2025 Mineral RESOURCE & MINERAL RESERVE

The Mineral Resource and Mineral Reserve at 31 December 2025 for AngloGold Ashanti are reported in accordance with the SEC mining property disclosure requirements set forth in 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 Mineral Resource and Mineral Reserve 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 2025 and are net of depletion.

2025 Mineral Resource & Mineral Reserve (pdf)

Summary of changes for gold

AngloGold Ashanti reports a 68.0Moz gold Measured and Indicated Mineral Resource, 49.3Moz gold Inferred Mineral Resource and 36.5Moz gold Mineral Reserve after revisions, acquisitions and depletion.

Mineral Resource

Over the past three years, gold Measured and Indicated Mineral Resource has increased despite the 2025 disposals of Doropo (Africa) and Serra Grande (Americas). Growth was driven by the 2024 acquisitions of Sukari and Doropo (Africa), three-year exploration success and improved economics across most African operations, AGA Mineração (Americas), and Nevada’s Arthur Gold Project, along with the 2025 acquisition of Augusta in Nevada.

Gold Inferred Mineral Resource increased in 2024, primarily reflecting the acquisition of Sukari, Doropo, and the ABC Project (Africa). In 2025, Inferred Mineral Resource decreased mainly due to the disposal of Doropo and the ABC Project (Africa) and Serra Grande (Americas), as well as the first-time declaration of a Mineral Reserve at the Merlin deposit which reduced Mineral Resource at the Arthur Gold Project, partially offset by the 2025 acquisition of Augusta in Nevada.

Gold Measured and Indicated Mineral Resource (Moz)

Gold Inferred Mineral Resource (Moz)

Mineral Reserve

Over the past three years, gold Mineral Reserve has increased considerably—driven by the 2024 acquisition of Sukari (Africa), notable three-year Mineral Reserve growth at Geita (Africa) and AGA Mineração (Americas), and the first-time declaration of a Mineral Reserve in 2025 at the Arthur Gold Project following exploration success and completion of a prefeasibility study.

Gold Mineral Reserve (Moz)

Year-on-year reconciliation

Mineral Resource

Mineral Reserve

Gold

The AngloGold Ashanti gold Measured and Indicated Mineral Resource increased from 67.1Moz at 31 December 2024 to 68.0Moz at 31 December 2025. Additions included 1.3Moz from the acquisition of the Reward and Bullfrog assets from Augusta, exploration and modelling changes of 1.0Moz and economic assumptions of 0.4Moz. The additions were partially offset by reductions which included disposals of the Doropo, ABC and Serra Grande assets of 1.7Moz and other factors of 0.1Moz. As a result, the net year-on-year gold Measured and Indicated Mineral Resource addition was 0.9Moz.

The AngloGold Ashanti gold Inferred Mineral Resource decreased from 55.0Moz at 31 December 2024 to 49.3Moz at 31 December 2025. Additions included exploration and modelling changes of 3.4Moz (excluding the Arthur Gold Project) and 0.3Moz from the acquisition of the Reward and Bullfrog assets from Augusta and other factors of 0.2Moz. The additions were fully offset by exploration and modelling reductions of 5.8Moz at the Arthur Gold Project due to the development of a new Mineral Reserve, disposals of the Doropo, ABC and Serra Grande assets of 3.3Moz and economic assumptions of 0.5Moz. As a result, the net year-on-year gold Inferred Mineral Resource reduction was 5.7Moz.

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. At 31 December 2025, the Gold Measured and Indicated Mineral Resource at La Colosa amounted to 23.35Moz and the gold Inferred Mineral Resource at La Colosa amounted to 4.98Moz.

The gold Mineral Resource at 31 December 2025 was estimated using a gold price of $2,000/oz, unless otherwise stated (2024: $1,900/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 2024		67.1	55.0
Acquisition	Reward and Bullfrog assets from Augusta Gold, included in Nevada Regional Deposits	1.3	0.3
	Sub-total	68.4	55.3
Disposals	Doropo & ABC projects and Serra Grande Mine	(1.7)	(3.3)
	Sub-total	66.7	52.0
Notable changes	Due to:
Arthur Gold Project	The addition in Indicated was due to a successful exploration infill drilling campaign at Merlin which supported an increase in confidence in the Mineral Resource. The addition was offset by the declaration of a first-time Mineral Reserve which led to an overall reduction in the Inferred Mineral Resource.	1.0	(6.6)
Iduapriem	The addition was due to moderate gains from exploration drilling, an increase in gold price as well as methodology changes to the plant constraint for reasonable prospects, offset partially by costs.	0.5	1.2
AGA Mineração	The addition was due to exploration drilling at both Cuiabá and Lamego, modelling at Lamego and an increase in gold price.	1.0	0.4
Geita	The addition was due to ongoing exploration drilling success and modelling changes mainly in Measured and Indicated Mineral Resource, an increase in gold price, offset partially by cost.	1.0	0.0
Other	Combined impact of other changes less than 0.5Moz.	(2.2)	2.3
Mineral Resource at 31 December 2025		68.0	49.3

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 2025 as compared to 31 December 2024, as a feasibility study optimisation is ongoing and no additional exploration has been completed at Quebradona.

The copper Mineral Resource at 31 December 2025 was estimated using a copper price of $3.50/lb (2024: $3.50/lb).

Year-on-year changes

		Mlb
		Measured and Indicated	Inferred
Mineral Resource at 31 December 2024		2,902	3,231
No changes	Due to:
Quebradona	The optimisation of the feasibility study is ongoing and no additional exploration has been completed.	—	—
Mineral Resource at 31 December 2025		2,902	3,231

Gold

The AngloGold Ashanti gold Mineral Reserve increased from 31.2Moz at 31 December 2024 to 36.5Moz at 31 December 2025. Additions consisted of exploration and modelling changes of 7.3Moz, including the first-time reporting of the Arthur Gold Project Mineral Reserve of 4.9Moz, the acquisition of the Reward asset from Augusta of 0.4Moz, economic assumptions of 2.1Moz and other factors of 0.2Moz. The additions were partially offset by reductions that included depletion of 2.7Moz and disposals of the Doropo and Serra Grande assets of 2.0Moz. As a result, the net year-on-year gold Mineral Reserve addition was 5.3Moz.

The gold Mineral Reserve at 31 December 2025 was estimated using a gold price of $1,700/oz, unless otherwise stated (2024: $1,600/oz).

Year-on-year reconciliation Mineral Reserve Gold (Moz)

Year-on-year changes

		Moz
Mineral Reserve at 31 December 2024		31.2
Depletion		(2.7)
	Sub-total	28.5
Acquisition	Reward asset from Augusta Gold, included in Nevada Regional Deposits	0.4
	Sub-total	28.9
Disposal	Doropo and Serra Grande	(2.0)
	Sub-total	26.9
Notable additions	Due to:
Arthur Gold Project	The addition was due to the exploration drilling success at Merlin and the completion of the Pre-Feasibility Study (PFS) resulting in a first-time Merlin Mineral Reserve.	4.9
Geita	The addition was due to ongoing exploration drilling success and an increase in gold price, offset partially by depletion and cost.	1.3
Kibali	The addition was due to exploration drilling and an increase in gold price offset partially by depletion and cost.	0.6
Obuasi	The addition was due to an increase in gold price and improvements from geological reinterpretation and validation offset partially by depletion and cost.	0.6
Iduapriem	The addition was due to primarily due to the inclusion of Block 4 as a result of exploration drilling and improved economic parameters offset partially by depletion.	0.5
AGA Mineração	The addition was due to exploration drilling from the Cuiabá HW gallery in the Main Orebody, geological model revisions at Lamego and an increase in gold price offset partially by depletion and cost at both Cuiabá and Lamego.	0.4
Other	Combined impact of additions less than 0.3Moz.	1.3
	Sub-total	36.5
Notable reductions	Due to:
Other	None	—
Mineral Reserve at 31 December 2025		36.5

Copper

The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) at 31 December 2025 as compared to 31 December 2024, as a feasibility study optimisation is ongoing and no additional exploration has been completed at Quebradona.

The copper Mineral Reserve at 31 December 2025 was estimated using a copper price of $3.10/lb (2024: $2.90/lb).

Year-on-year changes

		Mlb
Mineral Reserve at 31 December 2024		3,250
No changes	Due to:
Quebradona	The optimisation of the feasibility study is ongoing and no additional exploration has been completed.	—
Mineral Reserve at 31 December 2025		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 0.26Mt of sulphur from Brazil, 18.37Moz of silver from Argentina, 28.11Moz of silver from Colombia and 11.36Moz 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, unless otherwise stated, were employed by AngloGold Ashanti at the time of preparing the Technical Report Summaries in respect of AngloGold Ashanti’s material properties which are filed as exhibits to the Company’s annual report on Form 20-F for the financial year ended 31 December 2025. However, the Qualified Persons who provided the information for the Technical Report Summary (current at 31 December 2025) in respect of Kibali, Richard Peattie and Derek Holm are employed by Barrick. Both Richard Peattie and Derek Holm have consented to the inclusion of the Mineral Resource and Mineral Reserve in respect of Kibali included in this report.

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 2025 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 Mineral Resource and Mineral Reserve were prepared through the Kibali joint venture’s estimation and governance processes and under the supervision of Barrick’s Qualified Persons. 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, Tarryn 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. Tarryn Flitton has 24 years’ experience in mining with 13 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. Tarryn 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	29 years	MPhil (Geostatistics)
Kibali Mineral Reserve	Derek Holm⁽¹⁾	FAusIMM	3138099	25 years	BSc Hons (Mining Engineering)
Obuasi Mineral Resource	Eric Kofi Owusu Acheampong	MAusIMM (CP)	220644	28 years	MSc (Mineral Resource Evaluation), BSc (Geological Engineering)
Obuasi Mineral Reserve	Douglas Atanga	SME RM	5282632	17 years	BSc (Mining Engineering)
Geita Mineral Resource	Janeth Luponelo	SME RM	5345424	25 years	MEng (Mining Engineering), Bachelor in Mineral Sciences
Geita Mineral Reserve	Duan Campbell	Pr. Eng	202101953	23 years	BEng (Mining)
Sukari Mineral Resource	Doxel Mutunda	MAIG	8063	12 years	BSc (Geological Engineering, Exploration and Mining)
Sukari Mineral Reserve (underground)	Mahmoud Abdelmonem	MIMMM QMR	703310	8 years	BSc (Mining Engineering)
Sukari Mineral Reserve (open pit)	Sherif Moemen	MAusIMM (CP)	3152447	6 years	BSc (Mining Engineering)
Arthur Gold Project Mineral Resource	Geoffrey Gushée	FAusIMM	207957	37 years	MEng (Mineral Resource Management)
Arthur Gold Project Mineral Reserve	Hamid Taghavi	SME RM	4184627	23 years	BEng (Mining Engineering)

Notes:

All Qualified Persons, unless otherwise stated, were employed by AngloGold Ashanti at the time of preparing the Technical Report Summaries in respect of AngloGold Ashanti’s material properties.

⁽¹⁾The Qualified Persons who provided the information for the Technical Report Summary (report current at 31 December 2025) in respect of the Kibali Mineral Resource and Mineral Reserve are employed by Barrick. Barrick is the operator of the Kibali joint venture.

2025 Suite of reports

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.

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