This webpage does not purport to be a complete summary of the underlying 2025 Sustainability Report and should be read in conjunction therewith, including the qualifications and limitations described therein, as there may be information in the underlying 2025 Sustainability Report that may be important.
Working to strengthen our social licence to operate
Our sustainability commitments matter. They protect the environment, support communities, reduce risk, and ensure the company remains viable and competitive in a world where responsible mining is non‑negotiable.
Creating value
Revenue
$9.9bn
(2024: $5.8bn)
Gold production
3.09Moz
(2024: 2.66Moz)
Gold Mineral Reserve
36.5Moz
(2024: 31.2Moz)
Empowering people
People employed
38,243▴
employees and contractors on average
(2024: 36,496)▴
Total recordable injury frequency rate (TRIFR)
0.97
(2024: 0.98)
Training and development expenditure
$8.62m
(2024: $7.99m)◊
Salaries, wages and benefits paid to employees
$1,028m
(2024: $796m)
Empowering communities
Community investment
$27.25m
(2024: $20.56m)◊
Expenditure with local suppliers
$5.05bn
(92%)
(2024: $4.26bn (92%))◊
Grievances resolved
96%
(2024: 93%)◊
Caring for the environment
Reportable environmental incidents
3
(2024: 1)◊
Cumulative amount of land rehabilitated
4,231ha
(2024: 4,271ha)
Renewable energy supply
7.8%
(2024: 6.6%)
Scope 1 and Scope 2 greenhouse gas (GHG) emissions
1.806Mt
(2024: 1.473Mt)◊
Ensuring best practice governance
Employees that completed ethics training*
9,582*
(2024: 5,697)◊
Payments to government ∧
$2.62bn
(2024: $1.03bn)◊
Security personnel trained on human rights policies
Maintaining our social licence to operate requires constant effort, humility and discipline. It is work we are committed to doing well, because it is fundamental to the long-term success of AngloGold Ashanti and the societies of which we are a part.
The way we do business matters – perhaps now, more than ever. We are accountable to a host of stakeholders for ethical and responsible conduct and transparent reporting that confirms our commitment to long-term sustainability.
Mining is a complex business and many of our operations are situated at remote sites in complex regions. Our people’s unwavering commitment underpins the strong progress described in this report.
We have identified 17 material sustainability issues that are most significant to the business. While the framing of the issues have changed year-on-year, we do not believe that there have been significant additions or exclusions.
We are cognisant that material sustainability issues change over time (dynamic materiality), and we will continue to monitor the broader range of issues, including emerging issues.
While we have grouped the sustainability
issues identified into related environment,
social, governance and economic topics, we
recognise that these issues are deeply interrelated
and inter-dependent and should be
considered and managed accordingly.
The Company’s double materiality assessment is integrated into the Enterprise Risk Management (ERM) framework ensuring the Company considers a comprehensive view of risks and opportunities that may affect not only its financial outcomes but also its broader societal and environmental responsibilities.
Our 2025 materiality assessment included detailed interviews with key internal and external stakeholders, and considered new and emerging disclosure regulations including GRI and SASB. Extractives and mineral processing are among the first industries scheduled for updated SASB-aligned guidance, with new emphasis expected in areas such as biodiversity, water use, tailings, land disturbance, workforce conditions, closure planning and community impacts. These developments informed our framing of material sustainability issues this year, ensuring that our prioritisation reflects future regulatory direction rather than only historical expectations.
Our approach encompasses double materiality
Impact materiality
Whether a matter is material from an impact
perspective, that is, whether AngloGold
Ashanti’s activities have a material actual or
potential impact, positive or negative, on people,
society and/or the environment over the short,
medium or long term.
Financial materiality
Whether a matter is material from a financial perspective and whether it triggers potential or actual financial effects on AngloGold Ashanti, that is, whether it leads to risks or opportunities that influence or could influence future cash flows and the enterprise value of the Company in the short, medium or long term.
Phase 1
Context
Initial benchmarking involved a thorough review of global standards and voluntary compacts to which we subscribe and
align with, peer practices and feedback from ratings agencies, as well as prior year assessments.This benchmarking
ensured that the issues considered are relevant, comprehensive and reflect both industry best practice and stakeholder
expectations. We then arrived at a comprehensive long list of sustainability topics relevant to AngloGold Ashanti’s footprint
and industry context, which we carefully refined to identify 33 issues that are relevant to our industry and sector.
Phase 2
Discovery of impact
We held structured interviews with internal and external stakeholders/leaders to understand:
Strategic priorities
Operational challenges and dependencies
Regional sustainability expectations
Emerging risks and opportunities
This process resulted in a refined list of 21 material sustainability issues, including new issues, strengthened definitions, and determining how issues influence our ability to create, sustain, or potentially erode social, environmental, and economic value from both an impact and financial materiality perspective.
Phase 3
Ranking
Finally, members of executive and senior management were asked to rank issues from the perspective of both impact and financial materiality, based on our definitions (alongside). Respondents were also asked to indicate the time horizon –short, medium and long term – associated with impacts and, for financial materiality, whether the issue was primarily a risk or an opportunity.
These issues were then reviewed by the internal sustainability team. The ranking was adjusted to reflect broader industry sustainability issues and issues raised by stakeholders. These results were analysed and combined with internal insights to determine the 17 material sustainability issues for 2025.
Our commitments
Understanding what matters most to society, the environment, investors and the business itself, is central to how AngloGold Ashanti creates and protects long-term value.
We subscribe to a number of external principles, charters and standards that rank our ESG and reporting performance, according to their own methodologies.
As a member of the International Council on Mining & Metals (ICMM), AngloGold Ashanti plc is committed to obtaining independent external assurance over its conformance with the ICMM Mining Principles, including specified disclosures presented in its 2025 Sustainability Report
AngloGold Ashanti has an unwavering commitment to respecting human rights across every aspect of its business.
Iduapriem, Ghana
We do not tolerate rights abuses in any form, and it is paramount that our employees, contractors and supply chain understand what must be done to protect human rights and what steps must be taken to remedy any violations.
As a company operating in complex and dynamic environments, we recognise that the success and sustainability of our business depend on the strength of our relationships with the people and communities we impact. We understand that responsible corporate conduct requires more than compliance — it demands proactive stewardship, ethical leadership, and a deep respect for the rights and dignity of all stakeholders. It is in this context that we reaffirm our principled commitment to human rights and the rights of indigenous peoples.
We act with integrity and work with governments, NGOs and communities to co-design sustainable solutions.
Our commitment
AngloGold Ashanti is firmly committed to respecting and promoting human rights across all our operations, supply chains, and business relationships. Guided by the UNGPs and aligned with international standards, we integrate human rights due diligence into strategic decision making, risk management, and daily operational practice. We recognise that safeguarding the dignity, safety, and wellbeing of all individuals connected to our activities is not only a legal and ethical imperative but also a foundation for operational excellence, resilience, and long-term value creation. Our approach emphasises transparency, accountability, and continuous improvement, ensuring that our actions consistently reflect our stated commitments.
We continuously work to understand and mitigate impacts on indigenous communities, protect cultural and environmental values, and create opportunities for shared benefit. By honouring these principles, we strengthen our social licence to operate and contribute to sustainable, inclusive development in the regions where we work.
Strategic focus areas:
Strengthening the human rights due diligence process and reinforcing the Company’s social licence to operate, focusing on sharpening risk prioritisation, embedding stronger expectations for contractors and suppliers, and ensuring clearer alignment with international human rights and humanitarian law
Refining the implementation of our prevention of modern slavery commitments in conjunction with the supply chain function, especially the assessment of high-risk suppliers through a credible third-party service provider
Embedding training and awareness efforts across the business in the form of online training, media, communication and attendance of in-country and international human rights events
Supporting the implementation of the ICMM’s Position Statement on Indigenous People
Performance in 2025
AngloGold Ashanti’s values are underpinned by respect for human rights. This is reflected in the way we do business and enshrined in our Sustainability Policy and Human Rights Standard, and is embedded in the business through the application of our Human Rights Governance Framework, which is aligned with the UNGPs and the VPSHR.
Our approach integrates HRDD with social licence to operate assessments to ensure a comprehensive understanding of community impacts and expectations. A central component of this process is the strength of site-level grievance mechanisms — specifically, their accessibility, functionality, and the consistency of feedback and resolution.
We evaluate not only whether communities can raise concerns easily, but also whether responses are timely, transparent, and agreed upon with affected stakeholders. Insights from complaints and grievances are used to identify emerging human rights risks, assess the adequacy of mitigation measures, and guide management action where recurring issues arise.
Grievance volumes and closure rates form part of our social licence to operate metrics, helping to evaluate trust, performance, and responsiveness at each site. This integrated approach has already delivered measurable improvements — for example, at Siguiri, where persistent dust-related grievances highlighted shortcomings in mitigation lead to the adoption of dust-a-side technology that significantly reduced community concerns. Lessons from such interventions are shared across the Group to continuously strengthen our HRDD and social licence to operate systems.
This approach is inclusive of management standards incorporating cultural heritage and sacred sites management. Reflecting our broader commitment to ethical and sustainable business practices, this framework strengthens Company approaches to upholding the rights of indigenous peoples by encouraging meaningful engagement and support for fair and equitable participation in the development of mining projects on their lands and territories.
During 2025, we continued to embed the human rights framework. Security and HRDD compliance follow-up assessments, focusing on gaps identified during the 2024 combined assurance process, were completed at all our operations, except for the Sukari mine.
The Security and Human Rights integration plan for Sukari was completed in 2025, which included compliance self-assessments against the AngloGold Ashanti standards, and a Group-level review will be conducted in April 2026.
A revitalised Human Rights Working Group (HuRiWG), including representatives from all sites kicked off in Q1 2025, with the primary objective to fast track the embedding of the Human Rights framework, and to enable a platform for raising awareness, sharing and learning across the business.
The fifth edition of the annual AngloGold Ashanti Modern Slavery statement was approved by the Board and subsequently published for internal and external consumption, after submission to the Australian Border Force (ABF) as per Australian and UK legislative requirements during 2025.
The development of new fit-for-purpose online training material for security and human rights was developed during the year and launched at the end of November 2025.
Human rights due diligence
A comprehensive desktop review of AngloGold Ashanti’s HRDD and social licence to operate tools and processes was conducted in 2025 in response to heightened scrutiny of the mining sector’s human rights and community engagement practices. The review, conducted by a Switzerland-based global third party, identified best practices, gaps, and opportunities to strengthen alignment with international standards.
The twelve key recommendations focus on enhancing human rights due diligence and reinforcing the Company’s social licence to operate through targeted improvements across policy, governance, engagement, and operations. Priorities include sharper risk prioritisation, stronger expectations for contractors and suppliers, and clearer alignment with international human rights and humanitarian law. Enhancements to standards and tools — including community engagement, ASM interactions, grievance management, conflict analysis, and social cohesion — will support more consistent, rights-compatible decision making across sites. Collectively, these measures will strengthen early risk detection, build community capacity and promote a more coherent, enterprise-wide approach to managing conflict-affected and high-risk contexts.
Human Rights Framework
These five pillars of our Human Rights Framework guide us in the work we do to respect human rights across every aspect of our business.
Risk management
Human rights risks are integrated into our broader risk management process to help to ensure that sustainability risks are properly represented and managed. We understand that human rights risks relate to the rights of all human beings to being treated with dignity, without discrimination, whatever their nationality, place of residence, sex, national or ethnic origin, colour, religion, language or other status.
Training and
communications
Ensure that all employees, contractors, supply chain and communities have an understanding of AngloGold Ashanti’s commitment to respecting human rights, and key messages across Group, BU and operational levels must be advocated and supported by all.
Grievance mechanisms
Aligned to international norms and standards, our AngloGold Ashanti grievance mechanism standards and procedures are central to the HuRi Framework. All aspects of our work are continuously monitored and refined to ensure respect for human rights and all reasonable and fair access to redress/remedy is provided.
Supply chain
Tangible steps to guard against and eliminate issues related to human rights impacts and modern slavery in our supply chain forms an integral part of our firm commitment to respect human rights.
Engagement
An integrated, inclusive stakeholder engagement process (internal and external) across the project life cycle is a cornerstone of the HuRi framework, to help to ensure all potential human rights risks are identified and appropriately addressed.
Security and human rights
With our commitment to the VPSHR at the core of our security strategy, our security measures are implemented to help ensure that our people are always protected and feel safe, and that our assets and facilities are protected, thereby minimising the potential for harm or loss arising from security breaches.
In 2025, we built on the 2024 rollout of our revised Group Security Standard by establishing site-specific security plans. While the Standard outlines how we should anticipate, identify, interpret and monitor security risks at all our locations, the site-specific plans carry detailed proactive prevention, response and contingency strategies. These strategies cover potential security breaches, and regional and local issues that affect the security and safety of our people and assets, with due consideration of security threats and associated risk.
A VPSHR-related incident occurred at Geita, involving two private security officers who used unnecessary force against a deforester attempting to flee the area. An internal investigation confirmed that the officers struck the individual with sticks leading to minor injuries. Both officers were terminated and our zero-tolerance approach to any unnecessary, and/or unjustified use of force, was reiterated with all security service providers.
Assessing our supply chain
AngloGold Ashanti remains committed to continuous improvement and transparency in human rights and supply chain due diligence. We aim to align disclosures with global best practices, including the UNGPs Reporting Framework and emerging regulatory requirements.
Our focus on refining the implementation of our principles on human rights and modern slavery included third-party assessment of high-risk suppliers.
In mid 2025, we engaged an independent third-party specialist to assess 500 high-risk suppliers on a continuous monitoring basis and to assess 7,500 suppliers annually. We are investigating options to expand the supplier risk screening to all suppliers in the future.
High-risk suppliers are identified by spend value, service type, associated environmental risks, whether work is carried out underground or at height, and the handling of confidential information.
These third-party assessments supplement the supplier checks conducted through the Supplier Self-Assessment Questionnaire process. The review focused on suppliers identified through AngloGold Ashanti’s risk screening, particularly those operating in sectors and geographies with elevated exposure to forced labour and human rights risks. The process applies internationally recognised frameworks and leading risk intelligence tools such as Dun & Bradstreet, Inoxico, Creditsafe, Credit Watch, Security Scorecard, and Dow Jones. It included comprehensive document reviews and interviews.
The reviews monitored key risk indicators across multiple dimensions, including adverse media coverage, financial risk, cybersecurity, ESG performance, sanctions, and politically exposed persons. To ensure a balanced evaluation, a weight was assigned to each risk category.
This weighted scoring system ranks suppliers on a risk scale of high risk, medium to high risk, medium risk, and low risk. Based on this classification, AngloGold Ashanti determines an appropriate engagement approach, including mitigation measures and follow-up actions.
Given the scale of vendors included in the enhanced market intelligence risk monitoring process and the effort required to implement the evaluation tool, the phased approach prioritised the 596 high-risk vendors in 2025. By year end, 453 had been evaluated (see Business ethics, compliance and disclosure for more detail).
Grievances
We rely on credible and appropriate grievance mechanisms implemented to apply the UNGP’s protect, respect and remedy framework. These grievance mechanisms are managed by trained grievance officers and independent third parties, offering our stakeholders multiple channels to report concerns or suspected human rights, bribery or unethical transgressions.
A total of 92 (2024: 112) community grievances were received in 2025. Most of these related to mine-related noise and dust, encroachments and compensation concerns across the Group. The Group handled just one grievance regarding indigenous people’s rights in relation to Native Title negotiations. The issue was investigated and resolved within the Group’s 45-day deadline.
All grievances are investigated, assessed and remediated wherever appropriate. By year end, 96% (2024: 93%) of grievances were resolved. For detail on the number of community incidents reported in 2025 see our section on Supporting Community Resilience.
AngloGold Ashanti engages with a broad section of community members and their leadership, including traditional leaders, local and national governments, women’s groups, youth and people with disabilities, civil society, indigenous communities, vulnerable groups and human rights defenders in and around our operational areas. By integrating our Social Management Framework with localised engagement strategies, we ensure that all activities are aligned with FPIC principles, fostering transparency and mutual respect with Indigenous communities. Further details can be found in the Stakeholder Engagement section.
Human rights and indigenous peoples
AngloGold Ashanti seeks to minimise adverse impacts from its activities while fostering respect, dignity and the culture of indigenous populations.
Mandated by the Management Standard Framework, which is inclusive of the standards on human rights, indigenous people, cultural heritage and sacred sites management, this approach is aligned with the International Finance Corporation’s Performance Standard #7 on Indigenous Peoples.
As members of the ICMM, we reaffirmed and reinforced our commitment to respect the rights of indigenous peoples by adopting the council’s updated Indigenous Peoples and Mining position statement published in August 2024. To craft a road map towards conformance with the new requirements, a gap analysis was completed in 2025. The gaps detected form part of an assessment of our management standards, which will also take into account the anticipated Consolidated Mining Standard Initiative criteria.
Our Cultural Heritage and Sacred Sites Management Standard supports our undertaking to uphold the rights of indigenous peoples through the preservation and maintenance of land that has cultural significance.
In 2025, the Group made steady progress in managing cultural heritage programmes. These programmes support our aspirations to ensure that we uphold the rights of indigenous peoples. Further details can be found in the Community Resilience section.
Looking ahead
Implementation of recommendations from the third-party assessment to strengthen the human rights due diligence process and reinforce our social licence to operate
Advance work with the supply chain function to assess high-risk suppliers through a credible third-party service provider
Embed conflict management practices across the business, aligned with the heightened human rights due diligence requirements of the UNGPs
Continue to raise awareness of human rights across the business in the form of online training, media, communication and attendance of in-country and international human rights events
Related SDGs
SDG 8
Decent work and economic growth
SDG 16
Peace, justice and strong institutions
Material sustainability issues
Respecting human rights and the rights of indigenous people
Securing and maintaining regulatory compliance, including environmental licences and permits
Failure to maintain sufficient resilience to external financial drivers
Disclosure against standards
GRI 408-1: Operations and suppliers at significant risk for incidents of child labor
GRI 409-1: Operations and suppliers at significant risk for incidents of forced or compulsory labor
GRI 410-1: Security personnel trained in human rights policies or procedures
SASB EM-MM-210.1: Percentage of (1) proven and (2) probable mineral reserves in or near areas of conflict
SASB EM-210a.2: Percentage of (1) proven and (2) probable mineral reserves in or near indigenous land
SASB EM-MM-210a.3: Discussion of engagement processes and due diligence practices with respect to human rights, indigenous rights, and operation in areas of conflict
ICMM SERF Indicator 3: Human rights: Respect human rights and the interests, cultures, customs and values of employees and communities affected by our activities.
ICMM Responsible Mining Principle 3: Human rights: Respect human rights and the interests, cultures, customs and values of workers, communities, and other vulnerable groups who may be affected by our activities.
WGC Responsible Gold Mining Principle 5: Human rights and conflict: We will respect the human rights of our workforce, affected communities and all those people with whom we interact.
What we measure
Reported human rights incidents under VPSHR
1
(2024: 0)
Human rights allegations under VPSHR
1
(2024: 2)
RA | Percentage of Security personnel who received formal training in human rights policies
100%
(2024: 100%)
RA| Percentage of new suppliers screened using human rights criteria
76%
(2024: 77%)
Proven and Probable Mineral Reserve in or near areas of conflict
0
(2024: 0)
Sites conducted human rights due diligence processes in 2025
91%
(2024: 100%)
RA| Total number of operations that have been subject to human rights reviews and/or impact assessments
10
(2024: 10)
Operations and suppliers at significant risk for incidents of child labour
0
(2024: 0)
Operations and suppliers at significant risk for incidents of forced or compulsory labour
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.
