Obuasi On Track To Achieve FY 2024 Forecast Gold Production

DENVER, CO - AngloGold Ashanti plc (AGA) 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 15,000oz 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.”

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. The area in which the Tropicana gold mine is located received 312mm of rain in a 72-hour period from 9 March, almost 40% higher than its average annual rainfall. The subsequent flooding interrupted power supply to the processing plant and required mining operations to be suspended. Since the flooding, remedial work to recommence operations was successfully completed and mining and processing has since restarted. 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.