AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) today reported a 2% year-on-year increase in first quarter gold production in line with its plans and despite the previously reported impact of rains and flooding in Western Australia on gold production which contributed to a drop of about 15,000 ounces in production in the first quarter relative to the previous quarter.

The company reconfirmed its 2024 full-year gold production guidance and its 2024 annual gold production forecast for Obuasi in Ghana, which continues its ramp-up.

“This is a good start to the year, with another strong safety result and a good overall performance from the portfolio,” said Chief Executive Officer, Alberto Calderon.

“We’re seeing greater consistency from most of our operations; in Brazil, both sites have shown significantly better performance, with greater production control and stability. Geita and Kibali were strong again, and Obuasi’s ramp-up remains on track.”

Denver-headquartered AngloGold Ashanti continues to take steps to close the value gap that exists with its North American peers by improving safety, relative cost performance and cash conversion, while increasing the life of its key mines and prioritising successful development of major projects.

The Company’s Total Recordable Injury Frequency Rate (“TRIFR”) was 1.08 injuries per million hours worked during the first quarter of 2024, compared to the most recent average (2022) of 2.66 for members of the International Council on Metals & Minerals (“ICMM”).

No fatalities were recorded at mines operated by the Company in the first three months of 2024, for the eleventh consecutive quarter.

Gold production was 2% higher year-on-year at 581,000oz for the first quarter of 2024, compared to 572,000oz for the first quarter of 2023, driven mainly by higher recovered grades, and partly offset by lower tonnes processed.

Strong improvements in gold production versus the first quarter of last year were recorded at Cuiabá (AGA Mineração) (+55%) and Serra Grande (+40%), where initiatives have been taken to improve overall performance, as well as at Kibali (+19%) and at Geita (+16%). This increase in gold production was partly offset by lower gold production at Siguiri (-35%), where carbonaceous ore in the Bidini pit resulted in poor recoveries, and at Tropicana (-17%), where severe flooding, caused by a tropical cyclone, inundated underground and open pit mining areas as well as access roads to the remote site.

Both mines have since recovered to normalised gold production levels. Sunrise Dam (-8%) also suffered from the heavy rainfall in Western Australia, albeit to a lesser extent than Tropicana, while gold production at Cerro Vanguardia (-7%) was lower due to a planned plant stoppage. At Obuasi, gold production was 54,000oz, in line with the mine plan, as mining occurred in lower-grade areas. Obuasi’s underground ore tonnes treated averaged 91,000t/pm for the first three months of 2024.

Underground tonnes treated and grade are expected to increase in the second half of 2024, supported by additional development. The mine remains on track to produce an anticipated 275,000oz – 320,000oz of gold in 2024. As previously reported, gold production at Tropicana was impacted by heavy rains and flooding during the month of March.

Whilst gold production was impacted in the first quarter of 2024, and consequently for the first half of 2024, the Company expects to recover a significant portion of these production losses in the second half of 2024. The Company provided gold production guidance for 2024 in February, which remains unchanged. Gold production is again expected to be second half weighted, with fourth quarter gold production expected to be the strongest quarter this year.

Gold production estimated at 54,000oz at Obuasi

In Ghana, at Iduapriem, gold production was 62,000oz for the quarter ended March 31, 2024, compared to 63,000oz for the same period last year, mainly due to a marginal decrease in recovered grade, partly offset by higher tonnes processed.

At Obuasi, gold production was 54,000oz for the quarter ended 31 March 2024, in line with the mine plan, compared to 60,000oz for the same period last year. Total ore tonnes mined and treated were 18% higher when compared with the first quarter of 2023, while grade was 24% lower, in line with the mine plan.

During the first quarter of 2024, underground ore tonnes treated averaged 91kt/pm, supported by additional development.

The site is contending with intermittent power disruptions from the public utility. Obuasi is forecast to produce between 275,000oz and 320,000oz of gold in 2024 and between 325,000oz and 375,000oz of gold in 2025, as it continues its ramp-up to steady state production.