Responsible rehabilitation and mine closure planning

AngloGold Ashanti aims to leave a positive ecological legacy when mining operations reach the end of their life.

AGA Mineração, Nova Lima, Brazil

The land we mine on is a borrowed resource that is shared with the communities that neighbour our mines. As stewards of this land, we recognise that we have a duty to restore and enhance the natural environment through responsible closure, restoration and rehabilitation.

Our commitment

AngloGold Ashanti strives to integrate mine closure planning throughout the mine life cycle. We do this by preserving and establishing natural ecosystems and where feasible, through concurrent rehabilitation, to limit our environmental impacts and liabilities. We are committed to working in partnership with communities, governments and other stakeholders to create vibrant and resilient economies that thrive long after mine closure.

Strategic focus areas:

Develop site-specific closure plans that align with the regulatory requirements of the jurisdictions within which we operate
Mature our risk-based processes related to closure priorities, for example engineering designs for closure of TSFs and postclosure water management and treatment
Co-develop social transition plans with communities, governments and other partners

Integrated closure planning

AngloGold Ashanti’s Mine Closure Planning Standard guides the business in identifying and managing current and future risks and liabilities by stipulating that mine closure planning must be incorporated, reviewed and improved at every stage of a mine’s life cycle.

Aligned with the ICMM’s Integrated Mine Closure Good Practice Guide, AngloGold Ashanti’s approach is holistic in that it considers the environmental, social and economic aspects of mine closure in consultation with stakeholders. Our plans include post-mining transition planning to minimise adverse impacts of mine closure on local economies through the creation of selfsustaining communities who are supported by alternative livelihood initiatives and socioeconomic development programmes.

Site-specific closure plans are developed by each of our sites using a risk-based process to identify closure priorities and where we can, we rehabilitate concurrently with mining and processing operations. The Standard requires operations to have temporary closure plans (care and maintenance plans) in place for sudden suspension of operations due to issues such as declining commodity prices, rising costs, government policy changes or seismic events.

Closure planning starts where mining begins

We integrate mine closure planning throughout the mine life cycle.

Exploration phase

Adopt and comply with the provisions of this standard as appropriate to ensure cessation and closure of exploration activities in a manner that meets the intent of the standard.

Project phase

Develop closure plans and cost estimates in line with the requirements for major projects.

Operational phase

Develop and update a mine closure plan and costs estimates (including social transition plan and its implementation) with increasing levels of detail and confidence over the operational phase as part of horizon planning and integrated planning.

Closure period

Implement the final mine closure plan (including final components of social transition plan) from cessation of operations during which decommissioning, dismantling and rehabilitation occurs until the point in time where management of the site is largely limited to monitoring and maintenance.

Post-closure monitoring

Between closure and relinquishment, the activities tend to be limited to monitoring, some maintenance where applicable and other complimentary activities (like long-term or possibly in-perpetuity water treatment) to reach physical and chemical stability. This may also include monitoring and evaluation of the social transition plan.

Relinquishment

Obtain formal approval by the relevant regulating authorities indicating that the closure completion criteria for the mine have been met to the satisfaction of the authorities and ownership and residual liability for the land may now be accepted by the next land user.

Developments in 2025

Brazil completed the final detailed closure designs and cost estimates for decharacterisation of four tailings facilities at Cuiaba and Queiroz. The Ghana EPA approved the environmental permit for the Arsenic Trioxide Treatment and Disposal Project at Obuasi. This offers the opportunity for final resolution and disposal of the toxic stockpile that has been bunkered since about 2006. Iduapriem also received EPA approval for the GTSF Closure Plan. CVSA obtained approval for its fifth version of the Mine Closure Plan and Sukari developed its first conceptual mine closure plan.

Concurrent rehabilitation

International good practice and, in some instances, environmental regulations in the countries where we operate compel us to rehabilitate land affected by our operations both during operations and also in the closure phase of the mine life cycle.

AngloGold Ashanti’s mineral right areas cover 624,281ha of land. Of the land under our active management, 4,231ha is classified as rehabilitated land and in 2025, we rehabilitated a total of 203ha of land (2024: 171ha).

Mine closure liability estimates and provisions

We strive to ensure that there are adequate resources to address our mine closure commitments and liabilities and in addition, we are required by law to make financial provisions for such work in most of the jurisdictions in
which we operate.

Our consolidated Group environmental liability estimates in 2025 were $729 million (2024: $700 million).

We undertake quarterly reviews and updates of our mine closure liability estimates to ensure compliance with legislative changes and align them to business plans.

Mine closure liability estimates are based on legislative requirements and incorporate the cost of rehabilitation, infrastructure design, transition planning and the unit costs of the planned implementation activities.

We have implemented a variety of financial instruments/assurance, including accounting provisions, escrow accounts and bank/insurance guarantees for mine closure

Leaving communities and nature better off

AngloGold Ashanti’s goal is to ensure that communities and nature are better off after we close our operations. This is in acknowledgement of AngloGold Ashanti’s long-standing presence in specific communities and how it has been intertwined with local cultures.

Our closure programmes are premised on earning stakeholder trust, thereby enhancing our chances of acquiring and keeping our social licence to operate. As a result, stakeholder input is required throughout the site’s life cycle, and closure management plans balance corporate and stakeholder interests while complying with regulatory obligations and commitments.

Our mining operations play a pivotal role in local economies through employment and supply chain localisation and this approach to closure has been instrumental in our quest to continually contribute towards creating resilient communities and a positive legacy.

Looking ahead

Commencement of the Arsenic trioxide treatment and disposal project at Obuasi
Resolution and final approval of the Geita closure plan by the regulators
Posting of rehabilitation bonds at Geita (pending approval of the closure plan) and CVSA
Work to update the mine closure plans at Siguiri, Tropicana, Sunrise Dam and Sukari

Related SDGs

SDG 12

Responsible consumption and production

SDG 13

Climate
action

SDG 15

Life on land

Material sustainability issues

Management of nature and biodiversity, including land use, rehabilitation and closure
Ensuring safety, health and overall wellbeing employees and communities
Preparing for and managing risk and emergencies to minimise impacts on people and operations

For more information on principal risks see the 2025 Annual Report

Principal risks

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

Disclosure against standards

SASB EM-MM-160: Biodiversity impacts
ICMM Responsible Mining Principle 6.1: Conservation of biodiversity: Plan and design for closure in consultation with relevant authorities and stakeholders, implement measures to address closure-related environmental and social aspects, and make financial provision to enable agreed closure and post-closure commitments to be realised.
WGC Responsible Gold Mining Principle 9: Biodiversity, land use and mine closure: We will work to ensure that fragile ecosystems, critical habitats and endangered species are protected from damage, and we will plan for responsible mine closure.

What we measure

LA | Land managed (ha)

624,281

(2024: 583,277)

LA | Land rehabilitated – total (ha)

4,231

(2024: 4,271)

LA | Land rehabilitated in 2025 (ha)

203

(2024: 171)

LA | Land disturbed and not yet rehabilitated (ha)

19,796

(2024: 16,354)

Total rehabilitation liabilities

$729m

(2024: $700m)

Land managed* (ha)
Africa	223,087
Americas	76,785
Australia	324,409
Total	624,281

* Land managed encompasses both land held under full title ownership by AGA and areas where AGA holds mineral rights that overlap with third-party land uses (such as community settlements, municipalities, or agricultural activities).

Rehabilitated land (ha)
Africa	31
Americas	95
Australia	77
Total	203

Rehabilitation liabilities per region ($m)

Includes Mpasatia (Bibiani pit)
The equity-accounted investments includes Kibali
La Colosa is classified as held for sale at 31 December 2025. The restoration liability included in liabilities held for sale is $9,3m

LA | Total land disturbed and rehabilitated (ha)

2025 Suite of reports

Disclaimer

This webpage does not purport to be a complete summary of the applicable underlying report and is qualified in its entirety by reference to the applicable underlying report. This webpage should be read in conjunction with the applicable underlying report, including the qualifications and limitations described therein, as there may be information in the applicable underlying report that may be important.

All Mineral Resource and Mineral Reserve information should be read in conjunction with Item 4D. Mineral Resource and Mineral Reserve in AngloGold Ashanti’s annual report on Form-20F for the fiscal year ended 31 December 2025, as filed with the U.S. Securities and Exchange Commission, as well as AngloGold Ashanti’s 2025 Mineral Resource and Mineral Reserve Report.

Forward-looking statements

Certain statements contained in this webpage, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert Mineral Resource into Mineral Reserve and replace Mineral Reserves net of depletion from production and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition.

These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements.

These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to the Company’s annual report on Form 20-F for the financial year ended 31 December 2025, filed with the U.S. Securities Exchange Commission. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements.

AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of publication or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

NON-GAAP financial measures

This document may contain certain “Non-GAAP” financial measures, including, without limitation, “total cash costs”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “average gold price received per ounce”, “sustaining capital expenditure”, “non-sustaining capital expenditure”, “Adjusted EBITDA”, “Adjusted net debt (cash)”, “operating cash flow” and “free cash flow”. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. Reconciliations from IFRS to the Non-GAAP financial measures used in this document can be found either in this document, or in AngloGold Ashanti’s Earnings Release for the three months and the year ended 31 December 2025, which is available on AngloGold Ashanti’s website, or in its annual report on Form 20-F for the financial year ended 31 December 2025 as filed with  the SEC.

2025 Mineral Resource and Mineral Reserve information

The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold Ashanti’s Mineral Resource and Mineral Reserve reporting. The Mineral Resource and Mineral Reserve represent the amount of gold, copper, silver, sulphur and molybdenum estimated at 31 December 2025 and are based on information available at the time of estimation. Such estimates are, or will be, to a large extent, based on the prices of the respective commodities and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. The Mineral Resource and Mineral Reserve estimates are published at 31 December 2025, taking into account economic assumptions, changes to future production and capital costs, depletion, additions as well as any acquisitions or disposals during 2025. The legal tenure of each material property has been verified to the satisfaction of the accountable Qualified Person and all of the Mineral Reserve has been confirmed to be covered by the required mining permits or there exists a realistic expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with AngloGold Ashanti’s (or its joint venture partners’) current mine plans. For the Mineral Reserve, the term “economically viable” means that profitable extraction or production has been established or analytically demonstrated in, at a minimum, a pre-feasibility study, to be economically viable under reasonable investment and market assumptions. Mineral Reserve is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Probable and Proven Mineral Reserve categories. Mineral Reserve is aggregated from the Probable and Proven Mineral Reserve categories. Ounces of gold or silver or pounds of copper or sulphur included in the Probable and Proven Mineral Reserve are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility) and exclude losses during metallurgical treatment. In compliance with Regulation S-K 1300, the Mineral Resource herein is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated. Mineral Resource is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Inferred, Indicated and Measured Mineral Resource categories. Ounces of gold or silver or pounds of copper, sulphur or molybdenum included in the Inferred, Indicated and Measured Mineral Resource are those contained in situ prior to losses during extraction and processing. While it would be reasonable to expect that the majority of Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued exploration, due to the uncertainty of Inferred Mineral Resource, it should not be assumed that such upgrading will always occur.

If estimations must be revised due to significantly lower commodity prices, increases in operating costs, reductions in metallurgical recovery or other factors, the Mineral Resource or Mineral Reserve may not be mined or processed profitably. In addition, material write-downs of AngloGold Ashanti’s investment in its mining properties may be required, including impacts on goodwill, as well as increased amortisation, reclamation and closure charges. If AngloGold Ashanti determines that certain parts of its Mineral Resource or Mineral Reserve have become uneconomic, this may ultimately lead to a reduction in its reported aggregate Mineral Resource or Mineral Reserve, respectively. Consequently, if AngloGold Ashanti’s actual Mineral Resource and Mineral Reserve is less than current estimates, its business, prospects, results of operations and financial position may be materially impaired.

Pre-feasibility and feasibility studies for undeveloped ore bodies present estimated capital expenditure and operating costs based on anticipated tonnage and grades of ore to be mined and processed. Other factors underlying the estimations include, among others, the predicted configuration of the ore body, anticipated metal recovery rates, and estimated costs of operating and processing equipment and facilities. Actual operating and capital expenditure cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. The Mineral Resource is subject to further exploration and development, and is subject to additional risks, and no assurance can be given that they will eventually convert to Mineral Reserve.

For additional information, refer to Table 1 (Summary Mineral Resource) and Table 2 (Summary Mineral Reserve) to Paragraph (b) of Item 1303 (Summary disclosure) of Regulation S-K, which are in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended  31 December 2025 filed with the SEC. These summary tables include each class of Mineral Resource (Inferred, Indicated and Measured) together with total Measured and Indicated Mineral Resource, and each class of Mineral Reserve (Probable and Proven) together with total Mineral Reserve. The Mineral Resource at the end of the financial year ended 31 December 2025 was estimated using a gold price of $2,000/oz (2024: $1,900/oz), a copper price of $3.50/lb (2024: $3.50/lb), a silver price of $23.00/oz (2024: $23.00/oz) and a molybdenum price of $12.00/lb (2024: $12.00/lb), unless otherwise stated. The Mineral Reserve at the end of the financial year ended 31 December 2025 was estimated using a gold price of $1,700/oz (2024: $1,600/oz), a copper price of $3.10/lb (2024: $2.90/lb) and a silver price of $19.50/oz  (2024: $19.50/oz), unless otherwise stated. The net difference between the Mineral Resource and Mineral Reserve at the end of the last completed financial year and the preceding financial year will be detailed for material properties, if applicable, in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2025.

Notes:

The Mineral Resource exclusive of Mineral Reserve is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.

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Sustainability report 2025

2025 at a glance

Creating value

Revenue

Gold production

Gold Mineral Reserve

Empowering people

People employed

Total recordable injury frequency rate (TRIFR)

Training and development expenditure

Salaries, wages and benefits paid to employees

Empowering communities

Community investment

Expenditure with local suppliers

Grievances resolved

Caring for the environment

Reportable environmental incidents

Cumulative amount of land rehabilitated

Renewable energy supply

Scope 1 and Scope 2 greenhouse gas (GHG) emissions

Ensuring best practice governance

Employees that completed ethics training*

Payments to government ∧

Security personnel trained on human rights policies

Leadership

Determining materiality

Impact materiality

Financial materiality

Phase 1

Phase 2

Phase 3

Our commitments