Basin Energy (ASX:BSN) completed an IPO in October 2022 and is well-positioned as a uranium exploration and development company to take full advantage of the current political and economic environment for the global supply of uranium. The company operates three projects in the world-class Athabasca Basin in Saskatchewan, Canada, known as the world’s leading source of high-grade uranium, currently accounting for approximately 10 percent of global uranium production. The company’s projects are in close proximity to high-grade uranium discoveries and mining operations within the Athabasca Basin.
Interest in uranium has skyrocketed in recent months, driven by the need for lower emissions and stable power generation. Nuclear reactors provide significant power for 32 countries globally, including the US, Canada, China, France, Hungary, Japan and Finland.
Demand has become a key driver of uranium prices, with Sprott Asset Management further enhancing demand by launching two investment vehicles that have already found rapid success: Physical Uranium Trust (TSX:UUN) and Uranium Miners ETF (ARCA:URNM). Combined, existing demand and investment interest create a compelling opportunity for uranium miners and their investors.
In an interview with INN, founding director Peter Bird said, "It's hard to look past the Athabasca Basin as the premium mining jurisdictions for large, high-grade uranium deposits. The region also ranks highly as one of the most stable mining jurisdictions worldwide, which is an increasingly important factor given the current scrutiny on the source of uranium.”
Basin Energy has expanded its portfolio of potential world-class discoveries with the acquisition of projects in Sweden and Finland prospective for multiple commodities including uranium, copper, gold, silver, niobium and rare earth elements. The Scandinavian assets include the Virka project, along with its highly prospective satellite prospects Björkberget and Rävaberget. Exploration activities within the project include drilling across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and limited geochemical core sampling being completed.
Basin has interest in and is actively exploring three highly prospective properties positioned in the southeast corner and margins of the Athabasca Basin, an area well known for its uranium endowment and pedigree. These are the Geikie (60 percent, North Millenium (40 percent) and Marshall (100 percent) projects.
The project portfolio provides exposure to traditional “unconformity style” exploration, targeting the same mineralisation model as Cameco’s (TSE:CCO) prolific McArthur River mine which hosts 674.9Mlb uranium at 16.9 percent at its North Millenium and Marshall projects, as well as exposure to potentially shallower “basement style” exploration targeting deposits similar to NexGen Energy’s (TSE:NXE) Arrow deposit which hosts 30.61Mlb uranium at 4.6 percent.
The Geikie Project covers a significant area of 351 square kilometers on the eastern fringe of the Athabasca Basin and is easily accessible from Highway 905, which is located just 10 kilometers to the east. This portion of the Athabasca Basin is deemed perspective for shallow “basement style” mineralisation, but has traditionally been overlooked from much of the previous campaigns of uranium exploration. The discovery of multiple basement-hosted uranium ore bodies in recent years elsewhere in the district has driven a focus on the area.
The project was initially prioritized following a targeting review utilizing historical geophysics. Historical geochemistry confirmed the presence of uranium and suitable host lithologies. Recent nearby high-grade, shallow uranium discoveries by 92 Energy (ASX:92E) and Baselode Energy (TSXV:FIND), further enhance the overall prospectivity of the asset.
Since its IPO, the company has completed an extensive campaign of high resolution modern airborne geophysics including magnetics, radiometrics, electromagnetics and gravity gradiometry, as well as initial ground prospecting. These surveys have confirmed the pre-IPO geological interpretation and successfully identified a series of uranium targets.
Basin Energy completed its maiden 2,217-meter drilling program at Geikie in the summer of 2023, the first drilling to occur within the Project area in over 50 years. Drilling successfully identified uranium mineralisation with assays up to 0.27 percent U3O8. Uranium mineralisation is located proximal to two regionally significant structures at Aero Lake and Preston Creek with associated extensive hydrothermal alteration indicative of large uranium mineralising systems. Furthermore, an extensive geochemical pathfinder halo has been identified at Preston Creek, characteristic of uranium mineralising systems seen elsewhere in the district.
The company further expanded the Geikie Project with two additional claims consisting of 11.87 square kilometers, bringing the total Geikie project area to 350.87 square kilometers. The newly staked claims are adjacent to the Preston Creek and Hourglass Lake prospects, where Basin’s maiden exploration drilling is underway.
The company currently owns 60 percent of the Geikie Uranium Project following the fulfillment of expenditure requirements to meet the option payment. Basin has elected to proceed with the option agreement to increase its ownership to up to 80 percent through earn-in stages.
North Millennium is located just 7 kilometers north of Cameco’s (NYSE:CCJ) Millennium Deposit, which contains 104.8 million pounds (Mlb) U3O8 at 3.76 percent, and 40 kilometers southwest of their flagship McArthur River Mine hosting 674.9 Mlbs U3O8 at 16.9 percent. Within the property, Basin Energy has identified two high-priority targets along a 5-kilometer corridor for initial priority exploration. The initial target is where an interpreted extension of the Millennium Mother Fault intersects a strong basement conductor.
Located in the southeast corner of the Athabasca Basin, the Marshall Project has received limited historic exploration between 1979 and 2009, which included surface geochemistry, electromagnetic surveys and ground geophysics.
The Marshall Project contains a strong magnetic and conductive structure indicative of an unconformity-type uranium target, the asset’s primary target. Recently completed modern 3D inversion and processing works of historical geophysical data identified multiple geophysical anomalies above and below the Athabasca unconformity within the sandstone and basement stratigraphy at the Marshall Project.
Blake Steele is an experienced metals and mining industry executive and director with extensive knowledge across public companies and capital markets. He was formerly president and chief executive officer of Azarga Uranium (Azarga), a US-focused integrated uranium exploration and development company. He led Azarga into an advanced stage multi- asset business, which was ultimately acquired by enCore Energy (TSX.V:EU) for C$200 million in February 2022.
Pete Moorhouse has 18 years of mining and exploration geology experience with extensive experience in the junior uranium sector, having spent over 10 years with ASX-listed uranium explorer and developer Alligator Energy (ASX:AGE). He holds significant competencies in evaluating, exploring, resource drilling and feasibility studies across many global uranium and resource projects.
Jeremy Clark has over 19 years of mining and exploration geology experience. He previously held technical and management roles at the recognized consultancy firm RPM Global for over 13 years, gaining experience across a number of uranium, base metals, and precious metals deposits globally. Subsequent to RPM, Clark established his own boutique geological consultancy firm, Lily Valley, focused in regards to compliance-related issues, IPOs and M&A.
Cory Belyk holds 30 years’ experience in exploration and mining operations, project evaluation, business development and extensive global uranium experience most recently employed by Cameco in the Athabasca Basin. He was a member of the exploration management team that discovered Fox Lake & West McArthur uranium deposits. Currently CEO/VP of Canadian Athabasca uranium explorer and project generator, CanAlaska (TSXV:CVV).
Peter Bird is an investment banking professional with experience leading and managing a variety of global transactions including IPOs, Capital Raises and M&A Currently working with New York based investment fund, where he provides strategic funding solutions to a variety of international clients. He previously held the role of associate director at a Perth-based boutique corporate advisory firm focused on natural resources.
Ben Donovan has over 22 years of experience in the provision of corporate advisory and company secretary services. He holds extensive experience in ASX listing rules compliance and corporate governance and has served as a Senior Adviser to the ASX for nearly 3 years Currently CoSec to several ASX listed resource companies including M3 Mining (ASX:M3M), Magnetic Resources (ASX:MAU) and Legacy Iron Ore (ASX:LCY).
Odile Maufrais is an exploration geologist with over 14 years of experience and has an extensive understanding of the uranium exploration and mining industry, having worked at ORANO, one of the largest global uranium producers for 12 years on various assignments in Canada, Niger, and France. Maufrais has significant Athabasca Basin-specific experience, being involved on over 15 greenfield and brownfield uranium exploration projects located throughout the Basin. Her most recent roles for ORANO comprised leading various uranium exploration campaigns and being an active member of the ORANO research and development team, which involved working on trialing and implementing cost-effective and streamlined drilling techniques within the Athabasca Basin. She also played a key role in the update of the National Instrument 43-101 compliant mineral resource estimate for the Midwest Main and Midwest A deposits. Maufrais holds a Master of Science from Montpellier II University, France.
AngloGold Ashanti plc ("AngloGold Ashanti", "AGA" or the "Company") delivered significant year-on-year gains in earnings and free cash flow* in 2024, following continued focus on cost control and the year's strongest gold production period from its managed operations (2)(3)(4) in Q4 2024.
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Higher revenues were reflected in significantly stronger cash flow and earnings in a year where costs rose by less than half the inflation rate for managed operations, and the Company focused on active management of working capital.
Free cash flow* rose to $942m in 2024, up from $109m in 2023. Adjusted earnings before interest, tax, depreciation and amortisation ("Adjusted EBITDA*") rose 93% to $2.747bn, from $1.420bn in 2023.
"The significant growth in free cash flow* — to almost a billion dollars in 2024 — is a result of our focus on continued operational and efficiency improvements, which in turn have allowed us to capture the benefit of a healthy gold price," CEO Alberto Calderon said. "With the business receiving appropriate investment and the balance sheet at its strongest position in well over a decade, we're able to pass on those benefits to shareholders in a more generous dividend policy."
Headline earnings (5) of $954m, or 221 US cents per share for 2024, compared to a headline loss (5) of $46m, or 11 US cents per share for 2023. The average gold price received per ounce* for the group rose 24% to $2,394/oz in 2024 from $1,930/oz in 2023.
New Dividend Policy Improves Competitiveness
As a result of improved operational fundamentals, a robust balance sheet, and increased confidence in the Company's outlook, the Company's Board of Directors has approved a revised dividend policy aimed at delivering enhanced and sustainable shareholder returns. Under the new policy, AngloGold Ashanti will target a 50% payout of free cash flow, where free cash flow is defined as operating cash flow less capital expenditure of managed operations, subject to maintaining an adjusted net debt to adjusted EBITDA ratio of 1.0 times. Additionally, the revised policy introduces a base dividend of $0.50 per share per annum, payable in quarterly increments of $0.125 per share. This base dividend represents the minimum payout, ensuring a stable return to shareholders even through commodity price cycles. This enhanced policy reflects the Company's commitment to strong capital discipline, financial resilience, and delivering long-term value to shareholders, while providing greater predictability and downside protection in varying market conditions.
An interim dividend of $347m, or 69 US cents per share, was declared for the second half. This takes the total payout for 2024 to $439m, or 91 US cents per share.
The new policy is an important part of a balanced capital allocation framework. The leverage target — a maximum of one times Adjusted net debt* to Adjusted EBITDA*, through the cycle — remains unchanged, as does ensuring a well capitalised portfolio and the ability to fund growth projects.
Lowest Leverage Since 2011
The balance sheet remained in a strong position after funding all capital expenditure, the prior dividend payment and the cash portion of the acquisition of Centamin plc ("Centamin"). At the end of 2024, Adjusted net debt* was $567m, and the Adjusted net debt* to Adjusted EBITDA* ratio was 0.21 times, the lowest since 2011. There was approximately $2.6bn in liquidity, including cash and cash equivalents of $1.4bn, at year end.
Improved Fundamentals Support 2024 Performance
AngloGold Ashanti posted strong performances from several key operations during 2024, demonstrating improved operational resilience. The Australian mines recovered well from rains and flooding in the first half of the year, while Siguiri finished the year well after Q1 2024 production was impacted by metallurgical recovery challenges.
The marked operational turnaround of the Brazilian operations also continued to gain momentum following resumption of concentrate processing at the Queiroz plant during Q3 2024. Obuasi delivered an improved Q4 2024 performance, in line with its revised mine plan, amid improved sub-level open stoping and the continued rollout of the underhand drift and fill method.
The Company's Total Recordable Injury Frequency Rate ("TRIFR") of 0.98 injuries per million hours worked in 2024 improved compared to 1.09 in 2023, and remains far better than the average 2023 performance of 2.59 injuries per million hours worked by the members of the International Council on Mining and Metals.
Group gold production (2)(3)(4) , including 40,000oz from Sukari, was 2.661Moz for 2024. Gold production (2)(3)(4) for the year was driven by year-on-year improvements at Cuiabá (AGA Mineração) (+8%), Cerro Vanguardia (+7%), Siguiri (+5%), Sunrise Dam (+3%) and Tropicana (+1%), as well as the introduction of Sukari into the portfolio. These increases were partly offset by lower gold production contributions from Iduapriem (-12%), Kibali (-10%) and Serra Grande (-7%). At Obuasi, gold production for the year was 221,000oz, in line with recent guidance, at a total cash cost* of $1,214/oz. The Obuasi mine generated $26m of free cash flow* for 2024.
The solid gold production performance from AngloGold Ashanti's managed operations, alongside continued implementation of the Full Asset Potential programme and increased vigilance on expenditures at the site level, delivered a strong overall cost performance despite persistent inflation across several of its operating jurisdictions. The aggregate inflation rate for the group was about 6.6%, which represents consumer price index (CPI) changes in the jurisdictions in which the Company operates. This increase in inflation was partially mitigated by favourable exchange rate fluctuations.
Total cash costs per ounce* for the group (1)(2)(3) rose 4% year-on-year to $1,157/oz in 2024 versus $1,115/oz in 2023. Total cash costs per ounce* for managed operations (1)(2)(3) rose by only 2% year-on-year to $1,187/oz in 2024 versus $1,162/oz in 2023, despite inflationary pressures on labour, material and contractor costs, and the impact of higher royalties paid, driven by the increase in the average gold price received per ounce*. All-in sustaining costs per ounce* ("AISC") for the group (1)(2)(3) rose 4% year-on-year to $1,611/oz in 2024 versus $1,544/oz in 2023 mainly due to increased total cash costs per ounce * and higher sustaining capital expenditure*.
Continued Exploration Success
The Company has achieved significant exploration success over the past five years, adding 20.9Moz to its gold Mineral Reserve before accounting for depletion and including the acquisition of Centamin. This marks the seventh consecutive year that AngloGold Ashanti has recorded annual increases in gold Mineral Reserve before depletion. Following the acquisition of Centamin, total group Mineral Reserve at the end of 2024, was 31.2Moz, total group gold Measured and Indicated Mineral Resource was 67.1Moz and total group gold Inferred Mineral Resource was 55.0Moz.
Strong Operational Performance Recorded in Q4 2024
Gold production for the group (1)(2)(3)(4) , including 40,000oz from the newly acquired Sukari mine, was 750,000oz for Q4 2024 versus 738,000oz in Q4 2023.
Total cash costs per ounce* for the group (1)(2)(3) increased 9% year-on-year to $1,144/oz in Q4 2024 from $1,050/oz in Q4 2023. AISC per ounce* for the group (1)(2)(3) rose by 3% year-on-year in Q4 2024 to $1,647/oz compared with $1,598/oz in Q4 2023.
Headline earnings (5) of $405m, or 89 US cents per share, in Q4 2024, compared to headline earnings (5) of $87m, or 21 US cents per share, in Q4 2023. Adjusted EBITDA* increased to $884m in Q4 2024 from $574m in Q4 2023. Free cash flow* rose to $389m during Q4 2024, from $293m in Q4 2023.
Sukari Acquisition Bolsters Portfolio
On 22 November 2024, the acquisition of Centamin was successfully completed. Integration of the Sukari gold mine, and Eastern Desert Exploration commenced immediately. Sukari contributed 40,000oz of gold production at a total cash cost* of $1,165/oz in 2024. The mine contributed $61m in free cash flow* to group free cash flow* in 2024.
"The addition of Sukari, a true tier-one operation, provides a step-change in our production profile, while improving the cost outlook and enhancing cash flow generation", CEO Alberto Calderon said .
Outlook (6)
The Company is pleased to provide updated 2025 guidance, following the successful integration of Sukari into the portfolio. Gold production for the group (2)(3)(4) is forecast to range between 2,900Moz and 3,225Moz. Total cash cost* for the group (2)(3) is forecast to range between $1,125/oz and $1,225/oz and AISC* for the group (2)(3) is forecast to range between $1,580/oz and $1,705/oz. Total capital expenditure for the group (2)(3) is expected to be between $1,620m and $1,770m.
(1) All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the Córrego do Sítio ("CdS") operation that was placed on care and maintenance in August 2023.
(2) The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" (i.e., Kibali) 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.
(3) On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin was included in the financial year ended 31 December 2024 from the effective date of acquisition.
(4) Includes gold concentrate from the Cuiabá mine sold to third parties.
(5) The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS ® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.
(6) Refer to the disclaimer below the heading "Guidance" in the full announcement for further information.
* Refer to "Non-GAAP disclosure" for definitions and reconciliations.
Key Statistics | Quarter | Quarter | Year | Year | ||
ended | ended | ended | ended | |||
Dec | Dec | Dec | Dec | |||
US Dollar million, except as otherwise noted | 2024 | 2023 | 2024 | 2023 | ||
Operating review | ||||||
Gold | ||||||
Produced - Group (1) (2) (3) (4) | - oz (000) | 750 | 738 | 2,661 | 2,644 | |
Produced - Managed operations (1) (2) (3) (4) | - oz (000) | 670 | 645 | 2,352 | 2,301 | |
Produced - Non-managed joint ventures (2) | - oz (000) | 80 | 93 | 309 | 343 | |
Sold - Group (1) (2) (3) (4) | - oz (000) | 725 | 711 | 2,679 | 2,624 | |
Sold - Managed operations (1) (2) (3) (4) | - oz (000) | 647 | 619 | 2,370 | 2,281 | |
Sold - Non-managed joint ventures (2) | - oz (000) | 78 | 92 | 309 | 343 | |
Financial review | ||||||
Gold income | - $m | 1,716 | 1,223 | 5,673 | 4,480 | |
Cost of sales - Group | - $m | 1,144 | 1,023 | 4,106 | 3,913 | |
Cost of sales - Managed operations | - $m | 1,043 | 929 | 3,726 | 3,541 | |
Cost of sales - Non-managed joint ventures | - $m | 101 | 94 | 380 | 372 | |
Total operating costs | - $m | 815 | 740 | 2,911 | 2,870 | |
Gross profit | - $m | 707 | 327 | 2,067 | 1,041 | |
Average gold price received per ounce* - Group (1) (2) (3) | - $/oz | 2,653 | 1,971 | 2,394 | 1,930 | |
Average gold price received per ounce* - Managed operations (1) (2) (3) | - $/oz | 2,652 | 1,969 | 2,393 | 1,927 | |
Average gold price received per ounce* - Non-managed joint ventures (2) | - $/oz | 2,662 | 1,984 | 2,401 | 1,948 | |
All-in sustaining costs per ounce* - Group (1) (2) (3) | - $/oz | 1,647 | 1,598 | 1,611 | 1,544 | |
All-in sustaining costs per ounce* - Managed operations (1) (2) (3) | - $/oz | 1,702 | 1,701 | 1,672 | 1,634 | |
All-in sustaining costs per ounce* - Non-managed joint ventures (2) | - $/oz | 1,188 | 907 | 1,146 | 951 | |
All-in costs per ounce* - Group (1) (2) (3) | - $/oz | 1,840 | 1,794 | 1,846 | 1,754 | |
All-in costs per ounce* - Managed operations (1) (2) (3) | - $/oz | 1,895 | 1,909 | 1,910 | 1,857 | |
All-in costs per ounce* - Non-managed joint ventures (2) | - $/oz | 1,388 | 1,023 | 1,351 | 1,074 | |
Total cash costs per ounce* - Group (1) (2) (3) | - $/oz | 1,144 | 1,050 | 1,157 | 1,115 | |
Total cash costs per ounce* - Managed operations (1) (2) (3) | - $/oz | 1,165 | 1,092 | 1,187 | 1,162 | |
Total cash costs per ounce* - Non-managed joint ventures (2) | - $/oz | 967 | 761 | 935 | 802 | |
Profit before taxation | - $m | 698 | 144 | 1,672 | 63 | |
Adjusted EBITDA* | - $m | 884 | 574 | 2,747 | 1,420 | |
Total borrowings | - $m | 2,125 | 2,410 | 2,125 | 2,410 | |
Adjusted net debt* | - $m | 567 | 1,268 | 567 | 1,268 | |
Profit (loss) attributable to equity shareholders | - $m | 470 | 28 | 1,004 | (235) | |
- US cents/share | 103 | 7 | 233 | (56) | ||
Headline earnings (loss) (5) | - $m | 405 | 87 | 954 | (46) | |
- US cents/share | 89 | 21 | 221 | (11) | ||
Net cash inflow from operating activities | - $m | 690 | 404 | 1,968 | 971 | |
Free cash flow* | - $m | 389 | 293 | 942 | 109 | |
Capital expenditure - Group (2)(3) | - $m | 369 | 357 | 1,215 | 1,127 | |
Capital expenditure - Managed operations (2)(3) | - $m | 333 | 334 | 1,090 | 1,042 | |
Capital expenditure - Non-managed joint ventures (2) | - $m | 36 | 23 | 125 | 85 | |
(1) All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the Córrego do Sítio ("CdS") operation that was placed on care and maintenance in August 2023. All gold production, gold sold, average gold price received per ounce*, all-in sustaining costs per ounce*, all-in costs per ounce* and total cash costs per ounce* metrics in this document have been adjusted to exclude the CdS operation, unless otherwise stated. | ||||||
(2) The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" (i.e., Kibali) 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. | ||||||
(3) On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin was included in the financial year ended 31 December 2024 from the effective date of the acquisition. | ||||||
(4) Includes gold concentrate from the Cuiabá mine sold to third parties. | ||||||
(5) The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS ® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures. | ||||||
* Refer to "Non-GAAP disclosure" in the Full Announcement for definitions and reconciliations. | ||||||
$ represents US Dollar, unless otherwise stated. | ||||||
Rounding of figures may result in computational discrepancies. | ||||||
AngloGold Ashanti plc today announces an interim dividend for the six months ended 31 December 2024 of 69 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply.
To holders of ordinary shares on the New York Stock Exchange (NYSE)
2025 | |
Ex-dividend on NYSE | Friday, 14 March |
Record date | Friday, 14 March |
Payment date | Friday, 28 March |
To holders of ordinary shares on the South African Register
Additional information for South African resident shareholders of AngloGold Ashanti:
Shareholders registered on the South African section of the register are advised that the distribution of 69 US cents per ordinary share will be converted to South African rands at the applicable exchange rate.
In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows:
2025 | |
Declaration date | Wednesday, 19 February |
Currency conversion rate for South African rands announcement date | Friday, 7 March |
Last date to trade ordinary shares cum dividend | Tuesday, 11 March |
Ordinary shares trade ex-dividend | Wednesday, 12 March |
Record date | Friday, 14 March |
Payment date | Friday, 28 March |
Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant CSDP (as defined below) or broker.
To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 12 March 2025 and Friday, 14 March 2025, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 7 March 2025 and Friday, 14 March 2025, both days inclusive.
Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 7 March 2025.
To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD
2025 | |
Currency conversion date | Friday, 7 March |
Last date to trade and to register shares cum dividend | Tuesday, 11 March |
Shares trade ex-dividend | Wednesday, 12 March |
Record date | Friday, 14 March |
Approximate payment date of dividend | Friday, 28 March |
To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share
2025 | |
Currency conversion date | Friday, 7 March |
Last date to trade and to register GhDSs cum dividend | Tuesday, 11 March |
GhDSs trade ex-dividend | Wednesday, 12 March |
Record date | Friday, 14 March |
Approximate payment date of dividend | Friday, 28 March |
Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 69 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/¢15.5000, the gross dividend payable per share, is equivalent to ca. ¢10.695 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
Entitlement to interim dividends
A "Shareholder of Record" is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A "Beneficial Owner" is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant ("CSDP"), Shareholder of Record or other agent (sometimes referred to as holding shares "in street name").
AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
Johannesburg, South Africa
19 February 2025
JSE Sponsor: The Standard Bank of South Africa Limited
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as "believe", "expect", "aim", "anticipate", "intend", "foresee", "forecast", "predict", "project", "estimate", "likely", "may", "might", "could", "should", "would", "seek", "plan", "scheduled", "possible", "continue", "potential", "outlook", "target" or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2023 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti's future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
Non-GAAP financial measures
This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.
Website: www.anglogoldashanti.com
December 2024 Published 19 February 2025
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219334902/en/
Media
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@anglogoldashanti.com
General inquiries: media@anglogoldashanti.com
Investors
Yatish Chowthee: +27 11 637 6273 / +27 78 364 2080 yrchowthee@anglogoldashanti.com
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@anglogoldashanti.com
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Formal Commencement of International Arbitration Proceedings for Significant Damages Claim
Sarama Resources Ltd. ("Sarama" or the "Company") (TSX-V:SWA)(ASX:SRR) announces that it has formally commenced arbitration proceedings against the State of Burkina Faso in relation to a dispute concerning the expropriation of the Company's Sanutura Project (refer to news release dated 5 September 2023
The Company will seek full compensation for the loss and damages the Company has suffered as a result of certain acts and omissions by the Government of Burkina Faso. Based on a preliminary estimate, the Company will be seeking damages of no less than A$180 million and as the arbitration proceeds, the Company expects to appoint a quantum expert who will prepare a professional damages assessment for review by the arbitration tribunal.
Following the establishment of a non-recourse litigation funding facility of A$6.7M (refer to news release dated 24 October 2024), the Company has submitted a Request for Arbitration ("RFA") to the International Centre for Investment Disputes ("ICSID"), a division of the World Bank Group. The submission of the RFA setting out the preliminary details of the case and addressing certain procedural matters marks the formal commencement of the arbitration process.
The Company's arbitration claim will be pursued according to the established and enforceable legal framework of ICSID which has heard numerous investor-state disputes, including recent proceedings brought by Indiana Resources (IDA:ASX) and GreenX Metals (ASX:GRX) which resulted in awards in favour of the claimants of A$180M and A$490M respectively.
The submission of the RFA follows the prior issuance of a Notice of Intent to Submit Claims to Arbitration to the Government of Burkina Faso (refer to news release dated 30 November 2024) which initiated a 60-day consultation period between the parties to amicably resolve the dispute. Despite the Company's best efforts, the Government of Burkina Faso neglected to respond and no settlement was reached, leaving Sarama with no alternative but to initiate international arbitration proceedings.
The Company has engaged Boies Schiller Flexner (UK) LLP ("BSF"), a leading international law firm, to assist with legal matters pertaining to the dispute (refer to news release dated 17 October 2023). BSF is an internationally recognised dispute resolution law firm with extensive experience representing investors in international investment arbitrations in the mining and natural resources sectors worldwide.
For further information, please contact:
Andrew Dinning
Sarama Resources Ltd
e: info@saramaresources.com
t: +61 8 9363 7600
CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, the quantum and pursuit of compensation for the loss and damages; the intention to appoint a quantum expert and preparation of a professional damages assessment; and the pursuit and outcome of the arbitration claim. Actual results may vary from the forward-looking information due to known and unknown risks, uncertainties and other factors. Such factors include, among others, foreign country and political risks, including risks relating to foreign operations and expropriation or nationalization of mining operations; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information.
Sarama does not undertake to update any forward-looking information, except as required by applicable laws.
This announcement has been authorised by the Board of Sarama Resources.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sarama Resources Ltd.
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