Name of the Project
Arthur gold project.

Location
About 12 km east of Beatty, in Nye County, Nevada, in the US.

Project Owner/s
The project is wholly owned and managed by AngloGold Ashanti, through AngloGold Ashanti North America.

Project Description
The development-stage gold project comprises the Silicon and Merlin deposits.

AngloGold Ashanti has described the project as a large-scale, continuous gold system with a mineralised footprint of about 2.7 km to 1.3 km.

The prefeasibility study presents a probable mineral reserve of 4.9-million ounces of contained gold (88-million tonnes at 1.75 g/t gold) and 7.8-million ounces of contained silver (88-million tonnes at 2.76 g/t silver). This supports an initial nine-year mine life with average production of about 500 000 oz, with total life-of-mine (LoM) gold production estimated at 4.5-million ounces.

The nature of the mineralisation lends itself to conventional large-scale openpit mining, with the current prefeasibility study based on the Merlin deposit. More than 95% of the mineralisation is hosted in oxide material, supporting bulk mining methods and conventional processing.

The development plan envisages an integrated operation comprising a seven-million-tonne-a-year carbon-in-leach processing facility and a 5.5-million-tonne-year crushed heap-leach circuit. Mining is expected to use electric rope shovels and ultraclass haul trucks, while filtered dry-stacked tailings are planned to improve water conservation. In addition to the initial reserve, the Merlin deposit hosts an indicated gold mineral resource of one-million ounces and an inferred gold mineral resource of 5.5-million ounces, while the broader Arthur system remains open to further growth.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The PFS reports a net present value (NPV), at a 5% discount rate, of $41-million at a gold price assumption of $1 950/oz. The report also shows total tax of $383-million over LoM. At a gold price of $2 715/oz, the estimated after-tax NPV is about $1.7-billion, increasing to about $3.4-billion at $3 500/oz.

Capital Expenditure
Initial project capital investment is estimated at $3.628-billion.

Planned Start/End Date
The PFS is expected to be presented to the AngloGold Ashanti board in June 2026 for approval to advance to the feasibility-study phase. First gold is targeted for 2033.

Latest Developments
Drilling continues to allow for the conversion of additional resources, expand the mineralised footprint and support further technical studies. Feasibility-level environmental, hydrological and community baseline studies are under way ahead of a full visibility decision.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
AngloGold Ashanti group headquarters, tel +1 303 889 0700 or email media@anglogoldashanti.com.