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 / Leadership / Message from the Chair of the Social, Ethics and Sustainability Committee

Message from the Chair of the Social, Ethics and Sustainability Committee

Mining is a complex business and many of our operations are situated at remote sites in complex regions. Our people’s unwavering commitment underpins the strong progress described in this report.

This report marks my first full year as Chair of AngloGold Ashanti’s Social, Ethics and Sustainability Committee (SES Committee), and it comes at a time of sustained uncertainty and significant change in the global operating environment. Geopolitical instability, persistent inflationary pressures and social disruption across many regions continue to shape the context in which the gold industry operates. These same forces have contributed to a very strong gold price, reinforcing gold’s role as a store of value, while also sharpening expectations of how producers conduct their business in all jurisdictions.

AngloGold Ashanti approaches this environment as a committed long-term, multi-generation investor. That perspective underpins our commitment to ethical conduct, responsible environmental stewardship and meaningful engagement with stakeholders. In periods of volatility, maintaining trust is essential. For our business, that trust is built through consistency, transparency, applying high standards, managing risk rigorously and ensuring that the benefits and impacts of our activities are properly understood and responsibly managed.

The SES Committee is mandated by the Board to oversee all these matters on its behalf. Our role is to provide assurance that the Company’s approach to sustainability-related risks and opportunities is disciplined, integrated and aligned with its purpose and values. These issues are increasingly interconnected with operational and financial performance, and the distinction between them continues to narrow.

A key area of focus during the year has been the Company’s materiality assessment. Applying a double-materiality lens enables us to consider both the impacts of our activities on people and the environment, and the ways in which those impacts may translate into financial risk or opportunity over time. This risk-based approach informs not only what we disclose, but what we prioritise, monitor and govern.

Within this framework, tailings storage facility management remains the most significant infrastructural, social, environmental and safety-related material sustainability issue for the Company. While AngloGold Ashanti has a strong track record, the consequences of any failure — for communities, for the business and for the wider industry — could be severe and long-lasting. The Board and this Committee therefore receive regular, detailed updates from internal experts on the condition and governance of our tailings portfolio, and on progress towards alignment of each of our tailings facilities with global standards. Our focus extends beyond compliance to ensuring that systems, expertise and accountability remain robust over the full life cycle of our facilities.

Artisanal and small-scale mining (ASM) continues to present one of the most complex social and ethical challenges facing the gold industry. The growth of informal ASM, including illegal ASM activity, spurred by record gold prices, has implications for safety, human rights, environmental protection and community (and even government) stability, often in regions already under economic and social pressure with high unemployment. While these activities typically fall outside the control of legitimate operators, they can nonetheless affect social licence to operate and the longer-term operational environment.

The Committee has spent considerable time understanding both the risks associated with ASM and the numerous mitigation measures being pursued, including consistent engagement with governments and support for responsible and legal approaches where appropriate. While initiatives aimed at alternative livelihoods remain an important part of the overall approach, their ability to displace an activity that has become so much more lucrative in recent years, especially in the short term, is limited. This remains a systemic issue requiring collaboration well beyond any single company.

The effectiveness of the Committee’s oversight is strengthened by the diverse experience and expertise of its members. The Committee benefits from open debate and constructive challenge, drawing on different professional backgrounds and perspectives. This diversity supports robust decision making and ensures that management is appropriately supported and challenged.

During the year, the Committee also maintained oversight of safety, health, security, human rights, environment and governance systems, as well as the political landscape in our operating jurisdictions. While good progress continues to be made, we remain conscious that maintaining credibility requires transparency about both achievements and areas where further improvement is needed. Sustainability performance is ultimately demonstrated through consistent execution on the ground, rather than through policy statements alone.

AngloGold Ashanti operates in jurisdictions where expectations of corporate behaviour continue to evolve, and where regulatory approaches are not always aligned. In this context, the Committee’s focus remains firmly on fundamentals: protecting people, managing environmental and social risks responsibly, understanding where we have fallen short and how we can do better, and ensuring that the Company continues to earn and maintain its social licence to operate.

In closing, I would like to acknowledge the significant efforts of management, employees and contractors across the Group. Mining is a complex business and many of our operations are situated at remote sites in complex regions. Our people’s unwavering commitment underpins the strong progress described in this report. On behalf of the Board, the SES Committee will continue to provide rigorous oversight as AngloGold Ashanti navigates an increasingly complex and demanding operating environment.

Focus areas:

  • Safety performance monitoring and lessons learnt
  • Tailings storage facility oversight and conformance
  • Community relations, including ASM and illegal mining impact
  • Government relations and geo-political landscape
  • Environmental stewardship, climate change and biodiversity management

Bruce Cleaver
Chair: Social, Ethics and Sustainability Committee
16 March 2026

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