an exception to the policy. The policy used at the 50% is at the end of the year because of the strong results, it was uh, agreed for the board that we would anticipate this. And that's where the we have the 465 million of dividends for the H1. Uh, we've said already that we will.

again contemplate, uh, options of

BuyBacks of paying our debt.

at the end of the year, but

will analyze that when the time comes right now, we're again, happy to be able to provide this massive dividend. And uh, at the end of the year, we'll, we'll see where we land.

Alberto Calderon: Thanks, Alberto Calderon. There's one more that's just popped up, which is, could you just talk a little bit to your view on when that value gap with the North American peers will close?

Thanks Alberta, there's 1 more, that's just popped up. Which is, uh, could you just talk a little bit to your view and when that, um, value Gap with the North American peers will close.

Marcelo Godoy: It has already closed with probably the largest of the peers. It has closed in some of them 100%, in others two-thirds. At this stage, I think that is not an issue anymore. You are seeing, look at the returns and you compare it with others that we provided, and they are probably as high as anybody else. Look at the cash flows. I think we are really in a very solid position right now. We will not stop. I think that we are very excited by the full asset potential program and its potential to keep improving the business. We will just keep going with the same momentum and the same inertia that we have been doing in the past years. Let me probably just say we are very excited about what we are seeing in Sucari.

It has already closed with probably the largest of the peers.

and uh, so we'll just, uh,

I think it has closed.

In some of them 100% in others 2/3.

So we just at this stage, I think that that is more not an issue anymore. You're seeing

Look at the returns. Uh, and you compare it with others that we provided and they're probably as high as anybody else. Look at the cash flows. So, I think we're really in a, in a very solid position right now.

But uh we won't stop. I think that we are very excited by the full asset potential program and it's the potential to keep improving the business. So we will just keep going.

Marcelo Godoy: I will not talk about numbers because we prefer to talk about when we deliver them. I am just saying we are very excited. So, yeah, keep tuned.

Uh and with the same momentum and the same uh inertia that we have been doing in the past years. Uh let me probably just say we are very excited but what we're seeing in sukari,

I won't talk about numbers because we prefer to talk about what we deliver them. I'm just saying we're very excited so yeah, keep tuned.

Alberto Calderon: Great. Thanks, Alberto. I think, Judith, let us go to the phone lines and then we will come back to the webcast afterwards.

Gillian Doran: Lovely. Thank you. Our next question comes from Adrian Hammond of SBG Securities. Please go ahead.

Go to the phone lines, and then we'll come back to the webcast afterwards.

Love you. Thank you. Our next question comes from Adrian Hammond of SBG. Security is please go ahead.

Adrian Hammond: That's good to say, Alberto and Gillian. Thanks for the presentation. Firstly, for Alberto, just to get a better understanding of the benefits of these indices, you've included yourself with the three new indices for Russell. Do you have a sense of the gap hole that attracts the quantum and has that you've floated?

That's good. Good day, Alberta. Um, thanks for the presentation. Um, firstly, for for Alberto just, uh, to get a better understanding of the benefits of these indices. You included yourself into tuning in to see the Russell.

Um,

Did you have a sense of the capital that data tracks to Quantum and has it yet floated?

Marcelo Godoy: I know it is about indices. The expert is Stewart and Yatish. I will hand it over to them. I did not understand the last part, but maybe you did, Stewart.

Alberto Calderon: Thanks, Alberto. And thanks, Adrian. I think, you know, obviously, June 27th was the day that we entered those indices. If you go and look at the volume charts on the AU line in the stock, you will have seen we did about 30 million shares that day. Or actually, Yatish is saying closer to 40 million. So there was a big sort of entry into the stock. From what we understand by the people who know these things is that the real sort of gain will come in the months that follow as the passives are in and as the actives who benchmark against those Russell indices start to come in. So a really good start, but we hope it's just the beginning.

I know it's about indices. So the expert is stored on the, so I, I will hand it over to them. I didn't understand the last part, but maybe you did store.

Thanks, Alberta. And thanks Adrian. I think, you know, obviously, the June 27th was the day that we entered those indices. And if you go and look at the, at the volume charts on the, um, on the Au line in the stock, you will have seen. We did about 30 million shares that day or actually. I I your teacher is saying closer to 40 million. So there was a big, um, sort of entry into the stock. Um, and, you know, from what we understand by the people who, who know these things is that the real sort of gain will come in the months. Um, that follow as that, you know, the passives are in and that as the active, um, you know, who Benchmark against those rust.

Industry started start to come in. So a really good start and but we hope it's just the beginning.

Adrian Hammond: Thanks. If I could ask another question for Gillian Doran just to get the sense of how we should think about working capital in two ways. Certainly, in one end, it was quite a draw. Should we be thinking some of this reverses out? There were also quite a few ones of costs relating to tax and restructuring. Is that now largely done, or should we expect to see some more in two ways? Then if you could just remind us about the Kibali shareholder loan, how are all the monies from the assets split between that loan and dividends? Where does that balance stand with the loan piece? Thanks.

Thanks good. Ask another question for Julie and just to get a sense of how we should think about working capital in 2 Age. Certainly in 1 age, it is quite a draw. Um should we be thinking some of this reverses out? And there was also quite a few ones of costs relating to tax and uh, restructuring. Um, is that now a lot largely done? Or should we expect to see some more in 2H? And then if you could just remind us about the kubali, shareholder loan, how are the monies from the assets, split in between that loan and dividends and where does that balance stand with the lowest tax?

Gillian Doran: Thanks, Adrian Hammond, for your question. Your line is a little fuzzy. I will address the first part of your question, which I think was in relation to working capital build in the first half and what we are anticipating for the second half. It really is just the timing impact. It is largely driven by our receivables, as you will have seen in the financials. It is predominantly receivables at Sucari, actually. Of course, they are just embedding into our systems and processes, and we effectively did not get the funds for the last shipment out of that asset. That is the timing impact. Then on the increase, there is some increased VAT, as I mentioned. You will look and you will see that inventories and payables are actually relatively flat.

So I think, and thanks, Adrian, for your question. Your line is a little, um, fuzzy. So, um, I'll address the first part of your question, which I think is in relation to, um, working capital build in the first half and what we're anticipating for the second half. It really is just the timing impact. It's largely driven by our receivables that you will have seen in the financials. Um, it's predominantly receivable that souparee, actually. Um, so of course, they're just embedding into our sort of systems and processes, and we effectively didn't get the

Gillian Doran: We would want to see that unwind of receivables in the second half and maintain that sort of pressure and tension on the other elements of working capital as well. Not anticipating any sort of further drawdowns there. I think your second question was related to Kibali loans.

Marcelo Godoy: Yes.

Gillian Doran: Okay. So, I suppose the key message there is we received $18 million in dividends and $77 million loan repayments for the first half. When we think about those contributions, they are effectively the return on the EAU. The structure of whether it is a loan or a dividend is kind of irrelevant to us in the context of cash receivable. There is no more taxes expected from any restructuring. The landholder duty that we paid in Australia was the last outflow that we are expecting from restructuring.

The the funds for, for the last shipments, um, out of out of that asset. And so that's the timing impact. Um, and then on the increased, some increased vat, as I mentioned, you'll look and you'll see that inventories and payables are actually relatively flat. Um, we would want to see that unwind of receivables in the second half and maintain that sort of pressure intention on the other elements of working capital as well. So not, not anticipating any sort of further draw Downs. Um, there I think your second question was related to kabali loan. Um yes, okay. So, um, correct. I suppose the the key message there is we received 18 million in dividend and 777 million loan repayments for the first half. When we think about those contributions, they're effectively the return on the Eau. So the structure of whether it's the loan or a dividend,

It's kind of, um, irrelevant um, to us in the context of cash receivable and then there's no more taxes expected from any restructuring. Um, the, the landholder duty that we paid in Australia was the last um, outflow that we're expecting from researching.

Alberto Calderon: That's clear. Thanks so much.

That's okay, thanks so much.

Gillian Doran: Thank you. The next question comes from Josh Wilson of RBC. Please go ahead.

Thank you.

The next question comes from Josh woldson of RBC. Please go ahead.

Raj Ray: Yeah, thanks. A couple of questions. First off, on the capital, spending was light in Q1. It was an improvement in Q2. The overall spending in the first half of the year is relatively light versus the full year guide. Just wondering what we should be thinking about there in the second half and if the full year numbers still are applicable.

If the full year number still are applicable.

Gillian Doran: Would you like me to answer?

Marcelo Godoy: I will just start and then I think we are keeping the guidance. We expect a much higher number in the third quarter just from we are acquiring capital equipment in several of the assets, and you will see that in the third quarter. I think we are keeping the guidance as is. Gillian, any more?

Um, would you like me to answer?

Well, I'll I'll I'll just stop. And then I'll uh, there is

I think we are keeping the guidance. We expect a much higher number in the third quarter, just from acquiring capital equipment and several of the assets, and you'll see that in the third quarter. So I think we're keeping the guidance as is.

Gillian Doran: Yeah, that's exactly right. So I think there's a little bit of lumpy spend in Q3 for fleet replacements. As Alberto Calderon mentioned, we're maintaining guidance at this point in time very nicely. Yeah, that's on track.

Jillian any more? Yeah, that's exactly right. So I think there's a little bit of lumpy spend in quarter 3 for Fleet Replacements, as Alberto mentioned. We're maintaining guidance at this point in time, um, very nicely. So yeah. That's uh,

On track.

Raj Ray: Thanks. Second question, I would commend the company on cleaning up some of the portfolio with the non-core assets. There have been some articles in the press and views out there, potentially about either consolidation or the divestiture of some of AngloGold Ashanti's non-100% owned assets, specifically Tropicana and maybe Kibali. Any views there on how the company sees those assets in their portfolio today?

Thanks. Um, second question. You know, I I, uh, I commend the company on on cleaning up some of the portfolio with the non-core assets. Uh, you know, there's been some articles in the Press, uh, and Views out there, you know, potentially about, uh, you know, either consolidation or the, uh, the vesture of some of, uh, the company's non 100% owned assets, you know, specifically, uh, Tropicana and, and maybe kabali, uh, any views there on on, you know, how the company sees those assets in their portfolio today?

Marcelo Godoy: I haven't seen anything about Kibali, funny enough, but obviously, it's a tier one fabulous asset, so why would we? Tropicana, look, we don't comment on market speculation. I can say that we routinely receive inquiries about many of our assets. I'll probably repeat what I've said in the past. Tropicana, Sunrise play a very important part in our portfolio in balancing between developed and developing countries. At this stage, nothing is changing in that regard.

uh,

I haven't seen anything about kibali funny enough, but obviously it's a tier 1, fabulous asset. So,

Why would we uh entropy Cana look, we don't comment on Market speculation. I can say that we retune the routinely receive inquiries about many of our assets.

But I'll probably repeat what I've said in the past. Uh, Tropicana Sunrise, play a very important part in our portfolio in balancing between developed and developing countries. And at this stage uh nothing is changing in that regard.

Raj Ray: Got it. Last question on Arthur. There have been a couple of transactions on the royalty side that from my perspective would support some very constructive views on what the outlook is for the assets. Information so far is pretty light here. I am just wondering if there are any indications on what the thoughts are for the production rates, and similarly, when can we expect to see maybe some more official numbers for the asset? Is that something late this year or earlier next year? Thank you.

Okay. And then, uh, you know, last question on, uh, on Arthur, uh, you know, the um, uh, there's been a couple of transactions on the royalty side, uh, you know that from my perspective would would support some very, uh, um, you know, constructive views on what the Outlook is for the assets. Uh, you know, information so far is pretty light here. Uh, I'm just wondering if, you know, there's any kind of indications on, you know what, what the thoughts are for the, uh, you know, for the production rate, uh, you know, and and similarly, you know, when, when can we expect to see maybe some more official numbers, uh, for the asset? Is that something late this year, or, or early? Or next year? Thank you.

Marcelo Godoy: Okay. Thank you for that. We did note this. I did read, and by the way, I asked ChatGPT to try to calculate the value of what they were thinking. I am very excited by that because that is a positive for ChatGPT, and obviously in the tens of billions. So we are very excited by their views. Obviously, they do not have our views, but our views are also very exciting. We are working on the prefeasibility study. We will finish it this year. I do not know if we will have time for the November results, but if not, we will discuss them in the February results, where we are with the prefeasibility study. I can tell you that the more we see about Arthur, the more we are excited by it.

Okay, so thank you for that. Uh, we did notice, I did read. And, by the way, I asked ChatGPT to...

Uh, try to calculate the value of what they were thinking. And uh,

uh, I'm very excited by that because

that was the author of positive LGBT or, and obviously, in the tens of billions. So, um, we're very excited by their views, but, uh, obviously they don't have our views, but our views are also very exciting. Uh, we working on the previous ability, study, we will finish it.

This year. I don't know if we will have time for the November results, but if not, we will discuss them in the February results. Uh, where we are with the previous ability, study, I can tell you that the more we see about Arthur.

Marcelo Godoy: I just saw a picture of results of 50 meters at 50 grams a ton and other sort of results. This will definitely, without any doubt, be the preeminent asset in the portfolio in the third issue of AngloGold Ashanti. The production numbers will be very surprising, but let me leave it at that for now.

The more we are excited by it, but just, uh, I just saw a picture of the results of.

50 meters at 50 grams of time and and other sort of results. So this will definitely without any doubt will be the preeminent asset in the portfolio in the 30s up on Google The Shanti, and the production numbers will be very surprising, but let me leave it at that for now.

Raj Ray: Great. I am very, very much looking forward to that February update. I hope your ChatGPT is calibrated correctly. Thank you.

Great. I am very much looking forward to that February update. I hope your ChatGPT is calibrated correctly. Thank you.

Marcelo Godoy: The perplexity did the same.

Uh, the perplexity did the same.

Gillian Doran: Thank you. Our next question comes from Joseph Rigger of Ross Capital Partners. Please go ahead.

Thank you. Our next question comes from Joseph rigger of Ross Capital Partners please go ahead.

Raj Ray: Hi, Alberto and team. Thanks for taking the questions. Most of my stuff was already answered, but just kind of following up on the extra capital spending in Q3 with the refresh of the fleet. Should we see any benefit in Q4 and onwards from that reinvestment on the cash cost side?

Hi, I'm wilter and team. Uh, thanks for taking the questions. Um,

So um most of my stuff was already answered but just kind of following up on on the extra Capital spending um in Q3 with the, you know, refresh of the fleet, should we see any benefit in Q4 and onwards? Um from that, reinvestment on the cash cost side.

Gillian Doran: So maybe I'll quick, if you like, Alberto Calderon, I'll take it.

Judith: Fleet replacement strategy is obviously kind of fairly well thought through and long-dated in advance. That's really to support the 2026 plan. The good thing is, in the last 18 months, we've been able to build out a sort of a group fleet management strategy that our CTO takes the lead on. We're managing the fleet management replacement strategy really, really well, and we're happy with that. But that spend in Q3 is related to 2026 production volume.

Maybe I'll quick, uh, if you, if you like Alberto, I'll take it. I think the fleet replacement strategy is obviously kind of, um, fairly well thought through and long-dated in advance. So that's really to support the 2026 plan. Um, the good thing is, in the last 18 months, we've been able to build out a sort of a group Fleet Management strategy. Um, that our CTO takes a takes the lead on. And so we're able, we're managing the Fleet Management replacement strategy, really, really well, and we're happy with that. But that spend in Q3 is related to 2026 production volume.

Gillian Doran: Okay. That's helpful. Go ahead.

Okay. Okay, okay, yeah. And then um but

Stewart Bailey: Go ahead.

Go ahead, go ahead.

Gillian Doran: Go ahead, Tom.

Yeah. Go ahead, please.

Stewart Bailey: Just following on that. So what we could see some benefit in 2026 then?

Uh yeah, just just following on that. So so what we could see some benefit in 26 then

Judith: We've guided 2026 volumes for now earlier in the year. So, yes.

volumes for

Earlier in the year. So, yes.

Alberto Calderon: Look, if you want to cash cost and upsides, apart from production potential, what hit us particularly hard this semester was Hibali. They were 20,000 ounces below 2024, and their cash costs were up 40%. At some point, we hope that they will return to the better production days that they had in the past. That would certainly help reducing their cash costs because, obviously, that was a big hit at a 40% increase. I would expect, again, as they do better, and hopefully, they will, that should be a benefit. The other one where I would expect a better improvement is Iduapriem. Iduapriem, we talked about last time, had issues around the JV, too protracted, the uncertainty that that implies. We have now taken control. There is new management coming in. We have rearranged technical support.

look, uh, if you want to Cache custom upsides apart from Full asset potential,

Uh so what hit us particularly hard, this uh semester was kibali.

They were 20,000 Oz below 2024 and their cash costs were up 40%.

and so, at some point we hope that

Uh, that they will return to sort of the, uh, better production days that they had in the past. And that would certainly help, uh, reducing their cash costs because obviously that was a big hit at a 40% increase. So I would expect, again, as they do better, and hopefully they will.

Alberto Calderon: I am excited. It is not in six months, but probably in a year to 18 months, you will also see the benefits from that. There is still a lot of improvements that we see and positive impacts on the cash costs. That will allow us to continue this trend of basically flat in real terms or even slightly below.

Uh, that should be a benefit. The other 1 where I would expect, uh, a better Improvement is edu, green. Uh, edu free. We talked about last time had issues around the JV to protract, um, the uncertainty that, that implies, uh, We've now taken control. There's new management coming in, uh, We've rearranged, uh, technical support and I'm excited. It's not in 6 months, but probably in a year to 18 months, you'll also see the benefits from that. So there's there's still a lot of

Uh, improvements that we see and positive impacts on the cash costs. Uh, that will allow us to continue this trend of basically flat in real terms or even slightly below

Stewart Bailey: Okay. All right. Thanks. I will turn it over and congrats on a great quarter.

Okay, all right thanks. I'll turn it over and congrats on the great quarter.

Alberto Calderon: Thank you.

Thank you.

Marcelo Godoy: Our next question comes from Raj Ray of BMO Capital Markets. Please go ahead.

Our next question comes from Raj, array of pmo. Please go ahead.

Gillian Doran: Thank you, operator. Good morning, Alberto Calderon, Gillian Doran, and team. I have a couple of questions. First, great production results. Good to see the consistency continue. Comparing costs for Q2 over Q1, Gillian Doran, if I use your metric, gold price was up around $400 an ounce. That is $20 an ounce increase in cost just driven by gold price. Your production was up almost 9%, so 68,000 ounces Q2 over Q1. I am wondering why the total, if I look at the total cash costs, I was expecting it to be lower than Q1, but it is slightly higher. Is anything else other than royalties impacting that?

Thank you, operator. Good morning, uh Alberto, um Julian, and team. Um, got a couple of questions. Um, I mean first, great production results; good to see the consistency. Uh, continue. Um, comparing costs for Q2 over Q1 and Gillian, if I use your metric, the gold price was up around $400 an ounce; that's $20 an ounce.

Increasing costs, uh, just driven by gold price, but the production was up almost 9%. So 68,000. Oh, cute to over q1. So I'm wondering on why the the total cap if I look at the total cash cost, um, I was expecting it to be lower than q1 but it's slightly higher, anything else. Other than royalties that impacting that

Judith: No.

Marcelo Godoy: Well, sorry.

No. Well.

Alberto Calderon: will let Gillian Doran go. But I shall first talk about managed operations. So on all-in sustaining, they were up 4%. I think it is obviously, we got the benefits of Sukhari increase and everything. But 11% of increase in inflation and royalties, it is just difficult to compensate. So I actually think it is a good result giving those two forces. Now, there is other countervailing, but it is just massive. Just the $60 an ounce in royalties, it is a good cost, but it is still significant. But what else would you have, Gillian Doran?

sorry the goal, but I I

Tell first, talk about manage operations.

Uh, so on all in sustaining they were up 4%. I, I I I think it's

I I obviously we got the benefits of sukari increase and everything but 11% of increase in inflation and loyalty. It's just

it's just difficult to compensate or I

I actually think it's it's a it is a good result giving those 2 forces now there's other countervailing but uh

Judith: Oh, I think it, I think it's well covered, Alberto. They're actually very close in terms of like for like. Of course, there's the production impact, and that's offset by those macro factors and a little bit of Hibali's challenged performance in the quarter. That's it.

it's just massive just to the 60 dollars an hour in royalties. It's uh it's a good cause but it's still significant but what else would you have to do?

So I think it I think it's it's well covered Alberto. They're actually very close in in terms of like for like, of course, there's um, the production impact and that's the offset by those macro factors and a little bit of of um cabal's challenge to Performance in the quarter. That's it.

Gillian Doran: Okay. That is good. Alberto Calderon, with respect to the Augusta acquisition, does it help in your permitting, given that you already have a permitted project there? You have the old Bullfrog mine. Are you expecting any benefit with respect to getting Nord Bullfrog permitted sooner? Do you see further consolidation opportunities in Southern Nevada after this? I think you now have the landmass that you needed.

And then um, Alberto with respect to the Augusta acquisition, like, does it help in your in your permitting given that you already have a permitted project there?

You've got the old bullfrog mine? The I mean, are you look seeing in or are you expecting any benefit with respect to getting notable permitted sooner? And then

Um, do you see further consolidation opportunities in Southern Nevada? After this, I think you now have the land mass that you needed.

Alberto Calderon: I'm here with my fellow, so I'll let him think of that too. In case of Nevada, our projects continue to evolve. We are increasingly viewing them as a cohesive region rather than individual operations. In this context, the acquisition of Augusta represents a logical next step in consolidating our strategic position in the region. More specifically, Nord Bullfrog can potentially be considered a satellite deposit of Nord Bullfrog while we're still in proximity to reward, make the compelling case for the two to be developed and mined in tandem. Obviously, the big pride in the region, as you know, is Ashford. All those projects will be scheduled in time, as value shows. Furthermore, this is an opportunity to further consolidate the region, with unfettered access across the footprint. The acquisition allows us to revisit our plans for the surface infrastructure layout, which can be further optimized.

I'm here with Marcelo. So I'll I'll let him think of that to uh in case Nevada or projects continues to evolve, we are increasingly viewing them as a cohesive region rather than individual operations.

In this context, the acquisition of our water represents a logical next step in consolidating, our strategic position in the region and more specifically Mark bullfrog think can potentially be considered as satellite deposit of North, bouffard why? We're still in proximity to reward makes the comp compelling case for the 2 to be developed in mind intended. Obviously, the big price in the region as you know, is artwork. And and all those projects will be will be scheduling time. Um, as as, as well, it shows, uh, furthermore, this is an opportunity to further consolidate the region, uh, with and fatter the access across the footprint acquisition allows us to

Alberto Calderon: I think that was a very good deal, and it's going to help us move the project forward and having a commanding presence in the district.

Visit our plans for the surface infrastructure layout which can be further optimized.

Gillian Doran: Yeah, that's great, Marcelo. If I may, Marcelo, a quick follow-up on, with respect to the whole permitting situation in the country right now. With the current administration, are you seeing things differently? Are things progressing faster than what you have seen over the last three years?

So yeah I think that was a very good deal and and it's going to help us move the project forward and having a commanding um um presence in the district. That's good. Yeah, that's great. Marcelo if I, if I met Marcelo quick, follow up on with respect to the whole permitting situation in, in the, in the country right now.

With the current Administration have. Are you seeing things differently are things progressing faster than than what you have seen over the last 3 years.

Alberto Calderon: Look, they are not progressing quite fast quite yet. Based on the latest information we have available, we anticipate that the record of decision from BLM will be at the end of 2026 for Nord Bullfrog. We are working collaboratively with BLM, and the administration is involved. We really look forward to progressing this opportunity because the administration does recognize that it will bring significant investment and good-paying jobs that can benefit the region. We haven't seen any process changes at this point that we can confirm that have changed those timelines for permits, but we'll surely let you know as soon as you have new information.

Look. Uh, they are not progressing quite fast quite yet, but look based on the last information. Latest information we have available, we anticipate that the record of decision for from BLM will be at the end of 2026 for North bullfrog. We are working collaboratively with BLM and the administration is involved and look. And we we really look forward to progressing this this opportunity because the administration does recognize that you will bring significant investment and good paying jobs that can benefit the region.

Stewart Bailey: Let me add this. There is no doubt that the conversations we've had at higher levels with the administration are extremely constructive, and they are determined to accelerate things. So it will take some time. There are teams that need to be appointed and all of that. But we are quite confident that this will definitely boost our development in the region.

Uh, we haven't seen any process changes uh at this point uh um that we can confirm that has changed those those timelines for permit but you will surely let you know as soon as you have new information. Look, I let me add this.

There is no doubt that the conversation we had at higher levels with the administration are extremely constructive and they are determined to accelerate things. So it's, it's it'll take some time, there's teams that need to be uh, appointed and all of that. But we're quite confident that this will definitely boost our uh development in in in the region.

Gillian Doran: Okay. That's great, Alberto. Thank you. That's it for me.

Okay, that's great. Alberto, thank you. That's it from me.

Alberto Calderon: Thank you, Raj.

Marcelo Godoy: Our next question comes from Tanya Jakusconek of Scotiabank. Please go ahead.

Thank you Ross. Sonic.

Our next question comes from Tanya.

Of exclusive Bank. Please go ahead.

Adrian Hammond: Great. Good morning, everybody. Thank you for taking my three questions. I am going to start still with Nevada. I am just looking at your slide with the plan view of the property. I understand that there is a lot of drill rigs drilling the Arthur Gold project. When that pre-feasibility comes out late this year or early next, should I be thinking of a bigger deposit than the 16 million ounces of all resources that you are going to model off, or should I be thinking that it is going to be a portion of that 16 million ounces that goes into that study?

Oh wait, good morning everybody. And thank you for taking my 3 questions.

Um, I'm going to start still with the Nevada, um, just looking at your slides, um, with the uh, plan view of the property. Um, understand that there's a lot of drill rigs drilling. The Arthur gold project when that free feasibility comes out late this year or early next, should I be thinking um of a bigger deposit than the 16 million ounces of all resources that you're going to model off? Or should I be thinking that?

It's going to be portion of that 16 million Oz that goes into that study.

Alberto Calderon: Okay. Marcelo, yes. Thanks. Thanks for the question. In the case of Arthur, we expect that the reserves or the farmers is going to be less than that number. In general, we have the resorts, and the reserves will consume part of that. This is a normal process. It is going to be a really big number. We are now doing still drilling there so that we can get to reserves at the end of the year. The team is really pushing really hard to get to the end of the year, finish the feasibility study, and be able to declare reserves. It is only then that we are going to have an idea of how large that that that pit is going to be.

Alberto Calderon: But we anticipate that in time, we are going to be able to consume a great part of those ounces that we have identified so far.

Stewart Bailey: I probably want to add that with everything that we have, we have really consolidated the district for many decades, four decades or more, and we have not explored it all. I would just say we are focusing on Arthur, let us say, in the first 15 or 20 years. It is as I said, what we see is quite extraordinary. This will be around for decades at very high numbers.

Reserves. It's only them that they were going to have an idea of how how large that that um that piece is going to be. But uh we anticipate that in time, we are going to be able to consume great part of those answers that we have um identified so far. I probably would add that with

Everything that we have. And because we've really Consolidated the district for many decades, 4 decades or more

And we haven't explored it all. So uh, I I would just say we are focusing on Arthur, let's say in the first 15 or 20 years. And it's as I said, what we see is quite extraordinary but this will be around for decades at very high numbers.

Adrian Hammond: No, I appreciate that we will have a reserve, which is obviously going to be smaller than the 16 million ounces overall. I just wondered if we were going to have an increase in that resource as well, plus a declared reserve. I am just trying to clarify that.

Yeah, no I appreciate that. We will have a reserve, which is obviously going to be smaller than the 16 million ounces. Overall, I just wondered if we were going to have an increase in that Resource as well, plus, it declared Reserve. So just trying to clarify that

Alberto Calderon: Yeah. We are going to have to wait to let you know when the drilling finishes. But we expect increases for sure. I would expect increases, yes.

Adrian Hammond: Yeah. Okay. Perfect. Just on the acquisition of Augusta, so that I understand, you are viewing the Bullfrog project as a satellite for North Bullfrog. So you will be using the infrastructure at North Bullfrog. Is that what I understood? Hello? Operator?

Yeah, and we're going to have to wait to to let you know when, when the drilling finishes but we we expect increases for sure. I would expect increases. Yes.

Yeah. Okay perfect and just on the um acquisition of Augusta. Just so that I understand your viewing the bullfrog project as a satellite for North bullfrog. So you'll be using the infrastructure at North bullfrog is that what I understood?

Hello.

Operator.

Marcelo Godoy: Ladies and gentlemen, please remain online. We seem to have lost the main speaker. They will be returning shortly. Thank you. Ladies and gentlemen, please remain online. Thank you.

Ladies and Gentlemen, please remain online. We seem to have lost the main speaker. There will be rejoining us shortly.

Thank you.

Ladies and gentlemen, please remain on the line. Thank you.

Alberto Calderon: I would love to hear from you.

yeah, it looks like

Marcelo Godoy: Ladies and gentlemen, we have been returned by the main speaker. Thank you. Hello?

Ladies and gentlemen, we have been rejoined by the main speaker. Thank you.

Gillian Doran: Thanks.

Hello.

Thank you.

Stewart Bailey: Hi. Go ahead.

Adrian Hammond: Oh, good. I was chatting to ChatGPT, and they gave me the whole view of your beat district, but hopefully, it is right. I just wanted to come back and talk on the BD district if I could. Just wanted to confirm that the Bullfrog project from Augusta, you are viewing that as a satellite to North Bullfrog, and you would be using the processing and tailings facilities infrastructure or thereabouts, for that project. Is that what I understood correctly?

Hi, please. Go ahead. Oh, oh good. It's uh, I was chatting to G the chat ggp and I gave they gave me the whole view of uh your Beach District but hopefully it's right. Um I just wanted to come back and stop on uh on the BD District if I could just wanted to confirm that the bullfrog project from Augusta you're viewing that as a satellite to North bullfrog and you would be using the processing and tailings of infrastructure or thereabouts. Um for that project is that what I understood correctly?

Alberto Calderon: Tanya, we do not have that definition right now, right? The acquisition, we just made the acquisition. As was mentioned, we have optionality, and we can choose to put that project before, you know, sequence the way we see better. There is a, we are very focused on getting the permits for North Bullfrog at the moment, and that is the next step for the region while we continue to develop our tools. If Bullfrog comes, which will be at a later stage at the end of the North Bullfrog life because we also will have all the time for permits and things like that. It is something that gives optionality for North Bullfrog, and we are going to be sequencing as required.

Uh, then we don't have that definition right now, right? The position we just made the position as as as was mentioned. We have optionality and we can choose to put that project before you know uh a sequence the way, the way you see better but you know there's a we are very focused on getting the permits for not bullfrog at the moment. And and that's the next step for the region. Why we continue to build develop. Our tools is is bullfrog comes. Uh, it will be at later stage at the end of the north bullfrog life because we are also have all the time for permits and things like that. But but it is something that gives optionality for North bullfrog. Uh, and um, and we are

We are going to be sequencing as as required.

Adrian Hammond: Okay. No, thank you for that. I just want to move to the financial side if I could. Maybe for Gillian Doran, just wanted to ask on the capital allocation so that I understand it correctly. So you've got this 50% of your cash flow, free cash flow being paid back at the top up at the end of the year. You've done it a bit earlier. As we go into 2026, I think you mentioned that we would be reviewing maybe share buybacks, buying back some of your debt. Should I be thinking that this would be in addition to the 50% of the free cash flow, or should it be part of that as a total overall capital return?

Okay. Now, thank you for that. Um I just want to move to um the uh the financial side if I could maybe for Jillian. Um just wanted to ask on the capital allocation so that I understand it correctly. So you've got this 50% of your cash flow. Um pay uh free cash flowing paid back but uh at the top up at the end of the year, you've done it a bit earlier.

You mentioned that we'd be reviewing. Maybe share BuyBacks um, buying back some of your debts. Should I be thinking that this would be in addition to the 50% of the free cash flow? Or should it be part of that as a total overall Capital return?

Stewart Bailey: will start there, Tanya. It is in addition, obviously. We would expect that with the 50%, if the gold price continues where it is and operational performance continues where it is, we would end up the year after the 50% payout with positive cash. Then that is we would contemplate options of what to do with that. That is what you are referring to.

I I'll stop there. Uh,

Tommy, up. It's, in addition, obviously, we would expect.

that with the 50, if the gold price continues what it is and for operational performance continues, whether it is

uh we would end up the year after the 50% uh payout uh with positive cash. And so then that's we we would contemplate options of what to do with that. That's what we are referring to.

Adrian Hammond: Okay. Thank you for the clarification. If I could squeeze in one technical question, I really like the performance at GATA. Could someone just maybe explain to me what exactly is happening at that operation? I am just trying to understand if it is grade-related, if it is less dilution. It is doing quite well, and I just wanted to have a little bit more on that one if possible.

Okay, thank you for the clarification and if I could squeeze in 1, technical question, I really like the performance at data. Um could someone just maybe explain to me what exactly is happening at that operation, I'm just trying to understand if it's grayed related. If it's um you know, a lot less dilution but it's doing quite well and just wanted to have a little bit more on that 1 if possible.

Stewart Bailey: Well, it was, if you look at the comparison H1 to H1, I think GATA was 30,000 ounces more and Oboate was 35,000 ounces more. There was, I think it is just all the core sources of ore are performing very well. We expect it to be sustainable, but I think it is just better operational performance, but a full asset potential also has a role.

Yeah, well, it was, uh,

yeah, if you look at the

Comparison H1 to H1. I think GA was 30,000 oz, and Obuasi was 25,000 oz more. There was, I think, it's just...

All the 4 sources of 4 are performing very well. We expect it to be sustainable, but I think it's just...

Alberto Calderon: Thanks, Alberto Calderon. We did work quite a lot with GATA on the processing side. We are getting pretty good recoveries right now. Changes we are making in the plant, improvements we are making in the processing plant as a result of full asset quotation have been showing really, really, really strong results. As well as mine productivity, we have improved quite a lot our development rates and the general performance at GATA. We are pretty happy with the performance at GATA right now.

Stewart Bailey: I think that also better grades just in the semester. But look, it's, it's, it's, yeah, I think grade improved from 2.6 to 3.2. But it's a combination of everything. What we were actually visiting some weeks ago, and it's just performing. I describe it like a Formula One car. It's going very well. Great leadership. And yeah, everything, this way that was really constructed when Richard was there, of having four sources of ore and having optionalities paying off.

Better operational performance. But uh, full asset potential also has a role. Yeah. We we uh things are better. We we did work quite a lot at gate in the processing side so we are getting pretty good recovers right now. So changes, we are making the plant improvements. We are making the process implant as a result of flu asset quotation. Have been showing really, really, really strong results as well as mine productivity. We have uh, improved quite a lot, our, our development rates and and the general performance at gotta. So we have really, really happy with the performance that I think that also better grades, just

in the, in the semester. But look, it's it's it's, uh, yeah. I think grade improved from 2.6 to 3.2, but it's, it's a combination of everything up. What we, we are actually visiting data, uh, some weeks ago and it's, it's

It's just performing, I described it like a Formula 1 car. It's it's going very well great leadership and uh,

Yeah everything. Uh, this uh,

Way, that was really constructed when Richard was there. Jordan Son of having 4 sources of ore and having optionality is paying off.

Adrian Hammond: Oh, perfect. It's a real Ferrari. Congratulations.

Oh perfect. It's a real Ferrari congratulations. Yeah.

Thank you.

Marcelo Godoy: At this stage, I will hand back for questions from the webcast. Thank you.

At this stage, I will hand back for questions from the webcast. Thank you.

Stewart Bailey: Thanks, Judith. Alberto, maybe I will just take these in no particular order, but could you give your current long-term gold price in evaluating projects and M&A activity? Are there any assets that you would be interested in that could form part of your core assets?

Thanks, Judith. Um, Alberta, maybe I just take these in a particular order, but could you give your...

Um, current long-term goal price in evaluating projects and m&a activity.

And are there any assets that you would be interested in that could form part of your core assets?

Alberto Calderon: Look, we are currently using the same that we have, I think, for research, which is $1,900. We want to make sure that any project that we pursue makes decent returns at $1,900. Obviously, if the price is higher, much the better. That is probably the answer there. The second part is what on M&A? What is the second part of the question?

Look, we’re currently using the same that we have, I think for research, which is 1900.

So we we want to make sure that any project that we pursue uh makes decent returns at 1900, obviously if the price is higher much the better.

So that's uh that's probably the answer there. Uh, the second part is

Stewart Bailey: I think, just generally, have you got your eye on any assets that could form part of your core assets?

Is what an M&A? What is the second part of the question? I think, just generally, have you got your eye on any assets that could form part of your core assets?

Alberto Calderon: Probably, as I said before, we are focused mainly internally. There is a BD team whose job is to look at things. It is always very difficult. I have said it took us a long time to do 18 months to get to Sukhari. We are very happy with it, but that is always a difficult process. People always look, but the main focus of the company is internally, and we have wonderful opportunities.

Uh,

Probably, as I've said before, we're focused mainly internally. There is a BD team whose job is to look at things. It's always very difficult. As I've mentioned, we...

It took us a long time uh to do 18 months to to, to, to get to. Sorry, we're very happy with it, but that's all recent difficult process. So, yeah, people always look but the main focus of

The company is internally and we have wonderful opportunities.

Stewart Bailey: Calderon, I am going to combine a few here, but just generally, can you give an update on Oboate, how the underhand drift in full is going, how the slot is going?

And Alberta. I'm going to combine a few here but just generally. Can you give an update on a buoy? How the and the Hand drift and Phil is going how this loss is going.

Alberto Calderon: As we saw, the 170,000 in the quarter, we did well. You look at underhand, it was about 9% higher quarter on quarter. Very important development that is crucial for the future of Obuasi. Development quarter on quarter of 21%. So it is just what does that mean that the big investment in the KMS and the whole project is beginning to pay the dividends? The other interesting probably development, we have two pieces of equipment. They are called ECL. We got one, and then we have now a second one. They are having a lot of success in the Schloss methods, in the mining method in areas that would be sort of gray between underhand and Schloss, and they are performing very well. We are happy with the development. It is still like a work in progress.

Uh, as you saw, the 70,000 women in Q2, we did well to look at underhand; it was about 9% higher quarter on quarter. This is a very important development that is crucial for the future of AI development, with quarter on quarter up 21%.

So it's just what does that mean that uh the big investment in the in in the KMS and and the whole project uh is beginning uh to pay the dividends. The other interesting probably development. We have 2 pieces of equipment of um they're called ecl. We got 1 and then we have now a second 1. Uh and they are having a lot of success in the loss methods uh in the in in mining uh

Alberto Calderon: Obuasi, we are confident that we will be within the range for this year, and more importantly, that we will be able to make the additional jump in 2026 to go within the guided ranges that we did for 2026.

Method in areas that would be sort of gray between underhand and Edge loss and and they're performing very well. So we're we're, we are, uh, happy with the development. It's still like a, a work. In progress of Bowie, we are confident that we will be within the range for this year and more importantly, that we'll be able to make the additional jump into a D6 to go within the guided ranges that we did for 26.

Stewart Bailey: Great. Thanks, Alberto Calderon. The next one is, given the top-up of the true up on the dividend for the half-year, would you anticipate moving now to half-yearly payments on the dividend, or are you going to sort of retain the policy of annual subject to discretionary changes along the way?

Great. Thanks, Alberto. Um, the next one is given the top app of the or the true up on the dividend for the half year.

um, would you anticipate moving now to half yearly payments on the dividend or is, are you going to

Alberto Calderon: The latter. We have a policy. I think it is working. We do not like to change them. This was just extraordinary moments, but they can repeat themselves. The plan is to keep the latter, to keep the policy as is.

Um, sort of retain the policy of annual subject to discretionary changes along the way.

Stewart Bailey: Great. Alberto Calderon, final question is just on decarbonization. Given the strength of the balance sheet, given the strong cash flow, are you tempted at all to accelerate or do more decarb than the target that you've published, or are you happy with the pipeline of projects and the pace that you've got going forward?

The latter. Yeah, we we have a policy. I think it's working. We don't like to change them. This was just yeah, extraordinary moments but they can repeat themselves. But yeah, the plan is to keep the latter to keep the policy as if

Right. Um, Alberta, final question is just on decarbonization, given the strength of the balance sheet and the strong cash flow.

Are you tempted at all to accelerate or do more decarb? Then the target that you've published, are you happy with the, um, you know, with the pipeline of projects and the pace that you've got going forward?

Alberto Calderon: We're happy with the pace that we are in the pipeline of projects. You can see that, for example, the Tropicana is just an incredible sort of what we did over there. Let me repeat one thing that I how we view this. We do well by doing good. All of the projects are MPV positive. So yes, they combine the two purposes, and we will keep with that optic going with the plan. There's no need to accelerate at this stage.

Well, we're happy with our our base that we are in the pipeline approach if you you can see the for example, the Tropicana it's just an incredible sort of what we did over there. But let me repeat 1 thing that I how we view this. It's I say well we do well by doing good, all of the projects are MPV positive

And so, yes, they combined the 2 purposes and we will keep with that optic, uh, going with the plan. There's no need to accelerate it at this stage.

Stewart Bailey: Got it. Alberto, I think that's it. Would you like to just make a couple of closing comments?

But at Alberta, I think that's it. Um,

Would you like to just make a couple of closing comments?

Alberto Calderon: Yes. Thank you. Look, the momentum is good, and it's always something that you are keen to maintain. We're happy with the leadership across all the regions of the world. We didn't talk much about Americas, but Americas performed very well. Cuiabá, at some point, we talked about that it's a tier one. It's a truly tier one. It's probably, it's not in the half-year. It is the highest free cash flow per ounce around. We expect around $1,400 per ounce of free cash flow after taxes. Guayabá is there performing well. Australia is performing well. We talked about the other assets in Africa. So it's about keeping the momentum. Full asset potential still remains the main game, and there is a lot of additional potential in the portfolio. That's it. Keep the momentum safely and effectively and efficiently, and that's what we intend to do.

Uh, yes, uh, thank you. Um,

Look, the momentum is good. Um, and it's always.

Uh, something that you are Keen to maintain. Uh, we're happy with the leadership across, all the regions of the world. We didn't talk much about America's but uh, America's performed very well kuyaba. Uh, but at some point we talked about, uh, that it's a tier 1. It's a truly Tier 1, it's probably it's not in the half year, it is the highest free cash flow per ounce around. We expect around 1400 dollars per ounce of free cash flow after taxes. It we have about. So they're performing well Australia's performing well and uh well we talked about the other assets in Africa so it's about keeping the momentum full asset potential, Still Remains the main game and there is a lot of additional potential uh, to

In in the portfolio and that's it keep the momentum safely and effectively and efficiently and uh that's what we intend to do.

Stewart Bailey: Great.

Alberto Calderon: Thank you. Thank you.

Right. Thank you.

Thank you.

Marcelo Godoy: Thank you. Ladies and gentlemen, that concludes today's event. Thank you for joining us. Anyone now disconnect your lines.

Thank you, ladies and gentlemen, that concludes today's event. Thank you for joining us. Anyone now disconnect your lines.

Okay.