Anglogold Ashanti Plc

ANG · JSE AU · NYSE

anglogoldashanti

$48.6B

USD

Market cap · 2026–08 · week 33

🇺🇸 United States, Denver

Country

Precious Metals

Sector

Gold · Senior · Producer · USA · South America · Africa · Australia

Last updated 21 June 2026

Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.

Overview: AngloGold Ashanti plc is a senior, pure-play gold producer incorporated in England and Wales and tax resident in the United Kingdom, with a primary listing of its ordinary shares on the New York Stock Exchange and secondary listings on the Johannesburg Stock Exchange (JSE and A2X) and the Ghana Stock Exchange. The Company's portfolio comprises 10 managed and non-managed operations across Africa (Geita in Tanzania, Siguiri in Guinea, Iduapriem and Obuasi in Ghana, Sukari in Egypt, and the Kibali joint venture in the Democratic Republic of the Congo), the Americas (Cerro Vanguardia in Argentina and the AGA Mineração Cuiabá complex in Brazil) and Australia (Sunrise Dam and Tropicana). Key assets include the newly integrated Sukari mine in Egypt, the Geita complex in Tanzania, and the Obuasi underground operation in Ghana. The business model combines direct mining operations - across open-pit, underground and combined extraction styles - with non-managed joint venture interests where industry partners such as Barrick (operator of Kibali) handle day-to-day management. Greenfield exploration is being conducted in Australia, Brazil, Egypt, Tanzania and the United States, while the Nevada portfolio (North Bullfrog and Arthur Gold Project) represents the next leg of organic growth following the October 2025 acquisition of Augusta Gold. The Company is not dependent on any single purchaser given the deep liquidity of the global gold market, and its diversified asset base reduces concentration risk in any one jurisdiction. The business is exposed to commodity-price cyclicality and to country-specific operating risks including post-election violence (which disrupted Geita in late 2025) and unauthorised site incursions at Obuasi.

Strategy: Strategic focus centers on disciplined growth in gold reserves and production while preserving balance-sheet strength. The Full Asset Potential (FAP) programme - applied across all managed operations - has been the principal lever to lift productivity, recovery and grade, with named 2025 examples including tele-remote bogging from surface at Geita, larger underground truck trays and grade-control optimisation at Sukari, the addition of a second Epiroc Easer-L stoping machine at Obuasi, and a particle-size analyser plus online cyanide dosing at Cerro Vanguardia. The enterprise is targeting a Geita processing-plant expansion to lift production to approximately 600,000 ounces per year for at least a decade, with the detailed feasibility study initiated in Q4 2025 and expected to be completed in 2027; an additional US$15 million per year for three years is being allocated to Geita exploration to extend mine life from seven to more than ten years. A core objective is to advance the Nevada portfolio into production, with North Bullfrog targeting an average 105,000 oz/year over its first five years (76,000 oz/year LOM average) at AISC of US$934/oz over an anticipated 11-year mine life and a final investment decision expected in H2 2026, and the Arthur Gold Project (Silicon and Merlin deposits) supporting an initial nine-year mine life at average annual production of approximately 500,000 ounces and LOM total cash cost of US$778/oz once advanced beyond pre-feasibility to feasibility from June 2026. Capital allocation is balanced between organic growth, value-accretive M&A (Centamin in late 2024, Augusta Gold in October 2025) and shareholder returns, with the Company having declared a total dividend payout of US$1.8 billion for 2025 alongside continued portfolio rationalisation through the divestitures of Serra Grande, Doropo and Archean-Birimian Contact projects. The strategy explicitly leverages capital cyclicality in gold markets, targeting acquisitions when peer valuations are dislocated and reinvesting cash generated under supportive prices into long-life growth.

Management: Executive leadership is headed by CEO Alberto Calderon, appointed 1 September 2021, an experienced executive with a 4-year-6-month Board tenure whose career spans roles across mining, petroleum and energy sectors, including former CEO of Orica, group executive and chief commercial officer at BHP Group plc, former CEO of Cerrejón Coal Company and Ecopetrol, and senior positions at the International Monetary Fund and the Colombian government; he currently serves as a Director of the International Council on Mining and Metals. Gillian Doran serves as Chief Financial Officer, appointed 1 January 2023, with over 25 years of finance and commercial experience including CFO of Rio Tinto's global aluminium division and 15-plus years across senior finance roles at Rio Tinto. The Board is chaired by Jochen Tilk, an independent non-executive director appointed 1 January 2019 (7-year-2-month tenure), the former executive chair of Nutrien Inc. and former president and CEO of Potash Corporation and Inmet Mining Corporation, currently chair of the Princess Margaret Cancer Foundation and a director of Emera Inc. (TSX: EMA). Alan Ferguson, appointed 1 October 2018, serves as Lead Independent Director - a chartered accountant and former CFO of Lonmin plc, BOC plc and Inchcape plc - providing a communication channel between the Chair and Non-executive Directors. The 11-member Board (7 male, 4 female) operates four standing committees - the Audit and Risk Committee, Compensation and Human Resources Committee, Nominations and Governance Committee, and Social, Ethics and Sustainability Committee - with all non-executive directors classified as independent. Under the post-2023 Articles of Association, at least two directors must be South African nationals for the first five years following the corporate restructuring (and at least one thereafter), supporting continuity with the legacy AngloGold Ashanti Limited entity. Specialist board members include Kojo Busia (UNECA natural-resources governance expertise), Bruce Cleaver (former CEO of De Beers Group), and Albert Garner (40-plus years at Lazard Frères, chairing their fairness opinion committee). The Company was assessed in June 2025 as a foreign private issuer for SEC and NYSE rules.

Sustainability: The organization's sustainability framework is anchored by the Code of Business Principles and Ethics, complemented by Board Corporate Governance Guidelines, a Related Party Transactions Policy and the Code of Ethics for Senior Financial Officers, with formal oversight delegated to the Social, Ethics and Sustainability Committee. Reporting is aligned with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) Standard, and the Task Force on Climate-related Financial Disclosures (TCFD), with the first SASB-aligned update scheduled to reflect the Centamin integration. Six core values - safety, respect, integrity, sustainability, excellence and collaboration - drive culture across the Group. A material environmental initiative was the stabilisation of Geita's transition to Tanzania's national electricity grid TANESCO (approximately 45% renewable energy supplied), reaching 90% grid availability by year end 2025 and reducing direct diesel reliance at the largest African operation. At Centamin (now Sukari), the Company reused 111,999 megalitres - 71% of total water consumption - demonstrating measurable water-stewardship outcomes in the Eastern Desert of Egypt. Tailings-storage governance was reinforced following the H2 2025 seepage event at Siguiri's south-wall TSF, with construction of a perimeter buttress, deposition redirected to the mined-out Silikoro pit, and a feasibility study underway for a new tailings dam in 2026. Community programmes at Siguiri include literacy training, construction of a ring road, the rollout of the Group's malaria programme, mobile health care and scholarship programmes; the Cerro Vanguardia community programme partners with regional authorities; and the broader Group operates an internal control over financial reporting (ICFR) framework that was extended to Centamin during 2025. The Social, Ethics and Sustainability Committee provides risk oversight on safety, climate, water, biodiversity, community relations, human rights and TSF integrity, with named Committee Chair reports presented to the Board on each material risk.

Structure: AngloGold Ashanti's current corporate structure was established by the September 2023 corporate restructuring, which reorganised the Group under a new parent company - AngloGold Ashanti plc - incorporated in England and Wales and tax resident in the UK, with the primary listing transferred to the New York Stock Exchange (secondary listings retained on JSE, A2X and the Ghana Stock Exchange). All members of the predecessor AngloGold Ashanti Limited Board became members of the AngloGold Ashanti plc Board on 23 September 2023, with CEO Alberto Calderon joining earlier on 10 February 2023 to support the restructuring. In November 2024, the Company completed its acquisition of Centamin plc (transforming the portfolio with the Sukari mine in Egypt at a 50% interest) - integrated in 2025 with associated business-integration costs of US$18 million and the extension of the ICFR framework into the new operation. On 23 October 2025, the Company acquired all issued and outstanding shares of Augusta Gold Corp. at a cash price of C$1.70 per share for a total cash consideration of US$158 million (including US$39 million for the settlement of shareholder loans and US$14 million of transaction costs), consolidating land holdings in the Beatty district of Nevada alongside the existing North Bullfrog and Arthur Gold projects and adding the Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy) and Sterling deposits to the portfolio. On 1 May 2025, AngloGold Ashanti sold its entire interest in the Doropo and Archean-Birimian Contact (ABC) projects in Côte d'Ivoire to Resolute Mining Limited for total consideration of US$162 million (US$25 million cash, US$103 million deferred and US$34 million contingent), recording a US$47 million loss on disposal. On 1 December 2025, the Company completed the sale of Serra Grande to Aura Minerals Inc. for total consideration of US$117 million (US$73 million cash plus US$44 million contingent). On 7 March 2026 the Company entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S. (owner of the La Colosa project) to Mineros S.A., reflecting an active portfolio-rationalisation programme. The Kibali joint venture in the DRC is managed by Barrick under a 45/45/10 ownership structure with SOKIMO, with Tropicana operated by AngloGold Ashanti Australia Limited under a 70/30 JV with Regis Resources Ltd. The 2025 year-end balance sheet showed total assets of US$15,078 million, borrowings of US$2,044 million, and total equity of US$9,916 million, with the Company moving from a net debt to a net cash position year-on-year.

Hedge: AngloGold Ashanti's treasury policy maintains a substantially unhedged commodity exposure across gold and silver to preserve full leverage to spot prices for shareholders, with derivative instruments used selectively for foreign-exchange and operating-input risk management consistent with Board-approved policies overseen by the Audit and Risk Committee. The Annual Report does not disclose a layered commodity hedge book at the report date; gold and silver production is sold at prevailing spot prices and revenues are reported on that basis. Foreign-exchange exposure spans the operating currencies of the 10 operations across Argentina, Australia, Brazil, the DRC, Egypt, Ghana, Guinea and Tanzania, with operating cash balances held in their natural functional currencies. The Company's macro-economic assumptions for 2026-2027 guidance disclose planning rates of A$0.68/US$, BRL5.47/US$, AP1,606/US$, ZAR16.90/US$ and Brent US$61/bbl alongside a gold price of approximately US$4,250/oz, indicating the breadth of FX exposures monitored. No outstanding commodity derivative positions, costless collars, forward sales, or interest-rate swap structures were disclosed at 31 December 2025. The Audit and Risk Committee retains oversight of treasury policy and counterparty credit-rating thresholds.

Source: AngloGold Ashanti plc - Annual Report - 2025

Portfolio Aggregate · 1 project

Portfolio mode — asset rows are for context only; tab totals use the company aggregation.

AngloGold Ashanti - Group Portfolio

Portfolio

United Kingdom

Open project page

Mining

Type

Operating

Status

🇬🇧 United Kingdom

Country

Project information

As at 31 December 2025

Aggregation level: Company portfolio

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: -

Description

As at 31 December 2025

Consolidated AngloGold Ashanti group portfolio. AngloGold Ashanti plc is a UK-incorporated, NYSE/JSE/A2X/GSE-listed pure-play gold miner with 10 operations across Africa (Geita, Siguiri, Iduapriem, Obuasi, Sukari, Kibali JV), the Americas (Cerro Vanguardia, AGA Mineração comprising Cuiabá & CdS) and Australia (Sunrise Dam, Tropicana). 2025 was a transformational year with first full year of Sukari (acquired Nov 2024 via Centamin transaction), Serra Grande divested in December 2025 to Aura, Augusta Gold acquired in October 2025 for $158m consolidating the Beatty district, Nevada. Total gold Mineral Reserve increased 17% YoY to 36.5Moz (Dec 31 2025) from 31.2Moz, with 9.0Moz from Colombia and Nevada projects and a first-time Mineral Reserve declaration at Merlin (Nevada) of 4.9Moz. Total Group M&I Mineral Resource 68.0Moz and Inferred Mineral Resource 49.3Moz at year-end 2025.

Portfolio Aggregate

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Operating · 10 projects

Obuasi

Asset

Ghana, Ashanti Region

Open project page

Mining

Type

Operating

Status

🇬🇭 Ghana, Ashanti Region

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

Obuasi is an underground gold operation in Ghana. 2025 production rose to 266koz (2024: 221koz) in line with ramp-up. A hybrid mining approach (underhand drift-and-fill for high-grade plus conventional sub-level open stoping) was successfully embedded with higher milled grades due to lower dilution. Stoping performance improved following addition of a second Epiroc Easer-L. Recoveries improved 3% YoY to 89% (second flash cell installed). Average mill head grade +13% vs 2024. TCC rose 9% to $1,325/oz. The Kwesi Mensa Shaft refurbishment material handling infrastructure commissioning expected H2 2026. Production was suspended for part of 2025 due to a major unauthorised incursion incident.

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Geita

Asset

Tanzania, Geita

Open project page

Mining

Type

Operating

Status

🇹🇿 Tanzania, Geita

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit Underground

Description

As at 31 December 2025

Geita is a managed gold operation in Tanzania. 2025 production was supported by improved head grade (3.26 g/t, +8%) from Nyamulilima Cut 2 open cut and higher grade ore. 2025 throughput dropped 4% due to unplanned maintenance and post-election incidents. Transition to TANESCO national grid (~45% renewable supply) stabilised during year (90% availability). FAP introduced tele-remote bogging from surface. The Company allocated an additional $15m per year for three years to grow the Mineral Reserve to extend mine life from seven to >10 years at ~500,000oz/yr. A conceptual study indicates potential to lift to ~600,000oz/yr for a decade; detailed feasibility commenced Q4 2025 (completion 2027). Net VAT receivable closing balance at Dec 31 2025 was $171m (2024: $163m).

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Kibali

Asset · Ownership 45%

Democratic Republic Of Congo, Haut-Uele Province

Open project page

Mining

Type

Operating

Status

🇨🇩 Democratic Republic of Congo, Haut-Uele Province

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 45

Operator: No

Operator name: Barrick Gold (operator); JV with AngloGold Ashanti 45% and DRC SOKIMO 10%

Extraction: Open Pit Underground

Description

As at 31 December 2025

Kibali is a non-managed gold joint venture in the Democratic Republic of the Congo, managed by Barrick Gold (45% AGA, 45% Barrick, 10% SOKIMO). 2025 attributable production was 303koz at TCC of $1,148/oz, vs 309koz/$935/oz in 2024. The 2% decline reflected lower tonnes treated (shutdown overrun and equipment availability) and a slightly lower head grade (2.79g/t vs 2.82g/t in 2024). TCC per ounce rose 23% on higher operating, consumable and mining costs, higher gold royalties (gold price linked) and lower production.

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Iduapriem

Asset

Ghana, Western Region

Open project page

Mining

Type

Operating

Status

🇬🇭 Ghana, Western Region

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Iduapriem is a managed gold operation in Ghana. 2025 gold production dropped 16% to 199koz from 237koz in 2024 due to an unplanned 17-day Q1 plant shutdown (Beposo TSF lining tear investigation and repair) and lower recovered grades following depletion of higher-grade Cut 2B and Block 5 pits in 2024 (partially offset by Block 7/8 Cut 1 ramp-up in H2). Processing plant throughput 5.1Mt (-5% YoY). TCC rose 33% to $1,482/oz on higher Beposo TSF, mining contractor and royalty costs. FAP work in 2026 focuses on maintenance, mining productivity and fleet optimisation.

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Sunrise Dam

Asset

Australia, Western Australia, Yilgarn Goldfields

Open project page

Mining

Type

Operating

Status

🇦🇺 Australia, Western Australia (Yilgarn Goldfields)

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit Underground

Description

As at 31 December 2025

Sunrise Dam is a wholly-owned gold operation in the north-eastern goldfields of Western Australia. Part of the Australia regional total production of 537koz in 2025 (vs 572koz in 2024).

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Siguiri

Asset · Ownership 85%

Guinea, Siguiri Prefecture

Open project page

Mining

Type

Operating

Status

🇬🇳 Guinea, Siguiri Prefecture

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 85

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Siguiri is a managed gold operation in Guinea (AGA 85%, Government of Guinea 15%). 2025 production rose 6% to 289koz despite a 43-day plant stoppage in H2 2025 to address seepage on the south wall of the TSF following heavy rainfall. Recovery improved from 85% (2024) to 91% (2025) on plant efficiency initiatives (carbon management, oxygen injection, automated sampling). Throughput 10.8Mt in 2025 (-3%). Block 3 mining area development approved with permitting nearing completion H1 2026. Feasibility for a new tailings dam underway.

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Tropicana

Asset · Ownership 70%

Australia, Western Australia, Yilgarn Goldfields

Open project page

Mining

Type

Operating

Status

🇦🇺 Australia, Western Australia (Yilgarn Goldfields)

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 70

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Tropicana is an open-pit gold mine in the north-eastern goldfields of Western Australia. AngloGold Ashanti acts as manager with a 70% interest; Regis Resources Ltd holds 30%. Part of the Australia regional total production of 537koz in 2025.

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Sukari

Asset · Ownership 50%

Egypt, Eastern Desert

Open project page

Mining

Type

Operating

Status

🇪🇬 Egypt, Eastern Desert

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 50

Operator: Yes

Extraction: Open Pit Underground

Description

As at 31 December 2025

Sukari is a managed gold operation in Egypt (50% AGA interest, acquired November 2024 via the Centamin transaction). 2025 - the first full year under AGA ownership - delivered 500koz at TCC of $783/oz, exceeding plan. Processing treated 12.18Mt at a head grade of 1.37 g/t and 89% recovery. FAP initiatives included mining fleet rationalisation, larger UG truck trays, shorter open pit waste haulage and improved grade control. Waste stripping in 2025 set up open-pit mining areas for 2026. Sukari integration has been successfully completed. 2026 priorities: design work on TSF 2 Stage 7; construction of a third dump leach facility.

Mining metrics

As at 31 December 2025 · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Cerro Vanguardia

Asset · Ownership 92.5%

Argentina, Santa Cruz

Open project page

Mining

Type

Operating

Status

🇦🇷 Argentina, Santa Cruz

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 92.5

Operator: Yes

Extraction: Open Pit Underground

Ore type: Oxide

Processing route: Heap leach, or acid leach and SX-EW

Description

As at 31 December 2025

Cerro Vanguardia is a managed gold-silver operation in Santa Cruz Province, Argentina (92.5% AGA, 7.5% Fomicruz). 2025 gold production rose slightly to 179koz on higher recovered grades and tonnes treated; silver production 3.3Moz (~37,317 gold-equivalent ounces). Processing plant throughput 1.25Mt, recovery 95.5% steady YoY. Heap leach contribution 34koz (+10% YoY). FAP work included particle size analyser, online cyanide dosing, insourcing development and underground fleet management. 2025 drilling at Michelle/Vanguardia 2/El Trio targets supports mine-life extension assessment beyond 2030.

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

AGA Mineração (Cuiabá)

District

Brazil, Minas Gerais

Open project page

Mining

Type

Operating

Status

🇧🇷 Brazil, Minas Gerais

Country

Project information

As at 31 December 2025

Aggregation level: District / complex

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

AGA Mineração comprises the Cuiabá and Córrego do Sítio (CdS) complexes in Minas Gerais state, Brazil. The Cuiabá complex includes the Cuiabá and Lamego underground mines as well as the Queiroz gold plant (restarted September 2024). 2025 gold production from the Cuiabá complex was 273koz (2024: 271koz) at TCC of $976/oz. 2025 total tonnes treated 1.6Mt (+14% YoY) including 1.4Mt of Cuiabá ore plus 196kt of concentrate. FAP improvements lifted underground development and truck payload availability. Exploration focused on Viana, VQZ and main orebodies targeting Mineral Reserve doubling by 2028. CdS remains on care and maintenance. 2026 priorities: lifting Cuiabá plant capacity from 1.4Mtpa to 2.0Mtpa to deliver ~200ktpa of concentrate to Queiroz; optimised mine plans to unlock ~1.9Mtpa from Cuiabá and Lamego.

Mining metrics

Multiple effective dates · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Development · 2 projects

Arthur Gold Project

Asset · Pre-feasibility

United States, Nevada, Walker Lane

Open project page

Mining

Type

Development

Status

🇺🇸 United States, Nevada (Walker Lane)

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

Arthur Gold Project (formerly Expanded Silicon) comprises the Silicon and Merlin deposits in southern Nevada near Beatty. Pre-Feasibility Study completed at year-end 2025 reports an initial Probable Mineral Reserve of 4.9Moz of contained gold (88Mt @ 1.75 g/t) and 7.8Moz contained silver (88Mt @ 2.76 g/t) at $1,950/oz. Initial 9-year mine life supports ~500,000oz/yr average annual production at LOM TCC ~$778/oz and LOM AISC ~$954/oz. Project capital ~$3.6bn (real terms). >95% of mineralisation hosted in oxide material amenable to bulk mining methods and conventional processing. Conventional open-pit with electric rope shovels and ultra-class haul trucks. Integrated 7Mtpa CIL plus 5.5Mtpa crushed heap-leach circuit; filtered dry-stack tailings. Merlin deposit hosts additional Indicated Mineral Resource of 1.0Moz Au + 2.0Moz Ag and Inferred Mineral Resource of 5.5Moz Au + 13.7Moz Ag (Dec 31, 2025). PFS expected to be presented to Board June 2026 for approval to transition to feasibility study phase.

Mining metrics

As at 31 December 2025 · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Royalties & streams

All royalty and stream interests in the database that refer to this asset by name.

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

North Bullfrog

Asset · Feasibility

United States, Nevada, Walker Lane

Open project page

Mining

Type

Development

Status

🇺🇸 United States, Nevada (Walker Lane)

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

North Bullfrog is a greenfield gold project in southern Nevada near Beatty (part of AGA's Nevada portfolio that includes the Arthur Gold Project and acquired Augusta Gold deposits Reward, Bullfrog, Mother Lode, Crown Block - SNA, Secret Pass, Daisy and the Sterling mine). Following completion of a feasibility study the project entered detailed engineering in November 2024, ~70% complete at end-2025. Expected to produce an average of 105koz/yr in the first five years and 76koz/yr average over an 11-year mine life at AISC of $934/oz. Project capital (real terms) is expected to be $480m. Final investment decision anticipated H2 2026; construction start scheduled 2027 subject to permitting.

Mining metrics

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Exploration · 1 project

La Colosa

Asset · Pre-feasibility

Colombia, Tolima

Open project page

Mining

Type

Exploration

Status

🇨🇴 Colombia, Tolima

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Open Pit

Description

As at 31 December 2025

La Colosa is a greenfield gold project in the department of Tolima, Colombia. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S. (owner of La Colosa) to Mineros S.A. Held for sale as of year-end 2025.

Mining metrics

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Suspended · 2 projects

Quebradona

Asset · Pre-feasibility

Colombia, Antioquia

Open project page

Mining

Type

Suspended

Status

🇨🇴 Colombia, Antioquia

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

Quebradona is a copper-gold-silver project in the department of Antioquia, Colombia. In June 2025, the Colombian government issued Resolution No. 855 of 2025 declaring a temporary renewable natural resources reserve zone over multiple municipalities including the Quebradona area, restricting mining activities for 3 years (extendable 2 years). No new environmental permits or licences may be issued while the Resolution is in force. AGA lodged an annulment and redress claim in December 2025. AGA fully impaired exploration and evaluation costs of $98m relating to the project given heightened political uncertainty.

Mining metrics

As at 31 December 2025 · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Córrego do Sítio (CdS)

Asset · Suspended

Brazil, Minas Gerais

Open project page

Mining

Type

Suspended

Status

🇧🇷 Brazil, Minas Gerais

Country

Project information

As at 31 December 2025

Aggregation level: Asset

Report standard: Sec S K 1300

Ownership %: 100

Operator: Yes

Extraction: Underground

Description

As at 31 December 2025

Córrego do Sítio (CdS) is on care and maintenance with continuous evaluation of alternatives to restart the operation with optimised costs. TSF structures are fully compliant with applicable legal requirements and certified by external consultants and validated by Brazil's ANM. Part of AGA Mineração together with Cuiabá complex.

Mining metrics

As at 31 December 2025 · exclusive

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Reserves & resources — detail

As at 31 December 2025

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Assumptions

The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.

Premium access required

This content is available on a paid plan.

Upgrade to Premium to unlock this content.

Create an account

How to read this tab

The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.

What the Portfolio tab shows

The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.

Concepts in your sector — Precious metals

Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.

Portfolio tab — table guide

Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.

Ownership / Working interest

Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
Cost / other — a passive or fair-value holding, excluded from the group total.

Units, conversions & reporting standards

Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.

Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.

Gold

Score

Production

Resource base

Grade

1 / 5

0–50 koz Au

0–1 Moz Au

0–1 g/t Au

2 / 5

50–125 koz Au

1–2.5 Moz Au

1–2 g/t Au

3 / 5

125–250 koz Au

2.5–5 Moz Au

2–5 g/t Au

4 / 5

250–500 koz Au

5–10 Moz Au

5–8 g/t Au

5 / 5

≥ 500 koz Au

≥ 10 Moz Au

≥ 8 g/t Au

Silver

Score

Production

Resource base

Grade

1 / 5

0–1 Moz Ag

0–25 Moz Ag

0–50 g/t Ag

2 / 5

1–3 Moz Ag

25–75 Moz Ag

50–100 g/t Ag

3 / 5

3–7 Moz Ag

75–150 Moz Ag

100–200 g/t Ag

4 / 5

7–12 Moz Ag

150–225 Moz Ag

200–300 g/t Ag

5 / 5

≥ 12 Moz Ag

≥ 225 Moz Ag

≥ 300 g/t Ag

Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.

Assumptions

Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.

Commodity guides

Commodities Across the Cycle: A Macro Regime Guide (2026)

Commodities across the cycle: how gold, copper, uranium, oil and gas behave in inflation, growth, recession and rate regimes — with correlations and risks.Guide · Updated 25 Jul 2026 · 36 min read

Gold — A Complete Market Guide (2026)

A complete guide to the gold market: how gold is priced, who produces and consumes it, the supply-demand balance, and how gold behaves across economic regimes.Guide · Updated 21 Jun 2026 · 45 min read