Mineral Resource & Mineral Reserve

2025 Mineral Resource and Mineral Reserve

AngloGold Ashanti reports a 68.0Moz gold Measured and Indicated Mineral Resource, 49.3Moz gold Inferred Mineral Resource and 36.5Moz gold Mineral Reserve after revisions, acquisitions and depletion.
The Mineral Resource and Mineral Reserve at 31 December 2025 for AngloGold Ashanti are reported in accordance with the SEC mining property disclosure requirements set forth in Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (Regulation S-K 1300).

2025 Mineral Resource and Mineral Reserve Report (PDF, 7.9MB)

Mineral Resource 2025

Gold Mineral Resource

The below summary table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Resource for gold at the end of the financial year ended 31 December 2025, based on an estimated gold price of $2,000/oz, unless otherwise stated.

Mineral Resource ⁽¹⁾	At 31 December 2025
Mineral Resource ⁽¹⁾	Measured				Indicated				Total Measured and Indicated				Inferred
Gold	Tonnes⁽³⁾	Grade	Contained gold		Tonnes⁽³⁾	Grade	Contained gold		Tonnes⁽³⁾	Grade	Contained gold		Tonnes⁽³⁾	Grade	Contained gold
Gold	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz
Africa Region	63.60	1.88	119.57	3.84	410.92	1.74	715.04	22.99	474.52	1.76	834.61	26.83	320.86	2.29	734.80	23.62
Democratic Republic of the Congo	5.92	2.86	16.93	0.54	27.16	2.30	62.36	2.01	33.08	2.40	79.29	2.55	21.98	2.10	46.11	1.48
Kibali (45%)^(2)(4)(13)	5.92	2.86	16.93	0.54	27.16	2.30	62.36	2.01	33.08	2.40	79.29	2.55	21.98	2.10	46.11	1.48
Ghana	6.18	7.14	44.18	1.42	118.32	2.88	340.24	10.94	124.51	3.09	384.42	12.36	102.58	4.24	435.24	13.99
Iduapriem⁽¹³⁾	0.07	0.72	0.05	0.00	74.60	1.44	107.19	3.45	74.67	1.44	107.24	3.45	58.64	1.57	92.29	2.97
Obuasi^(5)(13)	6.12	7.21	44.13	1.42	43.72	5.33	233.05	7.49	49.84	5.56	277.17	8.91	43.93	7.81	342.95	11.03
Guinea	—	—	—	—	154.81	1.06	164.14	5.28	154.81	1.06	164.14	5.28	112.74	1.14	128.42	4.13
Siguiri (85%) ^(2)(13)	—	—	—	—	154.81	1.06	164.14	5.28	154.81	1.06	164.14	5.28	112.74	1.14	128.42	4.13
Tanzania	9.90	2.47	24.51	0.79	70.15	1.77	124.31	4.00	80.05	1.86	148.82	4.78	53.22	2.01	107.09	3.44
Geita^(6)(13)	9.90	2.47	24.51	0.79	70.15	1.77	124.31	4.00	80.05	1.86	148.82	4.78	53.22	2.01	107.09	3.44
Egypt	41.60	0.82	33.96	1.09	40.48	0.59	23.98	0.77	82.08	0.71	57.94	1.86	30.34	0.59	17.94	0.58
Sukari (50%) ^(2)(8)(13)	41.60	0.82	33.96	1.09	40.48	0.59	23.98	0.77	82.08	0.71	57.94	1.86	30.34	0.59	17.94	0.58
Americas Region	16.97	4.16	70.55	2.27	27.22	3.33	90.56	2.91	44.19	3.65	161.12	5.18	41.60	3.93	163.60	5.26
Argentina	6.06	3.26	19.78	0.64	7.63	3.08	23.52	0.76	13.69	3.16	43.30	1.39	3.15	3.32	10.47	0.34
Cerro Vanguardia (92.5%)^(2)(13)	6.06	3.26	19.78	0.64	7.63	3.08	23.52	0.76	13.69	3.16	43.30	1.39	3.15	3.32	10.47	0.34
Brazil	10.91	4.66	50.78	1.63	19.60	3.42	67.04	2.16	30.50	3.86	117.82	3.79	38.45	3.98	153.13	4.92
AGA Mineração – Córrego do Sítio⁽⁹⁾	3.03	3.31	10.04	0.32	7.80	3.16	24.66	0.79	10.83	3.20	34.70	1.12	20.45	3.94	80.56	2.59
AGA Mineração – Cuiabá⁽¹³⁾	5.52	6.29	34.71	1.12	6.20	4.93	30.57	0.98	11.72	5.57	65.29	2.10	11.87	5.01	59.49	1.91
AGA Mineração – Lamego⁽¹³⁾	2.35	2.56	6.02	0.19	5.60	2.11	11.81	0.38	7.95	2.24	17.83	0.57	6.13	2.13	13.07	0.42
Australia Region	41.71	1.89	78.70	2.53	31.28	1.85	57.88	1.86	72.99	1.87	136.58	4.39	51.55	2.19	113.07	3.64
Sunrise Dam⁽¹³⁾	32.16	1.91	61.53	1.98	24.83	1.74	43.23	1.39	57.00	1.84	104.77	3.37	31.77	2.04	64.80	2.08
Butcher Well (70%)^(2)(11)	—	—	—	—	—	—	—	—	—	—	—	—	2.62	3.93	10.28	0.33
Tropicana (70%)^(2)(13)	9.55	1.80	17.17	0.55	6.45	2.27	14.65	0.47	15.99	1.99	31.81	1.02	17.16	2.21	37.98	1.22
Projects	76.03	0.44	33.54	1.08	1,240.72	0.77	949.62	30.53	1,316.75	0.75	983.16	31.61	905.33	0.58	523.33	16.83
Colombia	45.15	0.37	16.93	0.54	982.40	0.79	776.20	24.96	1,027.55	0.77	793.13	25.50	523.83	0.43	225.50	7.25
La Colosa^(10)(11)	—	—	—	—	833.49	0.87	726.31	23.35	833.49	0.87	726.31	23.35	217.89	0.71	154.86	4.98
Quebradona ^(12)(14)	45.15	0.37	16.93	0.54	148.91	0.34	49.89	1.60	194.06	0.34	66.82	2.15	305.94	0.23	70.64	2.27
United States of America	30.88	0.54	16.61	0.53	258.31	0.67	173.41	5.58	289.20	0.66	190.03	6.11	381.50	0.78	297.83	9.58
North Bullfrog ⁽¹²⁾	—	—	—	—	49.85	0.27	13.22	0.43	49.85	0.27	13.22	0.43	40.28	0.24	9.52	0.31
Arthur Gold^(7)(12)	—	—	—	—	164.14	0.84	137.30	4.41	164.14	0.84	137.30	4.41	219.79	0.90	197.33	6.34
Nevada Regional Deposits⁽¹⁵⁾	30.88	0.54	16.61	0.53	44.32	0.52	22.89	0.74	75.20	0.53	39.51	1.27	121.43	0.75	90.97	2.92
AngloGold Ashanti Total	198.31	1.52	302.36	9.72	1,710.14	1.06	1,813.10	58.29	1,908.46	1.11	2,115.47	68.01	1,319.34	1.16	1,534.79	49.34

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. The Mineral Resource estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless otherwise stated). The net difference between the Mineral Resource 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’s annual report on Form 20-F for the financial year ended 31 December 2025 to be filed with the SEC. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. “Moz” refers to million ounces. The Mineral Resource tonnages and grades are reported in situ and constrained to meet the requirement for reasonable prospects of economic extraction by volumes created through a mine shape optimiser process for underground or within an economically optimised pit shell for open pit and stockpiled material is reported as broken material. The Serra Grande mine in Brazil and the Doropo and ABC projects in Côte d’Ivoire were sold in 2025.

All disclosure of Mineral Resource is exclusive of Mineral Reserve. 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.
Mineral Resource attributable to AngloGold Ashanti’s percentage interest shown.
“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Kibali is operated by Barrick Mining Corporation (“Barrick”). The Mineral Resource estimate was prepared through the Kibali joint venture’s estimation and governance processes and under the supervision of Barrick’s Qualified Persons. In 2025, a cut-off grade range from 0.59g/t to 0.82g/t (varying according to area and weathering domain) with an overall tonnage weighted average cut-off grade of 0.71g/t was applied to the open pits, a cut-off grade range from 0.45g/t to 0.49g/t (varying according to area and weathering domain) was applied to the stockpiles, and a cut-off grade of 0.91g/t was applied to the underground. In 2025, a metallurgical recovery factor range from 75.5% to 91.0% (varying according to area and weathering domain) was applied to the open pits, stockpiles, and underground for gold. The Qualified Person responsible for the Kibali Mineral Resource is Richard Peattie, FAusIMM, employed by Barrick.
In 2025, for Obuasi, a cut-off grade of 0.94g/t was applied to the open pit, and a cut-off grade range from 3.22g/t to 3.96g/t (varying according to area) was applied to the underground. In 2025, a metallurgical recovery factor of 88.0% was applied to the open pit and underground for gold. The Qualified Person responsible for the Obuasi Mineral Resource is Eric Kofi Owusu Acheampong, MAusIMM (CP).
In 2025, for Geita, a cut-off grade range from 0.50g/t to 1.20g/t (varying according to area) was applied to the open pit, and a cut-off grade range from 0.88g/t to 2.52g/t (varying according to area) was applied to the underground. In 2025, a metallurgical recovery factor range from 43.50% to 97.00% (varying according to material type) was applied to the open pit, a metallurgical recovery factor of 92.80% was applied to the stockpile, and a metallurgical recovery factor range from 78.02% to 93.37% (varying according to area) was applied to the underground for gold. The Qualified Person responsible for the Geita Mineral Resource is Janeth Luponelo, SME RM.
The gold Mineral Resource of the Arthur Gold Project (previously Expanded Silicon) includes the Silicon and Merlin deposits. The Merlin gold Mineral Resource is based on a gold price of $2,150/oz. In 2025, for Merlin, a cut-off grade range from 0.19g/t to 0.30g/t (varying according to grade and material type) was applied to the open pit. In 2025, for Merlin, a metallurgical recovery factor range from 63.61% to 95.00% (varying according to grade and material type) was applied to the open pit for gold. The Silicon gold Mineral Resource is based on a gold price of $1,750/oz. In 2025, for Silicon, a cut-off grade of 0.14g/t was applied to the open pit. In 2025, for Silicon, a metallurgical recovery factor range from 46.0% to 79.0% (varying according to grade and material type) was applied to the open pit for gold. The Qualified Person responsible for the Arthur Gold Project Mineral Resource is Geoffrey Gushée, FAusIMM.
In 2025, for Sukari, a cut-off grade of 0.20g/t was applied to the open pit, a cut-off grade of 0.43g/t was applied to the stockpiles, and a cut-off grade of 1.20g/t was applied to the underground. In 2025, a metallurgical recovery factor of 89.50% was applied to the open pit and underground, and a metallurgical recovery factor of 86.56% was applied to the stockpiles for gold. Open pit gold Mineral Resource is based on a gold price of $2,150/oz. Stockpile gold Mineral Resource is based on a gold price of $1,700/oz.The Qualified Person responsible for the Sukari Mineral Resource is Doxel Mutunda, MAIG.
The Córrego do Sítio (“CdS”) operation was placed on care and maintenance in August 2023. The Mineral Resource at CdS is based on a gold price of $1,750/oz.
The La Colosa gold Mineral Resource is based on a gold price of $1,400/oz. The delineation of the Los Nevados Páramo by Resolution 1987/2016 in November 2016 is considered a risk or uncertainty to the gold Mineral Resource estimate, and Resolution 1987/2016 is currently being contested before the Colombian courts. This puts potentially approximately 13.99Moz (50%) of the gold Mineral Resource at risk. The La Colosa project has been classified as held for sale in the Company’s consolidated statement of financial position as at 31 December 2025. 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.
Property currently in an exploration stage.
Property currently in a development stage.
Property currently in a production stage.
The Quebradona gold Mineral Resource is based on a gold price of $1,500/oz.
The Nevada Regional Deposits gold Mineral Resource includes the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy), and the Sterling mine. Reward and Bullfrog were acquired by AngloGold Ashanti through its acquisition of Augusta Gold in October 2025. No additional work was completed on the Reward and Bullfrog gold Mineral Resource during 2025, and the Qualified Person has not performed sufficient work to support classification of the estimate as a current gold Mineral Resource. The Reward gold Mineral Resource is currently in a development stage and based on a gold price of $1,950/oz. The Sterling mine gold Mineral Resource is currently on care and maintenance and based on a gold price of $1,700/oz. The remainder of the gold Mineral Resource in the Nevada Regional Deposits are currently in an exploration stage, where the Mother Lode gold Mineral Resource is based on a gold price of $1,500/oz, the Crown Block gold Mineral Resource is based on a gold price of $1,700/oz, and the Bullfrog gold Mineral Resource is based on a gold price of $1,550/oz.

Copper Mineral Resource

The below summary table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Resource for copper at the end of the financial year ended 31 December 2025, based on an estimated copper price of $3.50/lb.

Mineral Resource⁽¹⁾	At 31 December 2025
Mineral Resource⁽¹⁾	Measured				Indicated				Total Measured and Indicated				Inferred
Copper	Tonnes⁽²⁾	Grade	Contained copper		Tonnes⁽²⁾	Grade	Contained copper		Tonnes⁽²⁾	Grade	Contained copper		Tonnes⁽²⁾	Grade	Contained copper
Copper	Million	%Cu	Tonnes million	Pounds million	Million	%Cu	Tonnes million	Pounds million	Million	%Cu	Tonnes million	Pounds million	Million	%Cu	Tonnes million	Pounds million
Projects	45.15	0.69	0.31	684	148.91	0.68	1.01	2,218	194.06	0.68	1.32	2,902	305.94	0.48	1.47	3,231
Colombia	45.15	0.69	0.31	684	148.91	0.68	1.01	2,218	194.06	0.68	1.32	2,902	305.94	0.48	1.47	3,231
Quebradona ⁽³⁾	45.15	0.69	0.31	684	148.91	0.68	1.01	2,218	194.06	0.68	1.32	2,902	305.94	0.48	1.47	3,231
AngloGold Ashanti Total	45.15	0.69	0.31	684	148.91	0.68	1.01	2,218	194.06	0.68	1.32	2,902	305.94	0.48	1.47	3,231

Notes:

All disclosure of Mineral Resource is exclusive of Mineral Reserve. 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.
“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Property currently in a development stage.

Silver Mineral Resource

The below summary table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Resource for silver at the end of the financial year ended 31 December 2025, based on an estimated silver price of $23.00/oz, unless otherwise stated.

Mineral Resource ⁽¹⁾	At 31 December 2025
Mineral Resource ⁽¹⁾	Measured				Indicated				Total Measured and Indicated				Inferred
Silver	Tonnes⁽³⁾	Grade	Contained silver		Tonnes⁽³⁾	Grade	Contained silver		Tonnes⁽³⁾	Grade	Contained silver		Tonnes⁽³⁾	Grade	Contained silver
Silver	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz
Americas Region	6.06	65.49	396.87	12.76	7.63	75.09	572.69	18.41	13.69	70.84	969.57	31.17	3.15	105.73	333.19	10.71
Argentina	6.06	65.49	396.87	12.76	7.63	75.09	572.69	18.41	13.69	70.84	969.57	31.17	3.15	105.73	333.19	10.71
Cerro Vanguardia (92.5%) ⁽²⁾⁽⁶⁾	6.06	65.49	396.87	12.76	7.63	75.09	572.69	18.41	13.69	70.84	969.57	31.17	3.15	105.73	333.19	10.71
Projects	75.28	3.25	244.63	7.87	403.79	3.21	1,297.84	41.73	479.07	3.22	1,542.47	49.59	652.80	2.61	1,705.92	54.85
Colombia	45.15	4.52	203.91	6.56	148.91	4.63	688.92	22.15	194.06	4.60	892.84	28.71	305.94	3.66	1,121.25	36.05
Quebradona⁽⁵⁾⁽⁷⁾	45.15	4.52	203.91	6.56	148.91	4.63	688.92	22.15	194.06	4.60	892.84	28.71	305.94	3.66	1,121.25	36.05
United States of America	30.13	1.35	40.72	1.31	254.88	2.39	608.91	19.58	285.01	2.28	649.63	20.89	346.86	1.69	584.66	18.80
North Bullfrog⁽⁵⁾	—	—	—	—	49.85	0.28	13.95	0.45	49.85	0.28	13.95	0.45	40.28	0.32	12.80	0.41
Arthur Gold ⁽⁵⁾⁽⁸⁾	—	—	—	—	164.14	3.33	546.51	17.57	164.14	3.33	546.51	17.57	219.79	2.26	496.48	15.96
Nevada Regional Deposits⁽⁴⁾⁽⁹⁾	30.13	1.35	40.72	1.31	40.88	1.18	48.44	1.56	71.01	1.26	89.16	2.87	86.79	0.87	75.38	2.42
AngloGold Ashanti Total	81.34	7.89	641.51	20.62	411.42	4.55	1,870.53	60.14	492.76	5.10	2,512.04	80.76	655.95	3.11	2,039.10	65.56

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for silver to two decimals. All ounces are Troy ounces. “Moz” refers to million ounces. The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material. The reported tonnages for the silver by-product are an outcome from the associated conceptual pit shell or mineable shapes, that have been determined based on the extraction of the primary mineral. The primary mineral for all properties is gold (except for Quebradona where the primary mineral is copper and a net smelter return (NSR) approach has been adopted). All Qualified Persons are employed by AngloGold Ashanti unless otherwise stated.

All disclosure of Mineral Resource is exclusive of Mineral Reserve. 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.
Mineral Resource attributable to AngloGold Ashanti’s percentage interest shown.
“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Property currently in an exploration stage.
Property currently in a development stage.
Property currently in a production stage.
The Quebradona silver Mineral Resource is based on a silver price of $25.15/oz.
The silver Mineral Resource of the Arthur Gold Project (previously Expanded Silicon) includes the Silicon and Merlin deposits. In 2025, for Merlin, a metallurgical recovery factor range from 10.20% to 22.21% (varying according to grade and material type) was applied to the open pit for silver. The Silicon silver Mineral Resource is based on a silver price of $26.25/oz. In 2025, for Silicon, a metallurgical recovery factor range from 17.00% to 21.00% (varying according to grade and material type) was applied to the open pit for silver. The Qualified Person responsible for the Arthur Gold Project Mineral Resource is Geoffrey Gushée, FAusIMM.
The Nevada Regional Deposits silver Mineral Resource includes the Mother Lode and Bullfrog deposits. Bullfrog was acquired by AngloGold Ashanti through its acquisition of Augusta Gold in October 2025. No additional work was completed on the Bullfrog silver Mineral Resource during 2025, and the Qualified Person has not performed sufficient work to support classification of the estimate as a current silver Mineral Resource. The Mother Lode silver Mineral Resource is based on a silver price of $18.75/oz and the Bullfrog silver Mineral Resource is based on a silver price of $20.00/oz.

Molybdenum Mineral Resource

The below summary table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Resource for molybdenum at the end of the financial year ended 31 December 2025, based on an estimated molybdenum price of $12.00/lb.

Mineral Resource⁽¹⁾	At 31 December 2025
Mineral Resource⁽¹⁾	Measured				Indicated				Total Measured and Indicated				Inferred
Molybdenum	Tonnes⁽²⁾	Grade	Contained molybdenum		Tonnes⁽²⁾	Grade	Contained molybdenum		Tonnes⁽²⁾	Grade	Contained molybdenum		Tonnes⁽²⁾	Grade	Contained molybdenum
Molybdenum	Million	ppm	Kilotonnes	Pounds million	Million	ppm	Kilotonnes	Pounds million	Million	ppm	Kilotonnes	Pounds million	Million	ppm	Kilotonnes	Pounds million
Projects	45.15	168	7.58	17	148.91	155	23.12	51	194.06	158	30.70	68	305.94	135	41.35	91
Colombia	45.15	168	7.58	17	148.91	155	23.12	51	194.06	158	30.70	68	305.94	135	41.35	91
Quebradona⁽³⁾	45.15	168	7.58	17	148.91	155	23.12	51	194.06	158	30.70	68	305.94	135	41.35	91
AngloGold Ashanti Total	45.15	168	7.58	17	148.91	155	23.12	51	194.06	158	30.70	68	305.94	135	41.35	91

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage and content (kilotonnes) to two decimals and grade and content (pounds million) with no decimals for molybdenum. The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material. The reported tonnages for the molybdenum by-product are an outcome from the associated conceptual pit shell or mineable shapes, that have been determined based on the extraction of the primary mineral. The primary mineral for Quebradona is copper and a net smelter return (NSR) approach has been adopted.

All disclosure of Mineral Resource is exclusive of Mineral Reserve. 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.
“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Property currently in a development stage.

Sulphur Mineral Resource

The below summary table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Resource for sulphur at the end of the financial year ended 31 December 2025.

Mineral Resource⁽¹⁾	At 31 December 2025
Mineral Resource⁽¹⁾	Measured				Indicated				Total Measured and Indicated				Inferred
Sulphur	Tonnes⁽²⁾	Grade	Contained sulphur		Tonnes⁽²⁾	Grade	Contained sulphur		Tonnes⁽²⁾	Grade	Contained sulphur		Tonnes⁽²⁾	Grade	Contained sulphur
Sulphur	Million	%S	Tonnes Million	Pounds million	Million	%S	Tonnes Million	Pounds million	Million	%S	Tonnes Million	Pounds million	Million	%S	Tonnes Million	Pounds million
Americas Region	7.87	4.5	0.35	777	11.80	3.1	0.37	806	19.67	3.6	0.72	1,583	18.00	3.8	0.68	1,508
Brazil	7.87	4.5	0.35	777	11.80	3.1	0.37	806	19.67	3.6	0.72	1,583	18.00	3.8	0.68	1,508
AGA Mineração – Cuiabá ⁽³⁾	5.52	5.1	0.28	625	6.20	3.1	0.19	419	11.72	4.0	0.47	1,043	11.87	3.7	0.44	964
AGA Mineração – Lamego ⁽³⁾	2.35	2.9	0.07	152	5.60	3.1	0.18	387	7.95	3.1	0.24	539	6.13	4.0	0.25	544
AngloGold Ashanti Total	7.87	4.5	0.35	777	11.80	3.1	0.37	806	19.67	3.6	0.72	1,583	18.00	3.8	0.68	1,508

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage and content (tonnes million) to two decimals, grade to one decimal, and content (pounds million) with no decimals for sulphur. The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material. The reported tonnages for the sulphur by-product are an outcome from the associated conceptual pit shell or mineable shapes, that have been determined based on the extraction of the primary mineral which is gold.

All disclosure of Mineral Resource is exclusive of Mineral Reserve. 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.
“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Property currently in a production stage. A sulphuric acid price of $130/t is used.

Mineral Reserve 2025

Gold Mineral Reserve

The below summary table is prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Reserve for gold at the end of the financial year ended 31 December 2025, based on an estimated gold price of $1,700/oz, unless otherwise stated.

Mineral Reserve	At 31 December 2025
Mineral Reserve	Proven				Probable				Total Mineral Reserve
Gold	Tonnes⁽²⁾	Grade	Contained gold		Tonnes⁽²⁾	Grade	Contained gold		Tonnes⁽²⁾	Grade	Contained gold
Gold	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz
Africa Region	107.60	1.62	174.04	5.60	250.21	2.11	527.97	16.97	357.81	1.96	702.01	22.57
Democratic Republic of the Congo	13.45	3.13	42.16	1.36	36.87	2.92	107.49	3.46	50.32	2.97	149.65	4.81
Kibali (45%) ^(1)(3)(8)	13.45	3.13	42.16	1.36	36.87	2.92	107.49	3.46	50.32	2.97	149.65	4.81
Ghana	8.45	5.75	48.58	1.56	64.67	3.68	237.93	7.65	73.13	3.92	286.51	9.21
Iduapriem ⁽⁸⁾	4.22	0.90	3.80	0.12	47.61	1.33	63.13	2.03	51.83	1.29	66.93	2.15
Obuasi⁽⁴⁾⁽⁸⁾	4.23	10.58	44.78	1.44	17.06	10.25	174.80	5.62	21.30	10.31	219.58	7.06
Guinea	8.89	0.62	5.47	0.18	73.73	0.84	61.82	1.99	82.62	0.81	67.29	2.16
Siguiri (85%) ⁽¹⁾⁽⁸⁾	8.89	0.62	5.47	0.18	73.73	0.84	61.82	1.99	82.62	0.81	67.29	2.16
Tanzania	21.20	1.06	22.44	0.72	54.49	1.88	102.65	3.30	75.69	1.65	125.09	4.02
Geita⁽⁵⁾⁽⁸⁾	21.20	1.06	22.44	0.72	54.49	1.88	102.65	3.30	75.69	1.65	125.09	4.02
Egypt	55.61	1.00	55.39	1.78	20.44	0.88	18.08	0.58	76.06	0.97	73.48	2.36
Sukari (50%) ^(1)(7)(8)	55.61	1.00	55.39	1.78	20.44	0.88	18.08	0.58	76.06	0.97	73.48	2.36
Americas Region	7.05	4.47	31.54	1.01	11.67	4.12	48.10	1.55	18.72	4.25	79.65	2.56
Argentina	2.76	3.48	9.62	0.31	4.14	2.92	12.08	0.39	6.90	3.14	21.70	0.70
Cerro Vanguardia (92.5%)⁽¹⁾⁽⁸⁾	2.76	3.48	9.62	0.31	4.14	2.92	12.08	0.39	6.90	3.14	21.70	0.70
Brazil	4.29	5.12	21.92	0.70	7.54	4.78	36.03	1.16	11.82	4.90	57.95	1.86
AGA Mineração – Córrego do Sítio⁽¹⁰⁾	0.84	3.10	2.62	0.08	2.01	4.42	8.89	0.29	2.86	4.03	11.50	0.37
AGA Mineração – Cuiabá⁽⁸⁾	2.58	6.43	16.61	0.53	4.48	5.39	24.15	0.78	7.07	5.77	40.75	1.31
AGA Mineração – Lamego⁽⁸⁾	0.86	3.15	2.70	0.09	1.04	2.87	2.99	0.10	1.90	3.00	5.70	0.18
Australia Region	23.89	1.31	31.39	1.01	17.52	2.37	41.52	1.34	41.40	1.76	72.91	2.34
Sunrise Dam ⁽⁸⁾	8.77	1.69	14.78	0.48	5.51	2.97	16.34	0.53	14.27	2.18	31.12	1.00
Tropicana (70%)⁽¹⁾⁽⁸⁾	15.12	1.10	16.61	0.53	12.01	2.10	25.19	0.81	27.13	1.54	41.79	1.34
Projects	5.49	0.93	5.11	0.16	292.83	0.94	274.55	8.83	298.32	0.94	279.66	8.99
Colombia	—	—	—	—	120.01	0.67	80.83	2.60	120.01	0.67	80.83	2.60
Quebradona ^(9)(12)	—	—	—	—	120.01	0.67	80.83	2.60	120.01	0.67	80.83	2.60
United States of America	5.49	0.93	5.11	0.16	172.81	1.12	193.71	6.23	178.30	1.12	198.82	6.39
North Bullfrog^(9)(11)	—	—	—	—	77.01	0.44	33.64	1.08	77.01	0.44	33.64	1.08
Arthur Gold ⁽⁶⁾⁽⁹⁾	—	—	—	—	87.64	1.75	153.68	4.94	87.64	1.75	153.68	4.94
Nevada Regional Deposits ⁽¹³⁾	5.49	0.93	5.11	0.16	8.16	0.78	6.39	0.21	13.65	0.84	11.50	0.37
AngloGold Ashanti Total	144.03	1.68	242.08	7.78	572.23	1.56	892.15	28.68	716.26	1.58	1,134.22	36.47

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. The Mineral Reserve estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold Ashanti unless otherwise stated). The net difference between the 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’s annual report on Form 20-F for the financial year ended 31 December 2025 to be filed with the SEC. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for gold to two decimals. All ounces are Troy ounces. “Moz” refers to million ounces. The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility). The Serra Grande mine in Brazil and the Doropo project in Côte d’Ivoire were sold in 2025.

Mineral Reserve attributable to AngloGold Ashanti’s percentage interest shown.
“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Kibali is operated by Barrick. The Mineral Reserve estimate was prepared through the Kibali joint venture’s estimation and governance processes and under the supervision of Barrick’s Qualified Persons. The Kibali gold Mineral Reserve is based on a gold price of $1,500/oz. In 2025, a cut-off grade range from 0.76g/t to 0.99g/t (varying according to area and weathering domain) was applied to the open pits, a cut-off grade range from 0.45g/t to 0.49g/t (varying according to weathering domain) was applied to the stockpiles, and a cut-off grade of 2.06g/t was applied to the underground. In 2025, a metallurgical recovery factor range from 75.5% to 91.0% (varying according to area and weathering domain) was applied to the open pits, stockpiles, and underground for gold. The Qualified Person responsible for the Kibali Mineral Reserve is Derek Holm, FAusIMM, employed by Barrick.
In 2025, for Obuasi, a cut-off grade range from 4.91g/t to 6.31g/t was applied to the underground (varying according to area). In 2025, a metallurgical recovery factor of 88.0% was applied to the underground for gold. The Qualified Person responsible for the Obuasi Mineral Reserve is Douglas Atanga, SME RM.
In 2025, for Geita, a cut-off grade range from 0.85g/t to 0.95g/t (varying according to area) was applied to the open pit, a cut-off grade range from 0.70g/t to 0.88g/t (varying according to material type) was applied to the stockpiles, and a cut-off grade range from 2.40g/t to 3.36g/t (varying according to area) was applied to the underground. In 2025, a metallurgical recovery factor range from 92.80% to 97.00% (varying according to material type) was applied to the open pit, a metallurgical recovery factor of 92.80% was applied to the stockpiles, and a metallurgical recovery factor range from 78.02% to 93.37% (varying according to area) was applied to the underground for gold. The Qualified Person responsible for the Geita Mineral Reserve is Duan Campbell, Pr. Eng.
The gold Mineral Reserve of the Arthur Gold Project (previously Expanded Silicon) includes only the Merlin deposit. The Merlin gold Mineral Reserve was declared for the first time in 2025 and is based on a gold price of $1,950/oz. In 2025, for Merlin, a dynamic cut-off grade strategy was applied for mine planning and the open pit cut-off grades range from 0.28g/t to 0.49g/t (varying according to grade and material type), and stockpiles cut-off grades range from 0.30g/t to 0.52g/t (varying according to grade and material type). In 2025, for the Merlin deposit, a metallurgical recovery factor range from 63.61% to 95.00% (varying according to grade and material type) was applied to the open pit and stockpiles for gold. The Qualified Person responsible for the Arthur Gold Project Mineral Reserve is Hamid Taghavi, SME RM.
In 2025, for Sukari, a cut-off grade of 0.43g/t was applied to the open pit and stockpiles, and a cut-off grade of 2.34g/t was applied to the underground. In 2025, a metallurgical recovery factor of 89.50% was applied to the open pit and underground, and a metallurgical recovery factor of 86.56% was applied to the stockpiles for gold. The Qualified Person responsible for the Sukari open pit Mineral Reserve is Sherif Moemen, MAusIMM (CP) and the Qualified Person responsible for the Sukari underground Mineral Reserve is Mahmoud Abdelmonem, MIMMM QMR.
Property currently in a production stage.
Property currently in a development stage.
The CdS operation was placed on care and maintenance in August 2023.
The North Bullfrog gold Mineral Reserve is based on a gold price of $1,720/oz.
The Quebradona gold Mineral Reserve is based on a gold price of $1,350/oz.
The Nevada Regional Deposits gold Mineral Reserve includes only the Reward deposit, currently in a development stage. The remainder of the deposits in the Nevada Regional Deposits are currently in an exploration stage. The Reward deposit was acquired by AngloGold Ashanti through its acquisition of Augusta Gold in October 2025. The Reward deposit gold Mineral Reserve is based on a gold price of $1,850/oz. No additional work was completed on the Reward deposit gold Mineral Reserve during 2025, and the Qualified Person has not performed sufficient work to support classification of the estimate as a current gold Mineral Reserve.

Copper Mineral Reserve

The below summary table is prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Reserve for copper at the end of the financial year ended 31 December 2025, based on an estimated copper price of $3.10/lb.

Mineral Reserve	At 31 December 2025
Mineral Reserve	Proven				Probable				Total Mineral Reserve
Copper	Tonnes⁽¹⁾	Grade	Contained copper		Tonnes⁽¹⁾	Grade	Contained copper		Tonnes⁽¹⁾	Grade	Contained copper
Copper	Million	%Cu	Tonnes million	Pounds million	Million	%Cu	Tonnes million	Pounds million	Million	%Cu	Tonnes million	Pounds million
Projects	—	—	—	—	120.01	1.23	1.47	3,250	120.01	1.23	1.47	3,250
Colombia	—	—	—	—	120.01	1.23	1.47	3,250	120.01	1.23	1.47	3,250
Quebradona ⁽²⁾	—	—	—	—	120.01	1.23	1.47	3,250	120.01	1.23	1.47	3,250
AngloGold Ashanti Total	—	—	—	—	120.01	1.23	1.47	3,250	120.01	1.23	1.47	3,250

Notes:

“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Property currently in a development stage.

Silver Mineral Reserve

The below summary table is prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Reserve for silver at the end of the financial year ended 31 December 2025, based on an estimated silver price of $19.50/oz, unless otherwise stated.

Mineral Reserve	At 31 December 2025
Mineral Reserve	Proven				Probable				Total Mineral Reserve
Silver	Tonnes⁽²⁾	Grade	Contained silver		Tonnes⁽²⁾	Grade	Contained silver		Tonnes⁽²⁾	Grade	Contained silver
Silver	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz	Million	g/t	Tonnes	Moz
Americas Region	2.76	61.14	168.99	5.43	4.14	97.25	402.31	12.93	6.90	82.79	571.30	18.37
Argentina	2.76	61.14	168.99	5.43	4.14	97.25	402.31	12.93	6.90	82.79	571.30	18.37
Cerro Vanguardia (92.5%)⁽¹⁾⁽⁴⁾	2.76	61.14	168.99	5.43	4.14	97.25	402.31	12.93	6.90	82.79	571.30	18.37
Projects	—	—	—	—	284.66	4.31	1,227.68	39.47	284.66	4.31	1,227.68	39.47
Colombia	—	—	—	—	120.01	7.29	874.33	28.11	120.01	7.29	874.33	28.11
Quebradona⁽³⁾⁽⁵⁾	—	—	—	—	120.01	7.29	874.33	28.11	120.01	7.29	874.33	28.11
United States of America	—	—	—	—	164.65	2.15	353.35	11.36	164.65	2.15	353.35	11.36
North Bullfrog⁽³⁾	—	—	—	—	77.01	1.45	111.32	3.58	77.01	1.45	111.32	3.58
Arthur Gold⁽³⁾⁽⁶⁾	—	—	—	—	87.64	2.76	242.03	7.78	87.64	2.76	242.03	7.78
AngloGold Ashanti Total	2.76	61.14	168.99	5.43	288.80	5.64	1,629.99	52.41	291.56	6.17	1,798.98	57.84

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for silver to two decimals. All ounces are Troy ounces. “Moz” refers to million ounces. The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility). The reported tonnages for the silver by-product are an outcome from the associated pit or underground mine plans, that have been determined based on the extraction of the primary mineral. The primary mineral for all properties is gold (except for Quebradona where the primary mineral is copper and a net smelter return (NSR) approach has been adopted). All Qualified Persons are employed by AngloGold Ashanti unless otherwise stated.

Mineral Reserve attributable to AngloGold Ashanti’s percentage interest shown.
“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Property currently in a development stage.
Property currently in a production stage.
The Quebradona silver Mineral Reserve is based on a silver price of $18.67/oz
The silver Mineral Reserve of the Arthur Gold Project (previously Expanded Silicon) includes only the Merlin deposit. The Merlin silver Mineral Reserve was declared for the first time in 2025. In 2025, for Merlin, a metallurgical recovery factor range from 10.20% to 22.21% (varying according to material type) was applied to the open pit for silver. The Qualified Person responsible for the Arthur Gold Project Mineral Reserve is Hamid Taghavi, SME RM.

Sulphur Mineral Reserve

The below summary table is prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K – Summary Mineral Reserve for sulphur at the end of the financial year ended 31 December 2025.

Mineral Reserve	At 31 December 2025
Mineral Reserve	Proven				Probable				Total Mineral Reserve
Sulphur	Tonnes⁽¹⁾	Grade	Contained sulphur		Tonnes⁽¹⁾	Grade	Contained sulphur		Tonnes⁽¹⁾	Grade	Contained sulphur
Sulphur	Million	%S	Tonnes million	Pounds million	Million	%S	Tonnes million	Pounds million	Million	%S	Tonnes million	Pounds million
Americas Region	3.44	3.3	0.11	247	5.53	2.7	0.15	326	8.97	2.9	0.26	572
Brazil	3.44	3.3	0.11	247	5.53	2.7	0.15	326	8.97	2.9	0.26	572
AGA Mineração – Cuiabá⁽²⁾	2.58	3.7	0.09	209	4.48	2.8	0.12	272	7.07	3.1	0.22	481
AGA Mineração – Lamego⁽²⁾	0.86	2.0	0.02	38	1.04	2.3	0.02	54	1.90	2.2	0.04	91
AngloGold Ashanti Total	3.44	3.3	0.11	247	5.53	2.7	0.15	326	8.97	2.9	0.26	572

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage and content (tonnes million) to two decimals, grade to one decimal, and content (pounds million) with no decimals for sulphur. The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility). The reported tonnages for the sulphur by-product are an outcome from the associated pit or underground mine plans, that have been determined based on the extraction of the primary mineral which is gold.

“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
Property currently in a production stage. A sulphuric acid price of $130/t is used.

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