Exploration

AngloGold Ashanti follows a multi-pillar strategy of organic and inorganic growth to drive a sustainable future. We have a long and successful track record of organic growth through our greenfield and brownfield exploration programmes. Greenfield exploration aims to discover large, high-value deposits that will lead to the development of new, standalone gold mines. Brownfield exploration focuses on delivering value-accretive additions to sustain and grow our existing mines, as well as driving the development of future mines at our advanced projects.

Greenfield exploration

In 2025, $64.1m was spent on greenfield exploration. At the end of 2025, our greenfield exploration tenements covered over 28,513km² of highly prospective ground in five countries: Australia, Brazil, Tanzania, Egypt and the United States.

Brownfield exploration

Brownfield exploration teams across our operations and advanced projects completed 1,172km of drilling at a total cost of $212m (attributable) during 2025. This covers both capitalised drilling to delineate and define Mineral Resource, and expensed exploration to test new targets or extensions of known orebodies. Costs for 2025 included the Kibali joint venture, as well as Serra Grande, which exited the portfolio on 1 December 2025 following its sale to Aura Minerals Inc.