Message from the Chief  Sustainability and Corporate Affairs Officer

The way we do business matters – perhaps now, more than ever. We are accountable to a host of stakeholders for ethical and responsible conduct and transparent reporting that confirms our commitment to long-term sustainability.

Our 2025 Sustainability Report presents a clear view of our priorities, performance and the progress we have made in advancing responsible mining across our global portfolio. It reflects how our sustainability purpose continues to guide what we do and how we work: To strengthen our social licence to operate and to ensure AngloGold Ashanti is the mine developer of choice for host governments and communities.

Guided by our annual Double Materiality Assessment, we focus on those issues that are most relevant to our business and our stakeholders, reflecting on both our achievements and the challenges inherent in our sector. We also invite readers to engage with our case studies that demonstrate how our values guide decision-making and shape our approach across our operations.

Gold as a value driver

Gold continued to play an important role in global markets 2025, with record prices driven by central bank buying, geopolitical uncertainty and a demand for its safe-haven characteristics that have endured for millennia. While the gold price is forecast by many to remain strong, there is simply no certainty of that; we do not control the price of our product and so it is vitally important, as long-term operators and investors, that we conduct our business with a keen focus on cost discipline, project delivery and resilience. It is equally important that we are flexible in adapting to what is always a dynamic operating environment, though always guided by our values and purpose, and that we meet our commitments to the array of stakeholders that depend on our business in one way or another – whether they be our shareholders, our employees, or our host governments and communities.

A key plank of AngloGold Ashanti’s strategy is organic growth, leveraging our exploration success and brownfields expansion in established jurisdictions. Adding Mineral Reserve in regions where we have strong institutional and operational knowledge helps secure long-term value creation for host countries and the communities who participate in many ways across our value chain.

At both the national and community levels, commercial-scale, responsible gold mining generates shared value through employment, procurement, infrastructure, taxes and royalties. We take seriously our responsibility to ensure these benefits are realised and sustained. We pay more than lip service to this idea; empowering local communities through participation in our business has long been a strategic driver for us as it gives communities an interest in our success and bolsters our social licence to operate.

The way we do business also matters – perhaps now, more than ever. We are accountable to a host of stakeholders, including investors, lenders, governments, partners, contractors, employees, unions, suppliers and communities for ethical and responsible conduct and transparent reporting that confirms our commitment to long-term sustainability. In turn, we demand the same ethical and responsible behaviour from our counterparties.

Evolving climate change and environmental landscape

We continue to make progress in decarbonising our energy footprint by reducing greenhouse gas emissions and our reliance on carbon-intensive fuels. Understanding climate-related vulnerabilities, like carbon pricing mechanisms and site‑specific exposure to extreme weather, is essential to building resilience. We have commissioned next‑generation climate modelling to enhance the resolution of climate data and the accuracy of long‑term scenario planning to support adaptive risk management and improve the integrity of our long-term plans.

Again, this is not an academic exercise but rather a proactive way to improve risk management and resilience. We have seen over these past years an increase in extreme weather events, particularly uncharacteristically heavy rainfall events. The 2024 flooding in Western Australia left our sites partly under water and interrupted production, while in August 2025, at Siguiri, we suspended processing for a number of weeks when we detected seepage from a tailings facility wall after significant rainfall.

Water stewardship remains central to environmental and operational performance. Under the oversight of our dedicated Water Stewardship Committee, we advanced multiple initiatives in 2025 aimed at improving water efficiency, strengthening catchment partnerships and supporting communities with limited access to safe water. These projects were measured against defined schedules and sustainability milestones, reflecting our commitment to engineering excellence and collaborative resource management.

Our biodiversity programme continued to mature, including specialist work to align with ICMM’s commitment to achieving no net loss of biodiversity against a 2020 baseline by the closure of current operations. This approach helps ensure our environmental planning not only meets regulatory requirements and voluntary commitments but also supports long-term ecological resilience.

Beyond the mine gate

Responsible mining can be a significant catalyst for socio‑economic development. Across our operations, we contribute to national revenues, create employment, and support improvements in education, health and local infrastructure. Guided by AngloGold Ashanti’s purpose – Mining to empower people and advance societies – we aim to translate mineral wealth into tangible, lasting benefits.

Strengthening our social licence requires respect for human rights and robust due diligence processes. In 2025, we undertook an external review of our Human Rights Due Diligence Framework, tools and practices. Conducted by TrustWorks Global, the review identified strengths, areas for improvement and opportunities for alignment with evolving international norms. These insights will guide the refinement of our human rights processes to ensure they remain fit for purpose and responsive to emerging risks.

ASM is a long-standing and complex reality across many gold‑producing regions. Rising gold prices and widespread informal – and sometimes illegal – trading channels have greatly increased global ASM activity. For many rural communities, ASM represents a primary source of livelihood, and in recent years as gold prices have risen, it has displaced traditional livelihoods including trading and agriculture.

Some estimate that ASM and illegal mining now account for one in five ounces produced globally. In Ghana, Africa’s largest producer, it now accounts for more than half of all gold production. Whatever the case, this activity supports hundreds of millions of people directly and indirectly. While this is a fact worth noting and respecting, we should not be blind to the criminal networks that have arisen around this informal industry, the mass migration of people that it has caused, and the enormous environmental devastation it leaves for governments and communities to resolve.

We recognise that developing a sustainable, multi‑stakeholder approach to ASM which is scalable and operates to certain minimum requirements, requires extensive collaboration across societies, industries, governments and borders. Our focus remains on contributing constructively to such initiatives and supporting long‑term solutions that put people at their centre. At the same time, we enjoin our host governments to recognise and nurture the large-scale, commercial miners who operate responsibly, provide for closure, pay taxes, provide high-quality jobs, and invest in social and economic infrastructure that leaves a positive legacy.

Transparency, accountability and engagement

Engagement takes many forms: structured forums, community meetings, employee dialogue and formal grievance mechanisms. Meaningful engagement with stakeholders – employees, organised labour, communities, traditional leaders, governments and civil society – is essential to maintaining trust and ensuring we remain responsive to expectations, open to criticism and honest in recognising and addressing our shortcomings.

We also recognise the importance of accountability. AngloGold Ashanti continues to align with the ICMM Mining Principles and the World Gold Council’s Responsible Gold Mining Principles. We are strong supporters of the Consolidated Mining Standard (CMSI), an initiative led by The Copper Mark, ICMM, the Mining Association of Canada and the World Gold Council to streamline responsible mining standards globally. This standard aims to reduce complexity and provide clarity on expectations for mining companies of all sizes and commodities. Following extensive public consultations, the standard is nearing completion, and we look forward to integrating it into our operating frameworks.

In closing

As we work to strengthen our social licence to operate, we remain committed to offering a comprehensive, balanced perspective on our sustainability performance. Our goal is to streamline reporting while maintaining transparency and ensuring stakeholders have clear insight into how we address environmental, social and governance responsibilities. We continue to welcome thoughtful contributions and constructive feedback, whether it be positive or critical, to help improve both our performance and the way we communicate it.

Stewart Bailey
Chief Sustainability and Corporate Affairs Officer
16 March 2026

2025 Suite of reports

Disclaimer

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

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

Forward-looking statements

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

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

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

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

NON-GAAP financial measures

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

2025 Mineral Resource and Mineral Reserve information

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

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

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

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

Notes:

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

Continue to the online summary report

Sustainability report 2025

2025 at a glance

Creating value

Revenue

Gold production

Gold Mineral Reserve

Empowering people

People employed

Total recordable injury frequency rate (TRIFR)

Training and development expenditure

Salaries, wages and benefits paid to employees

Empowering communities

Community investment

Expenditure with local suppliers

Grievances resolved

Caring for the environment

Reportable environmental incidents

Cumulative amount of land rehabilitated

Renewable energy supply

Scope 1 and Scope 2 greenhouse gas (GHG) emissions

Ensuring best practice governance

Employees that completed ethics training*

Payments to government ∧

Security personnel trained on human rights policies

Leadership

Determining materiality

Impact materiality

Financial materiality

Phase 1

Phase 2

Phase 3

Our commitments