Business ethics, compliance and disclosure

AngloGold Ashanti appreciates that business ethics extend beyond legal compliance and subscribes firmly to behaving ethically and abiding by the rule of law in the jurisdictions in which it operates.

Geita, Tanzania

The Group recognises that preserving trust among stakeholders is essential to maintaining its social licence to operate and delivering long-term, sustainable business success.

Our commitment

AngloGold Ashanti is committed to upholding the highest standards of ethical conduct and integrity, which underpins stakeholder trust and supports the advancement of our business over the long term.

Strategic focus areas:

Increase training and awareness efforts across the business in the form of online training, induction, new video training and communication via newsletters and global briefs
Continue monitoring and strengthening controls to prevent and detect risks, including fraud, bribery and corruption risks
Continue to support the embedding of Group policies, standards and procedures across the Group
Implementation of a regulatory horizon scanning tool to track and monitor upcoming laws and regulations by country
Continue assessing business units for risks related to bribery and corruption, including as part of our combined assurance audit programme
Continue development of a compliance programme aligned with best practice principles such as the US Foreign Corrupt Practices Act and UK Bribery Act
Transitioning to a new Speak-up channel and case management platform provider to enhance access to channels, and improve case management, investigation and feedback capabilities
Integrating our operations in Egypt into our Compliance programme

Performance in 2025

We appreciate our role as a responsible corporate entity and remain committed to transparency and active stakeholder engagement. Our Speak-up programme is aligned with international norms and standards.

Speak-up channels are available globally, are administered by an independent third party, NAVEX, and can be accessed via hotlines and web facilities to enable employees and communities to confidentially report issues related to legal non-compliance, fraud, bribery and corruption, human rights infringements, safety, and environmental matters. Reporters can choose to remain anonymous when reporting an incident, during the course of the investigation and after the investigation is finalised. Confidentiality protects reporters from retaliation and is integral to the Speak-up and investigation process. We prohibit and do not tolerate any form of retaliation against anyone who speaks up or against anyone participating in a Speak-up investigation. Anyone involved in retaliation against someone who has spoken up or is participating in a Speak-up investigation may be subject to disciplinary action, which could lead to dismissal.

Work continued on our refined Speak-up programme in 2025. We have transitioned to a new Speak-up platform — EthicsPoint (NAVEX) — and introduced new 24/7 Speak-up channels via telephone, desktop, mobile, and QR codes for quick and easy access. These channels also support a multitude of local languages. This aligns with our ongoing efforts to augment organisational practices, enhance channels to report misconduct, and improve case management, investigation and feedback capabilities.

In 2025, 507 reports were received, an increase from 2024 when 234 reports were received. The increase is largely attributable to the successful integration of our operation in Egypt into our Speak-up programme.

Conflicts of interest

Our Code of Ethics, Business Integrity Policy and Conflicts of Interest Group Standard emphasise the importance of avoiding situations where the interests of AngloGold Ashanti conflict, or may be perceived to conflict, with employees’ personal interests or those of their family or friends, or where such situations could impair objective and effective performance of their duties.

To avoid and manage potential conflicts of interest, we have put in place:

Mandatory disclosure of any actual or perceived conflicts of interest using the online conflicts of interest register. This register is available to our employees and suppliers, and is reviewed and managed by management. Employees are prohibited from discussing, negotiating, influencing or making decisions on any activity in which they have, or might be perceived to have, a personal interest
Continued training awareness of the Conflicts of Interest Group Standard through our Conflicts of Interest Guidance and online training
Continuous monitoring and assessment of our gifts, hospitality and sponsorships and conflicts of interest online registers
Third party due-diligence process for both suppliers and third-party agents and intermediaries

Training and communication

During 2025, we undertook activities aimed at training and providing awareness on anti-corruption policies, standards and procedures. Key among these activities were:

The global rollout of new Ethics and Compliance online training to all employees and part-time employees with computer access, including Executive and Non-Executive Directors. The training focuses on compliance policies, standards and procedures to manage and mitigate the risk of bribery and corruption. It covers our values, our Code and key compliance standards on anti-bribery and anti-corruption, conflicts of interest, gifts and hospitality, third parties and intermediaries, and Speak-up

The global rollout of a dedicated training video in all relevant languages to bolster our training of employees without access to computers, and to ensure that everyone receives the same high-quality training

Formal compliance newsletters, global briefs and guidance were released Group-wide focusing on different compliance aspects including anti-corruption, Speak-up, conflicts of interest, political activities and other compliance policies, standards and procedures. These also included ‘Tone from the top’ messaging from leadership

All new employees and part-time employees underwent induction training on our Code and ethics which includes anti-corruption as part of their onboarding

Risk-based face-to-face training employees and part-time employees in procurement and government relations functions

Training to contractors on our Code of Ethics, including anti-corruption as needed based on risk

Annual anti-bribery and anti-corruption workshop held at Geita (Tanzania) and an inaugural workshop at Obuasi (Ghana) with key stakeholders reinforcing our commitment to ethical conduct, good governance, and collaborative action against corruption alongside our communities, suppliers, local government, and law enforcement agencies

A survey was launched to assess employees’ level of understanding of compliance and Speak-up standards and procedures.

Assessing operations for risks related to corruption

Our Compliance Framework is supported by policies, standards and procedures. All our operations were assessed for risks related to bribery and corruption in 2025. Group Compliance assesses, manages and mitigates corruption risks. It also participates and conducts combined assurance audits of alignment with our anti-corruption related policies across all operations. Such audits are conducted on an annual basis.

Government relations

We operate in an evolving government and regulatory environment. The tariffs imposed by the USA on many countries around the world had material impact in the countries where we operate and subsequently our communities. Allegations of human rights abuse, electoral irregularities, suppression of opposition parties, and police intimidation following the elections in Tanzania, has impacted the perception of democracy in Tanzania. The political transition in Guinea progressed during the year, with a successful referendum in September, the election of Mamadi Doumbouya as President, and the re-appointment of Bouna Sylla as Minister of Mines and Geology.

Looking ahead

Continue training and awareness efforts across the business in the form of online training, induction, video training and communication via newsletters and global briefs
Continue monitoring and strengthening controls to prevent and detect risks, including fraud, bribery and corruption risks
Continue to support the embedding of Group policies, standards and procedures across the Group
Continue monitoring upcoming changes in laws and countries through regulatory horizon scanning
Continue assessing business units for risks related to bribery and corruption, including as part of our combined assurance audit programme
Continue development of a compliance programme aligned with best practice principles such as the US Foreign Corrupt Practices Act and UK Bribery Act
Enhance our Conflicts of Interest and Gifts and Hospitality online declaration processes and monitoring

Related SDGs

SDG 8

Decent work and economic growth

SDG 16

Peace, justice and strong institutions

Material sustainability issues

Upholding business ethics and transparency
Preparing for and managing risk and emergencies to minimise impacts on people and operations
Effectively managing reputational risks

For more information on principal risks see the 2025 Annual Report

Principal risks

Adverse regulatory changes (mining rights, fiscal)
Failure to maintain social licence to operate
Failure to maintain sufficient resilience to external financial drivers

Disclosure against standards

GRI 2-15: Conflicts of interest
GRI 205-1: Operations assessed for risks related to corruption
GRI 205-2: Communication and training about anti-corruption policies and procedures
GRI 205-3: Confirmed incidents of corruption and actions taken
GRI 14.22: Anti-corruption
GRI 14.24: Public policy
GRI 415: Public policy 2016
SASB EM-MM-510a.1: Description of the management system for prevention of corruption and bribery throughout the value chain
ICMM SERF Indicator 3: Employment, Pay equity
ICMM SERF Indicator 4: Employment, Wage level
ICMM Responsible Mining Principle 1: Ethical business: Apply ethical business practices and sound systems of corporate governance and transparency to support sustainable development.
WGC Responsible Gold Mining Principle 1: Ethical conduct: We will conduct our businesses with integrity including absolute opposition to corruption.

What we measure

Breakdown of Speak-up allegations

Outcome of case closures year-on-year (%)

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.

Continue to the online summary report

Sustainability report 2025

2025 at a glance

Creating value

Revenue

Gold production

Gold Mineral Reserve

Empowering people

People employed

Total recordable injury frequency rate (TRIFR)

Training and development expenditure

Salaries, wages and benefits paid to employees

Empowering communities

Community investment

Expenditure with local suppliers

Grievances resolved

Caring for the environment

Reportable environmental incidents

Cumulative amount of land rehabilitated

Renewable energy supply

Scope 1 and Scope 2 greenhouse gas (GHG) emissions

Ensuring best practice governance

Employees that completed ethics training*

Payments to government ∧

Security personnel trained on human rights policies

Leadership

Determining materiality

Impact materiality

Financial materiality

Phase 1

Phase 2

Phase 3

Our commitments