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.

2025 Sustainability Report (pdf)
ESG Data Workbook (xlsx)
Management Criteria and Reporting Definitions (pdf)

2025 at a glance

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

99.98%

(2024: 100%)◊

◊ Excludes Centamin

▲ Excludes Kibali

* Excludes contractors

∧ Refer to ESG Data Workbook for breakdown

Leadership

Determining materiality

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.

Explore assessment outcomes

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.

Performance against targets

Creating 
value

Empowering people

Empowering communities

Caring for the environment

Ensuring best practice governance

Case studies

Assurance

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

Assurance statement (pdf)
Content Index (pdf)

Report suite 2025 / Sustainability Report / Commitments / Environmental resilience / Environmental stewardship

Environmental stewardship

Responsible environmental stewardship is integral to our business.

Sukari, Egypt

We minimise the impact of our activities through a rigorous governance framework that applies consistent standards to current operations, major expansions, and new projects. Our Sustainability Policy and associated standards mandate a systematic approach to managing environmental risks — including threats to natural resources — while prioritising the proactive reduction of closure liabilities.

We translate these high-level ambitions into action through site-level Environmental Management Systems (EMS) certified to ISO 14001: 2015. Central to our approach is the recognition that every mine operates in a unique setting; our systems are designed to adapt to diverse geological, climatic, and regulatory environments while maintaining strict compliance. Senior operational managers hold accountability for performance, supported by standardised software tools and our internal enterprise risk platform, AuRisk, which provides timely visibility of risk exposure from the site to the enterprise level.

Our focus on environmental performance begins at the design stage. Capital projects incorporate environmental requirements into the earliest development phases to ensure regulatory and internal compliance. To maintain the integrity of this framework, we conduct regular assurance via rotational audits and project stage-gate
reviews.

Through our engagement with the CMSI Industry Advisory Group, we are positioned to evolve our internal standards in line with this emerging unified global standard, ensuring our environmental governance remains robust and current.

Our commitment

We prioritise the avoidance, minimisation and mitigation of our environmental impacts. Our operations proactively manage risks to air, land, biodiversity and water resources across the full mining life cycle, ensuring responsible closure.

We are committed to compliance with host country regulatory obligations and maintaining certification of our environment management systems to the ISO 14001 environmental management standard and with the ICMC. We implement measures to conform with voluntary environment commitments outlined in ICMM’s Position Statements, Performance Expectations and the World Gold Council’s Mining Principles.

Strategic focus areas:

  • Focus on integrating Sukari assets
  • Host an in-person environment function workshop to jointly review the evolving global environment landscape, our Company’s performance and identify and prioritise the advancements needed in our supporting frameworks, skills and tools
  • Evaluate current capital, biodiversity and closure projects to support long-term nature objectives
  • Complete the Group-wide biodiversity and nature screening assessment
  • Update our Biodiversity Management Standard using the outcomes of the Groupwide assessment

Performance in 2025

Environmental incidents

We recorded three reportable environmental incidents during the year (2024: one). These occurred at Iduapriem, Siguiri and Obuasi mines respectively. Details of each are outlined in the 2025 ESG Databook. Eleven moderate severity incidents were logged in 2025, compared to eight in 2024. Minor severity incidents equalled 2024, with 223 events being reported.

Reportable incidents are defined by our incident classification and reporting standard, which sets out how we identify, respond to, and communicate events that impact negatively on the environment or communities.

Strengthening environmental governance and systems

In April 2025, we convened a global technical workshop to align our strategic approach to governance and digital systems. Informed by a comprehensive internal survey, we prioritised the harmonisation of key business processes to maximise the efficiency of existing and new global software platforms. Specific priorities include aligning functional risk management to streamline material sustainability risks into our enterprise risk system (AuRisk), enhancing regulatory compliance transparency, and simplifying environmental incident logging, classification and action management.

We also advanced critical operational themes, defining a roadmap to evolve our Group Standards and Assurance processes to ensure they remain fit for purpose. Key additional technical outcomes included the integration of ‘No Net Loss’ biodiversity principles into mine planning and the advancement of sustainable post-closure water strategies. To sustain these efforts, we proposed essential updates to our ‘Health of Discipline’ framework to guide technical capability development, ensuring we maintain the necessary skills to navigate an increasingly complex global regulatory landscape.

These initiatives are being sequenced over a two-to- three-year horizon. Execution commenced in 2025 with the successful global launch of the new web-based Environmental Management Applications (EMA) suite, comprising the Environmental Incident Manager and Action Manager. Further EMA tools that will be developed for rollout during 2026, include the Compliance, Audit, and Inspection modules, each underpinned by the globally harmonised business processes established this year.

Environmental permitting and compliance

We maintain a robust approach to environmental permitting, ensuring all projects align with evolving regulatory frameworks and stakeholder expectations. A primary focus has been the North Bullfrog project in Nevada, where we have advanced critical technical work to ensure a legally sound Environmental Impact Statement (EIS) is completed for the project. We achieved a significant milestone in November 2025 with the formal acceptance of the Groundwater Flow Model for use in the NEPA process, following extensive agency engagement. In parallel, the Administrative Draft EIS was submitted for review in October. The target completion date for the Record of Decision (ROD) is December 2026.

In Colombia, the Quebradona and La Colosa projects navigated a complex regulatory environment throughout 2025. At Quebradona, evolving land-use designations — specifically regarding agricultural protection and environmental reserves — have temporarily paused our ability to advance key permitting activities. At La Colosa, while our request to formally suspend contractual obligations (force majeure) was declined by the National Mining Agency in October, we remain committed to engaging with the relevant authorities to clarify these overlapping requirements and define a constructive path forward. Encouragingly, the Quebradona project retains a strong social foundation at the local level. Community engagement remains robust, with continued high participation in our social investment and skills training programmes. We also value the ongoing advocacy from regional leadership in Antioquia, who continue to highlight the project’s potential contribution to local economic development. This enduring alignment between our project goals and regional priorities provides a resilient basis for Quebradona’s future once the current regulatory landscape stabilises.

In Ghana, we continued to advance critical environmental infrastructure through a mature and co-operative regulatory framework. Following approval from the Minerals Commission, construction commenced on the new Dokyiwa Flotation Tailings Storage Facility (DTSF) at Obuasi, accompanied by proactive fauna relocation partnerships with the Wildlife Division and accelerated buffer zone planting to mitigate community impacts. Significantly, after years of exhaustive engagement and technical testing, the Environmental Protection Agency (EPA) granted the permit for the Arsenic Trioxide Treatment and Permanent Disposal Project. This milestone approval resolves a decades-long legacy challenge, enabling the safe, permanent disposal of historical stockpiles and once complete will close a key chapter in our legacy management commitments. The EPA further signalled confidence in our operational stewardship by renewing permits for the broader Obuasi Redevelopment Project and associated water infrastructure.

In Western Australia, our team successfully navigated a constrained administrative environment to secure essential operational approvals. Despite industry-wide processing delays attributed to regulatory resourcing constraints, proactive engagement with state regulators unlocked pending approvals for key capital projects at Sunrise Dam and Tropicana. These included the Sunrise Dam Wastewater Treatment Plant and critical upgrades at Tropicana, such as the Paste Fill Plant, Gas Power Station expansion, and a Groundwater Licence amendment to enhance tailings seepage recovery. Looking ahead, we are adapting to the Department of Energy, Mines, Industry Regulation and Safety’s new approval framework introduced in September. While this transition may influence timelines for upcoming initiatives like Sunrise Dam’s Pink Lady project, our active engagement aims to minimise disruption during this implementation phase.

Committed to nature-positive outcomes

AngloGold Ashanti, along with other ICMM member companies, voluntarily committed to an updated Nature Position Statement in 2024, which contains five overarching objectives that support a nature positive future by 2030.

In response, we undertook a comprehensive Group-wide Nature Screening Assessment in Focused exclusively on our active mining operations, this study excluded early-stage development projects where surface disturbance remains immaterial. We employed a two-phased methodology aligned with the Taskforce on Nature-related Financial Disclosures (TNFD) LEAP approach:

  • Phase A (Desktop Screening): We used global biodiversity datasets, including the Integrated Biodiversity Assessment Tool (IBAT), Exploring Natural Capital Opportunities, Risks and Exposure (ENCORE), and the World Wildlife Fund (WWF) Biodiversity Risk Filter, to identify potential nature-related dependencies and sensitivities across the portfolio
  • Phase B (Site Validation): We conducted on-site engagements to ground-truth these desktop findings against local ecological realities

This validation phase proved critical, revealing that global mapping tools — while valuable for high-level screening — can sometimes misrepresent biodiversity value in understudied or dryland environments. For example, at Tropicana, site-specific verification confirmed the presence of species new to science or with distribution ranges not yet captured in global datasets, highlighting risks that a purely desktop exercise would have missed.

Our on-site validation also highlighted the complex challenge of managing biodiversity within shared, socio-economically active landscapes, particularly across our African operations. In Ghana and Tanzania, external pressures including rapid urbanisation, agricultural expansion, ASM and illegal mining have, and continue to, actively alter ecosystem integrity outside our operational footprints.

Furthermore, our ability to secure long-term conservation outcomes is influenced by regional land tenure systems. In these jurisdictions, where we operate under time-bound mining leases rather than holding freehold title, we cannot unilaterally set aside land for permanent conservation. Consequently, our strategy for achieving ‘No Net Loss’ in these settings will require us to seek collaboration with government agencies, conservation partners and/or our peers, to support protected areas while promoting alternative livelihoods that reduce community dependency on natural resources.

Based on this hybrid assessment of ecosystem integrity, protected area proximity, and physical water risks, we have confirmed the following operations as priority locations requiring focused management strategies:

  • Brazil: AGA Mineração
  • Ghana: Iduapriem and Obuasi
  • Tanzania: Geita

The strategic value of this assessment extends beyond these priority assets. We are using the findings to inform a consolidated ‘Nature Strategy Roadmap’ that will standardise our approach to Critical Habitat, Residual Impact Assessments and an AngloGold Ashanti Metrics Framework. This provides a blueprint for defining credible pathways to ‘No Net Loss’ by mine closure at our non-priority sites as well, ensuring a consistent, nature-positive standard across our entire operating portfolio.

In parallel, mine-wide biodiversity status study undertaken at Obuasi reported an ~31% net gain in medium to large mammal diversity over a 10- year period, an ~5% net loss in avifauna diversity and an ~21% net gain observed in amphibian diversity. The report findings will be used to update mine-level biodiversity management, closure and rehabilitation plans.

At our Nevada projects, we are exploring development of a Conservation Bank strategy to support nature-positive outcomes in the Beatty District. This proposed concept aims to restore currently degraded habitats for sensitive species — such as the Amargosa Toad — potentially establishing a credit-based system to offset AGA’s potential future operational impacts. Following positive initial workshops with federal and state agencies in late 2025, we have moved into the development phase and plan to continue with regulatory and community engagements.

At Tropicana, our environmental teams are finding ways to balance the benefits of the new renewable energy infrastructure with downside of an increased risk of bird and bat interactions with the new wind turbines. Monitoring frequencies of bird and bat interactions have been increased, with the goal of informing development of a robust, comprehensive, and evidence-based management strategy.

Looking ahead

  • Progress Phase 2 of the Environmental Management Applications (EMA) including Compliance, Audit and Inspection modules
  • Align AGA’s Environmental Standards with the (final) Consolidated Mining Standard to facilitate implementation
  • Simplify the Group Environmental Assurance Programme, for enhanced focus on material environmental risk
  • Advance key recommendations from the 2025 Nature Screening Assessment

Related SDGs

SDG 12

Responsible consumption and production

SDG 13

Climate action

SDG 15

Life on land

Material sustainability issues

  • Securing and maintaining regulatory compliance, including environmental licences and permits
  • Preparing for and effectively managing risk and emergencies to minimise impacts on people and operations

For more information on principal risks see the 2025 Annual Report

Principal risks

  • Operational hazards with mass casualty potential
  • Adverse regulatory changes (mining rights, fiscal)
  • Failure to maintain social licence to operate

Disclosure against standards

  • GRI 101: Biodiversity 2024
  • SASB EM-MM-160: Biodiversity Impacts
  • ICMM Responsible Mining Principle 6.4: Environmental performance: Pursue continual improvement in environmental performance issues, such as water stewardship, energy use and climate change.
  • WGC Responsible Gold Mining Principle 8: Environmental stewardship: We will ensure that environmental responsibility is at the core of how we work.

What we measure

Environmental incidents (number)*
Environmental incident rate/Mt mined*

* all severity levels

Reportable environmental incidents recorded

3

(2024: 1)

Moderate-severity environmental incidents recorded

11

(2024: 8)

Minor-severity environmental incidents recorded

223

(2024: 223)

Environmental incident rate

0.85

(2024: 1.19)

Percentage of operating mines are certified to ISO 14001: 2015

100%

(2024: 100%)

Percentage of operating mines are ICMC certified

92%

(2024: 100%)

Number of species (in our mining regions) on IUCN Red List species and national conservation list species

52

(2024: 51)

Percentage of operations with biodiversity plans

92%

(2024: 92%)

Related case study:

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