{"id":53,"date":"2026-02-09T16:03:32","date_gmt":"2026-02-09T14:03:32","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/25\/?page_id=53"},"modified":"2026-07-24T12:37:05","modified_gmt":"2026-07-24T10:37:05","slug":"disclaimer","status":"publish","type":"page","link":"https:\/\/reports.anglogoldashanti.com\/25\/disclaimer\/","title":{"rendered":"Disclaimer"},"content":{"rendered":"\n
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2025<\/mark><\/strong> Suite of reports<\/h1>\n<\/div>\n<\/div>\n\n\n\n

Disclaimer<\/h1>\n\n\n
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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.<\/p>\n\n\n\n

All Mineral Resource and Mineral Reserve information should be read in conjunction with Item 4D. Mineral Resource and Mineral Reserve<\/em> in AngloGold Ashanti\u2019s 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\u2019s 2025 Mineral Resource and Mineral Reserve Report.<\/p>\n\n\n\n

Forward-looking statements<\/h2>\n\n\n\n

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\u2019s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti\u2019s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti\u2019s 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\u2019s financial reports, operations, economic performance and financial condition.<\/p>\n\n\n\n

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 \u201cbelieve\u201d, \u201cexpect\u201d, \u201caim\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cforesee\u201d, \u201cforecast\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cestimate\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201ccould\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201cseek\u201d, \u201cplan\u201d, \u201cscheduled\u201d, \u201cpossible\u201d, \u201ccontinue\u201d, \u201cpotential\u201d, \u201coutlook\u201d, \u201ctarget\u201d 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.<\/p>\n\n\n\n

These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti\u2019s 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\u2019s 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\u2019s 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\u2019s 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\u2019s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

NON-GAAP financial measures<\/h2>\n\n\n\n

This document may contain certain \u201cNon-GAAP\u201d financial measures, including, without limitation, \u201ctotal cash costs\u201d, \u201ctotal cash costs per ounce\u201d, \u201call-in sustaining costs\u201d, \u201call-in sustaining costs per ounce\u201d, \u201caverage gold price received per ounce\u201d, “sustaining capital expenditure”, “non-sustaining capital expenditure”, \u201cAdjusted EBITDA\u201d, \u201cAdjusted net debt (cash)\u201d, \u201coperating cash flow\u201d and \u201cfree cash flow\u201d. 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\u2019s Earnings Release for the three months and the year ended 31 December 2025, which is available on AngloGold Ashanti\u2019s website, or in its annual report on Form 20-F for the financial year ended 31 December 2025 as filed with \u2028the SEC.<\/p>\n\n\n\n

2025 Mineral Resource and Mineral Reserve information<\/h2>\n\n\n\n

The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR \u00a7 229.1300) (\u201cRegulation S-K 1300\u201d). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold Ashanti\u2019s 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\u2019s (or its joint venture partners\u2019) current mine plans. For the Mineral Reserve, the term \u201ceconomically viable\u201d 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.<\/p>\n\n\n\n

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\u2019s 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\u2019s actual Mineral Resource and Mineral Reserve is less than current estimates, its business, prospects, results of operations and financial position may be materially impaired.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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\u2019s annual report on Form 20-F for the financial year ended \u202831 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 \u2028(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\u2019s annual report on Form 20-F for the financial year ended 31 December 2025.<\/p>\n\n\n\n

Notes:<\/h3>\n\n\n\n

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.<\/p>\n\n\n\n

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Continue to the online summary report<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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