Cerro Vanguardia, Argentina

Cerro Vanguardia, a production stage gold-silver operation, is the Company’s sole operation in Argentina. The mine is operated by Cerro Vanguardia S.A. (“CVSA”), which is a company formed by AngloGold Ashanti (92.5%) and Fomicruz SE, a state-owned company operating in the province of Santa Cruz (7.5%). Cerro Vanguardia has been in operation for more than 20 years.

Key metrics FY25

Ownership

92.5%

Fomicruz, a state company (7.5%)

Mineral Reserve as at 31 December 2025

0.7

million ounces of gold (attributable)

Gold production

179,000

ounces (attributable)

Mine type

open pit +
underground

Capital expenditure

64

US$ million (attributable)

Workforce

1,870

including contractors

Location

Cerro Vanguardia is located in the Province of Santa Cruz, southern Patagonia, Argentina, approximately 110km north-northwest of the coastal town of Puerto San Julián. Access to the area is by aircraft from Buenos Aires to Comodoro Rivadavia (380km) or Rio Gallegos (510km) and then by road to the mine site.

Mining methods and key infrastructure

Cerro Vanguardia operates multiple small open pits with high stripping ratios and multiple narrow-vein underground mines located within the property and mined simultaneously. Due to the particular features of the mine, and in order to optimise hauling, all pits have local, single or multiple waste dumps. The TSF is located in and is contained by a natural depression.

The 1.2Mtpa plant comprises the following stages: crushing, milling, conventional leaching in tanks, counter current decant system in thickeners (“CCD circuit”), a CIL process, acid wash, elution, Merrill Crowe process to recover gold and silver with metallic zinc, and a cyanide recovery plant (“Cyanisorb”). In addition to the processing plant there is a heap leach pad, with an annual capacity of 2Mtpa.

This page provides a high-level summary. Investors should refer to AngloGold Ashanti’s 2025 20-F filing above for complete and detailed information.