AngloGold Ashanti : Mining Forum Europe 2025 PDF , 2.9mb
AU
MINING FORUM
EUROPE
NYSE │ JSE │GSE
April 2025
NEVADA - USA
MINERAL RESOURCE AND MINERAL RESERVE INFORMATION
The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) ("Regulation S-K 1300"). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold Ashanti's Mineral Resource and Mineral Reserve reporting. The Mineral Resource and Mineral Reserve represent the amount of gold, copper, silver, sulphur and molybdenum estimated at 31 December 2024 and are based on information available at the time of estimation. Such estimates are, or will be, to a large extent, based on the prices of the respective commodities and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. The Mineral Resource and Mineral Reserve estimates are published at 31 December 2024, taking into account economic assumptions, changes to future production and capital costs, depletion, additions as well as any acquisitions or disposals during 2024. The legal tenure of each material property has been verified to the satisfaction of the accountable Qualified Person and all of the Mineral Reserve has been confirmed to be covered by the required mining permits or there exists a realistic expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with AngloGold Ashanti's (or its joint venture partners') current mine plans. For the Mineral Reserve, the term "economically viable" means that profitable extraction or production has been established or analytically demonstrated in, at a minimum, a pre-feasibility study, to be economically viable under reasonable investment and market assumptions. Mineral Reserve is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Probable and Proven Mineral Reserve categories. Mineral Reserve is aggregated from the Probable and Proven Mineral Reserve categories. Ounces of gold or silver or pounds of copper or sulphur included in the Probable and Proven Mineral Reserve are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility) and exclude losses during metallurgical treatment. In compliance with Regulation S-K 1300, the Mineral Resource herein is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated. Mineral Resource is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Inferred, Indicated and Measured Mineral Resource categories. Ounces of gold or silver or pounds of copper, sulphur or molybdenum included in the Inferred, Indicated and Measured Mineral Resource are those contained in situ prior to losses during metallurgical treatment. While it would be reasonable to expect that the majority of Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued exploration, due to the uncertainty of Inferred Mineral Resource, it should not be assumed that such upgrading will always occur.
If estimations are required to be revised using significantly lower commodity prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in the Mineral Resource or Mineral Reserve not being mined or processed profitably, material write-downs of AngloGold Ashanti's investment in mining properties, goodwill and increased amortisation, reclamation and closure charges. If AngloGold Ashanti determines that certain of its Mineral Resource or Mineral Reserve have become uneconomic, this may ultimately lead to a reduction in its aggregate reported Mineral Resource or Mineral Reserve, respectively. Consequently, if AngloGold Ashanti's actual Mineral Resource and Mineral Reserve is less than current estimates, its business, prospects, results of operations and financial position may be materially impaired.
The pre-feasibility and feasibility studies for undeveloped ore bodies derive estimates of capital expenditure and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating and capital expenditure cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. The Mineral Resource is subject to further exploration and development, and is subject to additional risks, and no assurance can be given that they will eventually convert to future Mineral Reserve.
For additional information, refer to Table 1 (Summary Mineral Resource) and Table 2 (Summary Mineral Reserve) to Paragraph (b) of Item 1303 (Summary disclosure) of Regulation S-K, which can be found on pages 14 to 19 of AngloGold Ashanti's Mineral Resource and Mineral Reserve Report for the year ended 31 December 2024. These summary tables will also be presented in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 to be filed with the United States Securities and Exchange Commission ("SEC"). These summary tables include each class of Mineral Resource (Inferred, Indicated and Measured) together with total Measured and Indicated Mineral Resource, and each class of Mineral Reserve (Probable and Proven) together with total Mineral Reserve. The Mineral Resource at the end of the financial year ended 31 December 2024 was estimated using a gold price of $1,900/oz (2023: $1,750/oz), a copper price of $3.50/lb (2023: $3.50/lb), a silver price of $23.00/oz (2023: $21.64/oz) and a molybdenum price of $12.00/lb (2023: $12.00/lb), unless otherwise stated. The Mineral Reserve at the end of the financial year ended 31 December 2024 was estimated using a gold price of $1,600/oz (2023: $1,400/oz), a copper price of $2.90/lb (2023: $2.90/lb) and a silver price of $19.50/oz (2023: $19.58/oz), unless otherwise stated.
The scientific and technical information in respect of AngloGold Ashanti's Mineral Resource and Mineral Reserve for the financial year ended 31 December 2024, contained in this document has been reviewed and approved for release by Mrs. TM Flitton, Chairperson of AngloGold Ashanti's Mineral Resource and Mineral Reserve Leadership Team, Vice President Resource and Reserve, Master of Engineering (Mining), Bachelor of Science (Honours, Geology), SME RM, Pr.Sci.Nat (SACNASP), FGSSA. Mrs. TM Flitton assumes responsibility for the Mineral Resource and Mineral Reserve processes for AngloGold Ashanti. Mrs. TM Flitton has 23 years' experience in mining with 12 years directly leading and managing Mineral Resource and Mineral Reserve reporting. She is employed full-time by AngloGold Ashanti and can be contacted at the following address: 6363 S. Fiddlers Green Circle, Suite 1000, Greenwood Village, CO 80111, United States. Mrs. TM Flitton consents to the inclusion of the Mineral Resource and Mineral Reserve information in this document, in the form and context in which it appears in the narrative disclosure.
LEADING NORTH AMERICAN GOLD MINER WITH A GLOBAL FOOTPRINT
FOCUSED ON SAFELY GROWING MARGINS AND SHAREHOLDER RETURNS
SAFETY │ HIGHEST PRIORITY, INDUSTRY LEADING RESULTS
CONTINUED FOCUS TO REDUCE RISK
Total Recordable Injury Frequency Rate*
Injuries per million hours worked
5.0
4.0
3.0
2.0
1.0
2011
TRIFR: Total Recordable Injury Frequency Rate (excludes non-managed joint ventures)
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
TRIFR
GROUP PERFORMANCE │ GROWING THE TIER ONE CONTRIBUTION
OUR PORTFOLIO OF WORLD CLASS ASSETS AND PROJECTS
Guinea
DRC
United States of America
Siguiri (85%)
Kibali (45%) (e)
Expanded Silicon (a)
North Bullfrog ProjectMother Lode
Sterling (b)
Egypt
Sukari (50%)
Ghana
Colombia Quebradona
Obuasi
Iduapriem
La Colosa
Legend
Tanzania Geita Brazil
Tier 1 Assets
AGA Mineração (Cuiabá)
AustraliaTropicana (70%)
Tier 1 Projects
Côte d'Ivoire
Sunrise Dam
Tier 2 Assets
Doropo (c)
ABC (d)
Other Assets
Argentina
Other Projects Exploration
Cerro Vanguardia (92.5%)
Notes:
(a) Expanded Silicon Project includes the Silicon and Merlin deposits
(b) Sterling includes the Crown Block deposits
(c) 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%)
(d) Archean-Birimian Contact (ABC) Project
(e) Operated by Barrick Gold Corporation (Barrick)
*Refer to "Non-GAAP disclosure" below for reconciliations
Serra Grande
TIER 1
Longer life │ lower cost │ scale │ growth potential
Assets ▼
Geita Obuasi Kibali
Sukari Iduapriem Tropicana
Projects ▼
Nevada Quebradona
Gold Production TCC*
1,603koz
$1,059/oz
AISC*
$1,462oz
TIER 2
Steady performers │ reliable cash generators │ shorter life │ FP focus │ opportunities to improve cost competitiveness
Assets
▼
Sunrise Dam
Siguiri Cerro Vanguardia
Cuiabá
Gold Production 978koz TCC*
AISC*
$1,266/oz
$1,668/oz
2024 HIGHLIGHTS │ IMPROVING FUNDAMENTALS
STRONG OPERATIONAL AND FINANCIAL PERFORMANCE
Improved fundamentals supports full year performance
Cuiabá ▲ 8%
2.661Moz
Cerro Vanguardia ▲ 7%
Siguiri ▲ 5%
▲ Gold production
Sunrise Dam ▲ 3%
(2023: 2.644Moz)
Tropicana ▲ 1%
Real terms reduction in TCC* of 2% y-o-y
$1,157/oz**
y-o-y increase
▲ 4%
▲Group total cash costs* (2023: $1,115/oz)
Aggregate inflation c.7%
Earnings, cash flow increase ahead of gold price
$942m ▲ 764% Free cash flow*
$954m ▲ >100% Headline earnings***
(2023: $109m)
(2023: -$46m)
$2.75bn ▲ 93% Adj. EBITDA*
(2023: $1.42bn)
$1.24bn ▲ y-o-y turnaround in basic earnings
Robust balance sheet underpinned by strong liquidity
$2.58bn
$567m
Strong liquidity
▼ (55%) Adjusted Net Debt*
(2023: $1.27bn)
H1: $92m
0.21x
H2: $347m
▲ 362% Dividends
▼ Adj. Net Debt* /
declared
Adj. EBITDA*
(2023: $95m)
(2023: 0.89x)
*Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations **Total cash costs* $1,187/oz for managed operations and $935/oz for non-managed joint ventures in 2024 ***The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.
# Dividends based on cash payments increased 89% from $91m in 2023 to $172m in 2024
FULL ASSET POTENTIAL │ACCRETIVE EBITDA VALUE 2022 - 2024
~$621M INCREMENTAL EBITDA BENEFIT DELIVERED BY OPERATIONAL IMPROVEMENTS ACROSS THE PORTFOLIO
Incremental EBITDA benefit from 2022 to 2024 ($m)
270
2022 Actual
*Rounding of figures may result in computational discrepancies
2023 Actual
2024 Actual
621
Total
SUKARI INTEGRATION │ON TRACK
MULTI-DISCIPLINARY INTEGRATION PROGRAM PROGRESSING WELL
SUKARI ► Tier 1 Asset
KEY OPPORTUNITIES:
• Synergies incl. Centamin corporate overheads
• Supply chain purchasing capacity
• Projects and exploration costs
• Leverage AGA's Full Asset Potential framework
MAJOR ACHIEVEMENTS TO DATE AND NEXT STEPS
Sep 2024
Integration team established
Oct - Nov 2024
Integration plan developed
22 Nov 2024
Successful completions of Day 1 activities including comms, town halls digital platforms, regulatory filing and changes
Dec 2024
Launch of AGA values and the Code of Business Principles and Ethics Progressive deployment of AGA policies, standards, processes and systems
First tranche of Centamin corporate employees departed the business Jan - Feb 2025
Ramp up of technical visits and two way sharing at SMG and EDX Integration into year-end process and reporting
Mar 2025
50% of integration activities complete Rebranding complete at SGM and EDX Apr 2025
Migration of Centamin IT network into AGA, deployment of AGA email addresses
May 2025
Final tranche of Centamin corporate resources depart the business Application of AGA organisational blueprint commences
Jun 20205
70% of integration activates complete Sep 2025
80% of integration activities complete Dec 2025
90% of integration activities complete
Note: long lead items related to ERP migration result in 100% of integration activities being completed by mid-late 2026 (TBC)
NEVADA PROJECT │A NEW, 20Moz GOLD DISTRICT
NORTH AMERICA'S LARGEST NEW GOLD DISCOVERY
BEATTY DISTRICT ► New Tier 1 District
Mineral Resource*
5.4 Moz Au Measured & Indicated 14.3 Moz Au Inferred
North Bullfrog Project
FEASIBILITY STUDY
• Basic Engineering completed in
Q3 2024
• Permitting in progress
• Updated study - H2 2025
• Mineral Reserve* ▲ 8%
• Mineral Resource* ▲ 5%
Expanded Silicon Project
CONCEPT STUDY
• PFS study in progress
• 1,200 m2 core shed constructed
• 132 km of drilling completed
• Mineral Resource* ▲ 23%
Regional Opportunities
• Opportunities exist at Sterling, Mother Lode, Secret Pass and Daisy
*The Mineral Resource in this presentation is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated (Dec 2024). Refer to "Mineral Resource and Mineral Reserve" in AngloGold Ashanti's Mineral Resource and Mineral Reserve Report for the year ended 31 December 2024 for a breakdown of total Mineral Resource into (i) Measured (Meas) and Indicated (Ind) Mineral Resource and (ii) Inferred Mineral Resource.
NEVADA │ MERLIN INFERRED MINERAL RESOURCE UP ANOTHER 3Moz
AN EMERGING TIER 1 ASSET
2024 Inferred Mineral Resource** increased from 9.05 Moz to 12.10 Moz for the Merlin deposit 2024
A
A'
metersabovesealevel
Stratigraphy
Debris Flow
Rainier Mesa Owl Canyon
Paintbrush Group
Bullfrog Tuff
Tram Tuff
Lithic Ridge
Picture rock
Grouped Joshua
Hollow Sierra
Blanca
200m section View Width
*2024 $1,900/oz Mineral Resource pit **The Mineral Resource in this presentation is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated (Dec 2024). Refer to "Mineral Resource and Mineral Reserve" in AngloGold Ashanti's Mineral Resource and Mineral Reserve Report for the year ended 31 December 2024 for a breakdown of total Mineral Resource into (i) Measured and Indicated Mineral Resource and (ii) Inferred Mineral Resource.
Disclaimer
Anglogold Ashanti plc published this content on April 03, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 03, 2025 at 07:43 UTC.