2020 Mining Indaba ANGLOGOLD ASHANTI FINAL · )8

INVESTING IN AFRICA MINING INDABA

February 2020

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economicoutlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings andother operating results, productivity improvements, growth prospects and outlook of AngloGold Ashanti Limited’s (AngloGold Ashanti or the Company)operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations ofcertain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions,AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation orregulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s operations, economicperformance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factorsthat may cause AngloGold Ashanti’s actual results, performance or achievements to differ materially from the anticipated results, performance orachievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in suchforward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly,results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social andpolitical and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions,including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and businessand operational risk management. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the year ended31 December 2018, which has been filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of theimportant factors that could cause AngloGold Ashanti’s actual results to differ materially from those expressed in any forward-looking statements. Otherunknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place unduereliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-lookingstatements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required byapplicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualifiedby the cautionary statements herein.

The financial information in this document has not been reviewed or reported on by the Company’s external auditors.

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

DISCLAIMER

2

POSITIONED TO CREATE VALUE THROUGH THE CYCLE

3

Generate sustainable cash flows and shareholder returns by focusing on five key areas…

…these focus areas are aimed at driving our investments to deliver improving margins, extended mine lives and a pipeline for the future.

Robust balance sheet

Disciplined capital allocation

Excellence in Environmental, Social, and Governance

Improving portfolio

Focusing on reserve growth

WORLD CLASS GLOBAL PORTFOLIOLARGEST PRODUCER ON THE AFRICAN CONTINENT

4

Americas Continental Africa South Africa Australia

Production – 22%EBITDA – 22%




Production, AISC* and EBITDA Trailing Twelve Months (TTM) to 2019 Q3*AISC -World Gold Council standard

AngloGold Ashanti GroupProduction: 3.3Moz AISC*: $994/oz EBITDA: $1.6bn

Continental Africa

Produced: 1.9MozAISC*: $962/oz EBITDA: $828m

Operations Projects Asset sales being considered Greenfields exploration

0

4

8

12

16

20

2012 2013 2014 2015 2016 2017 2018 2019

Reportable environmental incidents

TARGETING ZERO HARMLONG-TERM SAFETY IMPROVEMENTS CONTINUE

5

Constituent of the FTSE All World Index

Working towards zero harm, excellence in environmental stewardship and community development

• Fatalities down 100% & AIFR down 58% since 2012

• 646 consecutive fatality-free days since Q2 2018

• AIFR improved 31% year-on-year

• Integrated safety strategy bearing fruits

0

4

8

12

16

20

2012 2013 2014 2015 2016 2017 2018 2019

Fatalities

0

2

4

6

8

10

2012 2013 2014 2015 2016 2017 2018 2019

AIFR per million hours worked

IMPROVING MARGIN TREND – MAINTAINING DISCIPLINE

6

750

850

950

1,050

1,150

1,250

1,350

1,450

1,550

1,650

2013 2014 2015 2016 2017 2018 Q1 2019 Q2 2019 Q3 2019

All-in Sustaining Costs vs. Gold Price Received $/oz

AISC* Avg Gold Price*World Gold Council standard** Spot on 31 January 2020

14%margin

19%margin

21%margin

21%margin

16%margin 23%

margin

22%margin

24%margin

30%margin

FY19 guidance $935 – 995/oz

Spot** $1,580/oz

BALANCE SHEET STRATEGY TO ENFORCE CAPITAL DISCIPLINE

7

The pursuit of an even healthier balance sheet will guide sound capital decision-making and investment strategies

TTM Adjusted net debt to Adjusted EBITDA ratio to 2019 Q3

0.0x

1.0x

2.0x

3.0x

2013 2014 2015 2016 2017 2018 Q3 2019

1.06x

Adjusted Net Debt to Adjusted EBITDA

1.0X New Target

through the cycle

Adjusted Net Debt $m

1,000

2,000

3,000

4,000

2012 2013 2014 2015 2016 2017 2018 Q3 2019

-47%

Self-funded development of Tropicana, Kibali Undrawn facilities* at 30 September 2019

R4.250bnZAR Facilities

US$1,420m**RCFs

US$417mCash

* Total calculated with ZAR facility at R15.13/$, and AUD facility at A$0.6749

** US$1.4bn RCF includes a capped facility of AU$500m

c.$2.1bn

FULL YEAR GUIDANCE

8

*World Gold Council standard, excludes stockpiles written off

Both production and cost estimates assume neither operational, labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by our external auditors. Other unknown or unpredictable factors could also have material adverse effects on our future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2017, filed with the United States Securities and Exchange Commission (SEC).

All-in Sustaining Costs*$935/oz $995/oz

Sustaining Capex $520m $560m

Project Capex $330m $360m

Gold Production3,250koz 3,450koz

Lower-half of guidance range

Upper-end of guidance range

The 2019 guidance for key operating metrics, including production, costs and sustaining capital expenditure, remains on track, with production expected in the lower half of the range and costs at the upper end of the range, excluding the non-cash impact of the change in the Brazil TSF regulation of $6/oz to $9/oz. The overall Obuasi project budget remains intact. Economic assumptions are as follows: ZAR14.50/$, $/A$0.70, BRL3.94/$, AP50.00/$; Brent $64/ bl.

VALUE GENERATION BLUEPRINT

9

*Ore Reserves; includes Quebradona and Gramalote, and excludes La Colosa

10

OverviewAfrica Operations

KEY INVESTMENTS ON THE CONTINENT

11

Kib

ali

• Largest gold producing mine in Africa, located near the North-eastern border• Relatively young open pit and underground mine• Average annual production of 340koz¹ at AISC of $750/oz over next few years

Ob

ua

si

• Transformative asset for both AngloGold Ashanti & Ghana• New production averaging ~400koz per annum at AISC of $800/oz• Local employment and procurement procedures in place to ensure the benefit to locals

Sig

uir

i

• Open-pit gold mine 850km northeast of Conakry • Combination Plant enabling treatment of hard and soft ore, to improve life and margin• 15% interest in Siguiri held in trust for the nation by the government

Mp

on

en

g

• Deepest gold mine in the world less than 100km west of Johannesburg• A unique new shift arrangement aimed at improving face time and efficiency• Significant investment in recent years to enhance life-of-mine and net asset value

Ge

ita • Located in north-western Tanzania, in the Lake Victoria goldfields

• New power plant supports underground development currently underway• Geita has delivered more than $1bn in royalties and taxes to the government since 1999

¹ Attributable² Obuasi’s first production in 2020

RESERVES: CONTINENTAL AFRICA OPERATIONS

12

Reserve base is primarily concentrated in Kibali, Obuasi and Siguiri…

…with focus on growing Geita and Iduapriem going forward

1.33

2.06

1.63

1.63 0.06

3.75

5.86 16.30

Continental Africa assets account for

60%*of Group Reserves

KibaliMorila

Res

erv

es

(Mo

z.)

Geita Siguiri Iduapriem **Sadiola Obuasi Africa Operations*Excludes assets flagged for divestment

**Entered a sales process on 24 December 2019Resource and Reserves at 31 December 2018

Africa R&R

Resource 63Moz

Reserve 16Moz

14 123 6 6

66

13

9

15 15

0

10

20

30

40

50

60

70

80

Obuasi Kibali Geita Siguiri Iduapriem

Yea

rs o

f R

ese

rve

re

por

ted

Reserve Life (Years) Resource Life (Years)

PRIORITISING RESOURCE-TO-RESERVE CONVERSION

13

Significant potential exists across our African assets, which we aim to unlock through exploration & project pipelines

14

Obuasi MineInvesting in Africa’s next generation gold mine

OBUASI MINE – A LONG-LIFE, WORLD CLASS ASSET8.6M OUNCES OVER 20 YEARS

15

Annual ProductionFirst 10 years*

400Koz

Large

AISC**

$725/oz $825/ozLow Cost

Initial Project Capex 3 years

$495m $545mCapital Efficient

IRR($1,240 – $1,500/oz)

23% 35%High Return

350Koz

Long-LifeQuick Payback

Initial Life & PaybackYears

0 20

Payback

6.5

Average Annual tonnage treated*

1.6mt 1.8mtMechanizedHigh Grade @8.8g/t average grade

*Steady state **Money terms at approvalInitial project capital of $495-545m now includes additional mining fleet of around $45m to the project capital estimate. This is expected to have a resultant favorable impact on contract rates and improve AISC by approximately $25/oz.

Spot 5 years

OBUASI – LARGE, COMPETITIVE COST, LOW CAPITAL INTENSITY

16

Low capital intensity…

…expected to become one of the 10 largest

mines by production in

Africa post ramp-up…

…and one of the lowest cost

African mines

(a)Capex intensity = project capex / run-rate production(b)Classification includes top 10 gold producers’ projects with forecast avg. LoM production >200koz and capex information available(c)LoM average production and AISC*(d)2018A AISC* of the top 10 gold mines in Africa by production(e)Excludes Randgold since not reporting AISC(f) Source: Company information* All-in Sustaining Cost - World Gold Council standard

(c)

(c)

Obuasi is an exceptionally attractive project on a range of metrics…

…with attractive cost structure, capital efficiency, production rate and a long life

705 752 800 864 884 930 940 951 1,002 1,150

Akyem Kibali Obuasi Ahafo Sukari Siguiri Geita Tarkwa Esskane Kloof

$/oz

2018A AISC* of 10 largest African mines by production (US$/oz)(d)(e)

807

660 564 525 490 472 436 414 405 400

Kibali Loulo-Gounkoto Geita Tarkwa Kloof Sukari Ahafo Akyem Esskane Obuasi

Koz

Top 10 African mines by 2018A production (koz)

1,140 1,300 1,359 1,553 1,567

2,000 2,107 2,394

3,333 3,411

Haiyu Obuasi Namdini Gruyere Merian Goldrush Tasiast 24k Salares Norte Ahafo North Horne 5

$/o

z

Capex intensity gold projects (US$/oz)(a)(b)

OBUASI MINE - INVESTING IN AFRICA’S NEXT GENERATION GOLD MINE

17

Producing first gold on budget and on a tight schedule is a significant achievement, for the Company, for the community at Obuasi and for Ghana as a whole

OBUASI MINE - PROJECT UPDATE

18

Construction and commissioning activities completed –key to ramp-up to 2,000tpd

BIOX inoculation complete

First gold pour achieved on 19 December 2019

Phase 2 works includes both refurbishment, demolition and new build activities on the surface and underground, pipelines, TSF and paste plant

Engineering, procurement and construction is 45.1% complete

Project remains within budget and on schedule to achieve the planned production rate of 4,000tpd at the end of the year

Operational Readiness and mobilised

Phase 1 Phase 2Operational

Readiness

Steady state in 2021

350 – 400koz/pa

Overall project progress is at 77% at the end of December 2019 – on budget and schedule

OBUASI MINE – COMMUNITY IMPACT

Sustainable Development

Unit

Health

19

• AGA Malaria Control Programme continues to run successfully, protecting over 1,200,000 lives

• To date - the program has seen a 90% reduction in malaria cases at the mine hospital

• Construction of a new maternity block at the Obuasi Government Hospital commence


Sustainable Development

Unit

20

Education

• Company donated assets and funds for the refurbishment of the Kwame Nkrumah University of Science and Technology (KNUST) - Obuasi Satellite Campus

• Expansion of the AGA School to accommodate more students, with 80% of the current student body now coming from local communities


21

Economic Development

• Company is committed to promoting Ghanaian participation and local content across the value chain of the business

• The project has placed a premium on local content, with 80% of the capital thus far spent in-country

• AngloGold Ashanti Ghana finalized a five-year mechanized underground mining contract Underground Mining Alliance, a joint venture between Australian-owned African Underground Mining Services and Rocksure International


22

Empowering communities

• To date – 96% of the workforce comprise of Ghanaians, with 73% stemming from Obuasi

• Youth Apprenticeship program - 46 youths have been selected to train in various roles including heavy duty equipment operators, winder operators, welders, and auto-mechanics

• A contribution of $2 per ounce of gold produced into the Obuasi Community Trust Fund

• Enterprise Development Program in partnership with the Government of Ghana’s Ministry of Food and Agriculture - aimed at building capacity for small local businesses

ANGLOGOLD ASHANTI IS A PREMIER GOLD INVESTMENT

23

Track record of disciplined

capital allocation

and project delivery

Focus on advancing

strong pipeline of options

Minimising Risk and

improving Shareholder

returns

Clear and predictable strategic approach

2020Priorities

• Continued focus on sustainability and safety improvements

• Target increased reserve conversion

• Aim to progress divestment processes

• Obuasi ramp-up to 4,000tpd by year-end

• Optimise margins and cash conversion

• Enforce capital discipline in rising gold price environment

2020 Mining Indaba ANGLOGOLD ASHANTI FINAL · )8

Documents