2025 at a glance


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.

Revenue

(2024: $5.8bn)

Gold production

(2024: 2.66Moz)

Gold Mineral Reserve

(2024: 31.2Moz)

People employed

employees and contractors on average

(2024: 36,496)

Total recordable injury frequency rate (TRIFR)

(2024: 0.98)

Training and development expenditure

(2024: $7.99m)

Salaries, wages and benefits paid to employees

(2024: $796m)

Community investment

(2024: $20.56m)

Expenditure with local suppliers

(2024: $4.26bn (92%))

Grievances resolved

(2024: 93%)

Reportable environmental incidents

(2024: 1)

Cumulative amount of land rehabilitated

(2024: 4,271ha)

Renewable energy supply

(2024: 6.6%)

Scope 1 and Scope 2 greenhouse gas (GHG) emissions

(2024: 1.473Mt)

Employees that completed ethics training*

(2024: 5,697)

Payments to government ∧

(2024: $1.03bn)

Security personnel trained on human rights policies

(2024: 100%)

Excludes Centamin

Excludes Kibali

* Excludes contractors

Refer to ESG Data Workbook for breakdown

Leadership


Determining materiality


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.

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.

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.

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.

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


Case studies


Assurance


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

Our commitment

We recognise the substantial and increasing risks climate change poses to the global economy and socio-economic development, and are committed to minimising current and future climate risks.

Our goal is to achieve net zero Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 2050, with a parallel focus on strengthening climate resilience across our business, value chain, host communities, and operational environments.

  • Updating climate change-related physical risk assessments at all operations to confirm risk and assess required changes (the previous Group-wide assessment was completed in 2021)
  • Promoting technological and operational improvements in large mine haulage fleets as we seek ways to replace traditional diesel-driven equipment
  • Advancing value chain partnerships that will reduce our Scope 3 GHG emissions
  • Extending transmission line to replace the diesel generation at Star & Comet and Nyamulilima

Performance in 2025

AngloGold Ashanti is committed to improving how we manage climate-related risks and opportunities to foster and promote business resiliency, accountability and stakeholder value.

We have implemented numerous initiatives to reduce our GHG emissions by installing new technology, reducing power consumption and improving energy efficiency. We have also made certain voluntary commitments, including working towards our GHG emissions reduction targets.

United Nations agency, the World Meteorological Organization (WMO), verified that 2024 was the hottest year on record. Rising temperatures, changing rainfall patterns, flooding, drought and severe weather conditions believed to be caused or exacerbated by climate change remain growing concerns for businesses, investors, broader society and governments.

This has led to increased pressure on companies, including those in the mining sector, to reduce GHG emissions consistent with national commitments made by numerous countries under the Paris Agreement; to promote responsible corporate practices, including the mitigation of climate-related risks; and to increase transparency about the risks and opportunities of transitioning to a low carbon economy.

Our goal is to achieve net zero Scope 1 and Scope 2 GHG emissions by 2050. Additionally, in partnership with targeted suppliers, AngloGold Ashanti expects to continue to work on Scope 3 GHG emissions accounting and to explore opportunities, where feasible, to address material Scope 3 GHG emissions.

GHG Protocol Category 2025 2024 2023 2022 2021
Purchased Goods and Services 706,748 455,263 495,222 524,369 479,681
Capital Goods 21,455 8,882 13,876 11,981 384
Fuel and Energy Related activities 358,815 277,010 240,425 242,647 260,532
Upstream Transportation and Distribution 52,911 36,552 36,541 36,748 29,493
Waste Generated in Operations 7,971 6,062 5,019 4,220 4,567
Business Travel 30,282 14,454 6,848 5,037 1,453
Employee Commuting 31,361 29,898 25,486 24,681 23,141
Upstream Leased Assets N/A N/A N/A N/A N/A
Downstream Transportation and Distribution 344 16,159 24,389 4,934 8,033
Processing of Sold Products 4,300 3,747 4,669 786 689
Use of Sold Products N/A N/A N/A N/A N/A
End of Life Treatment of Sold Products N/A N/A N/A N/A N/A
Downstream Leased Assets N/A N/A N/A N/A N/A
Franchises N/A N/A N/A N/A N/A
Investments 71,100 N/A N/A N/A N/A
Estimated Group Total 1,285,288 848,027 852,475 855,403 807,973

Note: Upstream emissions exclude non significant Goods and Services (Category 1 of the GHG Protocol). GHG Protocol Categories 8 and 11-14, are not applicable to AngloGold Ashanti’s managed operations. 2025 Business Travel (Category 6) includes global footprint, on a spend basis. Category 15 (Investments) includes AGA’s proportional 45% equity share of emissions from the Barrick-operated Kibali Gold Mine. Due to reporting period timing differences, the estimate is based on Kibali’s 2024 reported emissions (totaling 158kt CO2e). This is a new inclusion for the current reporting year. Downstream emissions for 2023 and 2024 included gold concentrate transport and offshore shipping for Brazil. Sukari mine included in AngloGold Ashanti’s Scope 3 estimate from 2025, comprising approximately 28% of AGA’s Scope 3 emissions. Differences in totals due to rounding.

We announced an interim target to achieve a 30% reduction in its absolute Scope 1 and 2 GHG emissions by 2030, as compared to a 2021 baseline, through a combination of renewable energy projects, fleet electrification, loweremission power sources and alternative fuels.

However, following the acquisition of Centamin in late 2024, and in accordance with Greenhouse Gas (GHG) Protocol, we have adjusted our 2021 decarbonisation baseline to reflect our larger global portfolio. Our original 2021 Scope 1 and 2 baseline of 1.383 million tonnes of GHG emissions equivalent has been restated to 1.861 million tonnes of GHG emissions, incorporating 0.478 million tonnes of GHG emissions attributed to Sukari mine. By maintaining our 2030 reduction percentage targets against this restated baseline, our absolute commitment for 2030 has been adjusted to 1.303 million tonnes of GHG emissions. The Serra Grande operation was included in this 2021 baseline restatement to maintain historical portfolio consistency. The asset was successfully divested in November 2025 and as a result, Serra Grande’s contributions are reflected in our 2025 performance data. A subsequent baseline adjustment will be performed during 2026 to remove Serra Grande’s historical emissions.

This rebaselining ensures that our decarbonisation progress remains measurable and representative of our current operational footprint, reinforcing our accountability as we integrate new assets into our Group-wide net zero pathway. When growth projects are factored in, including those in Nevada and Colombia, AngloGold Ashanti is targeting a 35% reduction in emissions through to 2030. We are working with our sites to evaluate emission reduction opportunities and initiatives. However, many of these potential GHG abatement initiatives are currently in either pre-feasibility or feasibility stage.

In 2025, our absolute Scope 1 and Scope 2 GHG emissions totalled 1.806Mt (2024: 1.473Mt ) with our African operations being our largest contributors. Our performance was impacted by the inclusion of Sukari and by increases in Australia’s diesel-related emissions, caused by production related increases.

This was offset by emission reduction from decarbonisation projects at Geita and Tropicana approaching 94.5kt CO2e year-on-year. GHG emission intensity was 4.83% lower year-on-year, at 33.50tCO2e/t of ore treated (2024: 35.2tCO2e/t of ore treated).

At AngloGold Ashanti, climate change is a Board-level governance issue, overseen primarily by the SES Committee and the Audit and Risk Committee, which oversees assurance. Our Climate Change Strategy, which was approved in 2021, seeks to embed the management of physical, regulatory and transition climate change-related risks, as well as climate change-related opportunities, into the Company’s strategic and operational planning processes.

We continue to gain momentum, adding new initiatives to our pipeline of decarbonisation projects which underpins our roadmap to deliver on our 2030 commitment

Increasing global demand for energy, concerns about nuclear power and the limited growth of new supply are impacting the price and supply of energy. Already there have been increased demands and hints of constrained supply which have resulted in sharply escalating oil and energy prices.

AngloGold Ashanti continues to invest in a combination of renewable energy projects and initiatives to use lower emission power sources and improve energy efficiency.

Our first renewable energy project at Tropicana was completed in February 2025. Integrating 61MW of clean energy into Tropicana’s existing diesel-and gas-powered system, the project involved the construction of four 6MW wind turbines, a 24MW solar farm and a 13MW battery storage system. The facility, one of Australia’s largest off-grid hybrid power systems, will significantly reduce Tropicana’s diesel and gas consumption for power generation and is expected to reduce the site’s GHG emissions by an average of 65,000t annually over 10 years.

At Geita, the performance of the grid connection was significantly enhanced in 2025 by the fasttracked commissioning of the Julius Nyerere Hydropower Plant. This infrastructure milestone shifted the national generation mix to 65.35% hydropower (45.2%: 2024), while the thermal component was reduced to 34.24%, of which 92% is derived from lower-emission natural gas. This increased availability of renewable energy contributed an additional 23,000t in elevating the project’s total annual emissions reduction to 72,000t. Critically, this strategic shift is currently displacing approximately 80% of Geita’s diesel consumption for power, demonstrating the immediate impact of aligning our operations with cleaner national infrastructure.

In Brazil, our operations continue to benefit from a net zero power profile through the annual certification of International Renewable Energy Certificates (iRECs), ensuring our grid-sourced electricity remains carbon neutral. To address residual fleet-related emissions, the region successfully piloted a 14t Epiroc Battery Electric Vehicle (BEV) in 2025. This trial confirms a viable electrification pathway for our underground fleet and marks a critical step toward transitioning our Brazilian assets into fully net zero operations. By pairing a carbon-neutral grid with the systematic displacement of diesel-powered machinery, Brazil remains at the forefront of our global decarbonisation strategy.

AngloGold Ashanti’s energy consumption was 27.69 petajoules (2024: 22.45 petajoules or 29.57 petajoules including Sukari), 6.36% lower year-on-year based on the 2024 value with Sukari included and the annual carbon intensity of our total energy mix at 65.22kg/GJ (2024: 65.59kg/ GJ) of CO2e per GJ of energy consumed, was 0.56% below the figure at the end of last year. This is lower than the gold industry peer group average of 86.46kgCO2e per GJ of energy, that we track at a one-year stagger (2023: 80.43kg/ GJ).

With the physical effects of climate change manifesting at a global scale, the frequency of extreme weather events in many of our mining regions is under increased scrutiny. This has helped improve site level awareness of predicted weather related impacts on mining infrastructure, workforce, surrounding ecosystems and host communities.

Climate change risks encompass changes in rainfall rates or patterns resulting in floods or droughts, reduced water availability, higher temperatures and extreme weather events. Such conditions could disrupt mining and transport operations, mineral processing and rehabilitation efforts, as well as increase on site health and safety risks.

Next generation climate model forecasts (three scenarios) for all our operations and major project sites were commissioned. These will be used during 2026 to review our existing climate adaptation plans.

Our operations have implemented site-specific programmes to enhance the resilience of local communities. These programmes cover awareness raising and adaptive business projects. Considerable contributions to strengthening community safety and health resilience have been achieved, including through partnering with international, local governmental, and community agents.

Looking ahead

We are advancing several key initiatives to further scale our global climate response. In Guinea, we have entered advanced contractual stages to progress a 40MW solar PV plant at our Siguiri mine.

Simultaneously, following the acquisition of assets in Egypt, we are exploring a potential 80MW grid connection at Sukari to transition the site toward a lower-carbon energy mix.

Beyond operational energy shifts, we are reviewing the environmental impact of our extensive landholdings in Brazil to understand its carbon potential. These diverse projects underscore our commitment to using both technology-driven and nature-based solutions to meet our long-term climate targets.

  • Energy security, decarbonisation, climate resilience and adaptation
  • Preparing for and effectively managing risk and emergencies to minimise impacts on people and operations
  • Securing and maintaining regulatory compliance, including environmental licences and permits

For more information on principal risks see the 2025 Annual Report

  • Adverse regulatory changes (mining rights, fiscal)
  • Failure to maintain integrity of tailings storage facilities
  • Failure to maintain social licence to operate
  • Failure to maintain sufficient resilience to external financial drivers
  • GRI 302-1: Energy consumption within the organization
  • GRI 302-4: Reduction of energy consumption
  • GRI 302-5: Reductions in energy requirements of products and services
  • GRI 305-1: Direct (Scope 1) GHG emissions
  • GRI 305-2: Energy indirect (Scope 2) GHG emissions
  • GRI 305-3: Other indirect (Scope 3) GHG emissions
  • GRI 305-4: GHG emissions intensity
  • GRI 305-5: Reduction of GHG emissions
  • GRI 305-6: Emissions of ozone-depleting substances (ODS)
  • GRI 14.2: Climate adaptation and resilience
  • SASB EM-MM-110a.1: Gross global Scope 1 emissions, percentage covered under emissions limiting regulations
  • SASB EM-MM-110a.2: Discussion of long- and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and an analysis of performance against those targets
  • SASB EM-MM-130a.1: (1) Total energy consumed, (2) percentage grid electricity and (3) percentage renewable
  • ICMM Responsible Mining Principle 6: Environmental performance: Pursue continual improvement in environmental performance issues, such as water stewardship, energy use and climate change.
  • WGC Responsible Gold Mining Principle 10: Water, energy and climate change: We will improve the efficiency of our use of water and energy, recognising that the impacts of climate change and water constraints may increasingly become a threat to the locations where we work and a risk to our licence to operate.
RA | Energy intensity (gigajoules per tonne treated)
RA | Energy consumption (petajoules)
GHG emissions intensity (kilograms of GHG per tonne treated)
RA | Scope 1 & 2 GHG emissions (Thousand tonnes)
Energy mix carbon intensity (kg of CO2e per GJ)

For illustrative purposes, we have provided a view of our portfolio with and without Sukari to demonstrate the comparative impact on AGA’s emission metrics.

The portfolio view excluding Sukari and bars displayed without numerical values are presented for comparative purposes and fall outside the scope of assurance. The charts illustrate the effect of Sukari on absolute emissions, energy consumption and intensity indicators, with bars labelled ‘Includes Sukari’ and ‘Excludes Sukari’ highlighting the magnitude of Sukari’s impact on our global portfolio.

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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.

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.