Mineral Resource and
Mineral Reserve Report
2023
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The Mineral Resource and Mineral Reserve at 31 December 2023 for AngloGold Ashanti are reported by the SEC mining property disclosure requirements set forth in Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”).
AngloGold Ashanti has its primary listing on the New York Stock Exchange (NYSE). AngloGold Ashanti remains committed to the Johannesburg Stock Exchange (JSE) and A2X Market (A2X) in South Africa and the Ghana Stock Exchange (GSE) in Ghana on which it has maintained secondary listings.
The reporting criteria, as outlined in Regulation S-K 1300, have been used in the preparation of internal documentation for each operation, from which the numbers stated in this report have been drawn.
In compliance with Regulation S-K 1300, the Mineral Resource in this report is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated.
2023 at a glance
AngloGold Ashanti reports a 59.9Moz gold Measured and Indicated Mineral Resource, 46.4Moz gold Inferred Mineral Resource and 28.1Moz gold Mineral Reserve after revisions, depletion and the sale of Gramalote at 31 December 2023. This disclosure includes the first-time Mineral Resource for the Merlin deposit in the Expanded Silicon project and the first-time Mineral Reserve for the North Bullfrog project, both in Nevada.
Africa’s gold Measured and Indicated Mineral Resource experienced significant growth with noteworthy additions at Geita, Siguiri, and Obuasi.
Gold Inferred Mineral Resource has shown an increase in Nevada with Silicon and Merlin exploration success, coupled with acquisitions, driving the three-year growth for the Projects.
The North Bullfrog project boosts the 2023 gold Mineral Reserve by 1Moz, maintaining nearly consistent levels for the Group over three years.
The total gold Mineral Resource increased 5.6Moz pre-depletion and at year-end included Measured and Indicated Mineral Resource of 59.9Moz at a grade of 1.13g/t and Inferred Mineral Resource of 46.4Moz at a grade of 1.20g/t.
First-time reporting of the Merlin gold Inferred Mineral Resource in the Expanded Silicon project of 9.1Moz at 0.99g/t after the successful completion and approval of an initial assessment. Notably, the Obuasi, Siguiri and Geita operations contribute significantly to gold Mineral Resource revisions excluding depletion.
The total copper Mineral Resource included Measured and Indicated Mineral Resource of 2,902Mlb at 0.68% copper and Inferred Mineral Resource of 3,231Mlb at 0.48% copper at year-end.
The total gold Mineral Reserve increased 2.2Moz pre-depletion and at year-end included a Mineral Reserve of 28.1Moz at 1.66g/t. The total copper Mineral Reserve was 3,250Mlb at 1.23% copper at year-end.
First-time reporting of the North Bullfrog Mineral Reserve of 1.0Moz at 0.43g/t after the successful completion and approval of a Feasibility Study (FS). The Kibali, Tropicana and Geita operations additionally contributed to gold Mineral Reserve revisions excluding depletion.
Summary of three-year changes per region / project
Year-on-year reconciliation
Gold
The AngloGold Ashanti gold Measured and Indicated Mineral Resource decreased from 60.6Moz at 31 December 2022 to 59.9Moz at 31 December 2023. Additions included exploration and modelling changes of 1.5Moz. Reductions included the sale of Gramalote of 2.0Moz and economic assumptions of 0.2Moz. As a result, the net year-on-year gold Measured and Indicated Mineral Resource reduction was 0.7Moz.
The AngloGold Ashanti gold Inferred Mineral Resource increased from 40.8Moz at 31 December 2022 to 46.4Moz at 31 December 2023. Additions included exploration and modelling changes of 8.7Moz. The additions were partially offset by reductions which included the sale of Gramalote of 0.6Moz, changes in economic assumptions of 1.3Moz and other factors of 1.2Moz. As a result, the net year-on-year gold Inferred Mineral Resource addition was 5.6Moz. The gold Inferred Mineral Resource included for the first time the Inferred Mineral Resource of 9.1Moz declared at the Merlin deposit in the Expanded Silicon project after the successful completion and approval of an initial assessment.
The gold Mineral Resource at 31 December 2023 was estimated using a gold price of $1,750/oz, unless otherwise stated (2022: $1,750/oz).
Year-on-year changes
| Moz | |||
|---|---|---|---|
| Measured and Indicated | Inferred | ||
| Mineral Resource at 31 December 2022 | 60.6 | 40.8 | |
| Disposals | Gramalote | (2.0) | (0.6) |
| Sub-total | 58.6 | 40.2 | |
| Notable Changes | Due to: | ||
| Merlin | A first-time Mineral Resource was declared after the successful completion of an initial assessment based on exploration success. | – | 9.1 |
| Obuasi | The addition was mainly due to exploration drilling, underground model updates and the remodelling of Anyinam open pit, and was partially offset by an increase in cost. Void management is ongoing and has resulted in the net restoration of previously unmineable stopes. | 1.4 | (1.2) |
| Siguiri | The addition was mainly due to exploration drilling and modelling activities at Sokunu, Kozan North, Kalamagna and Kounkoun as well as improved costs. | 0.8 | 0.3 |
| Geita | The addition of exploration success for Measured and Indicated Mineral Resource was mainly due to accelerated drilling activities at Geita Hill and Nyankanga underground as well as favourable cost reductions which led to a drop in the cut-off grade. This was partially offset by Mineral Resource conversion and methodology changes for Inferred Mineral Resource. | 0.6 | (0.3) |
| North Bullfrog | The net reduction was mainly as a result of the Mineral Reserve being declared for the first time after the successful completion of a FS. | (0.8) | (0.1) |
| Other | Combined impact of other changes less than 0.5Moz. | (0.7) | (1.6) |
| Mineral Resource at 31 December 2023 | 59.9 | 46.4 | |
Copper
The AngloGold Ashanti copper Mineral Resource remained unchanged at 1.32Mt (2,902Mlb) Measured and Indicated Mineral Resource and 1.47Mt (3,231Mlb) Inferred Mineral Resource at 31 December 2023 as compared to 31 December 2022, as a FS optimisation is still ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Resource at 31 December 2023 was estimated using a copper price of $3.50/lb (2022: $3.50/lb).
Year-on-year changes
| Mlb | |||
|---|---|---|---|
| Measured and Indicated | Inferred | ||
| Mineral Resource at 31 December 2022 | 2,902 | 3,231 | |
| No changes | Due to: | ||
| Quebradona | The optimisation of the FS is still ongoing and no additional exploration has been completed. | – | – |
| Mineral Resource at 31 December 2023 | 2,902 | 3,231 | |
Gold
The AngloGold Ashanti gold Mineral Reserve decreased from 28.8Moz at 31 December 2022 to 28.1Moz at 31 December 2023. Additions of 2.5Moz to the gold Mineral Reserve included 2.0Moz from exploration and modelling changes and 0.5Moz due to other impacts. The 2.0Moz from exploration and modelling included the first-time reporting of the North Bullfrog gold Mineral Reserve of 1.0Moz after the successful completion and approval of a FS. Reductions included depletion of 2.9Moz and economic assumptions of 0.3Moz. As a result, the net year-on-year gold Mineral Reserve reduction is 0.7Moz. The gold Mineral Reserve at 31 December 2023 was estimated using a gold price of $1,400/oz, unless otherwise stated (2022: $1,400/oz).
Year-on-year changes
| Moz | ||
|---|---|---|
| Mineral Reserve at 31 December 2022 | 28.8 | |
| Depletion | (2.9) | |
| Sub-total | 25.9 | |
| Notable Additions | Due to: | |
| North Bullfrog | A first-time Mineral Reserve was declared after the successful completion of a FS. | 1.0 |
| Kibali | The addition was mainly due to exploration success at 11000 Lode, Rhino, Sessenge and Mengu and a decrease in the cut-off used for Pamao Main pit. | 0.5 |
| Tropicana | The addition was mainly due to new exploration drilling and model changes in Boston Shaker and Havana underground and inclusion of stockpiled material. The impact of the cost increase in the open pit was partially offset by an operational change in the open pit design. | 0.5 |
| Geita | The addition was mainly due to exploration success at Nyankanga and Star and Comet, improvement in processing and rehandling costs as well as contractor rates, together with open pit operational changes partially offset by revised Mineral Resource models in the open pit. | 0.3 |
| Other | Combined impact of additions less than 0.3Moz. | 0.4 |
| Sub-total | 28.6 | |
| Notable Reductions | Due to: | |
| Obuasi | The reduction was mainly due to an increase in sustaining capital expenditure and operating costs and changes in the mining recovery factor. | (0.4) |
| Other | Combined impact of reductions less than 0.3Moz. | (0.1) |
| Mineral Reserve at 31 December 2023 | 28.1 | |
Copper
The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) at 31 December 2023 as compared to 31 December 2022, as a FS optimisation is still ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Reserve at 31 December 2023 was estimated using a copper price of $2.90/lb (2022: $2.90/lb).
Year-on-year changes
| Mlb | ||
|---|---|---|
| Mineral Reserve at 31 December 2022 | 3,250 | |
| No changes | Due to: | |
| Quebradona | The optimisation of the FS is still ongoing and no additional exploration has been completed. | – |
| Mineral Reserve at 31 December 2023 | 3,250 | |
By-products
Several by-products are expected to be recovered as a result of processing of the gold Mineral Reserve and copper Mineral Reserve. These include 0.23Mt of sulphur from Brazil, 17.16Moz of silver from Argentina, 28.10Moz of silver from Colombia and 3.34Moz of silver from Nevada, USA. Molybdenum, at present, is not planned for recovery at Quebradona. The Quebradona process plant has been designed to treat underground ore and to produce copper concentrate with provision of space in the plant site for a molybdenum plant in the future.
Qualified Persons
The information in this report relating to Mineral Resource and Mineral Reserve on AngloGold Ashanti’s material properties is based on information compiled by, or under the supervision of, Qualified Persons, as defined in Regulation S-K 1300.
All Qualified Persons were employed by AngloGold Ashanti at the time of preparing the Technical Report Summaries in respect of AngloGold Ashanti’s material properties that will be filed as exhibits to the Company’s annual report on Form 20-F for the year ended 31 December 2023 with the SEC. However, one of the Qualified Persons who provided the information for the Technical Report Summary (effective date: 31 December 2021) in respect of Kibali is no longer employed by AngloGold Ashanti and is currently employed by Barrick, which has a 45 percent interest in Kibali. Mr. Richard Peattie has provided an updated consent to the use of his name, or any quotation from, or summarisation of, the Technical Report Summary (effective date: 31 December 2021) prepared by him in the Company’s annual report on Form 20-F for the year ended 31 December 2023 to be filed with the SEC, and to the filing of the Technical Report Summary (effective date: 31 December 2021) as an exhibit thereto.
AngloGold Ashanti has internal controls for documenting the information supporting the Mineral Resource and Mineral Reserve estimates, describing the methods used, and ensuring the validity of the estimates. Information that is utilised to compile the Mineral Resource and Mineral Reserve in the Company’s annual report on Form 20-F for the year ended 31 December 2023 to be filed with the SEC is prepared and reviewed by the relevant Qualified Persons at each property.
All Qualified Persons have sufficient experience relevant to the style of mineralisation and the type of deposit under consideration, and relevant to the activity which they are undertaking. AngloGold Ashanti has recognised that in preparing the information with respect to Kibali, the Qualified Persons have relied on information provided by Barrick. The legal tenure of each material property has been verified to the satisfaction of the accountable Qualified Person and all of the Mineral Reserve has been confirmed to be covered by the required mining permits or there exists a realistic expectation that these permits will be issued. The Qualified Persons have provided consent to the inclusion of the Mineral Resource and Mineral Reserve information in this report and the Company’s annual report on Form 20-F for the year ended 31 December 2023 to be filed with the SEC, in the form and context in which it appears, as well as the public filing of the Technical Report Summary for each respective material mining property filed as exhibits thereto.
The Company has a tiered internal review process whereby the Mineral Resource and Mineral Reserve is reviewed by the relevant Qualified Persons at a regional and corporate level prior to publication.
Accordingly, the Chairperson of the Mineral Resource and Mineral Reserve Leadership Team (“RRLT”), Mrs. TM Flitton, Vice President Resource and Reserve, Master of Engineering (Mining), Bachelor of Science (Honours, Geology), RM SME, Pr.Sci.Nat (SACNASP), FGSSA, assumes responsibility for the Mineral Resource and Mineral Reserve processes for AngloGold Ashanti. Mrs. TM Flitton has 22 years’ experience in mining with 11 years directly leading and managing Mineral Resource and Mineral Reserve reporting. She is employed fulltime by AngloGold Ashanti and can be contacted at the following address: 112 Oxford Road, Houghton Estate, Johannesburg, 2198, South Africa. Mrs. TM Flitton consents to the inclusion of the Mineral Resource and Mineral Reserve information in this report, in the form and context in which it appears in the narrative disclosure.