False31 March 20212021Q131 December000106742800010674282021-01-012021-03-31iso4217:USD00010674282020-01-012020-03-3100010674282020-01-012020-12-31iso4217:USDxbrli:shares0001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2021-01-012021-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2020-01-012020-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2020-01-012020-12-310001067428ifrs-full:DiscontinuedOperationsMember2021-01-012021-03-310001067428ifrs-full:DiscontinuedOperationsMember2020-01-012020-03-310001067428ifrs-full:DiscontinuedOperationsMember2020-01-012020-12-3100010674282021-03-3100010674282020-03-3100010674282020-12-3100010674282019-12-310001067428au:IssuedCapitalandSharePremiumMember2019-12-310001067428ifrs-full:OtherReservesMember2019-12-310001067428ifrs-full:RetainedEarningsMember2019-12-310001067428ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2019-12-310001067428ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2019-12-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2019-12-310001067428ifrs-full:EquityAttributableToOwnersOfParentMember2019-12-310001067428ifrs-full:NoncontrollingInterestsMember2019-12-310001067428ifrs-full:RetainedEarningsMember2020-01-012020-03-310001067428ifrs-full:EquityAttributableToOwnersOfParentMember2020-01-012020-03-310001067428ifrs-full:NoncontrollingInterestsMember2020-01-012020-03-310001067428ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2020-01-012020-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2020-01-012020-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberau:IssuedCapitalandSharePremiumMember2020-01-012020-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:OtherReservesMember2020-01-012020-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:RetainedEarningsMember2020-01-012020-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2020-01-012020-03-310001067428ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMemberifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2020-01-012020-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMemberifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2020-01-012020-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:EquityAttributableToOwnersOfParentMember2020-01-012020-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:NoncontrollingInterestsMember2020-01-012020-03-310001067428au:IssuedCapitalandSharePremiumMember2020-01-012020-03-310001067428ifrs-full:OtherReservesMember2020-01-012020-03-310001067428ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2020-01-012020-03-310001067428au:IssuedCapitalandSharePremiumMember2020-03-310001067428ifrs-full:OtherReservesMember2020-03-310001067428ifrs-full:RetainedEarningsMember2020-03-310001067428ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2020-03-310001067428ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2020-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2020-03-310001067428ifrs-full:EquityAttributableToOwnersOfParentMember2020-03-310001067428ifrs-full:NoncontrollingInterestsMember2020-03-310001067428au:IssuedCapitalandSharePremiumMember2020-12-310001067428ifrs-full:OtherReservesMember2020-12-310001067428ifrs-full:RetainedEarningsMember2020-12-310001067428ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2020-12-310001067428ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2020-12-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2020-12-310001067428ifrs-full:EquityAttributableToOwnersOfParentMember2020-12-310001067428ifrs-full:NoncontrollingInterestsMember2020-12-310001067428ifrs-full:RetainedEarningsMember2021-01-012021-03-310001067428ifrs-full:EquityAttributableToOwnersOfParentMember2021-01-012021-03-310001067428ifrs-full:NoncontrollingInterestsMember2021-01-012021-03-310001067428ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2021-01-012021-03-310001067428ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2021-01-012021-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2021-01-012021-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberau:IssuedCapitalandSharePremiumMember2021-01-012021-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:OtherReservesMember2021-01-012021-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:RetainedEarningsMember2021-01-012021-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2021-01-012021-03-310001067428ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMemberifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2021-01-012021-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMemberifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2021-01-012021-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:EquityAttributableToOwnersOfParentMember2021-01-012021-03-310001067428ifrs-full:AggregateContinuingAndDiscontinuedOperationsMemberifrs-full:NoncontrollingInterestsMember2021-01-012021-03-310001067428au:IssuedCapitalandSharePremiumMember2021-01-012021-03-310001067428ifrs-full:OtherReservesMember2021-01-012021-03-310001067428au:IssuedCapitalandSharePremiumMember2021-03-310001067428ifrs-full:OtherReservesMember2021-03-310001067428ifrs-full:RetainedEarningsMember2021-03-310001067428ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2021-03-310001067428ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2021-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2021-03-310001067428ifrs-full:EquityAttributableToOwnersOfParentMember2021-03-310001067428ifrs-full:NoncontrollingInterestsMember2021-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMemberau:NonForeignOperationsMember2021-01-012021-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMemberau:NonForeignOperationsMember2020-01-012020-12-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMemberau:NonForeignOperationsMember2020-01-012020-03-310001067428ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2020-01-012020-12-310001067428au:ContinentalAfricaMemberifrs-full:OperatingSegmentsMember2021-01-012021-03-310001067428au:ContinentalAfricaMemberifrs-full:OperatingSegmentsMember2020-01-012020-03-310001067428au:ContinentalAfricaMemberifrs-full:OperatingSegmentsMember2020-01-012020-12-310001067428ifrs-full:OperatingSegmentsMemberau:AustraliaMember2021-01-012021-03-310001067428ifrs-full:OperatingSegmentsMemberau:AustraliaMember2020-01-012020-03-310001067428ifrs-full:OperatingSegmentsMemberau:AustraliaMember2020-01-012020-12-310001067428au:Americas1Memberifrs-full:OperatingSegmentsMember2021-01-012021-03-310001067428au:Americas1Memberifrs-full:OperatingSegmentsMember2020-01-012020-03-310001067428au:Americas1Memberifrs-full:OperatingSegmentsMember2020-01-012020-12-310001067428ifrs-full:OperatingSegmentsMember2021-01-012021-03-310001067428ifrs-full:OperatingSegmentsMember2020-01-012020-03-310001067428ifrs-full:OperatingSegmentsMember2020-01-012020-12-310001067428au:EquityAccountedInvestmentsSegmentMemberifrs-full:EliminationOfIntersegmentAmountsMember2021-01-012021-03-310001067428au:EquityAccountedInvestmentsSegmentMemberifrs-full:EliminationOfIntersegmentAmountsMember2020-01-012020-03-310001067428au:EquityAccountedInvestmentsSegmentMemberifrs-full:EliminationOfIntersegmentAmountsMember2020-01-012020-12-310001067428ifrs-full:OperatingSegmentsMemberau:CorporateandOtherMember2021-01-012021-03-310001067428ifrs-full:OperatingSegmentsMemberau:CorporateandOtherMember2020-01-012020-03-310001067428ifrs-full:OperatingSegmentsMemberau:CorporateandOtherMember2020-01-012020-12-310001067428ifrs-full:OperatingSegmentsMemberifrs-full:DiscontinuedOperationsMember2021-01-012021-03-310001067428ifrs-full:OperatingSegmentsMemberifrs-full:DiscontinuedOperationsMember2020-01-012020-03-310001067428ifrs-full:OperatingSegmentsMemberifrs-full:DiscontinuedOperationsMember2020-01-012020-12-310001067428ifrs-full:OperatingSegmentsMemberifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2021-01-012021-03-310001067428ifrs-full:OperatingSegmentsMemberifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2020-01-012020-03-310001067428ifrs-full:OperatingSegmentsMemberifrs-full:AggregateContinuingAndDiscontinuedOperationsMember2020-01-012020-12-310001067428country:ZA2021-03-310001067428country:ZA2020-03-310001067428country:ZA2020-12-310001067428au:ContinentalAfricaMember2021-03-310001067428au:ContinentalAfricaMember2020-03-310001067428au:ContinentalAfricaMember2020-12-310001067428au:AustraliaMember2021-03-310001067428au:AustraliaMember2020-03-310001067428au:AustraliaMember2020-12-310001067428au:Americas1Member2021-03-310001067428au:Americas1Member2020-03-310001067428au:Americas1Member2020-12-310001067428au:CorporateandOtherMember2021-03-310001067428au:CorporateandOtherMember2020-03-310001067428au:CorporateandOtherMember2020-12-310001067428ifrs-full:AssociatesMemberifrs-full:JointVenturesMember2021-01-012021-03-310001067428ifrs-full:AssociatesMemberifrs-full:JointVenturesMember2020-01-012020-03-310001067428ifrs-full:AssociatesMemberifrs-full:JointVenturesMember2020-01-012020-12-310001067428ifrs-full:JointVenturesMember2021-01-012021-03-310001067428ifrs-full:JointVenturesMember2020-01-012020-03-310001067428ifrs-full:JointVenturesMember2020-01-012020-12-310001067428country:ZA2021-01-012021-03-310001067428country:ZA2020-01-012020-03-310001067428country:ZA2020-01-012020-12-310001067428ifrs-full:ForeignCountriesMember2021-01-012021-03-310001067428ifrs-full:ForeignCountriesMember2020-01-012020-03-310001067428ifrs-full:ForeignCountriesMember2020-01-012020-12-310001067428au:DerecognisedTaxAssetsMember2020-01-012020-12-310001067428au:DerecognisedTaxAssetsMemberau:SouthAfricaAssetsMember2020-01-012020-12-310001067428au:DerecognisedTaxAssetsConsiderationOfFutureRecoverabilityMember2020-01-012020-12-310001067428country:GH2021-03-310001067428country:GH2020-12-310001067428au:ArgentinaTaxAuthorityMember2021-01-012021-03-310001067428au:ArgentinaTaxAuthorityMember2020-01-012020-12-310001067428au:BrazilTaxAuthorityMember2021-01-012021-03-310001067428au:BrazilTaxAuthorityMember2020-01-012020-12-310001067428au:ColumbianTaxAuthorityMember2021-01-012021-03-310001067428au:ColumbianTaxAuthorityMember2020-01-012020-12-310001067428au:GhanaTaxAuthorityMember2021-01-012021-03-310001067428au:GhanaTaxAuthorityMember2020-01-012020-12-310001067428au:GuineaTaxAuthorityMember2021-01-012021-03-310001067428au:GuineaTaxAuthorityMember2020-01-012020-12-310001067428au:ProvisionForIncomeTaxMemberau:GuineaTaxAuthorityMember2021-03-310001067428au:ProvisionForIncomeTaxMemberau:GuineaTaxAuthorityMember2020-12-310001067428au:TanzaniaRevenueAuthorityMemberau:ProvisionForIncomeTaxMember2021-01-012021-03-310001067428au:TanzaniaRevenueAuthorityMemberau:ProvisionForIncomeTaxMember2020-01-012020-12-310001067428au:TanzaniaRevenueAuthorityMemberau:ProvisionForIncomeTaxMember2021-02-012021-02-28xbrli:shares0001067428ifrs-full:OrdinarySharesMember2020-12-310001067428ifrs-full:OrdinarySharesMember2020-03-310001067428ifrs-full:OrdinarySharesMember2021-03-31iso4217:ZARxbrli:shares0001067428au:SharesAuthorisedMemberifrs-full:OrdinarySharesMember2020-12-310001067428au:SharesAuthorisedMemberifrs-full:OrdinarySharesMember2020-03-310001067428au:SharesAuthorisedMemberifrs-full:OrdinarySharesMember2021-03-310001067428au:SeriesAPreferenceSharesMember2021-03-310001067428au:SeriesAPreferenceSharesMember2020-12-310001067428au:SeriesAPreferenceSharesMember2020-03-310001067428au:SharesAuthorisedMemberau:SeriesAPreferenceSharesMember2020-03-310001067428au:SharesAuthorisedMemberau:SeriesAPreferenceSharesMember2021-03-310001067428au:SharesAuthorisedMemberau:SeriesAPreferenceSharesMember2020-12-310001067428au:SeriesBPreferenceSharesMember2020-12-310001067428au:SeriesBPreferenceSharesMember2021-03-310001067428au:SeriesBPreferenceSharesMember2020-03-310001067428au:SharesAuthorisedMemberau:SeriesBPreferenceSharesMember2020-12-310001067428au:SharesAuthorisedMemberau:SeriesBPreferenceSharesMember2020-03-310001067428au:SharesAuthorisedMemberau:SeriesBPreferenceSharesMember2021-03-310001067428au:SeriesCPreferenceSharesMember2021-03-310001067428au:SeriesCPreferenceSharesMember2020-03-310001067428au:SeriesCPreferenceSharesMember2020-12-310001067428au:SeriesCPreferenceSharesMemberau:SharesAuthorisedMember2021-03-310001067428au:SeriesCPreferenceSharesMemberau:SharesAuthorisedMember2020-03-310001067428au:SeriesCPreferenceSharesMemberau:SharesAuthorisedMember2020-12-310001067428au:SharesAuthorisedMember2021-03-310001067428au:SharesAuthorisedMember2020-03-310001067428au:SharesAuthorisedMember2020-12-310001067428au:SharesIssuedandFullyPaidMemberifrs-full:OrdinarySharesMember2021-03-310001067428au:SharesIssuedandFullyPaidMemberifrs-full:OrdinarySharesMember2020-03-310001067428au:SharesIssuedandFullyPaidMemberifrs-full:OrdinarySharesMember2020-12-310001067428au:SharesIssuedandFullyPaidMemberau:SeriesAPreferenceSharesMember2021-03-310001067428au:SharesIssuedandFullyPaidMemberau:SeriesAPreferenceSharesMember2020-03-310001067428au:SharesIssuedandFullyPaidMemberau:SeriesAPreferenceSharesMember2020-12-310001067428au:SharesIssuedandFullyPaidMemberau:SeriesBPreferenceSharesMember2021-03-310001067428au:SharesIssuedandFullyPaidMemberau:SeriesBPreferenceSharesMember2020-03-310001067428au:SharesIssuedandFullyPaidMemberau:SeriesBPreferenceSharesMember2020-12-310001067428au:SharesIssuedandFullyPaidMember2021-03-310001067428au:SharesIssuedandFullyPaidMember2020-03-310001067428au:SharesIssuedandFullyPaidMember2020-12-310001067428au:SeriesAandBPreferenceSharesMemberifrs-full:TreasurySharesMember2021-03-310001067428au:SeriesAandBPreferenceSharesMemberifrs-full:TreasurySharesMember2020-03-310001067428au:SeriesAandBPreferenceSharesMemberifrs-full:TreasurySharesMember2020-12-310001067428au:UnsecuredSiguiriRevolvingCreditFacilitiesMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberau:UnsecuredSiguiriRevolvingCreditFacilitiesMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberifrs-full:NotLaterThanOneYearMemberau:UnsecuredSiguiriRevolvingCreditFacilitiesMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMemberau:UnsecuredSiguiriRevolvingCreditFacilitiesMember2021-03-310001067428au:UnsecuredOneHundredAndFiftyMillionDollarRevolvingCreditFacilityExcludingTanzanianShillingComponentMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberau:UnsecuredOneHundredAndFiftyMillionDollarRevolvingCreditFacilityExcludingTanzanianShillingComponentMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberau:UnsecuredOneHundredAndFiftyMillionDollarRevolvingCreditFacilityExcludingTanzanianShillingComponentMemberifrs-full:NotLaterThanOneYearMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMemberau:UnsecuredOneHundredAndFiftyMillionDollarRevolvingCreditFacilityExcludingTanzanianShillingComponentMember2021-03-310001067428au:UnsecuredOnePointFourBillionDollarMultiCurrencySyndicatedRevolvingCreditFacilityMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberau:UnsecuredOnePointFourBillionDollarMultiCurrencySyndicatedRevolvingCreditFacilityMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberifrs-full:NotLaterThanOneYearMemberau:UnsecuredOnePointFourBillionDollarMultiCurrencySyndicatedRevolvingCreditFacilityMember2021-03-310001067428ifrs-full:FinancialLiabilitiesAtAmortisedCostMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMemberau:UnsecuredOnePointFourBillionDollarMultiCurrencySyndicatedRevolvingCreditFacilityMember2021-03-31xbrli:pure0001067428au:LondonInterbankOfferedRateLIBORMemberau:UnsecuredSiguiriRevolvingCreditFacilitiesMember2021-03-310001067428au:UnsecuredOneHundredAndFiftyMillionDollarRevolvingCreditFacilityMember2021-03-310001067428au:TanzanianShillingComponentsOfUnsecuredOneHundredAndFiftyMillionDollarMutiCurrencyFacilityMember2021-03-310001067428au:USDollarComponentsOfUnsecuredOneHundredAndFiftyMillionDollarMutiCurrencyFacilityMemberau:LondonInterbankOfferedRateLIBORMember2021-03-310001067428ifrs-full:Level1OfFairValueHierarchyMemberau:FairValueThroughProfitOrLossEquitySecuritiesMember2021-03-310001067428au:FairValueThroughProfitOrLossEquitySecuritiesMember2021-03-310001067428ifrs-full:Level1OfFairValueHierarchyMemberau:FairValueThroughProfitOrLossEquitySecuritiesMember2020-03-310001067428au:FairValueThroughProfitOrLossEquitySecuritiesMember2020-03-310001067428ifrs-full:Level1OfFairValueHierarchyMemberau:FairValueThroughProfitOrLossEquitySecuritiesMember2020-12-310001067428au:FairValueThroughProfitOrLossEquitySecuritiesMember2020-12-310001067428ifrs-full:Level1OfFairValueHierarchyMemberau:FairValueThroughOtherComprehensiveIncomeEquitySecuritiesMember2021-03-310001067428au:FairValueThroughOtherComprehensiveIncomeEquitySecuritiesMember2021-03-310001067428ifrs-full:Level1OfFairValueHierarchyMemberau:FairValueThroughOtherComprehensiveIncomeEquitySecuritiesMember2020-03-310001067428au:FairValueThroughOtherComprehensiveIncomeEquitySecuritiesMember2020-03-310001067428ifrs-full:Level1OfFairValueHierarchyMemberau:FairValueThroughOtherComprehensiveIncomeEquitySecuritiesMember2020-12-310001067428au:FairValueThroughOtherComprehensiveIncomeEquitySecuritiesMember2020-12-310001067428ifrs-full:Level3OfFairValueHierarchyMemberau:DeferredCompensationMember2021-03-310001067428au:DeferredCompensationMember2021-03-310001067428ifrs-full:Level3OfFairValueHierarchyMemberau:DeferredCompensationMember2020-12-310001067428au:DeferredCompensationMember2020-12-310001067428au:GoldAndOilDerivativeContractsMemberifrs-full:Level2OfFairValueHierarchyMember2020-03-310001067428au:GoldAndOilDerivativeContractsMember2020-03-310001067428au:SouthAfricaAssetsMemberifrs-full:DiscontinuedOperationsMember2020-02-122020-02-12utr:oz0001067428au:SouthAfricaAssetsMemberifrs-full:DiscontinuedOperationsMember2021-01-012021-03-310001067428au:SouthAfricaAssetsMemberifrs-full:DiscontinuedOperationsMember2020-02-12iso4217:AUD0001067428ifrs-full:ProvisionForDecommissioningRestorationAndRehabilitationCostsMembercountry:AU2021-03-310001067428au:IduapriemSiteMemberifrs-full:ProvisionForDecommissioningRestorationAndRehabilitationCostsMembercountry:GH2021-03-310001067428au:ObuasiSiteMemberifrs-full:ProvisionForDecommissioningRestorationAndRehabilitationCostsMembercountry:GH2021-03-310001067428ifrs-full:DiscontinuedOperationsMember2021-03-310001067428ifrs-full:DiscontinuedOperationsMember2020-03-310001067428ifrs-full:DiscontinuedOperationsMember2020-12-310001067428ifrs-full:LegalProceedingsContingentLiabilityMemberau:AngloGoldAshantiGhanaLimitedMember2021-03-310001067428ifrs-full:LegalProceedingsContingentLiabilityMemberau:AngloGoldAshantiGhanaLimitedMember2020-12-310001067428ifrs-full:LegalProceedingsContingentLiabilityMemberau:AngloGoldAshantiGhanaLimitedMember2014-02-20au:plaintiff00010674282013-04-020001067428ifrs-full:PreviouslyStatedMember2020-01-012020-03-310001067428ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember2020-01-012020-03-310001067428srt:MinimumMember2021-01-012021-03-310001067428srt:MaximumMember2021-01-012021-03-310001067428au:ObuasiSiteMember2021-03-310001067428au:IduapriemSiteMember2021-03-310001067428au:SiguiriSiteMember2021-03-31


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


QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar / Imperial
Operating review
Gold
Produced *- oz (000)588 630 2,806 
Sold *- oz (000)608 651 2,834 
Financial review
Gold income- $m956 882 4,322 
Cost of sales- $m677 636 2,699 
Total cash costs- $m562 455 2,074 
Gross profit- $m302 256 1,709 
Price received per ounce **- $/oz1,788 1,584 1,778 
Cost of sales - Subsidiaries- $m677 636 2,699 
Cost of sales - Joint Ventures- $m87 76 340 
All-in sustaining costs per ounce - Subsidiaries **- $/oz1,351 1,063 1,072 
All-in sustaining costs per ounce - Joint Ventures **- $/oz895 763 810 
All-in costs per ounce - Subsidiaries **- $/oz1,536 1,296 1,240 
All-in costs per ounce - Joint Ventures **- $/oz 704 824 
Total cash costs per ounce - Subsidiaries **- $/oz1,045 806 815 
Total cash costs per ounce - Joint Ventures **- $/oz733 583 629 
Profit before taxation- $m279 231 1,589 
Adjusted EBITDA **- $m449 434 2,470 
Total borrowings- $m2,071 3,624 2,084 
Adjusted net debt **- $m908 1,606 597 
Profit (loss) attributable to equity shareholders- $m203 134 946 
- US cents/share48 32 225 
Headline earnings- $m203 143 1,000 
- US cents/share48 34 238 
Net cash inflow from operating activities- $m149 174 1,545 
Capital expenditure- $m210 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
1


Operations at a glance
for the three months ended 31 March 2021
ProductionCost of salesGross 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
AFRICA352 (2)(431)18 249 18 1,140 30 948 32 
DRC
Kibali - Attr. 45% 4
86 (5)(87)14 67 895 17 733 26 
Ghana
Iduapriem48 (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 
Tanzania
Geita114 (15)(128)(9)85 (18)1,102 34 907 38 
Non-controlling interests, exploration and other(14)24 6 — 
AUSTRALIA104 (20)(167)25 (49)1,768 49 1,359 47 
Sunrise Dam46 (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)
AMERICAS132 (6)(168)(13)90 59 1,211 874 
Argentina
Cerro Vanguardia - Attr. 92.50%34 (24)(49)(22)24 (2)974 (3)928 23 
Brazil
AngloGold Ashanti Mineração78 (91)(5)51 66 1,226 827 (1)
  Serra Grande20 11 (23)(8)14 149 1,490 941 (5)
Non-controlling interests, exploration and other(5)(53)1 (131)
OTHER2 73 5 63 
Equity-accounted joint venture included above87 14 (67)
Continuing operations588 (7)(677)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 operations588 (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
2


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
QuarterQuarterYear
endedendedended
MarMarDec
US Dollar million202120202020
Cost of sales677 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 costs562 455 2,074 
Royalties (40)(37)(181)
Other cash costs (3)(3)(12)
Cash operating costs519 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
3


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
4


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
5



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
6


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:
ParticularsThree 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 ($m)956 882 
Gold price received per ounce ($/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 ($m)677 636 
Cost of sales - Joint Ventures ($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 
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
7


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
8


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
9


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
10


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
11


GROUP – INCOME STATEMENT
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionNotesUnauditedUnauditedAudited
Continuing operations
Revenue from product sales 2979 905 4,427 
Cost of sales3(677)(636)(2,699)
(Loss) gain on non-hedge derivatives and other commodity contracts (13)(19)
Gross profit302 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 (1)(1)
Other (expenses) income4(2)(20)(57)
Operating profit (loss) 253 192 1,459 
Interest income14 5 27 
Dividends received  2 
Foreign exchange and other (losses) gains(15)19  
Finance costs and unwinding of obligations5(30)(43)(177)
Share of associates and joint ventures' profit (loss)657 58 278 
Profit (loss) before taxation279 231 1,589 
Taxation7(70)(95)(625)
Profit (loss) for the period from continuing operations209 136 964 
Discontinued operations
Profit (loss) from discontinued operations 35 7 
Profit (loss) for the period209 171 971 
Allocated as follows:
Equity shareholders
- Continuing operations203 134 946 
- Discontinued operations 35 7 
Non-controlling interests
- Continuing operations6 2 18 
209 171 971 
Basic profit (loss) per ordinary share (US cents) (1)
Earnings per ordinary share from continuing operations48 32 225 
Earnings (loss) per ordinary share from discontinued operations 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 operations48 32 225 
Earnings (loss) per ordinary share from discontinued operations 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
12


GROUP – STATEMENT OF COMPREHENSIVE INCOME
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedRestated
Unaudited
Audited
Profit (loss) for the period209 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  10 
Deferred taxation thereon2 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 tax149 21 1,095 
Allocated as follows:
Equity shareholders
- Continuing operations143 38 1,121 
- Discontinued operations (19)(44)
Non-controlling interests
- Continuing operations6 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
13


GROUP – STATEMENT OF FINANCIAL POSITION
As atAs atAs at
MarMarDec
202120202020
US Dollar millionNotesUnauditedUnauditedAudited
ASSETS
Non-current assets
Tangible assets2,977 2,603 2,884 
Right of use assets142 136 142 
Intangible assets129 109 131 
Investments in associates and joint ventures1,675 1,608 1,651 
Other investments128 51 188 
Inventories56 77 69 
Trade, other receivables and other assets256 129 235 
Deferred taxation19 68 7 
Cash restricted for use32 31 31 
5,414 4,812 5,338 
Current assets
Inventories684 691 733 
Trade, other receivables and other assets251 223 229 
Cash restricted for use36 32 42 
Cash and cash equivalents1,011 1,870 1,330 
1,982 2,816 2,334 
Assets held for sale 522  
1,982 3,338 2,334 
Total assets7,396 8,150 7,672 
EQUITY AND LIABILITIES
Share capital and premium97,219 7,209 7,214 
Accumulated losses and other reserves(3,579)(4,588)(3,519)
Shareholders' equity3,640 2,621 3,695 
Non-controlling interests51 38 45 
Total equity3,691 2,659 3,740 
Non-current liabilities
Borrowings1,790 2,741 1,789 
Lease liabilities115 107 116 
Environmental rehabilitation and other provisions686 728 731 
Provision for pension and post-retirement benefits83 78 83 
Trade, other payables and provisions5 6 8 
Deferred taxation262 243 246 
2,941 3,903 2,973 
Current liabilities
Borrowings129 739 142 
Lease liabilities37 37 37 
Trade, other payables and provisions525 505 627 
Taxation71 73 153 
Shareholders for dividends2   
764 1,354 959 
Liabilities held for sale 234  
764 1,588 959 
Total liabilities3,705 5,491 3,932 
Total equity and liabilities7,396 8,150 7,672 

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
14


GROUP – STATEMENT OF CASH FLOWS
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionNotesUnauditedUnauditedAudited
Cash flows from operating activities
Receipts from customers957 9304,411
Payments to suppliers and employees(723)(706)(2,583)
Cash generated from operations11234 2241,828
Dividends received from joint ventures3625 148
Taxation refund7   
Taxation paid(128)(75)(431)
Net cash inflow (outflow) from operating activities from continuing operations1491741,545
Net cash inflow (outflow) from operating activities from discontinued operations 45109
Net cash inflow (outflow) from operating activities149 2191,654
Cash flows from investing activities
Capital expenditure(199)(170)(701)
Interest capitalised and paid(4)(4)(17)
Acquisition of intangible assets  (1)
Dividends from other investments  9 
Proceeds from disposal of tangible assets1  3
Other investments and assets acquired(12) (8)
Proceeds from disposal of other investments 9 9
Proceeds from disposal of joint ventures2 26
Loans repaid by associates and joint ventures  12 
Proceeds on disposal of discontinued assets and subsidiaries  200 
Recognition of joint operation - cash  2 
Decrease (increase) in cash restricted for use6(6)(9)
Interest received14627
Net cash inflow (outflow) from investing activities from continuing operations(192)(165)(448)
Net cash inflow (outflow) from investing activities from discontinued operations (10)(31)
Cash in subsidiaries sold and transferred to held for sale (6)3
Net cash inflow (outflow) from investing activities(192)(181)(476)
Cash flows from financing activities
Proceeds from borrowings 1,5262,226
Repayment of borrowings (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  (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)1,426849
Translation(27)(12)25
Cash and cash equivalents at beginning of period1,330456456
Cash and cash equivalents at end of period1,0111,8701,330

Market update with financial Information – March 2021 - www.AngloGoldAshanti.com
15


GROUP – STATEMENT OF CHANGES IN EQUITY
Share capital and premiumOther
capital reserves
(Accumulated losses)
Retained
earnings
Fair value through OCIActuarial (losses) gains
Foreign currency translation reserve (1)
TotalNon-controlling interestsTotal equity
US Dollar million
Balance at 31 December 20197,199 83 (3,268)45 (10)(1,409)2,640 36 2,676 
Profit (loss) for the period169 169 2 171 
Other comprehensive income (loss) (23)(127)(150)(150)
Total comprehensive income (loss)  169 (23) (127)19 2 21 
Shares issued10 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 investments4 (4)  
Translation(9)8 1   
Balance at 31 March 20207,209 64 (3,125)18 (9)(1,536)2,621 38 2,659 
Balance at 31 December 20207,214 77 (2,341)131 1 (1,387)3,695 45 3,740 
Profit (loss) for the period203 203 6 209 
Other comprehensive income (loss)(57)(1)(2)(60)(60)
Total comprehensive income (loss)  203 (57)(1)(2)143 6 149 
Shares issued5 5 5 
Share-based payment for share awards net of exercised(4)(4)(4)
Dividends declared(199)(199)(199)
Balance at 31 March 20217,219 73 (2,337)74  (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
16


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        
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Africa678 575 2,769 
Australia191 209 989 
Americas241 238 1,211 
1,110 1,022 4,969 
Equity-accounted joint ventures included above(154)(140)(647)
Continuing operations956 882 4,322 
Discontinued operations - South Africa 138 408 
956 1,020 4,730 

By-product revenue        
QuarterQuarterYear
endedendedended
MarMarDec
202120202020
US Dollar millionUnauditedUnauditedAudited
Africa1 1 4 
Australia1  3 
Americas21 22 99 
23 23 106 
Equity-accounted joint ventures included above  (1)
Continuing operations23 23 105 
Discontinued operations - South Africa