This webpage does not purport to be a complete summary of the underlying 2025 Annual Report and should be read in conjunction therewith, including the qualifications and limitations described therein, as there may be information in the underlying 2025 Annual Report that may be important.

2025 Annual Report (pdf)

2025 – a record year

Gold produced

3.09Moz

Free cash flow APM

$2,908m

Adjusted EBITDA APM

$6.29bn

Total cash costsAPM

$1,242/oz

All-in sustaining costsAPM

$1,709/oz

Dividends declared

$1.8bn

Revenue from product sales

$9.9bn

Adjusted net (cash) debtAPM to adjusted EBITDAAPM

(0.14)

Total recordable injury frequency rate (TRIFR) per million hours worked*

0.97

Note: APM refers to “alternative performance measures”, which are non-IFRS or non-GAAP financial measures. For more information on each of these measures, indicated by APM in the report, and how they are defined and calculated, see Alternative performance measures on pages 237–256 in the full 2025 Annual Report (PDF – 9.65MB)

View from the top

Delivering on our strategy

AngloGold Ashanti continues to deliver against its strategic focus areas, resulting in another record performance and providing a solid foundation for future growth and relative outperformance.

Record results across key financial metrics, including earnings and free cash flowAPM, reflect our focus on consistent operational improvements, disciplined cost control, and strong execution to ensure gold price increases flow to the bottom line and enhance shareholder returns. Actively strengthening the portfolio remains a strategic priority. With the integration of Centamin, targeted disposals of non-core assets and a high-quality organic pipeline, we are well positioned to drive growth and maintain relative outperformance. Importantly, our strong operational and financial performance coincides with an unwavering commitment to safety, our highest priority. We remain clear that safety leadership is an ongoing journey that means sustainably eliminating serious injuries and fatalities from our business. We adopt a holistic approach in managing the delivery of key performance indicators (KPIs) against our five strategic focus areas.

Prioritise 
people, safety, health and sustainability

Maintain financial flexibility

Drive operational excellence, optimise costs and capital expenditure

Maintain long-term optionality

Improve portfolio quality

Our footprint

Regional review: Africa
Regional review: Americas
Regional review: Australia

Gold produced

3.09Moz

Operating cash flowAPM (2,3,4)

$4,357m

Mineral Reserve (4)

36.5Moz

People employed (1,3,4)

38,243

Capital expenditure(3,4)

$1,600m

Community investment (3,4)

$27.25m

  1. Previously the Expanded Silicon project, and includes the Silicon and Merlin deposits
  2. Includes the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy), and the Sterling mine. Reward and Bullfrog were acquired by AngloGold Ashanti through the acquisition of Augusta Gold Corp. (Augusta Gold) in October 2025
  3. Held for sale. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A.
  4. Operated by Barrick Mining Corporation (Barrick)
  1. Average employed at managed operations which includes contractors
  2. Net cash flow from operating activities plus repayment of loans advanced to joint ventures less distributions paid to non-controlling interests
  3. Includes corporate and non-gold producing subsidiaries
  4. Includes projects

Financial review

CFO’s report

Converting a higher gold price into cash, strengthening the balance sheet, and accelerating value delivery

2025 marked a step-change in AngloGold Ashanti’s financial performance and resilience. We did exactly what we set out to do; convert a stronger gold price into free cash flowAPM, maintain operating discipline, invest to sustain and grow the portfolio, and return meaningful capital to shareholders. The outcome was record cash generation, record earnings leverage, and the strongest balance sheet position in our history.

Read more
Income statement ($m)
Statement of financial position ($m)
Statement of cash flows ($m)
Guidance 2026 – 2027
20252024
ARevenue9,8935,793
Bullion sales9,6105,359
Concentrate sales120314
By-product revenue163120

BCost of sales5,0223,726
Of which:
Operating costs3,2312,665
Royalties424246
Amortisation1,287752
CExpenses595395
Of which:
Corporate administration, marketing and related expense(138)(118)
Net impairment (reversal of impairment) and net loss on disposal and derecognition of assets88(58)
Exploration and evaluation267252
Other expenses248144
Associates and JV profit(255)(155)
DTaxation1,102623
Current tax1,031462
Deferred tax71161
Profit for the period3,1741,049
Of which:
Basic earnings per share (US cents)519233
Headline earnings per share (US cents)537221
Of which equity shareholders received ($m)2,6361,004

2025*2024
ETotal assets15,07813,230
Of which:
Tangible assets8,5158,512
Inventories1,2511,213
Cash and cash equivalents2,9051,425

FTotal liabilities5,1624,717
Of which:
Borrowings2,0441,984
Trade and other payables1,015963
Environmental rehabilitation provisions729700
GTotal equity9,9168,513
Total return to shareholders275 %25 %
Total dividends per share (US cents)357c91c

* Restated. See Note 1.4 of the audited annual financial statements included elsewhere in this annual report

Corporate transactions

Acquisition of Augusta Gold

On 23 October 2025, AngloGold Ashanti acquired all issued and outstanding shares of Augusta Gold at a cash price of C$1.70 per share of common stock. The total cash consideration of $158m included the provision of funds of $39m for the settlement of certain shareholder loans and transaction costs of $14m.

Sale of Doropo and Archean-Birimian Contact (ABC) projects

On 1 May 2025, AngloGold Ashanti completed the sale of its entire interest in the Doropo and Archean-Birimian Contact (ABC) projects in Côte d’Ivoire to Resolute Mining Limited for a total consideration of $162m, with $25m received as a cash payment, $103m as deferred consideration and $34m as contingent consideration, resulting in a loss on disposal of $47m.

Sale of Serra Grande

On 1 December 2025, AngloGold Ashanti completed the sale of Serra Grande to Aura Minerals Inc. (Aura) for a total consideration of $117m, with $73m received as a cash payment and $44m as contingent consideration.

Cash flow from/used in:20252024
HOperating activities4,7841,968
Of which:
Profit before taxation4,2761,672
Amortisation of tangible and right of use assets1,286751
Movements in working capital
   Increase in inventories(57)(78)
   Increase in trade, other receivables and other assets(219)(182)
   Increase in trade and other payables1026
(174)(254)
Net taxation paid(747)(183)

Less

IInvesting activities 1,180 762
Of which:
Capital expenditure on tangible and intangible assets 1,449 1,090
Acquisition of assets 158 —
Proceeds on disposal of subsidiary, net of cash disposed (77) —
Proceeds from disposal of other investments (70) —
Acquisition of subsidiary, net of cash acquired — (68)
Repayment of loans advanced to JVs (161) (149)
Other investments and assets acquired 3 30

Less

JFinancing activities2,104727
Of which:
Dividends paid to external shareholders and distributions to noncontrolling interests1,871244
Repayment of borrowings245909
Interest on borrowings164126
Proceeds from borrowings(285)(655)

Equals

Net cash movement1,500479
Translation(15)(37)
Cash balance at the beginning of the year1,397955
Cash balance at the end of the year*2,8821,397

* Comprises cash and cash equivalents of $2.905m (2024: $1,425m) less bank overdraft of $23m (2024: $28m).

2026 2027
Gold production (koz) Total gold production 2,800 – 3,170 2,850 – 3,220
Managed operations 2,530 – 2,860  
Non-managed joint ventures 270 – 310  
Africa 1,890 – 2,150  
Australia 495 – 555  
Americas 415 – 465  
Costs(1) ($/oz) All-in sustaining costsAPM 1,780 – 1,990 1,780 – 1,990
Managed operations 1,825 – 2,050  
Non-managed joint ventures 1,355 – 1,460  
Africa 1780  
Australia 2100  
Americas 1725  
Total cash costs APM 1,315 – 1,430 1,315 – 1,430
Managed operations 1,335 – 1,455  
Non-managed joint ventures 1,135 – 1,225  
Africa 1300  
Australia 1815  
Americas 1190  
Capital expenditure (1) ($m) Total capital expenditure 1,825 – 1,975 2,000 – 2,200
Managed operations 1,640 – 1,770  
Non-managed joint ventures 185 – 205  
Sustaining capital expenditureAPM 1,040 – 1,140 1,040 – 1,140
Managed operations 985 – 1,075  
Non-managed joint ventures 55 – 65  
Non-sustaining capital expenditureAPM 785 – 835 960 – 1,060
Managed operations 655 – 695  
Non-managed joint ventures 130 – 140  
  1. The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts, as such, IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, 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, and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material.

    Outlook economic assumptions for 2026 and 2027 guidance are as follows: $0.68/A$, BRL5.47/$, AP1,606/$, ZAR16.90/$, Brent $61/bbl and a gold price of approximately $4,250/oz.

    Cost and capital forecast ranges for 2026 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have been inflated into future value, using an appropriate inflation rate. Costs and capital forecast ranges for 2027 are expressed in “real” terms. “Real” cash flows are adjusted for “inflation” in order to reflect the change in value of money over time. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti’s external auditors. Other unknown or unpredictable factors, or factors outside the Company’s control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti’s future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti’s operations together with AngloGold Ashanti’s business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti’s Annual Report on Form 20-F for the financial year ended 31 December 2025 filed with the SEC.

Note: Our financial results are prepared in accordance with IFRS, see page 161 of the full 2025 Annual Report for further information. The detailed reconciliations of our APMs are set out on pages 237–256.

Report suite 2025 / Annual Report / View from the top / CEO’s statement

CEO’s statement

Delivering on our promises

Alberto Calderon | CEO
16 March 2026

The year in review was an extraordinary one for our industry and for AngloGold Ashanti, with the confluence of macro-economic and geopolitical factors driving an unprecedented year-on-year increase in the gold price. Additionally, AngloGold Ashanti’s shares outperformed the gold price by close to five times, and – perhaps more importantly – we outpaced major diversified miners by a factor of two to one.

Delivering on our promises

The share price performance showed, in many ways, a year in which the hard work of the past four years was recognised by the market. There was wide recognition in particular of our efforts at unit-cost control, with a fourth consecutive year of total cash costs per ounceAPM remaining largely flat in real terms, while that of our peers* rose by around 24% in real terms on average.

During 2025, we continued to strengthen the foundations established in prior years as we optimised our corporate architecture, made step change improvements in safety, maintained tight cost management, implemented one of the industry’s most competitive capital allocation frameworks, and sharpened our focus on execution across the board.

These are the building blocks for a competitively valued global gold mining business and have helped us to capture the benefits of the sharply higher gold price, which was 45% higher on average in 2025 versus the prior year. The marked outperformance of our equity versus our major peers during 2025 reflects that.

While we obviously welcome a robust price environment, my message to our global teams remains unchanged: stay focused on the basics; we do not, and cannot, manage our Company based on the expectation of continued higher gold prices.

As we navigate this volatile world, our effort remains resolutely focused on those factors within our control. Our aim is to provide investors with a reliable, high-margin vehicle that provides a good return and captures the full upside of the gold market through operational excellence, cost discipline, and project delivery. In 2025, we did exactly that.

* Barrick, Newmont Corporation, Agnico-Eagle Mines Limited, Gold Fields Limited, Kinross Gold Corporation

Safety and values: our foundation

There is no better place to start a review of the year than to highlight our performance in safety, our first and most important value. A relentless focus on safety is not only consistent with our values, and the right thing to do, it is also the ultimate lead indicator of operational health; safe mines are productive mines.

This year, we achieved a total recordable injury frequency rate of 0.97 per million hours worked at our managed operations, the lowest in our Company’s history and still significantly better than the ICMM peer average. While we celebrate this milestone, we do so with the humility of a company that has worked for years to eliminate the scourge of workplace fatalities, knowing full well that we are only ever as good as our last injury-free day.

Building a track record of reliability

We had exceptional performances from most of our managed assets, including Siguiri, Geita, Sukari, Cerro Vanguardia and Obuasi, which continued to make progress in its ramp-up to full production. These assets again showcased cost discipline, and the importance of clear execution plans as they posted strong performances versus their plans for the year.

A global mining company of our scale will inevitably encounter its share of unanticipated challenges and exogenous risks, ranging from the weather to surprises in geology, changes in the overall political environment, among other things. The measure of success is how we respond to these disruptions while still delivering on our commitments.

In 2025, we suspended production at Obuasi for more than a week to reduce risk to the safety of employees amidst unrest in the aftermath of a clash between public security forces and illegal miners attempting to unlawfully access our site. To read more on this, see our 2025 Sustainability Report.

We suspended the plant at Iduapriem for several weeks in the first half of the year to mend a tear in the lining of our tailings storage facility (TSF), and also at Siguiri in the second half of the year to resolve seepage along a small portion of the TSF wall following significant rainfall.

In Tanzania, following nationwide violence during and after the national elections, we twice suspended operations at our Geita mine during the fourth quarter to limit staff travelling to and from site. In each case, the decision was clear cut – to take the conservative approach and sacrifice production to ensure the safety of our people and our communities.

Nonetheless, we managed for the fifth consecutive year to meet production guidance and kept costs flat in real terms. Consistency is the hallmark of a Tier-One gold producer, and the cornerstone for our ongoing project to build our credibility with the market.

We delivered 3.1Moz of gold production, a 16% increase year-on-year, driven by a full year of contribution from Sukari, the continued ramp-up of Obuasi, year-on-year growth from Geita, Cuiabá, Cerro Vanguardia and Siguiri, and a number of solid performances across our managed portfolio. This result is a triumph of initiative, planning, hard work and collaboration among the thousands of employees and contractors who work each day on our sites across the world.

Crucially, we maintained our key focus on costs. Despite global inflationary pressures and the impact of higher royalties, which rose with the gold price, our total cash costsAPM and AISCAPM for our managed operations remained almost flat in real terms. This came despite sharply higher royalty payments and the strengthening of local currencies in Brazil and Ghana.

This performance caps an extraordinary five-year run, where we have outperformed most of our major peers, who on average have seen costs rise 24% in real terms versus our 4% rise, against a 2021 baseline when we launched our new strategy. This has helped close a relative performance gap that had grown to unacceptable levels in the preceding years. Our cost leadership is a direct result of our focus on efficiency and testament to the success of our FAP programme, which has made us more efficient, more predictable and more resilient.

Financial excellence and disciplined growth

The combination of higher volumes, our unstinting cost discipline and a robust gold price translated into a catalogue of new financial records. Adjusted EBITDAAPM more than doubled to $6.3bn, its highest ever, and free cash flowAPM tripled to a record $2.9bn.

This performance allowed us to end 2025 in our strongest balance sheet position in AngloGold Ashanti’s history, with $879m in adjusted net cash, after returning a record $1.3bn to shareholders in total dividends paid for the year. The 2025 total dividend declaration of $1.8bn to shareholders – more than 50% of free cash flowAPM in 2025 – shows our confidence in the outlook for our business and is another key part of our overall effort to be the gold mining equity of choice for investors as we narrow the valuation gap that had long existed with our peers.

The future: Nevada and brownfield expansion

We have entered 2026 with a clear roadmap for growth. In Nevada, the Arthur Gold Project (formerly the Expanded Silicon project) remains a cornerstone of our strategy to establish a new, low-cost production hub in a premier jurisdiction, with a first-time total Mineral Reserve declared of 4.9Moz. The completed pre-feasibility study supports an initial nine-year mine life with an estimated average annual production of approximately 500,000oz, with AISC per ounceAPM estimated at $954/oz in real terms.

Strengthening our position in the district, we further consolidated our landholding through the acquisition of Augusta Gold, enhancing development optionality and long-term growth potential.

Furthermore, we are excited by emerging brownfield opportunities at Sukari, Geita, and Cuiabá, which we foreshadowed in 2025 and plan to communicate in detail during the course of 2026. These projects are expected to allow us to leverage existing infrastructure to add high-margin ounces with lower execution risk – in orebodies we understand and jurisdictions we know well – and returns that exceed the other options currently open to us.

Our exploration success remains a standout in the industry. We added more than 9Moz of new Mineral Reserve in 2025, roughly three times the amount depleted. This is also the ninth consecutive year of Mineral Reserve growth before depletion, even as we have maintained gold price assumptions among the industry’s most conservative. It is an enviable record which demonstrates our exploration team’s extraordinary ability to consistently replenish our mineral inventory.

Conclusion

AngloGold Ashanti is a fundamentally different company than it was a few years ago. We are leaner, more disciplined, and more focused on value than volume. As we navigate the current high gold price environment, we will not succumb to complacency. We will continue to sharpen our focus on safety, costs, operational excellence, organic growth and project execution to ensure that we remain the preferred choice for gold investors.

I want to thank our employees for their effort and resilience, our Board for its counsel, oversight and steady confidence, and our shareholders for their continued trust as we build this new track record of excellence.

Disclaimer

This webpage does not purport to be a complete summary of the applicable underlying report and is qualified in its entirety by reference to the applicable underlying report. This webpage should be read in conjunction with the applicable underlying report, including the qualifications and limitations described therein, as there may be information in the applicable underlying report that may be important.

All Mineral Resource and Mineral Reserve information should be read in conjunction with Item 4D. Mineral Resource and Mineral Reserve in AngloGold Ashanti’s annual report on Form-20F for the fiscal year ended 31 December 2025, as filed with the U.S. Securities and Exchange Commission, as well as AngloGold Ashanti’s 2025 Mineral Resource and Mineral Reserve Report.

Forward-looking statements

Certain statements contained in this webpage, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert Mineral Resource into Mineral Reserve and replace Mineral Reserves net of depletion from production 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 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, 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 the Company’s annual report on Form 20-F for the financial year ended 31 December 2025, filed with the U.S. Securities Exchange Commission. 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 of publication 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 document may contain certain “Non-GAAP” financial measures, including, without limitation, “total cash costs”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “average gold price received per ounce”, “sustaining capital expenditure”, “non-sustaining capital expenditure”, “Adjusted EBITDA”, “Adjusted net debt (cash)”, “operating cash flow” and “free cash flow”. 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. Reconciliations from IFRS to the Non-GAAP financial measures used in this document can be found either in this document, or in AngloGold Ashanti’s Earnings Release for the three months and the year ended 31 December 2025, which is available on AngloGold Ashanti’s website, or in its annual report on Form 20-F for the financial year ended 31 December 2025 as filed with 
the SEC.

2025 Mineral Resource and Mineral Reserve information

The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold Ashanti’s Mineral Resource and Mineral Reserve reporting. The Mineral Resource and Mineral Reserve represent the amount of gold, copper, silver, sulphur and molybdenum estimated at 31 December 2025 and are based on information available at the time of estimation. Such estimates are, or will be, to a large extent, based on the prices of the respective commodities and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. The Mineral Resource and Mineral Reserve estimates are published at 31 December 2025, taking into account economic assumptions, changes to future production and capital costs, depletion, additions as well as any acquisitions or disposals during 2025. 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, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with AngloGold Ashanti’s (or its joint venture partners’) current mine plans. For the Mineral Reserve, the term “economically viable” means that profitable extraction or production has been established or analytically demonstrated in, at a minimum, a pre-feasibility study, to be economically viable under reasonable investment and market assumptions. Mineral Reserve is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Probable and Proven Mineral Reserve categories. Mineral Reserve is aggregated from the Probable and Proven Mineral Reserve categories. Ounces of gold or silver or pounds of copper or sulphur included in the Probable and Proven Mineral Reserve are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility) and exclude losses during metallurgical treatment. In compliance with Regulation S-K 1300, the Mineral Resource herein is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated. Mineral Resource is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Inferred, Indicated and Measured Mineral Resource categories. Ounces of gold or silver or pounds of copper, sulphur or molybdenum included in the Inferred, Indicated and Measured Mineral Resource are those contained in situ prior to losses during extraction and processing. While it would be reasonable to expect that the majority of Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued exploration, due to the uncertainty of Inferred Mineral Resource, it should not be assumed that such upgrading will always occur.

If estimations must be revised due to significantly lower commodity prices, increases in operating costs, reductions in metallurgical recovery or other factors, the Mineral Resource or Mineral Reserve may not be mined or processed profitably. In addition, material write-downs of AngloGold Ashanti’s investment in its mining properties may be required, including impacts on goodwill, as well as increased amortisation, reclamation and closure charges. If AngloGold Ashanti determines that certain parts of its Mineral Resource or Mineral Reserve have become uneconomic, this may ultimately lead to a reduction in its reported aggregate Mineral Resource or Mineral Reserve, respectively. Consequently, if AngloGold Ashanti’s actual Mineral Resource and Mineral Reserve is less than current estimates, its business, prospects, results of operations and financial position may be materially impaired.

Pre-feasibility and feasibility studies for undeveloped ore bodies present estimated capital expenditure and operating costs based on anticipated tonnage and grades of ore to be mined and processed. Other factors underlying the estimations include, among others, the predicted configuration of the ore body, anticipated metal recovery rates, and estimated costs of operating and processing equipment and facilities. Actual operating and capital expenditure cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. The Mineral Resource is subject to further exploration and development, and is subject to additional risks, and no assurance can be given that they will eventually convert to Mineral Reserve.

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, which are in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 
31 December 2025 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. The Mineral Resource at the end of the financial year ended 31 December 2025 was estimated using a gold price of $2,000/oz (2024: $1,900/oz), a copper price of $3.50/lb (2024: $3.50/lb), a silver price of $23.00/oz (2024: $23.00/oz) and a molybdenum price of $12.00/lb (2024: $12.00/lb), unless otherwise stated. The Mineral Reserve at the end of the financial year ended 31 December 2025 was estimated using a gold price of $1,700/oz (2024: $1,600/oz), a copper price of $3.10/lb (2024: $2.90/lb) and a silver price of $19.50/oz 
(2024: $19.50/oz), unless otherwise stated. The net difference between the Mineral Resource and Mineral Reserve at the end of the last completed financial year and the preceding financial year will be detailed for material properties, if applicable, in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2025.

Notes:

The Mineral Resource exclusive of Mineral Reserve is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.

Continue to the online summary report