au-20241231

As filed with the Securities and Exchange Commission on 15 April 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F


☐	REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934
	OR
☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR
☐	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Commission file number: 001-41815

AngloGold Ashanti plc

(Exact Name of Registrant as Specified in its Charter)

England and Wales

(Jurisdiction of Incorporation or Organisation)

4th Floor, Communications House, South Street

Staines-upon-Thames, Surrey, TW18 4PR

United Kingdom

6363 S. Fiddlers Green Circle, Suite 1000

Greenwood Village, CO 80111

United States of America

(Address of Principal Executive Offices)

Gillian Ann Doran, Chief Financial Officer, Telephone: +1 (720) 9538283

E-mail: gdoran@aga.gold, 6363 S. Fiddlers Green Circle, Suite 1000, Greenwood Village, CO 80111, United States of America

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Ordinary Shares	AU	New York Stock Exchange
3.375% Notes due 2028	AU/28	New York Stock Exchange
3.75% Notes due 2030	AU/30	New York Stock Exchange
6.50% Notes due 2040	AU/40	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the

annual report:


Ordinary Shares of $1.00 each	503,527,052


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.		Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.		Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.		Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).		Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Check one:	Large accelerated filer ☒			Accelerated filer ☐		Non-accelerated filer ☐		Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use

the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards

Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over

financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit

report.☒


If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.	☒
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).	☐


Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:		U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐


If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.		Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).		Yes ☐ No ☒

PRESENTATION OF INFORMATION

In this annual report on Form 20-F, unless the context otherwise requires, references to AngloGold, AngloGold Ashanti, AGA, the

company, the Company, we, us, our, the group and the Group are references to (i) subsequent to the implementation of the

corporate restructuring described below, AngloGold Ashanti plc including, as appropriate, subsidiaries and associate companies

of AngloGold Ashanti plc and (ii) prior to the implementation of the corporate restructuring described below, AngloGold Ashanti

Limited including, as appropriate, subsidiaries and associate companies of AngloGold Ashanti Limited.

Corporate restructuring

In September 2023, the Group completed a corporate restructuring whereby its operations were reorganised under a new parent

company, AngloGold Ashanti plc, incorporated in England and Wales and tax resident in the United Kingdom (UK), with a primary

listing of its ordinary shares on the New York Stock Exchange (NYSE), and secondary listings of its ordinary shares on the

Johannesburg Stock Exchange (JSE) and A2X Market (A2X) in South Africa and of its ordinary shares and Ghanaian Depositary

Shares on the Ghana Stock Exchange (GSE) in Ghana.

Upon completion of the corporate restructuring, AngloGold Ashanti plc became the listed UK parent company of the Group and

the successor issuer to AngloGold Ashanti Limited. The previous South African parent company of the Group, AngloGold Ashanti

Limited, became a direct, wholly-owned subsidiary of AngloGold Ashanti plc and was renamed AngloGold Ashanti (Pty) Ltd.

AngloGold Ashanti Holdings plc, the Isle of Man company holding all of the Group’s operations and assets located outside South

Africa, also became a direct, wholly-owned subsidiary of AngloGold Ashanti plc.

In addition, upon completion of the corporate restructuring, the Group’s global headquarters were moved to Denver, Colorado in

the United States. The Company’s registered office and principal executive office are located in the United Kingdom. The Group

also retains a substantial corporate office in Johannesburg, South Africa.

IFRS financial statements and reporting

As a company incorporated in the United Kingdom, AngloGold Ashanti prepares annual audited consolidated financial

statements and unaudited consolidated quarterly financial statements in accordance with IFRS Accounting Standards as issued

by the International Accounting Standards Board (IASB). These financial statements are distributed to shareholders and are

submitted to the NYSE, JSE as well as the GSE.

AngloGold Ashanti qualifies as a foreign private issuer (“FPI”) in the United States for purposes of the U.S. Securities Exchange

Act of 1934, as amended (the “Exchange Act”), is filing annual reports on Form 20-F with the U.S. Securities and Exchange

Commission (the “SEC”) and is furnishing current reports on Form 6-K with the SEC as the SEC has prescribed for FPIs.

AngloGold Ashanti is continuing its preparation in order to be able to comply with the more comprehensive reporting framework

applicable to U.S. domestic issuers in the event that it becomes required to do so upon any loss of FPI status. In the meantime,

AngloGold Ashanti intends to continue to provide financial and operational updates, including unaudited condensed consolidated

interim financial statements, on a quarterly basis. Such quarterly financial and operational updates will be furnished on current

reports on Form 6-K to the SEC.

Currency

AngloGold Ashanti presents its consolidated financial statements in United States dollars.

In this annual report on Form 20-F, references to US dollar, dollar, USD, US$ or $ are to the lawful currency of the United States,

references to € or Euro are to the lawful currency of the European Union, references to ARS or Argentinean peso are to the

lawful currency of Argentina, references to AUD, Australian dollar or A$ are to the lawful currency of Australia, references to BRL

or Brazilian real are to the lawful currency of Brazil, references to TZS or Tanzanian shilling are to the lawful currency of the

United Republic of Tanzania, references to Ghanaian cedi, GHS, cedi or Gh¢ are to the lawful currency of Ghana, references to

CDF or Congolese franc are to the lawful currency of the Democratic Republic of the Congo, references to rand, ZAR or R are to

the lawful currency of the Republic of South Africa, references to GBP, British pounds or £ are to the lawful currency of the United

Kingdom, references to Canadian dollar, CAD or C$ are to the lawful currency of Canada, references to Colombian peso or COP

are to the lawful currency of Colombia and references to EGP or Egyptian pounds are to the lawful currency of Egypt.

Non-GAAP financial measures

From time to time AngloGold Ashanti may publicly disclose certain “Non-GAAP” financial measures in the course of its financial

presentations, earnings releases, earnings conference calls and otherwise.

In this annual report on Form 20-F, AngloGold Ashanti presents the financial items “total cash costs”, “total cash costs per

ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “average gold price received per ounce”, “sustaining capital

expenditure” and “non-sustaining capital expenditure”, which have been determined using industry guidelines and practices and

are not measures under IFRS. An investor should not consider these items in isolation or as alternatives to cost of sales, gold

income, capital expenditure or any other measure of financial performance presented in accordance with IFRS or as an indicator

of the Group’s performance. The Group uses certain Non-GAAP performance measures and ratios in managing the business

and may provide users of this financial information with additional meaningful comparisons between current results and results in

prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported

operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these

measures may not be comparable to similarly titled measures that other companies use.

During the financial year ended 31 December 2024, AngloGold Ashanti’s reporting for managed operations shifted from an

attributable basis of reporting to a consolidated basis of reporting. The change in reporting only impacts managed operations

with non-controlling interests (i.e., Siguiri, Cerro Vanguardia and Sukari), whereas joint operations (i.e., Tropicana), which are

proportionately consolidated, remain unaffected. Non-managed joint ventures (i.e., Kibali), which are accounted for under the

equity method, also remain unaffected and their gold production, related unit revenue and cost metrics continue to be reported

on an attributable basis. As a result of this change in reporting, certain adjustments to exclude non-controlling interests on gold

production, related unit revenue and cost metrics have been discontinued. The metrics for the financial years ended 31

December 2023 and 31 December 2022 have been adjusted to reflect this change in reporting.

The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting,

while the term “non-managed joint ventures” refers to equity-accounted joint ventures that are reported based on AngloGold

Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a

consolidated basis. Non-managed joint ventures are reported on an attributable basis.

See “Glossary of selected terms—Financial terms—Total cash costs”, “Glossary of selected terms—Financial terms—All-in

sustaining costs”, “Glossary of selected terms—Financial terms—Average gold price received per ounce”, “Glossary of selected

terms—Financial terms—Sustaining capital (expenditure)” and “Glossary of selected terms—Financial terms—Non-sustaining

capital (expenditure)” for definitions.

During 2018, the World Gold Council (“WGC”), an industry body, published a revised Guidance Note on “all-in sustaining costs”

and “all-in costs” metrics, which gold mining companies can use to supplement their overall Non-GAAP disclosure. The WGC

worked closely with its members (including AngloGold Ashanti) to develop these Non-GAAP measures which are intended to

provide further transparency into the full cost associated with producing gold. It is expected that these metrics, in particular, the

“all-in sustaining cost” metric which AngloGold Ashanti provides herein, will be helpful to investors, governments, local

communities and other stakeholders in understanding the economics of gold mining.

“Total cash costs” is calculated in accordance with the guidelines of the Gold Institute industry standard and industry practice and

is a Non-GAAP measure. The Gold Institute, which has been incorporated into the National Mining Association, is a non-profit

international association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform

format for reporting total cash costs on a per ounce basis. The guidance was first adopted in 1996 and revised in November

1999.

While the Gold Institute provided definitions for the calculation of “total cash costs” and the WGC published a revised Guidance

Note on “all-in sustaining costs” and “all-in costs” metrics during 2018, the calculation of “total cash costs”, “total cash costs per

ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs” and “all-in costs per ounce” may vary

significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold

mining companies. However, AngloGold Ashanti believes that “total cash costs” and “all-in sustaining costs” in total by mine and

per ounce by mine as well as “average gold price received per ounce”, “sustaining capital expenditure” and “non-sustaining

capital expenditure” are useful indicators to investors and management as they provide:

•an indication of profitability, efficiency and cash flows;

•the trend in costs as the mining operations mature over time on a consistent basis; and

•an internal benchmark of performance to allow for comparison against other mines, both within the Group and at other gold

mining companies.

Management prepares its internal management reporting documentation, for use and decision making by the Chief Operating

Decision Maker (CODM), on a total basis. The key metrics are based on the total ounces, gold income, “total cash costs”, “all-in

sustaining costs”, “sustaining capital expenditure” and “non-sustaining capital expenditure” from each operation and as a

consequence includes AngloGold Ashanti’s share of the “total cash costs”, “all-in sustaining costs”, “sustaining capital

expenditure” and “non-sustaining capital expenditure” of its non-managed joint ventures that are accounted for under the equity

method. In a capital intensive industry, this basis allows management to make operating and resource allocation decisions on a

comparable basis between mining operations irrespective of whether they are consolidated or accounted for under the equity

method. This basis of calculating the metrics is consistent with the WGC’s Guidance Note on “all-in sustaining costs” and “all-in

costs” metrics.

Although AngloGold Ashanti has shareholder rights and board representation commensurate with its ownership interests in its

non-managed joint ventures and reviews the underlying operating results including “total cash costs”, “all-in sustaining costs”,

“sustaining capital expenditure” and “non-sustaining capital expenditure” with them at each reporting period, it does not have

direct control over their operations or resulting revenue and expenses, nor does it have a proportionate legal interest in each

financial statement line item. AngloGold Ashanti’s use of “total cash costs”, “all-in sustaining costs”, “sustaining capital

expenditure” and “non-sustaining capital expenditure” on a total basis, is not intended to imply that it has any such control or

proportionate legal interest, but rather to reflect the Non-GAAP measures on a basis consistent with its internal and external

segmental reporting.

A reconciliation of cost of sales as included in the Company’s audited financial statements to “all-in sustaining costs”, “all-in

sustaining costs per ounce”, “total cash costs” and “total cash costs per ounce” for each of the three financial years in the period

ended 31 December 2024 is presented on a total (managed operations/non-managed joint ventures) and segment basis herein.

In addition, the Company has provided detail of the consolidated ounces of gold produced and sold by mine (for managed

operations) and the attributable ounces of gold produced and sold by mine (for non-managed joint ventures) for each of those

periods herein.

A reconciliation of gold income as included in the Company’s audited financial statements to “average gold price received per

ounce” for each of the three financial years in the period ended 31 December 2024 is presented on a total (managed operations/

non-managed joint ventures) basis herein.

A reconciliation of capital expenditure as included in the Company’s audited financial statements to “sustaining capital

expenditure” and “non-sustaining capital expenditure” for each of the three financial years in the period ended 31 December

2024 is presented on a total (managed operations/non-managed joint ventures) and segment basis herein.

See “Item 5A: Operating Results—Non-GAAP analysis—Reconciliations” for reconciliations.

Shares and shareholders

In this annual report on Form 20-F, references to ordinary shares, ordinary shareholders, equity shareholders and shareholders/

members, should be read as common stock, common stockholders and stockholders, respectively, and vice versa.

Rounding

Rounding of figures in this annual report on Form 20-F may result in computational discrepancies.

CERTAIN FORWARD-LOOKING STATEMENTS

Certain statements contained in this annual report on Form 20-F, other than statements of historical fact, including, without

limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production,

total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements,

growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of

project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and

production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity

and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and

consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are

forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial

condition.

These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and

expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and

expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”,

“may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other

similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-

looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements.

These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause

AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results,

performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti

believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be

given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could

differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic,

social, political and market conditions, including related to inflation or international conflicts, the success of business and

operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals,

fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain

disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain

effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or

more material weaknesses, or the discovery of additional material weaknesses, in the Company’s internal control over financial

reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a

discussion of such risk factors, refer to “Item 3D: Risk Factors” and elsewhere in this annual report on Form 20-F. These factors

are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or

achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable

factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements.

Consequently, readers are cautioned not to place undue reliance on forward-looking statements.

AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to

reflect events or circumstances after the date of this annual report on Form 20-F or to reflect the occurrence of unanticipated

events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to

AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

GLOSSARY OF SELECTED TERMS

Financial terms


2028 notes: The $750 million aggregate principal amount of 3.375 percent notes due 2028 issued by AngloGold Ashanti Holdings plc and fully and unconditionally guaranteed by AngloGold Ashanti plc.
2030 notes: The $700 million aggregate principal amount of 3.750 percent notes due 2030 issued by AngloGold Ashanti Holdings plc and fully and unconditionally guaranteed by AngloGold Ashanti plc.
2040 notes: The $300 million aggregate principal amount of 6.50 percent notes due 2040 issued by AngloGold Ashanti Holdings plc and fully and unconditionally guaranteed by AngloGold Ashanti plc.
Adjusted EBITDA: “Adjusted EBITDA” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes profit (loss) before taxation, amortisation of tangible, intangible and right of use assets, retrenchment costs at the operations, finance income, other gains (losses), care and maintenance costs, finance costs and unwinding of obligations, impairment and derecognition of assets, impairment of investments, profit (loss) on disposal of assets and investments, gain (loss) on early settlement of hedge contracts, fair value adjustments, repurchase premium and costs on settlement of issued bonds and the share of associates EBITDA. The Adjusted EBITDA calculation is based on the formula included in AngloGold Ashanti’s Revolving Credit Facility Agreements for compliance with the debt covenant formula.
Adjusted net debt: “Adjusted net debt” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes total borrowings adjusted for the unamortised portion of borrowing costs and IFRS 16 lease adjustments; less cash restricted for use and cash and cash equivalents (net of bank overdraft). The Adjusted net debt calculation is based on the formula included in AngloGold Ashanti’s Revolving Credit Facility Agreements for compliance with the debt covenant formula.
All-in sustaining costs (AISC): “All-in sustaining costs” is a Non-GAAP measure which is an extension of the existing “total cash costs” metric and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with developing and maintaining gold mines. In addition, this metric includes the cost associated with Corporate Office structures that support these operations, the community and environmental rehabilitation costs attendant with responsible mining and any exploration and evaluation cost associated with sustaining current operations. “All-in sustaining costs per ounce - managed operations” ($/oz) is calculated by dividing the consolidated US dollar value of this cost metric by the consolidated ounces of gold sold. “All-in sustaining costs per ounce - non-managed joint ventures” ($/oz) is calculated by dividing the attributable US dollar value of this cost metric by the attributable ounces of gold sold.
Attributable: Share of gold ounces, gold income, capital expenditure, Mineral Resource and Mineral Reserve and other items, as applicable, based on ownership interest.
Average gold price received per ounce ($/oz): “Average gold price received per ounce” is a Non-GAAP measure which gives an indication of revenue earned per ounce of gold sold and serves as a benchmark of performance against the market spot gold price. “Average gold price received per ounce - managed operations” is calculated by dividing the consolidated US dollar value of this revenue metric by the consolidated ounces of gold sold. “Average gold price received per ounce - non-managed joint ventures” is calculated by dividing the attributable US dollar value of this revenue metric by the attributable ounces of gold sold.
Average number of employees: The monthly average number of production and non-production employees and contractors employed during the year, where contractors are defined as individuals who have entered into a fixed-term contract of employment with a group company or subsidiary. Employee numbers of joint ventures represent the Group’s attributable share.
Capital or total capital (expenditure): Total capital expenditure on tangible assets.
Effective tax rate: Current and deferred taxation charge for the year as a percentage of profit before taxation.
Free cash flow: “Free cash flow” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes cash inflow from operating activities, less cash outflow from investing activities and after finance costs, adjusted to exclude once-off acquisitions, disposals and corporate restructuring costs, and movements in restricted cash.
Market spot gold price: The price of gold traded at any given moment on the Over-The-Counter (OTC) wholesale market of which the transaction will be settled in two business days’ time.
Non-sustaining capital (expenditure): “Non-sustaining capital (expenditure)” is a Non-GAAP measure comprising capital expenditure incurred at new operations and capital expenditure related to ‘major projects’ at existing operations where these projects will materially increase production.
Ounces of gold produced: The consolidated number of gold ounces produced by managed and joint operations. The attributable number of gold ounces produced by non-managed joint ventures.
Ounces of gold sold: The consolidated number of gold ounces sold by managed and joint operations. The attributable number of gold ounces sold by non-managed joint ventures.
Rated bonds: Collectively, the 2028 notes, the 2030 notes and the 2040 notes.
Region: Defines the operational management divisions within AngloGold Ashanti, namely Africa (DRC, Egypt, Ghana, Guinea and Tanzania and projects in Côte d’Ivoire), Australia and the Americas (Argentina and Brazil and projects in the United States and Colombia).
Related party: Parties are considered related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions or if such parties are under common control.


Significant influence: The ability, directly or indirectly, to participate in, but not exercise control over, the financial and operating policy decision of an entity so as to obtain economic benefit from its activities.
Sustaining capital (expenditure): “Sustaining capital (expenditure)” is a Non-GAAP measure comprising capital expenditure incurred to sustain and maintain existing assets at their current productive capacity in order to achieve constant planned levels of productive output and capital expenditure to extend useful lives of existing production assets. This includes replacement of vehicles, plant and machinery, Mineral Reserve development, deferred stripping and capital expenditure related to financial benefit initiatives, safety, health and the environment.
Total cash costs: “Total cash costs” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by- products, but exclude amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and related costs, capital costs and exploration costs. “Total cash costs per ounce - managed operations” ($/oz) is calculated by dividing the consolidated US dollar value of this cost metric by the consolidated ounces of gold produced. “Total cash costs per ounce - non-managed joint ventures” ($/oz) is calculated by dividing the attributable US dollar value of this cost metric by the attributable ounces of gold produced.
Weighted average number of ordinary shares: The number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the income of the Group, and increased by share options that are virtually certain to be exercised.

Mining terms


Banded iron formation (BIF): A chemical sediment, typically thin-bedded or laminated with greater than 15 percent iron of sedimentary origin.
By-products: Any potentially economic or saleable products that emanate from the core process of producing gold or copper, including silver, molybdenum and sulphuric acid.
Carbon-in-leach (CIL): Gold is leached from a slurry of ore where cyanide and carbon granules are added to the same agitated tanks. The gold loaded carbon granules are separated from the slurry and treated in an elution circuit to remove the gold.
Carbon-in-pulp (CIP): Gold is leached conventionally from a slurry of ore with cyanide in agitated tanks. The leached slurry then passes into the CIP circuit where activated carbon granules are mixed with the slurry and gold is adsorbed on to the activated carbon. The gold-loaded carbon is separated from the slurry and treated in an elution circuit to remove the gold.
Comminution: Comminution is the crushing and grinding of ore to make gold available for physical or chemical separation (see also “Milling”).
Contained gold or Contained copper: The total gold or copper content (tonnes multiplied by grade) of the material being described.
Cut-off grade: Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing “prospects of economic extraction,” the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio.
Depletion: The decrease in the quantity of ore in a deposit or property resulting from extraction or production.
Development: The process of accessing an orebody through shafts and/or tunneling in underground mining operations.
Development stage property: A development stage property is a property that has Mineral Reserve disclosed, but no material extraction.
Diamond drilling (DD): A form of core drilling which uses a rotary drill with a diamond drill bit attached in order to create precisely measured drill holes.
Diorite: An igneous rock formed by the solidification of molten material (magma).
Doré: Impure alloy of gold and silver produced at a mine to be refined to a higher purity.
Economically viable: Economically viable, when used in the context of Mineral Reserve determination, means that the Qualified Person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions.
Electrowinning: A process of recovering gold from solution by means of electrolytic chemical reaction into a form that can be smelted easily into gold bars.
Elution: Recovery of the gold from the activated carbon into solution before zinc precipitation or electrowinning.
Exploration results: Exploration results are data and information generated by mineral exploration programmes (i.e., programmes consisting of sampling, drilling, trenching, analytical testing, assaying, and other similar activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit) that are not part of a disclosure of Mineral Resource or Mineral Reserve. A registrant must not use exploration results alone to derive estimates of tonnage, grade, and production rates, or in an assessment of economic viability.
Exploration stage property: An exploration stage property is a property that has no Mineral Reserve disclosed.
Exploration target: An exploration target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
Feasibility study: A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analyses that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A feasibility study is more comprehensive, and with a higher degree of accuracy, than a pre-feasibility study. It must contain mining, infrastructure, and process designs completed with sufficient rigour to serve as the basis for an investment decision or to support project financing. The confidence level in the results of a feasibility study is higher than the confidence level in the results of a pre-feasibility study. Terms such as full, final, comprehensive, bankable, or definitive feasibility study are equivalent to a feasibility study.


Flotation: Concentration of gold and gold-hosting minerals into a small mass by various techniques (e.g. collectors, frothers, agitation, air-flow) that collectively enhance the buoyancy of the target minerals, relative to unwanted gangue, for recovery into an over-flowing froth phase.
Gold produced or Gold production: Refined gold in a saleable form derived from the mining process.
Grade: The quantity of ore contained within a unit weight of mineralised material generally expressed in grams per metric tonne (g/t) or ounce per short tonne for gold bearing material or Percentage copper (%Cu) for copper bearing material.
Greenschist: A schistose metamorphic rock whose green colour is due to the presence of chlorite, epidote or actinolite.
Indicated Mineral Resource: An Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a Qualified Person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a Probable Mineral Reserve.
Inferred Mineral Resource: An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resource, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a Mineral Reserve.
Initial assessment (also known as concept study, scoping study, conceptual study and preliminary economic assessment): An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralisation to support the disclosure of Mineral Resource. The initial assessment must be prepared by a Qualified Person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of Mineral Resource but cannot be used as the basis for disclosure of Mineral Reserve.
Leaching: Dissolution of gold from crushed or milled material, including reclaimed slime, prior to adsorption on to activated carbon or direct zinc precipitation.
Life-of-mine (LOM): Number of years for which an operation is planning to mine and treat ore, and is taken from the current mine plan.
Localised uniform conditioning (LUC): A technique developed to spatially locate selective mining unit grades that have been derived using uniformed conditioning.
Long hole open stoping (LHOS): A form of sub-level open stoping which involves excavating ore in a series of horizontal or sub-horizontal levels, known as stopes. This method is used in both hard rock and soft rock mining operations and is ideal for mining steeply dipping ore bodies, where it is more challenging to drill parallel drifts and cross cuts.
Longitudinal retreat stoping (LRS): A mining method used for continuous extraction along the length of narrow veins and can be mechanised to some extent.
Measured Mineral Resource: A Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a Qualified Person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.
Metallurgical plant / gold plant / plant: A processing plant constructed to treat ore and extract gold or copper in the case of Quebradona (and, in some cases, valuable by-products).
Metallurgical recovery factor (MetRF): A measure of the efficiency in extracting gold, silver or copper from the ore.
Milling: A process of reducing broken ore to a size at which concentrating or leaching can be undertaken (see also “Comminution”).
Mine call factor (MCF): The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling. The ratio of contained gold delivered to the metallurgical plant divided by the estimated contained gold of ore mined based on sampling.
Mineable shape optimiser (MSO): A widely recognised industry-standard software tool used to generate the optimal size, shape and location of stopes for underground mine design.


Mineralisation: The process or processes by which a mineral or minerals are introduced into rock, resulting in a potentially valuable deposit.
Mineral deposit: A mineral deposit is a concentration (or occurrence) of material of possible economic interest in or on the earth’s crust.
Mineral Reserve: A Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that, in the opinion of the Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Mineral Reserve is subdivided in order of increasing confidence into Probable Mineral Reserve and Proven Mineral Reserve. Mineral Reserve is aggregated from the Proven and Probable Mineral Reserve categories. A Measured Mineral Resource may be converted to either a Proven Mineral Reserve or a Probable Mineral Reserve depending on uncertainties associated with modifying factors that are taken into account in the conversion from Mineral Resource to Mineral Reserve. 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).
Mineral Resource: A Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled. Mineral Resource is subdivided and must be so reported, in order of increasing confidence in respect of geoscientific evidence, into Inferred, Indicated or Measured categories. The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material.
Mining recovery factor (MRF): This factor reflects a mining efficiency factor relating to the recovery of material during the mining process and is the variance between the tonnes called for in the mining design and what the plant receives. It is expressed in both a grade and tonnage number.
Modifying Factors: Modifying factors are the factors that a Qualified Person must apply to Indicated and Measured Mineral Resource and then evaluate in order to establish the economic viability of Mineral Reserve. A Qualified Person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resource to Proven and Probable Mineral Reserve. These factors include, but are not restricted to: mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project.
Open pit mining: An excavation made at the surface of the ground for the purpose of extracting minerals, inorganic and organic, from their natural deposits, which excavation is open to the surface.
Ounce (oz) (troy): Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams.
Pay limit: The grade of a unit of ore at which the revenue from the recovered mineral content of the ore is equal to the sum of total cash costs, closure costs, Mineral Reserve development and stay-in-business capital. This grade is expressed as an in- situ value in grams per tonne or ounces per short ton (before dilution and mineral losses).
Precipitate: The solid product formed when a change in solution chemical conditions results in conversion of some pre- dissolved ions into solid state.
Preliminary feasibility study (pre-feasibility study): is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a Qualified Person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a Qualified Person to determine if all or part of the Indicated and Measured Mineral Resource may be converted to Mineral Reserve at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable. A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an initial assessment.
Probable Mineral Reserve: A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource.
Production stage property: A production stage property is a property with material extraction of Mineral Reserve.
Productivity: An expression of labour productivity based on the ratio of ounces of gold produced per month to the total number of employees in mining operations.
Proven Mineral Reserve: A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource.


Qualified Person: A Qualified Person, in respect of the Company's material properties, is an individual who is (1) a mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) an eligible member or licensee in good standing of a recognised professional organisation at the time the technical report is prepared. Regulation S-K 1300 details further recognised professional organisations and also relevant experience.
Quartz: A hard mineral consisting of silica dioxide found widely in all rocks.
Recovered grade: The recovered mineral content per unit of ore treated.
Reef: A gold-bearing horizon, sometimes a conglomerate band, that may contain economic levels of gold. Reef can also be any significant or thick gold bearing quartz vein.
Refining: The final purification process of a metal or mineral.
Regulation S-K 1300: Subpart 1300 of Regulation S-K (17 CFR § 229.1300) which contains the SEC’s mining property disclosure requirements for mining registrants.
Rehabilitation: The process of reclaiming land disturbed by mining to allow an appropriate post-mining use. Rehabilitation standards are defined by country-specific laws, including but not limited to the US Bureau of Land Management, the US Forest Service, and the relevant Australian mining authorities, and address among other issues, ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues.
Resource modification factor (RMF): This factor is applied when there is an historic reconciliation discrepancy in the Mineral Resource model (e.g. between the Mineral Resource model tonnage and the grade control model tonnage). It is expressed in both a grade and tonnage number.
Reverse circulation (RC) drilling: A form of percussion drilling that uses compressed air to flush material cuttings out of the drill hole.
Run-of-mine (ROM): The unprocessed mined material which consists of the soil and rock of overburden, minerals, middlings, contamination and impurities.
Scats: Within the metallurgical plants, scats is a term used to describe ejected ore or other uncrushable / grinding media arising from the milling process. This, typically oversize material (ore), is ejected from the mill and stockpiled or re-crushed via a scats retreatment circuit. Retreatment of scats is aimed at fracturing the material such that it can be returned to the mills and processed as with the other ores to recover the gold locked up within this oversize material.
Seismic event: A sudden inelastic deformation within a given volume of rock that radiates detectable seismic energy.
Selective mining unit (SMU): This concept comes out of geostatistical estimation and relates to the smallest unit that can be mined selectively. This will vary with the style of the mineralisation, the mining method and equipment size. The concept is to select the smallest regular cell size that can be practically mined by appropriately sized mining equipment.
Shaft: A vertical or subvertical excavation used for accessing an underground mine; for transporting personnel, equipment and supplies; for hoisting ore and waste; for ventilation and utilities; and/or as an auxiliary exit.
Smelting: A pyro-metallurgical operation in which gold precipitate from electro-winning or zinc precipitation is further separated from impurities.
Stoping: The process of excavating ore underground.
Stripping ratio: The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes mined divided by ore tonnes mined.
Sub-level open stoping (SLOS): This method is a variation of open stoping that involves dividing the ore body into horizontal slices or sub-levels. Each sub-level is mined progressively, starting from the bottom, with drilled holes for blasting and ore removal. The method allows for selective ore mining and can be adapted to varying vein widths.
Tailings: Finely ground rock of low residual value from which valuable minerals have been extracted.
Tailings storage facility: Facility designed to store discarded tailings.
Tonnage: Quantity of material measured in tonnes.
Tonne: Used in metric statistics. Equal to 1,000 kilograms.


Tonnes treated: This is the volume of gold-bearing ore processed and treated at our on-site gold plants to extract the gold and silver. Tonnes treated are often used to calculate efficiency or intensity of use data such as GHG emissions and water used per tonne treated.
Total recordable injury frequency rate (TRIFR): The total number of recordable injuries and fatalities that occurs per million hours worked.
Traverse open stoping (TOS): One of the most used underground mining methods is open stope mining which involves extracting a large body of ore through drilling and blasting. This mining method allows for complex stope sequencing, and is considered more efficient for mining wide, steep orebodies.
Underground mining: The extraction of rocks, minerals and industrial materials, other than coal, oil and gas, from the earth by developing entries or shafts from the surface to the seam or deposit before recovering the product by underground extraction methods.
Underhand drift and fill (UHDF): A mining method which follows the local variations to the orebody and is considered to provide greater control on excavation and stability, with reduced dilution and increased mining recovery outcomes.
Uniform conditioning (UC): The uniform conditioning method estimates a tonnage and grade of mineralisation that can be recovered using the selective mining unit at the chosen cut-off value.
Waste: Material that contains insufficient mineralisation for consideration for future treatment and, as such, is discarded.
Yield: The amount of valuable mineral or metal recovered from each unit mass of ore expressed as grams per metric tonne.
Zinc precipitation: Zinc precipitation is the chemical reaction using zinc dust that converts gold in solution to a solid form for smelting into unrefined gold bars.

Abbreviations


°	Degree
%	Percentage
%Cu	Percentage copper
$	United States dollar
$/oz	United States dollar per ounce
$/lb	United States dollar per pound
µm	Micron
3D	Three-dimensional space
A2X	A2X Markets
AAIL	AngloGold Ashanti (Iduapriem) Limited
AARL	Anglo American Research Laboratories
ABC	Archean-Birimian Contact
ABU	African Business Unit
ACCU	Australian Carbon Credit Unit
ACH Committee	Aboriginal Cultural Heritage Committee
ADS	American Depositary Share
AFIP	Argentinean Tax Authority
Ag	Silver
AGA	AngloGold Ashanti plc
AGA Mineração	AngloGold Ashanti Córrego do Sítio Mineração
AGAC	AngloGold Ashanti Colombia S.A.S.
AGAG	AngloGold Ashanti (Ghana) Limited
AGAH	AngloGold Ashanti Holdings plc
AGANA	AngloGold Ashanti North America Inc.
AGM	Annual General Meeting
AIG	The Australian Institute of Geoscientists
AIM	Alternative Investment Market (London Stock Exchange)
AISC	All-in sustaining costs
ANAIM	Guinean national agency for the development of mining infrastructures
ANLA	Colombian National Environmental Licencing Authority
ANM	Brazilian National Mining Agency or Colombian Mining Authority (as applicable)
APPA	Colombian protected area for food production
ARK	Agbarabo-Kombokolo-Rhino
Au	Gold
AusIMM	The Australasian Institute of Mining and Metallurgy
B2Gold	B2Gold Corp.
Barrick	Barrick Gold Corporation
BBSY	Bank Bill Swap Bid Rate
BEng	Bachelor of Engineering
BEPS	Base erosion and profit shifting
BIF	Banded iron formation
BIOX	Bacterial oxidation
BIT	Bilateral investment treaty
BLM	United States Federal Bureau of Land Management
BMRR	State of Nevada Division of Environmental Protection’s Bureau of Mining Regulation and Reclamation
B2Gold	B2Gold Corp.
Board	Company’s board of directors
BSc	Bachelor of Science
BSc Eng	Bachelor of Science in Engineering
BSc Hons	Bachelor of Science Honours
CCD	Counter Current Decant system in thickeners
CDI	Chess Depositary Interests
CdS	Córrego do Sítio
Centamin	Centamin plc
CEO	Chief Executive Officer
CFEM	Brazilian Compensação Financeira pela Exploração Mineral
CFO	Chief Financial Officer


CGU	Cash Generating Unit
CIL	Carbon-in-leach
CIO	Chief Information Officer
CIP	Carbon-in-pulp
CIS	Center for Internet Security
CISO	Chief Information Security Officer
CO2	Carbon Dioxide
CODM	Chief Operating Decision Maker
Coeur Sterling	Coeur Sterling, Inc.
CompCo	Compensation and Human Resources Committee
Corvus Gold	Corvus Gold Inc.
COSO	Committee of Sponsoring Organisations of the Treadway Commission
CPI	Consumer Prices index
CPO	Chief People Officer
Cu	Copper
CVSA	Cerro Vanguardia S.A.
Cyanisorb	Cyanide Recovery Plant
DCE	Declaração de Condição de Estabilidade
DCO	Declaração de Conformidade e Operacionalidade
DCP	Disclosure controls and procedures
DD	Diamond drilling
DEI	Declaration of Environmental Impact
DIAN	Colombian Tax Office
DNU	Argentinean Decreto de Necesidad y Urgencia
Dodd-Frank Act	United States Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended
DRC	Democratic Republic of the Congo
DSP	Deferred Share Plan
DTC	The Depository Trust Company
ECSA	The Engineering Council of South Africa
EEAA	Egyptian Environment Affairs Agency
EHS	Environmental, health and safety
EIA	Environmental Impact Assessment
EMRA	Egyptian Mineral Resources Authority
EPS	Enhanced Production Scheduler
ERP	Enterprise resource planning
ESG	Environmental, social and governance
EU	European Union
EVP/COO	Executive Vice President/Chief Operating Officer
Exchange Act	United States Securities Exchange Act of 1934, as amended
ExCom	Executive Committee
EY	Ernst & Young Inc.
FAP	Full Asset Potential Programme
FAusIMM	Fellow of the Australasian Institute of Mining and Metallurgy
FCCA	Fellow Member of Association of Chartered Certified Accountants
FMA	Argentinean Federal Mining Agreement
FMSHRC	United States Federal Mine Safety and Health Review Commission
Fomicruz SE	Fomento Minero de Santa Cruz Sociedad del Estado
FPI	Foreign Private Issuer
FS	Feasibility Study
FTSE	Financial Times Stock Exchange
FVTOCI	Fair value through other comprehensive income
FVTPL	Fair value through profit or loss
G or g	Grams
g/t	Grams per metric tonne
GGM	Geita Gold Mine
Ghana EPA	Ghana Environmental Protection Agency
GhDS	Ghanaian Depositary Share
GHG	Greenhouse gas


GSE	Ghana Stock Exchange
GSL	Ghanaian Growth and Sustainability Levy
GISTM	Global Industry Standard on Tailings Management
GJ	Gigajoule
GMM Act	Ghanaian Minerals and Mining Act, 2006 (Act 703), as amended
Gold Fields	Gold Fields Limited
GRA	Ghana Revenue Authority
GRI	Global Reporting Initiative
GRIDCo	Ghana Grid Company Limited
GSSA	The Geological Society of South Africa
H2O-CO2	Water-carbon dioxide
HME	Heavy mining equipment
HMRC	His Majesty’s Revenue and Customs
IASB	International Accounting Standards Board
ICFR	Internal control over financial reporting
ICMM	International Council on Mining & Metals
ID&E	Inclusion, Diversity and Equity
IFRS	International Financial Reporting Standards as issued by the IASB
IMF	International Monetary Fund
IMMM	The Institute of Materials, Minerals and Mining
Iron Quadrangle	Quadrilátero Ferrífero
IRS	United States Internal Revenue Services
iSIMS	Integrated Sustainability Information Management System
IT	Information technology
ITGC	Information Technology General Controls
JSE	JSE Limited (Johannesburg Stock Exchange)
JV	Joint venture
KCD	Karagba, Chauffeur and Durba
Kg or kg	Kilograms
Km or km	Kilometres
Km2	Square kilometres
Koz	Thousand ounces
ktpa	Kilometric tonnes per annum
kV	Kilovolt
LBMA	London Bullion Market Association
LHOS	Long Hole Open Stoping
LIBOR	London Interbank Offer Rate
LOM	Life-of-mine
LOS	Longitudinal Open Stoping
LRS	Longitudinal Retreat Stoping
LUC	Localised Uniform Conditioning
M or m	Metre or million, depending on the context
m3	Cubic metre
m3/s	Cubic metre per second
MAusIMM	Member of the Australasian Institute of Mining and Metallurgy
MCF	Mine call factor
MCQ	Minera de Cobre Quebradona S.A.S. B.I.C.
MetRF	Metallurgical recovery factor
Mine Act	United States Federal Mine Safety and Health Act of 1977, as amended
Mlb	Million pounds
MME	Brazilian Ministry of Mines and Energy
MMEA	Egyptian Model Mining Exploitation Agreement
Mo	Molybdenum
MoP	Egyptian Minister of Petroleum and Mineral Resources
Moto	Moto Goldmines Limited
Moz	Million ounces
MPhil	Master of Philosophy
MRD	Mineral Reserve Development


MRF	Mining recovery factor
mRL	Metres relative level
MSc	Master of Science
MSG	Mineração Serra Grande Sociedade Anônima
MSHA	United States Department of Labor's Mine Safety and Health Administration
MSO	Mineable Shape Optimiser
MSR	Minimum Shareholding Requirement
Mt	Million tonnes
Mtpa	Million tonnes per annum
MW	Megawatt
NED	Non-Executive Director
NGO	Non-governmental organisation
NHIL	Ghanaian National Health Insurance Levy
NIHL	Noise-induced hearing loss
NSR	Net Smelter Return
Northern Star Resources	Northern Star Resources Limited
NYSE	New York Stock Exchange
PGM	Pharaoh Gold Mines NL
PSA	Production sharing and cost recovery agreement
PTO	Colombian Plan de Trabajos y Obras
OFS	Optimised feasibility study
OLD	Occupational lung diseases
OTC	Over-The-Counter
Oz or oz	Ounces
oz/t	Ounces per tonne
PCAOB	United States Public Company Accounting Oversight Board
PFIC	Passive foreign investment company
PMMC	Precious Minerals Marketing Company Ltd
POX	Pressure oxidation
Pr.Sci.Nat	Professional Natural Scientist of the South African Council for Natural Scientific Professions
PSP	Performance Share Plan
PwC	PricewaterhouseCoopers Inc.
QA/QC	Quality Assurance/Quality Control
QKNA	Quantitative Kriging Neighbourhood Analysis
QLD	State of Queensland (Australia)
Randgold	Randgold Resources Limited
RC	Reverse circulation drilling
RCubed	Resource and Reserve Reporting System
RMF	Resource modification factor
ROM	Run of mine
RRLT	Mineral Resource and Mineral Reserve Leadership Team
S	Sulphur
SACNASP	South African Council for Natural Scientific Professions
SAG	Société AngloGold Ashanti de Guinée S.A.
SAG mills	Semi-Autogenous Grinding mills
SASB	Sustainability Accounting Standards Board
SBB	South Brasilia Belt
SDG	Sustainable development goals
SDRT	Stamp Duty Reserve Tax
SEC	United States Securities and Exchange Commission
Securities Act	United States Securities Act of 1933, as amended
SES	Social, ethics and sustainability
SGM	Sukari Gold Mines Company
SLOS	Sub-Level Open Stoping
SME	Society for Mining, Metallurgy and Exploration
SMS	Short messaging system
SMU	Selective mining unit
SOC	Cyber Security Operations Centre

PART I

ITEM 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

Not applicable.

ITEM 2: OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3: KEY INFORMATION

3A.[Reserved]

3B.CAPITALISATION AND INDEBTEDNESS

Not applicable.

3C.REASONS FOR THE OFFER AND USE OF PROCEEDS

Not applicable.

3D.RISK FACTORS

This section describes many of the risks that could affect AngloGold Ashanti. There may, however, be additional risks currently

unknown to AngloGold Ashanti as well as other risks, currently believed to be immaterial, that could turn out to be material.

Additional risks may arise or become material subsequent to the date of this document. These risks, either individually or

collectively, could significantly affect the Group’s business, operational and financial results and the price of its securities.

SUMMARY OF RISK FACTORS

1.Risks Related to AngloGold Ashanti’s Industry

•AngloGold Ashanti is increasingly expected to operate in a sustainable manner and to provide benefits and mitigate

adverse impacts to communities affected by its operations. Failure to do so can result in legal suits, additional costs to

address social or environmental impacts of operations, investor disinvestment, and loss of “social licence to operate”,

and could adversely impact AngloGold Ashanti’s reputation and financial condition.

•AngloGold Ashanti is subject to risks related to the development of existing and new mining projects that may adversely

affect its results of operations and profitability.

•AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations.

Failure to comply with these requirements could result in enforcement proceedings, claims, suspension of operations,

community protest and/or additional capital or operating expenditures that could adversely impact AngloGold Ashanti’s

financial condition or reputation.

•Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to

timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact

AngloGold Ashanti’s financial condition, results of operations and reputation.

•AngloGold Ashanti’s ability to replace Mineral Reserve is subject to uncertainty and risks inherent in exploration,

technical and economic pre-feasibility and feasibility studies and other project evaluation activities as well as

competition within the industry for exploration, development and operational projects which meet AngloGold Ashanti’s

investment criteria.

•Mining is inherently hazardous and the related risks of events that cause disruptions to AngloGold Ashanti’s mining

operations may adversely impact the environment or the health, safety or security of its workers or the local community,

production, cash flows and overall profitability.

•Mining operations and projects are vulnerable to supply chain disruptions such that operations and development

projects could be adversely affected by shortages of, as well as extended lead times to deliver, strategic spares, critical

consumables, mining equipment or metallurgical plant.

•AngloGold Ashanti’s operations are vulnerable to infrastructure constraints.

•AngloGold Ashanti faces strong competition and industry consolidation.

2.Risks Related to AngloGold Ashanti’s Operations and Business

•AngloGold Ashanti’s mineral deposits, Mineral Reserve and mining operations are located in countries where political,

tax and economic laws and policies may change rapidly and unpredictably and such changes and policies may

adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries.

•The prevalence of occupational health diseases and other diseases and the potential costs and liabilities related thereto

may have an adverse effect on the business and results of operations of AngloGold Ashanti.

•AngloGold Ashanti’s inability to retain its senior management may have an adverse effect on its business.

•AngloGold Ashanti competes with mining and other companies for key human resources with critical skills and its

inability to retain key personnel could have an adverse effect on its business.

•Increased labour costs could have a material adverse effect on AngloGold Ashanti’s results of operations and financial

condition.

•The use of contractors at certain of the Company’s operations may expose AngloGold Ashanti to delays or suspensions

in mining activities and increased mining costs.

•AngloGold Ashanti’s Mineral Reserve, deposits and mining operations are located in countries that face instability,

public health and security risks that may adversely affect both the terms of its mining concessions, as well as its ability

to conduct operations in certain countries.

•Labour unrest, activism and disruptions (including protracted stoppages) could have a material adverse effect on

AngloGold Ashanti’s results of operations and financial condition.

•Artisanal and illegal mining occurs on AngloGold Ashanti’s properties, which can disrupt the Company’s business, have

adverse environmental, health, safety and security impacts, and expose the Company to liability.

•AngloGold Ashanti’s mining rights in the countries in which it operates could be altered, suspended or cancelled for a

variety of reasons, including breaches in its obligations in respect of such mining rights.

•Title to AngloGold Ashanti’s properties may be uncertain and subject to challenge.

3.Risks Related to AngloGold Ashanti’s Corporate and Financing Structure and Strategy

•AngloGold Ashanti expects to have significant financing requirements.

•Sales of large quantities of AngloGold Ashanti’s ordinary shares, or the perception that these sales may occur or other

dilution of the Company’s equity, could adversely affect the prevailing market price of the Company’s securities.

•AngloGold Ashanti may not pay dividends or make similar payments to shareholders in the future.

•Certain factors may affect AngloGold Ashanti’s ability to support the carrying amount of its property, plant and

equipment, intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable,

AngloGold Ashanti may be required to recognise an impairment charge, which could be significant.

•AngloGold Ashanti does not have full management control over some of its significant joint ventures and other projects.

If the operators of these joint ventures or projects do not manage these effectively and efficiently, the Company’s

investment in these joint ventures or projects could be adversely affected and its reputation could be harmed.

•Any downgrade of credit ratings assigned to AngloGold Ashanti’s debt securities could increase future interest costs and

adversely affect the availability of new financing.

•The level of AngloGold Ashanti’s indebtedness could adversely impact its business.

•Any acquisition or acquisitions that AngloGold Ashanti may complete may expose the Company to new geographic,

political, legal, social, operating, financial and geological risks.

•The occurrence of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may

adversely affect cash flows and overall profitability.

4.Market Risks

•The price of gold, AngloGold Ashanti’s principal product, and other commodity market price fluctuations could adversely

affect the profitability of operations.

•Foreign exchange fluctuations could have a material adverse effect on AngloGold Ashanti’s results of operations and

financial condition.

•The profitability of mining companies’ operations and the cash flows generated by these operations are significantly

affected by fluctuations in input production prices, many of which are linked to the prices of oil and steel.

•Fluctuations in the exchange rate of currencies may reduce the market value of AngloGold Ashanti’s securities, as well

as the market value of any dividends or distributions paid by the Company.

•Global political and economic conditions could adversely affect the profitability of operations.

•Energy cost increases and power fluctuations and stoppages could adversely impact AngloGold Ashanti’s results of

operations and financial condition.

•Inflation may have a material adverse effect on results of operations.

5.Other Regulatory and Legal Risks

•Failure to comply with laws, regulations, standards and contractual obligations, breaches in governance processes or

fraud, bribery and corruption may lead to regulatory penalties, loss of licences or permits, negative effects on AngloGold

Ashanti’s reported financial results, and adversely affect its reputation.

•AngloGold Ashanti is subject to the risk of litigation, the causes and costs of which are uncertain.

•Compliance with “conflict minerals” and “responsible gold” legislation and standards could result in significant costs.

•AngloGold Ashanti’s operations are subject to various climate change-related physical risks which may adversely

impact its production activities, mine sites and personnel and/or result in resource shortages or environmental

damages.

•Compliance with emerging climate change-related requirements, including stricter regulations and the potential

imposition of carbon taxes or greenhouse gas (“GHG”) emissions cap-and-trade schemes or the elimination of related

subsidies, could result in significant additional costs and expose AngloGold Ashanti to additional liabilities.

•Increasing scrutiny and changing expectations from AngloGold Ashanti’s stakeholders, including communities,

governments and NGOs as well as investors, lenders and other market participants, with respect to AngloGold Ashanti’s

Environmental, Social and Governance (“ESG”) performance and policies may impact AngloGold Ashanti’s reputation,

result in additional costs to meet the expectations of stakeholders, hinder access to capital or expose AngloGold Ashanti

to additional risks, including disinvestment and litigation.

•Transfers of AngloGold Ashanti ordinary shares may be subject to stamp duty or SDRT in the United Kingdom, which

would increase the cost of dealing in AngloGold Ashanti ordinary shares.

•AngloGold Ashanti’s inability to maintain effective disclosure controls and procedures and an effective system of internal

control over financial reporting can be expected to negatively impact its ability to accurately and timely report its

financial results and other material disclosures or otherwise cause it to fail to meet its reporting obligations, which could

have a material adverse effect on its operations, investor confidence in its business and the reliability of its financial

statements, and the trading price of AngloGold Ashanti’s ordinary shares.

•Breaches in cybersecurity and violations of data protection laws may adversely impact or disrupt AngloGold Ashanti’s

business.

•U.S. securities laws do not require AngloGold Ashanti to disclose as much information to investors as a U.S. issuer is

required to disclose, and investors may receive less information about the Company than they might otherwise receive

from a comparable U.S. company.

Risks Related to AngloGold Ashanti’s Industry

AngloGold Ashanti is increasingly expected to operate in a sustainable manner and to provide benefits and mitigate

adverse impacts to communities affected by its operations. Failure to do so can result in legal suits, additional costs to

address social or environmental impacts of operations, investor disinvestment, and loss of “social licence to operate”,

and could adversely impact AngloGold Ashanti’s reputation and financial condition.

As a result of public concern about the perceived ill effects of economic globalisation and resource extraction activities,

businesses in general and large multinational mining corporations in particular face increasing public scrutiny of their activities.

The cost of measures and other issues relating to the sustainable development and operation of mining projects could place

significant demands on personnel resources, could increase capital and operating costs and could have an adverse impact on

AngloGold Ashanti’s reputation, results of operations and financial condition.

Mining companies are under increasing pressure to demonstrate that, whilst they seek a satisfactory return on investment for

shareholders, other social partners, including employees, host communities and more broadly, the countries in which they

operate, also benefit from their commercial activities. Such pressures tend to be particularly targeted towards companies whose

activities are perceived to have, or have, a high impact on their social and physical environment. Social media and other web-

based tools to share user-generated content further increase the potential scope and force of public scrutiny. Adverse publicity in

cases where companies are perceived as failing to create sufficient social and economic benefit may result in reputational

damage, active community opposition, allegations of human rights abuses, legal suits and investor disinvestment.

Mining projects, including exploration sites, are often located at or near existing towns and villages, natural waterways and other

infrastructure or natural resources and the current and historical , as well as potential future, environmental and health impacts

of dust generation or other air quality issues, waste storage, surface or ground water quality or water shortages may be directly

adverse to those communities. Accordingly, poor operational or management practices, whether actual or perceived, or, in

particular, adverse changes in the supply or quality of water, in the areas where AngloGold Ashanti’s mining operations are

located can result in community groups, non-governmental organisations (“NGOs”) and institutional investors raising concerns or

commencing litigation, community protest, regulatory sanctions or ultimately in the withdrawal of, or failure to obtain, community

and government support for company operations. For example, popular consultations have been held in the Colombian

municipalities of Piedras and Cajamarca in the Tolima department to oppose mining activities in those areas in 2013 and 2017,

respectively. See “Item 8A: Legal Proceedings—Colombia”.

If AngloGold Ashanti is unsuccessful in securing or maintaining community support for its projects, or groups opposed to mining

successfully pursue similar or other legal mechanisms to attempt to block exploration or extraction activities, there could be an

adverse impact on AngloGold Ashanti’s reputation, its ability to develop its mining concessions, and its results of operations and

financial condition.

Disputes with surrounding communities may also affect mining operations, particularly where they result in restrictions of access

to supplies and to mining operations. The miners’ access to land may be subject to the rights or asserted rights of various

community stakeholders, including indigenous people. Access to land and land use is of critical importance to the Company for

exploration and mining, as well as for ancillary infrastructure. In some cases, AngloGold Ashanti has had difficulty gaining access

to new land because of perceived poor community compensation practices. For example, compensation remains a significant

area of concern at Siguiri in Guinea, Geita in Tanzania and Iduapriem and Obuasi in Ghana. Delays in projects as well as

increased costs attributable to a lack of community support can translate directly into a decrease in the value of a project or into

an inability to bring the project to production. Where consultation with stakeholders is statutorily or otherwise mandated and

relations do not remain amicable, disputes may lead to reduced access to properties or delays in operations.

AngloGold Ashanti is subject to risks related to the development of existing and new mining projects that may

adversely affect its results of operations and profitability.

Development of AngloGold Ashanti’s existing and new mining projects may be subject to unexpected problems, costs and delays

that could impact the Company’s ability to develop or operate the relevant project as planned. For example, constraints on the

supply of mining and processing equipment, increases in capital and operating costs, or reduced availability of consistent skilled

labour, utilities, transportation and/or appropriate smelting and refining arrangements and other logistical issues could result in

delays in completing projects.

AngloGold Ashanti may prove unable to successfully operate existing mine sites or to develop potential exploration sites due to,

for example, social and community opposition, litigation and governmental regulatory or administrative proceedings, changes in

applicable regulations or other requirements, the classification of land covered by mining titles as an environmentally-protected

area or a protected area for food production, ore body grades, the inability of any such project to meet AngloGold Ashanti’s

investment hurdle rate, and delays that could result in the expiry of permits. For example, in 2016, the Colombian government

designated certain wetlands and moorlands in and around the La Colosa project as “paramos” areas, or paramos transition

areas, in Resolution 1987/2016, thereby declaring them environmentally important protected areas. As there are limitations, and

in some instances outright bans, on mining and mining-related activities in such areas, AngloGold Ashanti is challenging

Resolution 1987/2016 before the Colombian courts. See “Item 8A: Legal Proceedings—Colombia”. In January 2024, the

Colombian government adopted rules which empower it to issue specific resolutions declaring environmental protected areas, on

a temporary basis, which would result in the restriction, and possibly prohibition, of mining activities in those areas. In addition, in

December 2024, the Colombian government declared, based on Colombia’s National Development Plan 2022-2026, a protection

zone for food production which overlaps with the area of the Quebradona project. In February 2025, the Colombian government

issued a draft resolution proposing to declare a temporary renewable natural resources reserve zone (which is a form of

environmental protected area) over multiple municipalities in the southwest of the Department of Antioquia, including the area in

which the Quebradona project is located. AngloGold Ashanti is currently evaluating the potential impact of this draft resolution on

the Quebradona project. While any future impacts on the La Colosa project, the Quebradona project or the Company’s

operations in Colombia in general can only be determined in light of any specific resolutions that declare an environmental

protected area (or a renewable natural resources reserve zone) or a specific protected area for food production, including the

geographical coverage and scope of restrictions provided in such resolutions, and the interpretation thereof by the relevant

authorities, such resolutions could result in the restriction, and possibly prohibition, of mining activities in those areas. See “Item

4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Colombia”. See also

“—AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations. Failure

to comply with these requirements could result in enforcement proceedings, claims, suspension of operations, community protest

and/or additional capital or operating expenditures that could adversely impact AngloGold Ashanti’s financial condition or

reputation”. The remote location of many mining properties, delays in obtaining or failure to obtain necessary environmental and

other governmental permits and approvals, the impact of public health crises, epidemics or pandemics (for example the

COVID-19 pandemic) as well as third-party legal challenges to individual mining projects and broader social or political

opposition to mining may increase the cost, timing and complexity of mine development and construction. For example, in

November 2021, the National Environmental Licensing Authority of Colombia (Autoridad Nacional de Licencias Ambientales or

“ANLA”) officially notified AngloGold Ashanti of its decision to ‘archive’ AngloGold Ashanti’s 2019 environmental licence

application relating to the development of the Quebradona project. ANLA neither denied nor granted the licence, but deemed that

the information provided by AngloGold Ashanti was not sufficient for this authority to make a substantive decision, and the

archiving decision was confirmed on appeal in April 2022. AngloGold Ashanti is in the process of preparing a new Environmental

Impact Assessment in connection with its environmental licence application for the project, which is currently expected to be

submitted to ANLA in 2027.

Accordingly, AngloGold Ashanti’s future development activities may not result in an increase to or the replacement of current

production, one or more new production sites or facilities may not be developed as planned or may be less profitable than

anticipated or even be loss-making, or such challenges and difficulties may lead to a reduction in its Mineral Resource and

Mineral Reserve, which may be significant. A failure in the Company’s ability to develop and operate mining projects in

accordance with, or in excess of, expectations could negatively impact its results of operations, as well as its financial condition

and prospects.

AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations.

Failure to comply with these requirements could result in enforcement proceedings, claims, suspension of operations,

community protest and/or additional capital or operating expenditures that could adversely impact AngloGold Ashanti’s

financial condition or reputation.

AngloGold Ashanti’s operations are subject to extensive and stringent environmental, health and safety laws and regulations in

the various jurisdictions in which it operates. These regulations, as well as international standards for the industry, establish limits

and conditions on the Company’s ability to conduct its operations and govern, among other things, extraction, use, conservation

and discharge of water; air emissions (including dust control and GHGs); mine and dam safety; regulatory and community

reporting; clean-up of environmental contamination; land use and conservation of protected areas; protection of threatened and

endangered species; rehabilitation and closure of mined land; worker health and safety and community health; and the

generation, use, transportation, storage and disposal of solid and hazardous wastes, such as reagents, radioactive materials and

mine tailings.

The cost of compliance with environmental, health and safety laws and regulations is expected to continue to be significant to

AngloGold Ashanti. From time to time, new or updated laws, regulations and standards are introduced and may be more

stringent than those to which AngloGold Ashanti is currently subject, including with respect to tailings management and TSFs.

See “—Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to

timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact AngloGold

Ashanti’s financial condition, results of operations and reputation”. Should compliance with these laws, regulations and standards

require a material increase in expenditures or material changes or interruptions to operations or production, including as a result

of any incident or failure to comply with applicable regulations, the Company’s results of operations and financial condition could

be adversely affected. For example, AngloGold Ashanti expects to incur approximately $62 million to $66 million in capital

expenditure and operating costs during 2025-2031 in connection with the treatment and disposal of a quantity of legacy arsenic

trioxide waste located at the Obuasi mine. AngloGold Ashanti could also incur fines, penalties and other sanctions, clean-up

costs and third-party claims for personal injury or property damage, suffer reputational damage, or be required to install costly

pollution control equipment or to modify or suspend operations, as a result of actual or alleged violations of environmental, health

and safety laws and regulations or the terms of AngloGold Ashanti’s permits. For example, in 2022, AngloGold Ashanti was

informed of two incidents involving potentially unauthorised cutting of vegetation in an area designated as forest reserve, one by

a tenant in 2020 and the other by a contractor in 2021, at the La Colosa project near Cajamarca. With respect to the incident

involving the tenant, Cortolima, the regional environmental authority in the Tolima department, issued a resolution pressing

charges against AngloGold Ashanti and, in 2023, AngloGold Ashanti opposed the charges in its answer to Cortolima’s resolution.

Cortolima referred the incident involving the contractor to the Colombian Ministry of Environment and Sustainable Development

and, in late 2024, the Ministry provided notice that it had commenced an environmental sanctioning process against AngloGold

Ashanti in respect of such incident. Both matters are still pending.

In some of the jurisdictions in which AngloGold Ashanti operates, the government may enforce a total or partial shutdown of

facilities, including TSFs, or other aspects of mining operations, to conduct investigations into the cause of safety or

environmental incidents involving those facilities or at those operations. See “—Compliance with tailings management

requirements and standards, and potential liabilities in the event of a failure to timely comply with these requirements or an

incident involving a tailings storage facility, could adversely impact AngloGold Ashanti’s financial condition, results of operations

and reputation.” AngloGold Ashanti’s reputation could be damaged by any significant governmental investigation or enforcement

action for non-compliance with health and safety laws, regulations or standards. Any of these factors could have a material

adverse effect on AngloGold Ashanti’s results of operations and financial condition.

Failure to comply with applicable environmental, health and safety laws and regulations may also result in the suspension or

revocation of operating permits. For example, in Colombia, AngloGold Ashanti’s core mining concession contracts provide that

the Colombian mining authority, having regard to due process, could declare the underlying concession void if the Company

repeatedly or continually breaches applicable environmental laws or regulations or engages in acts of corruption or other serious

misconduct. In the event the concession is voided, AngloGold Ashanti could be required to abandon the relevant project and,

depending on the severity of the violations or misconduct, the Colombian mining authority may cancel its other existing, or reject

its proposals for new, mining concession contracts and the Company could be banned from doing business with the Colombian

government for a period of five years.

AngloGold Ashanti’s ability to obtain and maintain permits and to successfully operate in particular communities may be

adversely impacted by real or perceived effects on the environment or human health and safety associated with AngloGold

Ashanti’s or other mining companies’ activities. For example, in Colombia, various plaintiffs, including certain governmental

authorities and various associations that represent local communities, brought legal proceedings against AngloGold Ashanti in

order to stop exploration, development and mining activities in certain areas in which its exploration projects are located, due to

environmental concerns. For instance, a consolidated class action with respect to the La Colosa project is currently pending

before the Council of State of Colombia (the highest court for administrative matters) with respect to the impact of the project on

the environment. If AngloGold Ashanti does not prevail before the Council of State, it may have to perform one or more technical

studies in relation to the La Colosa project, which if they were to conclude that a “threat” to the environment exists, could result in

the suspension of certain development activities or even the abandonment of the project. See “Item 8A: Legal Proceedings—

Colombia”.

Environmental impacts arising in connection with AngloGold Ashanti’s current or historical operations could lead to the imposition

of legal obligations, including the remediation of environmental contamination, claims for property damage and personal injury

from adjacent communities and regulatory enforcement resulting in penalties or restrictions on mining operations. For example,

temporary gold processing stoppages after environmental incidents, such as TSF leaks, pipeline failures or deficiencies in water

management systems, have occurred previously at AngloGold Ashanti’s operations. In February 2025, process water and related

solids were released through a breach in the liner at the Beposo TSF, which services the Iduapriem mine, resulting in temporarily

elevated levels of cyanide in several downstream watercourses. The leak was contained, and environmental monitoring and

remediation activities as well as liner repairs are ongoing. The national environmental authority issued a notice cautioning the

public from using impacted surface waters until further notice. Leaks or discharges of hazardous materials, or the discovery of

previously unknown contamination, could result in liabilities for clean-up or personal injury or penalties that may not be covered

by insurance. The Company has identified groundwater contamination plumes at certain of its operations that have occurred

primarily as the result of seepage from surface operations and facilities, including tailings storage facilities and waste rock piles,

or from sulphide or other substances in local rock formations which are exposed to water. In addition, closure of a mine could

trigger or accelerate regulatory or other obligations, including to conduct environmental rehabilitation activities and/or to address

historical impacts on environmental quality in the area surrounding the mine. Costs incurred by AngloGold Ashanti in excess of

its existing provisions for such matters, or on a more accelerated or compressed timeline than currently anticipated, could have a

material adverse impact on AngloGold Ashanti’s results of operations and financial condition.

In addition, the use of hazardous materials in metallurgical processing remains under continued scrutiny. As there are few, if any,

effective substitutes for such materials in the process for extracting gold from the ore, any ban or material restrictions on the use

of such materials in mining operations in the jurisdictions where AngloGold Ashanti conducts its operations could adversely affect

the Company’s results of operations and financial condition.

AngloGold Ashanti’s operations are dependent upon access to substantial volumes of water for use in the mining and extractive

processes and typically are subject to water-use permits or rights to abstract water from certain natural sources that govern

usage and require, among other things, that mining operations maintain certain water quality upon discharge. Water supply,

quality and usage are areas of focus and potential concern across all of AngloGold Ashanti’s mining operations , its mine

development projects in Nevada, and its mine development project at Quebradona in Colombia. Any failure by AngloGold

Ashanti to secure access to sufficient water supplies or volumes, or achieve and maintain compliance with applicable

requirements of the permits or rights, could result in curtailment or halting of production at the affected operations. Incidents of

water pollution or shortage can, in certain cases, lead to community protest and ultimately to the withdrawal of community and

government support for AngloGold Ashanti’s operations. A failure by AngloGold Ashanti to comply with water contamination

related directives may result in further, more stringent, directives being issued against AngloGold Ashanti, which may, in some

cases, result in a temporary or partial shutdown of some of the Company’s operations.

Mining companies are required by law to close their operations at the end of the mine life and rehabilitate the impacted areas.

Estimates of the total ultimate closure, reclamation and rehabilitation costs for gold mining operations are significant and based

principally on life-of-mine profiles, changing inflation and discount rate assumptions, changing infrastructure and facilities design

and current legal and regulatory requirements that may change materially. Environmental liabilities are accrued when they

become known, are probable and can be reasonably estimated. Increasingly, regulators are seeking security in the form of cash

collateral or bank guarantees in respect of environmental obligations. See “Item 4B: Business Overview—The Regulatory

Environment Enabling AngloGold Ashanti to Mine”.

AngloGold Ashanti’s provisions for decommissioning and for restoration (excluding non-managed joint ventures) totaled $700

million in 2024, $625 million in 2023, and $578 million in 2022. Costs associated with rehabilitating land disturbed by mining

processes and addressing environmental, health, safety and community issues are estimated and financial provision made

based upon current available information based on AngloGold Ashanti’s commitments, applicable environmental legislation or

agreements with governments. Estimates notably relate to discount rates, which may vary due to changes in global economic

and political risk conditions and assumptions, each of which is subject to change and certain changes may not be reasonably

foreseen, and mine plans, which may change in line with variations in cash flows, designs of tailings storage facilities and

methodologies used to compute liabilities (including as a result of a request from environmental regulatory authorities). As such,

estimates may be insufficient and further costs may be identified at any stage that may exceed the provisions that AngloGold

Ashanti has made. Any underestimated or unidentified rehabilitation costs would reduce earnings and could materially and

adversely affect AngloGold Ashanti’s asset values, earnings and cash flows. Further, sudden changes in a life-of-mine plan or the

accelerated closure of a mine may give rise to the recognition of additional liabilities that are not anticipated.

Environmental laws, regulations and standards are subject to change and are generally becoming more stringent. Changes to

AngloGold Ashanti’s environmental compliance obligations or operating requirements, or its anticipated obligations for

remediation or rehabilitation of environmental impacts, could adversely affect its operations, rate of production and revenue.

Variations in laws and regulations, assumptions made to estimate liabilities, standards or operating procedures, more stringent

emission or pollution thresholds or controls, or the occurrence of unanticipated conditions, may require operations to be

suspended or permanently closed, and could increase AngloGold Ashanti’s expenses and provisions. These expenses and

provisions could adversely affect AngloGold Ashanti’s results of operations and financial condition.

Compliance with tailings management requirements and standards, and potential liabilities in the event of a failure to

timely comply with these requirements or an incident involving a tailings storage facility, could adversely impact

AngloGold Ashanti’s financial condition, results of operations and reputation.

Mining and mineral processing operations generate waste rock and tailings. The impact of managing related solid and hazardous

materials, including dust and residual chemicals and metals, or a breach, leak, or other failure of a waste rock pile, facility or TSF,

including any associated dam, can be significant. A significant incident at AngloGold Ashanti’s operations could result, among

other things, in the voluntary or mandatory shutdown of a TSF, penalties or other enforcement actions, obligations to remediate

environmental contamination, negative press coverage, and claims for property or natural resources damages and personal

injury by adjacent communities. Incidents at other mining companies’ operations could also result in governmental action to

tighten regulatory requirements and restrict certain mining activities, in particular with respect to TSFs. See “—AngloGold Ashanti

is subject to extensive and rapidly changing environmental, health and safety laws and regulations. Failure to comply with these

requirements could result in enforcement proceedings, claims, suspension of operations, community protest and/or additional

capital or operating expenditures that could adversely impact AngloGold Ashanti’s financial condition or reputation”. In addition,

AngloGold Ashanti expects that affected communities will increasingly seek engagement and information with respect to the

adequacy of the safety measures in place to protect them from TSF-related incidents and perceived risks.

In recent years, environmental licensing processes for mining companies have become more stringent, and especially those

involving TSFs in Brazil. Brazilian authorities, both at the federal and state levels, have generally increased scrutiny of mining

operations in Brazil, and of TSFs and tailings piles in particular, and have adopted strict laws and regulations applicable to the

approval, licensing, construction, management, closure and decharacterisation (or “descaracterização”, which generally means

that the structure no longer serves its primary purpose of acting as a tailings containment) of TSFs in Brazil. It is likely that there

will be further changes in federal and state legislation and regulation, as well as much more intense scrutiny and control of

(including through risk assessments, required engineering certifications and mandatory installation of monitoring devices), as

well as increased costs associated with inspecting, maintaining and constructing TSFs. Additionally, public prosecutors in Brazil

have been pursuing an active role in the enforcement of new state and federal laws and regulations relating to TSFs by way of

legal action against several mining companies to compel compliance with these new rules; the outcome of such lawsuits

generally cannot be predicted. For example, a lawsuit against one of the Company’s Brazilian subsidiaries in the state of Goiás

in respect of the Serra Grande tailings dam is currently pending appeal. See “Item 8A: Legal Proceedings—Brazil”. If such

lawsuit or any future lawsuits of a similar nature are resolved adversely to AngloGold Ashanti, such outcome may result in

additional and accelerated operating or capital costs for the Company, including costs exceeding its current provisions for

decharacterising its TSFs in Brazil, which may adversely affect AngloGold Ashanti’s financial condition and results of operations.

Furthermore, operational, technical or safety issues at a TSF could lead to a partial or full suspension of operating activities at a

mining operation, which may adversely affect AngloGold Ashanti’s financial condition and results of operations. For example,

tailings deposition at the Calcinados TSF in Brazil, as well as processing of gold concentrate at the Queiroz metallurgical plant,

which services the Cuiabá mine complex (composed of the Cuiabá and Lamego mines), was suspended between December

2022 and September 2024 while engineering and geotechnical work was conducted and the decharacterisation plan for the

Calcinados TSF was updated and submitted to the relevant authority. See “Item 4B: Business Overview—The Regulatory

Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil—Environmental laws relating to mining” and “Item 4B:

Business Overview—Sustainability and Environmental, Social and Governance (“ESG”) Matters—Waste Management”.

In addition, a new Global Industry Standard on Tailings Management (“GISTM”) was established in August 2020 by a panel

composed of industry and NGO experts. AngloGold Ashanti has committed to conform with the GISTM at all of its TSFs by

August 2025. Failure, or perceived failure, to achieve such commitment, or higher than expected costs to achieve conformity with

the GISTM, could adversely impact AngloGold Ashanti’s financial condition or reputation.

AngloGold Ashanti’s ability to replace Mineral Reserve is subject to uncertainty and risks inherent in exploration,

technical and economic pre-feasibility and feasibility studies and other project evaluation activities as well as

competition within the industry for exploration, development and operational projects which meet AngloGold Ashanti’s

investment criteria.

AngloGold Ashanti must continually replace Mineral Reserve depleted by mining and production to maintain or increase

production levels in the long term. This process includes exploration activities that are speculative in nature. The ability of

AngloGold Ashanti to sustain or increase its present levels of gold production depends in part on the success of its exploration

activities and related project studies and it may be unable to sustain or increase such production levels.

Project studies and exploration activities necessary to determine the current or future viability of a mining operation, including the

estimation of tonnages, grades and metallurgical characteristics of the ore, are often unpredictable and may be unsuccessful.

Such activities often require substantial expenditure on exploration drilling to determine the presence, extent and grade (metal

content) of mineralised material. Following, and in parallel with, ongoing exploration activities AngloGold Ashanti undertakes

project studies to estimate the technical and economic viability of mining projects and to determine appropriate mining methods

and metallurgical recovery processes. For example, during 2023, AngloGold Ashanti completed a feasibility study at North

Bullfrog and a pre-feasibility study is currently underway at the Expanded Silicon project, which includes the Merlin and Silicon

deposits.

Once mineralisation is discovered, it may take several years to determine whether an adequate Mineral Reserve exists, during

which time the economic viability of the project may change due to fluctuations in factors that affect both revenue and costs,

including:

•prevailing and anticipated prices of metals and other commodities, including gold, silver, copper and related by-

products;

•prevailing and anticipated local or foreign currency exchange rates;

•the required return on investment as based on the cost and availability of capital;

•applicable regulatory requirements, including those relating to environmental or health and safety matters;

•metallurgical recovery rates of gold and other metals from the ore; and

•capital expenditure and cash operating costs (which may be impacted by inflation).

These estimates depend on assumptions available during the particular project phase. Mineral Reserve estimates are not

precise calculations and depend on the interpretation of limited information on the location, shape and continuity of the mineral

occurrence and on available current and historical sampling results. Estimates are appropriate for the level of the study and

further exploration and project studies may result in new data becoming available that may change previous or historical Mineral

Reserve estimates and impact the project’s technical and economic viability. Changes in the forecast prices of commodities,

exchange rates, production costs or metallurgical recovery rates may change the economic viability of the Mineral Reserve

resulting in revisions to previous or historical Mineral Reserve estimates. These revisions in Mineral Reserve estimates as well

as changes in life-of-mine estimates could also impact depreciation and amortisation rates, asset carrying values and/or

estimates for closure, restoration and environmental rehabilitation costs.

AngloGold Ashanti undertakes annual revisions to its Mineral Reserve estimates based upon ongoing exploration and production

results, depletion, new geological/geotechnical information, model revisions, revised mine planning, and fluctuations in

production, forecasts of commodity prices, economic assumptions and operating and other costs as well as asset sales and

acquisitions. These factors may result in reductions in Mineral Reserve estimates, which could adversely affect life-of-mine plans

and consequently the total value of AngloGold Ashanti’s mining asset base. Mineral Reserve restatements could negatively affect

the Company’s results of operations, as well as its financial condition and prospects.

Due to a declining rate of discovery of new gold deposits in recent years, AngloGold Ashanti faces increased competition for the

acquisition of exploration and development projects, as well as operating mines which meet AngloGold Ashanti’s investment

criteria. From time to time, AngloGold Ashanti evaluates the acquisition of such assets. For example, in November 2024,

AngloGold Ashanti completed the acquisition of Centamin plc, which owns the Sukari gold mine in Egypt as well as the Doropo

and ABC projects in Côte d’Ivoire. AngloGold Ashanti’s decision to acquire assets is based on a variety of factors, including

historical operating and production results, estimates, forecasts and assumptions regarding potential Mineral Resource and

Mineral Reserve, as well as capital and operating expenditure, and takes into account gold prices, projected economic returns

and evaluations of existing or potential liabilities associated with the relevant asset. Other than historical operating results, these

factors are uncertain and could have an impact on revenue, cash and other operating costs, as well as the process used to

estimate the relevant Mineral Reserve.

As a result of these uncertainties and declining grades, AngloGold Ashanti’s exploration, project studies and acquisitions may not

result in the expansion or replacement of current production, the maintenance of its existing Mineral Reserve net of production or

yield an increase in Mineral Reserve. AngloGold Ashanti’s results of operations and financial condition are directly related to the

success of its exploration, project development and acquisition efforts and the ability to replace or increase the existing Mineral

Reserve as it is depleted. If AngloGold Ashanti is not able to maintain or increase its Mineral Reserve, its results of operations as

well as its financial condition and prospects could be adversely affected.

Mining is inherently hazardous and the related risks of events that cause disruptions to AngloGold Ashanti’s mining

operations may adversely impact the environment or the health, safety or security of its workers or the local

community, production, cash flows and overall profitability.

Gold mining operations are subject to risks of hazards and other events that may adversely impact AngloGold Ashanti’s ability to

produce gold and meet production and cost targets. These hazards and events include, but are not limited to:

•accidents or incidents, including due to human error, during exploration, production, drilling, blasting or transportation

resulting in injury, disease, loss of life or damage to equipment or infrastructure;

•air, land and water pollution;

•social or community disputes or interventions;

•security, environmental or safety incidents, including as the result of the activities of artisanal or illegal miners;

•surface or underground fires or explosions;

•labour force disputes and disruptions;

•loss of information integrity or data;

•mechanical failure or breakdowns and ageing infrastructure;

•failure of unproven or evolving technologies;

•unusual or unexpected geological formations, ground conditions, including lack of mineable face length and ore-pass

blockages;

•fall-of-ground accidents in underground operations;

•cave-ins, sinkholes, subsidence, rock falls, rock bursts or landslides;

•failure of mining pit slopes, heap-leach facilities, water or solution dams, waste stockpiles and tailings facility walls;

•flooding or inundation of mine pits;

•safety-related stoppages;

•seismic activity; and

•other natural phenomena, such as floods, droughts or weather conditions, potentially exacerbated by climate change.

For example, at Obuasi, during the third quarter of 2023, some underground mining equipment was lost as a result of a fall-of-

ground incident in one of the mine’s high-grade stopes. The challenges experienced due to poor ground conditions in some of

the higher-grade stopes at Obuasi had an adverse impact on gold production and total operating costs at the mine and ultimately

led the Company to start employing a hybrid mining method, using both the traditional Sub-Level Open Stoping (“SLOS”) mining

method and the underhand drift and fill (“UHDF”) mining method in select areas at Obuasi. In March 2024, a significant rainfall

event impacted both of AngloGold Ashanti’s Australian operations, in particular Tropicana. Mining and processing activities were

temporarily suspended at those mines due to the subsequent flooding, and site access roads were closed, which delayed ore

mining. In addition, an accident was recorded during May 2024 at Geita, in Tanzania, where an employee of a contractor was

fatally injured when the light motor vehicle he was driving overturned. At Kibali, in the DRC, which is a mine co-owned by

AngloGold Ashanti but operated by Barrick Gold Corporation (“Barrick”), two employees were fatally injured in two separate

incidents. Any of these or other hazards or events could, individually or in the aggregate, have a material adverse effect on

AngloGold Ashanti’s results of operations and financial condition.

Mining operations and projects are vulnerable to supply chain disruptions such that operations and development

projects could be adversely affected by shortages of, as well as extended lead times to deliver, strategic spares, critical

consumables, mining equipment or metallurgical plant.

AngloGold Ashanti’s operations and development projects could be adversely affected by both shortages and long lead times to

deliver strategic spares, critical consumables, mining equipment and metallurgical plant, as well as transportation delays. Import

restrictions can also delay the delivery of parts and equipment. In the past, AngloGold Ashanti and other gold mining companies

experienced shortages in critical consumables, particularly as production capacity in the global mining industry expanded in

response to increased demand for commodities. AngloGold Ashanti has also experienced increased delivery times for these

items. Shortages in essential commodities, including, for example, ammonium nitrate, have resulted in unanticipated price

increases and production delays and shortfalls, resulting in both increased operating costs and capital expenditure necessary to

maintain and develop mining operations.

Individually, AngloGold Ashanti and other mining companies have limited influence over manufacturers and suppliers of these

items. In certain cases, there are a limited number of suppliers for certain strategic spares, critical consumables, mining

equipment or metallurgical plant who command superior bargaining power relative to AngloGold Ashanti. AngloGold Ashanti

could at times face limited supply or increased lead time in the delivery of such items.

AngloGold Ashanti’s procurement policy is to source mining, processing equipment and consumables from suppliers that meet its

corporate values and ethical standards. Although AngloGold Ashanti monitors and assesses suppliers on their governance

conduct, there is a risk that the Company may fail to identify actual instances of unethical conduct by those suppliers or other

activities that are inconsistent with its values and standards. In certain locations, where only a limited number of suppliers meet

these standards, additional strain is placed on the supply chain, thereby increasing the cost of supply and delivery times. In

addition, AngloGold Ashanti’s efforts to monitor supply chain activities, including freight and logistics routes, and its engagement

with its suppliers to identify disruptions on its ability to source materials or equipment or otherwise impact its operations, may not

be sufficient to avoid disruptions that could have a material adverse effect on AngloGold Ashanti’s business or operations.

Furthermore, supply chains and rates can be impacted by natural disasters, such as earthquakes, severe weather, such as

storms, heavy rainfall and other impacts that may be increasing due to climate change, as well as other phenomena that include

unrest, strikes, theft and fires. If AngloGold Ashanti experiences shortages, or increased lead times in the delivery of strategic

spares, critical consumables, mining equipment or processing plants, AngloGold Ashanti might be forced to suspend some of its

operations and its results of operations and financial condition could be adversely impacted.

Similarly, an outbreak of infectious diseases, a pandemic or other public health threat, such as the outbreak of the SARS-CoV-2

virus responsible for COVID-19 or an outbreak of the Ebola, Marburg or monkeypox virus, the actions taken by governments in

response thereto or a fear of any of the foregoing, could adversely impact AngloGold Ashanti’s operations by causing supply

chain delays and disruptions, import restrictions or shipping disruptions, as well as operational shutdowns (including as part of

government-mandated containment measures). For example, governments can impose significant restrictions on the movement

of goods, services and persons (including travel), including nationwide lockdowns of businesses and their citizens (quarantine)

and even temporary suspension of mining activities, as was done in response to the COVID-19 outbreak. Such disruptions and

other manufacturing and logistical restraints could result in extended lead times in supply and distribution networks, as well as

the exercise of force majeure measures, the impacts of which could eventually result in stoppage of mining operations. They

could also result in the need to increase inventories on long lead time items and critical consumables and spares which may lead

to an increase in working capital. In addition, restrictions in travel, including air travel, and border access may impact AngloGold

Ashanti’s ability to source and transport goods and services required to operate mines, transport gold doré to refineries and ship

refined gold from refineries as well as increase the cost. AngloGold Ashanti cannot guarantee that its crisis management

measures will be adequate, that the supply chain and operations will not be adversely affected by future epidemic or pandemic

outbreaks or that there would be no related consequences, such as severe food shortages and social impact. Export restrictions

related to any epidemic or pandemic (including as a result of government regulation and prevention measures) could similarly

adversely impact AngloGold Ashanti’s financial condition and results of operations. See also “—AngloGold Ashanti’s Mineral

Reserve, deposits and mining operations are located in countries that face instability, public health and security risks that may

adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries”.

AngloGold Ashanti’s operations are vulnerable to infrastructure constraints.

Mining, processing, development and exploration activities depend on adequate infrastructure. Reliable rail, ports, roads,

bridges, power sources, power transmission facilities and water supply are critical to AngloGold Ashanti’s business operations

and affect capital and operating costs. These infrastructures and services are often provided by third parties whose operational

activities are outside the control of the Company.

Interferences in the maintenance or provision of infrastructure, including unusual weather phenomena, sabotage and social

unrest could impede AngloGold Ashanti’s ability to deliver its products on time and adversely affect its business, results of

operations and financial condition.

Establishing infrastructure for AngloGold Ashanti’s development projects requires significant resources, identification of adequate

sources of raw materials and supplies, and necessary cooperation from national and regional governments, none of which can

be assured.

AngloGold Ashanti has operations or potential development projects in countries where government-provided infrastructure is

inadequate and regulatory regimes for access to infrastructure are uncertain, which could adversely impact the efficient operation

and expansion of its business. AngloGold Ashanti may not secure and maintain access to adequate infrastructure in the future, or

it may not do so on reasonable terms which may adversely affect AngloGold Ashanti’s business, results of operations and

financial condition.

AngloGold Ashanti faces strong competition and industry consolidation.

AngloGold Ashanti competes with other mining companies and individuals for the acquisition of mining and exploration assets,

for mining claims and leases on exploration properties, as well as for specialised equipment, components and supplies

necessary for exploration, development and mining of the relevant mining or exploration asset. These competitors may have

greater financial resources, operational experience and technical capabilities than AngloGold Ashanti and may also be lower on

the industry cost curve or have lower cost of capital and better access to scarce capital than AngloGold Ashanti. Competition

may increase AngloGold Ashanti’s cost of acquiring suitable claims, properties and assets, which could have a material adverse

effect on its financial condition and results of operations.

Further, industry consolidation may lead to increased competition due to lesser availability of mining and exploration assets.

Several transactions have been completed in the gold mining industry in recent years. In this regard, some of AngloGold

Ashanti’s competitors have made acquisitions or entered into business combinations, joint ventures, partnerships or other

strategic relationships. Similar consolidations in the form of acquisitions, business combinations, joint ventures, partnerships or

other strategic relationships may continue in the future. The companies or alliances resulting from these transactions or any

further consolidation involving AngloGold Ashanti’s competitors may benefit from greater economies of scale as well as

significantly larger, more diversified, lower cost and higher quality asset bases than AngloGold Ashanti. In addition, following

such transactions certain of AngloGold Ashanti’s competitors may decide to sell specific mining assets increasing the availability

of such assets in the market, which could adversely impact any sale process that AngloGold Ashanti may undertake at the same

time, including such sales processes taking longer to complete or not completing at all or not realising the full value of the assets

being disposed of. Such developments may adversely affect AngloGold Ashanti’s business, operating results and financial

condition.

Risks Related to AngloGold Ashanti’s Operations and Business

AngloGold Ashanti’s mineral deposits, Mineral Reserve and mining operations are located in countries where political,

tax and economic laws and policies may change rapidly and unpredictably and such changes and policies may

adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain

countries.

Based on the Company’s past experience, political, tax and economic laws and policies in countries in which AngloGold Ashanti

operates can change rapidly. As mining assets are fixed and largely immovable, the adverse impacts of such changes may be

unavoidable and immediate.

Any existing and new mining, exploration operations and projects that AngloGold Ashanti carries out are subject to various

national and local laws, policies and regulations governing the ownership, prospecting, development and mining of Mineral

Reserve, taxation and royalties, exchange controls, import and export duties and restrictions, investment approvals, employee

and social community relations and other matters.

In many of the countries in which AngloGold Ashanti operates, there is an ongoing focus by governments seeking greater

economic benefit and increased financial and social benefits from extractive industries and mining in particular. This entails the

review of mining codes and stability agreements, which were in many cases designed under particular economic conditions, and

the formulation or amendment of laws, policies and regulations relating to issues such as mineral rights and asset ownership,

royalties, taxation and taxation disputes, “windfall” or “super” taxation, non-recovery of taxation refunds, import and export duties,

currency transfers, restrictions on foreign currency holdings and repatriation of earnings. The laws, policies and regulations are

increasingly uncertain, changing and generally require progressively higher payments to governments, notably in the form of

increased royalties and taxes, mandated beneficiation, export levies and increasing or retaining state or national ownership of

resources (including by way of free-carried interests in mining companies for governments). In particular, changes to the fiscal

terms governing AngloGold Ashanti’s operations may have a material adverse impact on its results of operations or financial

condition, threaten the viability of existing operations, and discourage future investments in certain jurisdictions. This may

therefore have an adverse impact on AngloGold Ashanti’s ability to access new assets and potentially reduce future growth

opportunities.

For example, in July 2017, the government of Tanzania enacted new legislation which purports to make a number of changes to

the operating environment for Tanzania’s extractive industries, including its mining sector. These changes include, among other

things, (i) listing requirements; (ii) an increase in the rate of revenue royalties from four to six percent and a one percent

clearance fee; and (iii) a right for the Government of Tanzania to (a) renegotiate existing mining agreements at its discretion, (b)

receive a non-dilutable, free-carried interest of no less than 16 percent in all mining projects, and (c) acquire up to 50 percent of

the shares of the mining company commensurate with the total tax expenditure incurred by the Government in favour of the

mining company. The government of Tanzania enacted further legislation regarding state participation in 2022. See “Item 4B:

Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Tanzania”. Any future

amendments to the mining codes of the countries in which AngloGold Ashanti operates or attempts to renegotiate its existing

mining conventions in such countries could have further adverse effects on its financial condition and results of operations.

In addition, some of AngloGold Ashanti’s mineral deposits and mining and exploration operations are located in countries that are

experiencing social and political instability as well as economic uncertainty. In such countries, there is a risk that political

influence may delay or hinder strategic imperatives for cost rationalisation especially in the areas of procurement and labour

reductions. See “—AngloGold Ashanti’s Mineral Reserve, deposits and mining operations are located in countries that face

instability, public health and security risks that may adversely affect both the terms of its mining concessions, as well as its ability

to conduct operations in certain countries”.

AngloGold Ashanti is subject to an uncertain tax environment. Increased taxes are expected in most countries of operation.

Changes in tax laws could result in higher tax expense and payments and could materially impact AngloGold Ashanti’s tax

receivables and liabilities as well as deferred tax assets and deferred tax liabilities. In addition, the uncertain tax environment in

some regions in which AngloGold Ashanti operates could limit its ability to enforce its rights. As a global company, AngloGold

Ashanti conducts its business in countries subject to complex tax rules, which may be interpreted in different ways. The

interpretation and application of tax rules by tax authorities and courts in the countries in which the Company operates may be

uncertain and unpredictable and could result in higher tax expense and payments than anticipated, even if such tax exposure is

considered to be remote by the Company. Further interpretations or developments of tax regimes may affect the Company’s tax

liabilities, return on investments and business operations. AngloGold Ashanti is regularly the subject of tax audits in its various

jurisdictions of operation. In Tanzania, the Tanzania Revenue Authority (“TRA”) has been raising audit findings on various tax

matters in relation to fiscal years 2009 to 2023. A total amount of $449 million was in dispute as of 31 December 2024 (2023:

$369 million) in Tanzania. AngloGold Ashanti has challenged those audit findings through the applicable administrative and

judicial processes. These matters are at different stages of appeal, including before two administrative bodies, the Tax Revenue

Appeals Board and the Tax Revenue Appeals Tribunal, and the Court of Appeal of Tanzania. In March 2020, the Tax Revenue

Appeals Board found in favour of the TRA in a tax dispute relating to AngloGold Ashanti’s tax assessment for fiscal year 2012.

AngloGold Ashanti appealed this decision to the Tax Revenue Appeals Board. In Colombia, the Colombian tax authorities

(Dirección de Impuestos y Aduanas Nacionales) challenged AngloGold Ashanti’s tax treatment of exploration expenditure in

relation to fiscal years 2010, 2011, 2013 and 2014, resulting in claims for additional taxes as well as interest and penalties.

During 2022, the Council of State of Colombia ruled against the Company in respect of certain of these lawsuits. The Company’s

other lawsuits are still pending on appeal before the Colombian courts awaiting final judgement. See “Item 8A: Legal

Proceedings—Tax matters”. In addition, governmental authorities, whether tax, judicial or other, may also issue claims against

the Company or its operations, which may be unfounded and without merit, involving substantial penalties and interest. For

example, in the DRC, Kibali Goldmines S.A., which owns and operates the Kibali gold mine, has received in the past few years

several claims from the DRC customs and fiscal authorities regarding customs duties, VAT and other fiscal issues, which in

management’s opinion are unfounded and without merit. AngloGold Ashanti’s inability to resolve such claims and other tax

disputes favourably or to enforce its rights, may have a material adverse impact on its financial performance, cash flow and

results of operations.

In Guinea, DRC and Tanzania, AngloGold Ashanti is due refunds of input tax and fuel duties which have remained outstanding

for periods longer than those provided for in the respective statutes. In Tanzania, AngloGold Ashanti calculates that net overdue

recoverable input tax, fuel duties and appeal deposits (after discounting provisions) of $232 million (2023: $204 million) (including

$163 million (2023: $153 million) of VAT input credit refunds) were owed to AngloGold Ashanti as of 31 December 2024 and held

by the Tanzanian government and it is not certain if and when AngloGold Ashanti will be refunded these amounts. See “Item 4B:

Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Tanzania”. In the DRC,

AngloGold Ashanti calculates that its attributable share of the net recoverable VAT balance (including recoverable fuel duty and

after discounting provisions) owed to it by the DRC government amounted to $65 million (2023: $60 million) at 31 December

2024. In December 2023, an agreement was reached with the DRC government for the reimbursement of a portion of the

refundable VAT, which resulted in VAT refunds of $34 million attributable to AngloGold Ashanti as at 31 December 2023. In

September 2024, a further agreement was reached with the DRC government, which resulted in VAT refunds of $11 million

attributable to AngloGold Ashanti as of 31 December 2024. However, uncertainty remains regarding the timing and level of cash

receipts and offsets against other taxes for purposes of the recovery of AngloGold Ashanti’s remaining VAT receivables in the

DRC. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—

Democratic Republic of the Congo (DRC)”. Similarly, as a general matter, it is not certain when or whether AngloGold Ashanti will

be refunded all tax-related amounts due from any other government.

The countries in which AngloGold Ashanti operates may also introduce export restrictions, exchange controls, impose restrictions

to source materials and services locally, or impose other similar restrictions that hinder foreign companies’ operations within such

countries as well as adversely affect their results of operations and financial condition. For example, in March 2017, the

Tanzanian government announced an immediate ban on gold, silver, copper and nickel ore exports, in an attempt to ensure that

mineral value-addition activities would be carried out in-country. Further, in 2018, the DRC government imposed new exchange

control rules, as part of its reform of the DRC’s mining code, which resulted in AngloGold Ashanti’s inability to repatriate cash

from its DRC operations. The Company’s attributable share of the outstanding cash balances awaiting repatriation from the DRC

amounted to $39 million (2023: $51 million) at 31 December 2024. In this respect, AngloGold Ashanti’s temporary or permanent

inability to repatriate cash from the countries in which AngloGold Ashanti operates could have a material adverse effect on the

Company’s results of operations and financial condition. See “Item 4B: Business Overview—The Regulatory Environment

Enabling AngloGold Ashanti to Mine—Africa Region—Democratic Republic of the Congo (DRC)”.

Additionally, from 2011 to 2015, the Argentinean government introduced stricter exchange controls and related protracted

approval processes which limited the Company’s ability to repatriate dividends from its Argentinean subsidiaries. From

September 2018 until 31 December 2023, export duties were re-imposed by the Argentinean government, which were set at

eight percent for certain goods, including doré bars and gold alloys. AngloGold Ashanti’s net export duty receivables (after

discounting provisions) in Argentina amounted to $3 million (2023: $4 million) at 31 December 2024. The devaluation of the

Argentinean peso during December 2023 had a material adverse impact on the receivable amount. These re-imposed export

duties, if not compensated with other tax reductions, affect the tax stability guarantee granted to Cerro Vanguardia S.A.

(“CVSA”). Export duties could have a material adverse impact on the Company’s results of operations and financial condition.

Furthermore, in September 2019, the Argentinean government re-established foreign exchange and export controls. CVSA had a

cash balance equivalent to $134 million (2023: $89 million) at 31 December 2024. The cash remains available for CVSA’s

operational and exploration requirements. In addition, increased socio-political tensions and hyper-inflation over the past few

years have greatly increased the country risk which in turn has lowered the potential future earnings of AngloGold Ashanti’s

investment in CVSA. Despite recent improvements, Argentina’s economy continues to suffer from a persistent recession coupled

with high inflation (118 percent in 2024) and widespread unemployment (an estimate of approximately seven percent in 2024).

See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Argentina”.

If, in one or more of the countries in which it operates, AngloGold Ashanti were not able to obtain or maintain necessary permits,

authorisations or agreements to implement planned projects or continue its operations under conditions or within timeframes that

make such plans and operations economically viable, or if the applicable legal, ownership, fiscal (including all royalties and

duties), exchange control, employment, environmental and social laws or regimes change materially, or if the governing political

authorities change resulting in amendments to such laws and regimes, this could have a material adverse effect on AngloGold

Ashanti’s operating results, financial condition, and, in extreme situations, on the viability of an operation. See “—AngloGold

Ashanti’s mining rights in the countries in which it operates could be altered, suspended or cancelled for a variety of reasons,

including breaches in its obligations in respect of such mining rights” and “Item 4B: Business Overview—The Regulatory

Environment Enabling AngloGold Ashanti to Mine”.

In December 2021, the OECD/ G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) released Model Global

Anti-Base Erosion rules under Pillar Two (the “ Model Rules”), outlining a framework for a global minimum tax rate of 15 percent

for multinational companies with consolidated group revenues of at least €750 million. In response to this, the UK has

implemented legislation that broadly aligns with the Model Rules, effective from 2024, pursuant to which AngloGold Ashanti is

liable to pay a top-up tax for the difference between its Pillar Two effective tax rate (per jurisdiction) and the global minimum tax

rate of 15 percent. As a result, AngloGold Ashanti will be subject to additional reporting requirements and may be subject to

additional tax in the UK if the tax liability in any of the countries that it operates in falls below the minimum rate. AngloGold

Ashanti has recognised an estimated current tax expense relating to Pillar Two which amounts to $6 million for the year ended

31 December 2024.

The prevalence of occupational health diseases and other diseases and the potential costs and liabilities related thereto

may have an adverse effect on the business and results of operations of AngloGold Ashanti.

The primary areas of focus in respect of occupational health of employees within the Company’s operations are noise-induced

hearing loss and occupational lung diseases (“OLD”), which include pulmonary diseases such as tuberculosis from various

causes and silicosis in individuals exposed to silica dust, and which require active dust management strategies in underground

operations. If the costs associated with providing occupational health services, implementing dust control measures or supplying

protective equipment increase significantly beyond anticipated or budgeted amounts, this could have an adverse effect on

AngloGold Ashanti’s results of operations and financial condition. Actual and alleged health and safety incidents or breaches of

standards may also adversely impact the Company’s reputation.

In South Africa, AngloGold Ashanti has historically been subject to numerous claims, including class action litigation with respect

to alleged OLD with two certified industry-wide classes, i.e., a Silicosis Class and a Tuberculosis Class. The settlement

agreement in relation to this silicosis and tuberculosis class action came into effect in December 2019, following the approval of

the settlement by the High Court in Johannesburg in July 2019. As a result, a trust (Tshiamiso Trust) was established for a

minimum of 13 years responsible for making payments to eligible beneficiaries. The amount of monetary compensation will vary

depending on the nature and seriousness of the disease. As of 31 December 2024, AngloGold Ashanti has recorded a provision

of $14 million (2023: $17 million and 2022: $35 million) to cover the estimated settlement costs and related expenditure of the

silicosis litigation. Although significant judgement was applied in estimating the costs incurred to settle the silicosis and

tuberculosis class action claim, the final costs and related expenditure may differ from current cost estimates. In addition, even

though management believes the assumptions are appropriate, changes in the assumptions may materially affect the provision

and final costs of settlement. For example, the final settlement costs and related expenditure may be higher than the recorded

provision depending on various factors, such as, among other things, potential changes in the settlement terms, differences in

the number and profile of eligible claimants actually compensated compared to current estimates and fluctuations in foreign

exchange rates. There can be no assurance that ultimately this matter will not result in losses in excess of the recorded

provision, which may have a material adverse effect on AngloGold Ashanti’s financial position. The sale of the Company’s South

African operating assets and liabilities to Harmony did not include the silicosis obligation relating to South African employees,

which was retained by AngloGold Ashanti. For further information, see “Item 18: Financial Statements—Note 25—Environmental

rehabilitation and other provisions”.

AngloGold Ashanti also faces certain risks in dealing with HIV/AIDS and with tropical disease outbreaks such as malaria, and

other diseases which may have an adverse effect on its results of operations and financial condition. Malaria and other tropical

diseases pose significant health risks at all of the Company’s operations in Central, West and East Africa where such diseases

may assume epidemic proportions because of ineffective national control programmes. Malaria is a major cause of ill-health and

mortality in young children and pregnant women in these areas but also gives rise to fatalities and absenteeism in adult men.

Other conditions such as heart disease, chronic diseases, mental health conditions and obesity are also of increasing incidence

and concern. Such diseases impair the health of workers and negatively affect productivity and profitability as a result of workers’

diminished focus or skill, absenteeism, treatment costs and allocated resources. Any current or future medical programme may

not be successful in preventing or reducing the infection rate among AngloGold Ashanti’s employees or in affecting consequent

illness or mortality rates. AngloGold Ashanti may incur significant costs in addressing these issues in the future, which could also

adversely impact the Company’s results of operations and financial condition.

AngloGold Ashanti may face additional health care challenges as a result of other public health crises, pandemics or epidemics,

which may significantly impair the health or mobility of the Company’s labour force and, as a result, AngloGold Ashanti’s ability to

maintain its production levels or operations. Uncertainties remain with respect to the possibility of the emergence, or the re-

emergence, of infectious diseases (such as COVID-19, Ebola, Marburg or monkeypox) that may lead to excessive absenteeism

in, or travel restrictions impacting, the Company’s workforce and may lead to operational disruptions, including a halt or

significant slowdown in mining operations. A curtailment or suspension at AngloGold Ashanti’s mining operations in certain or all

regions due to full or partial shutdowns, either those requested or mandated by governmental authorities or otherwise elected by

the Company, including for safety or staffing reasons, may have a material adverse impact on AngloGold Ashanti’s results of

operations and financial condition.

In South Africa, AngloGold Ashanti retained the legal and financial obligations in respect of a historical post-retirement medical

scheme for certain employees and their dependents following the sale of the Company’s South African operating assets and

liabilities to Harmony. AngloGold Ashanti’s responsibility extends to South African employees who historically qualified for such

scheme (which was discontinued about two decades ago) and who were either not transferred to Harmony in connection with the

asset sale but remained employed by the Company as of the consummation of the sale or who had retired prior to the

completion of the transaction. As of 31 December 2024, AngloGold Ashanti has recorded a provision of approximately $52 million

(2023: $59 million and 2022: $66 million) to cover the estimated contribution costs of the post-retirement medical scheme for

such current and retired employees. In the event that the required contribution costs ultimately exceed the estimates on which

the recorded provision is based, the additional costs incurred by the Company may have a material adverse effect on AngloGold

Ashanti’s financial position. For further information, see “Item 18: Financial Statements—Note 26—Provision for pension and

post-retirement benefits”.

AngloGold Ashanti’s inability to retain its senior management may have an adverse effect on its business.

AngloGold Ashanti’s success depends largely upon the continued service of its senior management, including its chief executive

officer, its chief financial officer, the executive officers at each of its business divisions, the general managers at its mines and

other senior managers. The departure of one or more members of AngloGold Ashanti’s senior management may have an

adverse effect on its business, results of operations and financial condition. In addition, the loss of one or more members of the

senior management team, coupled with any reduced attractiveness of the gold mining sector, could lead to the departures of

other members of the management team. The inability of AngloGold Ashanti to retain its senior management could disrupt its

operations, and have a material adverse impact on its business, results of operations and financial condition.

AngloGold Ashanti competes with mining and other companies for key human resources with critical skills and its

inability to retain key personnel could have an adverse effect on its business.

AngloGold Ashanti competes on a global basis with mining and other companies to attract and retain key human resources at all

levels with the appropriate technical skills and operating and managerial experience necessary to operate and supervise its

business. This is exacerbated by the global shortage of persons with critical mining skills, including geologists, mining engineers,

metallurgists and skilled artisans. Furthermore, the often remote locations of mining operations may make the mining industry

unattractive to potential employees. The significant decrease in enrolments in higher education programmes focused on mining

qualifications globally may also have an adverse impact on the future supply of employees with critical mining skills. Changes in

taxation and the regulatory environment where AngloGold Ashanti operates may also impact the Company’s ability to attract and

retain key personnel, especially those from abroad.

For example, despite the scale of mining activities in many African countries, recruitment of skilled personnel has been

challenging as the local development of critical skills struggles to match an increasing demand. Recruitment remains difficult due

to university offerings and other training institution offerings often not well-suited to the specific needs of the mining industry, as

well as other factors such as language barriers and low literacy skills. Furthermore, local workers with critical skills, such as

jumbo operators and tele-remote bogger operators from the DRC, Ghana and Tanzania are increasingly being targeted for

expatriate opportunities across the continent. In addition, it has become increasingly difficult to secure work permits for

AngloGold Ashanti’s expatriate workforce in Tanzania as a result of the Tanzanian government’s efforts to promote the

employment of Tanzanian citizens. Difficulties in obtaining such non-citizen work permits due to increased pressure for

localisation of labour, if continuing, may have an adverse impact on the Company’s operations in Tanzania. Similar impacts may

occur elsewhere, including in the DRC, Ghana and Guinea. Certain jurisdictions, such as Ghana, have also adopted local

content and local participation policies.

Other regions experience similar challenges. For example, while there is a high concentration of specialised and skilled mining

workers in Australia and Brazil, there is significant competition for such personnel in those markets. Additionally, the Company

may incur significant costs to develop talent, capacity and expertise across its global operations. Despite AngloGold Ashanti’s

investments, the Company may not be able to retain and attract sufficient skilled and experienced employees in all areas of the

business. Should it fail to do so or lose any of its key personnel with critical skills, business and growth prospects may be harmed

and this could have an adverse impact on AngloGold Ashanti’s results of operations and financial condition.

Increased labour costs could have a material adverse effect on AngloGold Ashanti’s results of operations and financial

condition.

Labour costs represent a substantial proportion of the Company’s total operating costs (approximately 40 percent in 2024). At

many mining operations in the Americas, labour costs constitute approximately 28 to 32 percent of such operations’ total

operating costs. Absent any simultaneous increase in productivity, any change to the Company’s wage agreements or other

factors that could increase labour costs may have a material adverse effect on AngloGold Ashanti’s results of operations and

financial condition.

AngloGold Ashanti’s results may be further impaired if the Company incurs penalties for failing to meet standards set by labour

laws regarding workers’ rights or incurs costs to comply with new labour laws, rules and regulations. For example, Ghanaian law

contains broad provisions requiring mining companies to recruit and train Ghanaian personnel and to use the services of

Ghanaian companies. Penalties and compliance costs, as well as increased costs due to laws and regulations less favourable to

employers, could have a material adverse effect on the Company’s results of operations and financial condition.

The use of contractors at certain of the Company’s operations may expose AngloGold Ashanti to delays or

suspensions in mining activities and increased mining costs.

AngloGold Ashanti uses contractors at certain of its operations to mine and deliver ore to processing plants as well as for other

purposes. At mines employing mining contractors, contracting costs represent a significant proportion of the total operating costs

of these operations. In the past, AngloGold Ashanti has experienced disputes with its contractors after the termination of the

contractual relationship or the sale of the applicable mine and any such disputes may also arise in the future.

AngloGold Ashanti’s operations could be disrupted, resulting in additional costs and liabilities, if the mining contractors at affected

mines have financial difficulties, or if a dispute arises in renegotiating a contract, or if there is a delay in replacing an existing

contractor and its operating equipment to meet business needs at expected cost levels. Increases in contract mining rates, in the

absence of associated productivity increases, may also have an adverse impact on the Company’s results of operations and

financial condition.

In addition, AngloGold Ashanti’s reduced control over those aspects of operations which are the responsibility of contractors,

their failure to comply with applicable legal, human rights and regulatory requirements, or their inability to manage their workforce

or provide high quality services or a high level of productivity could adversely affect AngloGold Ashanti’s reputation, results of

operations and financial condition, and may result in the Company’s incurrence of liability to third parties due to the actions of

contractors.

AngloGold Ashanti’s Mineral Reserve, deposits and mining operations are located in countries that face instability,

public health and security risks that may adversely affect both the terms of its mining concessions, as well as its ability

to conduct operations in certain countries.

Mining is a long-term activity and assets may be located in jurisdictions with elevated risk. Political instability and the resulting

unstable business environment in such countries in which companies operate may discourage future investment in those

jurisdictions, and may have an adverse impact on AngloGold Ashanti’s ability to access new assets, potentially reducing growth

opportunities. Some of AngloGold Ashanti’s mineral deposits and mining and exploration operations are located in countries that

are experiencing political and economic instability and other uncertainty. For example, in Guinea, a military coup in September

2021, during which the president was detained, resulted in political instability. In addition, allegations of corruption in Brazil, the

DRC and Guinea against top political and industry leaders have increased political instability and distrust. Efforts at political and

economic reforms in Brazil and such other countries may lead to increased instability. Furthermore, elections in the countries in

which AngloGold Ashanti operates may be accompanied by social, political and economic uncertainty and instability. The high

levels of unemployment, poverty and inequality remain in each of these countries, further increasing the risk of social instability

that will continue to negatively impact their economies, business and the mining industry.

Certain of the countries in which AngloGold Ashanti has mineral deposits or mining or exploration operations, including the DRC,

Guinea, Ghana, Tanzania, Colombia and Brazil, have in the past experienced, and in certain cases continue to experience, a

difficult security environment. In particular, various illegal groups active in regions in which the Company is present may pose a

credible threat of organised crime, military repression, terrorism, civil unrest and disturbances, sabotage, extortion and

kidnapping, which could have an adverse effect on its operations in these and other regions.

Attacks on mining companies (for example, attacks targeting gold rooms where smelted gold bars are stored before being

transported to other facilities) have also been occurring over the last couple of years, especially in South America and Africa, and

the risk of future attacks remains a threat and could adversely affect the Company’s activities.

Intrusions onto AngloGold Ashanti’s tenement and operational areas, including artisanal and illegal mining-related activities in

particular, continue to be a challenge. The most significant security challenges remain in Guinea, Ghana and Tanzania, in areas

where there is endemic poverty, high levels of unemployment and an increased level of organisation and funding of criminal

activity. See “—Artisanal and illegal mining occurs on AngloGold Ashanti’s properties, which can disrupt the Company’s

business, have adverse environmental, health, safety and security impacts, and expose the Company to liability”. If the security

environment surrounding AngloGold Ashanti’s operations that are most exposed to these challenges deteriorates, employee,

third party and community member injuries and fatalities could also increase. Any such increase could disrupt the Company’s

operations in certain mines and adversely affect its reputation, results of operations and financial condition. In some instances,

risk assessments categorise threats as serious enough to require resorting to public security forces, such as national police or

military units on a near-permanent basis. In January 2025, a large group of armed, illegal miners attempted to forcibly gain

unauthorised access to the fenced operational area of the Obuasi mining concession. The Ghanaian military responded in an

effort to restore security and, in an armed confrontation that followed, a number of illegal miners were fatally injured. In the event

that continued invasions in any of the Company’s countries of operations compromise the Company’s security or business

principles, AngloGold Ashanti may withdraw from any such countries on a temporary or permanent basis. This could have a

material adverse impact on AngloGold Ashanti’s results of operations and financial condition.

Furthermore, AngloGold Ashanti continues to experience strained relationships with certain of its host communities. AngloGold

Ashanti operates in several regions where poverty, unemployment and the lack of access to alternative livelihoods mean that the

creation and distribution of economic benefit from mining operations is a significant area of focus for community and government.

AngloGold Ashanti has also been publicly accused of inadequate resettlement practices at its Siguiri operation in Guinea by local

and international NGOs, which poses reputational risk.

In addition, infectious diseases, such as COVID-19, Ebola, Marburg or monkeypox, are also a threat to the stability of some of

the countries in which AngloGold Ashanti operates, where limited local health infrastructure weakens governments’ ability to

manage and contain outbreaks effectively, in particular prolonged or sustained outbreaks. AngloGold Ashanti operates mines in

regions that have experienced serious infectious disease outbreaks of public health concern and resulting deaths. For example,

an Ebola outbreak was detected in early 2021 in Guinea, which continued until the summer of 2021. The DRC also experienced

an outbreak of the Ebola virus at the end of 2021 and during the summer of 2022. In September 2022, Uganda, which borders

Tanzania and the DRC, countries in which AngloGold Ashanti operates, declared an outbreak of Ebola that lasted until January

2023. Tanzania also experienced an outbreak of Marburg disease between March 2023 and June 2023. Depending on the

nature and severity of the outbreak, national or state governments in some countries could declare a state of emergency

empowering such governments to take actions or impose restrictions to contain any outbreak that otherwise would not be

permitted under the applicable legal and regulatory framework. Governments could also impose certain restrictions on travel or

business activities as protective measures, including nationwide lockdowns (quarantine), which may disrupt, and have disrupted

in the case of COVID-19, the Company’s activities and operations and even lead, and have led in the case of COVID-19, to a full

or partial shutdown of the Company’s mining operations in those countries. Any such emergency governmental action may have

a material adverse effect on AngloGold Ashanti’s operating and financial results, which may result in a negative impact on the

Company’s cash flows, funding requirements and overall liquidity.

Labour unrest, activism and disruptions (including protracted stoppages) could have a material adverse effect on

AngloGold Ashanti’s results of operations and financial condition.

AngloGold Ashanti’s employees in Ghana, Guinea, Tanzania, Brazil and Argentina are highly unionised and unions are active at

some of the Company’s other operations. Trade unions working with communities and NGOs, therefore, have a significant

impact on the general labour relations environment, including labour relations at an operational level and operational stability at

times. Unions are characterised by their robust engagement with the Company, both in the context of existing collective

bargaining structures to improve and advance conditions of employment, and in the context of changing economic conditions,

downsizing and downscaling of operations. These factors expose the Company’s operations to potential strike action and work

stoppages. Any future labour unrest and disruptions could have a material adverse effect on AngloGold Ashanti’s results of

operations and financial condition. For example, at Siguiri in Guinea, local community protests related to employment demands,

in addition to incursions by artisanal and small-scale miners, caused sporadic mining disruptions in November 2023.

Unions are also increasingly affiliated to global union federations and championing broader political, economic and social issues

such as GHG emissions, environmental issues, health and safety, human rights, job losses, unemployment and restructuring,

gender and inclusion issues, and migrant labour, as rallying points. Rolling mass action, picketing, protests and community

involvement may create safety, security and related risks to the Company and its assets. Future disruptions, strikes, and protest

actions cannot be excluded and may have a material adverse effect on the Company’s results of operations and financial

condition, especially if these actions have a long duration. Furthermore, IndustriALL, representing more than 50 million workers

globally, is expected to continue its attempts to enter into a global framework agreement with mining and resource companies. A

global framework agreement will expose AngloGold Ashanti to the risk of standardisation and equalisations of labour terms and

conditions across the Group, irrespective of the peculiar conditions applicable in the various jurisdictions in which the Group

operates. Any labour unrest and disruptions caused by such international trade unions could have a material adverse effect on

AngloGold Ashanti’s results of operations and financial condition.

Artisanal and illegal mining occurs on AngloGold Ashanti’s properties, which can disrupt the Company’s business,

have adverse environmental, health, safety and security impacts, and expose the Company to liability.

Artisanal and illegal miners are active on, or adjacent to, at least eight of AngloGold Ashanti’s properties, which at times has

resulted in and may in the future lead to interference with the Company’s operations and can result in conflicts that present a

security threat to property as well as a threat to human safety and life. AngloGold Ashanti’s operations and projects affected and

potentially at risk by artisanal and/or illegal small-scale mining are mainly situated in Guinea, Ghana, Tanzania and Brazil.

Artisanal and illegal small-scale mining is associated with a number of negative impacts, including environmental degradation,

flouting of land rights, poor safety practices, erosion of civil society, human rights abuse and funding of conflict. The

environmental, social, safety and health impacts of artisanal mining are frequently attributed to formal mining activity, and it is

often assumed that artisanally-mined gold is channelled through large-scale mining operators, even though artisanal and large-

scale miners have distinct supply and distribution chains. These misconceptions have a negative impact on the reputation of the

industry.

The activities of the illegal miners, which include theft and shrinkage, have resulted in and could in the future cause damage to

AngloGold Ashanti’s properties, as well as impacts to surface water, pollution, disruptions to previously rehabilitated areas,

underground fires, or, as the result of security interventions or poor safety practices by the illegal miners, personal injury or

death, for which AngloGold Ashanti could potentially be held responsible. Illegal mining could also result in the depletion of

mineral deposits, potentially making the future mining of such deposits uneconomical. The presence of illegal miners could lead

to project delays and disputes regarding the development or operation of commercial gold deposits. In addition, illegal mining

could lead to an increase in the level of organisation and funding of criminal activity around some of the Company’s operations.

The most significant security challenges have occurred in Guinea, Ghana and Tanzania in areas where there is endemic poverty

and high levels of unemployment. These conditions may increase expectations and demands to relinquish land for other

economic development, or to support host communities through, for example, the formalisation of artisanal mining activities.

More generally, illegal mining and theft could also result in lost gold production, a reduction in Mineral Reserve, mine stoppages,

and have other material adverse effects on AngloGold Ashanti’s results of operations or financial condition.

AngloGold Ashanti’s mining rights in the countries in which it operates could be altered, suspended or cancelled for a

variety of reasons, including breaches in its obligations in respect of such mining rights.

AngloGold Ashanti’s right to own and develop Mineral Reserve and deposits is governed by the laws and regulations of the

jurisdictions in which the mineral properties are located. See “Item 4B: Business Overview—The Regulatory Environment

Enabling AngloGold Ashanti to Mine”. Currently, a significant portion of AngloGold Ashanti’s Mineral Reserve and deposits are

located in countries where mining rights could be suspended or cancelled should it breach its obligations in respect of these

rights.

In each of the countries in which AngloGold Ashanti operates, the formulation or implementation of government policies on

certain issues may be unpredictable. This may include changes in laws relating to mineral rights, ownership of mining assets and

the right to prospect and mine in certain areas or at all, and in extreme cases, nationalisation, expropriation or nullification of

existing concessions, licences, permits, agreements and contracts.

Any existing and new mining and exploration operations and projects are subject to various national and local laws, policies and

regulations governing the ownership and the right to prospect or mine or develop proposed projects. For more details on the

risks surrounding ownership of mining assets, see “—Title to AngloGold Ashanti’s properties may be uncertain and subject to

challenge”,“—AngloGold Ashanti’s mineral deposits, Mineral Reserve and mining operations are located in countries where

political, tax and economic laws and policies may change rapidly and unpredictably and such changes and policies may

adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries” and “—

AngloGold Ashanti is subject to risks related to the development of existing and new mining projects that may adversely affect its

results of operations and profitability”. In addition, there may be, and in some cases are, discrepancies or potential discrepancies

between the mining rights AngloGold Ashanti believes it has and the mining rights that the relevant government authority

considers have been granted (including in relation to the duration of such mining rights).

Project implementation delays could result in mining concessions, authorisations, licences and permits not being obtained or

renewed and the loss of mining rights. Some of AngloGold Ashanti’s mining concessions, authorisations, licences and permits

are subject to expiry, limitations or restrictions on renewal or extension and various other risks and uncertainties. Obtaining,

renewing and extending such mining concessions, authorisations, licences and permits may be costly or time-consuming,

subject to the discretion of governments or require the cooperation or consent of such governments or other stakeholders, and

may not be guaranteed to be issued, granted or approved on favourable terms or at all. For example, in Guinea, a renewal

request for the Siguiri mining concession, which was filed in February 2022, remains pending. Furthermore, in Egypt, an

extension of the exploitation lease for the Sukari mine upon expiry of the initial exploitation period may not be guaranteed and

will require cooperation and consent from the Egyptian government.

In addition, any dispute with governments or other stakeholders, including labour unions, involving one of AngloGold Ashanti’s

operations, as a result of rationalisation efforts or otherwise, could negatively affect AngloGold Ashanti’s relationship with such

government or stakeholders in respect of other operations within the same country, which could result in adverse consequences,

including unfavourable regulatory action, claims and labour disputes. Such adverse consequences could be exacerbated due to

the holding Company structure of AngloGold Ashanti’s subsidiaries in some of the countries in which it operates.

In Colombia, a government agency grants exclusive concession contracts for exploration and development which contain

specified timelines for the completion of the various phases of a mining project. The Company must comply with these timelines

unless performance is suspended, for example, due to force majeure or these timelines are extended or modified. If AngloGold

Ashanti does not comply, due to negligence or abandonment, with the specified timelines for the completion of the various

phases of a mining project, it may be found in breach of its concession contract or mining licence and such breach could

constitute grounds for the mining authority to seek to terminate such concession contract, or exploration or mining licence. Force

majeure was declared in 2017 at the La Colosa project by the Colombian mining authority, stopping all activities, pending

issuance of permits required to continue the next phase of operations. During the period when force majeure is in force, the

specified timelines for completing the various phases of the mining project under the concession contract are suspended.

Following expiry of the force majeure, mining project activities need to be restarted within six months. The force majeure was

extended multiple times and expired in June 2024. AngloGold Ashanti applied for an extension of the force majeure declaration

prior to its expiry. On 8 April 2025, the Colombian mining authority issued a resolution declaring that force majeure ended at La

Colosa in October 2024, which is the date that AngloGold Ashanti’s application for the environmental permit for La Colosa was

denied by the environmental ministry. The permit denial was issued on the basis of the restrictions resulting from the 2017

popular consultation in Cajamarca with respect to mining activities in the region, which basis AngloGold Ashanti has challenged

as unconstitutional. See “Item 8A: Legal Proceedings”. Meanwhile, the underlying circumstances which led to the initial

declaration of force majeure, namely that AngloGold Ashanti has not obtained an environmental permit allowing it to conduct

exploration activities, persist. AngloGold Ashanti has filed a legal challenge to the environmental ministry’s denial of the

application for the environmental permit and is evaluating its legal options with respect to the mining authority’s decision not to

extend the force majeure declaration. In addition, AngloGold Ashanti has been conducting preparatory work and activities at La

Colosa since 2017. See also “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—

Americas—Colombia”.

AngloGold Ashanti’s insurance does not cover most losses caused by the risks described in this section. See “—The occurrence

of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may adversely affect cash flows and

overall profitability”.

If AngloGold Ashanti is not able to obtain or maintain necessary permits, authorisations or agreements to prospect or mine or to

implement planned projects, or continue its operations, or comply with all laws, regulations or requirements, or do so within

timeframes that make such plans and operations economically viable, or if the laws impacting the Company’s ownership of its

mineral rights or the right to prospect or mine change materially, or if governments increase their ownership in the mines or

nationalise them, AngloGold Ashanti’s results of operations and financial condition could be adversely affected. In addition, such

challenges and difficulties may negatively affect the outcome of the Company’s project studies, which could, in some cases, lead

to a reduction in its Mineral Resource and Mineral Reserve, which may be significant.

AngloGold Ashanti may also prove unable to deliver on production targets, including in potentially critical areas, as well as on the

timely, cost-effective and successful execution, including ramping-up, of key capital projects. For example, Colombia is an

untested jurisdiction for the Company, so permitting, licensing, stakeholder expectations and demands and other external factors,

including with respect to the La Colosa and Quebradona projects, could affect timelines and cause capital overruns. Unforeseen

difficulties, including delays or costs related to permitting, litigation or other matters, may adversely affect the successful

implementation of the Company’s business strategy and projects, and such strategy and projects may not result in the

anticipated benefits, which could have a material adverse effect on its results of operations, financial condition and prospects.

Title to AngloGold Ashanti’s properties may be uncertain and subject to challenge.

AngloGold Ashanti has operations in several countries where ownership of land is uncertain and where disputes may arise in

relation to ownership. Certain of AngloGold Ashanti’s properties may be subject to the rights or the asserted rights of various

community stakeholders, including indigenous people. The presence of those stakeholders or any legal challenges by such

stakeholders to AngloGold Ashanti’s title to its properties may have a material adverse impact on its ability to develop or operate

its mining interests. Title legislation is complex and difficult to predict and disputes or failure to maintain title could negatively

affect the business results of new or existing projects.

For example, in Australia, the Native Title Act 1993 (Cth) provides for the establishment and recognition of native title under

certain circumstances. Once a native title claim is registered, the native title party has a right to negotiate prior to the grant of

certain mining tenements within the native title claim area. Registration of a native title claim, or a determination of native title,

does not affect operations on mining tenements that were validly granted prior to the registration of the native title claim, although

registered or determined native title holders will ordinarily have a right to claim compensation from the relevant Commonwealth

or State government in respect of the impact of the tenement on their property rights. However, in the state of Western Australia,

the Mining Act 1978 (WA) provides that an applicant for the grant of, or the holder of, a mining tenement is responsible for native

title compensation, if determined to be payable, to native title holders. Separately, in Australia, the Nangaanya-ku native title

claim group initiated legal proceedings before the Federal Court of Australia against the state of Western Australia claiming that

the consolidated mining lease for Tropicana (M39/1096) is invalid due to an alleged failure by the state of Western Australia to

comply with certain procedural requirements of the Native Title Act 1993 (Cth) during the consolidation process. AngloGold

Ashanti was joined as a party to such legal proceedings for the sole purpose of responding to the claim regarding the validity of

the Tropicana mining lease. In July 2024, the Court ruled in favour of AngloGold Ashanti, finding that the lease had been validly

granted, which decision was subsequently appealed. The appeal is currently pending. See “Item 4B: Business Overview—The

Regulatory Environment Enabling AngloGold Ashanti to Mine—Australia”.

Title to AngloGold Ashanti’s properties, particularly undeveloped ones, may also be defective or subject to challenge. Title

insurance generally is not available, and title review does not necessarily preclude third parties from contesting ownership. The

precise area and location of the Company’s claims may be in doubt and concessions granted under various titles in a single area

may turn out not to be perfectly contiguous, leaving title to areas between concessions open to challenge. Accordingly,

AngloGold Ashanti’s mineral properties may be subject to prior unregistered liens, agreements, transfers or claims, including

native land claims, and title may be affected by, among other things, undetected defects. Further, title to the Company’s

properties depends in some cases upon compliance with complex statutes and regulations, including those imposing periodic

claim maintenance requirements. Failure to strictly comply with these requirements could invalidate the Company’s title to such

properties, and such defects may not be readily curable.

Risks Related to AngloGold Ashanti’s Corporate and Financing Structure and Strategy

AngloGold Ashanti expects to have significant financing requirements.

AngloGold Ashanti’s existing board-approved development projects and exploration initiatives as well as its potential

development projects will require significant funding. The Company’s capital expenditure plans and requirements are subject to a

number of risks, contingencies and other factors, some of which are beyond its control, including volatile or sustained lower gold

prices, and therefore the actual future capital expenditure and investments may differ significantly from the current planned

amounts.

As a result, new sources of capital may be needed to help meet the funding requirements of these developments, and to fund

ongoing business activities. AngloGold Ashanti’s ability to further raise and service significant new sources of capital will be a

function of macroeconomic conditions, the condition of the financial markets, future gold prices, the Company’s operational

performance and operating cash flow and debt position, among other factors. AngloGold Ashanti’s ability to raise further debt,

equity or quasi-equity financing in the future and the cost of such financing will depend on, among other factors, its prevailing

credit rating, which may be affected by the Company’s ability to maintain its outstanding debt and financial ratios at levels

acceptable to the credit ratings agencies, its business prospects, risks relating to the countries in which it operates and other

factors. As a result, in the event of depressed gold prices, unanticipated operating or financial challenges, any dislocation in

financial markets (including due to the impact of public health crises, epidemics or pandemics) or new funding limitations,

AngloGold Ashanti’s ability to pursue new business opportunities on reasonable terms, invest in existing and new projects, fund

its ongoing business activities, exit projects and retire or service outstanding debt and pay dividends could be significantly

constrained, all of which could adversely impact the Company’s results of operations and financial condition.

Sales of large quantities of AngloGold Ashanti’s ordinary shares, or the perception that these sales may occur or other

dilution of the Company’s equity, could adversely affect the prevailing market price of the Company’s securities.

The bulk of AngloGold Ashanti’s ordinary shares are held by a relatively small number of investors. According to information

available to the Company, AngloGold Ashanti’s three largest shareholders beneficially owned approximately 23 percent of

AngloGold Ashanti’s ordinary shares at 31 December 2024. Subject to applicable securities laws, holders of AngloGold Ashanti’s

ordinary shares may decide to sell them at any time. As a result, the market price of the Company’s securities could fall if large

quantities of ordinary shares are sold in the public market, if there is disinvestment by certain types or groupings of investors, or

if there is the perception in the marketplace that such sales could occur.

The market price of the Company’s ordinary shares could also fall as a result of any future offerings AngloGold Ashanti makes of

its ordinary shares, or securities exchangeable or exercisable for the Company’s ordinary shares, or the perception in the

marketplace that these offerings might occur. AngloGold Ashanti may make such offerings, including offerings of additional share

rights or similar securities, at any time or from time to time in the future and such offerings could adversely affect the prevailing

market price of the Company’s securities.

AngloGold Ashanti may not pay dividends or make similar payments to shareholders in the future.

AngloGold Ashanti pays cash dividends only if there are sufficient funds available for that purpose. Fund availability depends

upon many factors, including the amount of cash available, taking into account AngloGold Ashanti’s capital expenditure on

existing infrastructure and exploration and other projects. Under English law, a public company is only entitled to pay a dividend

or otherwise make a distribution to its shareholders: (i) if the company has sufficient distributable reserves (on a standalone

basis) (such distributable reserves demonstrated by reference to a set of accounts drawn to a specific date); (ii) if at the time the

dividend is paid or other distribution is made, the amount of its net assets is not less than the aggregate of its called-up share

capital and non-distributable reserves; and (iii) if and to the extent that the distribution does not reduce the amount of those net

assets to less than such aggregate.

Given these factors, including the capital and investment needs of AngloGold Ashanti, and the board of directors’ discretion to

declare a dividend (including the amount and timing thereof), cash dividends may not be paid in the future.

Certain factors may affect AngloGold Ashanti’s ability to support the carrying amount of its property, plant and

equipment, intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable,

AngloGold Ashanti may be required to recognise an impairment charge, which could be significant.

With the exception of goodwill, AngloGold Ashanti reviews and tests the carrying amount of its assets when events or changes in

circumstances suggest that the carrying amount may not be recoverable. The carrying amount of goodwill associated with the

Company’s mines is tested on annual basis. The Company values individual mining assets at the lowest level for which cash

flows are identifiable and independent of cash flows of other mining assets and liabilities.

If there are indications that impairment may have occurred, AngloGold Ashanti prepares estimates of a recoverable amount for

each group of assets. Expected future cash flows are inherently uncertain and could materially change over time. Recoverable

amounts are significantly affected by Mineral Reserve and production estimates, together with economic factors such as spot

and consensus gold prices and currency exchange rates, as well as discount rates and estimates of costs to produce Mineral

Reserve and future capital expenditure. Estimated rehabilitation and closure costs could also materially affect the Company’s

financial performance and could result in the need to recognise an impairment charge.

If any of these uncertainties occur, either alone or in combination, management could be required to recognise an impairment,

which could have a material adverse effect on the Company’s results of operations and financial condition. For example, during

2023, AngloGold Ashanti recognised impairment losses (net of taxation) of $32 million, $17 million and $90 million in respect of

its CdS mine, Cuiabá mine and Serra Grande mine, respectively, as well as impairment losses (net of taxation) of $25 million in

respect of the Gramalote project (in which it sold its entire 50 percent indirect interest in September 2023). During 2024,

AngloGold Ashanti recognised an impairment reversal (net of taxation) of $44 million in respect of its Cuiabá mine.

AngloGold Ashanti does not have full management control over some of its significant joint ventures and other

projects. If the operators of these joint ventures or projects do not manage these effectively and efficiently, the

Company’s investment in these joint ventures or projects could be adversely affected and its reputation could be

harmed.

AngloGold Ashanti’s joint venture at Kibali in the DRC is managed by the Company’s joint venture partner Barrick following the

completion of the merger between Randgold Resources Limited and Barrick in January 2019. In addition, certain of AngloGold

Ashanti’s existing or proposed joint ventures and projects could be managed by the relevant joint venture or project partner. For

example, in March 2023, AngloGold Ashanti announced that it intends to form a joint venture with Gold Fields Limited related to

the neighbouring Iduapriem and Tarkwa mines located in Ghana and that if the proposed joint venture is implemented it will be

managed by Gold Fields Limited.

As AngloGold Ashanti is not the operator of these non-managed joint ventures or projects, the Company cannot ensure that

these joint ventures or projects are operated, particularly on a day-to-day basis, in compliance with the standards that AngloGold

Ashanti applies to its other operations. If these joint ventures or projects are not operated effectively or efficiently, including as a

result of weaknesses in the policies, procedures and controls implemented by AngloGold Ashanti’s joint venture or project

partners, the Company’s investment in the relevant joint venture or project could be adversely affected. In addition, negative

publicity associated with operations that are ineffective or inefficiently operated, particularly relating to any resulting accidents or

environmental incidents, could harm the Company’s reputation and therefore its prospects and potentially its financial condition.

Furthermore, any failure of joint venture or project partners to meet their obligations to AngloGold Ashanti or to third parties, or

any disputes with respect to the parties’ respective rights and obligations, could have a material adverse impact on AngloGold

Ashanti’s results of operations and financial condition. For example, with respect to the Kibali project in the DRC, AngloGold

Ashanti and Barrick retain equal representation, with neither party holding a deciding vote, on the board of the company that has

overall management control of the joint venture and all major management decisions for this project, including approval of the

budget, require board approval. If a dispute arises between AngloGold Ashanti and Barrick with respect to the Kibali project and

the parties are unable to amicably resolve such dispute, it may be difficult for the parties to make strategic decisions relating to

the project affected by such dispute, the day-to-day operations and the development of such project may be adversely affected

and AngloGold Ashanti may have to participate in proceedings to resolve the dispute, which could adversely affect the

Company’s results of operations and financial condition.

AngloGold Ashanti’s joint venture or project partners may have economic or business interests or goals that are not consistent

with the Company’s or may, as a result of financial or other difficulties, be unable or unwilling to fulfill their obligations under the

joint venture or other project agreements. Disputes between AngloGold Ashanti and its joint venture or project partners may lead

to legal action, including litigation between the Company and its joint venture or project partners. For example, a joint venture or

project partner could decide to sell its shares in the joint venture or project in breach of any pre-emptive rights which the

Company may have under the relevant joint venture or other project agreement. Such disputes could adversely affect the

operation of the joint venture or project, may prevent the realisation of the joint venture’s or project’s goals and could adversely

affect AngloGold Ashanti’s investment in the joint venture or project or harm the Company’s reputation. There is no assurance

that AngloGold Ashanti’s joint venture or project partners will continue their relationship with the Company in the future or that the

Company will be able to achieve its financial or strategic objectives relating to such joint ventures or projects.

Any downgrade of credit ratings assigned to AngloGold Ashanti’s debt securities could increase future interest costs

and adversely affect the availability of new financing.

An actual, anticipated or unexpected negative development of AngloGold Ashanti’s results of operations or cash flows, country

risk, financial metrics, or an increase in its net debt position could result in a deterioration of the Company’s credit ratings.

AngloGold Ashanti’s ratings are influenced inter alia by the location of its domicile and its operations. Furthermore, AngloGold

Ashanti operates in a number of jurisdictions which have a deteriorating credit quality and rating. Any downgrade of AngloGold

Ashanti or any jurisdiction in which the Company has significant operations by any rating agency could increase the Company’s

cost of capital, reduce its investor base and have a material adverse effect on AngloGold Ashanti’s business, results of

operations and financial condition.

The level of AngloGold Ashanti’s indebtedness could adversely impact its business.

At 31 December 2024, AngloGold Ashanti had total borrowings of $1.984 billion (2023: $2.239 billion and 2022: $1.983 billion),

excluding all leases. See “Item 18: Financial Statements—Note 24—Borrowings”.

AngloGold Ashanti’s indebtedness could have a material adverse effect on its flexibility to conduct business. For example, the

Company may be required to use a large portion of its cash flow from operations to pay the principal and interest on its debt,

which will reduce funds available to finance existing operations and the development of new organic growth opportunities and

potential acquisitions. In addition, under the terms of the Company’s borrowing facilities from its banks, AngloGold Ashanti is

obliged to meet certain financial and other covenants. AngloGold Ashanti’s ability to continue to meet these covenants and to

service its debt will depend on its future financial performance, which will be affected by its operating performance as well as by

financial and other factors, including in particular the gold price, certain of which are beyond its control.

Should the cash flow from operations be insufficient, AngloGold Ashanti could breach its financial and other covenants. Covenant

breaches, if interpreted as events of default under one or more debt agreements, could allow lenders to accelerate payment of

such debt. Any such acceleration could result in the acceleration of indebtedness under other financial instruments. As a result,

the Company may be required to refinance all or part of the existing debt, use existing cash balances, issue additional equity or

sell assets. However, the Company may be unable to sell assets on reasonable or profitable terms as and when necessary.

Additionally, AngloGold Ashanti cannot be sure that it will be able to refinance its debt on commercially reasonable terms, if at all.

AngloGold Ashanti’s ability to access the bank, public debt or equity capital markets on an efficient basis may be constrained by

dislocation in the credit markets or capital and liquidity constraints in the banking, debt or equity markets at the time of issuance.

For example, the outbreak of the SARS-CoV-2 virus responsible for COVID-19, which reached pandemic proportions, the

geopolitical tensions and war between Russia and Ukraine, the conflict in the Middle East and the recent inflationary pressures in

the world economy led to disruption and volatility in financial and capital markets. Any prolonged dislocations in financial and

capital markets could impact the Company’s ability to refinance its debt on commercially reasonable terms, if at all, and could as

a result have a material adverse effect on the Company’s funding requirements and overall liquidity.

Any acquisition or acquisitions that AngloGold Ashanti may complete may expose the Company to new geographic,

political, legal, social, operating, financial and geological risks.

AngloGold Ashanti may pursue the acquisition of assets, properties or companies, which may include producing, development as

well as advanced stage exploration assets or properties. Any such acquisition may change the scale of the Company’s business

and operations and may expose it to new geographic, geological, political, social, operating, financial, fiscal, legal, regulatory and

contractual risks as well as jurisdictions which have a deteriorating credit quality and rating. For example, there may be a

significant change in the legal, regulatory and fiscal framework applicable to the Company after it has completed a relevant

transaction; commodity prices may also significantly change after the Company has committed to complete the transaction and

established the purchase price or share exchange ratio; a material ore body may prove below expectations; AngloGold Ashanti

may have more stringent criteria to recognise Mineral Reserve than any acquired business, which may lead to an amount of

Mineral Reserve being recognised by the Company that is lower than the amount determined by such acquired business prior to

the relevant acquisition; AngloGold Ashanti may have difficulty integrating and assimilating the operations and personnel of any

acquired companies, realising anticipated synergies and maximising the financial and strategic position of the combined

enterprise, and maintaining uniform standards, policies and controls; the integration may disrupt the Company’s ongoing

business and its relationships with employees, suppliers and contractors; and the acquisition may divert management’s attention

from AngloGold Ashanti’s day-to-day business. Furthermore, the Company operates and acquires businesses in different

countries, with different regulatory, business and operating cultures, which may exacerbate the risks described in this section. In

addition, the acquired business may have undetected liabilities which may be significant. For example, in November 2024,

AngloGold Ashanti completed its acquisition of Centamin plc, thereby acquiring the Sukari gold mine in Egypt and certain

exploration properties in Côte d’Ivoire. Since the completion of this transaction, the Company is exposed to two new jurisdictions

in Africa (i.e., Egypt and Côte d’Ivoire).

In the event that AngloGold Ashanti chooses to raise debt capital to finance any acquisition, its level of indebtedness will be

increased. Should the Company choose to use equity as consideration for an acquisition, existing shareholders may suffer

dilution. Alternatively, the Company may choose to finance any acquisition with its existing cash resources, which could decrease

its ability to fund future capital expenditures and to service its debt. For example, the consideration offered by AngloGold Ashanti

in connection with its acquisition of Centamin plc consisted of new AngloGold Ashanti shares and a cash component.

AngloGold Ashanti may not be successful in overcoming these risks or any other problems encountered in connection with

acquisitions. Failure by AngloGold Ashanti to implement its acquisition strategy or to integrate acquired businesses successfully

could have material adverse effects on its growth, financial performance and results of operations.

The occurrence of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may

adversely affect cash flows and overall profitability.

AngloGold Ashanti maintains insurance to protect against events which could have a significant adverse effect on its operations

and profitability. This insurance is maintained in amounts that the Company believes to be reasonable depending upon the

circumstances surrounding each identified risk. However, damage and third-party claims arising from catastrophic events may

exceed the limit of liability covered under these insurance policies. Furthermore, AngloGold Ashanti’s insurance does not cover

all potential risks associated with its business and may exclude certain parts of its business. For example, there are specific

exclusions for third-party and public liability insurance cover with respect to certain of the Company’s TSFs. AngloGold Ashanti

may elect not to insure certain risks due to the high premia or for various other reasons, including an assessment that the risks

are remote. For example, while AngloGold Ashanti’s insurance programme includes coverage for cyber-related crimes and

incidents as part of the global insurance programme, such coverage is limited due to its relatively high cost and the sophisticated

nature of cyber-crime. AngloGold Ashanti’s insurance coverage also contains customary exclusions for acts of war and terrorism.

In order to reduce or maintain the cost of its insurance programme, AngloGold Ashanti may in some instances retain a portion of

the financial loss associated with an insurable event. These financial losses could be significant and could have an adverse

effect on its financial condition.

Insurance for certain risks in particular, such as loss of title to mineral property, political risks in certain jurisdictions,

environmental pollution, or other hazards resulting from exploration and production, is not generally available to mining

companies on acceptable terms. The availability and cost of insurance coverage can vary considerably from year to year as a

result of events beyond the Company’s control or as a result of previous claims. This can result in higher premia and periodically

being unable to maintain the levels or types of insurance the Company typically carries.

The failure to obtain adequate insurance could impair the Company’s ability to continue to operate in the normal course of its

business. This could adversely impact its cash flows, results of operations and financial condition.

Market Risks

The price of gold, AngloGold Ashanti’s principal product, and other commodity market price fluctuations could

adversely affect the profitability of operations.

AngloGold Ashanti’s revenues are primarily derived from the sale of gold and, to a lesser extent, silver and sulphuric acid. The

market prices for these commodities fluctuate significantly. These fluctuations are caused by numerous factors beyond the

Company’s control. For example, the market price of gold may change for a variety of reasons, including:

•speculative positions taken by investors or traders in gold;

•monetary policies announced or implemented by central banks, including the U.S. Federal Reserve, such as changes in

interest rates;

•changes in the demand for gold as an investment;

•changes in the demand for gold used in jewellery and for other industrial uses, including as a result of prevailing

economic conditions;

•changes in the supply of gold from production, divestment, scrap and hedging;

•financial market expectations regarding interest rates and the rate of inflation;

•the strength of the U.S. dollar (the currency in which gold trades internationally) relative to other currencies;

•actual or anticipated sales or purchases of gold by central banks and the International Monetary Fund (“IMF”);

•gold hedging and unwinding of hedging by gold producers;

•global or regional political or economic events; and

•the cost of gold production in major gold-producing countries.

The market price of gold has been and continues to be significantly volatile. During 2024, the market spot gold price traded

between a low of $1,993 per ounce and a high of $2,788 per ounce. Between 1 January 2025 and 9 April 2025, the market spot

gold price traded between a low of $2,624 per ounce and a high of $3,167 per ounce. On 9 April 2025, the market spot gold price

was $3,082 per ounce. In addition to protracted declines, the price of gold is also often subject to sharp, short-term changes. For

example, the market spot gold price decreased from a high of $1,674 per ounce on 6 March 2020 to a low of $1,470 per ounce

on 19 March 2020 in the midst of a wider market dislocation related to the COVID-19 pandemic and despite the alleged investor

perception of gold as a relatively safe haven in periods of market volatility.

Any sharp or prolonged fluctuations in the price of gold can have a material adverse impact on the Company’s profitability and

financial condition.

In addition, any announcements or proposals by central banks, such as the U.S. Federal Reserve, or any of its board members

or regional presidents or other similar officials in other major economies, may materially and adversely affect the price of gold

and, as a result, AngloGold Ashanti’s financial condition and results of operations.

Events that affect the supply and demand of gold may have an impact on the price of gold. Demand for gold is also significantly

impacted by trends in China and India, which account for the highest gold consumption worldwide. Government policies in these

countries or other large gold-importing countries could adversely affect demand for, and consequently prices of, gold and, as a

result, may adversely affect AngloGold Ashanti’s financial condition and results of operations.

Furthermore, the shift in demand from physical gold to gold-related investments and speculative instruments may exacerbate the

volatility of the gold price. Slower consumption of physical gold, resulting from a move toward gold-tracking investments or

otherwise, may have an adverse impact on global demand for, and prices of, gold.

A sustained period of significant gold price volatility may adversely affect the Company’s ability to evaluate the feasibility of

undertaking new capital projects or the continuity of existing operations, to meet its operational targets or to make other long-

term strategic decisions. Lower and more volatile gold prices, together with other factors, have led AngloGold Ashanti in the past

and may lead AngloGold Ashanti in the future to alter its expansion and development strategy and consider ways to align its

asset portfolio to take account of such expectations and trends. As a result, the Company may decide to curtail or temporarily or

permanently shut down certain of its exploration and production operations, which may be difficult and costly to effect. A

sustained decrease in the price of gold could also have a material adverse effect on AngloGold Ashanti’s financial condition and

results of operations, as it may be unable to quickly adjust its cost structure to reflect the reduced gold price environment. Mines

with marginal headroom may be subject to decreases in value that are not temporary, which may result in impairment losses.

See “—Certain factors may affect AngloGold Ashanti’s ability to support the carrying amount of its property, plant and equipment,

intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable, AngloGold Ashanti

may be required to recognise an impairment charge, which could be significant”. The market value of gold inventory may be

reduced, and marginal stockpile and heap leach inventories may be written down to net realisable value or may not be

processed further as it may not be economically viable at lower gold prices. In addition, AngloGold Ashanti is obliged to meet

certain financial covenants under the terms of its borrowing facilities and its ability to continue to meet these covenants could be

adversely affected by a further sustained decrease in the price of gold. The use of lower gold prices in Mineral Reserve estimates

or life-of-mine plans from those prices used previously to determine Mineral Reserve or life-of-mine plans could also result in

material impairments of the Company’s investment in mining properties or a reduction in its Mineral Reserve estimates and

corresponding restatements of its Mineral Reserve and increased amortisation, reclamation and closure charges.

Whilst, from time to time, AngloGold Ashanti may enter, and has in the past entered, into gold price hedges on an ad hoc basis

on a portion of its production, the Company does not systematically do so. In addition, even when AngloGold Ashanti enters into

gold price hedges, there is no certainty that such hedges will adequately protect the Company against gold price volatility. For

example, during the fourth quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 300,000

ounces of gold for the period from January 2024 to December 2024 in order to manage gold price downside risk of the high costs

associated with the Brazilian operations. During 2024, AngloGold Ashanti recorded a total realised loss of $86 million in respect

of these gold derivatives, which was partially offset with a $15 million reversal of unrealised losses recorded in prior years,

resulting in a net $71 million loss recorded in 2024. All gold hedges expired at 31 December 2024 and there are no gold hedges

in place for 2025.

The price of silver has also experienced significant fluctuations in past years. During 2024, the silver price varied between a low

of $22.10 per ounce and a high of $34.81 per ounce. On 9 April 2025, the price of silver was $31.03 per ounce.

Factors affecting the price of silver include investor demand, physical demand for silver bars, industrial and retail off-take, and

silver coin minting.

If revenue from sales of gold, silver or sulphuric acid falls below their respective cost of production for an extended period,

AngloGold Ashanti may experience losses and curtail or suspend some or all of its exploration projects and existing operations or

sell underperforming assets. Declining commodities prices, including gold, copper and silver, may also force a reassessment of

the feasibility of a particular project or projects, which could cause substantial delays or interrupt operations until the

reassessment can be completed.

Foreign exchange fluctuations could have a material adverse effect on AngloGold Ashanti’s results of operations and

financial condition.

Gold is principally a U.S. dollar-priced commodity and most of AngloGold Ashanti’s revenues are realised in, or linked to, U.S.

dollars, whilst cost of sales are partly incurred in the local currency where the relevant operation is located. Given AngloGold

Ashanti’s global operations and local foreign exchange regulations, some of its funds are held in local currencies, such as the

Brazilian real, Argentinean peso, Australian dollar, Ghanaian cedi and the South African rand. The weakness of the U.S. dollar

against local currencies results in higher cost of sales and other costs in U.S. dollar terms. Conversely, the strengthening of the

U.S. dollar lowers local cost of sales and other costs in U.S. dollar terms.

Exchange rate movements may have a material impact on AngloGold Ashanti’s operating results. For example, based on

average exchange rates in 2024, the Company estimates that a one percent strengthening of all of the Brazilian real,

Argentinean peso, Australian dollar, Ghanaian cedi, Egyptian pound and the South African rand against the U.S. dollar, other

factors remaining equal (and excluding the effect of any foreign currency hedging arrangements entered into by the Company (if

any)), would have resulted in an increase in cost of sales and total cash costs per ounce of approximately $15 million and $6 per

ounce, respectively.

The profitability of mining companies’ operations and the cash flows generated by these operations are significantly

affected by fluctuations in input production prices, many of which are linked to the prices of oil and steel.

Fuel, energy and consumables, including diesel, heavy fuel oil, chemical reagents, explosives, tyres, steel and mining equipment

used or consumed in mining operations form a significant part of the operating costs and capital expenditure of any mining

company.

AngloGold Ashanti has no influence over the cost of these consumables, many of which are linked to some degree to the price of

oil and steel. Whilst, from time to time, AngloGold Ashanti may implement, and has in the past implemented, financial derivatives

intended to reduce exposure to changes in the oil price, such input cost protection strategies may not always be successful, and

any of the Company’s diesel consumption not covered by these derivatives will continue to be subject to market fluctuations.

The price of oil has fluctuated between $69 and $92 per barrel of Brent Crude oil in 2024. During the year, as a result of

geopolitical tensions, such as the war between Russia and Ukraine, and the conflict in the Middle East, the oil price has been

volatile. As of 9 April 2025, the price of oil was at $63 per barrel of Brent Crude oil.

AngloGold Ashanti estimates that for each $5.00 per barrel rise or fall in the oil price, other factors remaining equal (and

excluding the effect of any oil hedging arrangements entered into by the Company (if any)), cost of sales and total cash costs per

ounce of all its operations change by approximately $16 million or $6.60 per ounce, respectively. The cost of sales and total cash

costs per ounce of certain of the Company’s mines, particularly Siguiri, Geita, Iduapriem, Sukari and Tropicana, which are more

dependent on fuel, are most sensitive to changes in the price of oil. Even when fuel prices are in decline, expected savings may

be partly offset by increases in governments’ fixed fuel levies or the introduction of new levies.

Furthermore, the price of steel has also been volatile. Steel is used in the manufacture of most forms of fixed and mobile mining

equipment, which is a relatively large contributor to the operating costs and capital expenditure of a mine. The price of steel has

fluctuated between a low of $655 and a high of $1,135 per tonne in 2024. On 9 April 2025, the price of flat hot rolled coil (North

American Domestic FOB) was $920 per tonne.

Fluctuations in oil and steel prices have a significant impact on operating costs and capital expenditure estimates and, in the

absence of other economic fluctuations, could result in significant changes in the total expenditure estimates for new mining

projects or render certain projects non-viable, which could have a material adverse impact on the Company’s results of

operations and financial condition.

Fluctuations in the exchange rate of currencies may reduce the market value of AngloGold Ashanti’s securities, as well

as the market value of any dividends or distributions paid by the Company.

AngloGold Ashanti will declare dividends and other distributions, if any, in U.S. dollars. As a result, exchange rate movements

affect the British pound, the South African rand and the Ghanaian cedi value of these dividends, as well as of any other

distributions paid by the relevant depositary to holders of the Company’s securities. Moreover, since the Company’s securities

are denominated in U.S. dollars, and any dividends to be paid in respect of them are expected to be declared in U.S. dollars, an

investment in the Company’s securities by a person whose principal currency is not the U.S. dollar likely exposes the

shareholder or investor to foreign currency risk.

Furthermore, unless the rights attaching to or terms of issue of the relevant shares say otherwise, the Company’s articles of

association allow for dividends and any other money payable in respect of a share to be paid in any currency at the discretion of

the board of directors using an exchange rate selected by the directors for any currency conversions required. If, and to the

extent that, AngloGold Ashanti opts to declare dividends and distributions in any currency other than U.S. dollars, exchange rate

movements will affect the U.S. dollar value of such dividends or distributions. This may reduce the value of the Company’s

securities to investors. Additionally, the market value of AngloGold Ashanti’s securities as expressed in Ghanaian cedis, U.S.

dollars and South African rands will fluctuate in part as a result of foreign exchange fluctuations.

Global political and economic conditions could adversely affect the profitability of operations.

AngloGold Ashanti’s operations and performance depend significantly on worldwide economic conditions. Despite signs of

economic recovery in certain geographic markets, global economic conditions remain fragile with significant uncertainty

regarding recovery prospects, levels of recovery and long-term economic growth effects.

Disruptions to international credit markets and financial systems have caused in the past, and may cause in the future, a loss of

investor confidence resulting in widening credit spreads, a lack of price transparency, increased credit losses and tighter credit

conditions. Any economic recovery may remain limited in geographic scope. A significant risk also remains that this recovery

could be slow or that the global economy could quickly fall back into an even deeper and longer lasting recession or even a

depression.

Global economic turmoil, or the expectation that economic turmoil could worsen, could have follow-on effects on AngloGold

Ashanti’s business that include inflationary cost pressures, interest rate fluctuations and commodity market fluctuations.

Deterioration in economic conditions could lead to a decline, which may be prolonged, in demand for gold and negatively impact

AngloGold Ashanti’s business, and any such negative impact may be material. Furthermore, the geopolitical tensions and war

between Russia and Ukraine and the retaliatory measures that have been taken, and could be taken in the future, by the United

States, the European Union (“EU”), the United Kingdom, NATO and other jurisdictions, as well as the conflict in the Middle East,

have created global security concerns that could result in a regional or global conflict and otherwise have a lasting impact on

regional and global economies, any or all of which could adversely affect AngloGold Ashanti’s business.

Other factors that could negatively affect AngloGold Ashanti’s financial results and results of operations include, for example:

•the insolvency of key suppliers or contractors, which could result in contractual breaches and a supply chain

breakdown;

•the insolvency of one or more joint venture partners, which could result in contractual breaches and disruptions at the

operations of the Company’s joint ventures;

•changes in other income and expense, which could vary materially from expectations, depending on gains or losses

realised on the sale or exchange of financial instruments and impairment charges that may be incurred with respect to

investments;

•a reduction in the availability of credit, which may make it more difficult for the Company to obtain financing for its

operations and capital expenditures or make that financing more costly;

•exposure to the liquidity and insolvency risks of the Company’s lenders and customers; and

•impairment of the carrying value of operations in AngloGold Ashanti’s financial statements.

In addition to the potentially adverse impact on the profitability of the Company’s operations, any deterioration in or increased

uncertainty regarding global economic conditions may increase volatility or negatively impact the market value of AngloGold

Ashanti’s securities.

Energy cost increases and power fluctuations and stoppages could adversely impact AngloGold Ashanti’s results of

operations and financial condition.

Increasing global demand for energy, concerns about nuclear power and the limited growth of new supply are impacting the price

and supply of energy. The transition of emerging markets to higher energy consumption, actual and proposed pricing or taxation

of GHG emissions, climate change-related physical risks, the war between Russia and Ukraine as well as the conflict in the

Middle East, among other factors, could result in increased demand or constrained supply and sharply escalating oil and energy

prices. For example, in Australia, in order to meet the emissions reduction targets outlined in the Safeguard Mechanism and

encourage investment in renewable energy projects, AngloGold Ashanti may be required to purchase Australian Carbon Credit

Units (“ACCUs”) and invest in renewable energy sources.

Electricity sourced from fossil fuel based generation is currently used for most of AngloGold Ashanti’s business and safety-critical

operations, including cooling, hoisting and dewatering. Loss of power can therefore impact production and employee safety, and

prolonged outages could lead to flooding of workings and ore sterilisation. AngloGold Ashanti’s mining operations are

substantially dependent upon a mix of electrical power generated by local power utilities and by its own power generation plants

situated at some of its operations.

The unreliability of local power utilities in some of the countries in which AngloGold Ashanti operates could have a material

adverse effect on the Company’s operations, as significant amounts of power are required for ventilation, exploration,

development, extraction, processing and other mining activities. For example, in Tanzania, government policies have placed

increased pressure on companies to utilise the national grid, which could adversely impact the Company’s mining operations in

the country due to potential power quality supply concerns as the national grid expands to meet increasing load demands while

transitioning from a thermal to hydroelectric base.

Certain of AngloGold Ashanti’s mining operations depend on supplies of fuel delivered by road which have been disrupted in the

past and may be disrupted again in the future. Any such disruptions could negatively impact operating costs and cash flows from

these operations. For example, in December 2023, Guinea’s fuel supply distribution within the country was impacted due to an

oil terminal blast that damaged fuel tanks and pipelines at the main oil terminal handling fuel imports, creating widespread

shortages of fuel in the country. Similarly, Western Australia experienced an exceptional flooding event in March 2024, resulting

in site access roads being temporarily closed and disrupting operations for several weeks.

Inflation may have a material adverse effect on results of operations.

Many of AngloGold Ashanti’s operations are located in countries that have experienced high rates of inflation during certain

periods and inflationary pressures have been exacerbated by geopolitical tensions and supply constraints resulting in increases

in energy and other input commodity costs. It is possible that significantly higher future inflation in the countries in which the

Company operates may result in an increase in operational costs in local currencies (without a concurrent devaluation of the

local currency of operations against the U.S. dollar or an increase in the U.S. dollar price of gold). This could have a material

adverse effect on the Company’s results of operations and financial condition. Significantly higher and sustained inflation, with a

consequent increase in operational costs, could result in the rationalisation (including closure) of higher-cost mines or projects.

Furthermore, when inflation reaches highly inflationary levels in a country in which the Company operates, social unrest and

union activity may increase, which in turn may have an adverse effect on AngloGold Ashanti’s operational costs and results of

operation in that country.

Of particular concern is the high inflation rate in Argentina which was recorded at 118 percent in 2024, 193 percent in 2023, 95

percent in 2022, 51 percent in 2021, and 36 percent in 2020. Hyper-inflationary reporting will be reflected in the financial

Other Regulatory and Legal Risks

Failure to comply with laws, regulations, standards and contractual obligations, breaches in governance processes or

fraud, bribery and corruption may lead to regulatory penalties, loss of licences or permits, negative effects on

AngloGold Ashanti’s reported financial results, and adversely affect its reputation.

AngloGold Ashanti’s operations must comply with the U.S. Foreign Corrupt Practices Act, the UK Bribery Act and similar anti-

corruption and anti-bribery laws of the jurisdictions in which AngloGold Ashanti operates. There has been a substantial increase

in the global enforcement of these laws and an increased focus on the actions of mining companies. Any violation of such laws

could result in significant criminal or civil sanctions. Conversely, in certain circumstances, strict compliance with anti-bribery laws

may conflict with certain local customs and practices. Since AngloGold Ashanti operates globally in multiple jurisdictions,

including those with less developed political and regulatory environments, and within numerous and complex frameworks, its

governance and compliance processes may not prevent potential breaches of law, accounting principles or other governance or

customary practices.

AngloGold Ashanti’s Code of Business Principles and Ethics, Business Integrity Group Policy and Anti-Bribery and Anti-

Corruption Group Standard, among other policies, standards and guidance, and training thereon may not prevent instances of

unethical or unlawful behaviour, including bribery or corruption. They also may not guarantee compliance with legal and

regulatory requirements and may fail to enable management to detect breaches of such requirements.

Sanctions for failure by the Company or others acting on its behalf to comply with these laws, regulations, standards and

contractual obligations could include fines, penalties, resignation or removal of officers, imprisonment of officers, litigation, and

loss of operating licences or permits, suspensions of operations and negative effects on AngloGold Ashanti’s reported financial

results and may damage its reputation. Such sanctions could have a material adverse impact on the Company’s financial

condition and results of operations.

AngloGold Ashanti is subject to the risk of litigation, the causes and costs of which are uncertain.

AngloGold Ashanti is subject to litigation, arbitration and other legal proceedings arising in the normal course of business and

may be involved in disputes that may result in litigation. The causes of potential future litigation cannot be known and may arise

from, among other things, business activities, environmental, health and safety concerns, share price volatility or failure to

comply with disclosure obligations. The results of litigation cannot be predicted with certainty but could include costly damage

awards or settlements, fines, and the loss of licences, concessions, or rights, among other things. Should AngloGold Ashanti be

unable to resolve disputes favourably or to enforce its rights, this may have a material adverse impact on its financial

performance, cash flow and results of operations. For information on certain legal and other proceedings involving the Company,

see “Item 8A: Legal Proceedings”.

In addition, in the event of a dispute, AngloGold Ashanti may not be successful in establishing the jurisdiction of the courts in

England and Wales and/or may be subject to the jurisdiction of courts outside of England and Wales. An adverse or arbitrary

decision of a foreign court could have a material adverse impact on AngloGold Ashanti’s financial performance, cash flow and

results of operation.

Compliance with “conflict minerals” and “responsible gold” legislation and standards could result in significant costs.

Stringent standards relating to “conflict minerals” and “responsible” gold including, but not limited to, the U.S. Dodd-Frank Act,

the EU Regulation 2017/821 on supply chain due diligence obligations for EU importers of gold originating from conflict-affected

and high-risk areas, the OECD Due Diligence Guidelines for Responsible Supply Chains of Minerals from Conflict-Affected and

High-Risk Areas, the World Gold Council Conflict-Free Gold Standard and the London Bullion Market Association Responsible

Gold Guidance have been introduced. Any such legislation and standards may result in significant costs to ensure and

demonstrate compliance (particularly where standards change rapidly or lack certainty due to court challenges) and may

complicate the sale of gold emanating from certain areas. The complexities of the gold supply chain, especially as they relate to

“scrap” or recycled gold, and the fragmented and often unregulated supply of artisanal and small-scale mined gold are such that

there may be significant uncertainties at each stage in the chain as to the provenance of the gold. As a result of the uncertainties

in the process, the costs of due diligence and audit, or the reputational risks of defining their product or a constituent part as

containing a “conflict mineral” may be too burdensome for the Company’s customers. Accordingly, manufacturers may decide to

switch supply sources or to substitute gold with other minerals not covered by the initiatives. This could have a material negative

impact on the gold industry, including on AngloGold Ashanti’s results of operations and financial condition.

AngloGold Ashanti’s operations are subject to various climate change-related physical risks which may adversely

impact its production activities, mine sites and personnel and/or result in resource shortages or environmental

damages.

AngloGold Ashanti’s operations are exposed to a number of physical risks resulting from or exacerbated by climate change, such

as changes in rainfall rates or patterns leading to increased water stress or floods, rising sea levels, higher temperatures, fires

and severe weather events such as tropical cyclones. These events or conditions could disrupt the Company’s mining, transport

and supply chain operations, mineral processing and environmental rehabilitation efforts, create resource or energy shortages,

damage the Company’s property or equipment and increase on-site health and safety risks due to, for example, erosion and

geotechnical instability. Extreme rainfall events are also a significant risk for AngloGold Ashanti’s Australian operations. For

example, in March 2024, significant rains, and subsequent flooding in the area where the Tropicana mine is located, resulted in

the temporary suspension of mining and processing operations. The 375-kilometre-long Tropicana access road, which is used to

transport supplies of fuel, consumables and reagents to the site, was closed for approximately three and a half weeks due to

flooding in several areas. When reagent supplies were exhausted the processing plant was taken offline for approximately one

week. Open pit mining was suspended for approximately three weeks, and underground mining was suspended for six days. A

significant increase in rainfall also has the potential to adversely impact normal TSF operating procedures, as well AngloGold

Ashanti’s ability to operate processing plants in the event it is unable to discharge process water due to insufficient capacity in

the receiving TSF pool. In contrast, increasing water stress at some of AngloGold Ashanti’s operations in Africa could in the

future, negatively impact the Company’s ability to successfully implement its environmental rehabilitation programmes and/or to

suppress dust from its operations. These events or conditions also could have adverse effects on AngloGold Ashanti’s workforce

and on the communities around its mines, such as an increased risk of food insecurity, drinking water scarcity, access to power

and prevalence of disease.

In 2021, AngloGold Ashanti completed climate change-related physical risk assessments for all of its operated assets as well as

the Quebradona project. While the assessments indicated that many of the identified physical climate risks were already included

in the risk management strategy for these sites, AngloGold Ashanti may not have identified all potential risks or all the potential

impacts of such risks. Events or conditions that are unprecedented or unanticipated, or are otherwise not adequately addressed

by AngloGold Ashanti’s adaptation and risk management strategies, could have a material adverse effect on its production

activities, assets, results of operations and financial condition.

Compliance with emerging climate change-related requirements, including stricter regulations and the potential

imposition of carbon taxes or greenhouse gas (“GHG”) emissions cap-and-trade schemes or the elimination of related

subsidies, could result in significant additional costs and expose AngloGold Ashanti to additional liabilities.

GHGs are emitted directly by AngloGold Ashanti’s operations as well as by external utilities from which AngloGold Ashanti

purchases electricity. As a result of commitments made at the UN Climate Change Conference in Durban, South Africa in

December 2011, certain members of the international community negotiated a treaty at the Conference of the Parties of the UN

Framework Convention on Climate Change in Paris in December 2015 (the “Paris Agreement”). The Paris Agreement, which

came into force in November 2016, requires signatory countries to set targets for GHG emissions reductions. In order to meet

national reduction commitments, including a goal of “net zero” GHG emissions or carbon neutrality by 2050 set by numerous

jurisdictions, various countries have adopted, and in the future will likely continue to implement or adopt additional measures

addressing GHG emissions, including stricter GHG emissions limits and/or some form of carbon pricing. In 2021, AngloGold

Ashanti committed to the International Council on Mining & Metals (“ICMM”) target of achieving net zero Scope 1 and Scope 2

GHG emissions by 2050. Additionally, in partnership with targeted suppliers, AngloGold Ashanti expects to continue to work on

Scope 3 GHG emissions accounting and to explore opportunities, where feasible, to address material Scope 3 GHG emissions

consistent with its commitment, as a member of the ICMM, to set Scope 3 GHG emissions reduction targets. In 2022, AngloGold

Ashanti announced a 2030 target to achieve a 30 percent reduction in its absolute Scope 1 and 2 GHG emissions, as compared

to a 2021 baseline, through a combination of renewable energy projects, fleet electrification, lower-emission power sources and

alternative fuels. The capital cost for these investments is currently anticipated to be approximately $1.1 billion, the majority of

which is anticipated to be funded through third-party funding, including from providers of renewable energy infrastructure.

Carbon pricing refers to various initiatives that seek to internalise the social or environmental cost of carbon emissions on

industries by imposing taxes, cap-and-trade schemes and/or elimination of free credits for GHG emissions. As governments

continue to set aggressive decarbonisation targets to meet the commitments made as a result of the Paris Agreement, carbon

pricing systems have been and are likely to continue to be implemented in jurisdictions where AngloGold Ashanti operates

including, for example, Australia’s Safeguard Mechanism. Such measures could require AngloGold Ashanti to reduce its direct

GHG emissions or energy use or to incur significant costs for GHG emissions allowances or taxes, including as a result of costs

or taxes passed on by electricity utilities which supply the Company’s operations. AngloGold Ashanti could also incur significant

costs associated with capital equipment to reduce GHG emissions, as well as GHG monitoring and reporting and other

obligations to comply with applicable requirements. Such measures could drive up the costs of capital goods, energy and other

utility costs that are critical inputs to the Company’s mining operations. Certain countries, including Brazil, are developing or are

considering GHG trading or tax schemes and/or other regulation of GHG emissions, although the precise impact on AngloGold

Ashanti’s operations cannot yet be determined for pending or proposed schemes or regulations until final requirements are

issued or enacted by the relevant authority.

AngloGold Ashanti’s ability to implement changes to decarbonise its operations varies across its portfolio. In regions which

currently rely more on fossil fuels for energy, such as the Company’s mines in Australia and Tanzania, mandated GHG reductions

and/or carbon pricing measures could have a material adverse effect on AngloGold Ashanti’s production activities, results of

operations and financial condition. See also “Item 4B: Business Overview—Sustainability and Environmental, Social and

Governance (“ESG”) Matters”.

Additionally, a number of regulators are adopting or considering new environmental disclosure rules. For example, in March

2024, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 34-99678 and No.

33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “Final Rules”), which require

registrants to provide certain climate-related information in their registration statements and annual reports. The SEC stayed the

effectiveness of the Final Rules in April 2024 and in March 2025 announced it was ending its defense of the rules in pending

litigation, meaning it is uncertain if or when compliance will be mandated. However, a number of other jurisdictions, including the

United Kingdom, are also mandating disclosure of climate-related risks and effects. These recently enacted and proposed

regulations may impose meaningful costs and demand significant attention from management, all of which could affect

AngloGold Ashanti’s business and its results of operations.

Climate change and the transition to a lower carbon global economy may also result in heightened market volatility and an

uncertain environment for investment demand for gold. Any related sustained economic downturn or disruptions in certain

industrial sectors where gold is integral to manufacturing, including electronic devices such as phones, computers and global

positioning systems as well as jewellery, could reduce the demand for gold and, consequently, have an adverse impact on

AngloGold Ashanti’s production, financial condition and results of operations.

Increasing scrutiny and changing expectations from AngloGold Ashanti’s stakeholders, including communities,

governments and NGOs as well as investors, lenders and other market participants, with respect to AngloGold

Ashanti’s ESG performance and policies may impact AngloGold Ashanti’s reputation, result in additional costs to meet

the expectations of stakeholders, hinder access to capital or expose AngloGold Ashanti to additional risks, including

disinvestment and litigation.

Companies across all industries are facing increasing scrutiny related to ESG issues, including their internal ESG policies and

governance practices. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market

participants are increasingly focused on ESG-related matters and in recent years have placed increasing importance on the

environmental and social costs and impact of their investments. The increased focus and activism related to ESG and similar

matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a

result of their assessment of a company’s ESG practices. In addition, host communities, as well as certain governmental and

non-governmental actors, are increasingly focused on a company’s ability to operate in a sustainable manner and to mitigate

related risks, as well as the public commitments and quantitative metrics used to demonstrate ESG-related performance and

track progress. For AngloGold Ashanti, this includes, in particular, the safe operation of its mines, mitigating its impact to local

environments and communities affected by its operations and reducing GHG emissions in line with the Company’s voluntary

commitments. If AngloGold Ashanti’s performance fails, or is perceived to fail, to meet internal, mandatory or adopted external

ESG standards, or AngloGold Ashanti otherwise fails to satisfy stakeholder expectations with respect to its commitments and

performance, regardless of whether there is a legal requirement to do so, such failure could result in reputational damage to and

litigation against the Company and its business, financial condition, and/or stock price could be materially and adversely affected.

In particular, AngloGold Ashanti faces growing pressures from stakeholders, who are increasingly focused on climate change, to

prioritise energy efficiency in its operations, reduce its carbon footprint and improve water and other resource consumption, as

well as to be transparent about how climate-related risks and opportunities are managed to foster and promote business

resiliency, accountability and stakeholder value. AngloGold Ashanti has implemented numerous initiatives to reduce its GHG

emissions, by installing new technology, such as heat pumps and underground cooling and water treatment systems, reducing

power consumption and improving energy efficiency. AngloGold Ashanti has also made certain voluntary commitments to take

future actions, including with respect to GHG emissions reductions. AngloGold Ashanti continues to maintain its governance

around climate-related risks and opportunities, including implementing the action plans of its Climate Change Strategy, which

was approved by its board in November 2021. Nevertheless, AngloGold Ashanti may be required to implement even more

stringent ESG practices or standards to meet the expectations of existing and future stakeholders and, if the Company fails to

achieve these objectives or to adhere to internal, mandatory or adopted external standards, or is perceived to be insufficiently

committed to addressing ESG concerns across all of its operations and activities, the Company’s reputation and brand image

could be damaged, it could lose the trust of its stakeholders (including governments, NGOs, investors, customers and

employees) or be subject to litigation brought by those stakeholders, and its business, financial condition and results of

operations could be adversely impacted.

In January 2024, along with other ICMM member companies, AngloGold Ashanti voluntarily committed to a new Nature Position

Statement containing five overarching objectives that support a nature positive future by 2030, expanding on the previous

existing ICMM biodiversity commitments. Pursuit of the new commitments are expected to be spread over the operational life of

operations and may require material investment of resources, including financial, specialist and technological resources. Failure

to achieve these commitments, whether actual or as perceived by the Company’s stakeholders, may pose reputational and

disinvestment risks to the Company.

ESG practices, especially regarding inclusion, diversity and equity (“ID&E”), have been increasingly subject to political

controversy in the United States in recent years. AngloGold Ashanti’s policies and practices regarding ID&E and other ESG-

related matters, including previously established goals and initiatives, or disclosures that may be required by non-U.S. law, may

expose the Company to legal, reputational and other risks, including anti-ESG and anti-ID&E-related orders, investigations,

legislation, litigation, media coverage and scrutiny, boycotts and negative publicity from investors and other stakeholders.

AngloGold Ashanti cannot predict what regulatory or other changes may occur in the future as a result of this controversy, and

the Company may not be able to meet the conflicting expectations of some or all of its investors, customers, vendors, employees

and other third parties (including governmental entities and officials and non-governmental organisations) regarding various

aspects of its business, including with respect to ID&E and other ESG matters.

Transfers of AngloGold Ashanti ordinary shares may be subject to stamp duty or SDRT in the United Kingdom, which

would increase the cost of dealing in AngloGold Ashanti ordinary shares.

Stamp duty and/or stamp duty reserve tax (“SDRT”) are generally imposed in the United Kingdom on certain transfers of

chargeable securities (which include shares in companies incorporated in the United Kingdom) at a rate of 0.5 percent of the

amount or value of the consideration paid for the transfer. Certain transfers of shares (a) to, or to a nominee or an agent for, a

person whose business is or includes the provision of clearance services (including DTC or its nominees) (a “Clearance

Service”); or (b) to, or to a nominee or an agent for, a person whose business is or includes issuing depositary receipts (a

“Depositary Receipt System”), are charged at a higher rate of 1.5 percent.

Pursuant to arrangements that AngloGold Ashanti has entered into with DTC, AngloGold Ashanti ordinary shares are currently

eligible to be held in book-entry form through the facilities of DTC. Based on the Company’s understanding that DTC has not

made an election under section 97A(1) of the UK Finance Act 1986, transfers of AngloGold Ashanti ordinary shares held in book-

entry form through DTC should not attract a charge to UK stamp duty or SDRT.

A transfer of AngloGold Ashanti ordinary shares (a) from within the DTC system out of DTC, (b) on sale of the AngloGold Ashanti

ordinary shares outside of DTC, or (c) in connection with a redeposit of AngloGold Ashanti ordinary shares into DTC, may be

liable to UK stamp duty or SDRT. See “Item 10E: Taxation—United Kingdom Taxation—UK Tax Consequences of Holding

AngloGold Ashanti’s Ordinary Shares”.

It is possible that the United Kingdom may amend its laws applicable to UK stamp duty or SDRT, or enact new laws in this field,

which could have a material adverse effect on the cost of trading in, or issuing, AngloGold Ashanti ordinary shares.

AngloGold Ashanti’s inability to maintain effective disclosure controls and procedures and an effective system of

internal control over financial reporting can be expected to negatively impact its ability to accurately and timely report

its financial results and other material disclosures or otherwise cause it to fail to meet its reporting obligations, which

could have a material adverse effect on its operations, investor confidence in its business and the reliability of its

financial statements, and the trading price of AngloGold Ashanti’s ordinary shares.

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of AngloGold Ashanti’s financial statements for external purposes in accordance with IFRS

Accounting Standards as issued by the International Accounting Standards Board (“IASB”). Disclosure controls and procedures

are designed to ensure that information required to be disclosed by a company in reports that it files or submits under the U.S.

Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarised and reported within the

time periods specified in the rules and forms of the SEC. These disclosure controls and procedures include without limitation,

controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or

submits under the Exchange Act is accumulated and communicated to the Company’s management, including its chief executive

officer and chief financial officer, as appropriate to allow timely decisions regarding disclosure. See “Item 15: Controls and

Procedures”.

As previously reported, the Company had identified material weaknesses that caused its disclosure controls and procedures and

its internal control over financial reporting to be ineffective as of 31 December 2023. As of the date of this annual report on Form

20-F, one of the previously identified material weaknesses has not been remediated and accordingly the Company’s disclosure

controls and procedures and its internal control over financial reporting remain ineffective. The Company’s management is

actively engaged in the planning for, and implementation of, remediation efforts to address the material weakness but there can

be no assurance those efforts will be successful. Additionally, the Company has incurred and expects to continue to incur

additional expenses and to spend significant management time and resources in complying with testing requirements and

working to establish effective disclosure controls and procedures and internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is

a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented

or detected on a timely basis. As such, if the Company does not remediate this material weakness in a timely manner, or if

additional material weaknesses are discovered, they may adversely affect the Company’s ability to record, process, summarise

and report financial information timely and accurately and, as a result, the Company’s financial statements may contain material

misstatements or omissions. Additionally, the Company’s internal control environment and remediation efforts do not provide

absolute assurance with regard to timely detection or prevention of control deficiencies and thus do not insulate the Company

from the possibility of future failures to meet its financial reporting obligations.

It is possible that additional control deficiencies could be identified by the Company’s management or by its independent

registered public accounting firm in the future or may occur without being identified. Such a failure could require the Company to

again incur the challenges and expenses associated with remediation, result in regulatory scrutiny, investigations, enforcement

actions or litigation, cause investors to lose confidence in the Company’s reported financial condition and have a negative effect

on the trading price of AngloGold Ashanti’s ordinary shares, lead to a default or event of default under the Company’s

indebtedness, reduce the Company’s ability to obtain debt, equity or quasi-equity financing or increase the cost of any such

financing, and otherwise have a material adverse effect on its business, financial condition, results of operations and cash flows.

Breaches in cybersecurity and violations of data protection laws may adversely impact or disrupt AngloGold Ashanti’s

business.

AngloGold Ashanti maintains global information, digital technology and communication networks and applications to support its

business activities. AngloGold Ashanti outsources several digital technology functions and applications to third-party vendors and

these engagements may have an impact on the overall cybersecurity position of the Company. The primary company systems

managed by third-party vendors include, cloud infrastructure, data centre management, server/personal computing support,

enterprise resource planning business applications, email and digital documents and the Cyber Security Operations Centre.

The sophistication and magnitude of cybersecurity incidents are increasing and include malicious software, ransomware and

other attempts to gain unauthorised access to data and other electronic security and protected information breaches that could

lead to production downtimes, operational delays, safety incidents, the compromising of confidential or otherwise protected

information, destruction or corruption of data, other manipulation or improper use of AngloGold Ashanti’s systems and networks.

Continuous cyber breaches via third-party solutions have also become increasingly frequent.

Digital technology security processes may not prevent future malicious actions, denial-of-service attacks, or fraud, which could

result in the corruption of operating systems, theft of commercially sensitive data, misappropriation of funds and business and

operational disruption. AngloGold Ashanti’s insurance programme includes limited coverage for cyber-related crimes and

incidents as part of the global insurance programme and there can be no assurance that any cybersecurity incident will be

adequately covered by insurance, if at all. Any cybersecurity attacks of breaches could significantly disrupt AngloGold Ashanti’s

business operations and cause the Company to suffer financial losses, including the cost of remedial actions, the loss of

business or customers, and reputational harms.

AngloGold Ashanti must continuously monitor the solutions implemented to support its global digital technology and

communication networks and applications to maintain a suitable and well-managed environment. There can be no assurance

that these efforts will always be successful. See “Item 16K: Cybersecurity”.

In addition, the interpretation and application of consumer and data protection laws in England and Wales, the United States and

elsewhere are evolving. It is possible that these laws may be interpreted and applied in a manner that is inconsistent with

AngloGold Ashanti’s data practices. Complying with these various laws is essential and could cause the Company to incur

substantial costs or require it to change its business practices in a manner adverse to its business.

U.S. securities laws do not require AngloGold Ashanti to disclose as much information to investors as a U.S. issuer is

required to disclose, and investors may receive less information about the Company than they might otherwise receive

from a comparable U.S. company.

AngloGold Ashanti is currently subject to the periodic reporting requirements of the SEC and the New York Stock Exchange that

apply to “foreign private issuers”. The periodic disclosure required of foreign private issuers under applicable rules is more limited

than the periodic disclosure required of U.S. issuers. Accordingly, there may be less publicly available information concerning

AngloGold Ashanti than there is for U.S. public companies as long as the Company avails itself of the exemptions afforded to

foreign private issuers. In addition, AngloGold Ashanti is not required to file or furnish periodic reports and financial statements

with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. As a

result, investors will also receive less timely financial reports than they otherwise might receive from a comparable U.S. company

or from certain of the Company’s peers in the industry. This may have an adverse impact on investors’ ability to make decisions

about their investment in AngloGold Ashanti.

ITEM 4: INFORMATION ON THE COMPANY

4A.HISTORY AND DEVELOPMENT OF THE COMPANY

GROUP INFORMATION

The Group was initially formed in June 1998 with the consolidation of the gold mining interests of Anglo American plc and it

underwent a business combination with Ashanti Goldfields Company Limited in April 2004.

In September 2023, the Group completed a corporate restructuring whereby its operations were reorganised under a new parent

company, AngloGold Ashanti plc, incorporated in England and Wales and tax resident in the United Kingdom, with a primary

listing of its ordinary shares on the NYSE. Upon completion of the corporate restructuring, AngloGold Ashanti plc became the

listed UK parent company of the Group and the successor issuer to AngloGold Ashanti Limited. The previous South African

parent company of the Group, AngloGold Ashanti Limited, became a direct, wholly-owned subsidiary of AngloGold Ashanti plc

and was renamed AngloGold Ashanti (Pty) Ltd. AngloGold Ashanti Holdings plc, the Isle of Man company holding all of the

Group’s operations and assets located outside South Africa, also became a direct, wholly-owned subsidiary of AngloGold Ashanti

plc.

CURRENT PROFILE

AngloGold Ashanti plc (Registration No. 14654651; LEI No. 2138005YDSA7A82RNU96) was incorporated as a private limited

company under the laws of England and Wales on 10 February 2023 and was re-registered as a public limited company and

changed its name to AngloGold Ashanti plc on 22 June 2023 for the purposes of carrying out the corporate restructuring. On 25

September 2023, upon completion of the corporate restructuring, AngloGold Ashanti plc became the parent company of the

Group. The Company operates under the UK Companies Act 2006, as amended (the “UK Companies Act”).

The Company’s legal and commercial name is AngloGold Ashanti plc. Its registered office is located at 4th Floor, Communications

House, South Street, Staines-upon-Thames, Surrey, TW18 4PR, United Kingdom. The Company’s principal executive office is

located at 4th Floor, Communications House, South Street, Staines-upon-Thames, Surrey, TW18 4PR, United Kingdom. The

Group’s global headquarters are located at 6363 S. Fiddlers Green Circle, Suite 1000, Greenwood Village, CO 80111, United

States of America. AngloGold Ashanti’s agent for service of process in the United States is AngloGold Ashanti North America

Inc., 6363 S. Fiddlers Green Circle, Suite 1000, Greenwood Village, CO 80111, United States of America. The general telephone

number is +44 (0) 203 968 3320 and the internet address is https://www.anglogoldashanti.com. No material on the AngloGold

Ashanti website forms any part of, or is incorporated by reference into, this annual report on Form 20-F. References herein to the

Company’s website shall not be deemed to cause such incorporation.

While AngloGold Ashanti’s primary listing is on the NYSE, the Company also maintains secondary listings on the JSE and A2X in

South Africa and the GSE in Ghana.

The SEC maintains a public internet site that contains AngloGold Ashanti’s filings with the SEC and reports, proxy and

information statements, and other information regarding issuers that file electronically with the SEC (http://www.sec.gov).

HISTORY AND SIGNIFICANT DEVELOPMENTS

Below are highlights of key corporate activities from 1998:

1998

•Formation of AngloGold Limited through the consolidation of East Rand Gold and Uranium Company Limited; Eastvaal Gold

Holdings Limited; Southvaal Holdings Limited; Free State Consolidated Gold Mines Limited; Elandsrand Gold Mining

Company Limited; H.J. Joel Gold Mining Company Limited and Western Deep Levels Limited into a single, focused,

independent gold mining company. Vaal Reefs Exploration and Mining Company Limited (Vaal Reefs), the vehicle for the

consolidation, changed its name to AngloGold Limited and increased its authorised share capital, effective 30 March 1998.

1998-2004

•Expansion of AngloGold Limited’s operations outside of South Africa.

2004

•Conclusion of the business combination with Ashanti Goldfields Company Limited, at which time the Company changed its

name to AngloGold Ashanti Limited.

2007

•Sale by Anglo American plc of 69,100,000 ordinary shares of AngloGold Ashanti, thereby reducing Anglo American’s

shareholding in AngloGold Ashanti from 41.7 percent to 16.6 percent.

2009

•Sale by Anglo American plc of its remaining shareholding in AngloGold Ashanti to Paulson & Co. Inc.

2012

•Acquisition of the remaining 50 percent interest in Serra Grande in Brazil for $215 million.

•Acquisition of 100 percent of First Uranium (Proprietary) Limited for $335 million.

2013

•Commission of two new gold projects — Tropicana and Kibali — in the second half of 2013.

2015

•Sale of the Cripple Creek & Victor gold mine in Colorado, USA for $819 million.

2017

•South Africa region restructured — TauTona mine placed on orderly closure.

2018

•Completion of the sales of the Moab Khotsong and Kopanang mines in South Africa for $300 million and $9 million,

respectively.

2020

•Sale of the remaining South African producing assets and related liabilities to Harmony for $200 million plus deferred

consideration based on future production at the Mponeng mine.

•Completion of the sales of the Sadiola and Morila mines in Mali for cash proceeds of $25 million and $1 million, respectively.

2022

•Acquisition of the remaining 80.5 percent interest in Corvus Gold Inc. (“Corvus Gold”), in Nevada, USA for a cash

consideration of $365 million.

•Acquisition of 100 percent of Coeur Sterling, Inc. (“Coeur Sterling”), in Nevada, USA for a cash consideration of $152 million.

2023

•Completion of AngloGold Ashanti’s corporate restructuring resulting in incorporation in England and Wales, tax residency in

the United Kingdom and primary listing on the NYSE.

•Córrego do Sítio (CdS) mine in Brazil placed on care and maintenance.

•Sale of Gramalote Project in Colombia for a total consideration of up to $60 million (subject to certain conditions).

2024

•On 19 January 2024, AngloGold Ashanti completed its initial acquisition of an 11.7 percent interest in G2 Goldfields Inc., a

Canadian gold mining company with exploration properties in Guyana, South America, for a consideration of approximately

C$22.1 million. Throughout the remainder of 2024, AngloGold Ashanti increased its ownership interest in G2 Goldfields Inc. to

approximately 15 percent for an additional consideration of approximately C$16.7 million, bringing the total consideration paid

to approximately C$38.8 million.

•On 17 October 2024, AngloGold Ashanti and IAMGOLD Corporation completed the sale of each of their 40 percent interests

in Société d’Exploitation des Mines d’Or de Yatela S.A. (“Yatela”), the company operating the Yatela gold mine, to the

Government of Mali. Following completion of this transaction, AngloGold Ashanti no longer owns any mining operations in

Mali.

•On 22 November 2024, AngloGold Ashanti completed its acquisition of Centamin plc, a Jersey gold mining and exploration

company whose primary asset is the Sukari gold mine in Egypt, for a consideration of approximately $2.2 billion comprising a

combination of AGA shares and cash.

CAPITAL EXPENDITURE AND DIVESTITURES

For information concerning the Company’s principal capital expenditures currently in progress, including the distribution of these

investments geographically and the method of financing, refer to “Item 4B: Business Overview—AngloGold Ashanti Global

Operations: 2024”, “Item 5A: Operating Results—Comparison of capital expenditure in 2024, 2023 and 2022” and “Item 5B:

Liquidity and Capital Resources”.

For information concerning the Company’s divestitures since 1 January 2022, including the sale of its 40 percent indirect interest

in Yatela to the Government of Mali on 17 October 2024 and the sale of its 50 percent indirect interest in the Gramalote Project to

B2Gold Corp. on 29 September 2023, refer to “Item 5: Operating and Financial Review and Prospects—Overview”.

4B.BUSINESS OVERVIEW

AngloGold Ashanti plc (AngloGold Ashanti) is an independent, global gold mining company with a diverse portfolio of operations,

projects and exploration activities across 11 countries on four continents. While gold is our principal product, we also produce

silver (Argentina) and sulphuric acid (Brazil) as by-products. We have projects in Colombia, including the Quebradona mine that

is expected to produce both gold and copper, in Côte d’Ivoire and in the United States where we are also continuing exploration

activities. The Group is headquartered in Denver, Colorado in the United States. The Company’s registered office and principal

executive office are located in the United Kingdom. The Group also retains a substantial corporate office in Johannesburg, South

Africa.

PRODUCTS

AngloGold Ashanti’s main product is gold. Once mined, the gold ore is processed into doré (unrefined gold bars) on site and then

dispatched to precious metals refineries for refining to a purity of at least 99.5 percent, in accordance with the standards of ‘good

delivery’ as determined by the London Bullion Market Association (LBMA). This refined gold is then sold directly to bullion banks.

By-products of our gold mining operations, often a function of local geological characteristics, include silver in Argentina and

sulphuric acid in Brazil.

OPERATIONS

We have developed a high-quality, well-diversified asset portfolio, including production from 11 operations in eight countries

(Argentina, Australia, Brazil, Egypt, Ghana, Guinea, the DRC and Tanzania) supported by greenfields projects in the United

States, Colombia and Côte d’Ivoire. We also have a focused global exploration programme. Our portfolio comprises long-life,

operating assets with differing ore body types, located in key gold-producing regions around the world.

Our operations and projects are grouped regionally as follows:

•Africa (DRC, Egypt, Ghana, Guinea and Tanzania, and projects in Côte d’Ivoire);

•Americas (Argentina and Brazil, and projects in the United States and Colombia); and

•Australia (Australia).

EXPLORATION

Our exploration programme is focused on creating significant value for the Company’s stakeholders by providing long-term

optionality and improving the quality of our asset portfolio. We have a successful track record of growth through our greenfields

and brownfields exploration programmes.

Greenfields exploration aims to discover large, high-value deposits that will lead to the development of new, stand-alone gold

mines. Brownfields exploration focuses on delivering value-accretive additions to sustain and grow our existing mines, as well as

driving development of future mines at our advanced projects. AngloGold Ashanti’s discoveries include La Colosa and

Quebradona (Nuevo Chaquiro) in Colombia and Silicon-Merlin in Nevada, USA.

GOLD MARKET

According to the World Gold Council (WGC), total gold demand in 2024 (including over-the-counter (OTC) investment) was the

highest on record and saw an annual average market spot gold price of $2,386 per ounce. Demand for gold rose one percent to

4,974 tonnes in 2024 due to continued OTC investment and stock flows. Demand for gold in investment grew by 25 percent.

Increased demand for gold ETFs fuelled the rise in overall investment as demand for bars and coin remained in line with 2023,

although there was a shift in composition as bar investment grew 10 percent and coin buying decreased 25 percent. Annual

technology demand for gold saw an increase of seven percent, largely driven by continued growth in AI adoption. Jewellery

consumption decreased 11 percent to 1,877 tonnes due to lower demand from consumers. However, consumer spend on gold

jewellery jumped 9 percent to $144 billion.

Central banks net purchasing in the fourth quarter of 2024 was 333 tonnes with full year buying at 1,045 tonnes. Central banks

have now been net buyers for 15 consecutive years.

For more information, see “Item 5A: Operating Results—Introduction”.

COMPETITION

As gold mining is a mature and regulated industry, and very significant volumes of gold and gold derivatives trade in the world

markets independent of gold mine supply, AngloGold Ashanti does not consider that competition for sales plays any role in its

operations as a gold producer. For more information on a geographical analysis of gold income by destination, refer to “Item 18:

Financial Statements—Note 2—Segmental information”.

However, gold producers do compete against each other for acquisition of mining assets, exploration opportunities and human

resources. See “Item 3D: Risk Factors—AngloGold Ashanti faces strong competition and industry consolidation”.

SEASONALITY

Subject to other factors and unforeseen circumstances, in the first quarter gold production is generally lower than gold production

during the rest of the year as a result of the ramp-up of operations after annual holiday production declines.

RAW MATERIALS

AngloGold Ashanti uses chemicals, including cyanide and lime, in the production of gold. These chemicals are available from a

large number of suppliers and do not represent a material portion of the Company’s costs. We are not currently experiencing any

supply shortages on critical consumables utilised in the production of gold across our global operations. In addition, our stocking

strategies account for potential lead time variation and supply constraints, thus minimising the risk of changes in the

marketplace. While commodity pricing is subject to volatility over time, our contractual terms limit future changes. Oil and energy

prices are important costs for the Company’s business. During 2024, persistent geopolitical tensions drove volatility in oil prices

with failed economic stimulus measures in China contributing to the downward trend in oil prices compared to 2023. The prices

of other key input commodities, including caustic soda, ammonia and steel prices, decreased during 2024. Caustic soda prices

declined as energy prices decreased in 2024, leading to lower production costs. Similarly, ammonia prices softened in 2024 as

upstream prices fell. The steel industry experienced weak demand from major end users, resulting in a decrease in price. On the

other hand, rubber prices escalated globally, driven by higher feedstock costs, robust demand and logistical constraints

tightening the supply of rubber.

STRATEGY

The overall aim of our strategy is to generate sustainable cash flow improvements and returns over the longer term and, in so

doing, to create and preserve value for all our stakeholders.

We have five key strategic focus areas which enable us to deliver on our overall strategy. They guide decision-making and are

aimed at generating increased cash flows; extending mine lives; creating an organic pipeline of economically viable orebodies;

and enhancing our social licence to operate.

Strategic focus areas

AngloGold Ashanti’s five strategic focus areas are set out below:

•Prioritise people, safety, health and sustainability. This strategic focus area embodies our corporate ethos and

encompasses our sustainability performance. It underpins our business strategy and the delivery of sustained, long-term

value creation and is aligned with our values and responsibilities as a corporate citizen. This strategic focus area covers our

employees, their safety, health and wellbeing, the diversity of our employee base, and also our sustainability performance,

which encompasses our social and environmental responsibilities.

•Maintain financial flexibility. We aim to ensure our balance sheet is able to meet our core funding needs, while maintaining

a focus on cash generation.

•Optimise overhead costs and capital expenditure. We aim to optimise efficiencies and cost effectiveness, improve

productivity and ensure that all spending decisions are thoroughly scrutinised and optimally structured.

•Improve portfolio quality. We aim to enhance the quality of our operating portfolio through initiatives such as our Full Asset

Potential (“FAP”) review programme to ensure optimal mine performance. We are flexible in delivering on our mine plans,

allowing for optimised results, as we progress our projects to more than replace production with a growing Mineral Reserve

and Mineral Resource base.

•Maintain long-term optionality. As part of focused and responsible management of our Mineral Resource and Mineral

Reserve, our exploration programme and related planning is vital in optimising the operating lives of our portfolio. Through

continued exploration and the acquisition of properties that fit with our business and offer Mineral Reserve potential, we aim

to add to the long-term sustainability of AngloGold Ashanti.

INTELLECTUAL PROPERTY

AngloGold Ashanti, as a group, is not dependent on intellectual property (including patents or licences), industrial, commercial or

financial contracts (including contracts with customers or suppliers) or new manufacturing processes for the conduct of its

business as a whole.

THE REGULATORY ENVIRONMENT ENABLING ANGLOGOLD ASHANTI TO MINE

AngloGold Ashanti’s rights to own and develop Mineral Resource, Mineral Reserve and deposits are governed by the laws and

regulations of the jurisdictions in which these mineral properties are located. A description of such laws and regulations is

included in this annual report on Form 20-F in respect of the following jurisdictions:

•Africa region: Democratic Republic of the Congo (DRC), Egypt, Ghana, Guinea and Tanzania;

•Australia region: Australia; and

•Americas region: Argentina, Brazil, Colombia and United States of America (Nevada).

As part of the South African asset sale, AngloGold Ashanti Limited sold its remaining three mining rights in the West Wits area in

South Africa to Harmony in 2020. Following such sale, a series of administrative steps had to be taken with respect to the formal

transfer of those mining rights. The final step (i.e., the South African government’s approval of the Harmony consolidation

application) was completed in September 2024. Consequently, AngloGold Ashanti ceased to be a holder of any mining rights in

South Africa and therefore is no longer subject to South African mining laws.

In October 2024, AngloGold Ashanti and IAMGOLD Corporation completed the sale of each of their 40 percent interests in

Société d’Exploitation des Mines d’Or de Yatela S.A., the company operating the Yatela gold mine, to the Government of Mali.

Following completion of this transaction, AngloGold Ashanti no longer owns any mining operations in Mali and therefore is no

longer subject to Malian mining laws.

In November 2024, AngloGold Ashanti completed the acquisition of Centamin plc whose main operating asset is the Sukari gold

mine in Egypt. Following completion of the acquisition, AngloGold Ashanti became a holder of mining rights in Egypt and

therefore became subject to Egyptian mining laws. For further information, see “—Africa Region—Egypt” below.

AngloGold Ashanti is subject to a wide range of laws and regulations governing all aspects of its operations, including with

respect to environmental protection, including with respect to toxic substances and wastes, reclamation, exploration,

development, production, taxes, immigration, labour standards and employment issues, occupational health, mine safety, dam

safety, securities and foreign corrupt practices. AngloGold Ashanti has made, and expects to make in the future, significant

expenditures to comply with these laws and regulations. Non-compliance with legal requirements can result in enforcement for

violations and legal claims, as well as substantial fines, penalties, reputational damage and delays in or suspension of day-to-day

operations. Pending or proposed changes to existing laws and regulations, as well as any proposed or enacted new laws or

regulations, could also have significant impacts on AngloGold Ashanti’s business and results of operations, the extent of which

cannot always be predicted.

There are in some cases certain restrictions on AngloGold Ashanti’s ability to independently move assets out of certain countries

in which it has operations, or transfer assets within the Group, without the prior consent of the local government or minority

shareholders involved.

For more information on the risks and uncertainties associated with AngloGold Ashanti’s mining rights, see “Item 3D: Risk

Factors”, in particular the risk factors entitled “AngloGold Ashanti’s mining rights in the countries in which it operates could be

altered, suspended or cancelled for a variety of reasons, including breaches in its obligations in respect of such mining rights”,

“Failure to comply with laws, regulations, standards and contractual obligations, breaches in governance processes or fraud,

bribery and corruption may lead to regulatory penalties, loss of licences or permits, negative effects on AngloGold Ashanti’s

reported financial results, and adversely affect its reputation”, “Title to AngloGold Ashanti’s properties may be uncertain and

subject to challenge”, “AngloGold Ashanti’s mineral deposits, Mineral Reserve, and mining operations are located in countries

where political, tax and economic laws and policies may change rapidly and unpredictably and such changes and policies may

adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries” and

“AngloGold Ashanti’s Mineral Reserve, deposits and mining operations are located in countries that face instability, public health

and security risks that may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations

in certain countries”.

AFRICA REGION

Democratic Republic of the Congo (DRC)

General laws relating to mining

The mining industry in the DRC is primarily regulated by Law No. 007/2002 dated 11 July 2002 (the “2002 DRC Code”), as

amended and supplemented by Law No. 18/001 dated 9 March 2018 (the “Reformed DRC Mining Code”) and Decree No.

038/2003 dated 26 March 2003, as amended and supplemented by Decree No. 18/024 dated 8 June 2018 (the “Reformed DRC

Mining Regulations”).

With respect to the application of the Reformed DRC Mining Code and Reformed DRC Mining Regulations, Kibali Goldmines

S.A. (“Kibali Goldmines”) has reserved and continues reserving its rights, including, without limitation, its stability rights under,

among other legal sources, the 2002 DRC Code. Discussions with the DRC government on these matters and the possible

application of incentives that may be available under the Reformed DRC Mining Code and Reformed DRC Mining Regulations, in

particular under article 220 of the Reformed DRC Mining Code which provides that the Prime Minister of the DRC may grant a

number of incentives to provinces with infrastructure deficits to encourage economic development from mining resources, are

ongoing.

Companies holding mining titles issued prior to the entry into force of the Reformed DRC Mining Code and Reformed DRC

Mining Regulations have claims to a ten-year stability provision in accordance with prior mining legislation. Notwithstanding the

adoption of the new regulatory regime, those companies’ rights with respect to such stability provision are reserved.

The Reformed DRC Mining Code grants the DRC Minister of Mines the authority to grant, refuse, suspend or terminate mineral

rights, subject to conditions set out in the Reformed DRC Mining Code. Mineral rights may be granted in the form of exploration

permits for an initial period of five years, renewable once for an additional five-year period, or in the form of exploitation permits

which are granted for an initial period of 25 years, renewable several times for 15-year periods until the end of the mine’s life.

Prior to commencing exploration work, the holder of an exploration permit must submit for approval a mitigation and rehabilitation

plan pursuant to which it must undertake to carry out certain mitigation measures relating to the impact of its activities on the

environment, as well as rehabilitation measures. Exploitation permits are granted upon successful completion of exploration work

and satisfaction of certain requirements, including approval of a feasibility study, an environmental and social impact study and

an environmental and social management plan. The holder of an exploitation permit is required to commence development and

mine construction within three years of the grant of such permit. Failure to do so may lead to forfeiture of the exploitation permit.

To protect and enforce rights acquired under an exploration or exploitation permit, the Reformed DRC Mining Code provides,

depending on the nature of the dispute or controversy, recourse through administrative, judicial and national or international

arbitral forums.

Mining companies are required to grant a free-carried and non-contributory participation to the DRC government. The DRC

government’s free participation was originally set at five percent, which was increased to ten percent in respect of exploitation

permits issued after the entry into force of the Reformed DRC Mining Code. All mining companies are required to grant an

additional five percent free-carried participation to the DRC government upon each renewal of their exploitation permit. Under the

Reformed DRC Mining Code, a ten percent local contributory participation is also mandatory for exploitation permits issued after

its entry into force.

Tax laws relating to mining

The Reformed DRC Mining Code sets out an exclusive and comprehensive tax and customs regime that is applicable to mining

activities. Mining title holders are subject, amongst other things, to a corporate income tax of 30 percent, a windfall tax of 50

percent (subject to certain prerequisites) and are required to pay mining royalties to the DRC government. The royalty rate

applicable to gold has been set at 3.5 percent. Mining title holders are also required to contribute a minimum of 0.3 percent of

total turnover to community development.

The standard rate of VAT is 16 percent and is applicable to all mining companies. In the DRC, Kibali Goldmines is due certain

refunds of VAT which, to date, remain outstanding. AngloGold Ashanti calculates that its attributable share of the net recoverable

VAT balance (including recoverable fuel duty and after discounting provisions) owed to it by the DRC government amounted to

$65 million as of 31 December 2024. In December 2023, an agreement was reached with the DRC government for the

reimbursement of a portion of the refundable VAT, which resulted in VAT refunds of $34 million attributable to AngloGold Ashanti

as of 31 December 2023. In September 2024, a further agreement was reached with the DRC government, which resulted in

VAT refunds of $11 million attributable to AngloGold Ashanti as of 31 December 2024. However, uncertainty remains regarding

the timing and level of cash receipts and offsets against other taxes for purposes of the recovery of AngloGold Ashanti’s

remaining VAT receivables in the DRC.

Since 1 January 2025, the export of mining products, including gold, is subject to the general laws governing custom duties as

the DRC Finance Act No. 47 of 2025 (the “2025 Finance Act”) amended the Reformed DRC Mining Code to remove a prior

custom duty exemption. The 2025 Finance Act set the custom duty rate applicable to gold at three percent. The 2025 Finance

Act also introduced a priority dividend right for the DRC government in relation to the net distributable profit of mining companies

which are part of the DRC government’s portfolio.

Foreign exchange control regime

The Reformed DRC Mining Code imposed new exchange control rules requiring that mining title holders repatriate onshore 60

percent of sale revenues received during the investment amortisation period and 100 percent once the investment amortisation

is completed.

During 2024, AngloGold Ashanti repatriated $237 million from its operations in the DRC, of which $88 million (net of withholding

taxes) in the form of dividends and $149 million in the form of loan repayments (net of bank fees). Our attributable share of the

outstanding cash balances awaiting repatriation from the DRC amounted to $39 million as of 31 December 2024. The cash is

fully available for the operational requirements of Kibali Goldmines. The cash and cash equivalents held at Kibali Goldmines are

subject to various steps before they can be distributed to Kibali (Jersey) Limited and are held across four banks in the DRC,

including two domestic banks.

AngloGold Ashanti’s rights and permits

AngloGold Ashanti holds a significant stake in the Kibali gold mine which is located in the Haut-Uélé province in the north-eastern

part of the DRC. The Kibali gold mine is owned by Kibali Goldmines which is a joint venture between Barrick Gold Corporation

(45 percent), AngloGold Ashanti (45 percent) and Société Minière de Kilo-Moto S.A. (“SOKIMO”) (10 percent) which represents

the interest of the DRC government. AngloGold Ashanti and Barrick Gold Corporation each have a 50 percent interest in Kibali

(Jersey) Limited which holds their respective 45 percent interest in Kibali Goldmines.

The Kibali gold project is operated by Barrick Gold Corporation and comprises ten exploitation permits, of which seven expire in

2029 and three in 2030. Those exploitation permits (11447, 11467, 11468, 11469, 11470, 11471, 11472, 5052, 5073 and 5088)

cover an area of approximately 1,836 km2 in the Moto goldfields.

Egypt

General laws relating to mining and land ownership

General regime

In Egypt, the exploitation of natural resources is regulated by the Egyptian Constitution of 2014 (as amended in 2019), which

states that all natural resources belong to the people. In general, under the Egyptian legal regime, all mineral rights are vested in

the Arab Republic of Egypt. Pursuant to the Egyptian Constitution, the right to exploit natural resources, including precious

metals such as gold, can only be granted by a special law adopted by the Egyptian Parliament for a period not exceeding 30

years. Mining exploration, exploitation and development operations in Egypt are generally governed by Law No. 198/2014 on

Mineral Resources (as amended by Law No. 145/2019) and the executive regulations issued pursuant to Prime Minister Decree

No. 108/2020 (collectively, the “Mineral Resources Law”). In addition, some mining operations are granted as concession

agreements that are issued in the form of a special law adopted by the Egyptian Parliament which specifically relate to such

individual mining operations. The Egyptian Mineral Resources Authority (“EMRA”) is the governmental regulatory entity

responsible for mineral resources in Egypt, as established by Presidential Decrees No. 452/1970, No. 45/1986 and No. 336/2004

(EMRA was formerly known as the Egyptian Geological Surveys and Mining Authority).

The Mineral Resources Law authorises the Egyptian Minister of Petroleum and Mineral Resources (“MoP”) to grant licences for

the exploration of gold. The Egyptian Ministry of Petroleum and Mineral Resources (the “Ministry”) was established and is

regulated by Presidential Decree No. 409/1973 concerning the formation of ministries and Presidential Decree No. 1451/1973

concerning competencies of the Ministry and the MoP. Following the grant of a licence for the exploration of gold, several

additional permits are required for mining projects, including permits issued by the Egyptian Ministry of Environment and the

Egyptian Ministry of Defence.

Exploration and exploitation models

There are generally two mechanisms to obtain the required mining approvals to engage in gold mining operations in Egypt under

the Egyptian legal regime: (i) the rent, royalty and tax-based licensing model and (ii) the concession model.

Rent, royalty and tax-based licensing model

The Mineral Resources Law provides for a dual licences mechanism in the form of an initial exploration licence to be granted by

the MoP, typically following a public international tender process. The exploration licence will be granted with an initial term of

two years , which can be renewed twice for two years each as of right and a third time upon presentation and approval of

technical justification for such extension by EMRA (i.e., for a maximum duration of eight years). Upon commercial discovery, an

exploitation licence is required to be obtained prior to developing mining operations, and such licence requires the adoption of a

special law by the Egyptian Parliament. This dual licensing mechanism is based on a rent, royalty and tax-based model which

would also include a net profit interest for EMRA.

Concession model

Exploration and exploitation rights can also be obtained through a special law adopted by the Egyptian Parliament in the form of

a production sharing and cost recovery agreement (“PSA”) with the Egyptian Government and EMRA. This is known as the

concession model.

Concession-based projects are generally regulated by the terms and conditions of an individual concession agreement which

prevail in case of conflict with the Mineral Resources Law or other applicable legislation. A gold mining concession agreement

typically covers exploration and exploitation rights (subject to commercial discovery). A concession agreement is entered into by

the MoP (as a representative of the Egyptian Government), the EMRA (in its capacity as the Egyptian mining regulator) and the

contractor (i.e., the mining company or other party engaged in mining operations). The concession agreement is issued as a

special law following ratification by the Egyptian Parliament and therefore it can only be amended by the adoption of a

subsequent law.

A concession agreement typically sets out the number of exploration phases, and the duration thereof, as well as the percentage

of land to be relinquished during each period. An exploitation lease is issued, upon commercial discovery, with respect to the

specific areas of the mining concession that will be developed for gold production. The term of the exploitation lease, including

any extensions thereof, is determined in the concession agreement.

Under a concession agreement, royalties are generally required to be paid to the Egyptian Government. The royalty rate for gold

concessions usually ranges from three to five percent. By comparison, the minimum royalty rate for gold is currently set at five

percent in the Mineral Resources Law. Under the concession model, the contractor is solely responsible for funding the joint

operating company, but is entitled to recover set percentages of exploration and exploitation costs set out in the relevant

concession agreement.

Sukari Concession Agreement

The Sukari gold mine follows the concession model. In 1994, Pharaoh Gold Mines NL (“PGM”), one of AngloGold Ashanti’s

Australian wholly-owned subsidiaries, entered into a concession agreement with EMRA and the Egyptian Government

(represented by the MoP) (the “Sukari Concession Agreement”). The Sukari Concession Agreement was ratified by the Egyptian

Parliament through the adoption of Law No. 222/1994 and came into effect on 13 June 1995. The Sukari Concession Agreement

grants PGM and EMRA the right to explore, develop, mine and sell gold and associated minerals in the Sukari concession area

located in the Eastern Desert of Egypt. In the event of a conflict between the provisions of the Sukari Concession Agreement and

the Mineral Resources Law or other applicable legislation, the provisions of the Sukari Concession Agreement prevail.

On 24 May 2005, PGM, EMRA and the MoP executed an exploitation lease covering an area of approximately 160 km2

surrounding the Sukari gold mine site within the Sukari concession. On 7 June 2005, Sukari Gold Mines Company (“SGM”) was

incorporated under the laws of Egypt as the joint operating company of the Sukari gold mine. SGM was formed to conduct

exploration, development, exploitation and marketing operations in accordance with the Sukari Concession Agreement. SGM

acts as an agent for PGM and EMRA in carrying out the operations at the Sukari gold mine. Responsibility for the day-to-day

management of the Sukari gold mine rests with the SGM general manager, who is appointed by PGM.

The fiscal terms of the Sukari Concession Agreement require that PGM solely funds SGM, and PGM is entitled to recover from

sales revenue recoverable costs, as defined in the Sukari Concession Agreement. EMRA is entitled to a share of SGM’s profit

(defined as revenue less payment of the fixed royalty to the Egyptian Government and recoverable costs).

In the Sukari Concession Agreement, the royalty rate is set at three percent of net sales revenue from the sale of gold and

associated minerals from SGM, payable to the Egyptian Government, in cash in each calendar half year.

EDX Exploration Licences

In 2021, certain AngloGold Ashanti wholly-owned Egyptian subsidiaries (the “EDX Companies”) were granted several exploration

licences by the MoP in the Eastern Desert of Egypt outside of the Sukari mining concession area (the “EDX Exploration

Licences”). The EDX Exploration Licences are based on a rent, royalty and tax-based model which includes a net profit interest

for EMRA. AngloGold Ashanti will be the sole operator of the EDX mining operations and no joint operating company will be

established with EMRA. Unlike the Sukari Concession Agreement, the Mineral Resources Law and other applicable legislation

prevail in case of conflict between such legislation and the provisions of the EDX Exploration Licences.

Under the EDX Exploration Licences, the royalty rate is set at five percent of the value of the sales revenue of gold and

associated minerals, payable quarterly to EMRA, with the method of calculation to be set out in detail in the exploitation

agreement pursuant to which the exploitation licence will be issued. Upon commencement of commercial production, a 15

percent net profit interest is to be paid to EMRA in line with such exploitation agreement. In addition, a community development

contribution shall be set out in such exploitation agreement.

In December 2024, AngloGold Ashanti finalised an in-principle agreement around the terms and conditions of a new Model

Mining Exploitation Agreement (“MMEA”) with EMRA and the MoP in respect of the EDX mining operations. The MMEA sets out

the provisions of a comprehensive legal and fiscal framework applicable to any future commercial discoveries in the EDX blocks

that complements the agreed exploration terms finalised in 2021. It governs the route to mining, exploitation and development in

the exploitation areas of the EDX blocks. The MMEA is expected to be signed by EMRA and the MoP, following which it will be

submitted to the Egyptian Parliament for ratification by special law. Upon commercial discovery, the exploitation licence for the

EDX mining operations will be issued pursuant to the MMEA.

Ownership and title to land and assets

AngloGold Ashanti’s access to the area of the Sukari gold mine as well as to the EDX area is secured by virtue of the Sukari

Concession Agreement and the EDX Exploration Licences, respectively. Legal ownership of both those areas remains with the

Egyptian State.

Under the concession model, neither the mining company nor the joint operating company shall at any point own any land in the

concession or hold title thereto. As a result, any land purchased by PGM or SGM in the Sukari concession area during the term

of the Sukari Concession Agreement will become the property of EMRA. Title to fixed and movable assets owned or purchased

by PGM or SGM will be transferred to EMRA upon cost recovery. After such transfer, PGM and SGM remain entitled to use all

such fixed and movable assets for the remainder of the term of the Sukari exploitation lease and any extensions thereof. By

contrast, with respect to the EDX Companies, as the EDX Exploration Licences are based on a rent, royalty and tax-based

licensing model (instead of a concession model), fixed and movable assets owned or purchased by the EDX Companies will

remain their property and legal title thereto will not be transferred to EMRA.

Tax laws relating to mining

Mining projects carried out under the concession model usually enjoy special tax and customs duty arrangements. The Sukari

Concession Agreement provides for a 15-year tax exemption from any taxes imposed by the Egyptian Government on the

revenues generated from SGM. As a result, SGM is currently exempt from Egyptian corporate income tax. The tax exemption

does not include (i) the fixed three percent royalty attributable to the Egyptian Government, (ii) rental income on property and (iii)

interest income on cash and cash equivalents. The tax exemption covers the period from 10 March 2010 (being the date of

commencement of commercial production) to 9 March 2025. SGM has filed an application with the MoP to extend the tax-free

period on the same terms for a further 15-year period to 9 March 2040. This renewal application is currently pending.

In addition, the Sukari Concession Agreement includes various exemptions from custom taxes and duties with respect to the

import of machinery, equipment and consumable items required for the purpose of exploration and exploitation activities (as long

as there is no local substitution available with the same or similar quality to the imported items). Furthermore, under the Sukari

Concession Agreement, there is an exemption from duties or taxes on the export of gold and associated minerals produced from

SGM. Finally, PGM is at all times free to transfer, whether in US dollar or other freely convertible foreign currency, any cash of

PGM representing its share of net proceeds and recovery of costs, without any Egyptian Government limitation, tax or duty.

By contrast, mining exploration projects carried out under the rent, royalty and tax-based model with a net profit interest for

EMRA are subject to all applicable taxes and customs regulations in Egypt, including corporate income tax, value added tax

(“VAT”) and custom taxes and duties, unless separate tax concessions have been agreed with the Egyptian Government and

ratified by the Egyptian Parliament. The corporate income tax rate in Egypt is 22.5 percent on the net taxable profits of a

company. As a result, the EDX mining operations are currently subject to all applicable Egyptian taxes and customs regulations.

However, the MMEA for the EDX mining operations provides for a separate fiscal framework for exploitation activities, which will

only enter into force once the MMEA has been passed as a special law by the Egyptian Parliament.

Environmental laws relating to mining

Environmental matters are primarily regulated by Law No. 4/1994 on Environmental Protection and the executive regulations

issued by Prime Minister Decree No. 338/1995 (collectively, the “Environmental Laws”). The Egyptian Environment Affairs

Agency (“EEAA”) is the regulatory agency responsible for implementing and enforcing the Environmental Laws, including by

formulating general policies and administering plans designed to protect the environment. Under this environmental regulatory

framework, environmental reviews are required to be completed by the EEAA as part of the approval process for all proposed

mining projects. Non-compliance with the Environmental Laws could lead to the imposition of substantial civil fines and penalties

and, in certain cases, criminal charges.

In addition, all mining projects must comply with Law No. 117/1983 on the Protection of Antiquities and Law No. 102/1983 on

Natural Reserves and obtain required environmental permits and approvals following completion of an environmental impact

assessment. All of AngloGold Ashanti’s entities engaging in mining in Egypt currently hold valid environmental permits.

AngloGold Ashanti’s rights and permits

Sukari gold mine is located in the Red Sea Governorate in the Eastern Desert of Egypt. It is jointly owned by PGM (a wholly-

owned subsidiary of AngloGold Ashanti) and EMRA through their respective 50 percent equity stake in SGM which operates the

Sukari gold mine. The Sukari Concession Agreement was ratified by the Egyptian Parliament through the adoption of Law No.

222/1994 and came into effect on 13 June 1995. The Sukari exploitation lease covers an area of approximately 160 km2

surrounding the Sukari gold mine site within the Sukari concession. Under the terms of the Sukari Concession Agreement, the

exploitation lease is valid for 30 years from the first date of commercial discovery and may be renewed for a further 30-year

period, at the option of PGM, with reasonable commercial justification and upon six months written notice to EMRA prior to the

expiry of the initial 30-year period. The renewal of the exploitation lease will need to be ratified by the Egyptian Parliament.

Certain AngloGold Ashanti wholly-owned Egyptian subsidiaries, the EDX Companies, hold the EDX Exploration Licences which

cover approximately 2,460 km2 of prospective greenfield exploration tenements in the Red Sea Governorate in the Eastern

Desert of Egypt outside of the Sukari mining concession area. The EDX Exploration Licences currently comprise two separate

exploration licences covering the Nugrus block and the Najd Fault Corridor block, respectively. The exploration licence for the

Nugrus block, covering an area of approximately 848 km2 located adjacent to the Sukari gold mine, is held by Centamin Central

Mining S.A.E. It is currently in its second exploration phase which has a duration of two years and will expire on 25 May 2026,

subject to renewal. The exploration licence for the Najd Fault Corridor block covering approximately 1,374 km2 located southeast

of the former El Sid gold mine is held by Centamin North Mining S.A.E. It is currently in its first exploration phase which has a

duration of two years and will expire on 30 September 2025, subject to renewal.

Ghana

General laws relating to mining

Control of minerals and mining companies

The Constitution of Ghana as well as the Minerals and Mining Act, 2006 (Act 703) (the “GMM Act”) provide that all minerals in

Ghana in their natural state are the property of the State and title to them is vested in the President on behalf of and in trust for

the people of Ghana, with rights of reconnaissance, prospecting, recovery and associated land usage being granted under

licence or lease. The grant of a mining lease by the Ghana Minister of Lands and Natural Resources (the “LNR Minister”) upon

the advice of the Minerals Commission is subject to parliamentary ratification unless the mining lease falls into a class of

transactions exempted by the Ghanaian Parliament. The LNR Minister has the power to object to a person becoming or

remaining a controller of a company which has been granted a mining lease if the LNR Minister believes, on reasonable grounds,

that the public interest would be prejudiced by the person concerned becoming, or remaining, a controller.

Stability and development agreements

The GMM Act provides for stability and development agreements. Stability agreements guarantee for a period of 15 years certain

terms and conditions (mainly fiscal) to which a company’s operations are subject. Development agreements may be granted to a

mineral right holder that proposes to invest over $500 million in its mineral operations in Ghana. The GMM Act permits stability

provisions to be incorporated into development agreements. Stability and development agreements are subject to parliamentary

ratification. In January 2020, it was proposed that the GMM Act be amended to abolish development agreements and shorten the

maximum term of stability agreements from 15 years to five years (with a possible extension for a further five years). If the GMM

Act were amended along these lines, such amendments would not apply retroactively and would therefore not have an impact on

existing development agreements, including the Obuasi Development Agreement (as described below). Such amendments to the

GMM Act have not yet been adopted.

Ghana Stability Agreement

In 2004, following the implementation of the business combination between AngloGold Limited and Ashanti Goldfields Company

Limited, AngloGold Limited and the Government of Ghana signed a stability agreement (the “Ghana Stability Agreement”)

governing certain aspects of the fiscal and regulatory framework within which the Company would operate in Ghana for a period

of 15 years. In June 2018, the Ghana Stability Agreement ceased to apply to the Obuasi mine because of the parliamentary

ratification of a new development agreement and a new tax concession agreement in relation to that mine (as described below).

The Ghana Stability Agreement continued to apply to the Iduapriem mine until it expired in April 2019. Since then, AngloGold

Ashanti (Iduapriem) Limited (“AGA Iduapriem”) no longer benefits from the Ghana Stability Agreement. AGA Iduapriem benefits

from certain concessions under two deeds of warranty, including exemptions from withholding taxes on dividends, interest and

payments for foreign services, and allowable deductions.

Obuasi Development Agreement

AngloGold Ashanti (Ghana) Limited (“AGA Ghana”) negotiated a new development agreement in relation to the Obuasi mine (the

“Obuasi DA”) with the Government of Ghana. On 21 June 2018, the Ghanaian Parliament ratified the Obuasi DA which contains

stability terms as provided for in stability agreements. The Obuasi DA confers a number of rights and obligations on AGA Ghana

with respect to the Obuasi mine, including, among other matters, (i) the stabilisation of the fiscal and regulatory framework

(except for enactments promoting the use of Ghanaian goods and services) for a period of ten years (with a potential five-year

extension); (ii) the right to hold up to 80 percent of proceeds received from exporting minerals in foreign currencies outside of

Ghana; (iii) obligation to give preference to materials and goods made in Ghana as well as services provided by Ghanaians; and

(iv) the right to peaceful enjoyment and protection against expropriation.

Obuasi Tax Concession Agreement

Fiscal terms, which would ordinarily form part of a single stabilisation document, were separated from the Obuasi DA. Hence a

separate tax concession agreement in relation to the Obuasi mine (the “Obuasi TCA”) was signed with the Government. On 21

June 2018, the Ghanaian Parliament ratified the Obuasi TCA with a concession period until 31 December 2027. The Obuasi TCA

contains a number of tax concessions for AGA Ghana with respect to the Obuasi mine, including, among other matters, (i) a

corporate income tax rate of 32.5 percent or such lower rates as may be fixed by law (instead of the current statutory rate of 35

percent); (ii) exemption of certain transactions from capital gains tax; (iii) a sliding scale royalty rate ranging from three percent to

five percent for a price ranging from $1,300 up to $2,000 and above per ounce (instead of the current flat rate of five percent);

and (iv) certain VAT exemptions and refunds.

Government’s Golden Share

Section 60(1) of the GMM Act provides that the Government of Ghana can require a mining company to issue to the Republic of

Ghana for no consideration a special share (a “Golden Share”). A Golden Share in AGA Ghana was issued to the Government of

Ghana and the Obuasi DA confirms that the Government’s rights with respect to its Golden Share apply only in respect of AGA

Ghana’s assets and operations in Ghana. The Golden Share confers certain rights on the Government in respect of AGA Ghana.

For example, written consent of the holder of the Golden Share is required for, among other matters, (i) any amendment of the

rights and restrictions in respect of the Golden Share; (ii) the voluntary winding-up or voluntary liquidation of AGA Ghana; (iii) the

disposal of any mining lease held by AGA Ghana; and (iv) the disposal of all or substantially all of the assets of AGA Ghana. The

holder of the Golden Share does not have the right to participate in the profits or assets of AGA Ghana (by way of dividend or

other capital issuances), but is entitled to attend any general meeting of shareholders.

Tax laws relating to mining

Currently, the main tax laws in Ghana include the following acts and regulations, which have been frequently amended over the

years:

•Income Tax Act, 2015 (Act 896) (as amended) and Income Tax Regulations, 2016 (L.I. 2244);

•Customs Act, 2015 (Act 891) (as amended) and Customs Regulations, 2016 (L.I. 2248);

•Value Added Tax, 2013 (Act 870) (as amended) and Value Added Tax Regulations, 2016 (L.I. 2243);

•Revenue Administration Act, 2016 (Act 915) (as amended);

•Exemptions Act, 2022 (Act 1083); and

•Growth and Sustainability Levy Act, 2023 (Act 1095) (as amended).

The Income Tax Act, 2015 (Act 896) ringfences and taxes income derived from mining operations at the rate of 35 percent. The

Obuasi TCA for AGA Ghana provides for a stabilised income tax rate of 32.5 percent. AGA Iduapriem currently pays income tax

at the rate of 35 percent.

Furthermore, mining companies must pay ground rent and royalties. Ground rent is payable annually and is calculated based on

the number of cadastral units of land held. Royalties are calculated as a percentage of total revenue from minerals obtained by

the mining company. The Government of Ghana currently applies a five percent royalty rate to mining companies who have not

agreed a different royalty rate under an agreement with the State. AGA Ghana pays royalties on a sliding scale ranging between

three percent and five percent as provided for by the Obuasi TCA. AGA Iduapriem pays royalties at a rate of five percent.

The provision of goods and services is liable to value added tax (“VAT”) at a revised rate of 15 percent. In addition, there are

separate levies, including a 2.5 percent National Health Insurance Levy (“NHIL”), a 2.5 percent Ghana Education Trust Fund

Levy (“GetFund Levy”) and a one percent COVID-19 Levy. By virtue of the Obuasi TCA, AGA Ghana is exempt from the payment

of the NHIL and GetFund Levy. In addition, while AGA Ghana is technically exempt from the payment of the COVID-19 Levy (as

it became operational subsequent to the effective date of the Obuasi DA), the Company decided to pay the COVID-19 Levy

voluntarily. AGA Iduapriem is not exempt from any of these levies. In March 2025, the Government of Ghana indicated its

intention to abolish the COVID-19 Levy.

In addition, the Growth and Sustainability Levy Act, 2023 (Act 1095) (the “GSL Act”) introduced a Growth and Sustainability Levy

(“GSL”) on certain companies and institutions initially for the 2023, 2024 and 2025 years of assessment. In March 2025, the

Ghanaian Parliament extended its duration until the 2028 year of assessment. With respect to mining companies, the non-

deductible GSL initially amounted to one percent of gross production. In March 2025, the Ghanaian Parliament increased the

GSL for mining companies to three percent of gross production. While the GSL Act contains a provision to the effect that the GSL

applies to the specified companies or institutions despite any provision to the contrary in any agreement or enactment relating to

a tax holiday or exemption from direct or indirect tax applicable to such company or institution, AGA Ghana believes such

provision is incompatible with the Obuasi DA. AGA Iduapriem is subject to payment of the GSL.

In March 2025, the Ghanaian Parliament repealed the Emissions Levy Act, 2023 (Act 1112) which was originally intended to

impose a levy on carbon dioxide equivalent emissions from specified sectors, including companies in the mining sector, at the

rate of GHS 100 (approx. USD 7.15) per tonne of emissions per month. The Ghana Revenue Authority had not implemented the

emissions levy prior to its abolition in March 2025.

The Exemptions Act, 2022 (Act 1083) (“Exemptions Act”) defines the scope of tax exemptions that may be granted under

Ghanaian law, and sets out the administrative process for obtaining a tax exemption. The Exemptions Act required a person with

the benefit of an existing tax exemption to apply to the Ghana Minister of Finance by 11 March 2023 in order to continue to

benefit from that tax exemption. The requirement to apply to the Minister of Finance does not affect AGA Ghana (as, by virtue of

the Obuasi DA, AGA Ghana is stabilised against the adverse effects of, or obligations imposed by, any new laws). By contrast,

AGA Iduapriem is subject to the provisions of the Exemptions Act.

Environmental laws relating to mining

Mining companies are required, under the GMM Act, Environmental Assessment Regulations, 1999 (L.I. 1652), Environmental

Protection (Mining in Forest Reserves) Regulations, 2022 (L.I. 2462) and Water Use Regulations, 2001 (L.I. 1692), to obtain all

necessary approvals from the Environmental Protection Agency (the “Ghana EPA”) and, in appropriate cases, the Water

Resources Commission, the Forestry Commission and/or the Minerals Commission before undertaking mining operations. This

includes undergoing an environmental impact assessment process and, following the issuance of the environmental permit,

periodically preparing (i) environmental management plans, which include details of the anticipated impacts of mining operations

on the environment and local communities, as well as a comprehensive plan and timetable for actions to mitigate and remediate

any such adverse effects of the mining operations, and (ii) annual environmental reports in respect of their businesses, for

submission to the Ghana EPA. The Minerals and Mining (Health, Safety and Technical) Regulations, 2012 (L.I. 2182) also require

mining operations to obtain certain permits from the Inspectorate Division of the Minerals Commission for the operation of mines.

The environmental permits of AGA Ghana (for the Obuasi redevelopment project and for construction at a tailings storage facility)

expired in June 2024 and November 2022, respectively. There are five environmental permits for operations at AGA Iduapriem,

one of which expired in July 2024, and the rest of which will expire on various dates between December 2025 and June 2027.

The renewal processes for the expired AGA Iduapriem and AGA Ghana environmental permits, which were commenced in

advance of the expiry date of the permits, are underway.

Environmental laws in Ghana also require mining operators to rehabilitate land negatively impacted by mining operations

according to an environmental cost reclamation plan agreed with the Ghana EPA. The environmental cost reclamation plan

includes two cost estimates, namely the cost of rehabilitating the mining area at the end of the life of the mine as well as the cost

of rehabilitating the mine as of the date of the reclamation plan. These estimates are reviewed annually and updated every two

years. Each mining company is typically required to secure a percentage (typically between 50 percent and 100 percent) of the

estimated rehabilitation costs by posting reclamation bonds underwritten by banks and restricted cash. The terms of each

reclamation bond are determined by a reclamation security agreement between that company and the Ghana EPA. Both AGA

Ghana and AGA Iduapriem have bank guarantees in place for environmental reclamation liabilities as well as escrow accounts

with joint signatories from the Ghana EPA. The bank guarantees for AGA Iduapriem expired in October 2024, December 2024

and January 2025, and the bank guarantees for AGA Ghana expired in December 2024. The AGA Iduapriem bank guarantees

have been renewed and will now expire in October 2025, November 2025 and February 2026. The AGA Ghana bank guarantees

have been renewed and will now expire in January 2026 and March 2026.

Foreign exchange, export and other rules

Retention of foreign earnings

Pursuant to Section 30 of the GMM Act, a mining company may retain a percentage of its foreign exchange earnings to satisfy its

external payment obligations. The Obuasi mine is permitted to retain 80 percent of its foreign exchange earnings in an offshore

foreign exchange account, whereas the Iduapriem mine is allowed to retain up to 45 percent. In addition, the Company has

permission from the Bank of Ghana to retain and use U.S. dollars outside of Ghana to fulfil payment obligations to the

Company’s hedge counterparties which cannot be met from the cash resources of its treasury company.

Rules regarding the export of gold and diamonds

The Bank of Ghana introduced new measures to regulate and monitor the export of gold and diamonds from Ghana in 2015.

From September 2015, all exports of gold and diamonds must be carried out through the Precious Minerals Marketing Company

Ltd (“PMMC”), except where the exporter is the holder of a licence that permits it to export directly. The Ghana Revenue Authority

(Customs Division) only permits gold to be exported by a licensed gold exporter who has a completed Form FEX A4 bearing

Bank of Ghana’s embossment. The export measures do not apply to AngloGold Ashanti because the Company holds a licence

granted by the LNR Minister to sell and export its production.

Local assaying and refinement policies

In November 2016, the Ministry of Lands and Natural Resources issued a ministerial directive appointing the PMMC as

designated laboratory for assaying in Ghana. The directive requests all persons holding export licences for gold to submit all gold

to be exported to the PMMC for assay before export. Mining businesses, including AngloGold Ashanti, acting through the Ghana

Chamber of Mines were opposed to this directive due to its potential negative impact on mining companies in the region. As a

result, the Chamber initiated proceedings to reverse or modify the directive. Following discussions in respect of the mining

industry’s concerns, the Chamber and Government agreed on the modalities for implementing the national assaying policy and it

was introduced in February 2018 following a one-month pilot among certain mining companies. Subsequently, in June 2019, the

LNR Minister released a statement reiterating the Government of Ghana’s plans to locally refine 30 percent of the gold produced

in the country. Discussions between the Ghana Chamber of Mines and the Government of Ghana’s economic management team

in 2019 led to the Chamber agreeing to consider the proposal and for the parties to discuss detailed modalities to ensure that a

move to locally refined gold does not become detrimental to the mining industry.

Local content and local participation policy

Mining companies must submit a detailed programme for the recruitment and training of Ghanaians with a view to achieving

“localisation”, which is the replacement of expatriate personnel in a company’s Ghanaian operations by Ghanaian personnel. In

addition, mining companies must give preference to Ghanaian products and personnel, to the maximum extent possible,

consistent with safety, efficiency and economies, as further set out in the Minerals and Mining (Local Content and Local

Participation) Regulations, 2020 (L.I. 2431). These regulations aim to develop Ghanaian participation in the mining industry value

chain by imposing an obligation on mining companies to procure goods and services with Ghanaian content to the maximum

extent possible. A new Procurement List (6th edition) was published by the Minerals Commission in January 2025 which expands

the list of goods and services to be sourced locally and increased local content and participation targets for certain categories. In

particular, the new Procurement List prohibits owner mining in favour of contract mining by mining contractors incorporated in

Ghana. In addition, all directors and shareholders of mining contractors for surface operations should be Ghanaian. For

underground operations, at least 50 percent of directors and shareholders should be Ghanaian. AGA Ghana and AGA

Iduapriem’s existing contract mining arrangements are exempt from the application of the new Procurement List as they predate

its adoption.

The Government’s election to purchase gold

In June 2021, the Bank of Ghana launched a “Domestic Gold Purchase Programme” through which the Bank of Ghana intends

to purchase refined gold from AGA Ghana, AGA Iduapriem and other large-scale mining companies through voluntary

arrangements pursuant to the Bank of Ghana Act, 2002 (Act 612). The LNR Minister indicated in November 2022 that the

Government of Ghana intended to exercise its statutory right of pre-emption pursuant to the GMM Act to compel large-scale

mining companies to sell 20 percent of their Ghana gold production and/or the resultant refined gold to the Bank of Ghana in

exchange for Ghanaian cedis. Each of AGA Ghana and AGA Iduapriem executed voluntary gold purchase agreements with the

Bank of Ghana in December 2022, which were amended in June 2023, April 2024 and March 2025, and has been selling 20

percent of their annual gold production to the Bank of Ghana.

Ghana Gold Board

In March 2025, the Ghanaian Parliament passed a bill establishing the Ghana Gold Board (to replace the PMMC) with a

mandate to (i) oversee, monitor and undertake the buying, selling, assaying, refining, export or other related activity in respect of

gold, (ii) generate foreign exchange for the country, (iii) promote responsible sourcing of gold, (iv) promote value addition to the

gold resources of the country, and (v) support the accumulation of gold reserves by the Bank of Ghana. The Ghana Gold Board’s

legal and operational framework is currently being developed. It is expected that the Ghana Gold Board will assume the Bank of

Ghana’s current 20 percent gold purchase arrangement with large-scale mining companies.

AngloGold Ashanti’s rights and permits

The Obuasi mine, which is located in the Ashanti region of Ghana, originally held four contiguous mining leases, namely, the

Obuasi, Binsere 1, Binsere 2 and Binsere 3 Mining Leases. The Obuasi Mining Lease was granted by the Government of Ghana

on 5 March 1994, covering an area of approximately 338 km2 in the Amansie East and Adansi West districts of the Ashanti

region, for a term of 30 years from the date of the agreement. The Binsere Mining Leases were granted on 9 April 1998, covering

an area of 140 km2, for a term of 30 years from the date of the agreement. All leases in respect of the Obuasi mine had been

duly ratified in accordance with Ghanaian law. In March 2007, the Government of Ghana agreed to extend the term of the Obuasi

Mining Lease for a further term of 30 years. The amended Obuasi Mining Lease was also ratified by Parliament on 23 October

2008. The Obuasi Mining Lease will expire in March 2054 and the Binsere Mining Leases in April 2028. The mining leases are

renewable. On 3 March 2016, the Minerals Commission approved AGA Ghana’s application to surrender approximately 273.54

km2 of the area to the Government of Ghana, reducing the combined area under AGA Ghana’s lease areas to 201.46 km2. The

remaining parcel of land that will be subject to the mining lease is situated within various villages and townships in the region but

excludes the municipality of Obuasi. On 15 January 2021, the Minerals Commission approved AGA Ghana’s application to

surrender a further 60.24 km2 of lease area, thereby reducing the total lease area to 141.22 km2 under three mining leases,

namely, the Obuasi Mining Lease (87.48 km2), the Binsere 1 Mining Lease (29.03 km2) and the Binsere 2 Mining Lease (24.71

km2). These mining leases are covered by the Obuasi DA and Obuasi TCA.

The Iduapriem mine, which is located in the Western region of Ghana, operates under four different mining leases, namely, the

Iduapriem Mining Lease (LVB1539/89) (36.47 km2), the Ajopa Mining Lease (LVB/WR326/09) (46.12 km2), the Teberebie Mining

Lease (LVB3722H/92) (28.53 km2) and the Ajopa South Mining Lease (LR#1109/1999) (28.10 km2). On 17 February 2020, the

mining leases were extended for a further period of 15 years and such leases will now expire in February 2035. All leases in

respect of the Iduapriem mine have been duly ratified in accordance with Ghanaian law.

Guinea

General laws relating to mining

In Guinea, the mining industry is primarily regulated by Law L/2011/006/CNT dated 9 September 2011 as amended by Law

L/2013/053/CNT dated 8 April 2013 and promulgated by Decree D/2013/075/PRG/SGG dated 17 April 2013 (together, the

“Guinea Mining Code”).

The Guinea Mining Code is implemented by various decrees and orders, including Decree D/2014/015/PRG/SGG adopting a

model of mining convention, dated 17 January 2014, Order A/2016/1584/MMG/SGG related to the administration’s capacities for

the management of integrated mining projects (PARCA-GPI) and its steering committee, dated 6 June 2016, and Decree

D/2016/163/PRG/SGG on the national agency for the development of mining infrastructures (ANAIM), dated 13 June 2016.

In 2017, Decree D/2017/285/PRG/SGG was adopted, which sets forth the conditions for the constitution and management of the

Local Development Fund (“Fodel”), as well as Joint Order A/2017/6326/MMG/MATD/SGG, which sets forth the conditions for the

use, management and control of the Fodel. Together, these set forth the use of the mining companies’ financial contribution to

the development of the local communities and the rules applying to the Fodel, which was created under the Guinea Mining Code.

On 13 July 2018, a Joint Order A/2018/5212/MEF/MMG/MB/MATD/SGG was issued, which regulates the use, management and

monitoring of the resources allocated to local authorities pursuant to article 165 of the Guinea Mining Code. In 2019, an inter-

ministerial committee was created to supervise and control the Fodel through the adoption of Joint Order AC/2019/089/MMG/

MATD/SGG setting out the conditions for the constitution, powers and management of said inter-ministerial committee. On 6

September 2019, Decree D/2019/263/PRG/SGG was issued, which sets forth local content requirements in the framework of the

implementation of public and private projects in Guinea. On 27 May 2021, Order A/2021/1229/MMG/SGG was issued to

establish the Steering Committee for local content in the mining sector. On 21 October 2022, Law L/2022/010/CNT, dated 22

September 2022, setting up the legal framework for local content in public and private projects was enacted (the “Local Content

Act”). In particular, the Local Content Act regulates local employment, procurement of goods and services, and subcontracting

requirements. As the Local Content Act does not expressly repeal the provisions of Decree D/2019/263/PRG/SGG, those

provisions remain in force to the extent that they do not conflict with the Local Content Act.

On 16 June 2020, a new procedure for the export of gold by mining companies was enacted through the adoption of Decree

D/2020/113/PRG/SGG, which sets out, amongst other things: (i) when the industrial production tax referred to in article 161-1 of

the Guinea Mining Code shall be paid, and (ii) the process to be followed to export gold bullion.

On 27 April 2021, a Joint Order AC/2021/824/MMG/BCRG/SGG was issued establishing the fees and costs charged by the

Guinean mining authorities and the Guinean Central Bank in connection with the administrative procedures for the export of gold

by industrial and semi-industrial companies.

AngloGold Ashanti’s rights and permits

The Group’s Guinean subsidiary, Société AngloGold Ashanti de Guinée S.A. (“SAG”), has title to the Siguiri mine in the form of a

mining concession, originally granted by virtue of Presidential Decree D/97/171/PRG/SGG, dated 4 August 1997, for a period of

25 years (the “Mining Concession”). The Mining Concession covers exploration and mining for gold, silver, diamonds and

associated ores, and was originally covered by a mining convention entered into with the Republic of Guinea in 1993 and

amended in 2005. On 28 June 2016, SAG and the Government of Guinea concluded a revised and consolidated mining

convention (Convention de Base Révisée et Consolidée) (the “Revised Mining Convention”) which encompasses a renewal of

the term of the original mining convention and other amendments necessary to support an expansion project to extend the life of

the Siguiri mine (the “Expansion”). In compliance with the provisions of the Guinea Mining Code, the Revised Mining Convention

was ratified by the Guinean National Assembly (Law L/2016/N°067/AN dated 30 December 2016, promulgated by Decree

D/2017/015/PRG/SGG dated 24 January 2017), submitted to the Guinean Supreme Court which rendered a favourable opinion

(Judgement N°AC 005 dated 16 January 2017), and ratified by the President of the Republic of Guinea (Decree D/2017/021/

PRG/SGG dated 24 January 2017), following which it replaced the original mining convention and became effective on 24

January 2017. The Mining Concession expired on 4 August 2022; however, a renewal request was filed prior to its expiry in

accordance with the provisions of the Revised Mining Convention on 1 February 2022.

Key elements of the Revised Mining Convention include the following:

•a duration of 25 years, expiring on 23 January 2042, subject to further renewal if mining operations continue;

•the term of the Mining Concession is aligned with the term of the Revised Mining Convention since the Republic of

Guinea committed to maintain the Mining Concession for the entire duration of the Revised Mining Convention;

•SAG’s operations remain governed by the 1995 Guinea Mining Code (the prior mining code) and are only subject to the

provisions of the Guinea Mining Code to the extent they are expressly set out in the Revised Mining Convention;

•the stability of the customs and tax regime is guaranteed for the entire initial term of the Revised Mining Convention,

and subject to certain conditions being met, any renewal period(s);

•the Republic of Guinea holds a 15 percent free-carried/non-contributory interest;

•the Republic of Guinea is entitled to a royalty on gold of five percent based on a spot gold price as per LBMA fixing (PM)

up until the date of steady state commercial production of the first phase of the Expansion, after which the royalty rate

applicable to gold will vary depending on threshold prices as per LBMA fixing (PM), namely: three percent if the gold

price is $1,300 or less, five percent, if above $1,300 and up to $2,000 and seven percent if above $2,000;

•SAG benefits from five-year income tax holiday from the beginning of steady state commercial production of the first

phase of the Expansion, after which the income tax rate is set at a maximum of 30 percent;

•a local development tax of 0.4 percent is payable on the sale price for gold and silver received by SAG up until 31

December 2027, after which it will be increased to 0.6 percent;

•salaries of expatriate employees are subject to a ten percent income tax;

•goods imported into Guinea for purposes related to the construction and commissioning of the first phase of the

Expansion are exempt from all customs taxes and duties; and

•SAG is committed to adopting and progressively implementing a plan for the effective rehabilitation of the mining areas

disturbed or affected by its operations.

The Siguiri mine is located in the Kankan region of Guinea. The Mining Concession covers an area divided into four blocks

totalling approximately 1,495 km2. SAG has the exclusive right to explore and mine in any part of the concession area for the

duration of the Revised Mining Convention. The Revised Mining Convention also grants SAG the option to secure certain land

rights over additional areas currently covered by exploration permits, but to which SAG may need access for purposes of

establishing roads or storage of tailings. Pursuant to the Revised Mining Convention, the Mining Concession can be renewed for

one or more period(s) that cannot exceed ten years each as long as the Revised Mining Convention is in force.

The Revised Mining Convention is subject to early termination if the parties formally and expressly agree to it, if the last of the

mining title held by SAG expires or is relinquished without any renewal application having been filed, if all project activities are

voluntarily suspended for a continuous period of 12 months or are permanently abandoned by SAG, or if SAG goes into

voluntary liquidation or is placed into liquidation by a court of competent jurisdiction.

Tanzania

General laws relating to mining

Tanzania Mining Act and Tanzania Mining Regulations

Mineral rights in the United Republic of Tanzania are principally governed by the Mining Act, Chapter 123 (R.E. 2019), as

amended (the “Tanzania Mining Act”) and the Mining Regulations, 2018 (the “Tanzania Mining Regulations”). The Tanzania

Mining Act and the Tanzania Mining Regulations came into force in November 2010 followed by amendments to the Tanzania

Mining Act in 2017 and subsequent amendments to the Tanzania Mining Regulations in 2018, 2019 and 2022. The Mining (Local

Content) Regulations were amended and came into force on 23 September 2022. Those amendments, together with an

Executive Order, introduced, among other matters, (i) the Tanzania Mining Commission (“MC”); (ii) local content requirements in

employment and for procurement of goods and services; (iii) Mining Licence requirements of five percent of a licencee’s equity to

be held by Tanzanians, with at least 80 percent of its managerial positions to be held by Tanzanians and 100 percent of non-

managerial and other positions to be held by Tanzanians, in addition to the shareholding of the Government of Tanzania pursuant

to Section 10 of the Tanzania Mining Act (i.e., free-carried interest); and (iv) regulations for the government warehousing of

minerals prior to export/sale.

Minimum shareholding and public offering

In 2016, the Mining (Minimum Shareholding and Public Offering) Regulations, 2016, as amended, were adopted. The regulations

set out the requirement to sell shares to Tanzanian nationals, by way of a public offering and listing on the Dar es Salaam Stock

Exchange, which will apply to companies that are carrying out large scale mining operations. The regulations also require all

existing holders of a special mining licence to list a minimum of 30 percent of their shares on either the Main Investment Market

or the Enterprise Growth Market Segment of the Dar es Salaam Stock Exchange within six months of the regulations coming into

force, which was on 24 February 2017. However, the Company believes the listing requirement conflicts with the mining

development agreement. In September 2020, the Government of Tanzania published the Mining (Minimum Shareholding and

Public Offering) (Amendment) Regulations, 2020, which exempt companies holding special mining licences from local listing

requirements if such mining company has entered into an agreement with the Government of Tanzania that provides for a non-

dilutable free-carried interest in such mining company and an economic benefits sharing arrangement.

Arbitration

Along with other major mining companies, AngloGold Ashanti’s subsidiaries are seeking a constructive dialogue with the

Government of Tanzania to gain assurances that the Geita gold mine will not be affected by recent legal and fiscal changes

adopted by the Government in light of their existing mining development agreements which guarantee (i) fiscal and regulatory

stability, and (ii) an agreement between all parties before material legal and regulatory changes are made. As a precautionary

step to safeguard its interests, AngloGold Ashanti commenced international arbitration proceedings against the Government of

Tanzania in connection with the enactment of this legislation in July 2017. Declaratory relief is sought in accordance with the

terms of the Company’s existing mining development agreement to preserve its and its shareholders’ rights and interests in the

Geita gold mine. AngloGold Ashanti is seeking confirmation from the Government of Tanzania that, as a result of its existing

mining development agreement, the Company does not fall within the scope of the new mining legislation that includes, among

other things, (i) listing requirements; (ii) an increase in the rate of revenue royalties from four to six percent and a one percent

clearance fee; and (iii) a right for the Government of Tanzania to (a) re-negotiate existing mining agreements at its discretion, (b)

receive a non-dilutable, free-carried interest of no less than 16 percent in all mining projects, and (c) acquire up to 50 percent of

the shares of the mining company commensurate with the total tax expenditure incurred by the Government in favour of the

mining company. AngloGold Ashanti can provide no assurance that the new mining legislation, including the listing requirements,

will not apply to its operations in Tanzania and the outcome of the arbitration action may have a material adverse impact on the

Company’s results of operations and financial condition. See also “Item 8A: Legal Proceedings—Tanzania”.

Categories of mineral right licences

Ownership of and control over minerals on, in or under the land vest in the President of the United Republic of Tanzania. No

person is allowed to prospect for minerals or carry on mining operations except pursuant to the authority of a mineral right

licence granted, or deemed to have been granted, under the Tanzania Mining Act or its predecessor acts. To enable a company

to prospect or mine, the MC initially grants an exclusive prospecting licence. Upon presentation of a feasibility study, together

with certain other environmental, social and financial assurances, the MC may then grant a form of licence for mining. Three

categories of licences can be applied for under the Tanzania Mining Act: licences for exploration, licences for mining, and

licences for ancillary activities. Licences for exploration include prospecting licences and gemstone prospecting licences.

Licences for mining include special mining licences (if the proposed capital investment is equal to at least $100 million), mining

licences (if the proposed capital investment is equal to between $100,000 and $100 million) and primary mining licences

(reserved for Tanzanian citizens).

A prospecting licence grants the holder the exclusive right to prospect in the area covered by the licence for all minerals within

the class of minerals applied for. An application for a prospecting licence is made to the MC and the licence, once granted, is

valid for an initial term of four years. After the initial term, the licence is renewable for a further period of three years, with no

option for renewal thereafter. Upon renewal, 50 percent of the area covered by the licence must be relinquished.

Mining is mainly carried out through either a mining licence or a special mining licence, both of which confer on the holder the

exclusive right to conduct mining operations in or on the area covered by the licence. A special mining licence is granted for the

shorter of either the estimated life of the ore body indicated in the feasibility study report or such period as the applicant may

request. The holder of a special mining licence may apply for renewal of its licence at any time but no later than one year before

the expiry of the licence and such renewal shall not be for a period exceeding the estimate life of the remaining ore body. Special

mining licences have certain fiscal and other advantages over mining licences, as the holder of a special mining licence may

enter into a mining development agreement with the Government of Tanzania to guarantee the fiscal stability of a long-term

mining project and make special provision for the payment of royalties, taxes, fees and other fiscal imposts. A special mining

licence holder may, in certain circumstances, amend the programme of the mining operations agreed with the MC.

Tax laws relating to mining

Currently, the main tax laws in Tanzania comprise the Finance Act, 2015 (No. 16), which came into force on 1 July 2015, the

Finance Act, 2017 (No. 4), which came into force on 1 July 2017, and currently the Finance Act, 2022 (No. 5), which came into

force on 1 July 2022. All tax laws impose and revise certain taxes, duties, levies and fees. Among other provisions, inspection or

clearance fees on the exportation or domestic use of minerals were introduced. Such exportation or domestic use is restricted

unless such minerals have been inspected or cleared at the mining areas, ports, airports, border or posts and the clearing fee of

one percent of the gross value of the minerals has been paid by the exporter or any other person in possession thereof. Local

government levies and environmental management fees and charges apply as well.

Effective 20 July 2017, the Value Added Tax Act, 2014 (No. 5) (the “VAT Act”) was amended in order to restrict VAT relief for VAT

input tax paid by mining companies on goods and services. Prior to the enactment of this amendment to the VAT Act, mining

companies were entitled to 100 percent VAT relief in respect of the goods and services they purchased. The amendment

prohibits refunds for VAT input tax incurred on a series of raw products, including the exportation of “raw minerals”.

Subsequently, the Tanzania Revenue Authority (“TRA”) denied our applications for VAT input credit refunds, which amounted to a

total of $120 million (after discounting provisions) as of 31 December 2024, covering the period from July 2017 onwards, on the

basis that all of the gold doré that we export constitutes “raw minerals” for purposes of the VAT Act. In response, the Company

filed formal notices of objection with the TRA stating that the exportation of gold doré is, in its view, not covered by the restriction

since doré does not fall within the category of “raw minerals” as used in the VAT Act. On 22 February 2019, the Tanzania Mining

Act was amended to introduce a definition for “raw minerals” which supports our interpretation that gold doré is excluded from the

prohibition. On 1 July 2020, the Finance Act, 2020 (No. 8), amended the VAT Act, without retrospective effect, in order to remove

the restrictions on VAT input tax credits for the exportation of “raw minerals” as well as a series of other raw products. This recent

amendment confirms the technical basis for VAT input tax recovery for mineral exporters from July 2020 onwards. VAT claims

from July 2020 onwards are subject to verification procedures by the TRA before any refunds will be received. In 2024, the

Company was able to offset $88 million of verified VAT claims (from July 2020 onwards) against its corporate tax liability in

Tanzania. Discussions with the TRA are ongoing to resolve our historical claims for VAT input credit refunds for the period from

July 2017 to June 2020.

Environmental laws relating to mining

On 17 May 2024, the Environmental Management (Environmental Performance Bond) Regulations, 2024 came into force. The

regulations aim to provide for and promote environmental sustainability with respect to safe decommissioning of a project, site

rehabilitation, and ecosystem restoration during and after the closure of a project. The regulations require preparation of a

detailed decommissioning plan and placement of an environmental performance bond in the form of an escrow account, bank

guarantee, capital bond or other permitted form of guarantee. Upon placement of an environmental performance bond, an

environmental performance bond certificate will be issued by the relevant minister.

In addition, on the same date, the Environmental Management (Right to Compensation) Regulations, 2024 also came into force.

The regulations establish a liability and compensation regime for certain types of environmental damages. In particular, the

regulations create a third party right to compensation in cases of personal injury or damage to property that result from, among

other things, the violation of environmental protection standards and accidents or incidents that result in harm to persons,

property or the environment. The owner of an area or premises where hazardous activity occurs, the owner of machinery or

equipment used in a hazardous activity or an operator who exercises control of a hazardous activity, whose act or omission

results in a violation of applicable legal requirements or that otherwise directly or indirectly causes injury to a person or damage

to property or the environment may be held liable under the regulations. Liability may be administrative, civil or criminal in nature,

depending on the nature, motive, manner and gravity of injury suffered by a person or the damages to property or the

environment. The owner or operator has the burden of proof to establish that the alleged injury or damage did not occur.

Natural resources, export and other rules

Natural resources legislation

In Tanzania, two laws in respect of natural resources came into force in July 2017: the Natural Wealth and Resources Contracts

(Review and Re-negotiation of Unconscionable Terms) Act, 2017 (No. 6) (the “Unconscionable Terms Act”) and the Natural

Wealth and Resources (Permanent Sovereignty) Act, 2017 (No. 5) (the “Permanent Sovereignty Act” and together with the

Unconscionable Terms Act, the “Natural Resources Laws”). Implementing regulations were published in January 2020. The

Natural Resources Laws provide that Tanzania has sovereignty over its natural resources and that all arrangements or

agreements that relate to “natural wealth and resources” are subject to review by the National Assembly to ensure that they are

in the interests of the people of Tanzania. As a result of such review, all unconscionable terms as interpreted in accordance with

the law may be re-negotiated or expunged from the agreement. In addition, under the laws, disputes over natural wealth and

resources are not subject to any proceedings in any foreign court or tribunal. As a result, investors are restricted from accessing

international dispute resolution mechanisms. Accordingly, companies are now required to adopt Tanzanian law and local dispute

resolution in all mining agreements. As such, all disputes are handled by Tanzanian judicial bodies or any other Tanzania

government body vested with powers to resolve disputes. In addition, to ensure that the Government and the people of Tanzania

obtain an equitable stake in the exploitation of mining resources, all project earnings must be retained in Tanzanian banks.

Investors are also prevented from freely exporting raw minerals and repatriating funds.

Section 6 of the Unconscionable Terms Act specifically provides that where there is an unconscionable term, the National

Assembly may pass a resolution for re-negotiation of the agreement whereupon the Government shall serve notice to the

investor to re-negotiate the term or agreement. The Government and the particular investor have 90 days from the notice date to

re-negotiate the term or agreement. If both parties fail to revise the unconscionable term, the term will be deemed removed from

the agreement. A term is considered “unconscionable” under the Unconscionable Terms Act if, among other grounds, the

requirements or provisions of the agreement restrict the right of the state to exercise authority over foreign investment within the

country, and in accordance with the laws of Tanzania, are inequitable and onerous to the state, secure preferential treatment

designed to create a separate legal regime to be applied discriminatorily for the benefit of a particular investor, deprive the

people of Tanzania of the economic benefits derived from subjecting natural wealth and resources to beneficiation in the country,

or subject the state to the jurisdiction of foreign laws and foreign courts or tribunals.

State participation

On 23 September 2022, the Mining (State Participation) Regulations, 2022 (the “SPR 2022”) came into force. The SPR 2022

required every mining licence or special mining licence holder to give notice to the MC to initiate negotiations to enable the

Government of Tanzania to acquire a shareholding in the mining operation by 23 December 2022. On 9 December 2022, the

Company notified the MC that it had already initiated negotiations with the Government of Tanzania prior to the coming into force

of the SPR 2022. The Government’s equity interest must consist of a non-dilutable free-carried interest in the mining operation

ranging between 16 percent and 50 percent depending, in part, on the quantification of tax expenditures enjoyed by the mining

entity during its establishment and on the extent of Government development of public infrastructure servicing the mining

operation. The free-carried interest shares (the “FCI shares”) will be regarded as preferred shares and will entitle the

Government to a dividend. Further, the FCI shares give the Government the right to appoint two directors (out of five) of the

company engaged in the mining operation and the right to approve at least two suitable persons to the top executive

management of the company engaged in the mining operation as may be agreed in the shareholders agreement. Any other

management positions created by the company engaged in the mining operation shall be shared with the Government on a ratio

of 3:1. The SPR 2022 also provides for the non-deductibility of royalty payments in the calculation of corporate income tax.

Local participation policy

On 15 September 2015, the Non-Citizens (Employment Regulation) Act, 2015 (No. 1) (the “Non-Citizens Act”) came into force

which vests powers concerning work permits with the Labour Commissioner. Therefore, non-citizens wishing to be employed in

the country are required to apply and be granted a work permit before applying for a residence permit. Before granting the work

permit, the Labour Commissioner must be satisfied that all efforts have been explored to acquire a local expert. Further, the

company is required to submit a succession plan to both the Labour Commissioner and the MC which sets out a well-articulated

plan for the transfer of the non-citizen’s knowledge and expertise to Tanzanian citizens. Moreover, the Commissioner General of

Immigration is required to take into consideration conditions of the work permit issued by the Labour Commissioner when

granting a residence permit.

The Tanzania Investment Act No. 10 of 2022

On 2 December 2022, the Tanzania Investment Act, 2022 (No. 10) (the “Investment Act”) came into force. The Investment Act

restores the right to international arbitration and grants foreign investors access to settle disputes with the Tanzania Investment

Centre or the Government of Tanzania through arbitration. Pursuant to the Investment Act, parties to a dispute may agree to the

use of a local or foreign arbitration venue.

AngloGold Ashanti’s rights and permits

The Geita gold mine is located in the Lake Victoria goldfields in the Geita region of Tanzania. AngloGold Ashanti has concluded a

mining development agreement with the Ministry of Minerals on 24 June 1999 and was issued a special mining licence

(SML45/99) covering approximately 196 km2 for an initial period of 25 years, which expired on 26 August 2024. The special

mining licence (SML45/99) was renewed by the MC for a further period of 15 years with effect from 27 August 2024 and will now

expire in 2039. The renewed special mining licence (SML45/99) currently contains a number of new conditions which remain

under discussion between AngloGold Ashanti and the Government of Tanzania, related to the implementation of the 2017 mining

regulations in Tanzania. AngloGold Ashanti believes that the terms and conditions of its mining development agreement prevail in

case of inconsistencies with any terms and conditions included in the renewed special mining licence (SML45/99).

On 9 October 2014, an addendum to the mining development agreement was entered into ratifying, among other matters, an

increase in the royalty rate from three percent to four percent with effect from 1 May 2012. In March 2020, Geita Gold Mining

Limited received the consent of the Minister of Minerals to change the mining method under its special mining licence from open

pit to underground method, subject to the requisite terms and conditions. Within the special mining licence area, there are also

seven primary mining licences of approximately 0.63 km2 in total which belong to third parties. Furthermore, AngloGold Ashanti

holds prospecting licences covering (i) an area of 23 km2 in the immediate vicinity of its special mining licence area, and (ii) an

area of 649 km2 located in the Dodoma, Singida and Shinyanga regions, but none of these areas contain any Mineral Reserve.

All licences are in good standing.

AUSTRALIA REGION

Australia

General laws relating to mining

In Australia, with a few exceptions, all onshore minerals are owned by the Crown. The respective Minister for each state and

territory is responsible for administering the relevant mining legislation enacted by the states and territories. Native title legislation

applies to certain mining tenements within Australia. Australia recognises and protects a form of native title that reflects the

entitlement of Aboriginal people to their traditional lands in accordance with their traditional custom and laws. Should native title

claims or determinations exist, certain native title processes and procedures will apply under the Native Title Act 1993 (Cth) (the

“Native Title Act”) before the tenure is granted. Tenure may be granted subject to conditions relating to native title rights. In the

mining context, native title matters are managed as part of the tenement grant process. If disputes arise in relation to the grant of

a particular tenement, they can be referred to the National Native Title Tribunal, established under the Native Title Act, for

resolution. Native title legislation also provides a framework for compensation to be paid for acts that affect native title rights and

interests. Ordinarily, the relevant Commonwealth or State government is liable to pay compensation for acts attributable to it.

However, in the state of Western Australia, the Mining Act 1978 (WA) provides that an applicant for the grant of, or the holder of,

a mining tenement is responsible for native title compensation, if determined to be payable, to native title holders.

Federal, state and territory Aboriginal and non-Aboriginal heritage laws operate in parallel to the native title legislation. State and

territory heritage laws exist predominantly for the purposes of managing the impact of developments on sites, objects and areas

of heritage significance. In Western Australia, impacts to Aboriginal heritage are once again regulated by the Aboriginal Heritage

Act 1972 (WA) (“AH Act”) since the Aboriginal Cultural Heritage Act 2021 (WA) was repealed on 15 November 2023. The AH Act

establishes a framework for the protection of “Aboriginal sites” in Western Australia. Where it is not possible for development

plans to avoid damaging or altering any Aboriginal site, the land owner must submit written notice to the Aboriginal Cultural

Heritage Committee ("ACH Committee") identifying that use of the land is required for a purpose which would likely result in a

breach of the AH Act without ministerial consent. The competent minister will consider the recommendation of the ACH

Committee and decide whether to consent to the use of the land which is the subject of the notice. Where an area of heritage

significance is placed on the national or world heritage registers, federal approval processes may also apply. To date, there has

not been any significant impact on any of AngloGold Ashanti’s tenure due to native title or heritage legislation.

AngloGold Ashanti’s operating properties are located in the state of Western Australia where tenure is issued under, and mining

operations are governed by, the Mining Act 1978 (WA). The most common forms of tenure in Western Australia are exploration

and prospecting licences, mining leases, miscellaneous licences and general purpose leases. In most Australian states, if the

holder of an exploration licence establishes indications of an economic mineral deposit in the area covered by the exploration

licence and complies with the conditions of the grant, the holder of the exploration licence has a priority right against all others to

be granted a mining lease which gives the holder exclusive mining rights with respect to minerals on the property.

It is possible for an individual or entity to own an area of land (including for infrastructure purposes) and for another individual or

entity to be granted the right to explore for or mine any minerals located on or under the surface of the same area. The maximum

initial term of a mining lease in Western Australia is 21 years and the holder has the right to renew the lease for an additional 21

years. Subsequent renewals are granted at the discretion of the respective state or territory’s minister responsible for mining

rights. In Western Australia, mining leases can only be assigned with the prior written consent of the minister.

Tax laws relating to mining

Government royalties are payable by the holder of mining tenure in respect of minerals obtained from the relevant area of land at

the rates specified in the relevant legislation in each state or territory. The royalty on gold production in Western Australia is

payable quarterly at a fixed rate of 2.5 percent of the royalty value of gold metal produced. The royalty value is calculated by

multiplying the amount of gold produced during a given month by the average gold spot price for that month. In addition, the

holder of a mining tenement is required to pay annual rent in respect of the tenement. In Western Australia there is a minimum

annual expenditure requirement for prospecting and exploration licences and mining leases. Exemptions from the expenditure

requirement can be obtained if certain conditions are satisfied.

Environmental laws relating to mining

Mining tenements will be granted with endorsements and conditions relating to protection of the environment. Exploration and

mining operations may also require separate approval from the state, territory or federal environment minister, which may require

completion of an environmental impact assessment (including a public consultation period) pursuant to applicable environmental

protection legislation prior to commencement. Further, a works “construction” approval and an operating licence under the

relevant environmental protection legislation in the state or territory may also be required for certain mine processing or mining-

related operations. In Western Australia, legislation removing the distinction between “works approvals” and “licences” was

previously expected to enter into force in 2024 such that, following the effective date, only a “licence” would be required for

“prescribed activities”, which include relevant works and operations on a mining lease, and not a separate “works approval”.

Depending on the jurisdiction, additional approvals may be required for the removal of native vegetation within the tenement, and

the taking and use of water for exploration and mining operations. It is currently unclear as to when this legislation will enter into

force.

AngloGold Ashanti’s rights and permits

AngloGold Ashanti has been granted 21-year term mining leases with rights of renewal to all of its mining areas in Australia,

including its proportionate share of joint venture operations and accordingly it has, together with its joint venture partners where

applicable, the exclusive right to mine in those areas. Both the Group and its joint venture partners are fully authorised to conduct

operations in accordance with relevant laws and regulations. The mining leases and rights of renewal cover the current life-of-

mine at AngloGold Ashanti’s operations in Australia.

At Sunrise Dam in the state of Western Australia, one mining lease (M39/1116) covers the deposit and mine infrastructure

(approximately 7,808 hectares) and another mining lease (M39/1117) covers the water extraction infrastructure used to supply

the operation with water (approximately 1,768 hectares). Both leases are currently in good standing, with expiry dates in 2038.

Both mining leases are within an area which is the subject of the Nyalpa Pirniku native title determination, which determination

was made by the Federal Court of Australia on 31 October 2023. In relation to the area of M39/1116 and M39/1117, the native

title rights and interests are non-exclusive in nature. The determination records that these mining leases prevail over native title.

The Butcher Well joint venture in the state of Western Australia has security of tenure for all current exploration licences and for

the contiguous mining leases that covers its Mineral Resource. There are three mining leases: mining lease (M39/165) which

covers 602.35 hectares with expiry date in 2030, mining lease (M39/166) which covers 990 hectares with expiry date in 2030 and

mining lease (M39/230) which covers 446.4 hectares with expiry date in 2032. These mining leases are also within the area of

the Nyalpa Pirniku native title determination (see above). In relation to the area of M39/165, M39/166 and M39/230, the native

title rights and interests are non-exclusive in nature. The determination records that these mining leases prevail over native title.

At Tropicana in the state of Western Australia, the deposit is situated upon a single mining lease (M39/1096) covering

approximately 27,228 hectares, which is currently in good standing, with an expiry date in 2036. This mining lease is wholly

surrounded by an area which is the subject of the Nangaanya-ku Part A native title determination, which determination was made

by the Federal Court of Australia on 29 November 2021, although the determination excludes M39/1096 itself. In relation to the

area surrounding M39/1096, the native title rights and interests are exclusive in nature. M39/1096 itself is subject to Part B of the

Nangaanya-ku native title claim, which is pending determination of the remaining issues by the Federal Court of Australia.

AngloGold Ashanti Australia Limited is also conducting early stage exploration activities in the state of Queensland under the

Mineral Resources Act 1989 (QLD). AngloGold Ashanti holds 45 exploration permits covering 1,210,900 hectares. Each permit is

granted with an initial term of five years, renewable for two further periods of not more than five years each.

AMERICAS REGION

Argentina

General laws relating to mining and land ownership

Mining regime

The Argentinean Mining Code governs mining activity in the country. Special regimes exist for hydrocarbons and nuclear

minerals. In the case of most minerals, the Argentinean Mining Code establishes that the owner of the land is not the owner of

the mineral rights; these are held by the national or provincial governments (depending on the location of the minerals). The

national or provincial government, as applicable, is required by the Argentinean Mining Code to grant whomever discovers a new

mine title to the mining concession.

The Argentinean Mining Code regulates exploration permits as well as mining concessions, or exploitation rights. Exploration

permits grant their holders exclusivity rights to any mineral discoveries, including those made by a third party within the

exploration area covered by the permit. Exploration permits are limited in time, are required to pay a one-time fee relating to the

extent of the exploration area, and require a minimum exploration work programme and schedule to keep the permit in force.

Priority for receiving a mining concession is given to the registered discoverer of the mine, which holds the exploration permit.

Once the application for a mine has been submitted, the applicant may commence works and must submit a legal survey of the

units requested for the new mine. The application and the legal survey may be opposed by third parties following specific

proceedings set forth in the Argentinean Mining Code. Approval and registration of the legal survey by the provincial mining

authority constitutes formal title to the mining concession.

Holders of mining concessions must comply with three main conditions: payment of an annual fee, investment of a minimum

amount of capital, and the carrying out of a reasonable level of exploitation. Failure to do so could lead to forfeiture of the mining

concession, which would then revert back to the Province.

In addition to the Argentinean Mining Code, between 1993 and 1995, Argentina implemented several federal laws to offer foreign

companies attractive incentives for exploration and mining in Argentina, the Mining Investment Law (Law No. 24, 196), as

amended (the “Mining Investment Law”), and related legal provisions being the most important one. Such incentives include,

among other matters, import duty exemptions, accelerated depreciation of fixed assets, a three percent cap on provincial

royalties set at pit-head value on the mineral extracted, value added tax refunds for exploration-related expenses incurred by

companies registered under the Mining Investment Law, and, subject to the filing of a feasibility study for the relevant mining

project, a 30-year stability as to the tax burden on the project and the customs and foreign exchange regimes and duties. Cerro

Vanguardia S.A. (“CVSA”) obtained its tax, customs and foreign exchange stability certificate in 1996.

Glacier Law

In Argentina, the National Law on Minimum Requirements for the Protection of Glaciers (Law No. 26, 639) (the “Glacier Law”)

was enacted in 2010. The Glacier Law bans new mining exploration and exploitation activities on glaciers and “peri-glacial” areas

and establishes a broad definition of “peri-glacial” areas that, together with glacial areas, must be surveyed by an existing

national government agency specifically appointed to this end every five years. The area where the Cerro Vanguardia project is

located does not include any glaciers or peri-glacial areas according to the inventory of glaciers which was last published in June

2018.

Rural Land Law

In 2011, the Argentinean National Congress passed a law on the Regime for Protection of National Domain over Ownership,

Possession or Tenure of Rural Land (Law No. 26, 737) (the “Rural Land Law”) which implemented a set of rules restricting the

ownership of rural land by foreigners (including foreign individuals or any kind of legal entity controlled by foreign individuals or

legal entities). The main restrictions are as follows: (i) foreigners cannot own in the aggregate more than 15 percent of the entire

rural land of Argentina, the same cap being applicable to each Province and Municipality; (ii) foreigners will not be allowed to

purchase more than 1,000 hectares in the so-called “zona núcleo”, which comprises the main agricultural areas of central

Argentina or an “equivalent” surface depending on the location of the land and its productive potential; and (iii) foreigners will not

be allowed to buy land that contains, or is adjacent to, nationally significant and permanent water bodies (such as rivers and

lakes). Although exploration permits and mining concessions are not the subject matter of the restrictions placed by the Rural

Land Law, certain rights granted to foreign mining companies under the Argentinean Mining Code may be restricted by this law.

For example, the right that holders of mining concessions currently have to force the surface owner to sell the land to the holder

of the mining concession might be restricted if the concession holder is a foreign individual or a legal entity controlled by

foreigners.

While the Rural Land Law was initially repealed by means of Emergency Decree No. 70/2023 (Decreto de Necesidad y

Urgencia) (“DNU”) on 29 December 2023, the provision of the DNU repealing the Rural Land Law was declared unconstitutional

by a federal court on 21 March 2024. This decision was subsequently appealed by the national government to the Supreme

Court of Argentina, where the case is currently pending. Meanwhile, the Rural Land Law remains in force.

Federal Mining Agreement

On 13 June 2017, the national government and the provinces in whose territories the main mining projects of Argentina are

located, signed the New Federal Mining Agreement (“FMA”). The purpose of the FMA is, amongst other things, to increase

provincial revenues from the mining industry by creating legal entities owned by provincial governments that would work in

association with private mining companies. This scheme is not new in Argentina and it has been used by some provincial

governments, amongst them the Santa Cruz Province (through Fomicruz), in which the Cerro Vanguardia project is located. The

FMA also contemplates other forms of revenues such as the formation of special trusts to be funded by mining companies to

finance education, health and other programmes. Additionally, the FMA included setting forth mining royalties up to three percent

of the gross value of commercialised minerals, without any deductions other than VAT. As the FMA has not yet been converted

into law by the National Congress, its provisions are neither binding nor enforceable.

In Argentina, the regulatory regime for royalty payments was modified on 8 July 2024 through Law No. 27,743/2024 which

amended the Mining Investment Law. Under this amended regime, provinces that collect royalties or choose to do so may not

charge more than three percent of the pit-head value of the extracted mineral. However, for mining projects that had not

commenced construction of their exploitation phase before the law came into effect, provinces may collect royalties up to five

percent of the pit-head value, subject to certain conditions. In December 2012, the Santa Cruz Province changed the mining

royalty from one percent to three percent calculated at pit-head value of the mineral extracted thus bringing it to the cap of the

Mining Investment Law.

Foreign exchange and export rules

Foreign exchange controls

On 1 September 2019, by means of Executive Decree No. 609/2019 (the “Export Controls Decree”), the Argentinean national

government reinstated foreign exchange controls. The Export Controls Decree and related regulations of the Central Bank of

Argentina, among other measures, impose the obligation of Argentinean residents to transfer to Argentina and/or sell for

Argentinean pesos in the Argentinean foreign exchange market (mercado de cambios) the countervalue (contravalor) from their

exports of goods and services within a specified period as well as limit the ability of both Argentinean and non-Argentinean

residents to acquire foreign currency in the Argentinean foreign exchange market and to transfer such foreign currency to and

from Argentina. The Consolidated Text on “Foreign Trade and Exchange” issued by the Argentinean Central Bank (as amended

from time to time) establishes the specific regulatory requirements to implement the measures adopted by the national

government in this area.

In order to access the foreign exchange market, Argentinean residents, such as CVSA, must comply with certain general

supplementary provisions in addition to certain requirements which are specific to a particular transaction. In general, access to

the foreign exchange market for the payment of dividends to non-resident shareholders is subject to prior approval from the

Argentinean Central Bank, unless certain requirements are complied with.

CVSA had a cash balance equivalent to $134 million at 31 December 2024. The cash remains fully available for CVSA’s

operational and exploration requirements. During 2024, CVSA paid the remaining offshore dividends of $75 million to AngloGold

Ashanti by entering into a currency swap to obtain the necessary US dollars.

Export duties

On 21 December 2019, the National Law on Social Solidarity and Productive Reactivation (Law No. 27, 541) (the “Solidarity

Law”) was enacted. The Solidarity Law granted the national government power until 31 December 2021 to impose export duties

which may not exceed certain caps. For example, the Solidarity Law provides that export duties on mining exports cannot

exceed eight percent of the taxable value or official FOB price. On 2 October 2020, the national government published Decree

No. 785/2020 (the “Export Duties Decree”) which sets an export duty rate of eight percent for certain goods, including doré bars

and gold alloys, and revoked the provisions of Decree No. 793/2018 which had previously set the export duty at 12 percent ad

valorem. While the Export Duties Decree was set to expire at the end of 2021, on 31 December 2021, the national government

published Decree No. 908/2021, extending the deadline of export duties on certain goods, including doré bars and gold alloys,

until 31 December 2023. Until a new bill has been formally adopted by the Argentinean National Congress to maintain export

duties on doré bars and gold alloys, there are no such export duties in force. Any export duties, if not compensated with other tax

reductions, affect the tax stability guarantee granted to CVSA in 1996 in light of the fact that at the time export duties were zero

percent.

On 26 February 2019, the Argentinean tax and mining authorities published a resolution (RC 4428/2019) establishing an

administrative procedure to be followed to obtain the reimbursement or compensation of federal taxes paid in excess of the total

tax burden provided for by the applicable tax stability guarantee (the “2019 Procedure”). CVSA initiated the 2019 Procedure to

claim compensation for the export duties it paid in 2018, 2019 and 2020 as export duties are not contemplated by its tax stability

guarantee. Prior to the publication of RC 4428/2019, CVSA had already submitted to the tax authorities claims for reimbursement

of the export duties it paid from 2008 to 2015.

Pursuant to the 2019 Procedure, the National Mining Secretariat issued favourable opinions regarding CVSA’s claims in respect

of fiscal years 2018 and 2019, which amounted to approximately $0.4 million and $1.1 million, respectively, as of 31 December

2024. These claims are currently under review by the relevant customs authorities. On 14 July 2021, CVSA submitted its claim in

respect of fiscal year 2020, which amounted to approximately $2.1 million as of 31 December 2024. The National Mining

Secretary has not yet issued an opinion regarding this claim.

Furthermore, CVSA has requested the tax authorities to apply the 2019 Procedure in respect of its historical claims for fiscal

years 2008 to 2015 during which the imposition of export duties also exceeded CVSA’s total tax burden under its tax stability

guarantee. However, these claims, which amounted to approximately $0.6 million as of 31 December 2024, are still being

reviewed under the rules to challenge export duties instead of the 2019 Procedure. CVSA has appealed the application of those

rules and a decision on this issue is pending.

On 9 June 2022, the Argentinean tax and mining authorities published a resolution (RC 5205/2022) establishing a new

administrative procedure to be followed to obtain the reimbursement or compensation of federal taxes paid in excess of the total

tax burden provided for by the applicable tax stability guarantee (the “2022 Procedure”). This 2022 Procedure replaces the 2019

Procedure established by RC 4428/2019. The Argentinean tax and mining authorities have requested CVSA to update its claims

in respect of fiscal years 2018 and 2019 to the 2022 Procedure, which CVSA is currently in the process of doing.

On 20 September 2022, CVSA submitted its claim for compensation for the export duties and income tax for the payment of

dividends to its foreign shareholders in respect of fiscal year 2021, which amounted to approximately $1.9 million as of 31

December 2024, pursuant to the 2022 Procedure. In addition, on 4 October 2023, CVSA submitted its claim for compensation for

the export duties and income tax for the payment of dividends to its foreign shareholders in respect of fiscal year 2022, which

amounted to approximately $2.8 million as of 31 December 2024, pursuant to the 2022 Procedure. On 8 January 2025, CVSA

submitted its claim for compensation for the export duties in respect of fiscal year 2023, which amounted to approximately $7.5

million as of 31 December 2024, pursuant to the 2022 Procedure. These claims are currently under review by the National

Mining Secretary.

In total, AngloGold Ashanti’s net export duty receivables (after discounting provisions) in Argentina amounted to $3.2 million as of

31 December 2024.

Environmental laws relating to mining

Any mining company intending to commence or modify any mining-related activity, as defined by the Argentinean Mining Code,

including prospecting, exploration, exploitation, development, preparation, extraction, and storage of mineral substances, as well

as property abandonment or mine closure activity, is required to prepare and submit to the competent provincial environmental

authority an Environmental Impact Assessment (“EIA”) prior to commencing the work. Each EIA is required to describe the nature

of the proposed work, its potential risk to the environment, and the measures that will be taken to mitigate that risk. If accepted

by the competent authority (after a public consultation stage), the EIA is used as the basis to create a Declaration of

Environmental Impact (“DEI”) to which the mining company is required to adhere during the mining-related activity. The DEI is

required to be updated at least on a biannual basis. Sanctions and penalties for non-compliance with the DEI are outlined in the

Environmental Protection section of the Argentinean Mining Code, and may include warnings, fines, suspension of quality

certifications, obligations to restore the environment, temporary or permanent closure of activities, and withdrawal of

authorisation to conduct mining-related activities.

Mining activities are also subject to general regulations addressing a wide spectrum of environmental matters, including

authorisation for the management of hazardous substances, wastes, air emissions and liquid effluents, as well as use of certain

equipment. Authorities are generally entitled to impose administrative sanctions when they identify violations of such

environmental regulations, including, among other matters, fines, closure of facilities, suspension of activities and revocation of

permits.

AngloGold Ashanti’s rights and permits

The Cerro Vanguardia mine is located in the Province of Santa Cruz in Argentina. The mining concession holder of Cerro

Vanguardia is AngloGold Ashanti’s partner, Fomento Minero de Santa Cruz S.E. (“Fomicruz”), which is wholly owned by the

Santa Cruz Province. On 27 December 1996, Fomicruz entered into a usufruct agreement whereby CVSA was granted an

irrevocable right to exploit the Cerro Vanguardia deposit (encompassing an area of approximately 543 km2) for a 40-year period.

The mining licence (402642/CV/97), which covers the full Mineral Reserve, expires on 26 December 2036. CVSA is a

corporation incorporated in Argentina indirectly controlled by AngloGold Ashanti (92.5 percent), with Fomicruz as minority

shareholder (7.5 percent). On 14 August 1996, CVSA obtained its tax, customs and foreign exchange stability certificate, which

expires in 2026.

Brazil

General laws relating to mining and land ownership

The Brazilian Constitution of 1988 states that, for purposes of exploration and exploitation, deposits and other Mineral Resources

constitute property separate from the soil and belong to the Federal Union. Exploration and exploitation of such Mineral

Resources may take place only with the Federal Union’s concession and in such a way as to protect the national interest.

Federal law sets out civil, penal and administrative sanctions for conduct and activities deemed harmful to the environment.

In Brazil, the National Mining Agency (“ANM”) is the state body within the Mines and Energy Ministry (“MME”) that is responsible

for: (i) the registration of mining titles, (ii) the grant of authorisations and concessions, (iii) the supervision of mining activities and

mining titleholders, and (iv) the issuance of supplementary rules in relation to mining activity.

Under the current Brazilian Mining Code, there are two types of mines: (i) claimstake mines (minas manifestadas), for which

rights were acquired before 1934 and exist independently of any mining licence or authorisation from the Federal Government

and for which the Mineral Resources constitute property of the landowner, and (ii) granted mines, which are those that rely on

grants from the Federal Government for mineral exploration or exploitation (pursuant to the Brazilian Constitution of 1988).

AngloGold Ashanti’s operations in Brazil consist of both claimstake mines and granted mines.

Mining activities in granted mines must be performed in two defined stages: (i) exploration, which entails defining and evaluating

the deposit and determining the feasibility of exploitation, and (ii) exploitation, which involves coordinating operations aimed at

the industrial exploitation of the mineral deposit, from the extraction of useful minerals to their processing. Exploration

authorisations issued by the ANM are valid for one to three years. One extension can be obtained automatically as long as it is

justified. For more than one extension, the extension request will have to satisfy specific legal requirements. In contrast,

exploitation rights, once granted, are valid for the lifetime of the deposit, provided the mining titleholder complies with all legal

requirements. Pursuant to these requirements, for example, titleholders must (i) start work on mineral exploitation within six

months from the date of publication of the Exploitation Concession, (ii) continue their mining activities until the mineral deposit

has been exhausted, in accordance with the Economic Exploitation Plan (Plano de Aproveitamento Econômico) approved by the

ANM, and (iii) refrain from suspending mining activities without prior notice to the ANM.

Tax laws relating to mining

During the exploration period, the mining titleholder has to pay an Annual Rate per Hectare (Taxa Annual por Hectare or “TAH”),

subject to a maximum value set by law. In the exploitation period, regardless of the legal regime governing the project (whether

claimstake or granted mines), the mining titleholder has to pay the Financial Compensation for Exploiting Mineral Resources

(Compensação Financeira pela Exploração Mineral or “CFEM”). The CFEM which is 1.5 percent for gold is currently calculated

based on revenues.

At the end of 2011 and the beginning of 2012, the states of Minas Gerais, Pará, Amapá and Mato Grosso do Sul each created a

new “inspection and control” tax (duty) on extraction and exploration activities as well as on the use of Mineral Resource carried

out in those states. In the state of Minas Gerais, gold ore and silver ore are exempted from the collection of this new duty. At the

end of 2020, the state of Goiás created a new “inspection and control” tax (duty) on extraction and exploration activities carried

out in this state, which currently still needs to be implemented. The constitutionality of these “inspection and control” taxes was

upheld by the Supreme Court of Brazil in August 2022.

In December 2022, the legislature of the state of Goiás voted to create Fundeinfra (Fundo Estadual de Infraestrutura), a fund to

invest in infrastructure projects in the state. The fund is financed by a new tax imposed on certain agricultural and mining

products at a rate between 0.50 percent and 1.65 percent depending on the product. The tax on gold amounts to 1.65 percent of

the declared export value. A lawsuit challenging the constitutionality of this tax is currently pending before the Supreme Court of

Brazil.

In December 2023, the National Congress adopted a comprehensive tax reform in Brazil which replaced five separate

consumption taxes with a dual VAT system (i.e., one charged by the federal authorities and the other at a regional level). In

addition, a selective tax was introduced targeting goods and services that are considered harmful to the environment and health.

With respect to the extractive sector, it is expected that such selective tax will not exceed one percent of the market value of the

goods, regardless of its destination. The full implementation of the new tax regime, including the selective tax, is expected at a

later stage.

Environmental laws relating to mining

In recent years, Brazilian authorities, both at the federal and state levels, have generally increased scrutiny of mining operations,

and of TSFs and tailings piles in particular, and have adopted strict laws and regulations applicable to the approval, licensing,

construction, management, closure, decommissioning and decharacterisation (or “descaracterização” of TSFs, which generally

means that the structure no longer serves its primary purpose of acting as a tailings containment) of TSFs in Brazil.

At the federal level, a 2019 resolution adopted by the ANM (ANM Resolution No. 13/19) prohibited the upstream method for the

construction or heightening of tailings dams throughout the national territory of Brazil and required operators to cease all storage

and disposal activities at such TSFs (known as “deactivation” or “desativação”). Operators were further required to

decharacterise such TSFs by the applicable compliance date (i.e., by 2022 to 2027, depending on the capacity volume). In

addition, Federal Law No. 14.066/20, adopted in October 2020, also imposed requirements on companies to decharacterise

upstream TSFs by February 2022, with extensions to the original compliance deadline permitted by consent of the ANM based

on the technical plan for decharacterisation. Serra Grande submitted timely requests to obtain an extension of the compliance

deadline for decharacterisation until 2025 in line with the timeline set forth in ANM Resolution No. 13/19 and, in May 2022, the

ANM issued a technical note allowing the extension of the compliance deadline until 15 September 2025. Additional extensions

may be warranted for purposes of ensuring worker safety and stability of the structure during decharacterisation activities. The

Serra Grande mine has ceased hydraulic deposition at the TSF and migrated to dry-stacking operations.

With respect to downstream (or “centerline”) TSFs, Federal Law No. 14.066/20 also required companies, to the extent that

communities are located in the self-rescue zone of those TSFs, to implement one of the following measures for such structures:

either (i) the structure must be deactivated and decharacterised, (ii) the population must be relocated, with reparations for loss of

cultural heritage, or (iii) reinforcement works that guarantee the effective stability of the structure must be carried out, by decision

of the public authorities, taking into account the previous nature of the dam in relation to the occupation and technical-financial

viability of the alternatives. Even if reinforcement works are completed, decharacterisation of those TSFs will be required at the

end of the life of the mine. All of the TSFs operated by AngloGold Ashanti in Brazil have communities located in self-rescue

zones.

At the state level, the state legislator in the state of Minas Gerais has also adopted laws, as well as several related decrees, with

respect to TSF safety which are required to be implemented in conjunction with the federal requirements.

As of 31 December 2022, AngloGold Ashanti had fully transitioned to dry-stacking operations for tailings storage at each location

in Brazil. Total expenditures in 2024 to deactivate and decharacterise existing structures amounted to approximately $31 million.

Total expenditures for work required to comply with TSF-related requirements during the period 2025-2027 are expected to be

material but, based on preliminary estimates to date, AngloGold Ashanti anticipates that annual expenditures during that period

will decline over time. Neither ANM Resolution No. 95/22 (see below) nor Federal Law No. 14.066/20 requires removal of all

tailings material in connection with the decharacterisation of TSFs.

In addition, ANM Resolution No. 95/22, which became effective in February 2022, established new criteria for the operational

management of TSF structures, changed the criteria related to the risk classification of TSF structures and emergency levels and

set new criteria for the suspension, embargo (order to stop operations) and interdiction of TSF activities. Operators of TSFs were

mandated to conduct and submit risk assessments to the ANM by December 2022 and are required to update those risk

assessments every two years. Operators are also required to periodically obtain certifications from external consultants of the

geotechnical stability of TSF structures and the adequacy of emergency response plans. As of the date hereof, all of AngloGold

Ashanti’s TSFs in Brazil have received certification by external consultants of on-site emergency response plans (Declaração de

Conformidade e Operacionalidade (“DCO”)) as well as certification by external consultants of geotechnical stability (Declaração

de Condição de Estabilidade (“DCE”)) consistent with the new standards. In addition, at the Calcinados TSF, a risk assessment

conducted in December 2022 with oversight from external consultants, as required by Brazilian regulations, concluded that

additional buttressing should be completed to align the TSF’s post liquefaction factor of safety with international standards

currently considered best practice. Engineering and geotechnical work was conducted by external consultants in 2023 to

evaluate other potential options for alignment of the Calcinados TSF with international standards, which concluded in March

2024 that additional buttressing was not required. Subsequently, the decharacterisation plan for the Calcinados TSF was

updated and presented to the ANM in October 2024. Tailings deposition at the Calcinados TSF, as well as processing and

refining of gold concentrate at the Queiroz metallurgical plant, which services the Cuiabá mine complex (composed of the Cuiabá

and Lamego mines), which had been suspended pending completion of the engineering and geotechnical work and submission

to the relevant authority of an updated decharacterisation plan for the Calcinados TSF, resumed in September 2024. Mining of

ore continues at Serra Grande and the Cuiabá mine complex, except at CdS which was placed on care and maintenance in

August 2023.

The Company’s operations in Brazil are also subject to ANM resolutions relating to administrative sanctions for non-compliance

with mining and dam safety regulations which significantly increased the potential amount of applicable fines and penalties. ANM

resolutions also set forth guidelines related to the active and passive monitoring of TSFs following decharacterisation of such

TSFs and new technical criteria to be considered in connection with the construction of new TSFs.

AngloGold Ashanti’s rights and permits

At AGA Mineraçao in the state of Minas Gerais in Brazil, Cuiabá has a series of ANM mining concessions and exploration

permits. Cuiabá’s mining concessions include mining concession No. 000.323/1973 (covering an area of 3,661.52 hectares),

mining concession No. 830.937/1979 (covering an area of 433.60 hectares) and mining concession No. 831.027/1980 (covering

an area of 382.42 hectares). Cuiabá has requested the ANM to consolidate these three mining concessions in a single mining

group concession No. 931.006/2022 (4,477.54 hectares), which request was approved by ANM in June 2024.

Lamego has a series of ANM mining concessions and exploration permits. Lamego’s mining concessions include mining

concession No. 830.720/1981 (covering an area of 577.14 hectares), mining concession No. 831.554/1983 (covering an area of

462.09 hectares) and mining concession No. 832.238/2003 (covering an area of 583.45 hectares). These three individual mining

concessions are consolidated in a single mining group concession No. 932.710/2017 (1,622.68 hectares).

Córrego do Sítio (“CdS”) has a series of ANM mining concessions and exploration permits. CdS’s mining concessions include

mining concession No. 001.463/1963 (covering an area of 198.05 hectares), mining concession No. 002.429/1935 (covering an

area of 794.43 hectares), mining concession No. 002.887/1936 (covering an area of 1,221.11 hectares), mining concession No.

830.129/1982 (covering an area of 460.13 hectares), mining concession No. 830.351/1979 (covering an area of 920.56

hectares), mining concession No. 830.353/1979 (covering an area of 859.22 hectares), mining concession No. 830.767/1981

(covering an area of 1,000.00 hectares), mining concession No. 830.943/1979 (covering an area of 556.37 hectares) and mining

concession No. 833.472/2003 (covering an area of 7.57 hectares). These nine individual mining concessions are consolidated in

a single mining group concession No. 930.065/2018 (6.017,44 hectares). In August 2023, the Company placed the CdS mine on

care and maintenance.

At Serra Grande in the state of Goiás in Brazil, the Company has a series of concessions and exploration permits. Serra

Grande’s mining concessions include mining concession No. 002.286/1935 (covering an area of 4,206.92 hectares), mining

concession No. 860.352/1979 (covering an area of 947.04 hectares), mining concession No. 860.824/1979 (covering an area of

1,000.06 hectares), mining concession No. 860.746/2005 (covering an area of 88.31 hectares), mining concession No.

862.103/1994 (covering an area of 125.37 hectares) and mining concession No. 804.366/1975 (covering an area of 196.05

hectares). These six individual mining concessions are consolidated in a single mining group concession No. 960.658/1987

(6,563.75 hectares).

All of the Company’s mining concessions in Brazil are currently active, in good legal and operational standing, and free of

material liabilities and/or obligations. Brazilian mining concessions remain valid up to the depletion of the Mineral Reserve and

Mineral Resource pursuant to the Economic Exploitation Plan approved by the ANM and in accordance with the required

environmental permits, and as a result do not have an explicit expiry date.

Colombia

General laws relating to mining and land ownership

General regime

The Colombian Constitution declares that the sub-soil and the non-renewable natural resources located within the Colombian

territory are the property of the Colombian State. The underlying principle of Colombian mining legislation for the granting of

mining concession contracts over free areas is first in time, first in law. Mining activities are regulated by the Colombian Mining

Code, Act 685, 2001.

The filing of an exploration and exploitation proposal triggers a right of preference to obtain rights over the targeted area,

provided it is available. Such area cannot exceed 10,000 hectares. Upon receipt of a proposal, the relevant government agency

determines whether another proposal or contract already governs the area. If there are no pre-existing claims, the government

agency grants the applicant a “free area”.

With respect to land ownership, a mining concession in Colombia does not grant the rights over the surface required to develop a

mining project. Therefore, in order to develop a mining project, it is required to acquire and secure access to the land (soil). This

can be achieved in several ways, such as (i) purchase of the land, (ii) a transit easement, (iii) a mining easement, and (iv) the

special acquisition process or expropriation.

Concession contract

As the sub-soil and the non-renewable natural resources located within the Colombian territory are property of the Colombian

State, the Colombian Mining Authority (Agencia Nacional de Minería) grants the authorisation to explore and exploit minerals

through a concession contract.

Such concessions allow concessionaires to conduct the studies, works and facilities necessary to establish the existence of

minerals and to organise their exploitation. Upon being awarded a mining concession, a company must take out an insurance

policy to cover the costs associated with potential environmental damage as well as breaches of its mining obligations. It may

then proceed with exploration activities. Once the exploration phase is complete, the concessionaire files a new plan regarding

proposed works and facilities. With the award of the mining concession or tenement contract, there are specified timelines for the

completion of the various phases of a mining project, e.g. exploration, construction, exploitation. The company must comply with

these timelines unless performance is suspended, for example, due to force majeure or these timelines are extended or

modified. A grant of force majeure is for one year and must be renewed on an annual basis. Following expiry of a force majeure,

mining project activities need to be restarted within six months. If the company does not comply with the specified timelines for

the completion of the various phases of a mining project due to negligence or abandonment, the mining authority may

commence a process to revoke the company's concession contracts or mining licences. As a general matter, any company that

wishes to obtain a renewal of its concession contract must be up to date in all its legal and contractual obligations and must

present a new plan of works and facilities to be implemented after the contract is renewed.

PINES programme

In 2013, the national government instituted the PINES programme designed to aid promoting certain projects that are deemed to

have a national interest. This designation provides for greater oversight from the national government. Both of our current

advanced exploration projects (La Colosa and Quebradona) were considered of national strategic interest. Currently,

Quebradona remains in the PINES programme, but La Colosa was temporarily removed as such.

Tax laws relating to mining

From the moment the concession contract is registered with the Mining Register, the concessionaire has several financial

obligations, including the payment of (i) a surface fee during the exploration, construction and assembly stage and (ii) royalties.

Once exploration is complete and the mining infrastructure in place, the concessionaire must begin paying royalties to the

Colombian government, consisting of a percentage of the primary product and sub-products being exploited. The percentage of

the royalty depends on the regulation in force when the concession contract is registered. In the case of the Quebradona project,

the deposit mainly consists of copper followed by gold and silver. There is a five percent royalty for copper on the production

value at the mine’s or well’s edge (i.e., when extracted from the subsoil). In case of gold and silver, a royalty of four percent on

the production valued at the mine’s or well’s edge (i.e., when extracted from the subsoil) was established.

Furthermore, Colombian law establishes that once the environmental licence is granted the concessionaire must invest one

percent of the project’s value to benefit the basins covered by the environmental licence.

Environmental laws relating to mining

In order to obtain an authorisation to carry out a mining project, a company must prepare an Environmental Impact Study (“EIA”)

for approval by the National Environmental Licensing Authority of Colombia (Autoridad Nacional de Licencias Ambientales or

“ANLA”). Global environmental licences are granted for the entire life of the project and cover all phases: construction, assembly,

operation, maintenance, dismantling, final restoration, abandonment and/or termination. Construction and assembly permits

(Plan de Trabajos y Obras or “PTO”) are granted by the mining authority with jurisdiction over the project.

In Colombia, the mining authority has the discretion to declare the underlying concession void if the specific company which

holds the concession breaches applicable environmental laws or regulations. If the mining authority were to exercise such

discretion, a company whose concession was voided would be required to abandon its projects and all of its other existing

mining concession contracts. Pending proposals for new mining concession contracts would also be cancelled and the company

would be banned from doing business with the Colombian government for a period of five years. As a result, the company would

be unable to conduct any mining exploration or development activities during such period. However, this would not affect other

subsidiaries of the company operating in Colombia, if those concession contracts are held singularly or in concert with joint

venture partners.

Mining activity is prohibited, or in some cases, limited in national parks, regional parks, protected forest reserves, paramos

(included in Act 1753, introduced in 2015) and wetlands, pursuant to the Ramsar Convention on Wetlands of International

Importance. Some forest reserves are not “protected” but are set aside for active forestry purposes and the concessionaire must

obtain a specific permit to partially and temporarily change the use of the soil before pursuing exploration activities in such areas.

In addition, Resolution 1987/2016, passed by the national government in late 2016, identifies areas that the Ministry of the

Environment has determined to be “paramos” areas, or paramos transition areas. In these areas there are limitations and, in

some instances, outright bans on industrial or commercial work being performed, including mining. Resolution 1987/2016 also

specifies a process to determine what work, if any, can be performed in a paramos-designated area. Certain wetlands and

moorlands in and around the La Colosa project have been designated as paramos areas, or paramos transition areas, in

Resolution 1987/2016. As a result, AngloGold Ashanti is challenging Resolution 1987/2016 before the Colombian courts. See

“Item 8A: Legal Proceedings—Colombia”.

On 30 January 2024, the Colombian Ministry of Environment and Sustainable Development issued Decree No. 044, which

empowers the national government to issue specific resolutions declaring environmental protected areas, on a temporary basis,

which would result in the restriction, and possibly prohibition, of mining activities in those areas. Once declared, an

environmental protected area will remain in place for a period of up to five years (with one extension possible) while technical

studies regarding the conservation value of the area are conducted by the relevant authorities. Based on the results of those

studies, the relevant authorities are required to decide whether to convert the area to a permanent environmental protected area

or to withdraw the temporary designation as an environmental protected area and the related restrictions. During the period of

such review, no mining-related concessions may be granted for the environmental protected area. Decree No. 044 requires the

issuance of specific resolutions by the national government declaring environmental protected areas and, as a result, does not in

and of itself have an impact on any of the Company’s projects in Colombia. In February 2025, the Colombian government issued

a draft resolution proposing to declare a temporary renewable natural resources reserve zone (which is a form of environmental

protected area) over multiple municipalities in the southwest of the Department of Antioquia, including the area in which the

Quebradona project is located. AngloGold Ashanti is currently evaluating the potential impact of this draft resolution on the

Quebradona project.

In addition, Colombia’s National Development Plan 2022-2026 (which forms part of Act 2294, 2023) (the “National Plan”)

includes provisions authorising the national government to protect food production in the country. On 26 December 2024, based

on the National Plan, the Colombian Ministry of Agriculture and Rural Development issued Resolution No. 377 of 2024 which

declared a protection zone for food production (a “ZAPPA”) in the southwest region of the Department of Antioquia covering

multiple towns, including Jericó which overlaps with the area of the Quebradona project (the “Antioquia ZAPPA”). Within a

ZAPPA, and based on social and technical studies, additional resolutions may be issued to declare specific protected areas for

food production (an “APPA”). The declaration of a ZAPPA does not in and of itself have any impact on mining-related activities,

and Resolution No. 377 of 2024 alone does not have an impact on the Quebradona project. The Colombian Ministry of

Agriculture and Rural Development has a period of one-year (which can be extended once by an additional year) from the date

of declaration of the Antioquia ZAPPA to issue a specific resolution declaring an APPA within the Antioquia ZAPPA. The

declaration of an APPA would result in the restriction, and possibly prohibition, of mining activities in such area.

While any future impacts on the La Colosa project, the Quebradona project or the Company’s operations in Colombia in general

can only be determined in light of any specific resolutions that declare an environmental protected area (or a renewable natural

resources reserve zone) or an APPA, including the geographical coverage and scope of restrictions provided in such resolutions,

and the interpretation thereof by the relevant authorities, such resolutions could result in the restriction, and possibly prohibition,

of mining activities in those areas.

AngloGold Ashanti’s rights and permits

The La Colosa project, which is managed by AngloGold Ashanti Colombia S.A.S. (“AGA Colombia”), is situated in the

Department of Tolima in Colombia. It was placed in force majeure in 2017 due to delays in granting environmental permits by

national and local environmental authorities, thereby preventing AGA Colombia from undertaking further exploration activities.

The most recent one-year grant of force majeure, during which time the specified timelines for completing the various phases of

the mining project under the concession contract were suspended, expired in June 2024. Although AGA Colombia applied for an

extension of the grant of force majeure prior to its expiry, the Colombian Mining Authority issued a resolution on 8 April 2025

declaring that force majeure ended at La Colosa in October 2024, which is the date that AngloGold Ashanti’s application for the

environmental permit for La Colosa was denied by the Colombian Ministry of Environment and Sustainable Development. The

permit denial was issued on the basis of the restrictions resulting from the 2017 popular consultation in Cajamarca with respect

to mining activities in the region, which basis AngloGold Ashanti has challenged as unconstitutional. See “Item 8A: Legal

Proceedings”. Meanwhile, the underlying circumstances which led to the initial declaration of force majeure, namely that

AngloGold Ashanti has not obtained an environmental permit allowing it to conduct exploration activities, persist. AngloGold

Ashanti has filed a legal challenge to the denial by the Ministry of Environment and Sustainable Development of the application

for the environmental permit and is evaluating its legal options with respect to the Colombian Mining Authority’s decision not to

extend the force majeure declaration. In addition, AngloGold Ashanti has been conducting preparatory work and activities at La

Colosa since 2017. In addition, AGA Colombia applied for a mining area integration (consolidation) of its concession contracts

related to La Colosa, in respect of which AGA Colombia was not in compliance with some of the specified timelines. The

application for mining area integration (consolidation) was approved in March 2017, which remedied the non-compliance of each

consolidated concession and reset the specified timelines. La Colosa now has a single integrated mining concession contract

(EIG-163) which covers a total area of 9,210 hectares and expires on 28 February 2037.

The Quebradona project, which is managed by Minera de Cobre Quebradona S.A.S. B.I.C. (“MCQ”), is situated in the

Department of Antioquia in Colombia. MCQ obtained the integration of concession agreement 5881 in October 2016 and

registered in December 2016. As a result, MCQ was granted the exclusive right to explore, take ownership and dispose of the

mineral reserves (ore) extracted from the concession area. MCQ has the right to request an extension of up to 30 years, at least

two years before the expiration of the operating period. This extension is not automatic, and the request must be filed with new

technical, economic, environmental and social studies that demonstrate the status of the mineral resources. Concession contract

5881 initially covered a total area of 7,593 hectares, which was reduced to 4,881.89 hectares by the relevant mining authority

(Secretaría de Minas de Antioquia) on 4 March 2022. It will expire in May 2037 and is currently in its ninth year of the integrated

exploration phase. In September 2021, the permits for the construction and mining operation were approved by the relevant

mining authority (Secretaría de Minas de Antioquia). On 4 November 2021, ANLA officially notified AngloGold Ashanti of its

decision to ‘archive’ the environmental licence application relating to the Quebradona project. ANLA has neither denied nor

granted the licence, but deemed that the information provided by AngloGold Ashanti is not enough for this authority to take a

substantive decision. On 18 November 2021, AngloGold Ashanti appealed the archiving decision in order to secure further

details on the specific additional information ANLA requires to make a determination. ANLA denied the appeal on 29 April 2022

and the archiving decision was confirmed. AngloGold Ashanti is in the process of preparing a new Environmental Impact

Assessment for the Quebradona project, which is expected to be submitted to ANLA in 2027 in connection with its environmental

licence application.

United States of America (Nevada)

General laws relating to mining and land ownership

General regime

Mineral and surface rights in the United States are owned by private parties, state governments or the federal government. The

majority of land utilised for precious metals exploration, development and mining in the western United States is owned by the

federal government. The right to mine on such federal land in western states is governed by the U.S. General Mining Law of

1872, as amended (the “General Mining Law”), as well as relevant state statutes and regulations. The General Mining Law

allows mining claims on certain federal lands after proper compliance with claim location and maintenance requirements.

Mineral exploration activities in Nevada are also generally subject to applicable federal, state, and local permitting requirements,

but the specific regulatory authorisations required for the Company’s activities are based on the nature and location of the

exploratory work. Several of the Company’s Nevada exploration operations are currently conducted under what is generally

referred to under federal law as a notice-level operation subject to 43 CFR § 3809.21, while projects that are more advanced

require additional permitting, including a Plan of Operations approved by the federal Bureau of Land Management (“BLM”). The

State of Nevada Division of Environmental Protection’s Bureau of Mining Regulation and Reclamation (“BMRR”) also regulates

mining within the state of Nevada. However, exploration projects of five acres or less on federal land, the scope of a notice-level

operation under federal law, are exempt from BMRR regulation. Certain of the Company’s early-stage exploration activities fall

within this exemption.

The Company is currently engaged in exploration activities on certain of its unpatented claims that include, but are not limited to,

geological and spectral mapping, surface geochemical sampling, geophysical surveying and RC and/or diamond drilling.

Potential regulatory changes

Over the years, the U.S. Congress has considered a number of proposed amendments to the General Mining Law and other

federal statutes relating to mining. Among the significant features contained in previously proposed legislation were a production

royalty obligation, new and more stringent environmental standards and conditions, additional reclamation requirements,

extensive new procedural steps which would likely result in extended permitting timelines, and granting counties and other

entities the ability to petition the U.S. Secretary of the Interior to make certain areas unavailable for the location of unpatented

mining claims. By contrast – and consistent with his approach during his first term in office – U.S. President Trump has begun his

second term by taking executive actions designed to streamline and expedite the review processes associated with permitting of

natural resources projects. In addition, competing bills related to the permitting of mines have been introduced in both chambers

of the U.S. Congress during the current Congressional session. It is not possible, however, to determine if any proposed changes

– whether favorable or unfavorable from the Company’s perspective – will actually be enacted in any form during the current

session or future sessions of the U.S. Congress.

AGA is currently unaware of any other new federal or state legislative or regulatory changes that have been enacted that would

adversely affect its current exploration programmes. On 12 September 2023, the Interagency Working Group on Mining Laws,

Regulations, and Permitting led by the U.S. Department of the Interior released its final report on “Recommendations to Improve

Mining on Public Lands”. Many of the recommendations in that report, if eventually enacted, would complicate and delay the

mining process in the United States. It is not possible to determine at this point which, if any, of the recommendations will be

enacted by the current or future administrations. Further, based on two decisions in federal court (Rosemont and Thacker Pass),

BLM has modified its procedures addressing the review and approval of permit applications as they relate to companies utilising

mining claims for ancillary uses such as waste rock facilities. The new procedures and rules, while potentially adding additional

steps to the permitting process, are not expected to materially increase either the time required to obtain a permit or the cost of

permitting. If any requirements, standards or conditions are adopted in the future that impose additional or new obligations or

costs on AGA in connection with our exploration or extraction activities in the United States, the Company’s operations in Nevada

could be adversely affected.

AngloGold Ashanti’s rights and permits

In the state of Nevada, the Company’s wholly-owned subsidiaries hold a significant number of mining claims on federal lands.

This includes approximately 7,000 claims (covering approximately 140,000 acres) in the vicinity of Beatty, Nevada, which cover a

number of different projects and deposits, including the Expanded Silicon project, the North Bullfrog project, the Mother Lode

project, and the Sterling mine. Although the Sterling mine is currently in care and maintenance status, it remains subject to

complex permitting and regulatory requirements, including compliance with relevant provisions of the U.S. Federal Mine Safety

and Health Act of 1977 and oversight by the U.S. Department of Labor’s Mine Safety and Health Administration (“MSHA”).

MINE SITE REHABILITATION AND CLOSURE

Closure planning, an integral part of operations

All mining operations eventually cease. An integral aspect of operating AngloGold Ashanti’s mines is ongoing planning for site

closure and, where feasible, implementation of concurrent rehabilitation, together with an estimation of associated liability costs

and the placement of adequate financial provisions and assurances to cover these costs.

AngloGold Ashanti integrates mine closure planning throughout the mine life cycle as follows:

•Exploration stage: developing a plan and programme for cessation and closure of exploration activities in a manner that

complies with local laws and AngloGold Ashanti’s mine closure planning standard.

•Project phase: developing conceptual closure plans and cost estimates for all projects and including them in project

feasibility studies, designs and evaluations.

•Operational phase: developing and periodically updating mine closure plans and cost estimates with increasing levels of

detail and confidence over the operational phase as part of the business planning process. Closure plan updates take

into account operational conditions, planning and regulatory requirements as well as advances in technology and

international industry good practice (e.g., the ICMM Integrated Mine Closure Good Practice Guide). AngloGold Ashanti

believes that concurrent rehabilitation, which is carried out while a mine is still operational, is a good practice that serves

to decrease the final rehabilitation and closure work as well as the ultimate liability.

•Closure period: implementing the final closure plan starting at cessation of operations through a period of

decommissioning, dismantling and rehabilitation until management of the site is largely limited to monitoring and

maintenance.

AngloGold Ashanti’s group mine closure planning standard stipulates that closure planning must be undertaken in consultation

with relevant stakeholders. In the course of these consultations, different issues are raised which require site-specific solutions.

Each mine closure plan includes a social transition plan which seeks to minimise impacts and maximise opportunities for local

communities, including with respect to human resource, social infrastructure, mine infrastructure and socio-economic

development issues with the aim of enhancing the self-sustainability of mine communities after mine closure.

Provisions for decommissioning and restoration costs are made when there is a present obligation, it is probable that expenditure

on decommissioning and restoration work will be required and the cost can be estimated within a reasonable range of possible

outcomes. These costs are based on currently available facts, technology expected to be available at the time of the

rehabilitation, laws and regulations presently or virtually certain to be enacted and previous experience in the rehabilitation of

mine sites.

Decommissioning costs and restoration costs are provided at the present value of the expenditures expected to settle the

obligation, using estimated cash flows based on current prices. Estimates are discounted at a pre-tax rate that reflects current

market assessments of the time value of money.

Total provisions for decommissioning and for environmental restoration activities (excluding non-managed joint ventures)

increased by $75 million from $625 million in 2023 to $700 million in 2024. This increase was mainly due to changes in estimates

resulting from changes in discount rates, changes in global economic assumptions, changes in mine plans resulting in a change

in cash flows as well as changes in the designs for closure of TSFs.

SUSTAINABILITY AND ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) MATTERS

AngloGold Ashanti’s sustainability approach is fundamental to how the Company operates its business, as well as its ability to

create long-term value for its shareholders, employees and social partners through safely and responsibly exploring, mining and

marketing its products. Sustainability and safety are integrated into the Company’s business and operations at all levels through

various frameworks, standards and policies, and the Company measures its performance in achieving its goals against its

sustainability and other ESG metrics, as well as its engagement with stakeholders.

AngloGold Ashanti’s board of directors, assisted by the Social, Ethics and Sustainability Committee (“SES Committee”), has

ultimate responsibility over environmental, safety, health, social and ethical matters and for the integration of sustainability

objectives into AngloGold Ashanti’s business. This includes oversight of the Company’s stakeholder engagement framework and

structures, which apply to investors, employees, governments, suppliers and communities, at every stage of its business from

exploration to mine closure. Group Corporate Affairs and Sustainability is responsible for development of management systems

and supports the Company’s general managers in the day-to-day implementation of its sustainability strategy.

AngloGold Ashanti maintains a set of policies and procedures to guide the Company in acting as a responsible corporate citizen,

including the Code of Business Principles and Ethics which sets requirements for the implementation of key corporate policies

and guidelines and applies to all management and employees, and in maintaining compliance with applicable environmental,

health and safety (“EHS”) laws. In 2024, AngloGold Ashanti continued with the implementation of the Integrated Sustainability

Information Management System (“iSIMS”), in order to improve internal reporting and better integrate, manage and monitor

sustainability activities with respect to its broader business. This common management and reporting application for all

sustainability disciplines, from safety, health and security to community and environmental management, is expected to help

provide timely information in each of these areas, and to facilitate transparency and decision-making in the Company’s

processes and practices.

AngloGold Ashanti’s ESG reporting is informed by an annual assessment of its key ESG issues. This process is aligned with

guidance published by the Sustainability Accounting Standards Board (“SASB”) and the Global Reporting Initiative (“GRI”)

Standards. The assessment is annually reviewed by AngloGold Ashanti’s senior leadership, as well as the SES Committee, and

is approved by the board. In addition, AngloGold Ashanti’s ESG reporting is informed by the United Nations Sustainable

Development Goals (“SDGs”), the Accountability AA1000 Stakeholder Management Standard and the Recommendations of the

Task Force on Climate-related Financial Disclosures (“TCFD”), the latter having informed the design of the Company’s Climate

Change Strategy. The Company’s ESG reporting is also aligned with the Mining Principles of the International Council on Mining

and Metals (“ICMM”), of which AngloGold Ashanti is a member.

Significant EHS requirements and ESG risks and trends affecting the Company’s mining and processing operations are

described below.

EHS Regulatory Compliance

AngloGold Ashanti is subject to extensive EHS laws and regulations in the various jurisdictions in which the Company operates.

These requirements govern, among other things, extraction, use, conservation and discharge of water; air emissions (including

dust control and greenhouse gases (“GHGs”)); mine and dam safety; regulatory and community reporting; clean-up of

contamination; land use and conservation of protected areas; protection of threatened and endangered species; rehabilitation

and closure of mined land; worker health and safety and community health; and the generation, transportation, storage and

disposal of solid and hazardous wastes, such as reagents, radioactive materials and mine tailings. Environmental laws and

regulations applicable to the Company’s operations, including the requirements contained in environmental permits, are

generally becoming more restrictive.

Capital and operating costs to comply with EHS laws and regulations have been, and are expected to continue to be, significant

to AngloGold Ashanti. In addition, AngloGold Ashanti could incur fines, penalties and other sanctions, environmental clean-up

costs, and third-party claims for personal injury or property or natural resources damages; suffer reputational damage; and be

required to install costly pollution control equipment or to modify or suspend facilities, such as TSFs, or operations, as a result of

actual or alleged violations of, or liabilities under, EHS laws and regulations. Failure to comply with applicable EHS laws and

regulations may also result in the suspension or revocation of permits and, in some jurisdictions, the right to mine a given

concession. AngloGold Ashanti’s ability to obtain and maintain permits and other approvals and to successfully operate near host

communities may be adversely impacted by real or perceived effects on the environment or human health and safety associated

with AngloGold Ashanti’s or other mining companies’ activities. In addition, unknown environmental hazards may exist at the

Company’s properties which may have been caused by previous owners or operators.

Water Management

AngloGold Ashanti’s operations are dependent upon access to substantial volumes of water for use in the mining and extractive

processes and typically are subject to water-use permits or rights to extract water from certain natural sources. In addition to

governing usage, these permits or rights typically require, among other things, that mining operations maintain certain water

quality upon discharge. Water supply, quality and usage are areas of concern across all of the Company’s mining operations,

including its mine development projects in Nevada and its mine development project at Quebradona in Colombia. A failure by the

Company to secure access to sufficient water supplies, or achieve and maintain compliance with applicable requirements of the

permits or rights, could result in curtailment or halting of production at the affected operations. Incidents of water pollution or

shortage can, in certain cases, result in community protest and ultimately lead to the withdrawal of community and government

support for AngloGold Ashanti’s operations. A failure by the Company to comply with water contamination-related directives may

result in additional or more stringent directives being issued against the Company, which may, in some cases, result in a

temporary or partial shutdown of some of the Company’s operations.

Where feasible, the Company operates a “closed loop” system which recycles the water used in its operations without

discharging it to the environment. In some areas, however, such as Ghana and Brazil, high levels of rainfall and surface water

runoff mean that a closed loop system is not feasible and that discharges, after water treatment where necessary, must take

place.

Waste Management

During open-pit mining, large volumes of soil and/or rock (overburden) are mined to expose the ore body. Similarly, waste rock is

mined during drilling and developing access to underground ore bodies. Overburden and waste rock typically contain sub-

economic levels of gold and are deposited at large waste rock facilities. Mine tailings are the process waste generated once

grinding and extraction of gold from the ore is completed in the milling process and are typically deposited in large tailing storage

facilities (“TSFs”) specifically designed for this purpose.

The impact of dust generation, breach, leak or other failure of a waste rock facility or TSF, including any associated dam, can be

significant, and the Company therefore monitors such facilities closely in accordance with the Company’s internal standards,

independent review, national and other applicable regulatory requirements, industry standards and commitments made to local

communities. Past, occasional but well-publicised, failures of third-party TSFs and the potential impacts of any such failures in

the future, have generally resulted in strict regulations for these facilities in many of the jurisdictions in which the Company

operates. A safety or environmental incident at the Company’s operations could result, among other things, in enforcement,

including mandatory shutdown of a TSF and related facilities, obligations to remediate environmental contamination, negative

press coverage and claims for property or natural resources damages and personal injury by adjacent communities. Incidents at

other mining companies’ operations could result in governmental action to tighten regulatory requirements for mine operators

generally and to restrict certain mining activities, in particular with respect to TSFs.

For example, in recent years there has been considerable regulatory scrutiny in Brazil and other areas on mining operations

generally and, in some jurisdictions, new and more stringent requirements applicable to the approval, licensing, construction,

management, closure and decommissioning of TSFs have been enacted. For further information on the regulatory framework

governing TSFs in Brazil, see “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine

—Americas—Brazil”.

In addition, a new Global Industry Standard on Tailings Management (“GISTM”) was established in August 2020 by a panel

composed of industry and NGO experts. AngloGold Ashanti has committed to conform with the GISTM at all of its TSFs by

August 2025, and the costs related to meeting such standard are not expected to be material to AngloGold Ashanti.

In addition, AngloGold Ashanti could incur liabilities or material costs to manage solid and hazardous waste generated by its

mining activities, including dust and residual chemicals and metals. For example, AngloGold Ashanti expects to incur

approximately $62 million to $66 million in capital expenditure and operating costs during 2025-2031 in connection with the

treatment and disposal of a quantity of legacy arsenic trioxide waste located at the Obuasi mine.

Groundwater Impacts and Environmental Remediation

As AngloGold Ashanti or its predecessors have a long history of mining operations in certain regions, issues may arise regarding

historical, as well as potential future, environmental or health impacts in those areas, for which AGA, as the current owner/

operator, may be legally responsible. For example, AngloGold Ashanti has identified groundwater contamination plumes at

certain of its operations. Scientific, technical and legal studies have been undertaken to assist in determining the magnitude of

the impact as well as any associated risks and to find sustainable remediation solutions where necessary. Based on those

studies as well as discussions with regulators, the Company has taken steps, including monitored natural attenuation, phyto-

technologies and bioremediation, to address soil and groundwater contamination, including at the Geita mine in Tanzania, where

Phase 1 of an in-situ biological remediation project to address sulfate in groundwater commenced operations in late 2022. Work

undertaken in 2023 and early 2024 yielded encouraging results and technical, scientific and financial assessments supported

targeted expansion of the in-situ remediation zone in Phase 2 of the project, which is expected to commence in 2025.

Subject to the completion of site-specific trials and potential technologies being confirmed as viable remediation techniques, no

reliable estimate can be made at this time for these obligations. Should these obligations be significant, this could have a

material adverse impact upon AngloGold Ashanti’s results and its financial condition.

Climate Change and GHG Regulation

At AngloGold Ashanti, climate change is a board of directors-level governance issue, overseen primarily by the SES Committee

as well as the Audit and Risk Committee which oversees assurance. AngloGold Ashanti’s Climate Change Strategy, which was

approved by the board of directors in November 2021, seeks to embed the management of physical, regulatory and transition

climate change-related risks, as well as climate change-related opportunities, into the Company’s strategic and operational

planning processes.

In 2021, AngloGold Ashanti committed to the International Council on Mining & Metals (“ICMM”) target of achieving net zero

Scope 1 and Scope 2 GHG emissions by 2050. In 2022, AngloGold Ashanti announced its commitment to achieve a 30 percent

reduction in its absolute Scope 1 and Scope 2 GHG emissions by 2030 (as compared to a 2021 baseline). Additionally, in

partnership with targeted suppliers, AngloGold Ashanti expects to continue to work on Scope 3 GHG emissions accounting and

to explore opportunities, where feasible, to address material Scope 3 GHG emissions consistent with its commitment, as a

member of the ICMM, to set Scope 3 GHG emissions reduction targets.

In December 2015, certain members of the international community negotiated a treaty at the Conference of the Parties of the

UN Framework Convention on Climate Change in Paris (the “Paris Agreement”). The Paris Agreement, which came into force in

November 2016, requires developed countries that are signatories to set targets for GHG emissions reductions. As a result,

measures designed to limit or reduce GHG emissions, both mandatory and voluntary, have been, and are expected to be,

implemented at national or regional levels in various countries.

New regulatory requirements, or changes required to effectively transition to a low-carbon economy, could require AngloGold

Ashanti to reduce its direct GHG emissions or energy use, change its fuel mix or incur significant costs for GHG emissions

permits or taxes, including for those costs or taxes passed on by electricity utilities which supply the Company’s operations.

AngloGold Ashanti could also incur significant costs associated with capital equipment, GHG monitoring and reporting and other

obligations to comply with applicable requirements. The most likely source of these obligations is through nation state-level

implementation of new emissions or financial obligations pursuant to evolving climate change regulatory regimes.

For example, in 2010, Brazil launched the National Climate Change Policy, which established a voluntary national target to

reduce GHG emissions by 36.1 percent to 38.9 percent below the country’s projected emissions in 2020 (i.e., its baseline or

“business as usual” emissions). The policy required the development of sector-specific plans in order to meet the target and

provided for a Brazilian GHG trading scheme. While Brazil does not yet require mandatory GHG emissions reporting at the

national level, some state environmental agencies have requested companies to voluntarily submit GHG emissions management

plans. However, the states of Goiás and Minas Gerais (in which AngloGold Ashanti operates) do not currently require GHG

emissions management plans for mining projects. In 2015, Brazil announced, in connection with its commitments under the Paris

Agreement, an economy-wide goal to reduce GHG emissions by 43 percent by 2030 as compared to 2005 levels. In 2024, Brazil

announced an updated target to reduce GHG emissions by 59 percent to 67 percent by 2035, as compared to 2005 levels.

On 12 December 2024, Federal Law No. 15,042/2024 was enacted which establishes parameters for a regulated carbon market

in Brazil. The market is expected to become operational beginning in 2030 and will include phase-in periods at the outset.

Certain facilities that emit more than 10,000 tons of CO2 per year will be regulated under the law, except for such facilities that

conduct treatment and disposal of solid waste and liquid effluents that adopt systems and technologies to neutralize emissions

resulting from such operations. In accordance with the law, emission allowances, referred to as Brazilian Emission Allowances,

may be granted to facilities based on GHG emission limits established by the government. The allowances will be valid for a

period that will be determined by the National Allocation Plan (which is still pending finalisation). Implementing regulations under

the law have not yet been promulgated, and the government is currently conducting tests of methodologies for the

implementation of the law and for defining emissions calculation criteria, as well as developing systems for entities to report

voluntary emissions. AngloGold Ashanti, along with several companies in the Brazilian mining sector, has made a commitment to

reduce its absolute Scope 1 and Scope 2 GHG emissions by 30 percent by 2030 (as compared to a 2021 baseline). AngloGold

Ashanti has also committed to achieving net zero Scope 1 and Scope 2 GHG emissions by 2050.

In addition, in Australia, the national Safeguard Mechanism sets legislated limits, known as baselines, on the GHG emissions of

certain facilities that emit GHGs above a certain threshold amount, including the Tropicana and Sunrise Dam mines. These

baselines gradually decline on a trajectory consistent with achieving Australia’s GHG emission reduction targets of 43 percent

below 2005 levels by 2030, and net zero GHG emissions by 2050. Covered facilities that emit GHGs above the applicable

baseline are required to purchase Australian Carbon Credit Units (“ACCUs”) equivalent to the excess emissions. The Safeguard

Mechanism, which first came into force in 2016, was amended in 2023 to implement production-adjusted baselines for covered

facilities based on GHG intensity factors which are specific to the industry and the commodity.

In 2024, both Sunrise Dam and Tropicana applied for a Safeguard Mechanism emissions intensity determination, which was

subsequently approved. These emissions intensities were utilised to calculate each facility’s 2024 production-adjusted baseline

in accordance with the Clean Energy Regulator’s site-specific default emissions intensity transition and decline framework. As a

result, both Sunrise Dam and Tropicana are currently in an excess emissions position. In response, AngloGold Ashanti has

proactively acquired ACCUs and will surrender ACCUs to ensure compliance. The cost of the ACCUs was not material to

AngloGold Ashanti.

In addition to more stringent requirements and commitments, AngloGold Ashanti’s operations are subject to a number of physical

risks from climate change, such as changes in rainfall rates or patterns resulting in floods or droughts, reduced water availability,

higher temperatures and extreme weather events. Such events or conditions, particularly including flooding or inadequate water

supplies, could disrupt mining and transport operations, mineral processing and rehabilitation efforts, create resource or energy

shortages or damage the Company’s property or equipment and increase health and safety risks on site. In consultation with

external consultants, physical climate risk assessments were undertaken for all operations using current climate models for the

business and various decarbonisation scenarios and climate adaptation plans were outlined. These physical climate risks were

further reviewed and refined in 2024.

Occupational Safety and Health

AngloGold Ashanti is subject to a variety of laws and regulations in each of the jurisdictions where the Company operates that

are designed to protect and improve the safety and health of employees. In some of the jurisdictions in which AngloGold Ashanti

operates, the government enforces compulsory shutdowns of operations to enable investigations into the cause of accidents and

introduce corrective measures at those operations.

Safety remains a priority for AngloGold Ashanti and a focus of AngloGold Ashanti’s long-term sustainability approach, as well as

the Company’s continuing efforts to manage the risks inherent to its operations, to model critical controls and to strengthen safety

protocols and preventative measures. AngloGold Ashanti has made significant strides in improving safety. In 2024, there was a

10 percent reduction in year-on-year Total Recordable Injury Frequency Rate (“TRIFR”) to 0.98 injuries per million hours worked,

which represents the lowest TRIFR figure recorded to date. Sadly, an accident was recorded during May 2024 at Geita, in

Tanzania, where an employee of a contractor was fatally injured when the light motor vehicle he was driving overturned. An

independent investigation was completed and actions were implemented to mitigate risks identified and help to prevent such

incidents in the future.

AngloGold Ashanti’s Group Health and Safety Strategy, which is updated every three years, seeks to integrate operational risk

management and key performance indicators at all levels of the organisation and maintain alignment with global health and

safety standards. In connection with a Group occupational health and safety strategy review session in 2023, a number of

strategic items were evaluated and focus areas for the 2024-2026 strategy cycle were defined. AngloGold Ashanti continues to

make progress on an integral approach to safety and health, as well as a Safety and Health Playbook, which will seek to define

AngloGold Ashanti’s approach to safety and health protocols and management.

Community Health and Tropical Diseases

AngloGold Ashanti is also subject to health and safety regulations relating to occupational disease. The primary areas of focus in

respect of occupational health of employees within the Company’s operations are noise-induced hearing loss (“NIHL”) and

occupational lung diseases (“OLD”). OLD includes occupational tuberculosis and silicosis in individuals exposed to silica dust.

Silicosis has been particularly prevalent in South Africa and has also arisen at the Company’s Africa region and Brazilian

operations, albeit to a far lesser extent. AngloGold Ashanti provides occupational health services to its employees at its

occupational health centres, clinics, and through outsourced service centres. The Company continues to expand preventative

occupational hygiene initiatives, such as implementing various control measures to prevent hazardous exposures and providing

employees with Personal Protective Equipment. In 2023, the Company finalised a major health hazard management standard to

facilitate systematic implementation of preventative critical controls and compliance company requirements at AngloGold

Ashanti’s operations and projects. In 2024, the Company advanced the implementation of these major health hazard standards

through integration of health critical control verifications into the operational supervisory checklists.

In 2019, the Johannesburg High Court approved the settlement of existing silicosis and tuberculosis class actions against

AngloGold Ashanti and other gold mining companies in South Africa. The sale of the Company’s South African operating assets

and liabilities in 2020 did not include the silicosis or tuberculosis settlement obligations relating to former South African

employees, which were retained by AngloGold Ashanti. For further information, see “Item 18: Financial Statements—Note 25—

Environmental rehabilitation and other provisions”.

In addition to OLD, HIV and AIDS and associated diseases remain major health care challenges faced by AngloGold Ashanti’s

Africa region operations. AngloGold Ashanti continues to implement programmes to help those infected with HIV and prevent

new infections from spreading.

Malaria and other tropical diseases also pose health risks at all of the Company’s operations in Central, West and East Africa

where such diseases may assume epidemic proportions because of ineffective national control programmes. Malaria is a major

cause of ill-health in young children and pregnant women and can also give rise to deaths and absenteeism in adults. All

affected Company operations in Africa have malaria control programmes in place. The Ghana Obuasi malaria control annual

programme activities have been completed in 16 districts of Ghana as planned for 2024 and a new cycle of indoor residual

spraying will commence in 2025 in partnership with the Global Fund and the Ghana Department of Health.

The COVID-19 pandemic was declared over by the World Health Organization in 2023, and it is now considered an established

and ongoing disease entity. As a result, it has been integrated into the Company’s long-term infectious disease risk management

strategy which is part of the overall health risk management systems and processes. Nevertheless, AngloGold Ashanti continued

to direct resources for close surveillance and maintenance of controls against COVID-19 or any other infectious disease

outbreak that may arise in its areas of operation. In 2024, the Marburg virus outbreak reported in Eastern Africa and the global

monkeypox outbreak did not adversely affect AngloGold Ashanti’s operations and there were therefore no disruptions as a result

of these outbreaks.

The emergence of COVID-19, in conjunction with the Company’s experience with Ebola in Guinea in recent years, led the

Company to take steps to better integrate broad health risk management beyond occupational health into its overall business

strategy, which contributed to productivity as well as the social licence to operate and improved various prevention and risk

management protocols in place to address the potential risk of an epidemic or pandemic. The Company continues to collaborate

with local stakeholders and authorities to ensure health system preparedness and effective responses in the event of health

emergencies and crisis.

In addition to seeking to eliminate harmful occupational exposures and disease, the Company endeavors to optimise physical

and mental wellbeing and fitness for duty, minimise non-communicable diseases associated with lifestyle as well as contribute to

health system strengthening, local skill development and overall community development in the jurisdictions in which it operates.

Impairments to the mental and physical health of workers can negatively affect productivity and profitability as a result of workers’

diminished focus or skill, absenteeism, treatment costs and allocated resources. As part of AngloGold Ashanti’s continuing

efforts, the Company is working on implementing the newly updated health, hygiene and wellbeing standards based on identified

major health hazards or risks which include gender, cultural and other applicable diversity considerations for risk management

and controls.

Inclusion, Diversity and Equity (“ID&E”)

With more than 30,000 employees (including contractor workforce) on five continents, AngloGold Ashanti believes that having an

inclusive workplace culture and a workforce with a broad range of backgrounds and experiences is important to continuing to

retain and attract talent to maintain competitiveness and the long-term sustainability of its business. In addition, the Company

strives to have a workforce that is connected to the societies in which AngloGold Ashanti operates in connection with maintaining

its social licence to operate.

AngloGold Ashanti’s ID&E approach is aligned to several of the UNSDGs (SDGs 5, 8 and 10) and the United Nations Global

Compact (“UNGC”). The Company has developed an ID&E Framework which aims to foster the empowerment of all staff,

irrespective of race, gender, ethnicity, religion and sexual orientation and has established a Global Inclusion and Diversity

Strategy with Business Unit specific priorities and actions aimed at making progress toward a more inclusive and equitable

culture. This global strategy was informed by internal learning and ID&E efforts since 2021.

Human Rights and Indigenous Peoples

AngloGold Ashanti believes in the right of every person to enjoy their universal human rights and the importance of reflecting this

in the way the Company does business. This is evident in AngloGold Ashanti’s values which underpin its commitment and

responsibility to respect human rights. AngloGold Ashanti has in place a Human Rights Governance Framework supported by a

Sustainability Group Policy, Health, Safety and Security Group Policy, People Group Policy and a Human Rights Group

Standard, which are aligned to the United Nations Guiding Principles on Business and Human Rights (“UNGPs”) and The

Voluntary Principles on Security and Human Rights (“VPSHR”). AngloGold Ashanti works to ensure that its broader governance

is human rights-compliant, recognises its responsibility to respect human rights with regard to all its operations and communities,

and respect the laws of the countries in which it operates.

AngloGold Ashanti’s approach is mandated by its Management Standard Framework, which is inclusive of the standards on

human rights, cultural heritage and sacred sites management. These standards are in line with the International Finance

Corporation’s Performance Standard #7 on Indigenous Peoples. In August 2024, the ICMM adopted the Indigenous Peoples

position statement to reaffirm and reinforce the commitment of its members to respect the rights of indigenous peoples.

Reflecting the mining industry’s broader commitment to ethical and sustainable business practices, the statement aims to

strengthen company approaches to upholding the rights of indigenous peoples by encouraging meaningful engagement and

support for fair and equitable participation in the development of mining projects on their lands and territories.

OPERATING PERFORMANCE

Group description

AngloGold Ashanti is an independent global gold mining company with a diverse high-quality portfolio of operations, projects and

exploration activities. The Group is headquartered in Denver, Colorado in the United States. The Company’s registered office

and principal executive office are located in the United Kingdom. The Group also retains a substantial corporate office in

Johannesburg, South Africa.

In 2024, our portfolio of 11 continuing mining operations in eight countries includes long-life operating assets with differing ore

body types located in key gold-producing regions around the world. These operating assets were supported by greenfields

projects in Colombia, Côte d’Ivoire and the United States and a focused global exploration programme, including exploration in

the United States.

Our operations and projects are grouped into the following regions: Africa, Americas and Australia.

AngloGold Ashanti’s operations and joint arrangements employed, on average, 39,484 people (including contractors) in 2024

(2023: 33,658).

Performance

Production, cost of sales and all-in sustaining costs

In 2024, AngloGold Ashanti produced attributable 2.661 million ounces of gold (2023: 2.644 million ounces), excluding the

Córrego do Sítio (“CdS”) operation (that was placed on care and maintenance in August 2023), as well as 3.7 million ounces of

silver (2023: 4.7 million ounces) and 19 tonnes of sulphuric acid (2023: nil tonnes) as by-products. See “Item 5A: Operating

Results—Key factors affecting results—Comparison of gold production in 2024 with 2023” and “Item 5A: Operating Results—Key

factors affecting results—Comparison of gold production in 2023 with 2022”.

In 2024, AngloGold Ashanti’s cost of sales was $3.7 billion for managed operations (2023: $3.5 billion) and $380 million for non-

managed joint ventures (2023: $372 million), and all-in sustaining cost was $1,672 per ounce for managed operations (2023:

$1,657 per ounce) and $1,146 per ounce for non-managed joint ventures (2023: $951 per ounce). See “Item 5A: Operating

Results—Comparison of operating performance on a segment basis in 2024 with 2023—Cost of sales” and “Item 5A: Operating

Results—Comparison of operating performance on a segment basis in 2024 with 2023—All-in sustaining costs per ounce”.

Mineral Resource and Mineral Reserve

The AngloGold Ashanti gold Measured and Indicated Mineral Resource increased from 59.9Moz at 31 December 2023 to

67.1Moz at 31 December 2024. The AngloGold Ashanti gold Inferred Mineral Resource increased from 46.4Moz at 31 December

2023 to 55.0Moz at 31 December 2024. The AngloGold Ashanti gold Mineral Reserve increased from 28.1Moz at 31 December

2023 to 31.2Moz at 31 December 2024.

The AngloGold Ashanti copper Mineral Resource remained unchanged at 1.32Mt (2,902Mlb) Measured and Indicated Mineral

Resource and 1.47Mt (3,231Mlb) Inferred Mineral Resource at 31 December 2024 as compared to 31 December 2023. The

AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) at 31 December 2024 as compared to 31

December 2023.

For further information, see “Item 4D: Property, Plants and Equipment—Mineral Resource and Mineral Reserve”.

Capital expenditure

Capital expenditure, including non-managed joint ventures, in 2024 amounted to $1,215 million (2023: $1,127 million).

Safety

Sadly, AngloGold Ashanti recorded a fatal safety incident at Geita, in Tanzania, in May 2024 where an employee of a contractor

was fatally injured when the light motor vehicle he was driving overturned. The Total Recordable Injury Frequency Rate (“TRIFR”)

improved by 10 percent to 0.98 injuries per million hours worked in 2024 (2023: 1.09 injuries per million hours worked).

Full Asset Potential Programme

The Full Asset Potential (“FAP”) programme and related initiatives aim to enhance the quality of the Company’s operating

portfolio and ensure optimal performance. Implementation of the various FAP initiatives enabled flexible delivery on AngloGold

Ashanti’s mine plans, allowing for optimised results as it progressed its projects during 2024. Ultimately, these projects will

replace production as they contribute to growing the Company’s Mineral Reserve and Mineral Resource base.

Africa Region - Key Statistics


	Unit	2024	2023	2022
Managed operations
Tonnes treated/milled (2)	Mt	24.5	23.2	23.4
Recovered grade	oz/t	0.046	0.048	0.052
	g/t	1.59	1.66	1.79
Gold production	000oz	1,254	1,237	1,348
Cost of sales	$m	1,924	1,739	1,666
Total cash costs per ounce (3)	$/oz	1,212	1,138	1,034
All-in sustaining costs per ounce (3)	$/oz	1,709	1,576	1,296
Capital expenditure (4)	$m	689	625	486
Safety
Number of fatalities		1	0	0
TRIFR	Injuries per million hours worked	0.49	0.39	0.33
People
Average number of employees: Total		24,942	18,851	17,076
Permanent employees		8,991	6,296	5,780
Contractors		15,951	12,555	11,296


	Unit	2024	2023	2022
Non-managed joint ventures
Tonnes treated/milled	Mt	3.8	3.7	3.5
Recovered grade	oz/t	0.073	0.084	0.087
	g/t	2.51	2.89	2.98
Gold production (attributable)	000oz	309	343	337
Cost of sales (5)	$m	380	372	342
Total cash costs per ounce (3)	$/oz	935	802	725
All-in sustaining costs per ounce (3)	$/oz	1,146	951	979
Capital expenditure (5)	$m	125	85	90
People
Average number of employees: Total		2,988	2,883	2,731
Permanent employees		950	1,014	957
Contractors		2,038	1,869	1,774

(1)On a consolidated basis. Siguiri and Sukari are owned 85 percent and 50 percent by AngloGold Ashanti, respectively.

(2)Includes surface and dump tonnes milled. Comparative figures have been revised.

(3)“Total cash costs per ounce” and “all-in sustaining costs per ounce” are non-GAAP financial measures. For further information on these non-GAAP financial

measures, see “Item 5A: Operating Results—Non-GAAP analysis”.

(4)100 percent (not attributable).

(5)The Group’s non-managed joint ventures are recorded on the equity basis of accounting. Therefore, costs of sales and capital expenditure of the non-

managed joint ventures are not included within the Group’s consolidated financial statements.

Performance summary

For more information regarding production performance in the Africa region, refer to “Item 5A: Operating Results—Key factors

affecting results—Comparison of gold production in 2024 with 2023”.

For more information regarding operating performance in the Africa region, refer to “Item 5A: Operating Results—Comparison of

operating performance on a segment basis in 2024 with 2023”.

For more information regarding capital expenditure in the Africa region, refer to “Item 5A: Operating Results—Comparison of

capital expenditure in 2024, 2023 and 2022—Comparison of capital expenditure in 2024 with 2023”.

Safety performance was maintained in 2024. The Total Recordable Injury Frequency Rate (TRIFR) improved by 26 percent to

0.49 injuries per million hours worked in 2024 (2023: 0.39 injuries per million hours worked). Sadly, an accident was recorded

during May 2024 at Geita, in Tanzania, where an employee of a contractor was fatally injured when the light motor vehicle he

was driving overturned.

Regional community investment totalled $14.34 million (2023: $12.60 million) in 2024.

All operations are certified under the ISO 45001 (health and safety) and ISO 14001 (environmental management). All operations

are certified under the Cyanide Code.

Across the Company’s African operations, the FAP programme continued. It remains a cornerstone of the Company’s ability to

operate predictably, to drive better cash flows and to improve the long-term value of its business. At Siguiri, FAP work lifted

metallurgical recoveries which stabilised above 90 percent in the second half of 2024. At Geita, the FAP programme contributed

to an improvement in ore tonnes mined in the higher grade Nyankanga underground area, offsetting lower open pit grades and

lower tonnes processed.

Obuasi update

The last phase of the Obuasi redevelopment project, Phase 3, was completed on 20 December 2024 and the project was

handed over to the operations team for final testing, ramp-up and commissioning. This marked the end of a project which started

in 2018 with the aim of getting the mine both refurbished and modernised while addressing the historical production challenges

centred around dewatering, ventilation, and material handling.

Phase 1, completed in 2019, returned a refurbished plant to production with capacity to treat 2,000 tonnes per day. Phase 2

further increased the plant capacity to 6,000 tonnes per day and introduced the first underground shaft (KRS) to the Obuasi

system in 2021. The last phase, Phase 3, refurbished the deeper KMS and BSVS shafts, which will support ore production up to

6,000 tonnes per day to match the plant capability. Phase 3, which was delayed by nine months due to the unexpected presence

of significant mud build-up at 50 and 51 levels, has successfully dewatered the mine which had been flooded since 2018. The

entire KMS surface infrastructure has been rebuilt and refurbished, to support production from existing areas and allow access to

the deeper ore bodies of block 10 lower and future high-grade block 11.

Phase 3 also introduced a new exhaust ventilation system, adding 750m3/sec of ventilation while increasing dewatering capacity

to above 21 million litres per day. This increased capability will support mining in the central and lower blocks.

Lastly, to support underground ore handing and hoisting, Phase 3 introduced an electric rail haulage system, allowing

underground material to be efficiently transported from the southern mining blocks to KMS for hoisting, thereby decongesting the

decline system while relieving some of the ventilation requirements. Phase 3 introduced a centralised control centre to monitor

and manage all mining and haulage activities. Other Phase 3 activities included replacing the entire electrical system, removing

centralised compressed air systems, returning an underground crusher plant to service and introducing shaft loading systems at

4400L. Together, these systems will add a cost-effective, energy-efficient, and reliable material handling infrastructure to the

Obuasi mine. Phase 3 closes at $140 million against a budget of $161 million, and the overall Obuasi redevelopment project

closes at $812 million.

Centamin acquisition

On 22 November 2024, AngloGold Ashanti completed its acquisition of Centamin plc, a Jersey gold mining and exploration

company whose primary asset is the Sukari gold mine in Egypt, for a consideration of approximately $2.2 billion, comprising a

combination of AGA shares and cash. In addition to Sukari, Centamin holds exploration licences in Egypt’s Eastern Desert. In

Côte d’Ivoire, Centamin has the Doropo Project as well as the Archean-Birimian Contact (“ABC”) exploration programme which is

currently active.

Centamin shareholders approved the acquisition by AngloGold Ashanti by an overwhelming majority. The acquisition provides a

compelling strategic fit for AngloGold Ashanti, aligning with the Company’s core competencies in exploration, operation of large

open pit and underground gold mines in Africa, and asset optimisation.

Americas - Key Statistics


	Unit	2024	2023	2022
Operation
Tonnes treated/milled (2)	Mt	5.7	5.8	6.2
Recovered grade (2)	oz/t	0.083	0.079	0.076
	g/t	2.85	2.70	2.59
Gold production (2)	000oz	526	502	512
Silver production	Moz	3.4	4.4	3.5
Cost of sales	$m	858	931	913
Total cash costs per ounce (2) (3)	$/oz	1,027	1,122	956
All-in sustaining costs per ounce (2) (3)	$/oz	1,514	1,710	1,549
Capital expenditure (4)	$m	247	281	339
Safety
Number of fatalities		0	0	0
TRIFR	Injuries per million hours worked	1.80	2.11	2.33
People
Average number of employees: Total		8,509	8,565	9,498
Permanent employees		5,008	5,519	6,093
Contractors		3,501	3,046	3,405

(1)On a consolidated basis. Cerro Vanguardia is owned 92.50 percent by AngloGold Ashanti.

(2)Adjusted to exclude the Córrego do Sítio (“CdS”) operation that was placed on care and maintenance in August 2023. CdS produced nil ounces, 42,000 ounces

and 70,000 ounces for the years ended 31 December 2024, 2023 and 2022, respectively.

(3)Total cash costs per ounce” and “all-in sustaining costs per ounce” are non-GAAP financial measures. For further information on these non-GAAP financial

measures, see “Item 5A: Operating Results—Non-GAAP analysis”.

(4)Includes projects in Colombia and USA.

Performance summary

For more information regarding production performance in the Americas region, refer to “Item 5A: Operating Results—Key

factors affecting results—Comparison of gold production in 2024 with 2023”.

For more information regarding operating performance in the Americas region, refer to “Item 5A: Operating Results—Comparison

of operating performance on a segment basis in 2024 with 2023”.

For more information regarding capital expenditure in the Americas region, refer to “Item 5A: Operating Results—Comparison of

capital expenditure in 2024, 2023 and 2022—Comparison of capital expenditure in 2024 with 2023”.

Safety performance improved in 2024. There were no occupational fatalities and the TRIFR improved to 1.80 injuries per million

hours worked (2023: 2.11 injuries per million hours worked).

Regional community investment amounted to $5.13 million (2023: $5.01 million) in 2024.

All operations in the Americas maintained their certification in terms of International Cyanide Management Code, ISO 45000

(health and safety) and ISO 14001 (environmental management) in 2024.

Regionally, the FAP programme’s focus on enhancing productivity and optimising spend contributed to savings of more than $40

million in procurement spend (materials and services).

The FAP programme at Cerro Vanguardia contributed positively to results, a highlight of which was the payload project, with the

increase of the open pit trucks payload from an average of 77 tonnes per trip to 90 tonnes per trip (nominal capacity), an

improvement of 17 percent, by ensuring the full use of the trucks’ nominal capacity during material transportation. Mine recovery

and dilution, mainly in the underground mine, also improved in 2024.

The focus of the FAP programme at Cuiabá in 2024 was to increase the quality of mine development with the insourcing of

services and improved fleet availability. FAP initiatives contributed to improved mine dilution, from 33 percent in 2023 to 28

percent in 2024, a result of the reduction in the volume of waste material moved from the mine and fed into the plant.

In Serra Grande, under the FAP programme, two key projects focused on increasing operational flexibility - the ‘remaining

ounces’ initiative revisited areas of opportunity in the mine that had not been planned for 2024, contributing 13,000 ounces to

production for the year, while the Open Pit Mina III project contributed 6,000 ounces. In line with the site strategy, these projects

prioritised development, which increased by 17 percent year-on-year and focused on exploration in shallower mining areas that

helped expand Mineral Resources and future mine flexibility.

Queiroz update

An important milestone for the Cuiabá complex was the return to operation of the Queiroz metallurgical plant in September 2024

with the processing and refining of gold concentrate contributing approximately $40 million to cash flow for 2024. The resumption

of operations was a result of detailed work and the collaboration of all involved, enabling the removal of previous operating

restrictions and compliance with environmental legal requirements.

CdS update

The Córrego do Sítio (“CdS”) mine in Brazil’s Minas Gerais state was placed on care and maintenance in August 2023 following

a sustained period of challenging operating results characterised by poor gold production and costs that were well above the

gold price. CdS currently remains on care and maintenance with ongoing efforts to optimise costs.

Nevada strategy

In the United States, two greenfields projects are being progressed within the Beatty District in southern Nevada. Detailed

engineering is ongoing at the North Bullfrog project and, as part of the Expanded Silicon project, a prefeasibility study and

Mineral Resource delineation and definition drilling focused on the Merlin deposit are underway. At 31 December 2024, a gold

Mineral Reserve of 1.1 million ounces, a gold Measured and Indicated Mineral Resource of 5.4 million ounces and a gold

Inferred Mineral Resource of 14.3 million ounces were recorded for the Beatty District.

AUSTRALIA

The two AngloGold Ashanti operations in Australia are Sunrise Dam and Tropicana, both of which are in the north-eastern

goldfields in the state of Western Australia. Sunrise Dam is wholly owned. We have a 70 percent holding in, and manage,

Tropicana. Regis Resources Limited, our partner in Tropicana, holds the balance (30 percent) through its subsidiary AFB

Resources Pty Limited. Sunrise Dam includes the Butcher Well project, which is a joint venture between AngloGold Ashanti (70

percent) and Northern Star Resources (30 percent).


	Gold production (000oz)	Average number of employees
Operations
Australia
Sunrise Dam	259	767
Tropicana (Attr. 70 percent)	313	1,010

Australia - Key Statistics


	Unit	2024	2023	2022
Operation
Tonnes treated/milled	Mt	10.1	10.5	10.7
Recovered grade	oz/t	0.050	0.050	0.050
	g/t	1.75	1.66	1.56
Gold production (1)	000oz	572	562	538
Cost of sales (1)	$m	945	867	783
Total cash costs per ounce (2)	$/oz	1,287	1,251	1,157
All-in sustaining costs per ounce (2)	$/oz	1,526	1,487	1,345
Capital expenditure (1)	$m	153	135	202
Safety
Number of fatalities		0	0	0
TRIFR	Per million hours worked	2.36	3.20	3.82
People
Average number of employees: Total		1,777	1,741	1,532
Permanent employees		364	347	314
Contractors		1,413	1,394	1,218

(1)On an attributable basis.

(2)“Total cash costs per ounce” and “all-in sustaining costs per ounce” are non-GAAP financial measures. For further information on these non-GAAP financial

measures, see “Item 5A: Operating Results—Non-GAAP analysis”.

Performance summary

For more information regarding production performance in the Australia region, refer to “Item 5A: Operating Results—Key factors

affecting results—Comparison of gold production in 2024 with 2023”.

For more information regarding operating performance in the Australia region, refer to “Item 5A: Operating Results—Comparison

of operating performance on a segment basis in 2024 with 2023”.

For more information regarding capital expenditure in the Australia region, refer to “Item 5A: Operating Results—Comparison of

capital expenditure in 2024, 2023 and 2022—Comparison of capital expenditure in 2024 with 2023”.

Safety performance improved in 2024. There were no occupational fatalities and a TRIFR of 2.36 injuries per million hours

worked was recorded (2023: 3.20 injuries per million hours worked).

Regional community investment amounted to $0.74 million (2023: $0.85 million) in 2024.

Sunrise Dam and Tropicana certification under the Cyanide Code, ISO 45000 (health and safety) and ISO 14001 (environmental

management) were renewed during 2024.

FAP benefits were delivered at both Australian sites.

At Sunrise Dam, FAP programme projects in the processing plant saw improved run time and carbon management which, along

with an optimal blend of underground, open pit and stockpiled ore, contributed to improved metallurgical recoveries. The FAP

programme identified 37 improvement opportunities, including a concentrate leach project which was under construction by the

end of 2024 and on track for commission during 2025. Concentrate leach is expected to improve metallurgical recoveries up to

three percent.

At Tropicana, the FAP programme in 2024 contributed to improvements in the mining fleet maintenance, and open-pit waste

movement. Processing plant throughput was slightly lower in 2024 at 8.9 million tonnes (2023: 9.5 million tonnes), largely due to

the March 2024 weather event and unplanned downtime with the high-pressure grinding roll circuit. Metallurgical recoveries were

steady at 90 percent. The renewable energy project was completed in February 2025. Comprising four 6 megawatt wind

turbines, a 24 megawatt solar farm and a 13 megawatt battery storage system, the facility will integrate 61 megawatt of clean

energy into Tropicana’s existing 54 megawatt diesel- and gas-powered system.

EXPLORATION REVIEW

Our exploration covers greenfields and brownfields exploration programmes to support sustainability and growth of our business.

Greenfields exploration aims to discover large, high-value deposits that will lead to the development of new, stand-alone gold

mines. Brownfields exploration focuses on delivering value-accretive additions to sustain and grow our existing mines, as well as

driving development of future mines at our advanced projects.

Greenfields exploration

In 2024, $47.6 million was spent on greenfields exploration. Our greenfields exploration tenements cover over 23,700 km2 of

highly prospective ground in seven countries: Australia, Argentina, Brazil, Côte d’Ivoire, Egypt, Tanzania and the United States.

AFRICA

In Tanzania, geological mapping was conducted at the Kame project, and the aircore drilling campaign was concluded at the

Mchanga project.

In Egypt, delineation drilling continued at the Little Sukari prospect in the Nugrus Block, for a total of 15,144m of reverse

circulation drilling (“RC drilling”) and 10,089m of diamond drilling (“DD drilling”). A pole-dipole survey commenced at the Umm

Majal prospect and was concluded during the first quarter of 2025.

In Côte d’Ivoire, at the ABC Project, termite mound sampling was undertaken, with 21,476 samples collected for 2024.

AngloGold Ashanti acquired the Doropo project with the acquisition of Centamin in November 2024. Doropo is located in a

remote area in the far northeast of Côte d’Ivoire, in the Bounkani region, which is one of the least developed in the country. A

definitive feasibility study completed by Centamin prior to our acquisition confirmed the economics of the project and its potential

for a commercial scale operation. The study also sought to minimise the social impact on local communities. The required

physical, biological and social baseline studies and draft management plans in support of the impact assessment were also

completed prior to acquisition with regulatory approval of the Environmental and Social Impact Assessment being received

together with the environmental permit in June 2024.

AMERICAS

In the United States, 2,629m of RC drilling and 2,645m of DD drilling were completed at the Midnight Star project in Nevada, with

low level results returned. One additional project (Duke) was added to the greenfields Nevada portfolio in 2024.

In Brazil, stream sediment and soil sampling continued at the Unai District and Claro Prospect within the South Brasilia Belt

(“SBB”) terrane. Two drill targets were tested at Claro, with 2,628m of RC drilling completed in the fourth quarter of 2024. In the

Unai District, the Cafazel prospect was tested with 2,572m of RC drilling completed in the third quarter of 2024.

At the 100 percent El Cori project in Argentina, environmental surveys were completed for 2,931m to test the Indigo high-

sulphidation epithermal target.

AUSTRALIA

In Australia, exploration was carried out in the Laverton district of Western Australia, in northern Queensland, and central New

South Wales. The Laverton exploration focused on the Pearl Project, with 850m DD drilling completed.

In Queensland, reconnaissance mapping, rock chip sampling and soil sampling were completed at several early-stage targets in

the Connors and Auburn Arc tenements in the New England terrane.

Mud-rotary and DD drilling (eight holes for 5,337m of DD drilling) was completed at the Macquarie Arc project in New South

Wales, which is under an option agreement with Inflection Resources to test for porphyry-related copper-gold mineralisation. The

drilling returned alteration assemblages indicative of a near-porphyry environment at the Duck Creek, Moonagee and Trangie

projects. Also in the Macquarie Arc, a farm-in agreement with Kincora Copper commenced in the second quarter of 2024. Six

mud rotary and DD drill holes were completed for 1,057m of DD drilling, targeting magmatic complexes in the Nyngan District.

Brownfields exploration

In 2024, brownfield exploration teams across the operations completed a total of 1,039 km of drilling for a total cost of $156.3

million. This covers both capitalised drilling to delineate and define Mineral Resource, and expensed exploration to test new

targets or extensions of known orebodies. Costs presented are attributable to AngloGold Ashanti and include the Kibali joint

venture.

Additionally, 135 km of drilling was completed at the Nevada project at a total cost of $79.9 million, the majority of which was

allocated to the Merlin deposit that underpins the Expanded Silicon project.

AFRICA

Geita

Exploration drilling programmes at Geita completed a total of 171 km for both capitalised and expensed projects. Exploration to

delineate and define the underground Mineral Resource was done at Star & Comet Cut 3 and 5, Ridge 8, Nyankanga Blocks 1, 2

and 4, and Geita Hill Blocks 1 to 5. Results overall confirmed and increased confidence in existing models. Surface drilling at

Nyamulilima Open Pit, including the ‘Saddle’ area between Cut 2 and 3, also confirmed existing models and demonstrated open-

ended down-dip potential below currently planned pit shells.

At Nyankanga, drill-testing of extensions in both Block 1 and Block 4 showed potential continuity of high-grade zones along the

Nyankanga Shear. In Block 1, this was south-east along strike towards Lone Cone. Block 4 was tested along strike to east and

west, and several hundred metres beyond previous intersections down-dip. At Geita Hill, delineation drilling showed continuity of

the main orebody at Geita Hill Block 5 both up-dip towards the pit and down-dip. At the Geita Hill-Lone Cone area and Copcot,

drilling tested a sub-parallel shear zone with encouraging results.

Within the Central Trend between Nyankanga and Star & Comet, surface drilling took place at Kalondwa Hill and westwards to

the Fikiri-Jumanne target, with narrow high-grade intersections reported. Delineation drilling at Kalondwa Hill also showed upside

potential 500m northwest of the designed pit.

Kibali

Step-out drilling of KCD down-plunge confirmed extension of high-grade mineralisation in the 3000 and 5000 lodes, with infill

supporting Mineral Resource delineation and definition in the lodes. Further down-plunge step-out drilling is planned.

The Agbarabo-Kombokolo-Rhino (ARK) area continues to show good prospectivity for open pit and underground, with potential

for further undiscovered high-grade shoots between, below, and above known lodes. Along the ARK trend, drilling at Airbo Hill

followed up a significant mineralised intercept down-plunge, supporting combined Airbo-Kombokolo open pit potential.

Southwest of KCD, drilling was also completed at the Aindi Watsa target to assess open pit potential with encouraging results

confirming mineralisation within a 1.8 km strike along the shear.

In Dembu, 10 km west of KCD, several prospective, structurally complex, trends were identified. Mapping and sampling validated

the prospectivity of the area and generated three targets (Lulu, Gombari and Hotel) for follow-up exploration.

Sukari

Exploration drilling in 2024 totaled 25 km, targeting the southern extensions of Horus - Horus South and Horus Deeps South,

with a focus on delineating Mineral Resource. Drilling results confirmed the continuity of the granodiorite and mineralisation at

Horus Deeps South. Significant ore-grade intercepts supported the development of the Horus 485mRL exploration drive, with the

first drilling phase in Horus South planned for January 2025.

Geological modelling of Horus South places the granodiorite between the Sukari Transfer Fault and the Akbah Wahid Fault. Initial

interpretations suggested the two structures converged and terminated the granodiorite to the south. However, initial drilling

results indicate that the structures merge into a shear zone where the granodiorite is emplaced. This opens potential for the

mineralised granodiorite to extend further south than previously expected.

Obuasi

Exploration activities were focused underground with a total of 44 km drilled. Drilling took place in Sansu, Block 1, Block 8 and

Block 10. The drilling has refined modelling of the Obuasi fissure and improved confidence in the Mineral Resource ahead of

mining. The exploration drilling is also testing fringes and extensions of modelled areas as access allows. In Block 8, this

approach had identified an unmodelled splay of the East Lode system towards Sansu, which is proving to have good continuity in

some areas and seems particularly well-developed around 32-level.

Drilling also took place below the backfilled Old Chief Pit from the ore development drive at shallow levels to assess potential for

near-surface stope areas to support operational flexibility. The drilling encountered groundwater issues but is ongoing and has

confirmed continuity of the Obuasi Fissure.

Iduapriem

A total of 33 km of exploration drilling was completed at Iduapriem during 2024, most of which was allocated to the upgrading of

Mineral Resource confidence down-dip in Blocks 2, 3, 4 and 5 of the Teberebie basin. At Block 7 and 8, wide step-out drilling was

completed below the Waste Dump 4 extension area while it remains accessible, which confirmed and refined deeper Teberebie

basin mineralisation in that area.

Reconnaissance RC drilling along the Mile 8 hydrothermal target tested surface geochemical anomalism along the Kawere

Trend, with DD drilling initiated to follow up on encouraging results from a priority zone along the trend. Regional mapping also

supported targeting in the Mile 5 and Mile 8 areas.

Siguiri

During 2024, exploration at Siguiri totaled 76 km of drilling. An additional 18 km of close-spaced drilling was performed in support

of the Kounkoun Feasibility Study in Block 3. Kami and Kosise were priority projects in Block 1 for Mineral Resource delineation

and definition, as well as testing of extensions at Kami North, below pit and south of Kosise. Results were generally positive and

support an increase in Mineral Resource in both areas. Exploration teams also supported geometallurgical drilling for the Siguiri

Metallurgical Recovery Project across several key pits and stockpiles.

Reconnaissance exploration in Block 1 included testing of Balato North, Silakoro North, and Sokunu NW targets. Good intercepts

were reported from each area, although the core drilling at Silakoro North was of a lower tenor than expected from RC drilling,

which is being investigated. In Block 3, several targets were drilled, including Kolita North, Kolita South, and KK3 East. Moderate

to weak results were returned from the Kolita targets, despite some positive visual observations. Assay results are pending for

KK3 East.

AMERICAS

Nevada Projects, USA

Exploration in the Beatty District focused on drilling at the Merlin deposit at a spacing deemed suitable for defining an Indicated

Mineral Resource, with the aim to support development of Mineral Reserve and inform pre-feasibility studies.

The programme used two reverse circulation and seven diamond core rigs, with 132 km drilled during 2024. High-grade zones

and well-mineralised stratigraphic units were refined and expanded, enhancing the mineralisation model and leading to an

increase in the declared Inferred Mineral Resource. Exploration also supported technical studies, with geotechnical drilling

completed and installation of several water wells and piezometers for hydrogeological purposes.

At the North Bullfrog Project in the western Beatty District, 3 km drilling was completed early in 2024, mainly for geotechnical

purposes, as well as five core holes drilled to twin existing RC holes and support Mineral Resource evaluation. A drone-based

geophysical survey was completed late in 2024 over the area to ensure good baseline data is available prior to development and

inform future exploration targeting.

Colombia Projects

No exploration drilling took place at the Colombia projects during 2024.

AGA Mineração, Brazil

At Cuiabá-Lamego, a total of 153 km exploration drilling was completed, with 105 km at Cuiabá and 48 km at Lamego. The

drilling programme at Cuiabá made extensive use of the dedicated exploration hanging-wall drive at level 20 to test for the Fonte

Grande Sul and Serrotinho main orebodies between levels 23 and 25. Good results were reported throughout 2024 from both

orebodies; additionally, projection down-plunge of the Fonte Grande Left Side oreshoot was confirmed.

Drilling of the Narrow Vein orebodies took place at Balancão (level 21), Galinheiro (levels 15 and 20), and testing extensions at

Canta Galo from level 23 with some encouraging results. The focus for the secondary orebodies was on Viana between levels 22

and 23, which returned consistently high grades, and the ‘bulk zone’ of the VQZ orebody between levels 13 and 14, as well as

the VQZ central domain at levels 15, 16 and 20.

At Lamego, the drilling programme at Carruagem focused on the deeper edges of the modelled Mineral Resource between

levels 10 and 11, as well as testing remnant shallow opportunities at levels 1 and 5. In the deeper drilling, a relatively low tenor

area was identified, associated with a foliation zone; however, this seems locally developed with indications of improved grades

down-plunge. Delineation drilling at level 5 returned good results from the overturned limb of the Carruagem SW orebody. Drilling

also took place at the Queimada orebody, testing remnant areas at level 3, and potential extensions at level 6 that confirmed

continuity of the orebody along strike to the north.

Serra Grande, Brazil

Exploration at Serra Grande completed 51 km of drilling during 2024, the majority allcoated to Mineral Resource delineation and

definition drilling in support of the mine plan. The focus areas were the Structure III orebodies at Ingá, Mina Nova, and Mina III,

and the Structure IV orebodies at Pequizão, Mangaba and Limoeiro. Good results were received from most areas, confirming the

100

models and providing potential mining flexibility in shallow areas such as Mina Nova and Mina III. Definition drilling was also

done at Baru.

Several of the programmes also allowed for testing of additional targets such as the Ingá Superior Zone, which returned

encouraging results. Exploration drilling also tested extensions to main mining areas at VQZ, Ingá and Pequizão, and

opportunities within near-infrastructure shallow areas such as Ingá (up-plunge), Mina III and Corpo Sul.

Cerro Vanguardia, Argentina

A total of 85 km of exploration drilling was completed at Cerro Vanguardia, with the exploration emphasis towards testing priority

vein targets and delineating Mineral Resource within the mining lease. Good results were received from several veins, including

Dora and Doriana in the western lease area, El Lazo in the south, Vanguardia in the north, and Lucy, Potrero, Osvaldo Diez and

Tres Patas in the central area. Exploration also included trenching and channel sampling of several veins, and a ground

magnetic survey was completed in the southern lease to aid targeting of blind veins under gravel cover.

Exploration was completed over the adjoining Cóndor tenement, northwest of the mining lease, early in 2024, with several

targets drill tested. At the Claudia joint venture, south of the mining lease, two phases of drilling took place during 2024, with the

first programme testing targets in the northern JV and the second informed by a ground geophysical survey over the central

Curahue trend.

AUSTRALIA

Sunrise Dam

Exploration drilling programmes completed a total of 124 km during 2024. Underground exploration was focused on Astro and

Frankie in the northern underground mine area and the Vogue orebody in the south. Exploration at Astro was notably successful,

exceeding expected ounce delivery. Elsewhere, drilling helped refine the geological model and specific domains, such as Frankie

2B, performed well. Other underground targets tested during 2024 were MWS, Wobbegong and Western Ramps.

Up-plunge extensions of the Astro orebody were drill-tested from surface to identify potential near-surface upside and aid

positioning of the planned exploration drive to surface. During 2024, surface mining opportunities were prioritised and the

exploration team accelerated drilling accordingly to support near-term open pit assessment, with Mineral Resource delineation

and definition drilling at Neville East, Pink Lady, New Mexico and Superbowl.

Potential extensions at Neville East and Pink Lady were also tested. Regionally, reconnaissance drilling was completed at the

Wilga West target.

Tropicana

Exploration at Tropicana mine lease and across the Tropicana Joint Venture exploration tenements completed a total of 160 km

of drilling in 2024. Capitalised Mineral Resource delineation and definition drill programmes were focused on underground drilling

at Boston Shaker and Tropicana. Underground targets were also tested at Havana South, Havana Offset and Cobbler, with some

encouraging results.

Regional surface exploration programmes were completed across several targets to the north and south of the mine. Drilling to

the north of the mine returned several encouraging intercepts at North Corridor, Rosetta, Hat Trick and Angel Eyes. Work is

ongoing along this northern trend to improve geological interpretations and advance priority targets, with the aim of delineating

new open pit potential along the trend.

PROJECTS

Quebradona

The Colombia team completed a thorough review and gap analysis of the Environmental Impact Assessment (“EIA”) for the

project, incorporating additional information identified as a result of ANLA’s decision to archive the 2019 environmental license

application in November 2021. Since then, the team has focused on developing a strategy to collect the additional

hydrogeological, hydrological and geotechnical data that ANLA is requiring. AngloGold Ashanti expects to submit a new EIA to

ANLA in 2027 in connection with its environmental license application.

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4C.ORGANISATIONAL STRUCTURE

GROUP STRUCTURE

AngloGold Ashanti’s operations are divided into the following regions:

•Africa — operations in Egypt, Ghana, Guinea and Tanzania, a joint venture operation in the DRC and projects in Côte

d’Ivoire;

•Australia — operations in Australia; and

•Americas — operations in Argentina and Brazil, exploration and development projects in the United States and

exploration projects in Colombia.

The above regions correspond to AngloGold Ashanti’s business segments.

Day-to-day management of the Group is entrusted to AngloGold Ashanti’s executive management team, chaired by the

Chief Executive Officer. See “Item 6: Directors, Senior Management and Employees”.

Support is provided to the executive management team in managing AngloGold Ashanti’s corporate activities at both the central

and local levels.

SUBSIDIARIES

AngloGold Ashanti plc has investments in principal subsidiaries and joint venture interests, see “Item 19: Exhibits—Exhibit 19.8

List of AngloGold Ashanti plc subsidiaries” for details.

On 16 March 2023, AngloGold Ashanti and Gold Fields announced that they have agreed on the key terms of a proposed joint

venture in Ghana between Gold Fields’ Tarkwa and AngloGold Ashanti's neighbouring Iduapriem Mines (the “Proposed Joint

Venture”). Notwithstanding constructive engagement with the Government of Ghana since the announcement of the Proposed

Joint Venture, the requisite approvals by the Government of Ghana for the Proposed Joint Venture have not yet been obtained.

Following the recent national elections, Gold Fields and AngloGold Ashanti are working to engage with the new Government on

the potential joint venture. Gold Fields and AngloGold Ashanti continue to believe that a combination of the two neighbouring

mines into a single managed entity is compelling, given that it is anticipated to extend life of mine, increase production and lower

costs, thereby creating value for all stakeholders. In the absence of the requisite approvals from the Government of Ghana and

clear timelines for execution of an agreement, Gold Fields and AngloGold Ashanti will maintain engagement in relation to a

potential asset combination while separately continuing to pursue improvements to their respective assets. There can be no

certainty that the parties will enter into a definitive agreement with respect to the Proposed Joint Venture or about the timing,

terms and conditions of any such definitive agreement. Implementation of the Proposed Joint Venture is subject to, among other

matters, reaching agreement with the Government of Ghana regarding the Proposed Joint Venture, conclusion of confirmatory

due diligence and securing all requisite regulatory approvals.

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4D.PROPERTY, PLANTS AND EQUIPMENT

Locations of properties


	Americas		Africa		Australia
1	Argentina Cerro Vanguardia (92.5%)	5	Guinea Siguiri (85%)	11	Australia Sunrise Dam Butcher Well (70%) Tropicana (70%)
2	Brazil AGA Mineração Serra Grande		Côte d’Ivoire Doropo (3)(6) ABC (3)(4)		Australia Sunrise Dam Butcher Well (70%) Tropicana (70%)
	Projects		Ghana Iduapriem Obuasi
3	Colombia La Colosa Quebradona		Democratic Republic of the Congo (DRC) Kibali (45%) (5)
4	United States of America Expanded Silicon (1) North Bullfrog Mother Lode Sterling (2)		Tanzania Geita
			Egypt Sukari (50%) (3)

Notes:

(1) Includes the Silicon and Merlin deposits.

(2) Sterling includes the Crown Block.

(3) Acquired by AngloGold Ashanti through its acquisition of Centamin in November 2024.

(4)Archean-Birimian Contact (ABC) project.

(5)Kibali is operated by Barrick Gold Corporation (“Barrick”).

(6)The Mineral Resource and Mineral Reserve for the Doropo project are limited to the Mineral Resource and Mineral Reserve expected to be attributable to

AngloGold Ashanti (90%).

The locations of AngloGold Ashanti’s properties are shown above. Percentages indicate the ownership interest held by

AngloGold Ashanti. All operations are 100 percent wholly-owned unless otherwise indicated.

Overview of mining properties and operations

The overview for each mining property is disclosed below and includes information on the following items:

•Location of the properties;

•For each material property, locality maps showing the location of such properties as well as infrastructure and licences;

•Type and amount of ownership interests;

•Identity of the operator or operators;

•Titles, mineral rights, leases or options and acreage involved;

•Stages of the properties (exploration, development or production);

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•Key permit conditions;

•Mine types and mineralisation styles; and

•Processing plants and other available facilities.

Refer to “Item 5A: Operating Results—Key factors affecting results—Comparison of gold production in 2024 with 2023” and “Item

5A: Operating Results—Key factors affecting results—Comparison of gold production in 2023 with 2022” for the aggregate

annual production for each of the Company’s mining properties during each of the fiscal years ended 31 December 2024, 2023

and 2022. For more information about AngloGold Ashanti’s mines, including a summary of the Company’s titles, mining rights,

leases and licences with acreage, refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold

Ashanti to Mine”.

The mining property information stated herein was prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR

§229.1300) (“Regulation S-K 1300”), which contains the SEC’s mining property disclosure requirements for mining registrants.

AngloGold Ashanti has developed a process to determine which properties are material to its business or financial condition for

purposes of the individual property disclosure requirements of Item 1304 of Regulation S-K (17 CFR § 229.1304). The key

considerations taken into account by AngloGold Ashanti in its materiality assessment include (i) certain quantitative factors such

as contribution to the Mineral Resource and Mineral Reserve, actual and planned production and Net Present Value, as well as

(ii) certain qualitative factors, which are assessed in the context of the Company’s overall business and financial condition. The

materiality assessment covers all of the Company’s mining properties (regardless of the stage of the mining property) and all of

its mining and related activities from exploration through extraction, and is reviewed by the Company on an annual basis.

Based on the above considerations, AngloGold Ashanti has determined that, as of 31 December 2024, its material properties for

purposes of Regulation S-K 1300 are Geita, Kibali, Obuasi and Sukari. With respect to Sukari, a Technical Report Summary

(effective date: 31 December 2024) has been prepared by the relevant Qualified Persons, and is filed for the first time as Exhibit

19.15.10 hereto. With respect to Kibali, Geita and Obuasi, AngloGold Ashanti has determined that, as of 31 December 2024, (i)

there have not been any material changes to the Mineral Resource or Mineral Reserve reported in the Technical Report

Summaries for these properties (which were first filed as exhibits to AngloGold Ashanti’s annual report on Form 20-F for the fiscal

years ended 31 December 2021, 31 December 2022 and 31 December 2023, respectively), and (ii) all material assumptions and

information pertaining to the disclosure of the Mineral Resource and Mineral Reserve for Kibali, Geita and Obuasi remain current

in all material respects, based on all facts and circumstances, both quantitative and qualitative. As a result, the previously filed

Technical Report Summaries for Kibali (effective date: 31 December 2021), Geita (effective date: 31 December 2022) and

Obuasi (effective date: 31 December 2023) are re-filed as Exhibits 19.15.8, 19.15.4 and 19.15.6, respectively, hereto.

AngloGold Ashanti’s operating mines are all accessible by road, although for some, personnel access is better achieved by air.

AngloGold Ashanti’s exploration programmes are based on consistent standards and processes across its portfolio and are

guided by peer review. Part of AngloGold Ashanti’s investment strategy is focused on exploration drilling and Mineral Reserve

development to grow the Mineral Resource and by converting these, the Company allows for expansion of the Mineral Reserve.

The process involves identifying the best group of drill targets and prioritising those that have the highest potential for success to

be advanced first. Greenfields exploration aims to discover large, high-value Mineral Resource, which will eventually lead to the

development of new gold mines. Brownfields exploration focuses on delivering value through accretive additions to the Mineral

Reserve at existing mines as well as new discoveries in defined areas around operations.

This annual report on Form 20-F is not being submitted in support of the disclosure of exploration results and therefore no

disclosure of drilling or sample results is provided. AngloGold Ashanti has elected not to provide drilling results for its operating

mines as drilling at its brownfields operations is generally intended to provide incremental additions, or conversions to already

reported Mineral Resource and therefore they are not seen as material. While drilling at the Company’s brownfields operations

increases confidence in its Mineral Resource as well as adds life-of-mine (“LOM”) extensions, the incremental additions that

occur on a yearly basis are not material to that operation or the Company as a whole. In cases where the drilling projects are

supporting a non-sustaining addition, these projects are commented on. In the Company’s major greenfields projects, if any

single drill result is considered material and may change the reported Mineral Resource significantly then it is reported. Refer to

“Item 4B: Business Overview—Exploration review”.

AFRICA

AngloGold Ashanti has six mining operations and two projects within the Africa region:

•Kibali Gold Mine in the Democratic Republic of the Congo (“DRC”), a joint venture (“JV”) between AngloGold Ashanti (45

percent), Barrick Gold Corporation (“Barrick”) (following its merger with Randgold Resources Limited (“Randgold”)) (45

percent), and Société Minière de Kilo-Moto S.A. (“SOKIMO”), a state-owned gold mining company (10 percent);

•Iduapriem Gold Mine (“Iduapriem”) and Obuasi Gold Mine (“Obuasi”) in Ghana;

•Siguiri Gold Mine (“Siguiri”) in Guinea, co-owned by AngloGold Ashanti (85 percent) and the government of Guinea (15

percent);

•Geita Gold Mine (“GGM” or “Geita”) in Tanzania;

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•Sukari Gold Mine (“Sukari”) in Egypt, co-owned by AngloGold Ashanti (50 percent) and the Egyptian Mineral Resources

Authority (“EMRA”) (50 percent);

•The Doropo project (“Doropo”) in Côte d’Ivoire; and

•The Archean-Birimian Contact project (“ABC”) in Côte d’Ivoire.

Mining in the Africa Region is from both open pit and underground, with Obuasi being an underground mine, Iduapriem and

Siguiri being open pit mines, and Kibali, Geita and Sukari being a combination of open pit and underground mines.

DRC

KIBALI

The Company has determined that, as of 31 December 2024, Kibali continues to be a material property for purposes of

Regulation S-K 1300. For additional information, refer to the Technical Report Summary for Kibali (effective date: 31 December

2021) filed as Exhibit 19.15.8 hereto.

Property description

Kibali is a joint venture co-owned by AngloGold Ashanti (45 percent), Barrick (45 percent), and SOKIMO (10 percent). SOKIMO

is wholly-owned by the DRC government. The metallurgical plant comprises a twin-circuit sulphide and oxide plant with

conventional carbon-in-leach (“CIL”), including gravity recovery as well as a float and ultra-fine grind circuit. Barrick operates the

mine, which comprises both open pit and underground operations.

Kibali is a gold mining, processing and exploration project. Operations currently focus on open pit and underground mining. The

mine was originally developed and operated by Randgold. Following the completion of the merger of Randgold and Barrick in

2019, Barrick became the operator at Kibali for both exploration and mining. Kibali is currently a production stage property.

Location

Kibali is located in the northeastern part of the DRC near the international borders with Uganda and South Sudan. The mine is

located adjacent to the village of Doko, which is located to the west of the lease area. Kibali is approximately 210 km by road

from Arua and immediately north of the district capital of Watsa. The operational area falls within the administrative territory of

Watsa in Haut-Uélé province. The geographic coordinates of the processing plant at Kibali are latitude 3°6’50”N and longitude

29°35’38”E.

Mineralisation style

Gold deposits of the Kibali district are classified as Archaean orogenic gold deposits. At Kibali, the gold deposits are largely

hosted in siliciclastic rocks, banded iron formations (“BIFs”) and chert that were deformed, altered and transposed during several

events. This occurred at or near greenschist metamorphic conditions. Ore-forming H2O-CO2-rich fluids migrated along a linked

network of gently northeast-dipping shears and north-northeast plunging fold axes that are commonly referred to as the KZ

Trend. The auriferous KZ Trend is a complexly deformed fault system specifically developed along the boundary between the

younger sedimentary basin in the west of the belt that juxtaposes the older rocks to the east. Mineralisation occurred during the

later stages of subsequent regional deformation which resulted in inversion of the basin and the development of reverse faults

and folds. Ongoing deformation during hydrothermal activity resulted in the development of lodes in a variety of related structural

settings within the KZ Trend.

History

On 15 October 2009, AngloGold Ashanti acquired a 50 percent indirect interest in Moto Goldmines Limited (“Moto”) through a JV

with Randgold, with Moto holding a 70 percent stake in Kibali and the DRC parastatal SOKIMO holding the remaining 30 percent

stake. On 21 December 2009, Randgold and AngloGold Ashanti increased their JV interest in Kibali to 90 percent, while

SOKIMO retained a 10 percent holding. On 2 January 2019, Randgold merged with Barrick, and its JV interest is now held by the

combined company, trading as Barrick.

Legal aspects and tenure

Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—

Democratic Republic of the Congo (DRC)—AngloGold Ashanti’s rights and permits”.

Mining method

The operation comprises both open pit and underground mining. Open pit mining is carried out using conventional drill, blast,

load and haul surface mining methods. From 2025 onwards, open pit production will come from the Sessenge, Sessenge SW,

Aerodrome, Pamao, Pamao South, Gorumbwa, Megi-Marakeke-Sayi, Kalimva-Ikamva (including Ikamva East), Oere, Pakaka,

Rhino, Mengu Hill, and Karagba, Chauffeur and Durba (“KCD”) deposits. Open pit mining is conducted primarily by contractor

Kibali Mining Services, a local subsidiary of DTP Terrassement, using either free-dig or conventional drill, blast, load and haul

methods. Smaller satellite pits are mined by local contractors.

For the underground operation, longitudinal and transverse longitudinal stoping methods with paste backfill are the mining

methods. The Kibali KCD underground mine is designed to extract the KCD deposit directly beneath the KCD open pit. A 50m

crown pillar separates the pit bottom from the top of the underground mine. The first gold was poured in September 2013 from

105

the open pit operations and development of the underground mine commenced in the same year. Stoping commenced in 2015

and production has continued to ramp up since 2022. Initial production was truck hauled by a twin decline to surface. In 2017,

the haulage shaft (740m deep) and materials handling system was commissioned. From 2018 onwards, underground ore has

predominantly been hoisted up the shaft. The decline to surface will continue to be used to haul some of the shallower zones and

to supplement shaft haulage.

Processing plants and other available facilities

Infrastructure in the DRC is generally poor as a result of limited investment in maintenance, upgrades and extensions of the road

networks established during colonial times. The mine site is located within 160 km of the border with Uganda and all transport

links take place through Uganda to Kenya or Tanzania. Access by air to Kibali involves a commercial flight to Entebbe in Uganda

followed by a charter flight to Doko airport, situated on the mine property. The Doko airstrip was upgraded by Kibali and is

equipped with runway lights and precision approach path indicator lights. For the number of persons employed at the mine, refer

to “Item 4B: Business Overview—Operating Performance—Africa Region”.

Kibali is a large-scale gold mining operation, with a number of sources of ore, that has been in operation since 2013. The

physical condition of the equipment, facilities, and infrastructure at Kibali is in good working order, with the mine investing heavily

in maintaining and upgrading its assets to ensure that they remain reliable and efficient. Surface infrastructure associated with

the overall Kibali operation includes a processing plant, tailings storage facility (“TSF”), camp, airstrip, underground shaft,

workshops and offices. Power to the mine is self-generated by a combination of hydroelectric and diesel generators. The primary

source of raw water supply is rain and spring water catchments with top-up from a borehole system and a final backup from the

Kibali River. Raw water is collected and stored in the raw water dam, which has a storage capacity of 16,000m3. The

underground mine has also been extensively developed, with the construction of both shaft and portal and strategically placed

development drives that access and further explore the gold-bearing ore.

The “Property, Plant, and Equipment” as of 31 December 2024, including lease assets, buildings and mine infrastructure, mining

assets, mineral rights and dumps, decommissioning assets, capitalised exploration costs and deferred stripping, had a carrying

value of $1,004 million (reported as attributable; 45 percent owned by AngloGold Ashanti).

Mineral processing

The current processing plant can treat both oxide and fresh sulphide material and uses flotation with ultra-fine grind of the

flotation concentrate, a treatment that is required for the sulphide ore type before leaching. Kibali has a processing operation

capable of at least 7.2Mtpa throughput. The ore is blended using both KCD underground ore plus ore sourced from satellite open

pits.

Mineral Resource

The below table, prepared in accordance with Table 1 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the gold

Mineral Resource (exclusive of Mineral Reserve) for Kibali at the end of the fiscal year ended 31 December 2024, based on a

gold price estimate of $1,900/oz, unless otherwise stated.


Mineral Resource	Category	Tonnes	Grade	Contained Gold
at 31 December 2024	Category	million	g/t	tonnes	Moz
Kibali (45 percent)	Measured	6.16	2.94	18.12	0.58
	Indicated	27.83	2.71	75.34	2.42
	Measured & Indicated	33.99	2.75	93.46	3.00
	Inferred	12.44	2.32	28.80	0.93

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. All figures are expressed on an attributable basis unless

otherwise indicated. The net difference between the Mineral Resource at the end of the last completed fiscal year and the preceding fiscal year is detailed in the

table below. 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.

1.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.

2.Mineral Resource attributable to AngloGold Ashanti’s percentage interest shown.

3.The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material.

4.“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.

5.Operated by Barrick. AngloGold Ashanti has recognised that in preparing this information, the Qualified Persons have relied on information provided by Barrick.

The Mineral Resource estimates have been prepared by Qualified Persons employed by AngloGold Ashanti at the time of preparing the Technical Report

Summary. Mr. Richard Peattie, who provided information for the Technical Report Summary (effective date: 31 December 2021) in respect of the Kibali Mineral

Resource, is no longer employed by AngloGold Ashanti. Mr. Richard Peattie is currently employed by Barrick and is the current Qualified Person for the Kibali

Mineral Resource and Mineral Reserve. Refer to “—Qualified Persons—Qualified Persons in respect of the material properties” for more information on the

Qualified Persons. AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported in the 2021 Technical Report Summary

for Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.8 hereto if the updated gold price of $1,900/oz is used (instead of $1,500/oz, the gold price

used to estimate the Mineral Resource in 2021).

6.Property currently in a production stage.

7.In 2024, a metallurgical recovery factor range from 75.5% to 91.0% (varying according to area) was applied to the open pit and stockpile, and a metallurgical

recovery factor of 90.0% was applied to the underground.

8.In 2024, a cut-off grade range from 0.61g/t to 0.96g/t (varying according to rock type) was applied to the open pit, a cut-off grade of 0.50g/t was applied to

the stockpile, and a cut-off grade of 0.94g/t was applied to the underground.

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Year-on-year changes in Mineral Resource - Moz


at 31 December 2024	Kibali
Category	Measured	Indicated	Measured & Indicated	Inferred
Previous Year	0.68	1.65	2.33	0.79
Exploration and Methodology	(0.07)	0.43	0.36	(0.16)
Economic Assumptions	(0.01)	0.34	0.32	0.14
Other	(0.01)	0.01	0.00	0.15
Acquisition / Disposal	—	—	—	—
Current Year	0.58	2.42	3.00	0.93
Net Difference	(0.10)	0.78	0.68	0.14
% Difference	(14)	47	29	17

Note:

All figures are expressed on an attributable basis unless otherwise indicated. AngloGold Ashanti has recognised that in preparing this annual report on Form 20-F, the

Qualified Persons have relied on information provided by Barrick.

The increase in Indicated Mineral Resource was mainly driven by exploration drilling and modelling at Rhino, Gorumbwa and

Kombokolo as well as an increase in the Mineral Resource price from $1,700/oz to $1,900/oz, except for Mengu Hill which was

reported at $1,700/oz. The increase in Indicated Mineral Resource was partially offset by increased actualised costs and

depletion. The Measured Mineral Resource has decreased as a result of excluding unrecoverable mineralisation from KCD UG

around fully mined out areas. The increase in Inferred Mineral Resource was mainly due to an increase in the Mineral Resource

price from $1,700/oz to $1,900/oz, partially offset by exploration drilling and modelling.

Estimation

Mineral Resource estimation is undertaken by Barrick in-house technical experts or by approved external consultants. The

results of both diamond drilling (“DD”) and reverse circulation (“RC”) drilling are used in the estimation process. 3D mineralised

envelopes are established using grade and geology, and these are then statistically verified to confirm their validity for use in

grade estimation. Appropriate domaining of homogeneous zones is conducted whereby high-grade central core areas are

modelled separately from the lower-grade surrounding halos. Volumes are filled with block model cells and interpolated for

density, rock type and grade – the latter using ordinary kriging.

Grade top cuts and restricted searches are applied to drill hole data to prevent the spread of high-grades during the estimation

process. Drill hole spacing is used to guide the Mineral Resource classification. The open pit Mineral Resource is quoted within a

limiting shell. The underground Mineral Resource is constrained by the application of optimised mineable Mineral Resource

shapes, which applies reasonable mineability constraints including a minimum mining width, a reasonable distance from current

or planned development, and a measure of assumed profitability at the related Mineral Resource cut-off grade.

Mineral Reserve

The below table, prepared in accordance with Table 2 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the gold

Mineral Reserve for Kibali at the end of the fiscal year ended 31 December 2024, based on a gold price estimate of $1,400/oz,

unless otherwise stated.


Mineral Reserve	Category	Tonnes	Grade	Contained Gold
at 31 December 2024	Category	million	g/t	tonnes	Moz
Kibali (45 percent)	Proven	13.44	3.28	44.10	1.42
	Probable	33.47	2.93	98.00	3.15
	Total	46.91	3.03	142.10	4.57

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. All figures are expressed on an attributable basis unless

otherwise indicated. The net difference between the Mineral Reserve at the end of the last completed fiscal year and the preceding fiscal year is detailed in the table

below. 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.

1.Mineral Reserve attributable to AngloGold Ashanti’s percentage interest shown.

2.The Mineral Reserve tonnages and grades are estimated and reported as delivered to the plant (i.e., the point where material is delivered to the processing

facility).

3.“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.

4.Operated by Barrick. AngloGold Ashanti has recognised that in preparing this information, the Qualified Persons have relied on information provided by Barrick.

The Mineral Reserve estimates have been prepared by Qualified Persons employed by AngloGold Ashanti at the time of preparing the Technical Report

Summary. Mr. Romulo Sanhueza, who provided information for the Technical Report Summary (effective date: 31 December 2021) in respect of the Kibali

Mineral Reserve, is no longer employed by AngloGold Ashanti. In 2024, the Pamao and Pamao South pit shells were determined based on a gold price of

$1,700/oz, but financially evaluated and found to be profitable at a gold price of $1,400/oz (supporting the 2024 Mineral Reserve declaration). This is exceptional

and is driven by the need to create space for in pit tailings, further saving on capital costs. Refer to “—Qualified Persons—Qualified Persons in respect of the

material properties” for more information on the Qualified Persons. AngloGold Ashanti has determined that there is no material change to the Mineral Reserve

reported in the 2021 Technical Report Summary for Kibali (effective date: 31 December 2021) filed as Exhibit 19.15.8 hereto if the updated gold price of $1,400/

oz is used (instead of $1,200/oz, the gold price used to estimate the Mineral Reserve in 2021).

5.Property currently in a production stage.

6.In 2024, a metallurgical recovery factor range from 75.5% to 91.0% (varying according to area) was applied to the open pit and stockpile, and a metallurgical

recovery factor of 90.0% was applied to the underground.

107

7.In 2024, a cut-off grade range from 0.88g/t to 1.30g/t (varying according to area) was applied to the open pit, a cut-off grade of 0.50g/t was applied to the

stockpile, and a cut-off grade of 2.06g/t was applied to the underground.

Year-on-year changes in Mineral Reserve - Moz


at 31 December 2024	Kibali
Category	Proven	Probable	Total
Previous Year	1.53	3.13	4.66
Depletion	(0.36)	—	(0.36)
Exploration and Methodology	0.31	(0.03)	0.28
Economic Assumptions	(0.06)	—	(0.06)
Other	(0.01)	0.05	0.04
Acquisition / Disposal	—	—	—
Current Year	1.42	3.15	4.57
Net Difference	(0.11)	0.02	(0.09)
% Difference	(7)	1	(2)

Note:

All figures are expressed on an attributable basis unless otherwise indicated. AngloGold Ashanti has recognised that in preparing this annual report on Form 20-F, the

Qualified Persons have relied on information provided by Barrick.

The decrease in Mineral Reserve was mainly due to depletion and open pit cost increases, which was partially offset by

exploration and Mineral Resource conversion gains, operational changes and an increase in the Mineral Reserve price from

$1,300/oz to $1,400/oz.

Estimation

The open pit Mineral Reserve shell optimisations were run on the Mineral Resource models. The process incorporated the

mining layout, operating factors, stripping ratio, relevant cut-off grades and modifying factors for reporting the Mineral Reserve.

A cut-off grade analysis of $1,400/oz was used to determine a cut-off grade of 2.06g/t for the underground mine. Longitudinal

and transverse longhole open stoping methods with paste backfill are the current preferred mining methods. Underground stope

designs were updated from the previously reported Mineral Reserve using the latest Mineral Resource models. Modifying factors

for planned and unplanned rock dilution, backfill dilution and ore loss were applied to obtain the reported Mineral Reserve.

Metallurgical, environmental, social, legal, marketing and economic factors were adequately considered in the Kibali feasibility

study and have been updated as the project has developed.

Map showing Kibali planned infrastructure and licences

Below is a map that shows Kibali infrastructure and licences, with the total mining lease area insert shown in the top right corner.

The coordinates of the mine, as represented by the plant, are depicted on the map and are in the geographic coordinate system.

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GHANA

AngloGold Ashanti has two mines in Ghana. Obuasi and Iduapriem are both wholly-owned and operated by AngloGold Ashanti.

Obuasi is an underground mine operating at depths of up to 1,500m with a continuous history of mining dating back to the 1890s.

Iduapriem is an open pit mine.

Obuasi is located in the Ashanti region of southern Ghana, approximately 60 km south of Kumasi. Mining was temporarily

suspended at the end of 2014 while a series of economic studies progressed. Obuasi underground development resumed in the

first half of 2019, with the first gold produced in December 2019. The ramp-up of the redevelopment project was delayed by the

temporary stoppage of underground activities after a fall of ground incident in May 2021. Production remained suspended for

several months to allow for reviews and investigations, but slowly resumed in the latter part of 2021.

Iduapriem is located in the Western region of Ghana, some 85 km from the coast and south of Obuasi, near the town of Tarkwa.

OBUASI

The Company has determined that, as of 31 December 2024, Obuasi continues to be a material property for purposes of

Regulation S-K 1300. For additional information, refer to the Technical Report Summary for Obuasi (effective date: 31 December

2023) filed as Exhibit 19.15.6 hereto.

Property description

Obuasi is wholly-owned by AngloGold Ashanti and is a production stage property. The mine is an underground operation, and it

has been in operation since 1897 (more than 120 years). It has been operated by AngloGold Ashanti since 2004.

Location

The mine is in the municipality of Obuasi, in the Ashanti region of Ghana, about 240 km northwest of the capital, Accra, and 60

km south of Kumasi. The geographic coordinates of the processing plant at Obuasi are latitude 6°10’11”N and longitude

1°41’16”W.

Mineralisation style

Geologically, Obuasi is in the Ashanti belt on the eastern margin of the Pre-Cambrian West African craton. This craton consists of

Lower Proterozoic volcanic and flysch sediments which make up the Birimian system, overlain in part by the molasse sediments

of the Middle Proterozoic Tarkwaian. The Ashanti belt is the most prominent of the five Birimian Supergroup gold belts found in

Ghana.

Gold mineralisation is associated with shear zones and pervasive silica, carbonate and sulphide hydrothermal alteration which

occur in tightly folded Lower Birimian schists, phyllites, meta-greywackes, and tuffs, along the eastern limb of the Kumasi

anticlinorium. They are found near the contact with harder metamorphosed and metasomatically altered intermediate to basic

upper Birimian volcanics. There are two broad styles of gold mineralisation including free milling quartz vein gold and sulphide-

rich, disseminated and refractory gold which form alteration haloes around the quartz vein lodes. Sulphide mineralisation is

dominated by arsenopyrite and quartz mineralisation, which is associated with spatially variable, but exceptionally high-grade

visible gold in quartz veins.

History

Obuasi has a long mining history dating back to 1897. It has been owned and operated by various operators during this time.

The current operator became involved in 2004 following the merger of former AngloGold Limited of South Africa and the Ashanti

Goldfields Company Limited of Ghana. However, for several years leading up to 2014, the mine began to struggle due to ailing

infrastructure and outdated methodologies. The Company realised that significant rationalisation and/or replacement of current

infrastructure would be necessary to enable the delivery of better utilisation and productivity metrics.

In 2014, a feasibility study commenced that considered the optimum mining methodology and schedules for the underground

mine, based on modern mechanised mining methods and refurbishment of underground, surface and process plant

infrastructure. During this time, Obuasi operated in a limited operating phase with underground activities essentially restricted to

the continued development of the Obuasi deeps decline and underground infill drilling. The limited operating phase was brought

to a halt after an incursion by illegal miners on Obuasi’s concession in February 2016, at which point the mine was placed under

care and maintenance. However, the study continued and in 2017, a favourable feasibility study was completed and indicated a

strong technical and economic case with an anticipated 20-year LOM. In 2018, approval was received from the AngloGold

Ashanti board and the government of Ghana to proceed with the project.

The redevelopment project began in late 2018 and first gold was poured during the fourth quarter of 2019. Phase 1 of the

redevelopment project was completed by the end of September 2020, and the mine began commercial production on 1 October

2020. Phase 2 of the redevelopment project, which focused on construction and mine development, was completed in 2021.

Phase 3 of the redevelopment project to develop the infrastructure necessary to support the planned ramp-up in production is

currently ongoing.

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Legal aspects and tenure

Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—

Ghana—AngloGold Ashanti’s rights and permits”.

Mining method

Obuasi is an underground operation, utilising both vertical shafts and declines as main access routes to the underground

workings. The mine has seen extensive historical mining activities with varying applications of different mining methods to date.

The current LOM design employs mostly the long hole open stoping (“LHOS”) mining method for ore extraction. LHOS is a highly

selective and productive method of mining that can be employed for orebodies of varying thicknesses and dips. The main distinct

variations of the LHOS used at Obuasi are longitudinal retreat stoping (“LRS”), and transverse open stoping (“TOS”). The blind

upper stoping is a form of LRS or TOS used for partial sill pillar recovery. During 2024, Obuasi mine successfully trialled the

underhand drift and fill (“UHDF”) mining method, intended to be applied in areas of poor ground conditions, typically associated

with high-grade areas. UHDF is a selective mining method suitable for following the local variations of an orebody. It is

considered to provide greater control on excavation stability, with reduced dilution and increased mining recovery outcomes. The

method has been incorporated into the LOM design for localised areas in Blocks 8 and 10. Given the anticipated complex and

challenging grounds at depth, Block 11 has also been fully redesigned for the UHDF method.

Processing plants and other available facilities

All significant surface activities, including ore processing, environmental management and community engagement are carried

out by Obuasi staff. Existing infrastructure includes a 2.2Mtpa processing plant with flotation and bacterial oxidation (“BIOX”),

extensive underground development, hoisting shafts and associated infrastructure, mine ventilation and refrigeration facilities,

emergency standby power and water reticulation, office complexes, workshops, and company housing estates. Power is

supplied to the mine by the Volta River Authority and Ghana Grid Company Limited (“GRIDCo”). The mine is authorised by the

Ghanaian Water Resources Commission to extract water from the Jimi Dam, which is treated for domestic use. Additionally,

underground water is extracted for operational purposes. There is a focus mine development plan supported by the existing

infrastructure, and ongoing upgrades of critical underground infrastructure to sustain the operations. The mine can be accessed

by paved road network from Kumasi and by road or chartered air transport from the capital, Accra. For the number of persons

employed at the mine, refer to “Item 4B: Business Overview—Operating Performance—Africa Region”.

The “Property, Plant, and Equipment” as of 31 December 2024, including buildings and mine infrastructure, mining assets,

decommissioning assets and assets under construction, had a carrying value of $1,282 million.

Mineral processing

The plant is configured for both conventional and flash flotation and BIOX treatment which is required for the refractory sulphide

ore. The gravity gold recovery system is also integrated with Knelson concentrators and inline leach reactors.

Mineral Resource

The below table, prepared in accordance with Table 1 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the gold

Mineral Resource (exclusive of Mineral Reserve) for Obuasi at the end of the fiscal year ended 31 December 2024, based on a

gold price estimate of $1,900/oz, unless otherwise stated.


Mineral Resource	Category	Tonnes	Grade	Contained Gold
at 31 December 2024	Category	million	g/t	tonnes	Moz
Obuasi	Measured	5.59	6.74	37.67	1.21
	Indicated	45.70	5.19	237.33	7.63
	Measured & Indicated	51.29	5.36	275.00	8.84
	Inferred	47.81	7.49	358.09	11.51

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. All figures are expressed on an attributable basis unless

otherwise indicated. The Mineral Resource estimates with respect to our material properties have been prepared by the Qualified Persons (employed by

AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Resource at the end of the last completed fiscal year and the preceding

fiscal year is detailed in the table below. 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.

1.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.

2.“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.

3.The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material.

4.Property currently in a production stage.

5.The Mineral Resource estimates have been prepared by Qualified Persons employed by AngloGold Ashanti at the time of preparing the Technical Report

Summary. Mr. Eric Kofi Owusu Acheampong is the Qualified Person for the Obuasi Mineral Resource. Refer to “—Qualified Persons—Qualified Persons in

respect of the material properties” for more information on the Qualified Persons. AngloGold Ashanti has determined that there is no material change to the

Mineral Resource reported in the 2023 Technical Report Summary for Obuasi (effective date: 31 December 2023) filed as Exhibit 19.15.6 hereto if the

updated gold price of $1,900/oz is used (instead of $1,750/oz, the gold price used to estimate the Mineral Resource in 2023).

6.In 2024, a metallurgical recovery factor of 88.0% was applied to the open pit and underground.

7.In 2024, a cut-off grade of 1.07g/t was applied to the open pit, and a cut-off grade range from 2.75g/t to 3.79g/t (varying according to area) was applied to

the underground.

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Year-on-year changes in Mineral Resource - Moz


at 31 December 2024	Obuasi
Category	Measured	Indicated	Measured & Indicated	Inferred
Previous Year	0.87	6.44	7.30	9.64
Exploration and Methodology	0.10	0.14	0.24	0.42
Economic Assumptions	0.04	0.48	0.51	1.03
Other	0.21	0.58	0.79	0.42
Acquisition / Disposal	—	—	—	—
Current Year	1.21	7.63	8.84	11.51
Net Difference	0.34	1.19	1.54	1.87
% Difference	40	19	21	19

Note:

All figures are expressed on an attributable basis unless otherwise indicated.

The increase in Mineral Resource was driven by exploration drilling, along with underground model revisions, an increase in the

Mineral Resource price from $1,750/oz to $1,900/oz, cost reduction initiatives including block redesigns leading to lower capital

development and mining costs, and a reduction in minimum safety pillar thickness supported by a strategy of sequential mining

with paste filling.

Estimation

The estimation technique is ordinary kriging and the primary estimation unit size is 20m x 5m x 15m. This estimation unit size is

representative of the underground mining units and is considered appropriate given the style of mineralisation and mining

methods. Compositing by length is employed and the influence of extreme grades is restricted by grade capping. Sample

spacing is highly variable across the deposit and ranges from 10m x 10m (for grade control areas) up to 200m x 200m (for

exploration targets). However, for the Mineral Resource, the maximum extrapolation from data points is 100m. Any areas beyond

this are not classified and are considered to be upside potential rather than Mineral Resource.

Mineral Reserve

The below table, prepared in accordance with Table 2 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the gold

Mineral Reserve for Obuasi at the end of the fiscal year ended 31 December 2024, based on a gold price estimate of $1,600/oz,

unless otherwise stated.


Mineral Reserve	Category	Tonnes	Grade	Contained Gold
at 31 December 2024	Category	million	g/t	tonnes	Moz
Obuasi	Proven	3.52	10.92	38.42	1.24
	Probable	15.73	10.90	171.50	5.51
	Total	19.25	10.91	209.92	6.75

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. All figures are expressed on an attributable basis unless

otherwise indicated. The Mineral Reserve estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold

Ashanti unless stated otherwise). The net difference between the Mineral Reserve at the end of the last completed fiscal year and the preceding fiscal year is detailed

in the table below. 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.

1.“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.

2.The Mineral Reserve tonnages and grades are estimated and reported as delivered to the plant (i.e., the point where material is delivered to the processing

facility).

3.Property currently in a production stage.

4.The Mineral Reserve estimates have been prepared by Qualified Persons employed by AngloGold Ashanti at the time of preparing the Technical Report

Summary. Mr. Douglas Atanga is the Qualified Person for the Obuasi Mineral Reserve. Refer to “—Qualified Persons—Qualified Persons in respect of the

material properties” for more information on the Qualified Persons. AngloGold Ashanti has determined that there is no material change to the Mineral Reserve

reported in the 2023 Technical Report Summary for Obuasi (effective date: 31 December 2023) filed as Exhibit 19.15.6 hereto if the updated gold price of $1,600/

oz is used (instead of $1,400/oz, the gold price used to estimate the Mineral Reserve in 2023).

5.In 2024, a metallurgical recovery factor of 88.0% was applied to the open pit and underground.

6.In 2024, a cut-off grade range from 5.69g/t to 7.42g/t was applied to the underground (varying according to area).

Year-on-year changes in Mineral Reserve - Moz


at 31 December 2024	Obuasi
Category	Proven	Probable	Total
Previous Year	1.23	5.87	7.11
Depletion	(0.28)	—	(0.28)
Exploration and Methodology	0.12	0.16	0.28
Economic Assumptions	(0.22)	(0.80)	(1.02)
Other	0.37	0.29	0.66
Acquisition / Disposal	—	—	—

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at 31 December 2024	Obuasi
Category	Proven	Probable	Total
Current Year	1.24	5.51	6.75
Net Difference	0.00	(0.36)	(0.36)
% Difference	0	(6)	(5)

Note:

All figures are expressed on an attributable basis unless otherwise indicated.

The decrease in Mineral Reserve was mainly due to an increase in costs, depletion and changes due to assurance checks. This

reduction was partially offset by methodology changes due to block model updates informed by additional infill drill data in the

Blocks 8 and 10, geotechnical parameter changes and mining recovery changes.

Estimation

The Mineral Reserve estimation considers mining criteria for the economic cut-off grade and minimum mining width for the

anticipated mining method. All design and scheduling work is undertaken to an applicable level of detail by mine planning

engineers in consultation with other technical specialists using Datamine Studio UGTM and Enhanced Production SchedulerTM

(“EPS”) software.

The cut-off grade parameters used include projected mining, processing, and general and administrative costs. A Mineral

Reserve gold price of $1,600/oz was used. The cut-off grade also considers the metallurgical recovery factor (88 percent applied

for all blocks), mining dilution and recovery, tonne-kilometre haulage cost from all blocks, as well as the backfill type.

Stopes are designed using the Datamine Mineable Shape OptimiserTM (“MSO”) Software where the outputs are further

optimised by manual edits. The stope shapes are generated at section intervals of 15m to 20m based on geotechnical guidance

for each block. The MSO allows the class field to be assigned to each stope generated. The mine design is reviewed taking into

consideration the updated stope shapes, existing development and future infrastructure need. A LOM plan is generated which

considers fleet and infrastructure capacities. All mining blocks are designed for the LHOS mining method, with the exception of

localised areas in Blocks 8 and 10, as well as Block 11 which have been designed for the UHDF method. The Mineral Reserve is

reported from the LOM plan and only includes Measured and Indicated Mineral Resource.

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IDUAPRIEM

Property description

Iduapriem mine is wholly-owned and operated by AngloGold Ashanti and a production stage property. The mine is a multiple

open pit operation that currently sources ore from the Block 5, Ajopa, and Blocks 7 and 8 pits. In March 2023, AngloGold Ashanti

and Gold Fields announced that they had agreed the key terms of a proposed joint venture in Ghana between Gold Fields’

Tarkwa and AngloGold Ashanti’s neighbouring Iduapriem mines. Despite constructive engagement with the government of

Ghana, the requisite approvals by the government for the proposed joint venture have not yet been obtained. Following the

recent national elections, Gold Fields and AngloGold Ashanti are working to engage with the new government on the potential

joint venture. There can be no certainty that the parties will enter into a definitive agreement with respect to the proposed joint

venture or about the timing, terms and conditions of any such definitive agreement. Implementation of the proposed joint venture

is subject to, among other matters, reaching agreement with the government of Ghana regarding the proposed joint venture,

conclusion of confirmatory due diligence and securing all requisite regulatory approvals. Consequently, the Mineral Resource

and Mineral Reserve for Iduapriem are reported on the basis of a stand-alone Iduapriem mine.

Location

The mine is located in the Western region of Ghana, some 70 km north of the coastal city of Takoradi and approximately 10 km

southwest of the town of Tarkwa. The Iduapriem mine is bordered to the north by Gold Fields Ghana Limited (Tarkwa Mine) and

to the east by the Ghana Manganese Company Limited (a manganese mine in existence since the 1920s).

Mineralisation style

There are four recognised conglomerate reefs namely A, B, C and D (in stratigraphic sequence, from bottom upwards). The B

and C reefs are oligomictic and consist of well-sorted conglomerates. They have been mined underground in some areas since

more than a century ago. The A and D reefs have a lower gold tenor and are polymictic, containing both well-rounded and

angular fragments. Gold is found within the matrix that binds the pebbles together. The gold content is a function of the size and

amount (packing) of quartz pebbles present within a conglomeratic unit. The gold is fine-grained, particulate and free-milling.

Legal aspects and tenure

Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—

Ghana—AngloGold Ashanti’s rights and permits”.

Processing plants and other available facilities

Surface infrastructure associated with Iduapriem’s operation includes a three-stage crushing circuit, overland conveyor, CIL

processing plant next to the main office building, a TSF and four camp areas for contractors and company employees. Tarkwa

town is also adjacent to the tenement. Power is supplied to the mine by the Volta River Authority and GRIDCo. An on-site

336kVA solar power plant serves the mine residences.

Mineral processing

The current processing plant treats free-milling material from open pit mining, by a conventional crush with a semi-autogenous

ball milling circuit and cyanide leach. Iduapriem operates a three-stage crushing circuit consisting of a Metso Superior MKIII

primary gyratory crusher, two GP550 gyratory crushers for secondary crushing and two CH660 Sandvik tertiary crushers. The

Iduapriem treatment plant has two semi-autogenous grinding mills (“SAG mills”) and two ball mills which run in two parallel

circuits, each with a SAG mill and a ball mill. The second ball mill, a new thickener, a cluster of cyclones and a Knelson

concentrator were commissioned in March 2009. In July 2017, three of the four leach tanks were converted into CIL tanks by

introducing carbon into the each of the tanks with the installation of inter-tank screens and carbon recovery screens. Carbon for

elution is harvested from one of the leach tanks to the acid wash column, and the carbon recovery screen underflow is pumped

back to the leach tanks.

GUINEA

SIGUIRI

Property description

Siguiri is AngloGold Ashanti’s only operation in the Republic of Guinea. The mine is co-owned by AngloGold Ashanti (85 percent)

and the government of Guinea (15 percent). The mine is a conventional open pit operation situated in the Siguiri district in the

northeast of Guinea.

Siguiri is a production stage property, operated by AngloGold Ashanti. Gold-bearing ore is mined from several pits (generally

three pits at any one time). Mining occurs primarily at Kami, Bidini and Kosise pits in Block 1, as well as Saraya pit in Block 2.

Location

Siguiri is located in the Kankan region of Guinea, approximately 850 km north-northeast of Conakry, 25 km northwest of the town

of Siguiri and 220 km southeast of the Malian capital Bamako, near the Malian border.

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Mineralisation style

Siguiri is situated in the northern part of the Siguiri Basin of Guinea, and is underlain by Lower Proterozoic rocks of the Birimian

metasedimentary and volcano-sedimentary formations. Primary gold mineralisation occurs in all three lithostratigraphic units of

the Siguiri region, although most of the known mineralisation is found in the central and more competent Fatoya Formation. In

some deposits, the mineralisation shows strong lithological control and is preferentially developed in coarser-grained units with

higher fracture or vein densities than fine-grained rocks. Mineralised veins are more intensely developed along major structural

trends, with quartz-carbonate-sulphide veining developed along structures. Some of these structures have developed as incipient

faults and are represented by discrete stockworks of mineralised quartz-carbonate veins occurring along a trend instead of

clearly defined continuous structures.

Legal aspects and tenure

Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—

Guinea—AngloGold Ashanti’s rights and permits”.

Processing plants and other available facilities

Siguiri includes a processing plant, a TSF, and other infrastructure such as a mine village, a water supply system, roads, power

supply by on-site generators and communications systems. Additional infrastructure includes on-site offices, accommodation and

workshops to support remote mining. Power to the mine is self-generated using heavy fuel oil.

The town of Siguiri can be accessed via a small airfield and a well-paved road that connects Siguiri to Bamako in the north and

Kouroussa in the south. Access to the mine via roads and to Siguiri is easily passable through most of the year, although some

secondary roads are seasonal with limited access during the wet season. While Siguiri encounters encroachment of villages

onto, and artisanal and small-scale mining invasion in, its mining areas as well as increasing community demands and

expectations, mitigation plans are in place to significantly reduce the impact of these issues.

Mineral processing

The mined ore is processed using an upgraded CIL plant that can treat up to 50 percent fresh rock and 50 percent soft ore,

resulting in a total throughput of 11.8Mtpa. Unit operations include comminution, leaching, carbon adsorption and desorption,

smelting, and tailings disposal.

Recovery challenges posed by the treatment of Bidini ore and other feed blends could impact the economic extraction of the

estimated Mineral Resource and Mineral Reserve until targeted improvement actions are completed. A recovery project study

proposes a critical upgrade to the gravity gold recovery circuit, improvements in milling product size, and increased dissolved

oxygen levels in the leach tanks. Additional work is ongoing to unlock the full potential recovery of the difficult-to-treat ore blends.

Strengthening of CIL tanks to avert a tank failure in the future, as happened in May 2023 (which negatively impacted production),

is ongoing.

Mitigation plans are in place to address any TSF capacity issues.

TANZANIA

GEITA

The Company has determined that, as of 31 December 2024, Geita continues to be a material property for purposes of

Regulation S-K 1300. For additional information, refer to the Technical Report Summary for Geita (effective date: 31 December

2022) filed as Exhibit 19.15.4 hereto.

Property description

Geita (“GGM”), one of AngloGold Ashanti’s flagship mines, is located in northwestern Tanzania, in the Lake Victoria goldfields in

the Geita region, about 120 km west of Mwanza and 4 km west of the town of Geita. The Geita gold deposits are mined as a

multiple open pit and underground operation, with ore production from Star and Comet, Nyankanga and Geita Hill underground

mines, and from Nyamulilima open pit. The mine is currently serviced by a CIL processing plant with an annual capacity of 5.4Mt.

GGM is wholly-owned and operated by AngloGold Ashanti. The property is currently in a production stage.

Location

GGM is located in the Geita region of Tanzania, approximately 1,200 km from the main Tanzanian business centre of Dar es

Salaam. It falls within the Lake Zone of northwestern Tanzania, approximately 120 km west of Mwanza and 4 km west of the

town of Geita. The mining lease area falls within the Archaean Sukumaland Greenstone Belt of the Lake Victoria goldfields. The

geographic coordinates of the processing plant at Geita are latitude 2°51’53”N and longitude 32°11’12”W.

Mineralisation style

Geita is hosted in the Geita Greenstone Belt, which is a northern segment of the Sukumaland Greenstone Belt, located in the

north-western part of the Tanzania Craton and south of Lake Victoria. Gold mineralisation occurred late in the tectonic history of

the greenstone belt, synchronous with the development of brittle-ductile shear zones. Mineralisation is dominantly sulphide

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replacement of magnetite-rich layers in ironstone, with local replacement of ferromagnesian phases and magnetite in the diorite

intrusions. Primary gold mineralisation is associated with the intersection of the brittle-ductile shear zones and pre-existing fold

hinges, with higher grade concentrations associated with banded iron formation lithologies and with diorite dyke and sill contacts.

History

Gold mineralisation is reported to be first discovered in the Geita district in 1898 by a German prospector. A regional survey by a

Kenyan company, Saragura Prospecting Syndicate, followed in 1930. The first mine was developed in 1934, and between 1936

and 1966, Geita was the largest gold mine in East Africa, producing 1Moz of gold from underground operations.

In 1996, Ashanti Goldfields Company Limited acquired the Geita tenure through the acquisition of Cluff Resources, and acquired

the Kukuluma and Matandani in 1998 from Samax Resources Limited. In December 2000, Ashanti Goldfields Company Limited

reached an agreement to sell a 50 percent interest in Geita to AngloGold Limited for $324 million. AngloGold Limited added its

neighbouring Nyamulilima Hill deposits into the JV company. In 2004, the merger of AngloGold Limited and Ashanti Goldfields

Company Limited resulted in the operation being wholly run by the combined company AngloGold Ashanti.

GGM commenced open pit mining in 1999, with open pit mining at Nyankanga between 1999 and 2020, at Geita Hill between

2001 and 2019, at Kukuluma and Matandani between 2002 and 2007, and at Star and Comet between 2007 and 2014. In 2015,

a decision was taken to go underground at Star and Comet, and the underground development started in 2016. In 2017, the

Nyankanga underground operation commenced. In late 2020, the Geita Hill underground operation commenced and reached full

production in mid-2023 in Geita Hill West. In April 2021, the Nyamulilima open pit commenced operations, with Cut 1 completed

in 2023 and Cut 2 advancing.

Legal aspects and tenure

Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—

Tanzania—AngloGold Ashanti’s rights and permits”.

Mining method

Mining at Geita uses both open pit and underground mining methods. The Nyamulilima open pit commenced production in April

2021 and reached full production during 2022. Open pit mining is by conventional truck and shovel methods, where production

mining equipment is operated by GGM with Capital Mining Services Tanzania Limited providing production and grade control

drilling services, and Orica providing blasting and explosives services. Underground mining commenced at Star and Comet in

2016 and subsequently at Nyankanga in 2017, and most recently Geita Hill in 2020. Star and Comet underground has

successfully transitioned to owner mining and the mining contractor African Underground Mining Services is used at Nyankanga

and Geita Hill for underground development and stoping. The underground mining method is a combination of LOS and TOS.

Cemented aggregate fill backfill is used at Nyankanga to fill the primary stopes and allows for the mining of secondary stopes.

Ore is hauled from the Nyamulilima open pit (22 km) and from Star and Comet (17 km), Nyankanga (4 km) and Geita Hill (2 km)

underground operations to the central run-of-mine (“ROM”) pad by the Geita surface mining fleet.

Processing plants and other available facilities

Surface infrastructure associated with the overall Geita operation includes a 5.4Mtpa CIL processing plant, a TSF, a camp, an

airstrip, service bays, fuel depots, open pit and underground workshops and offices, contractor yards, backfill plants and

explosives suppliers. In September 2024, Geita connected to the national electricity grid, where power to the mine is supplied by

Tanzania Electric Supply Company Limited (“Tanesco”), with a 40MW power plant using diesel generators onsite providing

backup power supply. The mine is permitted to extract water by pumping approximately 25,000m3 of raw water from Lake

Victoria per day. In addition, there is sustainable use of raw water through recycling of the process water. The physical condition

of the equipment, facilities, and infrastructure at GGM is generally considered to be in good working order. The mine has

invested heavily in maintaining and upgrading its assets to ensure they remain reliable and efficient. The underground

development of the mine has also been extensively developed, with the construction of a number of portals, declines and

strategically placed development drives that access and further explore the gold-bearing ore. Overall, the GGM is a well-

established operation implementing fit-for-purpose technologies once proven in the market. For the number of persons employed

at the mine, refer to “Item 4B: Business Overview—Operating Performance—Africa Region”.

The “Property, Plant, and Equipment” as of 31 December 2024, including lease assets, buildings and mine infrastructure, mining

assets, capitalised exploration costs, decommissioning assets, assets under construction and deferred stripping, had a carrying

value of $612 million.

Mineral processing

Geita’s ore processing method is a conventional CIL process with a throughput capacity of 5.4Mtpa. The circuit contains a

primary gyratory crusher, secondary and tertiary crushers, a SAG mill, a ball mill and 12 leach tanks. This is coupled with a

gravity circuit using two Knelson concentrators. In planning the plant feed blend material, hardness grade, oxide and sulphide

content are considered in order to optimise throughput and recovery.

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Mineral Resource

The below table, prepared in accordance with Table 1 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the gold

Mineral Resource (exclusive of Mineral Reserve) for Geita at the end of the fiscal year ended 31 December 2024, based on a

gold price estimate of $1,900/oz, unless otherwise stated.


Mineral Resource	Category	Tonnes	Grade	Contained Gold
at 31 December 2024	Category	million	g/t	tonnes	Moz
Geita	Measured	10.28	2.58	26.58	0.85
	Indicated	49.84	1.84	91.86	2.95
	Measured & Indicated	60.12	1.97	118.45	3.81
	Inferred	48.80	2.21	107.84	3.47

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. All figures are expressed on an attributable basis unless

otherwise indicated. The Mineral Resource estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold

Ashanti unless stated otherwise). The net difference between the Mineral Resource at the end of the last completed fiscal year and the preceding fiscal year is

detailed in the table below. 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.

1.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.

2.“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.

3.The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material.

4.Property currently in a production stage.

5.The Mineral Resource estimates have been prepared by Qualified Persons employed by AngloGold Ashanti at the time of preparing the Technical Report

Summary. Mr. Damon Elder is the Qualified Person for the Geita Mineral Resource. Refer to “—Qualified Persons—Qualified Persons in respect of the material

properties” for more information on the Qualified Persons. AngloGold Ashanti has determined that there is no material change to the Mineral Resource reported

in the 2022 Technical Report Summary for Geita (effective date: 31 December 2022) filed as Exhibit 19.15.4 hereto if the updated gold price of $1,900/oz is used

(instead of $1,750/oz, the gold price used to estimate the Mineral Resource in 2022).

6.In 2024, a metallurgical recovery factor of 91.70% was applied to the open pit, a metallurgical recovery factor range from 91.07% to 91.63% (varying according to

area) 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.

7.In 2024, a cut-off grade range from 0.50g/t to 1.40g/t (varying according to area) was applied to the open pit, and a cut-off grade range from 0.88g/t to

2.72g/t (varying according to area) was applied to the underground.

Year-on-year changes in Mineral Resource - Moz


at 31 December 2024	Geita
Category	Measured	Indicated	Measured & Indicated	Inferred
Previous Year	0.75	2.76	3.51	2.81
Exploration and Methodology	0.11	0.11	0.21	0.51
Economic Assumptions	0.00	0.09	0.09	0.15
Other	—	—	—	—
Acquisition / Disposal	—	—	—	—
Current Year	0.85	2.95	3.81	3.47
Net Difference	0.11	0.19	0.30	0.65
% Difference	15	7	9	23

Note:

All figures are expressed on an attributable basis unless otherwise indicated.

The increase in Mineral Resource was largely a result of exploration success due to accelerated drilling activities, methodology

as a result of revised estimation parameters and refined ore wireframes, and an increase in the Mineral Resource price from

$1,750/oz to $1,900/oz. The increase was partially offset by higher costs related to both open pit and underground mining.

Estimation

For the open pits, mineralisation boundaries for the individual deposits are defined from detailed logging of all geological drill

holes. This information is validated and then geological wireframes are interpreted to create a 3D geological model. The

geological model is subsequently used in conjunction with an appropriately dimensioned block model. Ordinary kriging is used to

interpolate values into block models, and uniform conditioning (“UC”) and localised uniform conditioning (“LUC”) methods are

used to generate a recoverable Mineral Resource block model, which estimates the proportion of ore that occurs above the

Mineral Resource cut-off grade assuming a specified selective mining unit (“SMU”). The open pit Mineral Resource is reported

within a $1,900/oz optimised pit shell and above the calculated mineralised waste cut-off grade per pit.

For the underground Mineral Resource, the geological model is generated in the same way as for the open pits. However, a

high-grade wireframe is delineated within the broader, lower-grade mineralised envelope. In this instance, all geological controls

are adhered to when determining this domain. Ordinary kriging models are then constructed within the low- and high-grade

domains, and numerous validation exercises are completed to ensure robust estimates are achieved. The underground Mineral

Resource is reported inside a MSO volume generated using a unique underground cut-off grade for each deposit.

The ultimate open pit designs are used as the limiting boundaries between the open pits and underground during model

compilation. The underground stopes and development are evaluated using the ordinary kriging block models and the open pit

designs are evaluated using the LUC block models.

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Stockpiled material above mineralised waste cut-off grade is included in the Mineral Resource.

Mineral Reserve

The below table, prepared in accordance with Table 2 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the gold

Mineral Reserve for Geita at the end of the fiscal year ended 31 December 2024, based on a gold price estimate of $1,400/oz,

unless otherwise stated.


Mineral Reserve	Category	Tonnes	Grade	Contained Gold
at 31 December 2024	Category	million	g/t	tonnes	Moz
Geita	Proven	15.84	0.99	15.76	0.51
	Probable	37.04	2.30	85.20	2.74
	Total	52.89	1.91	100.96	3.25

Notes:

Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. All figures are expressed on an attributable basis unless

otherwise indicated. The Mineral Reserve estimates with respect to our material properties have been prepared by the Qualified Persons (employed by AngloGold

Ashanti unless stated otherwise). The net difference between the Mineral Reserve at the end of the last completed fiscal year and the preceding fiscal year is detailed

in the table below. 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.

1.“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.

2.The Mineral Reserve tonnages and grades are estimated and reported as delivered to the plant (i.e., the point where material is delivered to the processing

facility).

3.Property currently in a production stage.

4.The Mineral Reserve estimates have been prepared by Qualified Persons employed by AngloGold Ashanti at the time of preparing the Technical Report

Summary. Mr. Duan Campbell is the Qualified Person for the Geita Mineral Reserve. Refer to “—Qualified Persons—Qualified Persons in respect of the material

properties” for more information on the Qualified Persons.

5.In 2024, a metallurgical recovery factor of 91.70% was applied to the open pit, a metallurgical recovery factor range from 91.07% to 91.63% (varying according to

area) 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.

6.In 2024, a cut-off grade of 1.00g/t was applied to the open pit, a cut-off grade range from 0.70g/t to 0.80g/t (varying according to area) was applied to the

stockpile, and a cut-off grade range from 1.98g/t to 2.88g/t (varying according to area) was applied to the underground.

Year-on-year changes in Mineral Reserve - Moz


at 31 December 2024	Geita
Category	Proven	Probable	Total
Previous Year	0.46	2.86	3.33
Depletion	0.10	(0.64)	(0.54)
Exploration and Methodology	—	0.66	0.66
Economic Assumptions	(0.02)	(0.13)	(0.15)
Other	(0.03)	(0.03)	(0.06)
Acquisition / Disposal	—	—	—
Current Year	0.51	2.74	3.25
Net Difference	0.04	(0.13)	(0.08)
% Difference	9	(4)	(2)

Note:

All figures are expressed on an attributable basis unless otherwise indicated.

The decrease in Mineral Reserve was mainly due to depletion, increase in operating costs and changes in geotechnical

parameters at Nyankanga, which was partially offset by the ongoing exploration drilling success and improved processing

recoveries.

Estimation

The Mineral Resource models are used as the basis for Mineral Reserve estimation. Input parameters for estimating the Mineral

Reserve include gold price, mining dilution and recovery, geotechnical information, stay-in-business capital expenditure,

operating costs, metallurgical recovery, processing capacity and mining equipment capacities.

Appropriate Mineral Reserve cut-off grades are applied and optimised pit shells are generated for the open pit sources. Pit

designs are then done on selected shells and signed off by all relevant parties to ensure compliance to specifications.

Underground designs are completed and evaluated. These designs are incorporated into the production and treatment

scheduling stages to yield ore tonnes and grades. Financial evaluations are completed for production and treatment schedules to

check the cash flow analysis from the estimated Mineral Reserve.

The Mineral Reserve for Geita’s operating and prospective pits, as well as underground mine areas is estimated using updated

economic factors, latest Mineral Resource models, geological, geotechnical, mining engineering and metallurgical parameters.

Environmental, sociopolitical, legal and regulatory factors are also considered.

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Map showing Geita planned infrastructure and licences

Below is a map that shows the location, infrastructure and mining licence area for Geita. The coordinates of the mine, as

represented by the plant, are depicted on the map and are in the geographic coordinate system.

EGYPT

SUKARI

The Company has determined that, as of 31 December 2024, Sukari is a material property for purposes of Regulation S-K 1300.

For additional information, refer to the Technical Report Summary for Sukari (effective date: 31 December 2024) filed as Exhibit

19.15.10 hereto.

Property description

Sukari is jointly owned by Pharaoh Gold Mines NL (“PGM”) (a wholly-owned subsidiary of AngloGold Ashanti) and EMRA through

their respective 50 percent equity stake in Sukari Gold Mines Company (“SGM”), the joint operating company of the Sukari gold

mine. It is a production stage property. The mine is an underground and open pit operation, and it has been in operation since

2009. AngloGold Ashanti acquired Sukari on 22 November 2024.

Location

Sukari is located in the Red Sea Governorate in the Eastern Desert of Egypt, approximately 750 km southeast of Cairo and 25

km via road, southwest of Marsa Alam on the Red Sea coast. The geographic coordinates of the processing plant at Sukari are

latitude 24°57’34”N and longitude 34°42’42”E.

Mineralisation style

Geologically, Sukari is located within the Neoproterozoic Arabian-Nubian Shield, formed during the Pan-African Orogeny around

650 to 900 million years ago. The shield consists of mid-to-upper-greenschist facies metamorphic rocks, with predominantly calc-

alkaline igneous and sedimentary sequences. The Sukari deposit is classified as an orogenic gold deposit, hosted primarily

within a granodiorite porphyry extensively deformed by shear zones and vein systems. The granodiorite body, striking north-

northeast and dipping steeply east, spans 2.3 km in length and varies from 100m to 600m in thickness.

Gold mineralisation is closely associated with sulphides, primarily pyrite and arsenopyrite, and is spatially correlated with sericite

and silica alteration. Mineralisation occurs in structurally controlled zones influenced by reactivated fault systems. High-grade

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zones, often characterised by visible gold in quartz veins, are key targets for mining operations. Alteration systems, dominated by

sericitisation and silicification, are particularly prominent around mineralised veins and shear zones.

The deposit’s geological model has been refined through detailed relogging, integrating lithological, structural, and alteration

data. This robust 3D framework enhances Mineral Resource estimation and supports exploration to extend the mine’s life and

expand Mineral Resource.

History

Sukari has a rich mining history, with evidence of gold extraction during the Pharaonic and Roman eras. Modern mining at Sukari

began in the early 20th century, with small-scale operations established between 1912 and 1914. More significant underground

mining activities took place from 1937 to 1951 before ceasing in 1958 due to political factors.

Systematic modern exploration resumed in the 1970s, supported by the Egyptian government and the USSR, confirming gold

mineralisation at depth. PGM and EMRA established SGM in 2005 as a joint operating company to oversee the Sukari project’s

development. On 22 November 2024, AngloGold Ashanti completed its acquisition of Centamin plc thereby bringing Sukari into

AngloGold Ashanti’s portfolio.

Open pit mining at Sukari began in 2009, with underground operations commencing in 2011. The mine has steadily expanded,

incorporating modern mechanised mining methods and infrastructure upgrades, including a state-of-the-art processing plant.

Sukari is Egypt’s first large-scale modern gold mine, producing over five million ounces of gold since commercial production

began in 2010. The mine continues to focus on Mineral Resource expansion and operational optimisation, supported by ongoing

exploration and development projects.

Legal aspects and tenure

Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—

Egypt—AngloGold Ashanti’s rights and permits”.

Mining method

Sukari comprises both open pit and underground mining operations, each employing specialised mining methods tailored to the

orebody characteristics and operational requirements.

Sukari’s open pit operation utilises conventional truck-and-shovel mining methods. Ore and waste material are drilled and

blasted before being loaded by hydraulic excavators and transported using CAT 785 haul trucks. Ore is either direct-tipped into

the crusher or stockpiled on the ROM pad for blending and feeding into the processing plant. Working benches are typically 10m

in height, with final benches ranging from 10m to 20m depending on geotechnical considerations. Waste material is hauled to

dedicated waste rock dumps around the pit perimeter. This highly mechanised approach enables efficient extraction of Sukari’s

large, bulk-tonnage, low-grade orebody.

Sukari’s underground operations employ modern mechanised mining techniques, primarily LHOS - a method which is well-suited

to Sukari’s steeply dipping, high-grade zones. Two variations of LHOS are used:

•Longitudinal LHOS: Applied in narrower ore zones, where mining follows the length of the orebody.

•Transverse LHOS: Applied in wider ore zones, where mining occurs perpendicular to the orebody’s strike.

Access to the underground workings is via twin declines: the Amun decline in the south and the Ptah decline in the north. These

declines serve as primary haulage and ventilation routes.

In 2023, the underground mine transitioned to a cemented paste fill system, replacing the previous cemented rock fill method.

This upgrade enhances stope stability, enabling the safe extraction of adjacent stopes and improving recovery.

Exploration continues in deeper ore zones, such as Horus Deeps, using techniques that balance selective mining with

operational efficiency. Ongoing optimisation ensures alignment with Sukari’s LOM plan while maintaining high safety and

productivity standards.

Processing plants and other available facilities

All significant surface activities at Sukari, including ore processing, environmental management, and community engagement,

are managed on-site by SGM. The processing plant has a capacity of 12Mtpa and features crushing, grinding, flotation and CIL

circuits. Over the years, significant expansions have been undertaken, including:

•Installation of secondary crushers;

•Addition of a flotation concentrate regrind circuit; and

•Commissioning of a second carbon regeneration kiln to optimise recovery and throughput.

The site is equipped with essential infrastructure to support efficient operations. It includes an on-site thermal power generation

plant, supplemented by a 36MW solar farm, which reduces reliance on diesel generators and improves cost efficiency. In 2023, a

modern paste fill plant was commissioned, enhancing underground stability and mining efficiency.

Water supply for the operation is sourced from desalinated seawater, which is pumped through three pipelines from the Red Sea

to the mine, supported by dedicated pumping stations. Additional infrastructure includes extensive onsite workshops,

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administrative office complexes and worker accommodation facilities. TSFs are in place, with TSF 2 currently in use to support

ongoing operations. Waste management and environmental monitoring systems have been implemented in accordance with

international standards.

The Sukari site is accessible by road from both Marsa Alam and Cairo, ensuring logistical efficiency. For details on the number of

persons employed at the mine, refer to “Item 4B: Business Overview—Operating Performance—Africa Region”.

The mine’s robust infrastructure supports a focused development plan, with ongoing upgrades designed to sustain and enhance

operations over the LOM.

The “Property, Plant, and Equipment” as of 31 December 2024, including buildings, mine infrastructure, mining assets,

decommissioning assets and assets under construction, had a carrying value of $3,419 million.

Mineral processing

The Sukari processing plant is designed to treat both oxide and sulphide ores, employing a robust flowsheet to maximise gold

recovery. The plant incorporates conventional crushing, grinding, and flotation circuits, along with CIL processing for sulphide

ores.

While the current configuration does not include a gravity gold recovery circuit, plans are underway to install one, featuring

Knelson concentrators to enhance recovery of coarse gold and reduce operating costs.

Oxide material is treated via a dump method, an efficient method for extracting gold from low-grade oxide ore. The process

involves stacking the ore on a lined pad, applying cyanide solution, and collecting the gold-rich solution for further processing.

The flotation circuit plays a critical role in processing sulphide ore, producing a concentrate that undergoes ultra-fine grinding and

leaching. This dual-pathway approach ensures high recovery rates for both free-milling and refractory ores. The plant recovery

rates are supported by rigorous metallurgical testing and continuous operational improvements.

Future enhancements, including the addition of a gravity circuit, are expected to further optimise recovery and cost efficiency.

Mineral Resource

The below table, prepared in accordance with Table 1 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the gold

Mineral Resource (exclusive of Mineral Reserve) for Sukari at the end of the fiscal year ended 31 December 2024, based on a

gold price estimate of $2,000/oz, unless otherwise stated.


Mineral Resource	Category	Tonnes	Grade	Contained Gold
at 31 December 2024	Category	million	g/t	tonnes	Moz
Sukari	Measured	39.43	1.03	40.69	1.31
	Indicated	28.12	0.86	24.31	0.78
	Measured & Indicated	67.55	0.96	65.01	2.09
	Inferred	20.97	0.80	16.88	0.54