![AngloGold Ashanti [logo]](https://www.anglogoldashanti.com/wp-content/uploads/2021/05/logo.svg){kind=logo}
AngloGold Ashanti strives to actively create value by growing its major assets. This drive is based on active, well-defined brownfields exploration, advanced project development, innovation in both geological modelling and mine planning, and continual optimisation of the portfolio. Ensuring a viable Mineral Resource and Mineral Reserve pipeline enables delivery of sustained value-adding growth in the long term.
For detailed information, refer to AngloGold Ashanti’s 2025 Mineral Resource and Mineral Reserve Report PDF, 7.68MB
Gold
Mineral Resource
Our gold Measured and Indicated Mineral Resource increased from 67.1Moz at 31 December 2024 to 68.0Moz at 31 December 2025. Additions included 1.3Moz from the acquisition of the Reward and Bullfrog assets from Augusta Gold, exploration and modelling changes of 1.0Moz and economic assumptions of 0.4Moz. The additions were partially offset by reductions which included the disposal of the Doropo, ABC and Serra Grande assets (1.7Moz) and other factors (0.1Moz). As a result, the net year-on-year gold Measured and Indicated Mineral Resource addition was 0.9Moz.
Our gold Inferred Mineral Resource decreased from 55.0Moz at 31 December 2024 to 49.3Moz at 31 December 2025. Additions included exploration and modelling changes of 3.4Moz (excluding the Arthur Gold Project), 0.3Moz from the acquisition of the Reward and Bullfrog assets from Augusta Gold, and other factors of 0.2Moz. These additions were fully offset by exploration and modelling reductions of 5.8Moz at the Arthur Gold Project due to the development of a new Mineral Reserve, the disposal of the Doropo, ABC and Serra Grande assets of 3.3Moz and economic assumptions of 0.5Moz. As a result, the net year-on-year gold Inferred Mineral Resource reduction was 5.7Moz.
On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. At 31 December 2025, the Gold Measured and Indicated Mineral Resource at La Colosa amounted to 23.35Moz and the gold Inferred Mineral Resource at La Colosa amounted to 4.98Moz.
The gold Mineral Resource at 31 December 2025 was estimated at a gold price of $2,000/oz, unless otherwise stated (2024: $1,900/oz).
Year-on-year changes
| Moz | |||
|---|---|---|---|
| Measured and Indicated |
Inferred | ||
| Mineral Resource at 31 December 2024 | 67.1 | 55.0 | |
| Acquisition | Reward and Bullfrog assets from Augusta Gold, included in Nevada Regional Deposits | 1.3 | 0.3 |
| Sub-total | 68.4 | 55.3 | |
| Disposals | Doropo & ABC projects and Serra Grande Mine | (1.7) | (3.3) |
| Sub-total | 66.7 | 52.0 | |
| Notable changes | Due to: | ||
| Arthur Gold Project | The addition in Indicated was due to a successful exploration infill drilling campaign at Merlin which supported an increase in confidence in the Mineral Resource. The addition was offset by the declaration of a first-time Mineral Reserve which led to an overall reduction in the Inferred Mineral Resource. | 1.0 | (6.6) |
| Iduapriem | The addition was due to moderate gains from exploration drilling, an increase in gold price as well as methodology changes to the plant constraint for reasonable prospects, offset partially by costs. | 0.5 | 1.2 |
| AGA Mineração | The addition was due to exploration drilling at both Cuiabá and Lamego, modelling at Lamego and an increase in gold price. | 1.0 | 0.4 |
| Geita | The addition was due to ongoing exploration drilling success and modelling changes mainly in Measured and Indicated Mineral Resource, an increase in gold price, offset partially by cost. | 1.0 | 0.0 |
| Other | Combined impact of other changes less than 0.5Moz. | (2.2) | 2.3 |
| Mineral Resource at 31 December 2025 | 68.0 | 49.3 | |
Mineral Reserve
Our gold Mineral Reserve increased from 31.2Moz at 31 December 2024 to 36.5Moz at 31 December 2025. Additions consisted of exploration and modelling changes of 7.3Moz, including the first-time reporting of the Arthur Gold Project Mineral Reserve of 4.9Moz, the acquisition of the Reward asset from Augusta Gold of 0.4Moz, economic assumptions of 2.1Moz and other factors of 0.2Moz. The additions were partially offset by reductions that included depletion of 2.7Moz and disposals of the Doropo and Serra Grande assets of 2.0Moz. As a result, the net year-on-year gold Mineral Reserve addition was 5.3Moz.
The gold Mineral Reserve at 31 December 2025 was estimated using a gold price of $1,700/oz, unless otherwise stated (2024: $1,600/oz).
Year-on-year changes
| Moz | ||
|---|---|---|
| Mineral Reserve at 31 December 2024 | 31.2 | |
| Depletion | (2.7) | |
| Sub-total | 28.5 | |
| Acquisition | Reward asset from Augusta Gold, included in Nevada Regional Deposits | 0.4 |
| Sub-total | 28.9 | |
| Disposal | Doropo and Serra Grande | (2.0) |
| Sub-total | 26.9 | |
| Notable additions | Due to: | |
| Arthur Gold Project | The addition was due to the exploration drilling success at Merlin and the completion of the Pre-Feasibility Study (PFS) resulting in a first-time Merlin Mineral Reserve. | 4.9 |
| Geita | The addition was due to ongoing exploration drilling success and an increase in gold price, offset partially by depletion and cost. | 1.3 |
| Kibali | The addition was due to exploration drilling and an increase in gold price offset partially by depletion and cost. | 0.6 |
| Obuasi | The addition was due to an increase in gold price and improvements from geological reinterpretation and validation offset partially by depletion and cost. | 0.6 |
| Iduapriem | The addition was due to primarily due to the inclusion of Block 4 as a result of exploration drilling and improved economic parameters offset partially by depletion. | 0.5 |
| AGA Mineração | The addition was due to exploration drilling from the Cuiabá HW gallery in the Main Orebody, geological model revisions at Lamego and an increase in gold price offset partially by depletion and cost at both Cuiabá and Lamego. | 0.4 |
| Other | Combined impact of additions less than 0.3Moz. | 1.3 |
| Sub-total | 36.5 | |
| Notable reductions | Due to: | |
| Other | None | — |
| Mineral Reserve at 31 December 2025 | 36.5 | |
Copper
Mineral Resource
Our copper Mineral Resource remained unchanged with a Measured and Indicated Mineral Resource of 1.32Mt (2,902Mlb) and an Inferred Mineral Resource of 1.47Mt (3,231Mlb) at 31 December 2025 as compared to 31 December 2024 as a feasibility study optimisation is ongoing and no additional exploration has been completed at Quebradona.
The copper Mineral Resource at 31 December 2025 was estimated at a copper price of $3.50/lb (2024: $3.50/lb).
Year-on-year changes
| Mlb | |||
|---|---|---|---|
| Measured and Indicated |
Inferred | ||
| Mineral Resource at 31 December 2024 | 2,902 | 3,231 | |
| No changes | Due to: | ||
| Quebradona | The optimisation of the feasibility study is ongoing and no additional exploration has been completed. | — | — |
| Mineral Resource at 31 December 2025 | 2,902 | 3,231 | |
Mineral Reserve
Our copper Mineral Reserve was unchanged at 1.47Mt (3,250Mlb) at 31 December 2025 as compared to 31 December 2024 as a feasibility study optimisation is ongoing and no additional exploration has been completed at Quebradona.
The copper Mineral Reserve at 31 December 2025 was estimated using a copper price of $3.10/lb (2024: $2.90/lb)
Year-on-year changes
| Mlb | ||
|---|---|---|
| Mineral Reserve at 31 December 2024 | 3,250 | |
| No changes | Due to: | |
| Quebradona | The optimisation of the feasibility study is ongoing and no additional exploration has been completed. | — |
| Mineral Reserve at 31 December 2025 | 3,250 | |