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Mineral Resource and
Mineral Reserve Report
as at 31 December 2024
Mining to empower people
and advance societies
The Mineral Resource and Mineral Reserve at 31 December 2024 for AngloGold Ashanti are reported in accordance with the SEC mining property disclosure requirements set forth in Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”).
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.
Measured and Indicated Mineral Resource is reported separately from Inferred Mineral Resource in our reports. Mineral Resource and Mineral Reserve estimates are reported at 31 December 2024 and are net of depletion.
For additional information, refer to Table 1 (Summary Mineral Resource) and Table 2 (Summary Mineral Reserve) to Paragraph (b) of Item 1303 (Summary disclosure) of Regulation S-K below. These summary tables will also be presented in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2024 to be filed with the SEC. These summary tables include each class of Mineral Resource (Inferred, Indicated and Measured) together with total Measured and Indicated Mineral Resource, and each class of Mineral Reserve (Probable and Proven) together with total Mineral Reserve.
2024
year in review
AngloGold Ashanti reports a 67.1Moz gold Measured and Indicated Mineral Resource, 55.0Moz gold Inferred Mineral Resource and 31.2Moz gold Mineral Reserve after revisions, depletion and the acquisition of Centamin at 31 December 2024. The disclosure in this report includes the Mineral Resource and Mineral Reserve of the assets acquired as part of the Centamin acquisition, including the Sukari Gold Mine in Egypt.
Mineral Resource
The gold Measured and Indicated Mineral Resource increased 7.6Moz and gold Inferred Mineral Resource increased 8.6Moz pre-depletion including the acquisition of the Centamin assets and at the 2024 year-end included gold Measured and Indicated Mineral Resource of 67.1Moz at a grade of 1.14g/t and gold Inferred Mineral Resource of 55.0Moz at a grade of 1.21g/t.
Gold Measured and Indicated Mineral Resource (Moz)
Gold Inferred Mineral Resource (Moz)
The gold Mineral Resource increase includes the acquisition of Centamin assets, adding 2.8Moz for Measured and Indicated Mineral Resource and 3.0Moz for Inferred Mineral Resource. Notable contributions to Mineral Resource revisions, excluding depletion, came from the Obuasi, Sunrise Dam, Kibali, Geita, and Iduapriem operations, along with the Expanded Silicon project.
The 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 the 2024 year-end.
Mineral Reserve
Gold Mineral Reserve (Moz)
The gold Mineral Reserve increased 6.4Moz pre-depletion including the acquisition of the Centamin assets and at the 2024 year-end included a Mineral Reserve of 31.2Moz at 1.63g/t. The copper Mineral Reserve was 3,250Mlb at 1.23% copper at the 2024 year-end.
The gold Mineral Reserve increase includes the acquisition of Centamin assets, adding 4.1Moz to the Mineral Reserve. Notable contributions to Mineral Reserve revisions, excluding depletion, came from the Geita and AngloGold Ashanti Córrego do Sítio Mineração (AGA Mineração) operations.
Year-on-year reconciliation
Gold
The AngloGold Ashanti gold Measured and Indicated Mineral Resource increased from 59.9Moz at 31 December 2023 to 67.1Moz at 31 December 2024. Additions included the acquisition of Centamin assets (Sukari and Doropo) of 2.8Moz, exploration and modelling changes of 2.6Moz, changes in economic assumptions of 1.6Moz and other changes of 0.2Moz. As a result, the net year-on-year gold Measured and Indicated Mineral Resource addition was 7.2Moz.
The AngloGold Ashanti gold Inferred Mineral Resource increased from 46.4Moz at 31 December 2023 to 55.0Moz at 31 December 2024. Additions included the acquisition of Centamin assets (Sukari, Doropo and ABC) of 3.0Moz, exploration and modelling changes of 3.6Moz and changes in economic assumptions of 2.1Moz. The additions were partially offset by reductions which included other factors of 0.1Moz. As a result, the net year-on-year gold Inferred Mineral Resource addition was 8.6Moz.
The gold Mineral Resource at 31 December 2024 was estimated using a gold price of $1,900/oz, unless otherwise stated (2023: $1,750/oz).
Year-on-year reconciliation Measured & Indicated Mineral Resource Gold (Moz)
Year-on-year reconciliation Inferred Mineral Resource Gold (Moz)
Year-on-year changes
| Moz | |||
|---|---|---|---|
| Measured and Indicated | Inferred | ||
| Mineral Resource at 31 December 2023 | 59.9 | 46.4 | |
| Acquisition | Sukari, Doropo and ABC after depletion | 2.8 | 3.0 |
| Sub-total | 62.7 | 49.4 | |
| Notable Changes | Due to: | ||
| Obuasi | The addition was due to exploration drilling, along with underground model revisions, an increase in the Mineral Resource price, cost reduction initiatives and geotechnical changes. | 1.5 | 1.9 |
| Expanded Silicon | The addition was due to exploration drilling and reinterpretation of the geological model for Merlin and was partially offset by geotechnical changes and increased projected mining and processing costs. | — | 3.0 |
| Sunrise Dam | The addition was due to moderate gains from exploration drilling and methodology. Increased scheduled mining costs were completely offset by increased Mineral Resource price and a more favourable exchange rate resulting in decreased cut-off grades for both open pit and underground Mineral Resource. | 1.2 | — |
| Kibali | The addition was due to exploration drilling and modelling at Rhino, Gorumbwa and Kombokolo as well as an increase in the Mineral Resource price from $1,700/oz to $1,900/oz, except for Mengu Hill which was reported at $1,700/oz. The addition was partially offset by increased actualised costs and depletion. | 0.7 | 0.1 |
| Geita | The addition was largely due to exploration success from accelerated drilling activities and model revisions. The increase in the Mineral Resource price was partially offset by higher costs related to both open pit and underground mining. | 0.3 | 0.7 |
| Iduapriem | The addition was mainly due to Mineral Resource conversion drilling at Blocks 4 and 5, and an increase in the Mineral Resource price. The additions were partially offset by changes in the geological model in Block 4, increased costs, and geotechnical parameters. | 0.5 | 0.6 |
| ABC | Acquired in November 2024, reductions due to methodology changes of constraining the Mineral Resource by a $2,000/oz pit shell. | — | (0.6) |
| Other | Combined impact of other changes less than 0.5Moz. | 0.2 | (0.1) |
| Mineral Resource at 31 December 2024 | 67.1 | 55.0 | |
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 2024 as compared to 31 December 2023, as a feasibility study optimisation is still ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Resource at 31 December 2024 was estimated using a copper price of $3.50/lb (2023: $3.50/lb).
Year-on-year changes
| Mlb | |||
|---|---|---|---|
| Measured and Indicated | Inferred | ||
| Mineral Resource at 31 December 2023 | 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 2024 | 2,902 | 3,231 | |
Gold
The AngloGold Ashanti gold Mineral Reserve increased from 28.1Moz at 31 December 2023 to 31.2Moz at 31 December 2024. Additions included the acquisition of Centamin assets (Sukari and Doropo) of 4.1Moz, exploration and modelling changes of 2.4Moz and other changes of 0.8Moz. The additions were partially offset by reductions which included depletion of 2.8Moz and changes in economic assumptions of 1.4Moz. As a result, the net year-on-year gold Mineral Reserve addition was 3.1Moz.
The gold Mineral Reserve at 31 December 2024 was estimated using a gold price of $1,600/oz, unless otherwise stated (2023: $1,400/oz).
Year-on-year reconciliation Mineral Reserve Gold (Moz)
* Depletion excludes Sukari depletion; ** Acquisition includes Sukari depletion
Year-on-year changes
| Moz | ||
|---|---|---|
| Mineral Reserve at 31 December 2023 | 28.1 | |
| Acquisition | Sukari (after depletion) and Doropo | 4.1 |
| Sub-total | 32.2 | |
| Depletion | Total depletion (excludes Sukari depletion) | (2.8) |
| Sub-total | 29.4 | |
| Notable Additions | Due to: | |
| Geita | The addition was mainly due to ongoing exploration drilling success and improved processing recoveries, partially offset by an increase in operating costs and changes in geotechnical parameters. | 0.5 |
| AGA Mineração | The addition at Cuiabá and Lamego was mainly due to exploration success, methodology changes, an increase in the Mineral Reserve price and operational changes partially offset by metallurgical recovery, geotechnical changes and cost increases. | 0.5 |
| Other | Combined impact of additions less than 0.3Moz. | 0.9 |
| Sub-total | 31.3 | |
| Notable Reductions | Due to: | |
| Other | Combined impact of reductions less than 0.3Moz. | (0.1) |
| Mineral Reserve at 31 December 2024 | 31.2 | |
Copper
The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) at 31 December 2024 as compared to 31 December 2023, as a feasibility study optimisation is still ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Reserve at 31 December 2024 was estimated using a copper price of $2.90/lb (2023: $2.90/lb).
Year-on-year changes
| Mlb | ||
|---|---|---|
| Mineral Reserve at 31 December 2023 | 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 204 | 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 0.29Mt of sulphur from Brazil, 17.33Moz of silver from Argentina, 28.11Moz of silver from Colombia and 3.58Moz of silver from Nevada, USA. Molybdenum, at present, is not planned for recovery at Quebradona. The Quebradona processing 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 financial year ended 31 December 2024 with the SEC. However, the Qualified Persons who provided the information for the Technical Report Summary (effective date: 31 December 2021) in respect of Kibali are no longer employed by AngloGold Ashanti. Both Mr. Richard Peattie and Mr. Romulo Sanhueza have already provided updated consents to the use of their names, or any quotation from, or summarisation of, the Technical Report Summary prepared by them in the Company’s annual report on Form 20-F for the financial year ended 31 December 2024 to be filed with the SEC, and to the filing of the Technical Report Summary as an exhibit thereto. In addition, Mr. Craig Barker, the Qualified Person who provided the information for the Technical Report Summary (effective date: 31 December 2024) in respect of Sukari Mineral Resource was employed by AngloGold Ashanti until March 2025 and has already provided consent to the use of his name, or any quotation from, or summarisation of, the Technical Report Summary prepared by him in the Company’s annual report on Form 20-F for the financial year ended 31 December 2024 to be filed with the SEC, and to the filing of the Technical Report Summary 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 financial year ended 31 December 2024 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 in the form and context in which it appears.
The Company has a tiered internal review process whereby the Mineral Resource and Mineral Reserve is reviewed by the Qualified Persons at a regional level, before review at the corporate level prior to publication.Accordingly, the Chairperson of the RRLT, Mrs. TM Flitton, Vice President Resource and Reserve, Master of Engineering (Mining), Bachelor of Science (Honours, Geology), SME RM, Pr.Sci.Nat (SACNASP), FGSSA, assumes responsibility for the Mineral Resource and Mineral Reserve processes for AngloGold Ashanti. Mrs. TM Flitton has 23 years’ experience in mining with 12 years directly leading and managing Mineral Resource and Mineral Reserve reporting. She is employed full-time by AngloGold Ashanti and can be contacted at the following address: 6363 S. Fiddlers Green Circle, Suite 1000, Greenwood Village, CO 80111, United States. 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.
Qualified Persons in respect of the material properties
| Responsibility | Qualified Person | Professional organisation | Membership number | Relevant experience | Qualification |
|---|---|---|---|---|---|
| Kibali Mineral Resource and Mineral Reserve | Richard Peattie (1) | FAusIMM | 301029 | 28 years | MPhil (Geostatistics) |
| Kibali Mineral Reserve | Romulo Sanhueza (2) | FAusIMM | 211794 | 27 years | BSc Eng (Mining) |
| Obuasi Mineral Resource | Eric Kofi Owusu Acheampong | MAusIMM (CP) | 220644 | 27 years | MSc (Mineral Resource Evaluation), BSc (Geological Engineering) |
| Obuasi Mineral Reserve | Douglas Atanga | MAusIMM | 334391 | 16 years | BSc (Mining Engineering) |
| Geita Mineral Resource | Damon Elder | FAusIMM | 208240 | 28 years | BSc Hons (Geology) |
| Geita Mineral Reserve | Duan Campbell | Pr. Eng | 202101953 | 22 years | BEng (Mining) |
| Sukari Mineral Resource | Craig Barker (3) | FAIG | 3141 | 29 years | BSc Hons (Geology) |
| Sukari Mineral Reserve (underground) | Gavin Harris | CEng MIMMM QMR | 0460702 | 20+ years | BEng (Mining) |
| Sukari Mineral Reserve (open pit) | Andrew Murray | FAusIMM | 208304 | 30+ years | Certificate IV (Project Management), Graduate Diploma (Mining), BSc (Minerals Estate Management) |
Notes:
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.
- The Qualified Person who provided the information for the Technical Report Summary (effective date: 31 December 2021) in respect of the Kibali Mineral Resource is no longer employed by AngloGold Ashanti. Mr Richard Peattie is currently employed by Barrick and is the Qualified Person for Kibali Mineral Resource and Mineral Reserve. Barrick is the operator of the Kibali joint venture.
- The Qualified Person who provided the information for the Technical Report Summary (effective date: 31 December 2021) in respect of the Kibali Mineral Reserve is no longer employed by AngloGold Ashanti. Mr. Romulo Sanhueza is currently employed by Gramalote which is wholly-owned by B2Gold Corp. (“B2Gold”). B2Gold is a Canadian gold mining company not affiliated with AngloGold Ashanti. In September 2023, AngloGold Ashanti had completed the sale of its entire 50 percent indirect interest in the Gramalote Project to B2Gold.
- The Qualified Person who provided the information for the Technical Report Summary (effective date: 31 December 2024) in respect of the Sukari Mineral Resource was employed by AngloGold Ashanti until March 2025.