share of the outstanding cash balances awaiting repatriation from the DRC decreased by $50 million, or 45%, from $110 million at 31
December 2025 to $60 million at 30 June 2026. The cash is fully available for the operational requirements of the Kibali joint venture. In
addition, the Kibali joint venture is due certain refunds of VAT which, to date, remain outstanding. During the six months ended 30 June
2026, AngloGold Ashanti did not recover any VAT offsets or refunds from its operations in the DRC. AngloGold Ashanti’s attributable share
of the net recoverable VAT balance (including recoverable fuel duty and after discounting provisions) owed to AngloGold Ashanti by the
DRC government increased by $14 million, or 22%, from $63 million at 31 December 2025 to $77 million at 30 June 2026. This increase
was driven by $15 million in new claims submitted and a $2 million decrease in the discounting provision, partially offset by $3 million in
revaluation adjustments.
Net taxation paid increased by $520 million, or 160%, from $325 million in the six months ended 30 June 2025 to $845 million in the six
months ended 30 June 2026. The increase in net taxation paid was mainly due to higher taxable income due to the increase in the
average gold price received per ounce, higher top up provisional taxes for the prior year, Obuasi now making quarterly tax payments and
higher withholding taxes paid resulting from higher dividends declared.
Cash flows from investing activities
Cash flows from investing activities amounted to a net outflow of $836 million in the six months ended 30 June 2026, which was $353
million, or 73%, higher than a net outflow of $483 million in the six months ended 30 June 2025. The increase was mainly due to higher
capital expenditure on tangible assets of approximately $262 million, approximately $67 million towards the purchases of shares in Gold
X2 Mining Inc. and Thesis Gold & Silver Inc., approximately $15 million less in proceeds received on the disposition of certain of the
Company’s mining interests, a $9 million increase in restricted cash balances and an $11 million decrease in loan repayments from Kibali,
partially offset by an $8 million increase in interest received on the Company’s cash balances.
As it pertains to the approximately $15 million decrease in proceeds received on the disposition of the Company’s mining interests, in the
six months ended 30 June 2026, the Company received approximately $10 million in proceeds towards the sale of AngloGold Ashanti
Colombia S.A.S., which owned the La Colosa project in the Department of Tolima in Colombia. In the six months ended 30 June 2025, the
Company received approximately $25 million in proceeds upon the sale of its interest in the Doropo and ABC projects in Côte d’Ivoire.
Cash flows from financing activities
Cash flows from financing activities amounted to a net outflow of $2,422 million in the six months ended 30 June 2026, which was a
change of $1,780 million from a net outflow of $642 million in the six months ended 30 June 2025. The increase in outflow was mainly due
to higher dividends paid to external shareholders and distributions to non-controlling interests, increased finance costs on borrowings,
higher repayments of borrowings and lower proceeds from borrowings.
Cash inflows from proceeds from borrowings decreased by $86 million, from $285 million in the six months ended 30 June 2025 to $199
million in the six months ended 30 June 2026. During the six months ended 30 June 2025, the Company made drawdowns of $285 million
on the 2025 Geita RCF, of which $180 million was in USD and the remaining $105 million (equivalent) was in Tanzanian shillings. During
the six months ended 30 June 2026, the Company made further drawdowns of $199 million on the 2025 Geita RCF, of which $148 million
was in USD and the remaining $51 million (equivalent) was in Tanzanian shillings.
Cash outflows from repayment of borrowings increased by $470 million, from $180 million in the six months ended 30 June 2025 to $650
million in the six months ended 30 June 2026. During the six months ended 30 June 2025, there was a full repayment of $180 million on
the $1.4 billion 2022 multi-currency RCF. During the six months ended 30 June 2026, the Group repurchased and cancelled approximately
$558 million principal amount of its outstanding 2028 Notes (as defined below) and $107 million principal amount of its outstanding 2030
Notes (as defined below) for $650 million (exclusive of accrued interest).
Finance costs paid on borrowings increased by $7 million, from $54 million in the six months ended 30 June 2025 to $61 million in the six
months ended 30 June 2026, primarily due to increased interest payments on higher borrowings on the 2025 Geita RCF, partially offset by
lower interest payments on the previous $65 million Siguiri RCF, which was fully repaid in October 2025, and less interest payments on the
Group’s outstanding bonds, a portion of which were repurchased in the six months ended 30 June 2026.
Dividends paid to external shareholders and distributions to non-controlling interests increased by $1,214 million, from $639 million in the
six months ended 30 June 2025 to $1,853 million in the six months ended 30 June 2026. Dividends paid to AngloGold Ashanti’s
shareholders increased by $1,045 million, from $411 million in the six months ended 30 June 2025 to $1,456 million in the six months
ended 30 June 2026. Distributions paid to non-controlling interests increased by $168 million, from $229 million in the six months ended 30
June 2025 to $397 million in the six months ended 30 June 2026. The Company made distributions of $355 million and $207 million to the
non-controlling interests of Sukari in the six months ended 30 June 2026 and 30 June 2025, respectively. The remaining distributions were
paid by Siguiri to its non-AGA related shareholder.
Liquidity
To service the capital commitments and other operational requirements, AngloGold Ashanti is dependent on existing cash resources, cash
generated from operations and borrowings (in the form of bonds and credit facilities).
AngloGold Ashanti intends to finance its capital expenditure, capital lease obligations, other purchase obligations, environmental
rehabilitation expenditures and debt repayment requirements in 2026 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, management regularly evaluates market conditions and may enter into
transactions, from time to time, to repurchase outstanding debt, pursuant to open market purchases, privately negotiated transactions,
tender offers or other means. In management’s opinion, AngloGold Ashanti’s working capital is sufficient to meet the Company’s present
requirements.
Total borrowings (including lease liabilities) decreased by $480 million, or 21%, from $2,258 million at 31 December 2025 to $1,778 million
at 30 June 2026. AngloGold Ashanti’s cash and cash equivalents (net of bank overdraft) decreased by $113 million, or 4%, from $2,882
million at 31 December 2025 to $2,769 million at 30 June 2026. On 16 April 2026, the Group completed the repurchase of approximately
$666 million principal amount of its outstanding bonds. This buyback has reduced gross debt and future interest obligations, and lowered
maturities in 2028 and 2030, enhancing financial flexibility through the cycle.
