Greenfield projects, United States

The North Bullfrog project and the Arthur Gold Project are being advanced in southern Nevada, near the town of Beatty. Collectively, these greenfield projects are referred to as the Nevada projects.

In October 2025, AngloGold Ashanti completed the acquisition of Augusta Gold, further consolidating its landholding within the district, and unlocking synergies across permitting, infrastructure and development sequencing.

Key metrics FY25

North Bullfrog

North Bullfrog is expected to be the first of AngloGold Ashanti’s projects to enter gold production in Nevada.

Following completion of a feasibility study, the project advanced into the detailed engineering phase in November 2024, which was approximately 70% complete at the end of 2025.

North Bullfrog is currently expected to produce an average of 105,000oz of gold annually during the first five years of operation, and an average of 76,000oz annually at an AISC of $934/oz over its anticipated 11-year mine life. Project capital (real terms) is expected to be $480m.

Permitting activities are well underway. In response to public feedback the project team has developed a plan to significantly reduce water usage, supporting the permitting process and reinforcing the company’s commitment to responsible environmental stewardship.

A final investment decision is anticipated in the second half of 2026 and, subject to permitting, construction is scheduled to start in 2027.

In addition to establishing a new production base, North Bullfrog is expected to play a significant role in building a dedicated project development team and enhancing understanding of permitting and construction processes in the region.

Arthur Gold Project

Previously known as Expanded Silicon, the Arthur Gold Project comprises the Silicon and Merlin deposits.

With the completion of the pre-feasibility study at year end, an initial Probable Mineral Reserve of 4.9Moz of contained gold (88Mt at 1.75 g/t) and 7.8Moz of contained silver (88Mt at 2.76g/t) was reported as at 31 December 2025 for the Arthur Gold Project. This supports an initial nine-year mine life with an estimated average annual production of approximately 500,000oz.

Project capital expenditure (real terms) is forecast at $3.6bn.

The Arthur Gold Project is anticipated to have a structurally competitive cost profile, with an all-in sustaining cost per ounce estimated at $954/oz (real terms). More than 95% of the mineralisation is hosted in oxide material, making it amenable to bulk mining methods and conventional processing.

It is anticipated that mining will employ conventional open-pit methods with electric rope shovels and ultra-class haul trucks. The width of the ore zones and simple pit geometry should allow for wide mining benches and efficient, straightforward mining layouts. Pit phasing is designed to target higher-value, near-surface material early in the mine life to accelerate payback.

The development plan envisions an integrated operation comprising a 7Mtpa carbon-in-leach processing facility and a 5.5Mtpa crushed heap-leach circuit.

To promote environmental stewardship, the Arthur Gold Project is planned to use filtered, dry-stacked tailings for enhanced water conservation.

In addition to the Mineral Reserve, the Merlin deposit hosts a gold Indicated Mineral Resource of 1.0Moz and a gold Inferred Mineral Resource of 5.5Moz as at 31 December 2025. Merlin also has a silver Indicated Mineral Resource of 2.0Moz and a silver Inferred Mineral Resource of 13.7Moz.

Arthur is a large-scale, continuous gold system with broadly disseminated mineralisation and high-grade vein systems with thicknesses reaching about 150m. The mineralised footprint is extensive, measuring approximately 2.7km by 1.3km.