AngloGold Ashanti Solidifies Global Footprint with UK Parent, US HQ

TL;DR

**AngloGold Ashanti's corporate restructuring and NYSE primary listing is a bullish move to attract global capital and streamline operations, making it a more accessible and potentially stable gold play.**

AI Summary

AngloGold Ashanti PLC, a prominent gold mining company, filed its 20-F for the financial year ended December 31, 2025. The filing highlights the corporate restructuring completed in September 2023, which established AngloGold Ashanti plc as the new UK-incorporated parent company, tax resident in the UK, with its primary listing on the New York Stock Exchange (NYSE). The company's global headquarters also moved to Denver, Colorado, while maintaining a significant corporate office in Johannesburg, South Africa. The report indicates that AngloGold Ashanti prepares its financial statements in accordance with IFRS Accounting Standards. Key financial metrics such as 'total cash costs' and 'all-in sustaining costs' are presented as Non-GAAP measures, consistent with World Gold Council guidelines, to provide transparency into the full cost of gold production. The company reported 505,007,465 ordinary shares outstanding as of December 31, 2025. The filing also details the company's various debt securities listed on the NYSE, including 3.375% Notes due 2028, 3.75% Notes due 2030, and 6.50% Notes due 2040. While specific revenue and net income figures are not provided in the excerpt, the emphasis on cost metrics and the corporate restructuring suggests a focus on operational efficiency and strategic positioning within the global gold market.

Why It Matters

This 20-F filing signals AngloGold Ashanti's strategic pivot to a UK-domiciled, NYSE-primary listed entity, enhancing its access to global capital markets and potentially broadening its investor base beyond its traditional South African roots. For investors, this move could improve liquidity and transparency, aligning with international reporting standards (IFRS). Employees and customers may see increased stability and a clearer global operational strategy. In the competitive gold mining sector, this restructuring positions AngloGold Ashanti to better compete with other major global players by streamlining its corporate structure and potentially optimizing its tax residency.

Risk Assessment

Risk Level: medium — The filing mentions 'known and unknown risks, uncertainties and other factors' that could cause actual results to differ materially, including 'changes in economic, social, political and market conditions' and 'fluctuations in gold prices and exchange rates.' While the corporate restructuring aims to mitigate some risks, the inherent volatility of commodity prices and geopolitical factors in mining jurisdictions, as detailed in 'Item 3D: Risk Factors' (page 21), present ongoing challenges.

Analyst Insight

Investors should closely monitor AngloGold Ashanti's upcoming financial results for specific impacts of the corporate restructuring on profitability and operational efficiency. Pay particular attention to 'total cash costs' and 'all-in sustaining costs' per ounce, as these Non-GAAP metrics will be key indicators of the company's cost management and competitive positioning in the gold market.

Financial Highlights

debt To Equity

X.X

revenue

$X

operating Margin

X%

total Assets

$X

total Debt

$X

net Income

$X

eps

$X

gross Margin

X%

cash Position

$X

revenue Growth

+X%

Key Numbers

• 505,007,465 — Ordinary Shares Outstanding (as of December 31, 2025)
• $1.00 — Par Value per Ordinary Share (each ordinary share)
• 3.375% — Interest Rate (Notes due 2028)
• 3.75% — Interest Rate (Notes due 2030)
• 6.50% — Interest Rate (Notes due 2040)
• 2023 — Year of Corporate Restructuring Completion (September 2023)

Key Players & Entities

• AngloGold Ashanti PLC (company) — new parent company
• New York Stock Exchange (regulator) — primary listing exchange
• Gillian Ann Doran (person) — Chief Financial Officer
• International Accounting Standards Board (regulator) — issuer of IFRS Accounting Standards
• World Gold Council (company) — industry body for Non-GAAP metric guidance
• Denver, Colorado (company) — new global headquarters location
• Johannesburg, South Africa (company) — retained substantial corporate office location
• United Kingdom (company) — tax residency of new parent company
• AngloGold Ashanti Limited (company) — previous South African parent company
• SEC (regulator) — U.S. Securities and Exchange Commission

Forward-Looking Statements

• AngloGold Ashanti PLC's stock price will react to the detailed financial performance and outlook presented in this 20-F filing. (AngloGold Ashanti PLC) — medium confidence, target: 2026-03-27

FAQ

Risk Factors

• Dependence on Managed Operations [medium — operational]: The company's consolidated reporting relies heavily on 'managed operations,' which are subsidiaries directly controlled and managed by AngloGold Ashanti. While 'non-managed joint ventures' are reported on an attributable basis, the financial performance is significantly tied to the operational success and efficiency of the entities under direct management.
• IFRS Accounting Standards Compliance [medium — regulatory]: As a UK-incorporated company, AngloGold Ashanti prepares its financial statements in accordance with IFRS Accounting Standards. Ensuring consistent and accurate application of these standards is crucial for financial reporting and investor confidence, with any deviations posing a compliance risk.
• Global Listing and Exchange Volatility [medium — market]: The company's ordinary shares are listed on multiple exchanges including the NYSE, JSE, A2X, and GSE. This global presence exposes the company to varying market conditions, currency fluctuations, and regulatory environments across different jurisdictions, impacting share price and investor sentiment.

Industry Context

AngloGold Ashanti operates in the global gold mining industry, a sector characterized by significant capital intensity, cyclical commodity prices, and evolving environmental, social, and governance (ESG) expectations. The industry faces challenges related to resource depletion, geopolitical risks in mining regions, and increasing regulatory scrutiny. Companies are increasingly focused on operational efficiency, cost management, and sustainable mining practices to maintain profitability and investor appeal.

Regulatory Implications

As a UK-incorporated entity with listings on multiple international exchanges, AngloGold Ashanti is subject to a complex web of regulations, including IFRS accounting standards, UK corporate law, and securities regulations in the US (SEC), South Africa, and Ghana. The corporate restructuring to a UK domicile and NYSE primary listing necessitates adherence to stringent disclosure and compliance requirements in these key jurisdictions.

What Investors Should Do

1. Monitor operational performance metrics closely, particularly 'total cash costs' and 'all-in sustaining costs', to assess efficiency gains post-restructuring.
2. Evaluate the impact of the corporate restructuring on tax residency and operational integration.
3. Analyze the company's debt structure and upcoming maturities, considering the various listed debt securities.

Key Dates

• 2023-09-30: Completion of Corporate Restructuring — Established AngloGold Ashanti plc as the new UK-incorporated parent company, moving the primary listing to the NYSE and relocating global headquarters to Denver, Colorado. This marks a significant strategic shift in corporate structure and domicile.

Glossary

Managed Operations

Subsidiaries that are managed by AngloGold Ashanti and included in its consolidated financial reporting. (Indicates the scope of operations directly controlled and reported by the company, forming the core of its financial performance.)

Non-managed joint ventures

Equity-accounted joint ventures where AngloGold Ashanti's share of earnings is reported, but the operations are not managed by the company. (Highlights investments where the company has an interest but not direct operational control, affecting reported earnings on an attributable basis.)

IFRS Accounting Standards

A set of accounting principles and standards issued by the International Accounting Standards Board (IASB) used for financial reporting. (As a UK-incorporated company, AngloGold Ashanti's financial statements are prepared under these standards, ensuring a globally recognized framework for financial disclosure.)

Corporate Restructuring

The process of reorganizing the company's corporate structure, legal domicile, and operational management. (The September 2023 restructuring fundamentally changed the parent company, its tax residency, and primary stock exchange listing.)

Year-Over-Year Comparison

Specific comparative data to the previous filing is not available in the provided text. However, the 2025 20-F highlights a significant corporate restructuring completed in September 2023, which established a new UK parent company and shifted the primary listing to the NYSE. This structural change is a key development compared to prior periods, likely impacting reporting frameworks and operational oversight. The emphasis on Non-GAAP cost metrics suggests a continued focus on operational efficiency, which would be a point of comparison against historical performance.

Key Financial Figures

• $1.00 — he annual report: Ordinary Shares of $1.00 each 505,007,465 Indicate by check
• $750 million — ERMS Financial terms 2028 notes: The $750 million aggregate principal amount of 3.375% no
• $700 million — ngloGold Ashanti plc. 2030 notes: The $700 million aggregate principal amount of 3.750% no
• $300 million — ngloGold Ashanti plc. 2040 notes: The $300 million aggregate principal amount of 6.50% not

Filing Documents

• au-20251231.htm (20-F) — 18896KB
• exhibit19262025.htm (EX-19.2 6) — 1031KB
• exhibit1982025.htm (EX-19.8) — 41KB
• exhibit19112025.htm (EX-19.11) — 260KB
• exhibit191212025.htm (EX-19.12 1) — 9KB
• exhibit191222025.htm (EX-19.12 2) — 9KB
• exhibit19132025.htm (EX-19.13) — 5KB
• exhibit191512025.htm (EX-19.15 1) — 2KB
• exhibit191522025consentofq.htm (EX-19.15 2) — 5KB
• exhibit191542025consentofq.htm (EX-19.15 4) — 10KB
• exhibit191562025consentofq.htm (EX-19.15 6) — 12KB
• exhibit191582025consentofq.htm (EX-19.15 8) — 12KB
• exhibit1915102025consentof.htm (EX-19.15 10) — 12KB
• exhibit1915122025consentof.htm (EX-19.15 12) — 16KB
• exhibit19162025.htm (EX-19.16) — 25KB
• exhibit19172025.htm (EX-19.17) — 3KB
• au-20251231_g1.jpg (GRAPHIC) — 373KB
• au-20251231_g10.jpg (GRAPHIC) — 611KB
• au-20251231_g11.gif (GRAPHIC) — 82KB
• au-20251231_g2.jpg (GRAPHIC) — 213KB
• au-20251231_g3.jpg (GRAPHIC) — 240KB
• au-20251231_g4.jpg (GRAPHIC) — 134KB
• au-20251231_g5.jpg (GRAPHIC) — 377KB
• au-20251231_g6.jpg (GRAPHIC) — 334KB
• au-20251231_g7.jpg (GRAPHIC) — 721KB
• au-20251231_g8.jpg (GRAPHIC) — 240KB
• au-20251231_g9.jpg (GRAPHIC) — 1227KB
• image_0.jpg (GRAPHIC) — 19KB
• image_1.jpg (GRAPHIC) — 3KB
• exhibit19441employmentagre.pdf (EX-19.4 4 1) — 2635KB
• 0001973832-26-000066.txt ( ) — 68573KB
• au-20251231.xsd (EX-101.SCH) — 170KB
• au-20251231_cal.xml (EX-101.CAL) — 209KB
• au-20251231_def.xml (EX-101.DEF) — 796KB
• au-20251231_lab.xml (EX-101.LAB) — 1421KB
• au-20251231_pre.xml (EX-101.PRE) — 1144KB
• au-20251231_htm.xml (XML) — 10929KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 4 TABLE OF CONTENTS Page Presentation of information 6 Certain forward-looking statements 8 Glossary of selected terms Financial terms 9 Currencies 10 Mining terms 11 Abbreviations 15 Part I: Item 1: Identity of directors, senior management and advisors 21 Item 2: Offer statistics and expected timetable 21 Item 3: Key information 21 3A. [Reserved] 21 3B. Capitalisation and indebtedness 21 3C. Reasons for the offer and use of proceeds 21 3D.

Risk factors

Risk factors 21 Item 4: Information on the company 46 4A. History and development of the company 46 4B. Business overview 48 4C. Organisational structure 93 4D. Property, plants and equipment 94 Item 4A: Unresolved staff comments 145 Item 5: Operating and financial review and prospects 145 5A. Operating results 147 5B. Liquidity and capital resources 172 5C. Research and development, patents and licences, etc. 179 5D. Trend information 179 5E. Critical accounting estimates 179 Item 6: Directors, senior management and employees 179 6A. Directors and senior management 179 6B. Compensation 186 6C. Board practices 191 6D. Employees 196 6E. Share ownership 197 6F. Disclosure of a registrant's action to recover erroneously awarded compensation 208 Item 7: Major shareholders and related party transactions 209 7A. Major shareholders 209 7B. Related party transactions 209 7C. Interests of experts and counsel 210 Item 8: Financial information 210 8A. Consolidated financial statements and other financial information 210

Legal proceedings

Legal proceedings 210 Dividends 213 8B. Significant changes 213 5 Item 9: The offer and listing 213 9A. Offer and listing details 213 9B. Plan of distribution 213 9C. Markets 213 9D. Selling shareholders 214 9E.

Dilution

Dilution 214 9F. Expenses of the issue 214 Item 10: Additional information 214 10A. Share capital 214 10B. Articles of association 214 10C. Material contracts 234 10D. Exchange controls 237 10E. Taxation 237 10F. Dividends and paying agents 242 10G. 242 10H. Documents on display 242 10I. Subsidiary information 242 10J. Annual report to security holders 242 Item 11:

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 242 Item 12:

Description of securities other than equity securities

Description of securities other than equity securities 244 12A. Debt securities 244 12B. Warrants and rights 244 12C. Other securities 244 12D. American Depositary Shares 244 Part II: Item 13: Defaults, dividend arrearages and delinquencies 245 Item 14: Material modifications to the rights of security holders and use of proceeds 245 Item 15:

Controls and procedures

Controls and procedures 245 Item 16A: Audit committee financial expert 247 Item 16B: Code of ethics 247 Item 16C: Principal accountant fees and services 248 Item 16D: Exemptions from the listing standards for audit committees 248 Item 16E: Purchases of equity securities by the issuer and affiliated purchasers 248 Item 16F: Change in registrant's certifying accountant 248 Item 16G: Corporate governance 249 Item 16H: Mine safety disclosure 249 Item 16I: Disclosure regarding foreign jurisdictions that prevent inspections 249 Item 16J: Insider trading policies 249 Item 16K: Cybersecurity 249 Part III: Item 17:

Financial statements

Financial statements 252 Item 18:

Financial statements

Financial statements F- 1 Item 19: Exhibits E- 1 6 PRESENTATION OF INFORMATION In this annual report on Form 20-F, unless the context otherwise requires, references to AngloGold, AngloGold Ashanti, AGA, the company, the Company, we, us, our, the group and the Group are references to (i) subsequent to the implementation of the corporate restructuring described below, AngloGold Ashanti plc including, as appropriate, subsidiaries and associate companies of AngloGold Ashanti plc and (ii) prior to the implementation of the corporate restructuring described below, AngloGold Ashanti Limited including, as appropriate, subsidiaries and associate companies of AngloGold Ashanti Limited. The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. Corporate restructuring In September 2023, the Group completed a corporate restructuring whereby its operations were reorganised under a new parent company, AngloGold Ashanti plc, incorporated in England and Wales and tax resident in the United Kingdom (UK), with a primary listing of its ordinary shares on the New York Stock Exchange (the "NYSE"), and secondary listings of its ordinary shares on the Johannesburg Stock Exchange (the "JSE") and A2X Market (the "A2X") in South Africa and of its ordinary shares and Ghanaian Depositary Shares on the Ghana Stock Exchange (the "GSE") in Ghana. Upon completion of the corporate restructuring, AngloGold Ashanti plc became the listed UK parent company of the Group and the successor issuer to AngloGold Ashanti Limited. The previous South African parent company of the Group, AngloGo

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View this 20-F filing on SEC EDGAR