AngloGold Ashanti 6K 2021 Q1 Current report


			UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Report on Form 6-K dated May 10, 2021 This Report on Form 6-K shall be incorporated by reference in our Shelf Registration Statement on Form F-3 as amended (File No. 333-230651) and our Registration Statement on Form S-8 as amended (File No. 333-113789), to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended Commission File Number: 001-14846 AngloGold Ashanti Limited (Name of registrant) 76 Rahima Moosa Street Newtown, Johannesburg, 2001 (P.O. Box 62117, Marshalltown, 2107) South Africa (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F: ý Form 40-F: q Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes: q No: ý Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes: q No: ý Enclosures: Unaudited condensed consolidated financial statements as of March 31, 2021 and 2020 and for each of the three-month periods ended March 31, 2021 and 2020, prepared in accordance with IFRS, and related management’s discussion.

AngloGold Ashanti Limited

(Incorporated in the Republic of South Africa)

Reg. No. 1944/017354/06

ISIN. ZAE000043485 – JSE share code: ANG

CUSIP: 035128206 – NYSE share code: AU

(“AngloGold Ashanti” or “AGA” or the “Company”)

Report for the three months ended 31 March 2021

Johannesburg, 10 May 2021 - AngloGold Ashanti is pleased to provide its financial and operational update for the three-month period ended 31 March 2021.

•Production of 588,000oz in Q1 2021, supported by solid production performances at AGA Mineração, Serra Grande, Obuasi and Siguiri

•Costs increased due to planned reinvestment and tailings compliance programme, COVID-19 impacts, drawdowns from low-grade stockpiles and inflation

•Obuasi production increased by 53% to 46,000oz in Q1 2021 from 30,000oz in Q4 2020 and total cash costs at Obuasi decreased by 15% to $968/oz in Q1 2021 from $1,145/oz in Q4 2020 ; Phase 1 and 2 of the Obuasi Redevelopment Project at 97% completion

•Profit before taxation increased by 21% year-on-year to $279m in Q1 2021 from $231m in Q1 2020

•Adjusted EBITDA increased 3% year-on-year to $449m in Q1 2021 from $434m in Q1 2020

•Total borrowings decreased by 43% year-on-year from $3,624m in Q1 2020 to $2,071m in Q1 2021

•Adjusted net debt declined by 43% year-on-year from $1,606m in Q1 2020 to $908m in Q1 2021

•Adjusted net debt to Adjusted EBITDA ratio (for purposes of our RCF financial maintenance covenants) improved from 0.93 times at 31 March 2020 to 0.37 times at 31 March 2021

•Basic earnings for the period ended 31 March 2021 were $203m, or 48 US cents per share, compared to $134m, or 32 US cents per share in Q1 2020

•Headline earnings for Q1 2021 were $203m, or 48 US cents per share, compared to $143m, or 34 US cents per share in Q1 2020

•One fatality during Q1 2021 involving a fall-of-ground incident at Serra Grande


		Quarter	Quarter	Year
		ended	ended	ended
		Mar	Mar	Dec
		2021	2020	2020
		US Dollar / Imperial
Operating review
Gold

Produced *	- oz (000)	588	630	2,806



Sold *	- oz (000)	608	651	2,834


Financial review
Gold income	- $m	956	882	4,322
Cost of sales	- $m	677	636	2,699
Total cash costs	- $m	562	455	2,074
Gross profit	- $m	302	256	1,709

Price received per ounce **	- $/oz	1,788	1,584	1,778
Cost of sales - Subsidiaries	- $m	677	636	2,699
Cost of sales - Joint Ventures	- $m	87	76	340
All-in sustaining costs per ounce - Subsidiaries **	- $/oz	1,351	1,063	1,072
All-in sustaining costs per ounce - Joint Ventures **	- $/oz	895	763	810
All-in costs per ounce - Subsidiaries **	- $/oz	1,536	1,296	1,240
All-in costs per ounce - Joint Ventures **	- $/oz	—	704	824
Total cash costs per ounce - Subsidiaries **	- $/oz	1,045	806	815
Total cash costs per ounce - Joint Ventures **	- $/oz	733	583	629

Profit before taxation	- $m	279	231	1,589
Adjusted EBITDA **	- $m	449	434	2,470
Total borrowings	- $m	2,071	3,624	2,084
Adjusted net debt **	- $m	908	1,606	597

Profit (loss) attributable to equity shareholders	- $m	203	134	946
	- US cents/share	48	32	225
Headline earnings	- $m	203	143	1,000
	- US cents/share	48	34	238
Net cash inflow from operating activities	- $m	149	174	1,545
Capital expenditure	- $m	210	186	757


* Including pre-production ounces at Obuasi in the same period in the prior year.
** Refer to "Non-GAAP disclosure" for definitions.
$ represents US Dollar, unless otherwise stated.	Rounding of figures may result in computational discrepancies.

The information on this page and in the Financial and Operating Report relates to the continuing operations of the AngloGold Ashanti group, unless otherwise indicated. The South African producing assets and related liabilities, which were sold on 30 September 2020, are recorded as discontinued operations. The Non-GAAP disclosures on pages 31 - 61 following the market update with financial information for the three months ended 31 March 2021 are based on the continuing operations of the AngloGold Ashanti group, where indicated.

March 2021 Published 10 May 2021

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


Operations at a glance
for the three months ended 31 March 2021
	Production		Cost of sales		Gross profit (loss)		All-in sustaining costs per ounce 1		Total cash costs per ounce 2
	oz (000)	Year-on-year % Variance 3	$m	Year-on-year % Variance 3	$m	Year-on-year % Variance 3	$/oz	Year-on-year % Variance 3	$/oz	Year-on-year % Variance 3
AFRICA	352	(2)	(431)	18	249	18	1,140	30	948	32
DRC
Kibali - Attr. 45% 4	86	(5)	(87)	14	67	5	895	17	733	26
Ghana
Iduapriem	48	(29)	(61)	(19)	32	(3)	1,531	77	1,115	62
Obuasi 5	46	142	(66)	—	28	—	1,234	—	968	—
Guinea
Siguiri - Attr. 85%	58	20	(75)	20	31	275	1,147	(14)	1,197	1



Tanzania
Geita	114	(15)	(128)	(9)	85	(18)	1,102	34	907	38
Non-controlling interests, exploration and other			(14)	24	6	—

AUSTRALIA	104	(20)	(167)	4	25	(49)	1,768	49	1,359	47
Sunrise Dam	46	(20)	(84)	13	—	(99)	1,856	39	1,590	55
Tropicana - Attr. 70%	58	(21)	(75)	(5)	33	(15)	1,576	62	1,057	40
Exploration and other			(8)	8	(8)	8

AMERICAS	132	(6)	(168)	(13)	90	59	1,211	5	874	5
Argentina
Cerro Vanguardia - Attr. 92.50%	34	(24)	(49)	(22)	24	(2)	974	(3)	928	23
Brazil
AngloGold Ashanti Mineração	78	1	(91)	(5)	51	66	1,226	5	827	(1)
Serra Grande	20	11	(23)	(8)	14	149	1,490	3	941	(5)
Non-controlling interests, exploration and other			(5)	(53)	1	(131)

OTHER			2	73	5	63

Equity-accounted joint venture included above			87	14	(67)	5

Continuing operations	588	(7)	(677)	6	302	18

SOUTH AFRICA	—	(100)	—	(100)	—	(100)	—	(100)	—	(100)




Mponeng	—	(100)	—	(100)	—	(100)	—	(100)	—	(100)

Total Surface Operations	—	(100)	—	(100)	—	(100)	—	(100)	—	(100)


Discontinued operations	—	(100)	—	(100)	—	(100)	—	(100)	—	(100)

Total continuing and discontinued operations	588	(18)	(677)	(8)	302	18

1 Refer to note D under "Non-GAAP disclosure" for definition.
2 Refer to note D under "Non-GAAP disclosure" for definition.
3 Variance March 2021 quarter on March 2020 quarter - increase (decrease).
4 Equity-accounted joint venture.
5 Includes pre-production ounces in the same period in the prior year.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Financial and Operating Report

for the three months ended 31 March 2021

FIRST QUARTER REVIEW – CONTINUING OPERATIONS

During the first quarter of 2021, AngloGold Ashanti continued to make progress on its strategic priorities for the year, in particular its programme of reinvestment to increase reserves, extend mine lives and improve mining flexibility. The balance sheet remains in a solid position, with approximately $2.5bn in available liquidity, after paying out $197m in dividends during the quarter.

As flagged in its 2020 year-end results and the Capital Markets Day in February 2021, the Company outlined that 2021 and 2022 would be key investment years for the business. Through investments in the operating asset base, the Company expects to see brownfields-related production growth over the next five years. Guided by a rigorous capital allocation framework and supported by strong momentum from Ore Reserve conversion, the Company expects continued progress towards its strategic long-term plan. The development of additional Ore Reserve is key to enhancing operating flexibility and extending the lives of the Company’s existing mines. The Company’s focused investment programme, now in its second year, continued through the first quarter of 2021, supported by 711,810m of brownfields drilling over the three months, building on the positive momentum garnered in 2020.

Comparison of cost of sales

The following table presents cost of sales from continuing operations for the AngloGold Ashanti group for the quarter ended 31 March 2021, the quarter ended 31 March 2020 and the year ended 31 December 2020:

Cost of sales from continuing operations


	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
US Dollar million	2021	2020	2020
Cost of sales	677	636	2,699
Inventory change	(22)	(16)	(21)
Amortisation of tangible assets	(85)	(123)	(521)
Amortisation of right of use assets	(14)	(11)	(47)
Amortisation of intangible assets	(1)	(1)	(2)
Retrenchment costs	—	(1)	(2)
Rehabilitation and other non-cash costs	7	(29)	(32)
Total cash costs	562	455	2,074
Royalties	(40)	(37)	(181)
Other cash costs	(3)	(3)	(12)
Cash operating costs	519	415	1,881

Comparison of operating performance for the quarter ended 31 March 2021 with the quarter ended 31 March 2020

Production from continuing operations decreased by 42,000oz, or 7%, from 630,000oz for the first three months of 2020 to 588,000oz for the first three months of 2021. Production is measured as ounces of refined gold in saleable form derived from the mining process. Solid production performances were delivered at AGA Mineração, Serra Grande, Obuasi and Siguiri, partially offset by declines at other mines in the portfolio. Obuasi recorded 46,000oz in production. During the first quarter of 2021, the Company further developed key projects across the portfolio. The Obuasi Redevelopment Project (Phases 1 & 2) was 97% complete, with Phase 2 making good progress despite challenges and delays encountered in the early part of the quarter during Ghana’s second wave of the COVID-19 pandemic. Waste stripping activities at Tropicana, Iduapriem and Sunrise Dam (Golden Delicious pit) continued and remained on schedule. At Geita, the underground portal development at Geita Hill East progressed according to plan and mining approval was received for the Nyamulilima open pit, which allowed for the commencement of pre-production activities during April. In Brazil, the Company continued its investments to decommission existing tailings dams and convert to dry stack tailings facilities at its mine sites, in order to meet deadlines as required under new legislation.

Comparison of financial performance for the three months ended 31 March 2021 with the three months ended 31 March 2020

Revenue from product sales

Revenue from product sales increased by $74m to $979m in the quarter ended 31 March 2021 from $905m in the corresponding period of 2020, representing an 8% increase year-on-year. The increase was due to a $204/oz, or 13% increase, in the gold price received per ounce from $1,584/oz for the quarter ended 31 March 2020 to $1,788/oz for the corresponding period in 2021. The increase in revenue from product sales was partially offset by a decrease in production in Africa, Australia and the Americas.

Cost of sales

Cost of sales increased by $41m, or 6%, from $636m in the quarter ended 31 March 2020 to $677m in the quarter ended 31 March 2021. The increase was primarily due to a $104m increase in cash operating costs, $3m increase in royalties due to higher gold price received and a $5m increase in inventory change compared to the same period last year. This increase was partially offset by a $37m decrease in amortisation of tangible assets and a $36m decrease in rehabilitation and other non-cash costs. The increase in cash operating costs (which

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

include salaries and wages, stores, explosives, timber, reagents, fuel, power, water and contractors’ costs) was primarily due to processing of lower grade ore stockpiles, higher labour and contractor costs, higher costs for engineering services, costs related to the Company’s contributions in each of its operating jurisdictions to assist public health efforts and to help slow the spread of COVID-19, and higher other costs compared to the same period last year. The increase was partially offset by a decrease in rehabilitation and other non-cash costs primarily due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020.

Total cash costs

Total cash costs increased by $107m or 24% from $455m in the first three months of 2020 to $562m in the first three months of 2021. Total cash costs include cash operating costs (which include salaries and wages, stores, explosives, timber, reagents, fuel, power, water and contractors’ costs), royalties and other cash costs.

Cash operating costs increased from $415m in the first three months of 2020 to $519m in the first three months of 2021, which represents a $104m, or 25%, increase. The increase was primarily due to processing of lower grade ore stockpiles, higher labour and contractor costs, higher costs for engineering services, costs related to the Company’s contributions in each of its operating jurisdictions to assist public health efforts and to help slow the spread of COVID-19, and higher other costs compared to the same period last year. The increase was partially offset by a decrease in rehabilitation and other non-cash costs primarily due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020.

Royalty costs, which are generally calculated as a percentage of revenue, increased from $37m in the first three months of 2020 to $40m in the first three months of 2021, which represents a $3m, or 8%, increase, primarily due to an increase in royalty costs at Obuasi of $4m as the Obuasi redevelopment project continues to ramp up production and at Siguiri of $2m, partly offset by a decrease at Geita of $2m and Iduapriem of $1m. The increase in royalty costs was driven by to a 13% increase in the gold price received per ounce in the three months ended 31 March 2021 partly offset by a decrease of 3% in ounces produced in the three months ended 31 March 2021 compared to the corresponding period in 2020.

Retrenchment costs

No retrenchments costs were recorded during the first quarter of 2021 compared to retrenchments costs of $1m incurred during the first quarter of 2020.

Rehabilitation and other non-cash costs

Rehabilitation and other non-cash costs decreased by $36m, or 124%, from $29m for the three months ended 31 March 2020 to a credit of $7m for the three months ended 31 March 2021. This decrease was primarily due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020.

Amortisation

Amortisation of tangible, intangible and right of use assets decreased by $35m, or 26%, from $135m in the three months ended 31 March 2020 to $100m in the three months ended 31 March 2021.

Amortisation of tangible assets decreased by $38m, or 31%, from $123m in the three months ended 31 March 2020 to $85m in the three months ended 31 March 2021, mainly as a result of a $20m decrease at Iduapriem due to higher expenditure on pre-stripping capex in prior periods and higher waste and lower ore mined during the first three months of 2021 and a $16m decrease at Geita due to depletion of open pit mining with lower ore mined during the first three months of 2021.

Amortisation relating to right of use assets, as recognised in accordance with IFRS 16 Leases, increased by $3m, or 27%, from $11m in the three months ended 31 March 2020 to $14m in the three months ended 31 March 2021, primarily due to an increased number of contracts being entered into that qualified as leases mainly at AngloGold Ashanti Mineração and Serra Grande in Brazil.

Amortisation of intangible assets remained unchanged at $1m for the three months ended 31 March 2021 compared to the three months ended 31 March 2020.

Inventory change

There was a $6m, or 38%, increase in inventory change from a charge of $16m in the three months ended 31 March 2020 to a charge of $22m in the three months ended 31 March 2021, mainly at Obuasi and Siguiri due to timing of shipments.

(Loss) gain on non-hedge derivatives and other commodity contracts

No loss or gain on non-hedge derivatives and other commodity contracts was recorded during the first quarter of 2021 compared to a loss on non-hedge derivatives and other commodity contracts of $13m recorded for the three months ended 31 March 2020. The loss during the first quarter of 2020 was mainly due to realised and unrealised losses on gold and oil derivative contracts.

Corporate administration, marketing and other expenses

Corporate administration, marketing and other expenses remained unchanged at $16m for the three months ended 31 March 2021 compared to the three months ended 31 March 2020. Unfavourable exchange rate movements as a result of a stronger South African Rand against the US Dollar were fully offset by lower expenditure on overseas travel and corporate costs.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Exploration and evaluation costs

Exploration and evaluation costs increased by $4m, or 15%, from $27m for the three months ended 31 March 2020 to $31m for the three months ended 31 March 2021. The increase is largely due to expenditures on greenfields exploration activities in North America and pre-feasibility studies at the Colombian projects, partly offset by lower brownfields exploration at Geita.

Other expenses

Other expenses decreased by $18m, or 90%, from $20m in the three months ended 31 March 2020 to $2m in the three months ended 31 March 2021. The decrease was largely due to a decrease in other indirect taxes at Cerro Vanguardia and in care and maintenance costs at Obuasi, partially offset by an insurance claim refund resulting from the Newmont litigation which was recorded during the first quarter of 2021.

Foreign exchange (losses) gains

A loss from foreign exchange movements of $15m was recorded for the three months ended 31 March 2021, compared to a gain of $19m for the three months ended 31 March 2020. The loss was as a result of adverse movements of the Brazilian Real, Argentinean Peso and Colombian Peso against the US Dollar.

Finance costs and unwinding of obligations

Finance costs and unwinding of obligations decreased by $13m, or 30%, from $43m in the three months ended 31 March 2020 to $30m in the three months ended 31 March 2021. The decrease is mainly due to finance costs on borrowings decreasing by $7m, or 21%, from $31m in the three months ended 31 March 2020 to $24m in the three months ended 31 March 2021, mainly due to the repayment of the $700m 10-year bond due 2020 with a semi-annual coupon of 5.375% in April 2020 and the issuance of a $700m 10-year bond due 2030 with a semi-annual coupon of 3.75% in October 2020. At 31 March 2020 the $1.4bn multi-currency revolving credit facility (RCF) was fully drawn to bolster liquidity at the onset of the COVID-19 pandemic. At 31 March 2021, the $1.4bn multi-currency RCF was undrawn. Unwinding of obligations of $4m was recorded in the three months ended 31 March 2021, compared with $10m in the three months ended 31 March 2020.

Share of associates and joint ventures’ profit

Share of associates and joint ventures’ profit decreased by $1m, or 2%, from $58m in the three months ended 31 March 2020 to $57m in the three months ended 31 March 2021. The decrease was due to an increase in operating and other costs and an increase in taxation at associates and joint ventures, partly offset by an increase in earnings from Kibali as a result of an increase in the gold price received.

Investments in associates and joint ventures increased by $67m, or 4%, from $1,608m in the three months ended 31 March 2020 to $1,675m in the three months ended 31 March 2021, largely due to issues we are experiencing regarding cash repatriation from the Kibali joint venture located in the Democratic Republic of the Congo (DRC). AngloGold Ashanti received a quarterly dividend of $36m from Kibali (Jersey) Limited in the first quarter of 2021. At the end of March 2021, the Company’s attributable share of the outstanding cash balances awaiting repatriation from the DRC was $461m. The cash is fully available for Kibali’s operational requirements. Barrick Gold Corporation (Barrick), the operator of the Kibali joint venture, continues to engage with the DRC government regarding the 2018 Mining Code and the cash repatriation. During the quarter, the DRC appointed a Cabinet and Barrick are engaging closely with the authorities to advance the cash repatriation. Since the third quarter of 2020, VAT offsets and refunds have also been impacted by the COVID-19 pandemic in the DRC. In the DRC, the Company calculates that its attributable share of the net recoverable VAT balance owed to it by the DRC government increased by $3m during the first quarter of 2021 to $72m at 31 March 2021 from $69m at 31 December 2020.

Profit before taxation

Profit before taxation increased by $48m, or 21%, from a profit of $231m in the three months ended 31 March 2020 to a profit of $279m in the three months ended 31 March 2021, representing an increase of 17%. The increase was mainly due to an increase in revenue from product sales, lower other expenses, higher interest income and lower finance costs and unwinding of obligations, partially offset by an increase in cost of sales and foreign exchange losses.

Taxation

Taxation expense decreased by $25m from an expense of $95m in the three months ended 31 March 2020 to an expense of $70m in the three months ended 31 March 2021, which represents a 26% decrease. The decrease in taxation was mainly attributable to lower current tax due to lower revenue in Ghana, Australia and Tanzania and lower deferred tax due to foreign exchange translation on non-monetary items in Brazil, partly offset by the impact of lower deferred tax assets recorded in South Africa and in Guinea due to adjustments to tax losses claimable during the five-year tax holiday.

Profit attributable to equity shareholders

Net profit attributable to equity shareholders from continuing operations increased by $69m from a profit of $134m in the three months ended 31 March 2020 to a profit of $203m in the three months ended 31 March 2021, representing an increase of 51%. The increase was mainly due to the $74m increase in revenue from product sales, the non-repetition of the $13m loss on non-hedge derivatives and other commodity contracts in the first quarter of 2020, $18m lower other expenses, $9m interest income, $13m lower finance costs and unwinding of obligations and $25m lower taxation expense. The increase was partly offset by the $41m increase in cost of sales, $34m increase in losses from foreign exchange movements, and $1m decrease in the share of associates and joint ventures' profit.

Discontinued operations

The South African producing assets and related liabilities, which were sold on 30 September 2020, are recorded as a discontinued operation. Harmony Gold took effective control of these producing assets and liabilities on 1 October 2020. For the three months ended 31 March 2020, a profit from discontinued operations of $35m was recorded.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Comparison of cash flows in the three months ended 31 March 2021 with the three months ended 31 March 2020

Cash flow was assisted in the first three months of 2021 by an increase of $204/oz, or 13%, in the gold price received per ounce from $1,584/oz for the quarter ended 31 March 2020 to $1,788/oz for the corresponding period in 2021. The increase in revenue from product sales was partially offset by a decrease in production in Africa, Australia and the Americas.

Cash flows from operating activities

Cash flows from operating activities from continuing operations reduced by $25m, or 14%, to a net inflow of $149m in the first three months of 2021, from a net inflow of $174m in the same period last year. The decrease in cash flows generated by operations compared to the same period last year was mainly due to reduced revenue from gold income due to lower gold sales, higher cost of sales and higher taxation payments. The decrease was partly offset by an increase in average gold price received, increase in dividends received from joint ventures and lower net cash outflow from operating working capital items (movements in working capital).

Net cash outflow from operating working capital items (movements in working capital) amounted to $79m in the first three months of 2021, compared with an outflow of $137m in the first three months of 2020, representing a decrease of $58m, or 42%. The outflow from operating working capital mainly relates to trade and other payable outflows, the VAT lock-up at Geita and increased export-duty receivables at Cerro Vanguardia. In Tanzania, on 1 July 2020, the Finance Act, 2020 (No. 8) became effective, amending the Value Added Tax Act, 2014 (No. 5), without retrospective effect, specifically by deleting the disqualification of refunds due to exporters of ‘raw minerals’. This allows for the recovery of VAT refunds at Geita for mineral exporters from July 2020 onwards. Discussions with the Tanzanian tax authorities are ongoing to resolve our historical claims for VAT input credit refunds for the period from July 2017 to June 2020, while VAT claims from July 2020 onwards are subject to verification procedures by such authorities before any refunds will be received. In Tanzania, the Company calculates that net overdue recoverable value added tax (VAT) input credit refunds owed to it by the Tanzanian government increased by $11m during the first quarter of 2021 to $150m at 31 March 2021 from $139m at 31 December 2020. In Argentina, the Company recorded no net change in the export duty receivables during the first quarter of 2021, which remained at a net amount of $23m at 31 March 2021. However, CVSA had a cash balance of $125m equivalent at 31 March 2021, of which $50m is currently eligible to be declared as dividends. Application has been made to the Argentinean Central Bank to approve this amount to be paid offshore, however, approval remains pending. The cash is fully available for CVSA’s operational requirements. Working capital outflows were lower in the first quarter of 2021 than in the same period last year largely due to ore stockpile drawdowns compared to stockpile build-ups in the prior period.

Dividends received from associates and joint ventures increased by $11m from $25m in the first three months of 2020 to $36m in the first three months of 2021 as we continue to experience issues regarding the cash repatriation from the Kibali joint venture in the DRC. AngloGold Ashanti received a quarterly dividend of $36m from Kibali (Jersey) Limited in the first quarter of 2021. At the end of March 2021, the Company’s attributable share of the outstanding cash balances awaiting repatriation from the DRC was $461m. The cash is fully available for Kibali’s operational requirements. Barrick, the operator of the Kibali joint venture, continues to engage with the DRC government regarding the 2018 Mining Code and the cash repatriation. During the quarter, the DRC appointed a Cabinet and Barrick are engaging closely with the authorities to advance the cash repatriation. Since the third quarter of 2020, VAT offsets and refunds have also been impacted by the COVID-19 pandemic in the DRC. In the DRC, the Company calculates that its attributable share of the net recoverable VAT balance owed to it by the DRC government increased by $3m during the first quarter of 2021 to $72m at 31 March 2021 from $69m at 31 December 2020.

Cash flows from investing activities

Cash flows from investing activities from continuing operations amounted to a net outflow of $192m in the first three months of 2021, which is $27m, or 16%, higher than a net outflow of $165m in the same period last year. The increase was mainly due to higher capital expenditure compared to the same period last year, mainly related to expenditure on pre-stripping activity at Iduapriem in Ghana, pre-stripping activity at Tropicana in Australia, growth project expenditure at Sunrise Dam in Australia and increased expenditure on mine development and tailings storage facilities at AngloGold Ashanti Mineração in Brazil, partly offset by lower capital expenditure on the Quebradona project in Colombia. The increase in outflow was partly offset by a decrease in cash restricted for use and an increase in interest received.

Cash flows from financing activities

Cash flows from financing activities from continuing operations amounted to a net outflow of $249m in the first three months of 2021, which is a change of $1,637m from a net inflow of $1,388m in the first three months of 2020.

Proceeds from borrowings amounted to $1,526m in the first three months of 2020 compared to nil for the first three months of 2021. The first three months of 2020 included a full drawdown on the $1.4bn multi-currency RCF of $1,393m($1,350m by AngloGold Ashanti Holdings plc and $43m by AngloGold Ashanti Australia Limited), a drawdown of $87m on the R2.5 billion South African RCF (which was cancelled in October 2020) and proceeds of $46m on the South African R500m RMB corporate overnight facility.

Cash outflows from repayment of borrowings amounted to $62m during the first three months of 2020 compared to nil during the first three months of 2021. The first three months of 2020 included the repayment of $17m on the $1.4bn multi-currency RCF and the repayment of $45m on the South African R500m RMB corporate overnight facility.

Finance costs paid increased by $11m from $27m in the first three months of 2020 to $38m in the first three months of 2021 as a result of the timing of interest payments of the semi-annual coupon on the Company’s bonds. The $700m 10-year bond due 2020 with a semi-annual coupon of 5.375% was repaid in April 2020 and replaced with the issuance of a $700m 10-year bond due 2030 with a semi-annual coupon of 3.75% in October 2020. While the bond issued in October 2020 has a lower coupon than the bond which was repaid in April 2020, its first interest payment has been recorded in the first quarter of the year instead of the second quarter as was the case for the repaid bond when it was outstanding.

In the first three months of 2021, the Company declared and paid a dividend of $197m to its shareholders, compared to a dividend of $38m declared and paid in the first three months of 2020.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Liquidity

Profit before taxation increased by $48m, or 21%, from $231m in the first three months of 2020 to $279m in the first three months of 2021. Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) increased by $15m, or 3%, to $449m in the first three months of 2021, from $434m in the first three months of 2020.

Total borrowings decreased by $1,553m, or 43%, from $3,624m at 31 March 2020 to $2,071m at 31 March 2021. Adjusted net debt decreased by $698m, or 43%, to $908m at 31 March 2021, from $1,606m at the same time last year. At 31 March 2021, the group had a cash position (cash and cash equivalents) of $1,011m, with strong liquidity comprising the $1.4bn multi-currency RCF which was undrawn, the $150m Geita RCF of which $41m was undrawn, the $65m Siguiri RCF which was fully drawn and the South African R500m ($34m) RMB corporate overnight facility which was undrawn.

AngloGold Ashanti intends to finance its capital expenditure, capital lease obligations, other purchase obligations, environmental rehabilitation expenditures and debt repayment requirements in 2021 from cash on hand, cash flow from operations, existing credit facilities and, potentially, if deemed appropriate, long-term debt financing and the issuance of equity and equity-linked instruments. As part of the management of liquidity, funding and interest rate risk, the group regularly evaluates market conditions and may enter into transactions, from time to time, to repurchase outstanding debt, pursuant to open market purchases, tender offers or other means.

The group manages capital using various financial metrics including the ratio of Adjusted net debt to Adjusted EBITDA (gearing). Both the calculation of Adjusted net debt and Adjusted EBITDA to test compliance with the financial maintenance covenants included in the group’s revolving credit facility agreements is based on the formulae included in those agreements. For purposes of those financial maintenance covenants, the ratio of Adjusted net debt to Adjusted EBITDA (as such terms are defined in the revolving credit facility agreements) shall not exceed 3.5 times. The revolving credit facilities also permit the group to have a leverage ratio of greater than 3.5 times but less than 4.5 times, subject to certain conditions, for one measurement period not exceeding six months, during the tenor of the facilities. The ratio of Adjusted net debt to Adjusted EBITDA (calculated in accordance with the revolving credit facility agreements) at 31 March 2021 was 0.37 times, compared with 0.24 times at 31 December 2020 and 0.93 times as at 31 March 2020.

Capital expenditure

Capital expenditure for continuing operations (including equity-accounted joint ventures) increased by $24m, or 13%, year-on-year to $210m in the three months of 2021, compared to $186m in the first three months of 2020. Total sustaining capital expenditure increased by $46m, or 48%, from $96m for the first three months of 2020 to $142m for the first three months of 2021. The increase was largely due to expenditure on pre-stripping activity at Iduapriem, pre-stripping activity at Tropicana and increased expenditure on mine development and tailings storage facilities at AngloGold Ashanti Mineração. The strategy of improving operating flexibility through investment in Ore Reserve Development and Reserve Conversion at sites with high geological potential over the next two years remains intact and is reflected in the higher sustaining capital expenditure recorded in the period under review. Total growth capital expenditure decreased by $23m, or 26%, from $90m for the first three months of 2020 to $67m for the first three months of 2021 as Phase 2 of the Obuasi Redevelopment Project approached completion.

Summary of quarter-on-quarter operating and cost variations:


Particulars	Three months ended Mar 2021	Three months ended Mar 2020	% Variance three months vs prior year three months
Operating review Gold
Production from continuing operations (kozs)	588	630	(7)
Production from discontinued operations (kozs)	—	86	(100)
Production from continuing and discontinued operations (kozs)	588	716	(18)

Financial review
Gold income ($m)	956	882	8
Gold price received per ounce ($/oz) (3)	1,788	1,584	13
Corporate & marketing costs ($m) (1)	16	16	—
Exploration & evaluation costs ($m)	31	27	15

Cost of sales - Subsidiaries ($m)	677	636	6
Cost of sales - Joint Ventures ($m)	87	76	14
All-in sustaining costs per ounce - Subsidiaries ($/oz) (2) (3)	1,351	1,063	27
All-in sustaining costs per ounce - Joint Ventures ($/oz) (2) (3)	895	763	17
All-in costs per ounce - Subsidiaries ($/oz) (2) (3)	1,536	1,296	19
All-in costs per ounce - Joint Ventures ($/oz) (2) (3)	901	704	28
Total cash costs per ounce - Subsidiaries ($/oz) (3)	1,045	806	30
Total cash costs per ounce - Joint Ventures ($/oz) (3)	733	583	26

Profit before taxation ($m)	279	231	21
Adjusted EBITDA ($m) (3)	449	434	3

Capital expenditure ($m)	210	186	13

(1) Includes administration and other expenses. (2) World Gold Council standard.

(3) Refer to "Non-GAAP disclosure" for definitions.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

SAFETY UPDATE

Regrettably, one fatality occurred in February 2021 when a miner at the Serra Grande mine in Brazil was fatally injured in a fall-of-ground related incident during blasting preparation activities. Following a thorough review of the incident, corrective measures have been put in place.

The All-injury frequency rate (AIFR) based on continuing operations, the broadest measure of workplace safety, for the group has deteriorated with 2.64 injuries per million hours worked for the quarter ended 31 March 2021, compared to 1.24 injuries per million hours worked in the first quarter of 2020. These incidents are mainly low consequence incidents, which is reflected in the severity rate that has showed a consistent downward trend over the last three quarters. More specifically, in Brazil, the recent COVID-19 wave complexity adds a layer of risk on the safety protocols in the business. Action plans to address the upward trend in the abovementioned areas are in place at an operational level.

COVID-19

AngloGold Ashanti continues to respond to the evolving COVID-19 pandemic while contributing to the global effort to stop the spread of the virus and provide public health and economic relief to local communities. The Company has taken a number of proactive steps to protect employees, host communities and the business itself. These steps have been in line with the Company's values, the requirements of the countries in which we operate, and guidelines provided by the World Health Organisation (WHO). The health and well-being of our employees and our host communities remains a key priority for us.

Multiple waves of the outbreak are being experienced in several of our operating jurisdictions, coinciding with the prevalence of new, more contagious variants of the virus. Continued diligence is being observed to strict health protocols and vigilance in relation to business continuity including supply chain. We remain mindful that the COVID-19 pandemic, its impacts on communities and economies, and the actions authorities may take in response to it, are subject to change.

During the first quarter of 2021, our Brazilian operations and the Obuasi mine were most affected as new variants of the virus caused greater community infections, leading to an increase in general absenteeism and the number of employees in quarantine and isolation, with a consequent impact on productivity at those operations. While infection rates in Brazil and Ghana have since declined from those recent peaks, the number of cases in Brazil – and in several other countries in South America – remains high. In addition, Cerro Vanguardia continues to operate at between 60% to 80% mining capacity due to ongoing inter-provincial travel restrictions in Argentina, which continues to prevent certain employees from travelling to the site.

Access to vaccines is currently limited to national health authorities and the countries where AngloGold Ashanti operates, and have started with their first phase of roll-out programmes. Our operations in Ghana and Guinea have been included in the first phase roll-out plans. At the end of March, in Ghana, Obuasi and Iduapriem have already administered first doses covering 33% and 67% of the workforce respectively. Siguiri has also administered first doses covering 33% of the workforce and 100% coverage of identified high risk individuals. We continue to monitor developments in this regard, both locally and across the jurisdictions that we operate in, as well as continue to implement and strengthen controls onsite and at communities.

The impact on production from COVID-19 in the first quarter of 2021 was estimated at 4,000oz, compared to an estimated impact of 8,000oz in the first quarter of 2020. The COVID-19 impact on AISC in the first quarter of 2021 was estimated at $29/oz (about 2%) (including $23/oz related to costs incurred and $6/oz related to lost production), compared to an estimated impact of $14/oz during the first quarter of 2020. Consumable inventory levels were increased at certain operations to mitigate potential supply chain challenges resulting from the pandemic. In addition, it contributed to delays at Obuasi mainly in respect of mining.

OPERATING HIGHLIGHTS

African Operations

In the Africa region, subsidiaries produced 266,000oz (excluding pre-production ounces) at a cost of sales of $344m and a total cash cost per ounce of $1,018/oz for the three months ended 31 March 2021, compared to 250,000oz (excluding pre-production ounces) at a cost of sales of $289m and a total cash cost per ounce of $765/oz for the three months ended 31 March 2020. Joint ventures produced 86,000oz at a cost of sales of $87m and a total cash cost per ounce of $733/oz for the three months ended 31 March 2021, compared to 91,000oz at a cost of sales of $76m and a total cash cost per ounce of $583/oz for the three months ended 31 March 2020.

In Ghana, Iduapriem’s production decreased by 19,000oz, or 28%, to 48,000oz at a cost of sales of $61m and a total cash cost per ounce of $1,115/oz for the three months ended 31 March 2021, compared to 67,000oz at a cost of sales of $75m and a total cash cost per ounce of $689/oz for the three months ended 31 March 2020. The decrease in production was a result of lower tonnes treated together with a 26% drop in recovered grades in the first quarter of 2021 due to depletion of Teberebie Cut 1 ore. Cost of sales decreased mainly as a result of lower stripping amortisation at Teberebie Cut 1 and Cut 3 and a decrease in royalties due to lower volumes sold, partly offset by an increase in reagent, fuel and labour costs. Total cash costs per ounce increased in line with decreased production and increased drawdowns in ore stockpiles, as well as due to inflationary increases in relation to reagent, fuel and labour costs. These increases were partially offset by a decrease in royalties as a result of lower volumes sold.

Obuasi's production has continued to ramp up since achieving commercial level of production on 1 October 2020, Obuasi produced 46,000oz at a cost of sales of $66m and a total cash cost per ounce of $968/oz for the three months ended 31 March 2021, compared to a production of 30,000oz at a cost of sales of $66m and a total cash cost of $1,145/oz in the fourth quarter of 2020. This increase in production was mainly driven by higher throughput and improvement in grade as the mine continued its transition into Phase 2 of commissioning. The Obuasi mine was not in commercial production during the first quarter of last year when there was pre-production of 19,000oz.

In the DRC, Kibali's production decreased by 5,000oz, or 5%, to 86,000oz at a cost of sales of $87m and a total cash cost per ounce of $733/oz for the three months ended 31 March 2021, compared to 91,000oz at a cost of sales of $76m and a total cash cost per ounce of $583/oz for the three months ended 31 March 2020. Despite an increase in tonnes treated, production declined as a result of an 11% drop in grade as lower grades were mined from the open pits compared to the first quarter of 2020. Cost of sales increased mainly due to higher ore

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

stockpile costs as a result of a drawdown in the stockpiles to compensate for the lower grades mined as well as higher fuel and labour costs. Total cash costs per ounce increased in the first quarter of 2021 due to lower production and increased ore stockpile costs as a result of a drawdown in the stockpiles to compensate for the lower grades mined.

In Guinea, Siguiri's production increased by 10,000oz, or 21%, to 58,000oz at a cost of sales of $89m and a total cash cost per ounce of $1,197/oz for the three months ended 31 March 2021, compared to 48,000oz at a cost of sales of $74m and a total cash cost per ounce of $1,183/oz for the three months ended 31 March 2020. The higher production was primarily due to an increase in recovered grades from improved plant recoveries due to CIL conversion during the last quarter of 2020, and higher-grade ore mined in the first quarter of 2021. Cost of sales increased mainly as a result of higher inventory movements and higher royalties paid resulting from higher gold price and additional volumes sold in the first quarter of 2021, partly offset by lower rehabilitation provision cost due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020. Total cash costs per ounce came in 1% higher year-on-year as lower operating costs were more than offset by inflationary pressures, metal inventory movements and higher royalties resulting from higher gold price and additional volumes sold in the first quarter of 2021.

In Tanzania, Geita's production decreased by 21,000oz, or 15%, to 114,000oz at a cost of sales of $128m and a total cash cost per ounce of $907/oz for the three months ended 31 March 2021, compared to 135,000oz at a cost of sales of $140m and a total cash cost per ounce of $657/oz for the three months ended 31 March 2020. Tonnes treated were lower due to the SAG mill reline and pinion alignment. This decrease in production was further impacted by a 10% decrease in grade, resulting from lower-grade ore mined from the underground operations. Cost of sales decreased mainly as a result of lower amortisation due to depletion of open pit mining with lower ore mined, lower inventory movements, lower labour and contractor costs as well as lower fuel cost due to cessation of open pit mining in the first quarter of 2021, partly offset by higher ore stockpile movements. Higher total cash costs per ounce for the period were driven by additional ore stockpile costs due to depletion of stockpiles in the first quarter of 2021 compared to an increase of stockpile in the same period last year, as well as inflationary pressures. The increase in total cash costs was partially offset by lower mining costs as a result of cessation of open pit mining in the first quarter of 2021, together with a decrease in royalties as a result of lower gold volumes sold.

International Operations

The Americas region production declined by 8,000oz, or 6%, to 132,000oz at a cost of sales of $168m and a total cash cost per ounce of $874/oz for the three months ended 31 March 2021, compared to 140,000oz at a cost of sales of $194m and a total cash cost per ounce of $829/oz for the three months ended 31 March 2020.

In Brazil, at AngloGold Ashanti Mineração, production increased by 1,000oz, or 1%, to 78,000oz at a cost of sales of $91m and a total cash cost per ounce of $827/oz for the three months ended 31 March 2021, compared to 77,000oz at a cost of sales of $101m and a total cash cost per ounce of $834/oz for the three months ended 31 March 2020. Production was adversely impacted by low grades in both mine complexes, despite the increase in tonnes of ore mined. Cost of sales decreased mainly as a result of lower rehabilitation provision cost due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020 as well as a favourable movement in the exchange rate of the Brazilian Real against the US Dollar, partly offset by increased operational costs for spare parts and equipment rental as well as increased mine contractor costs. Total cash cost for the first quarter of 2021 was lower year-on-year due to increased production and the favourable movement in the exchange rate of the Brazilian Real against the US Dollar. This decrease was partially offset by lower grades and increased operational costs for spare parts and equipment rental as well as increased mine contractor costs.

Serra Grande production increased by 2,000oz, or 11%, to 20,000oz at a cost of sales of $23m and a total cash cost per ounce of $941/oz for the three months ended 31 March 2021, compared to 18,000oz at a cost of sales of $26m and a total cash cost per ounce of $993/oz for the three months ended 31 March 2020. The 11% increase in production reflected higher grades and the success of the changes in the production strategy, notwithstanding the operational impacts of the fatality experienced in February 2021. Cost of sales decreased mainly as a result of lower rehabilitation provision cost due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020, as well as a favourable movement in the exchange rate of the Brazilian Real against the US Dollar, partly offset by COVID-19 related costs. Total cash costs per ounce were 5% lower year-on-year, given the increased production and the favourable movement in the exchange rate of the Brazilian Real against the US Dollar, partly offset by negative COVID-19 impacts and inflationary pressures.

In Argentina, Cerro Vanguardia's production decreased by 11,000oz , or 24%, to 34,000oz at a cost of sales of $53m and a total cash cost per ounce of $928/oz for the three months ended 31 March 2021, compared to 45,000oz at a cost of sales of $67m and a total cash cost per ounce of $754/oz for the three months ended 31 March 2020. Production was lower year-on-year mainly due to lower grades as planned for the current year and in line with the life-of-mine plan which was further impacted by COVID-19 restrictions that continue to affect mine accessibility and limit our ability to operate the mine at full capacity. Unfavourable stockpile movements, caused by lower tonnes mined, also affected production negatively. Cost of sales decreased mainly as a result of lower rehabilitation provision cost due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020, as well as lower inventory movements and a weaker Argentinean Peso against the US Dollar, partly offset by salary increases implemented during July 2020 and January 2021 and higher heap-leach costs. Total cash costs per ounce were higher in the first quarter of 2021 compared to the same period last year mainly due to inflationary pressures (mainly salary increases) implemented during July 2020 and January 2021 and higher heap-leach costs. These negative effects on total cash costs were partially offset by a weaker Argentinean Peso against the US Dollar and higher by-product income derived from the higher average silver price.

The Australia region production decreased by 26,000oz, or 20%, to 104,000oz at a cost of sales of $167m and a total cash cost per ounce of $1,359/oz for the three months ended 31 March 2021, compared to 130,000oz at a cost of sales of $161m and a total cash cost per ounce of $923/oz for the three months ended 31 March 2020.

Sunrise Dam production decreased by 11,000oz, or 19%, to 46,000oz at a cost of sales of $84m and a total cash cost per ounce of $1,590/ oz for the three months ended 31 March 2021, compared to 57,000oz at a cost of sales of $74m and a total cash cost per ounce of $1,026/oz for the three months ended 31 March 2020. Production was lower year-on-year due to a combination of lower mill throughput, lower head grades and lower metallurgical recoveries related to the lower head grade. Cost of sales increased mainly as a result of ore stockpile movements, higher labour and contractor costs and higher engineering service costs, partly offset by lower rehabilitation provision cost due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020. Total cash costs per ounce were higher year-on-year primarily due to lower production, lower grades and ore

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

stockpiles as well as inflationary pressures. This increase was partially offset by favourable efficiencies partially due to a significantly higher amount of ore purchased in the first quarter of 2020.

Tropicana production decreased by 15,000oz, or 21%, to 58,000oz at a cost of sales of $75m and a total cash cost per ounce of $1,057/oz for the three months ended 31 March 2021, compared to 73,000oz at a cost of sales of $80m and a total cash cost per ounce of $753/oz for the three months ended 31 March 2020. Production decreased as increases in mill throughput and metallurgical recovery were more than offset by a 25% drop in the mill feed grade to 1.26 grams per tonne. Mill feed was supplemented by stockpile drawdowns while mining focused on waste removal in the Havana Stage 2 cutback. Cost of sales decreased mainly as a result of lower stripping amortisation due to depletion of different ore bodies and lower rehabilitation provision cost due to changes in cash flows and inflation and discount rates used in calculating rehabilitation and other non-cash costs compared to the same period in 2020, partly offset by higher labour and contractor costs, higher engineering service costs and ore stockpile movements. Total cash costs per ounce were negatively impacted by lower production, unfavourable inventory movement and inflationary pressures. The Boston Shaker underground mine remains on track to achieve full production levels by the end of 2021.

UPDATE ON CAPITAL PROJECTS

Obuasi Redevelopment Project

At Obuasi, operations continued to ramp up and Phase 1 gold production increased to 46,000oz during the first quarter of 2021, up from 30,000oz in the fourth quarter of 2020. AISC for the first quarter of 2021 was $1,234/oz.

Phase 2 of the redevelopment project is at an advanced stage, with construction of Phase 1 and 2 having reached 97% completion at the end of the first quarter of 2021. Commissioning of the Phase 2 milling circuit continued in early 2021 as planned, with final commissioning expected in the second quarter of 2021. The underground material handling system, paste-fill plant, the GCVS ventilation shaft and new high-voltage switchyard are expected to be completed by the end of the first half of 2021. The COVID-19 related equipment manufacturing and delivery delays we experienced in 2020 have now largely been addressed.

During the first quarter of 2021, the ramp-up of mining production continued to be impacted by absenteeism due to COVID-19 isolations, quarantines and travel restrictions. The Phase 2 ramp-up to 4,000 tonnes per day of ore mined and processed continues to progress during the second quarter of 2021, with full ramp-up expected in the third quarter of 2021.

Achieving optimal crew rotations, especially with respect to skilled expatriate workers (in particular, those based in Australia), continues to present a challenge for both the Company and its contractors amid the ongoing pandemic. This challenge is mainly caused by travel and other restrictions imposed by governments globally as well as the scarcity of skilled expatriate workers willing to travel internationally when presented with opportunities closer to home. The Company continues to take mitigating measures, including intensifying training programmes for local personnel, in line with our strategic localisation initiatives, and recruitment of skilled operators from across the African continent, to address such issues.

Sunrise Dam

Ore mining began in the Golden Delicious open pit during the first quarter of 2021 ahead of schedule. Higher grade open pit ore will begin to displace stockpiled mill feed in the second quarter of 2021, and will contribute 3m tonnes of ore over the next 18 months, lifting the overall mill head grade. The accelerated underground exploration programme is yielding encouraging results in the main mining front at Vogue and in areas outside thereof. Development is already being directed into the new Frankie zone, which is closer to the surface in the north of the mine, near existing infrastructure. This zone may have potential for higher grades at volumes that would sustain a separate mining area that can lower the overall cost base. Aggressive drilling is continuing to bring forward the delivery of ore from Frankie, and a small parcel of high grade ore is expected at the end of this year. Encouraging exploration results have highlighted the potential of the Carey zone and further extended Vogue, which remains open down plunge. Exploration is also targeting the area between the Carey Upper and Carey zones and the Flamingo and Eastern Ramps targets in the shallower areas of the mine. Operational Excellence work is focused on productivity improvements in the underground fleet and investigation of an option to mine high grade remnant ore in the Western Shear zone.

Colombian projects

Quebradona

At Quebradona, AngloGold Ashanti's wholly-owned project, the feasibility study (FS) continued to progress in the first quarter of 2021. The FS is expected to be completed in the first half of 2021. As part of the environmental permitting process, a public hearing will be required for the Quebradona project and confirmation on the date of the public hearing is pending.

The project is expected to treat approximately 6.2m tonnes of ore per annum in order to produce approximately 3.0bn pounds of copper and approximately 1.5Moz of gold over a potential 23-year life.

Gramalote

At Gramalote, based on a review of the FS results to date, the joint venture partners AngloGold Ashanti and B2Gold Corp. believe that there is strong potential for a more robust project, by releasing a number of technical constraints that were initially applied due to certain permit conditions and further optimising project design.

The project team has identified project optimisation opportunities, including potential reductions in capital and operating costs, as well as improved operability and sustainability. In addition, development and review of the updated Mineral Resource estimate has indicated that further value is available through additional drilling of the inferred portions of the Mineral Resource area, both within and adjacent to the designed pit.

The project partners are currently reviewing a revised feasibility study budget which would allow the final feasibility study to incorporate the identified optimisation potential and a decision is expected to be announced shortly. A revised schedule and budget for the proposed

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

optimisations, continued sustainability projects, further exploration and completion of a final feasibility study is being developed. In light of this, the delivery of a final FS for the Gramalote project will be postponed to the second quarter of 2022.

CORPORATE UPDATE

Notice in terms of Section 45(5)(a) of the South African Companies Act, No. 71 of 2008, as amended

Notice is hereby given in terms of Section 45(5)(a) of the Companies Act, No. 71 of 2008, as amended (the “Companies Act”), that the board of directors of the Company (the “Board”) at a meeting held on 7 May 2021, authorised the Company to provide direct or indirect financial assistance for the period from 7 May 2021 to 31 May 2022 to any one or more related or inter-related companies of the Company in terms of Section 45 of the Companies Act, pursuant to the authority granted to the Board for two years by the Company’s shareholders at the annual general meeting held on 4 May 2021.

The aggregate financial exposure of the Company in respect of any financial assistance in terms of this Board resolution is approximately R500m. Any financial assistance provided by the Company is to be provided in accordance with the Companies Act.

Tropicana Update

On 13 April 2021, IGO Limited, the Company’s current joint venture partner, announced it had entered into a binding agreement for the sale of its 30% interest in the Tropicana joint venture to Regis Resources for A$903m, subject to the Company waiving its right to pre-empt the Regis Resources offer on the same price and terms. AngloGold Ashanti, which owns 70% of the Tropicana joint venture and is the mine’s operator, subsequently decided to waive its pre-emptive right over the 30% stake in the Tropicana gold mine, paving the way for Regis Resources to acquire the stake from IGO Limited.

Tanzania Arbitration Proceedings Update

On 13 July 2017, Geita Gold Mining Limited and Samax Resources Limited initiated arbitration against the government of Tanzania arising from the enactment by the government of certain legislation that purports to make a number of changes to the operating environment of Tanzania’s extractive industries, including mining. Since January 2019, the arbitral proceedings have been stayed several times in order to afford the parties the opportunity to achieve an amicable resolution of the dispute. On 7 May 2021 the parties concluded a standstill agreement in terms of which the parties have agreed to further stay the arbitration proceedings for a period of 18 months.

Ghana Arbitration Proceedings Update

On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited’s (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi mine. The parties reached agreement on the terms of the separation and concluded a separation agreement in November 2012. In February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m. In December 2015, the proceedings were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. The arbitration panel was constituted and held an arbitration management meeting to address initial procedural matters in July 2019. In May 2020, the Ghana Arbitration Centre granted MBC’s request to stay the arbitral proceedings indefinitely to enable it and AGAG to explore possible settlement. On 12 April 2021, the parties executed a settlement agreement to resolve the matter.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


GROUP – INCOME STATEMENT


		Quarter	Quarter	Year
		ended	ended	ended
		Mar	Mar	Dec
		2021	2020	2020
US Dollar million	Notes	Unaudited	Unaudited	Audited

Continuing operations
Revenue from product sales	2	979	905	4,427
Cost of sales	3	(677)	(636)	(2,699)
(Loss) gain on non-hedge derivatives and other commodity contracts		0	(13)	(19)
Gross profit		302	256	1,709
Corporate administration, marketing and other expenses		(16)	(16)	(68)
Exploration and evaluation costs		(31)	(27)	(124)
Impairment, derecognition of assets and profit (loss) on disposal		0	(1)	(1)
Other (expenses) income	4	(2)	(20)	(57)
Operating profit (loss)		253	192	1,459
Interest income		14	5	27
Dividends received		0	0	2
Foreign exchange and other (losses) gains		(15)	19	0
Finance costs and unwinding of obligations	5	(30)	(43)	(177)

Share of associates and joint ventures' profit (loss)	6	57	58	278
Profit (loss) before taxation		279	231	1,589
Taxation	7	(70)	(95)	(625)
Profit (loss) for the period from continuing operations		209	136	964
Discontinued operations
Profit (loss) from discontinued operations		0	35	7
Profit (loss) for the period		209	171	971

Allocated as follows:
Equity shareholders
- Continuing operations		203	134	946
- Discontinued operations		0	35	7
Non-controlling interests
- Continuing operations		6	2	18
		209	171	971

Basic profit (loss) per ordinary share (US cents) (1)
Earnings per ordinary share from continuing operations		48	32	225
Earnings (loss) per ordinary share from discontinued operations		0	8	2
Basic profit (loss) per ordinary share (US cents)		48	40	227
Diluted profit (loss) per ordinary share (US cents) (2)
Earnings per ordinary share from continuing operations		48	32	225
Earnings (loss) per ordinary share from discontinued operations		0	8	2
Diluted profit (loss) per ordinary share (US cents)		48	40	227

(1) Calculated on the basic weighted average number of ordinary shares.

(2) Calculated on the diluted weighted average number of ordinary shares.

The financial statements for the three months ended 31 March 2021 have been prepared by the corporate accounting staff of AngloGold Ashanti Limited headed by Ms. Alexandra Strobl (CA (SA)), the Group's VP: Finance. This process was supervised by Mr. Ian Kramer (CA (SA)), the Group's Interim Chief Financial Officer and Ms. Kandimathie Christine Ramon (CA (SA)), the Group's Interim Chief Executive Officer.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


GROUP – STATEMENT OF COMPREHENSIVE INCOME



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Restated Unaudited	Audited

Profit (loss) for the period	209	171	971

Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (1)	(5)	(71)	38






Items that will not be reclassified subsequently to profit or loss:
Exchange differences on translation of non-foreign operations (1)	3	(56)	(16)
Net (loss) gain on equity investments	(60)	(25)	98
Actuarial gain (loss) recognised	0	0	10
Deferred taxation thereon	2	2	(6)
	(55)	(79)	86

Other comprehensive income (loss) for the period, net of tax	(60)	(150)	124

Total comprehensive income (loss) for the period, net of tax	149	21	1,095

Allocated as follows:
Equity shareholders
- Continuing operations	143	38	1,121
- Discontinued operations	0	(19)	(44)
Non-controlling interests
- Continuing operations	6	2	18
	149	21	1,095

(1) Exchange differences arising on translation of foreign and non-foreign operations have been restated to reflect those that will be reclassified subsequently to profit or loss and those that

will not be reclassified subsequently to profit or loss. Refer to note 15.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


GROUP – STATEMENT OF FINANCIAL POSITION



		As at	As at	As at
		Mar	Mar	Dec
		2021	2020	2020
US Dollar million	Notes	Unaudited	Unaudited	Audited


ASSETS
Non-current assets
Tangible assets		2,977	2,603	2,884
Right of use assets		142	136	142
Intangible assets		129	109	131
Investments in associates and joint ventures		1,675	1,608	1,651
Other investments		128	51	188
Inventories		56	77	69
Trade, other receivables and other assets		256	129	235
Deferred taxation		19	68	7
Cash restricted for use		32	31	31

		5,414	4,812	5,338

Current assets

Inventories		684	691	733
Trade, other receivables and other assets		251	223	229
Cash restricted for use		36	32	42
Cash and cash equivalents		1,011	1,870	1,330
		1,982	2,816	2,334
Assets held for sale		0	522	0
		1,982	3,338	2,334

Total assets		7,396	8,150	7,672

EQUITY AND LIABILITIES
Share capital and premium	9	7,219	7,209	7,214
Accumulated losses and other reserves		(3,579)	(4,588)	(3,519)
Shareholders' equity		3,640	2,621	3,695
Non-controlling interests		51	38	45
Total equity		3,691	2,659	3,740

Non-current liabilities
Borrowings		1,790	2,741	1,789
Lease liabilities		115	107	116
Environmental rehabilitation and other provisions		686	728	731
Provision for pension and post-retirement benefits		83	78	83
Trade, other payables and provisions		5	6	8
Deferred taxation		262	243	246
		2,941	3,903	2,973

Current liabilities
Borrowings		129	739	142
Lease liabilities		37	37	37
Trade, other payables and provisions		525	505	627
Taxation		71	73	153
Shareholders for dividends		2	0	0
		764	1,354	959
Liabilities held for sale		0	234	0
		764	1,588	959

Total liabilities		3,705	5,491	3,932

Total equity and liabilities		7,396	8,150	7,672

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

GROUP – STATEMENT OF CASH FLOWS


		Quarter	Quarter	Year
		ended	ended	ended
		Mar	Mar	Dec
		2021	2020	2020
US Dollar million	Notes	Unaudited	Unaudited	Audited
Cash flows from operating activities
Receipts from customers		957	930	4,411
Payments to suppliers and employees		(723)	(706)	(2,583)
Cash generated from operations	11	234	224	1,828
Dividends received from joint ventures		36	25	148
Taxation refund		7	0	0
Taxation paid		(128)	(75)	(431)
Net cash inflow (outflow) from operating activities from continuing operations		149	174	1,545
Net cash inflow (outflow) from operating activities from discontinued operations		0	45	109
Net cash inflow (outflow) from operating activities		149	219	1,654

Cash flows from investing activities
Capital expenditure		(199)	(170)	(701)
Interest capitalised and paid		(4)	(4)	(17)
Acquisition of intangible assets		0	0	(1)
Dividends from other investments		0	0	9
Proceeds from disposal of tangible assets		1	0	3
Other investments and assets acquired		(12)	0	(8)
Proceeds from disposal of other investments		0	9	9

Proceeds from disposal of joint ventures		2	0	26

Loans repaid by associates and joint ventures		0	0	12
Proceeds on disposal of discontinued assets and subsidiaries		0	0	200
Recognition of joint operation - cash		0	0	2
Decrease (increase) in cash restricted for use		6	(6)	(9)
Interest received		14	6	27
Net cash inflow (outflow) from investing activities from continuing operations		(192)	(165)	(448)
Net cash inflow (outflow) from investing activities from discontinued operations		0	(10)	(31)
Cash in subsidiaries sold and transferred to held for sale		0	(6)	3
Net cash inflow (outflow) from investing activities		(192)	(181)	(476)

Cash flows from financing activities
Proceeds from borrowings		0	1,526	2,226
Repayment of borrowings		0	(62)	(2,310)
Repayment of lease liabilities		(14)	(11)	(47)
Finance costs - borrowings		(36)	(25)	(110)
Finance costs - leases		(2)	(2)	(8)
Other borrowing costs		0	0	(33)
Dividends paid		(197)	(38)	(47)
Net cash inflow (outflow) from financing activities from continuing operations		(249)	1,388	(329)



Net increase (decrease) in cash and cash equivalents		(292)	1,426	849
Translation		(27)	(12)	25
Cash and cash equivalents at beginning of period		1,330	456	456
Cash and cash equivalents at end of period		1,011	1,870	1,330

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

GROUP – STATEMENT OF CHANGES IN EQUITY




	Share capital and premium	Other capital reserves	(Accumulated losses) Retained earnings	Fair value through OCI	Actuarial (losses) gains	Foreign currency translation reserve (1)	Total	Non-controlling interests	Total equity


US Dollar million



Balance at 31 December 2019	7,199	83	(3,268)	45	(10)	(1,409)	2,640	36	2,676
Profit (loss) for the period			169				169	2	171
Other comprehensive income (loss)				(23)		(127)	(150)		(150)
Total comprehensive income (loss)	0	0	169	(23)	0	(127)	19	2	21
Shares issued	10						10		10
Share-based payment for share awards net of exercised		(10)					(10)		(10)
Dividends paid			(38)				(38)		(38)

Transfer on disposal and derecognition of equity investments			4	(4)			0		0
Translation		(9)	8		1		0		0
Balance at 31 March 2020	7,209	64	(3,125)	18	(9)	(1,536)	2,621	38	2,659


Balance at 31 December 2020	7,214	77	(2,341)	131	1	(1,387)	3,695	45	3,740
Profit (loss) for the period			203				203	6	209
Other comprehensive income (loss)				(57)	(1)	(2)	(60)		(60)
Total comprehensive income (loss)	0	0	203	(57)	(1)	(2)	143	6	149
Shares issued	5						5		5
Share-based payment for share awards net of exercised		(4)					(4)		(4)
Dividends declared			(199)				(199)		(199)



Balance at 31 March 2021	7,219	73	(2,337)	74	0	(1,389)	3,640	51	3,691

(1) Foreign currency translation reserve includes a loss of $1,393m (Dec 2020: $1,396m; Mar 2020: $1,436m) that will not re-cycle through the Income statement on disposal of non-foreign operations, and a gain of $4m (Dec 2020: $9m; Mar 2020: $100m loss) relating to foreign operations that will re-cycle through the Income statement on disposal.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Segmental reporting

AngloGold Ashanti’s operating segments are being reported based on the financial information provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are responsible for geographic regions of the business.

Gold income



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited


Africa	678	575	2,769
Australia	191	209	989
Americas	241	238	1,211
	1,110	1,022	4,969
Equity-accounted joint ventures included above	(154)	(140)	(647)
Continuing operations	956	882	4,322
Discontinued operations - South Africa	0	138	408
	956	1,020	4,730

By-product revenue



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited


Africa	1	1	4
Australia	1	0	3
Americas	21	22	99
	23	23	106
Equity-accounted joint ventures included above	0	0	(1)
Continuing operations	23	23	105
Discontinued operations - South Africa	0	0	1
	23	23	106

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Segmental reporting (continued)

Cost of sales



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited


Africa	431	365	1,572
Australia	167	161	705
Americas	168	194	764
Corporate and other	(2)	(8)	(2)
	764	712	3,039
Equity-accounted joint ventures included above	(87)	(76)	(340)
Continuing operations	677	636	2,699
Discontinued operations - South Africa	0	101	287
	677	737	2,986

Gross profit (loss)



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

Africa	249	211	1,201
Australia	25	49	286
Americas	93	59	532
Corporate and other	2	1	(2)
	369	320	2,017
Equity-accounted joint ventures included above	(67)	(64)	(308)
Continuing operations	302	256	1,709
Discontinued operations - South Africa	0	9	83
	302	265	1,792

Amortisation



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited


Africa	59	89	349
Australia	28	34	160
Americas	35	35	163
Corporate and other	1	1	2
	123	159	674
Equity-accounted joint ventures included above	(23)	(24)	(104)


	100	135	570

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Segmental reporting (continued)

Capital expenditure



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited


Africa	107	92	397
Australia	50	33	143
Americas	53	61	217

Continuing operations	210	186	757
Discontinued operations - South Africa	0	13	35
	210	199	792
Equity-accounted joint ventures included above	(11)	(16)	(56)
	199	183	736

Total assets



	As at	As at	As at
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

South Africa	0	577	0
Africa	4,016	3,659	3,956
Australia	1,005	849	1,044
Americas	1,578	1,433	1,626
Corporate and other	797	1,632	1,046
	7,396	8,150	7,672

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Notes

for the three months ended 31 March 2021

1 Basis of preparation

The financial statements in this report have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. While AngloGold Ashanti has prepared interim financial statements for the three months ended 31 March 2021, its normal reporting periods remain unchanged. Accordingly, the group prepares interim financial statements for the six months ended 30 June and 31 December, and annual financial statements for the year ended 31 December. The group’s accounting policies used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2020, except for the adoption of new or amended standards applicable from 1 January 2021, which had no material impact on the financial statements of the group.

The condensed consolidated interim financial statements of AngloGold Ashanti have been prepared in compliance with the framework concepts and the measurement and recognition requirements of the International Financial Reporting Standard, IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and in the manner required by the South African Companies Act, No. 71 of 2008 (as amended) for the preparation of financial information of the group for the three months ended 31 March 2021. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as at and for the year ended 31 December 2020.

2 Revenue



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

Gold income	956	882	4,322
By-products	23	23	105
Revenue from product sales	979	905	4,427

3 Cost of sales



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

Cash operating costs	519	415	1,881
Royalties	40	37	181
Other cash costs	3	3	12
Total cash costs	562	455	2,074
Retrenchment costs	0	1	2
Rehabilitation and other non-cash costs	(7)	29	32
Amortisation of tangible assets	85	123	521
Amortisation of right of use assets	14	11	47
Amortisation of intangible assets	1	1	2
Inventory change	22	16	21
	677	636	2,699

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

4 Other expenses (income)




	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited


Government fiscal claims, cost of old tailings operations and other expenses	(1)	12	20

Pension and medical defined benefit provisions	2	2	8
Royalty received	(1)	(1)	(2)
Royalty receivables impaired	0	0	4

Retrenchment and related costs	1	0	0
Legal fees and project costs	0	1	9
Refund from insurance claim	0	(5)	(5)
Other indirect taxes	1	11	23
	2	20	57

5 Finance costs and unwinding of obligations




	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

Finance costs - borrowings	24	31	130
Finance costs - leases	2	2	8
Unwinding of obligations	4	10	39
	30	43	177

The interest included within finance costs is calculated at effective interest rates.

6 Share of associates and joint ventures' profit




	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

Revenue	162	148	677
Operating costs and other expenses	(90)	(80)	(353)
Profit on sale of joint ventures	0	0	19
Net interest received (paid)	2	3	5
Profit (loss) before taxation	74	71	348
Taxation	(17)	(13)	(70)
Profit (loss) after taxation	57	58	278

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

7 Taxation




		Quarter	Quarter	Year
		ended	ended	ended
		Mar	Mar	Dec
		2021	2020	2020
US Dollar million		Unaudited	Unaudited	Audited

South African taxation
	Normal taxation	0	0	1

	Deferred taxation

	Other temporary differences (1)	0	(6)	74


		0	(6)	75

Foreign taxation
	Normal taxation	62	93	553
	Prior year under (over) provision	0	0	8
	Deferred taxation
	Temporary differences (2)	5	10	9
	Prior year under (over) provision	0	0	(6)
	Change in estimate	3	(2)	(14)

		70	101	550

		70	95	625

(1) Included in other temporary differences in South African taxation for the year ended 31 December 2020 are deferred tax assets of $78m, which were derecognised during the fourth quarter of 2020; $9m thereof as part of the disposal of the South African assets and the remaining $69m on consideration of future recoverability.

(2) Temporary differences in Foreign taxation for the quarter ended 31 March 2021 include amounts giving rise to deferred tax assets (limited to generated taxable income) at Obuasi of $12m (Dec 2020: $7m).

Income tax uncertainties

AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with local government, and others are defined by the general corporate income tax laws of the country. The group has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. In some jurisdictions, tax authorities are yet to complete their assessments for previous years. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the group is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the tax authorities over the interpretation or application of certain rules in respect of the group’s business conducted within the country involved. Significant judgement is required in determining the worldwide provisions for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.

Irrespective of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included below, to the extent that disclosure does not prejudice the group.

Argentina - Cerro Vanguardia SA

The Argentina Tax Authority has challenged the deduction of certain hedge losses, with tax and penalties amounting to $7m (2020: $8m). Management has appealed this matter which has been heard by the Tax Court, with final evidence submitted in 2017. The matter is pending and judgement is expected in the next 24 months. Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made.

Brazil - AGA Mineração and Serra Grande

The Brazil Tax Authority has challenged various aspects of the companies’ tax returns for periods from 2003 to 2016 which individually and in aggregate are not considered to be material. Based on engagement with the Brazil Tax Authority, certain amounts have been allowed and assessments reduced, whilst objections have been lodged against the remainder of the findings. In December 2019, Serra Grande received a tax assessment of $18m (2020: $20m) relating to the amortisation of goodwill on the acquisition of mining interests, which is permitted as a tax deduction when the acquirer is a domiciled entity. Management is of the opinion that the Brazil Tax Authority is unlikely to succeed in this matter. This is supported by external legal advice and therefore no provision has been made.

Colombia - La Colosa and Gramalote

The tax treatment of exploration expenditure has been investigated by the Colombian Tax Authority which resulted in claims for taxes and penalties of $81m (1) (2020: $86m) pertaining to the 2010 to 2014 tax years.

These assessments were appealed in 2016 (in the case of La Colosa) and resulted in an adverse judgement on 22 October 2018, in the Administrative Court of Cundinamarca. An appeal was lodged and all arguments submitted to the Council of State on 21 August 2018, with an expected judgement in the next 12 to 18 months as at 31 March 2021. The deduction of exploration costs is prohibited from 2017 onwards following a change in legislation. Subsequent to this date, exploration costs have been treated in accordance with the amended legislation. In July 2019, the Supreme Administrative Court issued a ruling that duplicate penalties may not be charged. The impact of the ruling is that certain penalties will be waived, which reduces the overall exposure by $52m (2020: $76m). The matter is pending and may take two to four years to be resolved. Management is of the opinion that the Colombian Tax Authority is unlikely to succeed in this matter and therefore no provision has been made.

(1) Includes reduction of overall exposure by $52m (2020: $76m) as described above.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Ghana - Iduapriem

The Ghana Revenue Authority completed a tax audit during the third quarter of 2020 for the 2018 year of assessment claiming a tax liability of $15m (2020: $15m). The claim relates to corporate income taxes, where certain business expenses have been disallowed as a deduction for tax purposes. Management filed an objection to the assessment in September 2020 and is of the opinion that the Ghana Revenue Authority is unlikely to succeed in this matter and therefore no provision has been made.

Guinea - Siguiri

The Guinea Tax Authority has challenged certain aspects of the Company's tax return for the 2010 year of assessment totalling $8m (attributable) (2020: $8m (attributable)). Management has objected to the assessment. However provision has been made for a portion of the total claims amounting to $2m (attributable) (2020: $2m (attributable)).

Tanzania - Geita

The Tanzania Revenue Authority has raised audit findings on various tax matters for years from 2009 to 2019 amounting to $262m (2020: $254m) including an adjusted tax assessment relating to the years from 2015 to 2017 of $8m received in February 2021. In addition, the Tanzania Revenue Authority has issued Agency Notices on various local bank accounts of the Company in Tanzania, enforcing payments from those bank accounts, despite the matters being on appeal. In order to continue operating its bank accounts and to not impact operations, Geita paid various amounts under protest. Management has objected and appealed through various levels of the legislative processes. Management is of the opinion that the claims of the Tanzania Revenue Authority are unlikely to succeed.

In addition, it should be noted that amendments passed to Tanzanian legislation in 2017 amended the 2010 Mining Act and new Finance Act. Effective from 1 July 2017, the gold mining royalty rate increased to 6% (from 4%) and further a 1% clearing fee on the value of all minerals exported was imposed. The group has been paying the higher royalty and clearing fees since this date, under protest, and is of the view that this is in contravention of its Mining Development Agreement.

Tax impacts of COVID-19

As a result of the COVID-19 pandemic, governments have responded with various stimulus packages, to provide relief to companies and individuals, to ensure business and employment continuity. This has been achieved through various tax and employment concessions, over varying periods, mostly commencing in April 2020. In North America, the US Government passed the Coronavirus Aid, Relief and Economic Security (CARES) Act on 27 March 2020. The bill provides various tax relief and incentives such as accelerated access to tax attributes created under the Tax Cuts and Jobs Act of 2017 (TCJA) and resulted in an alternative minimum tax refund of $7m received during the first quarter of 2021. Other tax jurisdictions have provided tax relief in various forms to companies which will impact on tax planning and tax payments in the light of the uncertainty created by the pandemic. Management continues to evaluate these tax measures and applies them when appropriate.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

8 Headline earnings



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

The profit (loss) attributable to equity shareholders has been adjusted by the following to arrive at headline earnings (loss):
Profit (loss) attributable to equity shareholders	203	169	953
Net impairment (impairment reversal) on held for sale assets (1)	0	(26)	(17)


(Profit) loss on disposal of discontinued operations	0	(2)	80
Taxation on profit (loss) on disposal of discontinued operations	0	1	1
Profit (loss) on disposal of joint ventures (1)	0	0	(19)
Net loss (profit) on disposal of tangible assets (1)	0	1	2
Headline earnings (loss)	203	143	1,000

Headline earnings (loss) per ordinary share (US cents) (2)	48	34	238
Diluted headline earnings (loss) per ordinary share (US cents) (3)	48	34	238

(1) Tax effect has not been disclosed as the tax is less than $1m.
(2) Calculated on the basic weighted average number of ordinary shares.
(3) Calculated on the diluted weighted average number of ordinary shares.

Number of shares
Ordinary shares	417,005,830	415,578,197	416,399,307
Fully vested options	1,829,548	2,263,237	2,634,209
Weighted average number of shares	418,835,378	417,841,434	419,033,516
Dilutive potential of share options	0	644,570	447,934
Dilutive number of ordinary shares	418,835,378	418,486,004	419,481,450

9 Share capital and premium



		As at	As at	As at
		Mar	Mar	Dec
		2021	2020	2020
US Dollar million		Unaudited	Unaudited	Audited
Share capital
Authorised:
	600,000,000 ordinary shares of 25 SA cents each	23	23	23
	2,000,000 A redeemable preference shares of 50 SA cents each	0	0	0
	5,000,000 B redeemable preference shares of 1 SA cents each	0	0	0
	30,000,000 C redeemable preference shares at no par value	0	0	0
		23	23	23

Issued and fully paid:
	417,254,176 (Dec 2020: 416,890,087; Mar 2020: 416,340,033) ordinary shares in issue of 25 SA cents each	17	17	17
	2,000,000 A redeemable preference shares of 50 SA cents each	0	0	0
	778,896 B redeemable preference shares of 1 SA cent each	0	0	0
		17	17	17
	Treasury shares held within the group
	2,778,896 A and B redeemable preference shares	0	0	0
		17	17	17

Share premium
Balance at beginning of period		7,250	7,235	7,235
Ordinary shares issued		5	10	15
		7,255	7,245	7,250
Less: held within the group
Redeemable preference shares		(53)	(53)	(53)
Balance at end of period		7,202	7,192	7,197
Share capital and premium		7,219	7,209	7,214

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

10 Borrowings

AngloGold Ashanti’s borrowings are interest bearing.



		As at	As at	As at
		Mar	Mar	Dec
		2021	2020	2020
US Dollar million		Unaudited	Unaudited	Audited

	Change in liabilities arising from financing activities:

	Reconciliation of borrowings (excluding lease liabilities)
	A reconciliation of the total borrowings included in the statement of financial position is set out in the following table:

	Opening balance	1,931	2,033	2,033
	Proceeds from borrowings	0	1,526	2,226
	Repayment of borrowings	0	(62)	(2,310)
	Finance costs paid on borrowings	(38)	(26)	(114)
	Interest charged to the income statement	26	32	115
	Other borrowing cost	0	0	(15)
	Deferred loan fees	0	0	4

	Translation	0	(23)	(8)
	Closing balance	1,919	3,480	1,931

	Reconciliation of finance costs paid (excluding lease finance costs)
	A reconciliation of the finance costs paid included in the statement of cash flows is set out in the following table:

	Finance costs paid on borrowings	38	26	114
	Capitalised finance cost	(4)	(4)	(17)
	Commitment fees, environmental guarantees fees and other	2	3	13
	Total finance costs paid	36	25	110



Reconciliation of lease liabilities
Opening balance	153	171	171
Lease liabilities recognised	15	3	23
Repayment of lease liabilities	(14)	(11)	(47)
Finance costs paid on lease liabilities	(2)	(2)	(8)
Interest charged to the income statement	2	2	8
Change in estimate	0	0	(1)
Translation	(2)	(19)	7
Closing balance	152	144	153

LIBOR linked borrowings

The Interest Rate Benchmark Reform - Phase 2 Amendments will have an effect on the group financial statements. The group has revolving credit facilities (RCFs) which reference LIBOR, some of which extend beyond 2021. These facilities have yet to transfer to an alternative benchmark interest rate. The table below provides the details of these agreements:



US Dollar million	Carrying value at 31 March 2021	Repayable within one year	Repayable within one to two years
Siguiri RCF ($65m) (1)	67	2	65
Geita RCF ($150m) (2)	66	66	0
Multi-currency syndicated RCF ($1.4bn) (3)	0	0	0

(1) The Siguiri RCF currently bears interest at LIBOR plus 8.5%. The Siguiri RCF was fully drawn at 31 March 2021 and matures in May 2022.

(2) The Geita RCF consists of a Tanzanian shilling component which is capped at the equivalent of US$45m and this component bears interest at 12.5%. The remaining component currently bears interest at LIBOR plus 6.7%. The equivalent of $41m was undrawn under the Geita RCF at 31 March 2021. The Geita RCF matures in June 2021.

(3) The $1.4bn multi-currency RCF was undrawn at 31 March 2021 and is available until October 2023.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

11 Cash generated from operations


	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

Profit (loss) before taxation	279	231	1,589
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts	0	12	0
Amortisation of tangible and right of use assets	99	134	568
Amortisation of intangible assets	1	1	2
Finance costs and unwinding of obligations	30	43	177
Environmental rehabilitation and other expenditure	(30)	(9)	(50)
Impairment, derecognition of assets and (profit) loss on disposal	0	0	(1)
Other expenses (income)	2	26	51

Profit (loss) on sale of assets	(1)	0	0
Interest income	(14)	(5)	(27)
Share of associates and joint ventures' (profit) loss	(57)	(58)	(278)
Other non-cash movements	4	(14)	35
Movements in working capital	(79)	(137)	(238)
	234	224	1,828

Movements in working capital:
(Increase) decrease in inventories	60	(46)	(83)
(Increase) decrease in trade and other receivables	(57)	(19)	(163)
Increase (decrease) in trade, other payables and provisions	(82)	(72)	8
	(79)	(137)	(238)

12 Financial risk management activities

Fair value hierarchy

The group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash restricted for use, cash and cash equivalents, trade, other receivables and other assets and trade and other payables

The carrying amounts approximate fair value due to their short-term nature.

Investments

Listed equity investments classified as fair value through other comprehensive income (FVTOCI) and fair value through profit and loss (FVTPL) are carried at fair value in level 1 of the fair value hierarchy .

Borrowings

The rated bonds are carried at amortised cost and their fair values, in level 1 of the fair value hierarchy, are their closing market values at the reporting date which results in the difference noted in the table below. The interest rate on the remaining borrowings is reset on a short-term floating rate basis and accordingly the carrying amount is considered to approximate the fair value.



	As at	As at	As at
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Audited

Carrying amount	1,919	3,480	1,931
Fair value	2,043	3,477	2,131

Other financial assets and financial liabilities

The following tables set out the group’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Types of instruments:


Securities
		Mar	2021			Mar	2020			Dec	2020
	Unaudited				Unaudited				Audited
US Dollar million	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Financial assets measured at fair value:
Other equity securities FVTPL (1)	0			0	14			14	0			0
Other equity securities FVOCI	127			127	47			47	186			186
Deferred compensation asset			28	28							28	28

Financial liabilities measured at fair value:
Gold and oil derivative contracts (2)						13		13

(1) Included in equity securities - FVTPL are amounts transferred to held for sale

(2) The fair values of the gold and oil derivative contracts are determined by using the applicable valuation models for each type with the key inputs being forward prices, the number of outstanding ounces or barrels on open contracts and volatilities.

Level 3 financial assets

On 12 February 2020, AngloGold Ashanti announced that it had reached an agreement to sell its remaining South African producing assets and related liabilities to Harmony Gold Mining Company Limited (Harmony). The transaction closed on 30 September 2020. Consideration for the transaction is in cash and deferred payments, subject to subsequent performance, and with additional proceeds if the West Wits assets are developed below current infrastructure.

The two components of the deferred compensation assets are calculated as follows:

a.$260 per ounce payable on all underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) in excess of 250,000 ounces per annum for 6 years commencing 1 January 2021. Using a probability weighted calculation of unobservable market data and estimated with reference to expected underlying discounted cash flows a deferred compensation asset of $28m is being recognised in the statement of financial position as at 31 March 2021. If the weighted number of ounces used in the weighted probability calculation increases with 10% over the period calculated, the asset value would increase with approximately $3m and if the weighted number of ounces used in the weighted probability calculation decreases with 10% over the period calculated the value of the asset would decrease with approximately $3m. The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony’s mining plans, which could differ from the actual mining plans followed by Harmony.

b.$20 per ounce payable on underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) below the datum of current infrastructure. At transaction date this constituted 8.53 million ounces of reserves. The consideration is dependent on Harmony developing below infrastructure. The performance of this obligation is outside the influence of AngloGold Ashanti as it depends on Harmony’s future investment decisions. Under the conditions prevailing as at 31 March 2021 no portion of deferred compensation below infrastructure has been recognised.

Environmental obligations

Pursuant to environmental regulations in the countries in which we operate, in connection with plans for the eventual end-of-life of our mines, we are obligated to rehabilitate the lands where such mines are located. In most cases, AngloGold Ashanti is required to provide financial guarantees for such work, including reclamation bonds or letters of credit issued by third party entities, independent trust funds or cash reserves maintained by the operation, to the respective environmental protection agency, or such other government department with responsibility for environmental oversight in the respective country, to cover the estimated environmental rehabilitation obligations.

In most cases, the environmental obligations will expire on completion of the rehabilitation although, in some cases, we may be required to post bonds for potential events or conditions that could arise after the rehabilitation has been completed.

In Australia, since 2014, we have paid into a Mine Rehabilitation Fund an amount of AUD $8.2m for a current carrying value of the liability of AUD $134.9m. At Iduapriem, we have provided a bond comprising of a cash component of $10.2m with a further bond guarantee amounting to $38.6m issued by Ecobank Ghana Limited and Standard Chartered Bank Ghana Ltd for a current carrying value of the liability of $52m. At Obuasi, we have provided a bond comprising of a cash component of $21.34m with a further bank guarantee amounting to $30m issued by Stanbic Bank Ghana Limited and United Bank for Africa Ghana Limited (UBA) for a current carrying value of the liability of $198.2m. In some circumstances we may be required to post further bonds in due course which will have a consequential income statement charge for the fees charged by the providers of the reclamation bonds.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

13 Capital commitments

As at

Mar

Dec

2021

2020

US Dollar million

Unaudited

Audited

Orders placed and outstanding on capital contracts at the prevailing rate of exchange (1)

182

198

120

(1)

Includes the group's attributable share of capital commitments relating to associates and joint ventures and NaN (Mar 2020: $7m, Dec 2020: NaN) relating to discontinued operations.

Liquidity and capital resources

To service the above capital commitments and other operational requirements, the group is dependent on existing cash resources, cash generated from operations and borrowing facilities.

Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to foreign investment, exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In addition, distributions from joint ventures are subject to the relevant board approval.

The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To the extent that external borrowings are required, the group’s covenant performance indicates that existing financing facilities will be available to meet the above commitments. The financing facilities which mature in the near future are disclosed in current liabilities. The group believes that sufficient measures are in place to ensure that these facilities can be refinanced.

14 Contractual commitments and contingencies

AngloGold Ashanti's material contingent liabilities and assets at 31 March 2021 and 31 December 2020 are detailed below:

Contingencies and guarantees


	Mar 2021	Dec 2020
US Dollar million	Unaudited	Audited
Contingent liabilities
Litigation – Ghana (1) (2)	97	97





	97	97

Litigation claims

(1) Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited’s (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi mine. The parties reached agreement on the terms of the separation and concluded a separation agreement on 8 November 2012. On 20 February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m. In December 2015, the proceedings were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. The arbitration panel was constituted and on 26 July 2019 held an arbitration management meeting to address initial procedural matters. On 1 May 2020, the Ghana Arbitration Centre notified the parties that the Tribunal has granted the Claimant’s request to adjourn the proceedings indefinitely to enable the parties to explore possible settlement. On 12 April 2021, the parties executed a settlement agreement to resolve the matter.

(2) Litigation - AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other environmental impacts arising in connection with the current and/or historical operations of the Pompora Treatment Plant (PTP), which was decommissioned in 2000. The plaintiffs’ alleged injuries include respiratory infections, skin diseases and certain cancers. The plaintiffs subsequently did not timely file their application for directions. On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. This matter has been adjourned indefinitely. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for AGAG’s obligation in either matter.

Tax claims

For a discussion on tax claims and tax uncertainties refer to note 7.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

15 Restatement of prior year disclosures

Statement of comprehensive income

During 2020, the group completed the sale of its South African operations, including several South African subsidiaries. As a result of the sale, the Foreign Currency Translation Reserve (FCTR) balance was reassessed. It was determined that the FCTR, which had originated from non-foreign operations would not recycle through the income statement. Non-foreign operations are those entities with the same functional currency (ZAR) as the AngloGold Ashanti Limited parent company, which is different to the group presentation currency (USD). IAS 21 is silent regarding such a situation where a subsidiary is partially or fully disposed of resulting in a partial or full release of the FCTR associated with the subsidiary. The Statement of comprehensive income previously disclosed all foreign currency translation differences as “Items that will be reclassified subsequently to profit or loss”. As a result of the reassessment, the FCTR has been split between “Items that will be reclassified subsequently to profit or loss” and “Items that will not be reclassified subsequently to profit or loss”. The comparatives have been restated to include the revised disclosure.

The adjustment has no impact on reported totals in the statement of comprehensive income of profit (loss) for the period; other comprehensive income (loss) for the period, net of tax; total comprehensive income (loss) for the period, net of tax; or on earnings per share or headline earnings per share for the period.


	Quarter		Quarter
	ended		ended
	Mar 2020		Mar 2020
US Dollar Million	As previously reported	Adjustments	Restated
Profit for the period	171	0	171

Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	(127)	56	(71)

Items that will not be reclassified subsequently to profit or loss:
Exchange differences on translation of non-foreign operations	0	(56)	(56)
Net gain (loss) on equity investments	(25)	0	(25)
Deferred taxation thereon	2	0	2
	(23)	(56)	(79)
Other comprehensive income ( loss) for the period, net of tax	(150)	0	(150)
Total comprehensive income (loss) for the period, net of tax	21	0	21

16 COVID-19 pandemic

During the first quarter of 2021, our Brazilian operations and the Obuasi mine were most affected as new variants of the virus caused greater community infections, leading to an increase in general absenteeism and the number of employees in quarantine and isolation, with a consequent impact on productivity at those operations. While infection rates in Brazil and Ghana have since declined from those recent peaks, the number of cases in Brazil – and in several other countries in South America – remains high. In addition, the Cerro Vanguardia mine continues to operate at between 60% to 80% mining capacity due to ongoing inter-provincial travel restrictions in Argentina, which continues to prevent certain employees from travelling to the site.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

By order of the Board

M RAMOS KC RAMON I Kramer

Chairman Interim Chief Executive Officer Interim Chief Financial Officer

7 May 2021

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Non-GAAP disclosure

From time to time AngloGold Ashanti Limited may publicly disclose certain “non-GAAP” financial measures in the course of its financial presentations, earnings releases, earnings conference calls and otherwise.

The financial items “price received”, “price received per ounce”, “total cash costs net of by-product revenue”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs”, “all-in-costs per ounce”, “Net debt”, “Adjusted net debt” and “Adjusted EBITDA” have been determined using industry guidelines and practices and are not measures under IFRS. An investor should not consider these items in isolation or as alternatives to production cost of sales, profit/(loss) applicable to equity shareholders, profit/(loss) before taxation, cash flows from operating activities or any other measure of financial performance presented in accordance with IFRS. The group uses certain non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures that other companies use.

“Price received per ounce” is a non-GAAP measure which gives an indication of revenue earned per unit of gold sold and includes gold income and realised non-hedge derivatives in its calculation and serves as a benchmark of performance against the spot price of gold. This metric is calculated by dividing attributable gold income (“price received”) by attributable ounces of gold sold.

“Net debt”, “Adjusted net debt” and “Adjusted EBITDA” (as defined in the revolving credit facility agreements) are non-GAAP measures used for the calculation of compliance with the financial maintenance covenants as set out in the group’s revolving credit facility agreements.

During 2018, the World Gold Council (WGC), an industry body, published a revised Guidance Note on “all-in sustaining costs” and “all-in costs” metrics, which gold mining companies can use to supplement their overall non-GAAP disclosure. The WGC worked closely with its members (including AngloGold Ashanti Limited) to develop these non-GAAP measures which are intended to provide further transparency into the full cost associated with producing gold. It is expected that these metrics, in particular, the “all-in sustaining cost” and “all-in cost” metrics which we provide herein, will be helpful to investors, governments, local communities and other stakeholders in understanding the economics of gold mining.

“All-in sustaining costs” is a non-GAAP measure which is an extension of the existing “total cash costs net of by-product revenue” metric and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with developing and maintaining gold mines. In addition, this metric includes the cost associated with Corporate Office structures that support these operations, the community and rehabilitation costs attendant with responsible mining and any exploration and evaluation cost associated with sustaining current operations. “All-in sustaining costs per ounce” is arrived at by dividing the US Dollar value of this cost metric by the ounces of gold sold.

“All-in costs” is a non-GAAP measure comprising “all-in sustaining costs” including additional costs which reflect the varying costs of producing gold over the life-cycle of a mine including costs incurred at new operations and costs related to major projects at existing operations, which are expected to increase production. “All-in costs per ounce” is arrived at by dividing the US Dollar value of this cost metric by the ounces of gold sold.

“Total cash costs net of by-product revenue” is calculated in accordance with the guidelines of the Gold Institute industry standard and industry practice and is a non-GAAP measure. The Gold Institute, which has been incorporated into the National Mining Association, is a non-profit international association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform format for reporting total cash costs on a per ounce basis. The guidance was first adopted in 1996 and revised in November 1999.

“Total cash costs net of by-product revenue” as calculated and reported by AngloGold Ashanti Limited include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by-products, but exclusive of amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and other costs, capital costs and exploration costs. “Total cash costs per ounce” is calculated by dividing attributable total cash costs net of by-product revenue by attributable ounces of gold produced.

While the Gold Institute provided definitions for the calculation of “total cash costs net of by-product revenue” and the WGC published a Guidance Note on “all-in sustaining costs” and “all-in costs” metrics, the calculation of “total cash costs net of by-product revenue”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs” and “all-in costs per ounce” may vary significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold mining companies. However, we believe that “total cash costs net of by-product revenue”, “all-in sustaining costs” and “all-in costs” in total by mine and per ounce by mine are useful indicators to investors and management as they provide:

• an indication of profitability, efficiency and cash flows;

• the trend in costs as the mining operations mature over time on a consistent basis; and

• an internal benchmark of performance to allow for comparison against other mines, both within the AngloGold Ashanti group and at other

gold mining companies.

Management prepares its internal management reporting documentation, for use and decision making by the Chief Operating Decision Maker (CODM), on an attributable basis. The key metrics are based on the attributable ounces, gold income, “total cash costs net of by-product revenue”, “all-in costs” and “all-in sustaining costs” from each operation and as a consequence includes our share of the “total cash costs net of by-product revenue”, “all-in costs” and “all-in sustaining costs” of our joint ventures that are accounted for under the equity method. In a capital intensive industry, this basis allows management to make operating and resource allocation decisions on a comparable basis between mining operations irrespective of whether they are consolidated or accounted for under the equity method. This basis of calculating the metrics, where costs should be reported on the same basis as sales (i.e., if sales are reported on an attributable basis, then costs should be reported on an attributable basis), is also consistent with the WGC’s Guidance Note on “all-in sustaining costs” and “all-in costs” metrics.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

Although we have shareholder rights and board representation commensurate with our ownership interests in our equity-accounted joint ventures and review the underlying operating results including “total cash costs net of by-product revenue”, “all-in costs” and “all-in sustaining costs” with them at each reporting period, we do not have direct control over their operations or resulting revenue and expenses, nor do we have a proportionate legal interest in each financial statement line item. Our use of “total cash costs net of by-product revenue”, “all-in costs” and “all-in sustaining costs” on an attributable basis, is not intended to imply that we have any such control or proportionate legal interest, but rather to reflect the non-GAAP measures on a basis consistent with our internal and external segmental reporting.

A reconciliation of both cost of sales and total cash costs as included in our unaudited condensed consolidated financial statements for the six months ended 30 June 2020 to “all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs”, “all-in costs per ounce”, “total cash costs net of by-product revenue” and “total cash costs per ounce” for each of the six-month periods ended 30 June 2020 and 2019 and the year ended 31 December 2019 is presented on a total and segment basis in Note D. In addition, we have provided detail of the attributable ounces of gold produced and sold by mine for each of those periods below.

A reconciliation of both gold income and profit/(loss) before taxation as included in our unaudited condensed consolidated financial statements for the six months ended 30 June 2020 to “price received”, “price received per ounce” and “Adjusted EBITDA” for each of the six-month periods ended 30 June 2020 and 2019 and the year ended 31 December 2019 is presented in Notes A and B.

A reconciliation of total borrowings as included in our unaudited condensed consolidated financial statements for the six months ended 30 June 2020 to “Net debt” and “Adjusted net debt” for each of the six-month periods ended 30 June 2020 and 2019 and the year ended 31 December 2019 is presented in Note C.

A Price received per ounce - continuing operations



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Unaudited

Gold income (note 2)	956	882	4,322
Adjusted for non-controlling interests	(23)	(18)	(95)
	933	864	4,227

Associates and joint ventures' share of gold income including realised non-hedge derivatives	154	140	647
Attributable gold income including realised non-hedge derivatives	1,087	1,004	4,874

Attributable gold sold - oz (000)	608	634	2,741
Price received per unit - $/oz	1,788	1,584	1,778

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

B Adjusted EBITDA - continuing operations (1)



	Quarter	Quarter	Year
	ended	ended	ended
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Unaudited

Profit (loss) before taxation	279	231	1,589

Add back :

Finance costs and unwinding of obligations (note 5)	30	43	177
Interest income	(14)	(5)	(27)
Amortisation of tangible, right of use and intangible assets (note 3)	100	135	570
Other amortisation	2	1	6
Associates and joint ventures' adjustments for amortisation, interest, taxation and other	36	33	168
EBITDA	433	438	2,483

Adjustments :
Foreign exchange losses (gains)	15	(19)	—





Retrenchment and related costs	1	1	2
Loss (profit) on disposal of assets	—	1	1
Unrealised non-hedge derivative (gain) loss	—	12	—

Profit on disposal of joint ventures	—	—	(19)
Dividend income (loss)	—	—	(2)
Realised loss on other commodity contracts	—	1	5

Adjusted EBITDA	449	434	2,470


(1) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.

C Adjusted net debt - continuing operations (2)



	As at	As at	As at
	Mar	Mar	Dec
	2021	2020	2020
US Dollar million	Unaudited	Unaudited	Unaudited

Borrowings - non-current portion	1,790	2,741	1,789
Lease liabilities - non-current portion	115	107	116
Borrowings - current portion	129	739	142
Lease liabilities - current portion	37	37	37
Total borrowings	2,071	3,624	2,084
Less cash and cash equivalents	(1,011)	(1,870)	(1,330)
Net debt	1,060	1,754	754

Adjustments:
IFRS16 lease adjustments	(107)	(101)	(106)

Unamortised portion of borrowing costs	23	16	22
Cash restricted for use	(68)	(63)	(73)
Adjusted net debt	908	1,606	597

Adjusted net debt to Adjusted EBITDA	0.37:1	0.93:1	0.24:1


(2) Net debt (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com

D Summary of operations by mine



For the quarter ended 31 March 2021

Corporate and other
(in $ millions, except as otherwise noted)

		Corporate(5)
All-in sustaining costs
Cost of sales per segmental information(4)			(2)
	By-product revenue		—
	Realised gain (loss) on other commodity contracts		—
	Amortisation of tangible and intangible assets		(1)
	Adjusted for decommissioning amortisation		(1)
	Lease payment sustaining		—
	Corporate administration and marketing related to current operations		16
	Inventory writedown to net realisable value and other stockpile adjustments		—
	Sustaining exploration and study costs		—
	Total sustaining capital expenditure		—
	Amortisation relating to inventory		—
All-in sustaining costs			14
	Adjusted for non-controlling interests and non -gold producing companies(1)		—
All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies			14

All-in sustaining costs			14
	Non-sustaining Project capex		—
	Non-sustaining lease payments		—
	Technology improvements		—
	Non-sustaining exploration and study costs		—
	Care and maintenance		—
	Corporate and social responsibility costs not related to current operations		1
	Other provisions		—
All-in costs			15
	Adjusted for non-controlling interests and non -gold producing companies(1)		—
All-in costs adjusted for non-controlling interests and non-gold producing companies			15

Gold sold - oz (000)(2)			3

All-in sustaining cost per unit - $/oz(3)			—
All-in cost per unit - $/oz(3)			—

(1)	Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory.
(2)	Attributable portion (excluding pre-production ounces).
(3)	In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce and total cash costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US Dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce calculated to the nearest US Dollar amount and gold produced in ounces.
(4)	Refer to Segmental reporting.
(5)	Corporate includes non-gold producing subsidiaries.

Rounding of figures may result in computational differences.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2021

Corporate and other
(in $ millions, except as otherwise noted)

		Corporate(5)
Total cash costs
	Cost of sales per segmental information(4)		(2)
	By-product revenue		—
	Inventory change		—
	Amortisation of intangible assets		—
	Amortisation of tangible assets		(1)
	Rehabilitation and other non-cash costs		—
	Retrenchment costs		—
Total cash costs net of by-product revenue			(3)
	Adjusted for non-controlling interests, non-gold producing companies and other(1)		—
Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies			(3)

Gold produced - oz (000) (2)			—

Total cash costs per unit - $/oz(3)			—


(1)	Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory.
(2)	Attributable portion (excluding pre-production ounces).
(3)	In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce and total cash costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US Dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce calculated to the nearest US Dollar amount and gold produced in ounces.
(4)	Refer to Segmental reporting.
(5)	Corporate includes non-gold producing subsidiaries.

Rounding of figures may result in computational differences.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2021

Operations in Africa (DRC, Mali, Ghana, Guinea and Tanzania)
(in $ millions, except as otherwise noted)

		DRC	JOINT VENTURES	GHANA			GUINEA		TANZANIA	Africa other	SUBSIDIARIES
		Kibali		Iduapriem		Obuasi	Siguiri		Geita
All-in sustaining costs
Cost of sales per segmental information(4)		87	87	61		66	89		128	—	344
	By-product revenue	—	—	(1)		—	—		—	—	(1)
	Realised gain (loss) on other commodity contracts	—	—	—		—	—		—	—	—
	Amortisation of tangible and intangible assets	(23)	(23)	(4)		(6)	(9)		(17)	—	(36)
	Adjusted for decommissioning amortisation	—	—	—		—	—		—	—	—
	Lease payment sustaining	2	2	1		—	—		4	—	5
	Corporate administration and marketing related to current operations	—	—	—		—	—		—	—	—
	Inventory writedown to net realisable value and other stockpile adjustments	—	—	—		—	—		—	—	—
	Sustaining exploration and study costs	—	—	—		—	1		2	—	3
	Total sustaining capital expenditure	11	11	22		5	1		14	—	42
	Amortisation relating to inventory	—	—	—		—	—		—	—	—
All-in sustaining costs		77	77	79		65	82		131	—	357
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	—	—		—	(12)		—	—	(12)
All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies		77	77	79		65	70		131	—	345

All-in sustaining costs		77	77	79		65	82		131	—	357
	Non-sustaining Project capex	—	—	—		47	—		7	—	54
	Non-sustaining lease payments	—	—	—		—	—		—	—	—
	Technology improvements	—	—	—		—	—		—	—	—
	Non-sustaining exploration and study costs	—	—	1		—	—		—	—	1
	Care and maintenance costs	—	—	—		—	—		—	—	—
	Corporate and social responsibility costs not related to current operations	—	—	—		(3)	—		—	—	(3)
	Other provisions	—	—	—		—	—		—	—	—
All-in costs		77	77	80		109	82		138	—	409
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	—	—		—	(12)		—	—	(12)
All-in costs adjusted for non-controlling interests and non-gold producing companies		77	77	80		109	70		138	—	397

Gold sold - oz (000)(2)		86	86	52	137	52	60	101	119	—	283

All-in sustaining cost per unit - $/oz(3)		895	895	1,531		1,234	1,147	1,352	1,102	—	1,214
All-in cost per unit - $/oz(3)		899	901	1,537		2,086	1,160	1,379	1,157	—	1,399

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2021

Operations in Africa (DRC, Mali, Ghana, Guinea and Tanzania)
(in $ millions, except as otherwise noted)

		DRC	JOINT VENTURES	GHANA		GUINEA	TANZANIA	Africa Other	SUBSIDIARIES
		Kibali		Iduapriem	Obuasi	Siguiri	Geita
Total cash costs
	Cost of sales per segmental information(4)	87	87	61	66	89	128	—	344
	By-product revenue	—	—	(1)	—	—	—	—	(1)
	Inventory change	—	—	(4)	(12)	(3)	(5)	—	(24)
	Amortisation of intangible assets	—	—	—	—	—	—		—
	Amortisation of tangible assets	(23)	(23)	(4)	(6)	(9)	(17)	—	(36)
	Rehabilitation and other non-cash costs	(1)	(1)	1	(2)	5	(3)	—	1
	Retrenchment costs	—	—	—	—	—	—	—	—
Total cash costs net of by-product revenue		63	63	53	46	82	103	—	284
	Adjusted for non-controlling interests, non-gold producing companies and other(1)	—	—	—	—	(12)	—	—	(12)
Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies		63	63	53	46	70	103	—	272

Gold produced - oz (000) (2)		86	86	48	46	58	114	—	266

Total cash costs per unit - $/oz(3)		733	733	1,115	968	1,197	907	—	1,018

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2021

Operations in Australia and the Americas (Argentina and Brazil)
(in $ millions, except as otherwise noted)

		AUSTRALIA			TOTAL AUSTRALIA	ARGENTINA	BRAZIL		Americas other	TOTAL AMERICAS
		Sunrise Dam	Tropicana	Australia other		Cerro Vanguardia	AngloGold Ashanti Mineração	Serra Grande
All-in sustaining costs
Cost of sales per segmental information(4)		84	75	8	167	53	91	23	1	168
	By-product revenue	—	(1)	—	(1)	(18)	(3)	—	—	(21)
	Realised gain (loss) on other commodity contracts	—	—	—	—	—	—	—	—	—
	Amortisation of tangible and intangible assets	(12)	(15)	(1)	(28)	(6)	(24)	(5)	—	(35)
	Adjusted for decommissioning amortisation	—	—	—	—	—	—	—	—	—
	Lease payment sustaining	3	3	—	6	—	3	1	—	4
	Corporate administration and marketing related to current operations	—	—	—	—	—	—	—	—	—
	Inventory writedown to net realisable value and other stockpile adjustments	—	—	—	—	—	—	—	—	—
	Sustaining exploration and study costs	—	—	—	—	—	—	—	—	—
	Total sustaining capital expenditure	12	32	—	44	4	30	11	—	45
	Amortisation relating to inventory	—	—	—	—	—	—	—	—	—
All-in sustaining costs		87	94	7	188	33	97	30	1	161
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	—	—	—	(3)	—	—	—	(3)
All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies		87	94	7	188	30	97	30	1	158

All-in sustaining costs		87	94	7	188	33	97	30	1	161
	Non-sustaining Project capex	7	—	—	7	—	—	—	6	6
	Non-sustaining lease payments	—	—	—	—	—	—	—	—	—
	Technology improvements	—	—	—	—	—	—	—	—	—
	Non-sustaining exploration and study costs	3	1	6	10	—	1	1	16	18
	Care and maintenance	—	—	—	—	—	—	—	—	—
	Corporate and social responsibility costs not related to current operations	—	—	—	—	—	3	—	—	3
	Other provisions	—	—	—	—	—	—	—	—	—
All-in costs		97	95	13	205	33	101	31	23	188
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	—	—	—	(3)	—	—	—	(3)
All-in costs adjusted for non-controlling interests and non-gold producing companies		97	95	13	205	30	101	31	23	185

Gold sold - oz (000)(2)		46	60	—	106	32	78	20	—	130

All-in sustaining cost per unit - $/oz(3)		1,856	1,576	—	1,768	974	1,226	1,490	—	1,211
All-in cost per unit - $/oz(3)		2,069	1,587	—	1,923	974	1,273	1,538	—	1,419

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2021

Operations in Australia and the Americas (Argentina and Brazil)
(in $ millions, except as otherwise noted)

		AUSTRALIA			TOTAL AUSTRALIA	ARGENTINA	BRAZIL		Americas other	TOTAL AMERICAS
		Sunrise Dam	Tropicana	Australia other		Cerro Vanguardia	AngloGold Ashanti Mineração	Serra Grande
Total cash costs
	Cost of sales per segmental information(4)	84	75	8	167	53	91	23	1	168
	By-product revenue	—	(1)	—	(1)	(18)	(3)	—	—	(21)
	Inventory change	(1)	(1)	—	(2)	6	(2)	—	—	4
	Amortisation of intangible assets	—	—	—	—	—	—	—	—	—
	Amortisation of tangible assets	(12)	(15)	(1)	(28)	(6)	(24)	(5)	—	(35)
	Rehabilitation and other non-cash costs	2	2	—	4	—	2	—	—	2
	Retrenchment costs	—	—	—	—	—	—	—	—	—
Total cash costs net of by-product revenue		73	60	7	140	35	64	18	1	118
	Adjusted for non-controlling interests, non-gold producing companies and other(1)	—	—	—	—	(3)	—	—	—	(3)
Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies		73	60	7	140	32	64	18	1	115

Gold produced - oz (000) (2)		46	58	—	104	34	78	20	—	132
		—	—	—	—	—	—	—	—	—
Total cash costs per unit - $/oz(3)		1,590	1,057	—	1,359	928	827	941	—	874

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2021

AngloGold Ashanti operations - Total
(in $ millions, except as otherwise noted)

		JOINT VENTURES	SUBSIDIARIES

All-in sustaining costs
Cost of sales per segmental information(4)		87	677
	By-product revenue	—	(23)
	Realised gain (loss) on other commodity contracts	—	—
	Amortisation of tangible and intangible assets	(23)	(100)
	Adjusted for decommissioning amortisation	—	—
	Lease payment sustaining	2	16
	Corporate administration and marketing related to current operations	—	16
	Inventory writedown to net realisable value and other stockpile adjustments	—	—
	Sustaining exploration and study costs	—	3
	Total sustaining capital expenditure	11	131
	Amortisation relating to inventory	—	—
All-in sustaining costs		77	720
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	(15)
All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies		77	705

All-in sustaining costs		77	720
	Non-sustaining Project capex	—	67
	Non-sustaining lease payments	—	—
	Technology improvements	—	—
	Non-sustaining exploration and study costs	—	29
	Care and maintenance costs	—	—
	Corporate and social responsibility costs not related to current operations	—	1
	Other provisions	—	—
All-in costs		77	817
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	(15)
All-in costs adjusted for non-controlling interests and non-gold producing companies		77	802

Gold sold - oz (000)(2)		86	522

All-in sustaining cost per unit - $/oz(3)		895	1,351
All-in cost per unit - $/oz(3)		901	1,536

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2021

AngloGold Ashanti operations - Total
(in $ millions, except as otherwise noted)

		JOINT VENTURES	SUBSIDIARIES

Total cash costs
Cost of sales per segmental information(4)		87	677
	By-product revenue	—	(23)
	Inventory change	—	(22)
	Amortisation of intangible assets	—	—
	Amortisation of tangible assets	(23)	(100)
	Rehabilitation and other non-cash costs	(1)	7
	Retrenchment costs	—	—
Total cash costs net of by-product revenue		63	539
	Adjusted for non-controlling interests and non-gold producing companies(1)	—	(15)
Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies		63	524

Gold produced - oz (000)(2)		86	502
			—
Total cash costs per unit - $/oz(3)		733	1,045

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2020

Corporate and other
(in $ millions, except as otherwise noted)

		Corporate(5)
All-in sustaining costs
Cost of sales per segmental information(4)			(8)
	By-product revenue		—
	Realised gain (loss) on other commodity contracts		1
	Amortisation of tangible and intangible assets		(1)
	Adjusted for decommissioning amortisation		—
	Lease payment sustaining		2
	Corporate administration and marketing related to current operations		16
	Inventory writedown to net realisable value and other stockpile adjustments		—
	Sustaining exploration and study costs		—
	Total sustaining capital expenditure		(1)
	Amortisation relating to inventory		—
All-in sustaining costs			10
	Adjusted for non-controlling interests and non -gold producing companies(1)		—
All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies			11

All-in sustaining costs			10
	Non-sustaining Project capex		—
	Non-sustaining lease payments		—
	Technology improvements		—
	Non-sustaining exploration and study costs		—
	Care and maintenance		—
	Corporate and social responsibility costs not related to current operations		2
	Other provisions		—
All-in costs			12
	Adjusted for non-controlling interests and non -gold producing companies(1)		—
All-in costs adjusted for non-controlling interests and non-gold producing companies			12

Gold sold - oz (000)(2)			—

All-in sustaining cost per unit - $/oz(3)			—
All-in cost per unit - $/oz(3)			—


(1)	Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory.
(2)	Attributable portion (excluding pre-production ounces).
(3)	In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce and total cash costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US Dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce calculated to the nearest US Dollar amount and gold produced in ounces.
(4)	Refer to Segmental reporting.
(5)	Corporate includes non-gold producing subsidiaries.

Rounding of figures may result in computational differences.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2020

Corporate and other
(in $ millions, except as otherwise noted)

		Corporate(5)
Total cash costs
	Cost of sales per segmental information(4)		(8)
	By-product revenue		—
	Inventory change		(5)
	Amortisation of intangible assets		—
	Amortisation of tangible assets		(1)
	Rehabilitation and other non-cash costs		—
	Retrenchment costs		—
Total cash costs net of by-product revenue			(13)
	Adjusted for non-controlling interests, non-gold producing companies and other(1)		—
Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies			(13)

Gold produced - oz (000) (2)			—

Total cash costs per unit - $/oz(3)			—


(1)	Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory.
(2)	Attributable portion (excluding pre-production ounces).
(3)	In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce and total cash costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US Dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce calculated to the nearest US Dollar amount and gold produced in ounces.
(4)	Refer to Segmental reporting.
(5)	Corporate includes non-gold producing subsidiaries.

Rounding of figures may result in computational differences.

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2020

Operations in Africa (DRC, Mali, Ghana, Guinea and Tanzania)
(in $ millions, except as otherwise noted)

		DRC	MALI		JOINT VENTURES	GHANA		GUINEA	TANZANIA	Africa other	SUBSIDIARIES
		Kibali	Morila	Sadiola		Iduapriem	Obuasi	Siguiri	Geita
All-in sustaining costs
Cost of sales per segmental information(4)		76	—	—	76	75	—	74	140	—	289
	By-product revenue	—	—	—	—	—	—	—	(1)	—	(1)
	Realised gain (loss) on other commodity contracts	—	—	—	—	—	—	—	—	—	—
	Amortisation of tangible and intangible assets	(24)	—	—	(24)	(23)	—	(9)	(33)	—	(65)
	Adjusted for decommissioning amortisation	—	—	—	—	—	—	—	—	—	—
	Lease payment sustaining	—	—	—	—	—	—	—	4	—	4
	Corporate administration and marketing related to current operations	—	—	—	—	—	—	—	—	—	—
	Inventory writedown to net realisable value and other stockpile adjustments	—	—	—	—	—	—	—	—	—	—
	Sustaining exploration and study costs	—	—	—	—	1	—	—	3	—	4
	Total sustaining capital expenditure	14	—	—	14	6	—	5	13	—	24
	Amortisation relating to inventory	—	—	—	—	—	—	—	—	—	—
All-in sustaining costs		67	—	—	67	59	—	70	126	—	255
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	—	—	—	—	—	(11)	—	—	(11)
All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies		67	—	—	67	59	—	59	126	—	244

All-in sustaining costs		67	—	—	67	59	—	70	126	—	255
	Non-sustaining Project capex	—	—	—	—	—	53	1	—	—	54
	Non-sustaining lease payments	—	—	—	—	—	—	—	—	—	—
	Technology improvements	—	—	—	—	—	—	—	—	—	—
	Non-sustaining exploration and study costs	1	—	—	1	—	1	1	1	—	3
	Care and maintenance costs	—	—	—	—	—	—	—	—	—	—
	Corporate and social responsibility costs not related to current operations	—	(1)	(5)	(6)	—	9	—	—	—	9
	Other provisions	—	—	—	—	—	—	—	—	—	—
All-in costs		69	(1)	(5)	62	59	63	72	127	—	321
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	—	—	—	—	—	(11)	—	—	(11)
All-in costs adjusted for non-controlling interests and non-gold producing companies		69	(1)	(5)	62	59	63	61	127	—	310

Gold sold - oz (000)(2)		88	—	—	88	68	—	45	154	—	267

All-in sustaining cost per unit - $/oz(3)		763	—	—	763	864	—	1,334	823	—	917
All-in cost per unit - $/oz(3)		778	—	—	704	869	—	1,369	829	—	1,162

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2020

Operations in Africa (DRC, Mali, Ghana, Guinea and Tanzania)
(in $ millions, except as otherwise noted)

		DRC	MALI		JOINT VENTURES	GHANA		GUINEA	TANZANIA	Africa Other	SUBSIDIARIES
		Kibali	Morila	Sadiola		Iduapriem	Obuasi	Siguiri	Geita
Total cash costs
	Cost of sales per segmental information(4)	76	—	—	76	75	—	74	140	—	289
	By-product revenue	—	—	—	—	—	—	—	(1)	—	(1)
	Inventory change	1	—	—	1	(1)	—	6	(15)	—	(10)
	Amortisation of intangible assets	—	—	—	—	—	—	—	—	—	—
	Amortisation of tangible assets	(24)	—	—	(24)	(23)	—	(9)	(33)	—	(65)
	Rehabilitation and other non-cash costs	(1)	—	—	(1)	(5)	—	(3)	(4)	—	(12)
	Retrenchment costs	—	—	—	—	—	—	—	—	—	—
Total cash costs net of by-product revenue		52	—	—	52	46	—	68	87	—	201
	Adjusted for non-controlling interests, non-gold producing companies and other(1)	—	—	—	—	—	—	(10)	—	—	(10)
Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies		52	—	—	52	46	—	58	87	—	191

Gold produced - oz (000) (2)		91	—	—	91	67	—	48	135	—	250

Total cash costs per unit - $/oz(3)		583	—	—	583	689	—	1,183	657	—	765

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2020

Operations in Australia and the Americas (Argentina and Brazil)
(in $ millions, except as otherwise noted)

		AUSTRALIA			TOTAL AUSTRALIA	ARGENTINA	BRAZIL		Americas other	TOTAL AMERICAS
		Sunrise Dam	Tropicana	Australia other		Cerro Vanguardia	AngloGold Ashanti Mineração	Serra Grande
All-in sustaining costs
Cost of sales per segmental information(4)		74	80	7	161	67	101	26	—	194
	By-product revenue	—	—	—	—	(18)	(4)	—	—	(22)
	Realised gain (loss) on other commodity contracts	—	—	—	—	—	—	—	—	—
	Amortisation of tangible and intangible assets	(12)	(21)	(1)	(34)	(7)	(23)	(5)	—	(35)
	Adjusted for decommissioning amortisation	—	—	—	—	(2)	1	—	(1)	(1)
	Lease payment sustaining	3	2	—	5	—	2	—	—	2
	Corporate administration and marketing related to current operations	—	—	—	—	—	—	—	—	—
	Inventory writedown to net realisable value and other stockpile adjustments	—	—	—	—	—	—	—	—	—
	Sustaining exploration and study costs	—	—	—	—	—	—	—	—	1
	Total sustaining capital expenditure	13	12	—	25	7	19	8	—	34
	Amortisation relating to inventory	—	—	—	—	—	—	—	1	—
All-in sustaining costs		78	73	6	157	48	96	29	—	173
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	—	—	—	(4)	—	—	—	(4)
All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies		78	73	6	157	44	96	29	—	169

All-in sustaining costs		78	73	6	157	48	96	29	—	173
	Non-sustaining exploration and study costs	—	9	—	9	—	—	—	27	27
	Non-sustaining lease payments	—	—	—	—	—	—	—	—	—
	Technology improvements	—	—	—	—	—	—	—	—	—
	Non-sustaining exploration and study costs	4	—	5	9	—	1	1	10	11
	Care and maintenance costs	—	—	—	—	—	—	—	—	—
	Corporate and social responsibility costs not related to current operations	—	—	—	—	—	3	—	—	4
	Other provisions	—	—	—	—	—	—	—	—	—
All-in costs		82	82	11	175	48	100	30	37	215
	Adjusted for non-controlling interests and non -gold producing companies(1)	—	—	—	—	(4)	—	—	—	(4)
All-in costs adjusted for non-controlling interests and non-gold producing companies		82	82	11	175	44	100	30	37	212

Gold sold - oz (000) (2)		58	74	—	133	44	82	20	—	146

All-in sustaining cost per unit - $/oz (3)		1,336	974	—	1,184	1,005	1,170	1,447	—	1,157
All-in cost per unit - $/oz (3)		1,399	1,099	—	1,319	1,005	1,220	1,500	—	1,457

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com


For the quarter ended 31 March 2020

Operations in Australia and the Americas (Argentina and Brazil)
(in $ millions, except as otherwise noted)

		AUSTRALIA			TOTAL AUSTRALIA	ARGENTINA	BRAZIL		Americas other	TOTAL AMERICAS
		Sunrise Dam	Tropicana	Australia other		Cerro Vanguardia	AngloGold Ashanti Mineração	Serra Grande
Total cash costs
	Cost of sales per segmental information(4)	74	80	7	161	67	101	26	—	194
	By-product revenue	—	—	—	—	(18)	(4)	—	—	(22)
	Inventory change	(1)	(1)	—	(2)	—	1	(1)	—	—
	Amortisation of intangible assets	—	—	—	—	—	—	—	—	—
	Amortisation of tangible assets	(12)	(21)	(1)	(34)	(7)	(23)	(5)	—	(35)
	Rehabilitation and other non-cash costs	(2)	(2)	—	(4)	(6)	(5)	(1)	—	(12)
	Retrenchment costs	—	—	—	—	—	(1)	—	—	(1)
Total cash costs net of by-product revenue		59	56	6	121	36	69	19	—	124
	Adjusted for non-controlling interests, non-gold producing companies and other(1)	—	—	—	—	(3)	—	—	—	(3)
Total cash costs net of by-product revenue adjusted for non-controlling interests and non-gold producing companies		59	56	6	121	33	69	19	—	121

Gold produced - oz (000) (2)		57	73	—	130	45	77	18	—	140

Total cash costs per unit - $/oz(3)		1,026	753	—	923	754	834	993	—	829





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AngloGold Ashanti (AU) 6-K2021 Q1 Current report (foreign)