4A.HISTORY AND DEVELOPMENT OF THE COMPANY GROUP INFORMATION The Group was initially formed in 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 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 Third Floor, Hobhouse Court, Suffolk Street, London SW1Y 4HH, United Kingdom. The Company’s principal executive office is located at Third Floor, Hobhouse Court, Suffolk Street, London SW1Y 4HH, 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 of the Group from 1998: 1998 •Initial formation of AngloGold Limited through the consolidation of the gold mining interests of Anglo American plc (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 47 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 69.1 million ordinary shares of AngloGold Ashanti, thereby reducing Anglo American’s shareholding in AngloGold Ashanti from 41.7% to 16.6%. 2009 •Sale by Anglo American plc of its remaining shareholding in AngloGold Ashanti to Paulson & Co. Inc. 2012 •Acquisition of the remaining 50% interest in Serra Grande in Brazil. •Acquisition of 100% of First Uranium (Proprietary) Limited. 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. 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. 2020 •Sale of the remaining South African producing assets and related liabilities (including the Mponeng mine) to Harmony. •Completion of the sales of the Sadiola and Morila mines in Mali. 2022 •Acquisition of the remaining 80.5% interest in Corvus Gold Inc. (“Corvus Gold”) in Nevada, USA. •Acquisition of 100% of Coeur Sterling, Inc. (“Coeur Sterling”) in Nevada, USA. 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. 2024 •Acquisition of an approximate 15% interest in G2 Goldfields Inc. (“G2 Goldfields”), a Canadian gold mining company with exploration properties in Guyana, South America, through a series of investments. •Completion of the sale of the Yatela mine in Mali. •Acquisition of Centamin plc, including the Sukari mine in Egypt. 2025 •On 1 May 2025, AngloGold Ashanti completed the sale of the Doropo project and the Archean-Birimian Contact (“ABC”) project in Côte d’Ivoire to Resolute Mining Limited (“Resolute”). As part of the sale, AngloGold Ashanti will also acquire from Resolute the Mansala project in Guinea, which is adjacent to its Siguiri mine, which acquisition remains subject to several conditions. The total value of the consideration for the sale of both projects in Côte d’Ivoire is $162 million (on a discounted basis) and consists of cash payments at closing, future cash payments at specified intervals, contingent consideration payments on the transfer of the Mansala project and contingent consideration payments relating to a 2% net smelter royalty over any gold production from any Mineral Resource on the then identified ABC project tenements. •On 8 July 2025, AngloGold Ashanti completed the sale of its entire interests in G2 Goldfields for a cash consideration of approximately C$99 million (less broker fees). 48 •On 23 October 2025, AngloGold Ashanti completed its acquisition of Augusta Gold Corp. (“Augusta Gold”) in Nevada, USA at a price of C$1.70 (approximately $1.21 at closing) per share of common stock in cash. Total cash consideration paid of approximately $158 million included the provision of funds of $39 million for the settlement of certain shareholder loans. •On 1 December 2025, AngloGold Ashanti completed the sale of Mineração Serra Grande S.A., which owns the Serra Grande mine (“MSG”) in the state of Goiás, Brazil, to Aura Minerals Inc. for a cash consideration of $73 million and deferred consideration payments equivalent to a 3% net smelter returns participation over the then identified Mineral Resource of MSG (inclusive of the Mineral Reserve) payable quarterly in cash. 2026 (Year to Date) •On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. for a cash consideration of approximately $10 million and an additional $60 million contingent on certain conditions. 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: 2025”, “Item 5A: Operating Results—Capital Expenditures” and “Item 5B: Liquidity and Capital Resources”. The Company’s actual and planned divestitures since 1 January 2023 include: •the sale of its 50% interest in the Gramalote project in Colombia to B2Gold Corp. on 29 September 2023; •the sale of its 40% interest in the Yatela mine in Mali to the Government of Mali on 17 October 2024; •the sale of the Doropo and ABC projects in Côte d’Ivoire to Resolute on 1 May 2025; •the sale of the Serra Grande mine in Brazil to Aura Minerals Inc. on 1 December 2025; and •the proposed sale of the La Colosa project in Colombia to Mineros S.A. for which a definitive agreement was entered into on 7 March 2026. Refer to “Item 5: Operating and Financial Review and Prospects—Overview” for more information concerning the Company’s divestitures. 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 10 countries on four continents. We have projects in Colombia (including the Quebradona mine that is expected to produce both gold and copper) 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%, 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 10 operations in eight countries (Argentina, Australia, Brazil, Egypt, Ghana, Guinea, the DRC and Tanzania) supported by greenfield projects in the United States and Colombia. 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 (Egypt, Ghana, Guinea and Tanzania, and a non-managed joint venture in the DRC); •Americas (Argentina and Brazil, and projects in the United States and Colombia); and •Australia (Australia). 49 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 greenfield and brownfield exploration programmes. Greenfield exploration aims to discover large, high-value deposits that will lead to the development of new, stand-alone gold mines. Brownfield 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 2025 (including over-the-counter (OTC) investment) surpassed 5,000 tonnes for the first time and saw an annual average market spot gold price of $3,431 per ounce. Demand for gold rose 1% to 5,002 tonnes in 2025 due to continued OTC investment and bar and coin buying. Demand for gold in investment grew by 84%, primarily due to bar and coin growth and growth in gold-related ETFs. Bar and coin growth was 16%, resulting in a twelve year high of 1,374 tonnes. With gold being viewed as a safe-haven and it being part of investors’ diversification plans, global gold-ETF holdings grew over 800,000 tonnes in 2025, the second strongest year on record. Even though there was disruption in the consumer electronic space, technology demand was stable due to continued growth in AI adoption. As a result of increased gold prices, jewellery demand decreased 18% to 1,542 tonnes. However, consumer spend on gold jewellery jumped 18% as a result of increased gold prices. Central banks net purchasing for the full year was 863 tonnes, which was lower than previous years as central banks navigated a rapid rally in prices, which reached multiple record highs during 2025. 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 the acquisition of mining assets, exploration opportunities and human resources. See “Item 3D: Risk Factors—AngloGold Ashanti faces strong competition which has recently intensified due to industry consolidation as well as the favourable commodity price environment”. 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. In 2025, caustic soda and ammonia prices increased compared to 2024, driven by strong export demand and supply constraints, respectively. Natural rubber prices were stable as weather-related disruptions were offset by normalised exports, while prices for carbon steel remained subdued amid weak construction and manufacturing demand and persistent oversupply. Further, during 2025, slowing global trade following U.S. tariff announcements have exerted downward pressure on international oil prices. Currently, we anticipate that the direct impact of these trade measures on AngloGold Ashanti’s raw material costs will be immaterial. 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. 50 Strategic focus areas AngloGold Ashanti’s five strategic focus areas are set out below: •Prioritise people, safety, health and sustainability. This is the foundation of our business and strategy, ensuring alignment between our values, our responsibilities as a corporate citizen, and the long-term sustainability and profitability of the business. 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 inclusive employee base, and also our sustainability performance, which encompasses our social and environmental responsibilities. •Maintain financial flexibility and deliver returns. We believe that our financial resilience and discipline is fundamental to our ability to invest through the cycle, reward shareholders and pursue strategic opportunities. We aim to maintain a leverage ratio of less than 1.0x through the cycle while maintaining sufficient liquidity and funding flexibility; implement a flexible, robust shareholder-focused capital allocation framework; and focus on cash generation. •Drive operational excellence, optimise costs and capital expenditure. We aim to embed operational discipline by activating the FAP programme and through rigorous cost management systems. These efforts are aimed at ensuring that every operation performs to its full capability, investments are aligned with strategic priorities and cost structures remain competitive across the cycle. •Improve portfolio quality. We actively manage our portfolio with an aim to enhance overall quality, margins and mine life. Our goal is to achieve a Tier One-focused production mix that delivers competitive risk-adjusted returns and supports a premium valuation relative to peers. •Maintain long-term optionality. We aim to continually replenish and increase our Mineral Resource and Mineral Reserve pipeline to help sustain the business over time. By discovering, acquiring, developing and exploiting viable orebodies in a sustainable and efficient manner, the Company endeavours to position itself to create long-term value. 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 the United States of America (Nevada). AngloGold Ashanti is subject to a wide range of laws and regulations governing all aspects of its operations, including with respect to environmental protection, the use, generation, storage and disposal of 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 mineral deposits, Mineral Reserve and mining operations are located in countries where political, tax and economic laws and policies may change rapidly”, “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 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 “Title to AngloGold Ashanti’s properties may be uncertain and subject to challenge”. 51 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 5%, which was increased to 10% 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 5% free- carried participation to the DRC government upon each renewal of their exploitation permit. Under the Reformed DRC Mining Code, a 10% 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%, a windfall tax of 50% (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%. Mining title holders are also required to contribute a minimum of 0.3% of total turnover to community development. The standard rate of VAT is 16% 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 $63 million as of 31 December 2025. 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. In December 2025, another agreement was reached with the DRC government, which resulted in VAT refunds of $57 million attributable to AngloGold Ashanti as of 31 December 2025. 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 3%. 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 52 are part of the DRC government’s portfolio. Distribution of this priority dividend has become mandatory and automatic pursuant to the DRC Finance Act No. 25/060 of 2026 (the “2026 Finance Act”). Kibali Goldmines is currently not obligated to distribute dividends to its shareholders before the full repayment of outstanding shareholder loans. However, Kibali Goldmines has, in the past, declared dividends on a voluntary basis to its shareholders, including to Société Minière de Kilo-Moto S.A. (“SOKIMO”) which holds a 10% interest in the Kibali joint venture and represents the interest of the DRC government. While it is not currently anticipated that Kibali Goldmines will be required to pay the priority dividend under the 2026 Finance Act until all such outstanding shareholder loans are repaid, Kibali Goldmines may continue to distribute dividends on a voluntary basis and/or revise its internal dividend policy. Foreign exchange control regime The Reformed DRC Mining Code imposed new exchange control rules requiring that mining title holders repatriate onshore 60% of sale revenues received during the investment amortisation period and 100% once the investment amortisation is completed. During 2025, AngloGold Ashanti repatriated $283 million from its operations in the DRC, of which $122 million (net of withholding taxes) in the form of dividends and $161 million in the form of loan repayments (net of bank fees). AngloGold Ashanti’s attributable share of the outstanding cash balances awaiting repatriation from the DRC amounted to $110 million as of 31 December 2025. 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 Mining Corporation (45%), AngloGold Ashanti (45%) and SOKIMO (10%) which represents the interest of the DRC government. AngloGold Ashanti and Barrick Mining Corporation each have a 50% interest in Kibali (Jersey) Limited which holds their respective 45% interests in Kibali Goldmines. The Kibali gold project is operated by Barrick Mining 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 Law No. 87/2025) 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 and Mining Industries Authority (“MRMIA”) is the governmental regulatory entity responsible for mineral resources in Egypt. MRMIA was reincorporated by Law No. 87/2025 and was formerly called the Egyptian Mineral Resources Authority (“EMRA”) (which was originally 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 53 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 MRMIA (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 MRMIA. 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 with the Egyptian Government (represented by the MoP) and MRMIA. 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 MRMIA (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 minimum royalty rate for gold is currently set at 5% in the Mineral Resources Law. However, for gold mining concession agreements entered into prior to the most recent amendment of the Mineral Resources Law in June 2025, the royalty rate continues to range from 3% to 5%. 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 MRMIA (formerly 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 MRMIA 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, MRMIA 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 MRMIA 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. MRMIA 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 3% 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 MRMIA. AngloGold Ashanti will be the sole operator of the EDX mining operations and no joint operating company will be established with MRMIA. 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. 54 Under the EDX Exploration Licences, the royalty rate is set at 5% of the value of the sales revenue of gold and associated minerals, payable quarterly to MRMIA, 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% net profit interest is to be paid to MRMIA 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 MRMIA and the MoP in respect of the EDX mining operations. An 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. Unlike the provisions of the EDX Exploration Licences, an MMEA takes precedence over the Mineral Resources Law and other applicable legislation in case of direct conflict. The MMEA covering the exploration licence held by Centamin Central Mining S.A.E. was ratified by the Egyptian Parliament through the adoption of Law No. 166/2025 following its signature by MRMIA and the MoP and came into effect on 5 August 2025. In addition, it is also expected that the MMEA covering the exploration licence held by Centamin North Mining S.A.E. will be issued as a special law, but the timing of such issuance is currently unknown. Upon commercial discovery, the exploitation licence for the relevant EDX mining operations will be issued pursuant to the corresponding 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 MRMIA. Title to fixed and movable assets owned or purchased by PGM or SGM will be transferred to MRMIA 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 automatically transferred to MRMIA. 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 3% royalty attributable to the Egyptian Government, (ii) rental income on property and (iii) interest income on cash and cash equivalents. The initial tax exemption, which expired in March 2025, was renewed on substantially the same terms on 29 April 2025 for an additional 15-year period. The renewed tax exemption will expire on 28 April 2040. 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 projects carried out under the rent, royalty and tax-based model with a net profit interest for MRMIA 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% on the net taxable profits of a company. The MMEA ratified by Law No. 166/2025 covering the exploration licence held by Centamin Central Mining S.A.E. provides for a separate fiscal framework for exploration and exploitation activities. The same fiscal framework is anticipated to apply in respect of the exploration licence held by Centamin North Mining S.A.E. upon the entry into, and ratification of, the MMEA for such licence area. 55 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 MRMIA through their respective 50% 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 MRMIA 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 1,389 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 541 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 2027, 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 for 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 56 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% 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. The Obuasi DA will expire on 16 January 2028, unless it is extended for an additional five-year period. 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% or such lower rates as may be fixed by law (instead of the current statutory rate of 35%); (ii) exemption of certain transactions from capital gains tax; (iii) a sliding scale royalty rate ranging from 3% to 5% for a price ranging from $1,300 up to $2,000 and above per ounce (instead of the current flat rate of 5%); 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 a special share to the Republic of Ghana for no consideration (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, 2025 (Act 1151) (as amended) and Value Added Tax Regulations, 2016 (L.I. 2243); •Revenue Administration Act, 2016 (Act 915) (as amended) and Revenue Administration Regulations, 2025 (L.I. 2513); •Exemptions Act, 2022 (Act 1083) and Exemptions Regulations, 2025 (L.I. 2514); 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%. The Obuasi TCA for AGA Ghana provides for a stabilised income tax rate of 32.5%. AGA Iduapriem currently pays income tax at the rate of 35%. 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 Minerals and Mining (Royalty) Regulations, 2025 (L.I. 2500/2501), which came into force on 10 March 2026, introduced, among other things, a sliding-scale royalty framework on gold starting at 5% and going up to 12% in response 57 to international market prices. The Government of Ghana previously applied a 5% royalty rate to mining companies who had not agreed a different royalty rate under an agreement with the State. The new royalty rates apply to AGA Iduapriem, increasing its royalty rate from 5% to approximately 12% so long as the gold price remains above $4,500 per ounce. AGA Ghana will continue paying royalties on a sliding scale ranging between 3% and 5% as provided for by the Obuasi TCA. The provision of goods and services is liable to value added tax (“VAT”) at a rate of 15%. In addition, there are separate levies, including a 2.5% National Health Insurance Levy (“NHIL”) and a 2.5% Ghana Education Trust Fund Levy (“GetFund Levy”). By virtue of the Obuasi TCA, AGA Ghana is exempt from the payment of the NHIL and GetFund 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 currently amounts to 1% 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 the GSL. 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 Protection (Environmental Assessment) Regulations, 2025 (L.I. 2504) and Water Use Regulations, 2001 (L.I. 1692), to obtain all necessary approvals from the Environmental Protection Authority (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. Mining companies are also subject to environmental inspection and audit by 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 of a tailings storage facility) will expire in October 2026. The environmental permits for operations at AGA Iduapriem (relating to gold mining, the re-mining of the Block 4 pit, and the construction and operation of a tailings storage facility) will expire on various dates between April 2026 and June 2027. Renewal applications for the environmental permits at both AGA Ghana and AGA Iduapriem are in process. 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% and 100%) 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 the 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 current bank guarantees for AGA Iduapriem and AGA Ghana have been renewed and will expire in October 2026 and December 2026, respectively. Foreign exchange, export and other rules Ghana Gold Board The Ghana Gold Board Act, 2025 (Act 1140) established the Ghana Gold Board to replace the Precious Minerals Marketing Company Ltd (“PMMC”). The Ghana Gold Board’s mandate is to (i) oversee, monitor and undertake the buying, selling, assaying, refining, export or other related activity in respect of gold and other precious minerals, (ii) generate foreign exchange for the country, (iii) support responsible mining, (iv) promote value addition to gold and other precious minerals of the country, and (v) support the accumulation of gold reserves by the Bank of Ghana. Act 1140 empowers the Ghana Gold Board to purchase a portion or all of the gold produced by small-scale mining companies. Further, the Ghana Gold Board now holds the sole statutory authority to grade, assay, weigh, and value all gold produced in Ghana. Retention of foreign earnings 58 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% of its foreign exchange earnings in an offshore foreign exchange account, whereas the Iduapriem mine is allowed to retain up to 45%. 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 While the Ghana Gold Board generally holds the sole authority to export gold, large-scale mining companies retain the right to export gold directly, provided they hold a valid licence granted by the LNR Minister. AGA Ghana and AGA Iduapriem currently hold such licences. Notwithstanding this direct export privilege, the Ghana Gold Board retains the exclusive authority to grade, assay, weigh, and value all gold produced in Ghana. Consequently, large-scale mining companies must submit all gold destined for export to the Ghana Gold Board for certification prior to shipment. Further, the Ghana Revenue Authority (Customs Division) permits export only upon presentation of a completed Form FEX A4 bearing the Bank of Ghana’s embossment. Conversely, small-scale miners are prohibited from exporting directly and must export all production through the Ghana Gold Board. Local assaying and refinement policies Act 1140 codified the National Assaying Policy. Historically, this policy began with a November 2016 directive appointing the PMMC as the designated assay laboratory. At the time, the Ghana Chamber of Mines, representing members including AngloGold Ashanti, opposed the directive due to operational concerns and initiated proceedings to reverse or modify the directive. Following negotiations between the Ghana Chamber of Mines and the Government of Ghana, the National Assaying Policy was formally introduced in February 2018. Under Act 1140, the Ghana Gold Board now holds the sole statutory authority to grade, assay, weigh, and value all gold produced in Ghana, thereby superseding the previous ministerial directive. 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% 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% of their Ghana gold production and/or the resultant refined gold to the Bank of Ghana in exchange for Ghanaian cedis. As of 16 March 2026, the Government has not exercised its pre-emption rights. Each of AGA Ghana and AGA Iduapriem executed voluntary gold purchase agreements with the Bank of Ghana in December 2022, which are amended on an annual basis, and has been selling 20% of their annual gold production to the Bank of Ghana since then. 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 is 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, 59 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 instruments 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, 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. 60 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% free-carried/non-contributory interest; •the Republic of Guinea is entitled to a royalty on gold of 5% 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: 3% if the gold price is $1,300 or less, 5%, if above $1,300 and up to $2,000 and 7% 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%; •a local development tax of 0.4% 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%; •salaries of expatriate employees are subject to a 10% 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, 2022 and 2025. The Mining (Local Content) Regulations came into force in January 2018 and were amended in 2019, 2022 and 2025. 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 5% of a licencee’s equity to be held by Tanzanians, with at least 80% of its managerial positions to be held by Tanzanians and 100% 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% 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. 61 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 4% to 6% and a 1% 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% in all mining projects, and (c) acquire up to 50% 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. Upon completion of the initial term, the licence may be renewed for an additional two-year period, which is considered the first renewal. Following the expiration of the first renewal period, a second, and final, two-year renewal may be granted. Once the licence is no longer eligible for renewal, the prospecting area reverts to the Government of Tanzania. 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 1% 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% 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 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 62 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 2025, the Company was able to offset $101 million of verified VAT claims (originated subsequent to July 2020) 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. As of 31 December 2025, net overdue recoverable VAT input credit refunds (after discounting provisions) in Tanzania amounted to $171 million, of which $130 million related to the historical balance (covering the period from July 2017 until June 2020). Environmental laws relating to mining The Environmental Management (Environmental Performance Bond) Regulations, 2024 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 is issued by the relevant minister. In addition, the Environmental Management (Right to Compensation) Regulations, 2024 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, Cap 450 Revised Edition 2023 (the “Unconscionable Terms Act”) and the Natural Wealth and Resources (Permanent Sovereignty) Act, 2017, Cap 449 Revised Edition 2023 (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. 63 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% and 50% 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, Cap 436 Revised Edition 2023 (the “Non-Citizens Act”) came into force which vests powers concerning work permits with the Labour Commissioner. As a result, 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. On 12 September 2025, the Mining (Local Content) Regulations were amended to require that foreign-owned companies that seek to supply goods or services in Tanzania must establish a joint venture with an existing indigenous Tanzanian company (“ITC”) that is wholly owned by Tanzanian citizens, with the ITC holding a minimum 20% equity participation in the joint venture company. In addition, Regulation 13A requires the MC to publish a list of goods and services that are reserved exclusively to ITCs that are wholly owned by Tanzanian citizens. As a result, on 14 November 2025, the MC officially released the first edition of such public notice regarding the procurement of goods and services in the mining sector pursuant to Regulation 13A. The list of reserved goods and services includes, among other things, the prohibition of owner mining for surface operations in favour of contract mining (including drilling, blasting and haulage). Geita Gold Mining Limited’s existing owner-mining arrangements for its mining operations are not affected by the new requirements. However, should Geita Gold Mining Limited elect to change the operating model of its surface operations from owner mining to contract mining in the future, it will be obliged to engage an ITC mining contractor. Geita gold sale agreement On 17 June 2025, AngloGold Ashanti signed a gold sale agreement with the Bank of Tanzania to sell 20% of the annual gold production of the Geita gold mine through the Geita Gold Refinery, an independently owned and operated Tanzanian entity. This agreement supports the Tanzanian Government’s efforts to build gold reserves, stabilise the local currency, and enhance domestic refining capacity. AngloGold Ashanti is the first large-scale mining company to sign such agreement. 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 in 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 3% to 4% with effect from 1 May 2012. 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 at Nyankanga in February 2017 and at Geita Hill in March 2020, in each case 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 currently holds prospecting licences covering an area of 3,010 km2 located in the Singida, Simiyu and Shinyanga regions, but none of these areas contain any Mineral Reserve. All current licences are in good standing. 64 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 regulated by the Aboriginal Heritage Act 1972 (WA) (“AH Act”). 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% 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 are 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. On 1 December 2025, amendments to the Environment Protection and Biodiversity Conservation Act 1999 (Cth) received royal assent, which affect federal approvals and the environmental impact assessment process. The amendments are expected to substantively commence in 2026, with the first tranche having commenced in February 2026, and will apply to any new projects developed outside of AngloGold Ashanti’s existing approved permit area, as well as AngloGold Ashanti’s existing operations to the extent the Company proposes to make material changes to those existing operations. Further, a works “construction” approval and an operating licence under the relevant environmental 65 protection legislation in the state or territory may also be required for certain mine processing or mining-related operations. 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. 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 7,814 hectares) and another mining lease (M39/1117) covers the water extraction infrastructure used to supply the operation with water (approximately 1,771 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, require permitholders 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. 66 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 3% 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 2010, Argentina enacted the National Law on Minimum Requirements for the Protection of Glaciers (Law No. 26, 639) (the “Glacier Law”). 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% 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 SE (as defined below)), 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 sets forth mining royalties up to 3% 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 3% 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 5% of the pit-head value, subject to certain conditions. In December 2012, the Santa Cruz Province changed the mining royalty from 1% to 3% 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 67 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 $97 million at 31 December 2025. The cash remains fully available for CVSA’s operational and exploration requirements. During 2025, CVSA paid the remaining offshore dividends of $222 million (equivalent) to AngloGold Ashanti by entering into a currency swap to obtain the necessary US dollars. Export duties On 31 December 2023, Decrees Nos. 785/2020 and 908/2021, which had imposed export duties on doré bars and gold alloys (8% ad valorem), expired. Consequently, since 1 January 2024, there are no longer any export duties in force on the export of doré bars and gold alloys. By contrast, export duties of 4.5% are still levied on unwrought silver. 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 0%. Over the years, CVSA has been pursuing various administrative procedures to obtain the reimbursement or compensation of federal taxes (including export duties) paid in excess of the total tax burden provided for by its tax, customs and foreign exchange stability certificate. The amounts involved in such claims are immaterial and the claims are at various stages of the administrative process. In total, AngloGold Ashanti’s net export duty receivables (after discounting provisions) in Argentina amounted to $2.3 million as of 31 December 2025. 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 SE”), which is wholly owned by the Santa Cruz Province. On 27 December 1996, Fomicruz SE 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%), with Fomicruz SE as minority shareholder (7.5%). On 14 August 1996, CVSA obtained its tax, customs and foreign exchange stability certificate, which will expire on 14 August 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. 68 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% 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. The constitutionality of these “inspection and control” taxes was upheld by the Supreme Court of Brazil in August 2022. 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 1% 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. The upstream TSF at Serra Grande was divested by the Company as part of its sale of Mineração Serra Grande S.A. (“MSG”) to Aura Minerals Inc., which sale was completed on 1 December 2025. 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. 69 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 cash outflows in 2025 to deactivate and decharacterise existing structures in Brazil amounted to approximately $55 million, of which approximately $29 million was related to structures divested as part of the MSG sale. Total cash outflows for further work required to comply with TSF-related requirements in 2026 are expected to be significant, with annual cash outflows expected to decline thereafter, based on preliminary estimates to date. 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. Compliance with applicable requirements may result in obligations, including to incur capital expenditures, on behalf of AngloGold Ashanti or result in disruptions to production. For example, at the Calcinados TSF, a risk assessment conducted in 2022 resulted in additional engineering and geotechnical work conducted by external consultants to align the Calcinados TSF with international standards. As a result, 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 was stopped during the period the evaluation and update were conducted, resumed in September 2024. Mining of ore continues at the Cuiabá mine complex, except at CdS, which remains on care and maintenance. Decharacterisation works have been completed for the CdS 2 TSF in Santa Bárbara, and conceptual decharacterisation projects for the Rapaunha and Cocuruto TSFs are under development. The Cuiabá TSF continues to progress through its decharacterisation stages. The Company’s operations in Brazil are also subject to ANM resolutions relating to the imposition of administrative sanctions for non-compliance with mining and dam safety regulations, which have significantly increased the potential amount of applicable fines and penalties. For instance, ANM Resolution No. 223/2025, which entered into force in November 2025, established fines ranging from BRL 5,000 to BRL 55,944,000, depending on the severity of the violation and the value of the company’s mineral production. In certain cases of repeat offences, the fine may be doubled. ANM resolutions also establish guidelines related to the active and passive monitoring of TSFs following decharacterisation of such facilities, as well as new technical criteria to be considered in the construction of new TSFs. In addition, ANM Resolution No. 220/2025, which will replace ANM Resolution No. 95/22 and will enter into force in 2027, introduces stricter restrictions on the presence of workers within the self-rescue zone of a TSF, allowing only those workers that are strictly necessary to perform activities related to operation, maintenance, raising works, decharacterisation or reinforcement of the TSF, or of associated structures and equipment. Contrary to prior resolutions, ANM Resolution No. 220/2025 expressly provides that mining, processing and tailings and waste disposal areas shall not be considered structures and equipment associated with the dam. 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). These three individual mining concessions are consolidated in a single mining group concession No. 931.006/2022 (4,477.54 hectares). 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 70 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. On 1 December 2025, AngloGold Ashanti sold MSG, which owns the Serra Grande mine in the state of Goiás in Brazil, to Aura Minerals Inc. 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 National Mining Agency (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 and 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 should be restarted within six months unless the suspension is renewed. If the company does not comply with the specified timelines for the completion of the various phases of a mining project due to negligence, and such non- compliance is not duly justified (for example, due to force majeure), 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 from the programme. 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. 71 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 5% 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 4% 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 1% 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 Assessment (“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. The mining authority must exhaust the due administrative process to be able to exercise such discretion. If, after exhausting that process, the concession is declared void, a company whose concession was voided would be required to abandon its projects in that concession and potentially in its other existing mining concession contracts. Pending proposals for new mining concession contracts could also be cancelled and the company could be banned from doing business with the Colombian government for a period of five years. As a result, the company could 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 by the other subsidiary or jointly 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. Prohibitions that affect existing rights may lead to the payment of compensation by the government. 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 or new environmental permits or licences 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. Challenges against Decree No. 044 are pending before the Colombian courts. In June 2025, the Colombian government issued Resolution No. 855 of 2025 declaring 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. Resolution No. 855 restricts mining activities for three years (extendable for a further two years) while authorities may conduct technical studies regarding the conservation value of the area and subsequently determine whether to convert the area to a permanent protected area or to withdraw the temporary designation. No new environmental permits or licences may be issued as long as Resolution No. 855 is in force, though it expressly provides that existing concessions, permits and licences must be respected. In light of the impact of Resolution No. 855 on the Quebradona project, in December 2025, AngloGold Ashanti lodged an annulment and redress claim against Resolution No. 855 before the Colombian courts, which is currently pending the Court’s admission. 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. The relevant provisions of the National Plan have been challenged before the Colombian courts. On 26 December 2024, based on the National Plan, the 72 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. 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 alone does not have an impact on the Quebradona project. However, the declaration of an APPA could potentially result in the restriction, and even prohibition, of mining activities in such area. In October 2025, the Colombian Ministry of Agriculture and Rural Development issued Resolution No. 394 of 2025, which created a specific APPA in the southwest region of the Department of Antioquia, which partially overlaps with the area of the Quebradona project. In its current form, Resolution No. 394 has a minor impact on the Quebradona project as it affects only a small area of the project where no mining activities are planned. AngloGold Ashanti’s rights and permits The La Colosa project, which is managed by AngloGold Ashanti Colombia S.A.S. (“AGAC”), is situated in the Department of Tolima in Colombia. It was placed in force majeure in 2017 due to delays in granting certain environmental permits by national and local environmental authorities, thereby preventing AGAC 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. In April 2025, the Colombian National Mining Agency denied AngloGold Ashanti’s application for an extension of its force majeure suspension for the full June 2024-2025 period, declaring that force majeure had ended effective 8 October 2024, which is the date when the Colombian Ministry of Environment and Sustainable Development notified AngloGold Ashanti that it would not process its application for an environmental permit necessary to develop the La Colosa project. The National Mining Agency’s decision was based on certain restrictions resulting from the 2017 popular consultation in Cajamarca purporting to ban mining activities in the municipality. For further information on legal proceedings in relation to the popular consultation, see “Item 8A: Legal Proceedings”. AngloGold Ashanti filed an administrative appeal against the National Mining Agency’s decision not to extend the force majeure for the full June 2024-2025 period, but such decision was confirmed on 2 October 2025. Subsequently, in October 2025, the National Mining Agency denied AngloGold Ashanti’s request to extend force majeure for the full June 2025-2026 period, even though the underlying circumstances which led to the declaration of force majeure between June 2017 and October 2024, namely that AngloGold Ashanti has not obtained certain environmental permits allowing it to conduct exploration activities, persist. AngloGold Ashanti has filed a judicial claim challenging the Ministry’s decision not to process the application for the environmental permit and the National Mining Agency’s decision not to extend the force majeure suspension for the full June 2024-2025 period, and is evaluating available legal recourse with respect to the National Mining Agency’s decision not to extend the force majeure declaration for the June 2025-2026 period. AngloGold Ashanti has been conducting preparatory work and activities at La Colosa since 2017. In addition, AGAC applied for a mining area integration (consolidation) of its concession contracts related to La Colosa, which was approved in March 2017, and remedied the then-existing 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. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. 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. Although MCQ has a right to this extension, it is not automatic, and the request must be filed with new technical, economic, environmental and social evidence that demonstrates 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. 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 sufficient for ANLA 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. Additionally, the most recent applications for a suspension and an extension of the exploration phase were denied by the National Mining Agency in October and December 2025, respectively. As a result of those decisions, the National Mining Agency ordered that the concession move to the construction and assembly phase. MCQ has filed administrative appeals against the denial of its applications to suspend and extend the exploration phase. 73 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 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 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 favourable or unfavourable from the Company’s perspective – will actually be enacted in any form during the current session or future sessions of the U.S. Congress. AngloGold Ashanti 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 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 AngloGold Ashanti in connection with its 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 7,900 claims (covering approximately 156,000 acres) in the vicinity of Beatty, Nevada, which cover a number of different projects and deposits, including the Arthur Gold project (previously the Expanded Silicon project), the North Bullfrog project, the Mother Lode project, the Sterling mine, and the Reward project (the latter having been acquired through AngloGold Ashanti’s acquisition of Augusta Gold Corp., which transaction was completed on 23 October 2025). 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”). 74 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 $29 million from $700 million in 2024 to $729 million in 2025. This increase was largely due to the recognition of a change in estimates attributable to shifts in discount rates from changes in global economic assumptions, alterations in mine plans resulting in a change in cash flows, changes in the designs for closure of tailing storage facilities (“TSFs”) as well as revised methodology following requests from environmental regulatory authorities, partially offset by utilisation. 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. 75 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 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 its 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 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 76 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 Region—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 achieved substantial conformance with the GISTM at all of its TSFs and is committed to achieve full conformance. 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 costs in connection with the treatment and disposal of a quantity of legacy arsenic trioxide waste located at the Obuasi mine, and such costs, which may be incurred over a several year period, may be material to the Company. 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 sulphate in groundwater commenced operations in late 2022. Work undertaken in 2023 and early 2024 yielded encouraging results and technical, scientific and financial assessments supported further expansion of the in-situ remediation zone in Phase 2 of the project, which commenced 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 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% reduction in its absolute Scope 1 and Scope 2 GHG emissions by 2030 (as compared to a 2021 baseline which was revised in 2025 to include Sukari). 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 77 obligations to comply with applicable requirements. The most likely source of these obligations is through nation state-level implementation of new emissions regulations 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% to 38.9% 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. The state of Minas Gerais (in which AngloGold Ashanti operates) does 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% by 2030 as compared to 2005 levels. In 2024, Brazil announced an updated target to reduce GHG emissions by 59% to 67% by 2035, as compared to 2005 levels. In 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% 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% 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. Both Sunrise Dam and Tropicana have applied and received approval for Safeguard Mechanism emissions intensity determinations. 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 2021, 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 are subject to periodic review, and are expected to be updated in 2026. 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 continued to improve its safety performance in 2025 as the Company reduced its previously lowest recorded Total Recordable Injury Frequency Rate (“TRIFR”) of 0.98 injuries per million hours worked at its managed operations by a further 1% to 0.97 injuries per million hours worked during 2025, thereby setting a new record for its lowest TRIFR recorded to date across its managed operations, taking into account the Centamin assets acquired in November 2024. There were no fatalities in 2025 at mines operated by AngloGold Ashanti. 78 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. In 2025, AngloGold Ashanti introduced the Critical Risk Management Process, which is the next phase of improving the maturity of the critical control verification process. 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 2025, 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 26— 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 operations in the Africa region. 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 2025 and a new cycle of indoor residual spraying will commence in 2026 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 continues 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 2025, the Marburg virus outbreak reported in Eastern Africa and the global monkeypox outbreak did not adversely affect AngloGold Ashanti’s operations and there were 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 its 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 endeavours 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. 79 Inclusion, Diversity and Equity (“ID&E”) With approximately 38,000 employees (including contractor workforce) at its managed operations on five continents, AngloGold Ashanti believes that having an inclusive workplace culture and a workforce with a broad range of backgrounds and experiences continues to enable us to retain and attract talent, maintain competitiveness and drive long-term sustainability of its business. In addition, the Company strives to have a workforce that is connected to and represents the communities and societies in which AngloGold Ashanti operates with a view to 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 employees globally and has established a Global Inclusion and Diversity Strategy with local priorities specific to business units and actions aimed at ensuring a psychologically safe and inclusive experience and culture for all. This global strategy was informed by internal assessment of lessons from across our global operations 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, complaints and grievances, 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. 80 ANGLOGOLD ASHANTI GLOBAL OPERATIONS: 2025 Operations and projects Americas Africa Australia ArgentinaCerro Vanguardia (92.5%) GuineaSiguiri (85%) AustraliaSunrise DamTropicana (70%) BrazilAGA Mineração GhanaIduapriemObuasi Projects Democratic Republic of the Congo (DRC)Kibali (45%) (d) United States of AmericaArthur Gold (a)North BullfrogNevada Regional Deposits (b) TanzaniaGeita ColombiaLa Colosa (c)Quebradona EgyptSukari (50%) Notes (a)Previously the Expanded Silicon project and includes the Silicon and Merlin deposits. (b)Includes the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy) and the Sterling mine. Reward and Bullfrog were acquired by AngloGold Ashanti through its acquisition of Augusta Gold Corp (“Augusta Gold”) in October 2025. (c)Held for sale. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. (d)Operated by Barrick Mining Corporation (“Barrick”). 81 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 2025, our portfolio of ten 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 greenfield projects in Colombia 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 managed operations and non-managed joint ventures employed, on average, 41,416 people (including contractors) in 2025 (2024: 39,484). Performance Production, cost of sales and all-in sustaining costs per ounce In 2025, AngloGold Ashanti produced attributable 3.091 million ounces of gold (2024: 2.661 million ounces), as well as 3.7 million ounces of silver (2024: 3.7 million ounces) and 115 tonnes of sulphuric acid (2024: 19 tonnes) as by-products. See “Item 5A: Operating Results—Key factors affecting results—Gold production levels” and “Item 5A: Operating Results—Operating Results by Segments”. In 2025, AngloGold Ashanti’s cost of sales was $5.0 billion for managed operations (2024: $3.7 billion) and $432 million for non- managed joint ventures (2024: $380 million), and all-in sustaining cost was $1,751 per ounce for managed operations (2024: $1,672 per ounce) and $1,317 per ounce for non-managed joint ventures (2024: $1,146 per ounce). See “Item 5A: Operating Results—Operating Results by Segments”. Mineral Resource and Mineral Reserve The AngloGold Ashanti gold Measured and Indicated Mineral Resource increased from 67.1Moz at 31 December 2024 to 68.0Moz at 31 December 2025. The AngloGold Ashanti gold Inferred Mineral Resource decreased from 55.0Moz at 31 December 2024 to 49.3Moz at 31 December 2025. The AngloGold Ashanti gold Mineral Reserve increased from 31.2Moz at 31 December 2024 to 36.5 Moz at 31 December 2025. 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 2025 as compared to 31 December 2024. The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) at 31 December 2025 as compared to 31 December 2024. 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 2025 amounted to $1,600 million (2024: $1,215 million). See “Item 5A: Operating Results—Capital Expenditures”. Safety AngloGold Ashanti has remained fatality-free since the 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 1% to 0.97 injuries per million hours worked at its managed operations in 2025 (2024: 0.98 injuries per million hours worked), the lowest level in the Company’s history. Full Asset Potential Programme The Full Asset Potential (“FAP”) programme and related initiatives aimed at enhancing the quality of the Company’s operating portfolio and ensuring optimal performance continues to show benefits. Implementation of the various FAP initiatives enabled flexible delivery on AngloGold Ashanti’s mine plans, allowing for optimised results as projects continued throughout 2025. 82 Ultimately, management believes these projects will contribute to growing the Company’s Mineral Reserve and Mineral Resource base. Operational Excellence Operational Excellence is the continued efforts to maximise value from the Company’s assets. Continued work is undertaken to ensure an optimal organisational structure to support execution on the Company’s strategy. AFRICA REGION Africa is currently home to six operations, five managed by AngloGold Ashanti and one joint venture managed by Barrick Mining Corporation. These operations contributed 2.0 million ounces (approximately 66%) to total annual Group production in 2025. 83 Gold production(000oz) Average number of employees Managed operations Egypt Sukari (1) 500 4,893 Ghana Iduapriem 199 2,660 Obuasi 266 5,566 Guinea Siguiri (1) 289 4,284 Tanzania Geita 492 7,508 Non-managed joint venture Democratic Republic of the Congo Kibali (Attr. 45%) 303 3,173 Africa Region - Key Statistics Unit 2025 2024 2023 Managed operations Tonnes treated/milled (2) Mt 34.8 24.5 23.2 Recovered grade g/t 1.56 1.59 1.66 Gold production 000oz 1,746 1,254 1,237 Cost of sales $m 3,034 1,924 1,739 Total cash costs per ounce (3) $/oz 1,182 1,212 1,138 All-in sustaining costs per ounce (3) $/oz 1,647 1,709 1,576 Capital expenditure (4) $m 984 689 625 Safety Number of fatalities 0 1 0 TRIFR Injuries per million hours worked 0.52 0.49 0.39 People Average number of employees: Total 24,911 24,942 18,851 Permanent employees 8,810 8,991 6,296 Contractors 16,101 15,951 12,555 Unit 2025 2024 2023 Non-managed joint ventures Tonnes treated/milled Mt 3.7 3.8 3.7 Recovered grade g/t 2.52 2.51 2.89 Gold production (attributable) 000oz 303 309 343 Cost of sales (5) $m 432 380 372 Total cash costs per ounce (3) $/oz 1,148 935 802 All-in sustaining costs per ounce (3) $/oz 1,317 1,146 951 Capital expenditure (5) $m 151 125 85 People Average number of employees: Total 3,173 2,988 2,883 Permanent employees 1,005 950 1,014 Contractors 2,168 2,038 1,869 84 (1)On a consolidated basis. Siguiri and Sukari are owned 85% and 50% by AngloGold Ashanti, respectively. (2)Includes surface and dump tonnes milled. (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% (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 performance in the Africa region (including production, operating performance and capital expenditure), refer to “Item 5A: Operating Results”. Safety performance regressed marginally in 2025, while continuing to meet internal targets. The TRIFR increased 6% to 0.52 injuries per million hours worked in 2025 (2024: 0.49 injuries per million hours worked). AngloGold Ashanti has remained fatality- free since the 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. Production at Geita was halted for almost a week towards the end of October 2025 and beginning of November to limit risk to employees, contractors and suppliers travelling to and from the site amid widespread unrest in Tanzania following the general elections. As a precautionary measure, production was slowed again in early December 2025 in anticipation of a nationwide protest. Regional community investment totalled $21.91 million (2024: $14.34 million) in 2025. All operations are certified under the ISO 45001 (health and safety) and ISO 14001 (environmental management). All operations are certified or designated for certification under the Cyanide Code. The FAP programme continues across our Africa operations, contributing to AngloGold Ashanti’s ability to operate predictably, to drive better cash flows and to improve the long-term value of its business. At Sukari, the operation exceeded planned targets with improved ore production from the underground mine and improved open pit volumes and grades. FAP initiatives at the site focused on rationalising and upgrading the mining fleet, introducing larger truck trays underground, shortening open-pit waste haulage and optimising grade control. Waste stripping in the open pit was prioritised in 2025 to set up mining areas in 2026. The site was successfully integrated in AngloGold Ashanti’s systems during 2025. In 2026, planned initiatives include work on a TSF and a third dump leach facility. At Iduapriem, the plant was shut down and tailings deposition suspended for 17 days during the first quarter of 2025 while a tear in the lining of the Beposo TSF was investigated and repaired, adversely impacting gold production. Input from a strategic asset review addressed staging of the open pits and lifting mining volumes, which had improved and stabilised by the end of 2025. In 2026, FAP initiatives will focus on improving maintenance, increasing mining productivity and optimising the fleet management system. At Obuasi, stoping performance improved this year following a FAP project that introduced a second Epiroc Easer-L. This additional machine accelerated slot opening and increased the total number of active stopes. Other FAP mining projects included the construction of an underground workshop to reduce the need to tram equipment to the surface, the introduction of tele- remote loading from surface during shift changes and new ventilation raises to open up new mining fronts for development. Commissioning of material handling infrastructure as part of the refurbishment at the KMS shaft is expected to be completed in the second half of 2026. At Siguiri, a strategic asset review delivered optimised pit sequencing and staging which, along with a focus on drill and blast activities, contributed to an increase in mining volumes, with mining largely taking place in the Siraya pit in Block 2 and the Kami and Kosise pits in Block 1. FAP methodology was also applied to collaboration with the local community on a long-term Social Economic Development plan involving the community to strengthen the site’s social licence to operate. Initiatives included literacy training, construction of a ring road, the roll-out of AngloGold Ashanti’s malaria programme, mobile health care and scholarship programmes. At Geita, FAP initiatives during the year included the successful introduction of tele-remote bogging from surface during shift changes to improve mine productivity. Côte d’Ivoire/Guinea update On 1 May 2025, AngloGold Ashanti completed the sale of the Doropo Project and the Archean-Birimian Contact (“ABC”) Project in Côte d’Ivoire to Resolute Mining Limited (“Resolute”). Both the Doropo Project and ABC Project were acquired as part of the November 2024 acquisition of Centamin plc. As part of the sale of the two projects, AngloGold Ashanti agreed to acquire from Resolute the Mansala Project in Guinea. The Mansala Project is adjacent to AngloGold Ashanti’s Siguiri Mine. See “Item 5: Operating and Financial Review and Prospects—Recent Activity” for more information. 85 AMERICAS REGION (a) Previously the Expanded Silicon project, and includes the Silicon and Merlin deposits. (b) Includes the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy), and the Sterling mine. Reward and Bullfrog were acquired by AngloGold Ashanti through its acquisition of Augusta Gold Corp in October 2025. (c) Sold in December 2025. (d) Held for sale. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. The Americas hosts two of our operations - one in Argentina and one in Brazil - as well as greenfield projects in Colombia and a significant greenfield development in Nevada in the United States. In December 2025, a third operation at Serra Grande in Brazil was sold. The three operations contributed 0.5 million ounces (approximately 16%) to total annual Group production in 2025. Gold production(000oz) Average number of employees Operations Argentina Cerro Vanguardia (1) 179 1,870 Brazil AGA Mineração (2) 273 6,242 Serra Grande (3) 53 2,138 86 Americas - Key Statistics Unit 2025 2024 2023 Operation Tonnes treated/milled (2) Mt 5.7 5.7 5.8 Recovered grade (2) g/t 2.73 2.85 2.70 Gold production (2) 000oz 505 526 502 Silver production Moz 3.3 3.4 4.4 Cost of sales $m 973 858 931 Total cash costs per ounce (2)(4) $/oz 1,195 1,027 1,122 All-in sustaining costs per ounce (2)(4) $/oz 1,741 1,514 1,710 Capital expenditure (5) $m 278 247 281 Safety Number of fatalities 0 0 0 TRIFR (5) Injuries per million hours worked 1.48 1.80 2.11 People Average number of employees: Total 10,250 8,509 8,565 Permanent employees 5,374 5,008 5,519 Contractors 4,876 3,501 3,046 (1)On a consolidated basis. Cerro Vanguardia is owned 92.50% 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, nil ounces and 42,000 ounces for the years ended 31 December 2025, 2024 and 2023, respectively. (3)The Serra Grande mine was sold on 1 December 2025. (4)“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”. (5)Includes projects in Colombia and USA. Performance summary For more information regarding performance in the Americas region (including production, operating performance and capital expenditure), refer to “Item 5A: Operating Results”. Safety performance improved in 2025. There were no occupational fatalities and the TRIFR improved to 1.48 injuries per million hours worked (2024: 1.80 injuries per million hours worked). Regional community investment amounted to $4.00 million (2024: $5.13 million) in 2025. 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 2025. The roll-out of our FAP programme and related initiatives in the region continued delivering improved efficiencies and drove stronger cost performance that helped mitigate inflationary impacts. The FAP programme at Cerro Vanguardia contributed an incremental 34,000 ounces of gold from the heap leach pad following a project involving releaching of material on the slopes of the heap leach pad. Other FAP projects included the installation of a particle size analyser and online cyanide closing system to further improve gold and silver recoveries in the processing plant, insourcing of development and introduction of a fleet management system along with increased truck payloads to improve productivity in the underground mine. At AGA Mineração, FAP initiatives related to improving underground development and truck payload availability contributed to a significant increase in tonnes mined at Cuiabá and Lamego. In 2026, FAP initiatives are expected to focus on increasing the capacity of the Cuiabá plant from 1.4 million tonnes per annum to 2.0 million tonnes per annum of concentrate to the Queiroz plant. Quebradona For information on the current status of the Quebradona project, refer to Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region—Colombia. La Colosa On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. 87 CdS update The Córrego do Sítio (“CdS”) mine in Brazil’s Minas Gerais state remains on care and maintenance with continuous evaluation of alternatives to restart the operation with optimised costs. The TSFs are fully compliant with applicable legal requirements and have been certified by external consultants and validated by the ANM. Serra Grande The Serra Grande mine was sold to Aura Minerals Inc. on 1 December 2025. See “Item 5: Operating and Financial Review and Prospects—Recent Activity” for more information. Nevada projects In the United States, the North Bullfrog project and the Arthur Gold Project (previously known as Expanded Silicon) are being advanced in southern Nevada, near the town of Beatty. These greenfield projects are collectively known as the Nevada projects. In October 2025, AngloGold Ashanti completed the acquisition of August Gold Corp. (“Augusta Gold”) for a total cash consideration of $158 million, acquiring Augusta Gold’s properties adjacent to AngloGold Ashanti’s claims in the Beatty District and further consolidating its landholding. The Nevada projects area has a total gold Mineral Reserve of 6.4Moz, gold Measured and Indicated Mineral Resource of 6.1Moz and gold Inferred Mineral Resource of 9.6Moz. North Bullfrog is expected to be the first of AngloGold Ashanti’s projects to enter gold production in Nevada. Following completion of a feasibility study, the project advanced into the detailed engineering phase in November 2024, which was approximately 70% complete at the end of 2025. The Arthur Gold Project comprises the Silicon and Merlin deposits. With the completion of the pre-feasibility study (PFS) at year end, an initial Probable Mineral Reserve of 4.9Moz of contained gold (88Mt at 1.75 g/t) and 7.8Moz of contained silver (88Mt at 2.76g/t) was reported as at 31 December 2025 for the Arthur Gold Project. AUSTRALIA REGION 88 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% holding in, and manage, Tropicana. Regis Resources Limited, our partner in Tropicana, holds the balance (30%) through its subsidiary AFB Resources Pty Limited. Sunrise Dam includes the Butcher Well project, which is a joint venture between AngloGold Ashanti (70%) and Northern Star Resources (30%). These operations contributed 0.5 million ounces (approximately 18%) to total annual Group production in 2025. Gold production(000oz) Average number of employees Operations Australia Sunrise Dam 232 813 Tropicana (1) 305 974 Australia - Key Statistics Unit 2025 2024 2023 Operation Tonnes treated/milled Mt 10.3 10.1 10.5 Recovered grade g/t 1.62 1.75 1.66 Gold production (1) 000oz 537 572 562 Cost of sales (1) $m 1,009 945 867 Total cash costs per ounce (2) $/oz 1,530 1,287 1,251 All-in sustaining costs per ounce (2) $/oz 1,825 1,526 1,487 Capital expenditure (1) $m 185 153 135 Safety Number of fatalities 0 0 0 TRIFR Per million hours worked 2.92 2.36 3.20 People Average number of employees: Total 1,787 1,777 1,741 Permanent employees 366 364 347 Contractors 1,421 1,413 1,394 (1)On an attributable basis. Tropicana is owned 70% by AngloGold Ashanti. (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 performance in the Africa region (including production, operating performance and capital expenditure), refer to “Item 5A: Operating Results”. Safety performance regressed in 2025. While there were no occupational fatalities, a TRIFR of 2.92 injuries per million hours worked was recorded (2024: 2.36 injuries per million hours worked). Regional community investment amounted to $0.91 million (2024: $0.74 million) in 2025. Sunrise Dam and Tropicana maintained their certifications under the Cyanide Code, ISO 45000 (health and safety) and ISO 14001 (environmental management) in 2025. FAP benefits were delivered at both Australian sites. At Sunrise Dam, FAP initiatives focused on improving the open pit design optimisation, reducing mechanical interruptions in the processing plant, recovery and the drivers of production and development in the underground mine. FAP initiatives in partnership with the underground mining contractor will focus on operator recruitment, equipment servicing and availability and productivity. At Tropicana, FAP projects included introduction of an improved maintenance strategy across the underground and open cut fleets, which resulted in improved reliability and availability. A re-base of the open pit mine plan and design also resulted in a step-change in fleet productivity, achieved with a reduced fleet. A FAP project to introduce mobile crushing is scheduled to be completed in the second half of 2026. This is anticipated to incrementally lift throughput to 9.4 million tonnes and reduce costs by replacing contract crushing. Processing plant throughput of 6.5 million tonnes was lower than planned due to a shutdown overrun and mechanical breakdown. 89 Also at Tropicana, the renewable energy facility was successfully commissioned on schedule and on budget in February 2025, integrating 62MW of clean energy into Tropicana’s existing 54MW natural gas-fired power system. The designed carbon emissions reduction of the combined hybrid renewables system is 65kt CO2e annually. EXPLORATION REVIEW Our exploration covers greenfield and brownfield exploration programmes to support sustainability and growth of our business. Greenfield exploration aims to discover large, high-value deposits that will lead to the development of new, stand-alone gold mines. Brownfield 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. Greenfield exploration In 2025, $64.1 million was spent on greenfield exploration (2024: $47.6 million). At the end of 2025, our greenfield exploration tenements covered over 28,513 km2 of highly prospective ground in five countries: Australia, Brazil, Egypt, Tanzania and the United States. Africa In Tanzania, 5,326m of reverse circulation (RC) drilling at the Kame project was completed in 2025. The remainder of this programme is expected to be completed in early 2026. An earn-in agreement between AngloGold Ashanti and EcoGraf for the Golden Eagle project in the Singida region of Tanzania became effective in the fourth quarter of 2025 and exploration is anticipated to commence in 2026. In Egypt, a scoping study was initiated at the Little Sukari prospect and is ongoing. Extensive mapping and soil sampling programmes were completed in the region over prospects of interest (12,735 samples) and a magnetic/radiometric survey was completed over the Atud South corridor (827 line km). Americas In the United States, 284m of mud-rotary drilling and 4,079m of diamond drilling (DD) were completed in 2025 at the Midnight Star, Lucille and Bottle Creek projects in Nevada. One additional project, Middle Stack, was added to the greenfield Nevada portfolio in 2025. In Brazil, stream sediment and soil sampling continued at a regional scale in the Unai District within the SBB Terrane. Two drill targets were tested at Claro, with 2,949m of RC drilling completed in 2025. In Argentina, a total of 3,443m DD was drilled at the El Cori project during 2025, before the decision was made to cease greenfield exploration and target generation activities in Argentina in October 2025. Australia Greenfield exploration was carried out in the Laverton district of Western Australia, in northern Queensland, and in central New South Wales. Exploration in Laverton focused on the Corvette project, with 10,999m RC and 10,197m DD completed in 2025. 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. In New South Wales, at the Inflection JV tenure, mud-rotary drilling and DD (14 holes for 2,937m of DD) was completed at the Trangie, Nyngan, Reedy and Gienart prospects. At the Kincora JV tenure, 21 holes for 2,681m DD (with mud-rotary pre-collars) were drilled in 2025 targeting the Ace of Spades, Gerar and Nevertire prospects. Brownfield exploration Brownfield exploration teams across our operations and advanced projects completed a total of 1,172km of drilling for a total cost of $212m during 2025. 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. Costs include the Kibali joint venture, as well as Serra Grande, which was sold on 1 December 2025 to Aura Minerals Inc. 90 Africa Geita Exploration drilling programmes at Geita completed a total of 166km for both capitalised and expensed projects in 2025. Exploration to delineate and define the underground Mineral Resource took place at Star & Comet Cut 3 and 5, Ridge 8, Nyankanga Blocks 1, 2 and 4, and Geita Hill Blocks 1 and 2. Results overall confirmed the modelled mineralisation with numerous high-grade intercepts reported. At Nyankanga Block 4, definition drilling of the Mineral Resource covered five underground levels and contributed to significant Mineral Reserve additions. Reconnaissance exploration in Nyankanga blocks 1 and 4 confirmed extension of mineralisation along strike and down-dip beyond previous intersections. At Geita Hill, drilling shows mineralisation remains open-ended at depth and includes a sub- parallel shear zone to the main host structure. Surface drilling took place at the Nyamulilima open pit, with the work supporting a significant increase in the Mineral Reserve, as well as further expansion of the Mineral Resource and testing of down-dip extensions. Reconnaissance drilling at the Selous prospect in the broader Nyamulilima area has been promising, with mineralisation identified over a 1.6km trend and several high- grade intersections reported. Within the Central Trend west of Nyankanga, surface delineation drilling at the Kalondwa Hill prospect confirmed lateral continuity in the northern extension of the orebody and improved confidence in the southern part of the orebody. Reconnaissance drilling also took place west of Kalondwa Hill towards Fikiri-Jumanne. Kibali Kibali exploration in 2025 focused on advancing the Agbarabo-Rhino-Kombokolo (ARK) area as a significant satellite deposit 4km from the plant. Drilling has established good continuity below the current pit shell and confirmed extension of high-grade shoots 1.25km down-plunge. Near-surface and step-out drilling to the northeast in the Doko Camp area has identified further potential upside to the ARK system. At KCD, step-out drilling confirmed down-plunge extension on the 3000 and 5000 lodes, 500m from the previous deepest holes. Further step-out drilling is planned for 2026 from the UG exploration drive. In KZ North, framework drilling between Oere and Kalimva has supported geological model development and exploration vectoring. In KZ South, framework drilling at Aindi Watsa has confirmed down-dip, down-plunge continuity of mineralisation that may indicate a larger system at depth. At the Dembu AOI, mapping and surface geochemistry were completed and a high- resolution magnetic survey is planned for early 2026. Sukari Exploration drilling at Sukari was all underground in 2025, with 40km drilled in total. The first half of 2025 focused on definition of the Mineral Resource in the southern extension of Horus Deeps, drilled from the H-480S drill platform and H-485 exploration drive. This work confirmed the model and supported the current mine plan, with mineralisation largely hosted within the main Sukari granodiorite. Work in the second half of 2025 transitioned to growth-focused programmes targeting the northern extension of Horus Deeps from several platforms in Ptah (levels 590 and 510) and Bast (level 590), in addition to targets identified in the upper Osiris South extension area. The northern extension drilling has been impacted by difficult ground conditions, with the programme continuing into 2026. Drilling to test depth extensions of Horus Central was initiated from level 540 in November 2025. Work is ongoing and an encouraging intercept was noted in the first drillhole from a hanging wall zone not previously tested. No regional exploration drilling took place in 2025. However, field inspections, technical reviews and geological modelling work has led to the identification of several priority targets across the lease and on-mine. These conceptual targets will be further developed and tested to build the exploration pipeline. Obuasi All exploration drilling in 2025 took place underground, with four rigs completing a total of 51km across Sansu, Block 1, Block 8, and Block 10 areas. Testing of orebody extensions from Block 8 towards Sansu at levels 29 and 34 has shown good down-dip continuity of the East Lode System. Block 10 drilling from level 26 confirmed the Obuasi Fissure mineralisation, which displays a characteristic pinch- and-swell geometry, as well as identifying a previously unmodelled hanging wall lode on most drill sections. Deeper drilling in Block 10 from levels 42 and 43 confirmed the Obuasi Fissure mineralisation, albeit with some discontinuities noted. 91 Block 1 drilling from level 41 showed the Obuasi Fissure and footwall lodes to have notable swelling around level 43, with mineralisation remaining open to depth. Iduapriem Exploration drilling at Iduapriem totalled 21km in 2025 and was focused on the main Teberebie basin, with delineation drilling for new Mineral Resource and step-out drilling down-dip to support longer-term planning. At Block 7&8, definition drilling was completed within Cut 5 and 7. In blocks 4 and 5, the drilling will inform potential expansion of the respective pits, and the work in blocks 2 and 3 will support assessment of open pit potential across the southern Teberebie basin. Reconnaissance RC drilling along the Mile 8 hydrothermal target confirmed the presence of an east-dipping mafic intrusive that hosts a mineralised zone. Regional mapping also supported targeting in the Nkyemia, Ajopa Northwest, and Effuanta area. At the Effuanta prospect on the eastern Teberebie basin margin, a geochemical auger drilling campaign delineated a coherent gold anomaly over a 500m strike length. Siguiri During 2025, exploration at Siguiri totalled 105km of drilling, including a major increase in the amount of DD (39km) that improved geological control and model confidence across the priority deposits. Exploration activities within Block 1 included Mineral Resource delineation and definition drilling at Kami-Kosise (P3 area) and Sintroko West (P4 area). The P3 drilling supported notable increase and upgrade of the Mineral Resource. Continued testing of the P3 below-pit extensions confirmed gold mineralisation at depth, albeit in discrete shoots and with some disruption from west- dipping faults. Reconnaissance drilling in Block 1 took place at the priority Bibi North and Silakoro North prospects, and down- plunge at Seguelen, with encouraging results reported from all three targets. In Block 2, reconnaissance drilling at Saraya North tested extensions of the planned pit to the west, with isolated mineralised intersections reported. At Foulata, drill testing of the Foulata North prospect returned disappointing results. Limited infill drilling was completed at the Kounkoun Project in Block 3, as recommended by the Feasibility study outcomes, and returned several significant intercepts. Americas Nevada Projects, United States Exploration drilling took place at the Merlin deposit at a spacing deemed suitable for defining an Indicated Mineral Resource, along with technical drilling to inform the Arthur Gold Project studies. The programme used seven diamond core and two RC rigs, rising to four RC rigs by the end of 2025 to accommodate hydrogeologic drilling requirements. A total of 104km was drilled during 2025. In addition to increasing the overall Mineral Resource confidence, the programme has aided development of a solid understanding of the geology, including stratigraphy, structure, alteration, and gold characterisation. Mineralisation remains open in several directions, with high potential for expanding the Mineral Resource beyond the current model limits Colombia Projects No exploration drilling took place at the projects in Colombia during 2025. AGA Mineração, Brazil At Cuiabá-Lamego, a total of 123km exploration drilling was completed in 2025, with 80km at Cuiabá and 43km at Lamego. The exploration programme at Cuiabá drilled the main orebodies, Fonte Grande Sul (FGS) and Serrotinho, from the exploration hanging wall drive at level 20 and from a footwall position at level 24. This drilling was further adapted to target the Viana secondary target that continues to return excellent results from this developing orebody, which is hosted in a sulphide-rich BIF layer in the hanging wall of FGS. Initial drill-testing of Viana higher in the mine has returned encouraging results at level 16. Drilling of the Narrow Vein orebodies took place at Balancão and Canta Galo between levels 20 to 24, and at Galinheiro at level 20, with a high-grade gold zone identified in the Balancão orebody. At Lamego, the drilling programme at Carruagem focused on the deepest portion of the orebody at the limits of the Mineral Resource, with significant intersections reported from levels 12 and 13 that highlight the down-plunge potential. Delineation drilling of Carruagem SW at levels 2 and 7 returned positive results from these relatively shallow areas, with potential to increase operational flexibility for the mine. Drilling at the Queimada orebody also returned encouraging results from depth extensions at level 9. 92 Exploration drilling using modular rigs was initiated at the Descoberto prospect, immediately northeast of Cuiabá, in October 2025 to delineate depth extensions and further define the Mineral Resource, with work ongoing. A drone-based geophysical survey was also completed over Descoberto and the São José target area to the northeast of Lamego. Serra Grande, Brazil Exploration at Serra Grande completed 56km of drilling until the end of November 2025, the majority allocated to Mineral Resource definition drilling and assessment of shallow-mine upside potential. The sale of Serra Grande to Aura Minerals Inc. was successfully concluded on 1 December 2025. Cerro Vanguardia, Argentina In 2025, a total of 85km of exploration drilling was completed at Cerro Vanguardia and surrounding exploration tenements, including at the Michelle and Claudia projects. The first half of 2025 was focused on Mineral Resource definition drilling at priority targets, with good results from veins in the central mining area such as Cuncuna, Loma del Muerto, Luciana, Natalia, Osvaldo Diez, Paula, and Serena. In the second half of 2025, the mine lease work shifted to delineation of new Mineral Resource and reconnaissance drilling of shallow underexplored vein targets. At the Michelle project, northwest of the mine lease, initial mapping and sampling was followed by a 10km drill programme that tested several vein targets, with several good intersections reported by the end of 2025 from the Jackpot and Michelle veins. At the Claudia joint venture, south of the mine lease, limited drilling took place at the Aylén prospect. An airborne EM survey was carried out over the mine lease and surrounding tenements, covering an area of 2,500km2. Processing and inversion of the data has resulted in development of several targets, with drill testing initiated in the last quarter of 2025. Australia Sunrise Dam Exploration drilling programmes completed a total of 160km during 2025, with an emphasis on accelerating surface exploration to support the operational strategy. A new surface exploration team has been created to support efforts to identify open pit supplemental feed to the underground mine operations over life-of-mine. Two to three rigs were used to drill open pit targets at Pink Lady, Duck Pond, Golden Delicious South, and Red Delicious. Surface drilling was also undertaken in the Cleo area to support studies in assessment of potential for a major cutback. Underground exploration was concentrated towards Astro and Frankie in the northern underground mine area, and the Hammerhead and Vogue orebodies in the south. The Vogue programme included a significant proportion of drilling focused on ensuring operational levels are successfully ‘closed out’ to reduce sterilisation risk and identify potential near-term flexibility. While drill access impacted several programmes, several areas delivered good results, notably from testing of extensions at Astro, and at Frankie, where high-grade zones were defined in the Frankie 2A domain and new domains identified at Frankie North. Tropicana Exploration at the Tropicana JV completed a total of 92km drilling in 2025. The Mineral Resource delineation and definition drill programmes were focused on underground orebodies at Boston Shaker and Tropicana. Results from Tropicana have been encouraging with higher grades and better continuity than previously modelled. Boston Shaker exploration included application of a directional core barrel to effectively target the orebody at depth. Underground targets were also tested at Havana, Havana Offset, and Havana South. Regional exploration field operations have been on hiatus for much of 2025. However, surface drilling took place early in 2025 at North Corridor and Rosetta to the north of the mine, with several encouraging results returned. Detailed review work, including a regional geochemistry study and structural re-interpretation of the Tropicana belt, has been completed in order to refine prospective target corridors and plan exploration drill programmes. 93 4C.ORGANISATIONAL STRUCTURE GROUP STRUCTURE AngloGold Ashanti’s operations are divided into the following regions: •Africa — managed operations in Egypt, Ghana, Guinea and Tanzania and a non-managed joint venture operation in the DRC; •Australia — managed operations in Australia; and •Americas — managed 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 AGA’s managed operations 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. In March 2023, AngloGold Ashanti and Gold Fields proposed a joint venture to combine their Iduapriem and Tarkwa gold mines in Ghana. In early May 2025, the companies decided to pause discussions around the proposed joint venture to allow them to focus on improving the current, standalone performance at their respective sites, while also allowing AngloGold Ashanti to consolidate the improvements to its long-term mining plan, which currently shows the highest value of its options. 94 4D.PROPERTY, PLANTS AND EQUIPMENT Locations of properties Americas Africa Australia ArgentinaCerro Vanguardia (92.5%) GuineaSiguiri (85%) AustraliaSunrise DamButcher Well (70%)Tropicana (70%) BrazilAGA Mineração GhanaIduapriemObuasi Projects Democratic Republic of the Congo (DRC)Kibali (45%) (d) United States of AmericaArthur Gold Project (a)North BullfrogNevada Regional Deposits (b) TanzaniaGeita EgyptSukari (50%) ColombiaLa Colosa (c)Quebradona Notes: (a) Previously the Expanded Silicon project and includes the Silicon and Merlin deposits. (b) Includes the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy), and the Sterling mine. Reward and Bullfrog were acquired by AngloGold Ashanti through its acquisition of Augusta Gold Corp (“Augusta Gold”) in October 2025. (c)Held for sale. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. (d)Operated by Barrick Mining Corporation (“Barrick”). The locations of AngloGold Ashanti’s properties are shown above. Percentages indicate the ownership interest held by AngloGold Ashanti. All operations are 100% wholly-owned unless otherwise indicated. 95 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); •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—Gold production levels” and “Item 5A: Operating Results— Operating Results by Segments” for the aggregate annual production for each of the Company’s mining properties during each of the fiscal years ended 31 December 2025, 2024 and 2023. 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 2025, its material properties for purposes of Regulation S-K 1300 are the Arthur Gold Project, Geita, Kibali, Obuasi and Sukari. With respect to the Arthur Gold Project, Geita, Kibali and Sukari, Technical Report Summaries (TRSs) (TRS current at 31 December 2025) have been prepared by the relevant Qualified Persons, and are filed as Exhibits 19.15.3, 19.15.5, 19.15.9 and 19.15.11, respectively, hereto. With respect to Obuasi, AngloGold Ashanti has determined that, as of 31 December 2025, (i) there have not been any material changes to the Mineral Resource or Mineral Reserve reported in the Technical Report Summary for this property (which was first filed as an exhibit to AngloGold Ashanti’s annual report on Form 20-F for the fiscal year ended 31 December 2023), and (ii) all material assumptions and information pertaining to the disclosure of the Mineral Resource and Mineral Reserve for Obuasi remains current in all material respects, based on all facts and circumstances, both quantitative and qualitative. As a result, the previously filed Technical Report Summary for Obuasi (TRS current at 31 December 2023) is re-filed as Exhibit 19.15.7 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”. 96 AFRICA AngloGold Ashanti has six mining operations within the Africa region: •Kibali Gold Mine in the Democratic Republic of the Congo (“DRC”), a joint venture (“JV”) between AngloGold Ashanti (45%), Barrick Mining Corporation (“Barrick”) (45%), and Société Minière de Kilo-Moto S.A. (“SOKIMO”), a state-owned gold mining company (10%); •Iduapriem Gold Mine (“Iduapriem”) and Obuasi Gold Mine (“Obuasi”) in Ghana; •Siguiri Gold Mine (“Siguiri”) in Guinea, co-owned by AngloGold Ashanti (85%) and the government of Guinea (15%); •Geita Gold Mine (“GGM” or “Geita”) in Tanzania; and •Sukari Gold Mine (“Sukari”) in Egypt, co-owned by AngloGold Ashanti (50%) and the Egyptian Mineral Resources and Mining Industries Authority (“MRMIA”) (formerly the Egyptian Mineral Resources Authority (“EMRA”)) (50%). 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 2025, 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 (TRS current at 31 December 2025) filed as Exhibit 19.15.9 hereto. Property description Kibali is a joint venture co-owned by AngloGold Ashanti (45%), Barrick (45%), and SOKIMO (10%). 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 currently a production stage property. Operations currently focus on open pit and underground mining. Kibali consists of multiple gold deposits including an underground mine at Karagba-Chauffeur-Durba (KCD), active open pits at Gorumbwa, Pamao Main, Pamao South, Kalimva, Ikamva, Ndala and Rhino, and partially depleted open pits with planned pushbacks at Aerodrome, Pakaka, Sessenge, Mengu Hill, Kombokolo, and KCD. Additionally, there are three planned open pits at Megi- Marakeke-Sayi, Sessenge SW, and Oere. 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 and approximately 1,800km northeast of the capital city of Kinshasa, approximately 560km northeast of the capital of the Tshopo Province, Kisangani, 1,800km from the Kenyan port of Mombasa, 1,950km from the Tanzanian port of Dar es Salaam, and 150km west of the Ugandan border town of Arua. 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% indirect interest in Moto Goldmines Limited (“Moto”) through a JV with Randgold Resources Limited (“Randgold”), with Moto holding a 70% stake in Kibali and the DRC parastatal SOKIMO holding the remaining 30% stake. On 21 December 2009, Randgold and AngloGold Ashanti increased their JV interest in Kibali to 90%, while SOKIMO retained a 10% holding. In 2014, Kibali Goldmines S.A. was formally incorporated to house the final shareholding structure (45% Randgold, 45% AngloGold Ashanti and 10% SOKIMO). On 2 January 2019, Randgold merged with Barrick, and its JV interest in Kibali is now held by the combined company, trading as Barrick Mining Corporation. 97 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. Multiple open pits are mined using conventional drill-and-blast with truck-and-shovel loading. Waste is delivered to adjacent waste rock dumps and ore is hauled to stockpiles and then to the processing plant. Mining of the main pits is carried out by DTP-Kibali Mining Services (DTP-KMS), a local subsidiary of DTP Terrassement, as the main mining contractor and smaller pits are mined by local contractors. Five to seven open pits are mined in any single year. A core of larger pits, Gorumbwa, KCD, and Agbarabo-Rhino, are located near the processing plant with satellite pits further to the north and east of these. The underground operation has been producing for ten years and mines the KCD deposit. It is owner-operated and produces 3.4Mt of ore per year. The orebody is accessed through twin declines and a vertical shaft system. Ore is mined using long hole open stoping in 35m high stopes with cemented paste fill. Where orebody geometry is favourable, these can be taken in multiple lifts, and where it is not, transverse stopes or smaller stope shapes are mined. Stoping is sequenced to maintain geotechnical stability and to optimise production rates, with paste backfill allowing for maximum extraction of ore while ensuring stability and controlling dilution. Mining is supported by mechanised equipment fleets for both development and production. Deeper ore is handled into eight ore passes, from which it is loaded by autonomous loaders into two crusher bins from where it is hoisted out. Shallower ore is trucked out. Most of the ore comes from five main mineralised zones, with a further five contributing smaller amounts. Some zones require the stope geometry to be adapted into smaller stopes. 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 160km 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—AngloGold Ashanti Global Operations: 2025—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. There is no national grid power supply to the mine and Kibali is fully dependent on its own power generation. The current power supply comes from a combination of on-site high-speed diesel generator sets, three hydropower stations, a photovoltaic (PV) solar plant, and two Battery Energy Storage Systems (BESS). 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 9,500m3. 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 2025, 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 $1,044 million (reported as attributable; 45% owned by AngloGold Ashanti). Mineral processing The Kibali gold processing plant comprises two largely independent circuits, each designed to accommodate distinct ore types based on mineralogical and metallurgical characteristics. The Oxide and Free-Milling Circuit is designed to process oxide, transition, and free-milling ore. It includes standard crushing, ball milling, gravity recovery via Knelson concentrators, and a conventional carbon-in-leach (“CIL”) circuit. The Sulphide Refractory Circuit is purpose-built for the treatment of sulphide refractory ore. The flowsheet consists of primary crushing, milling, flash and conventional flotation, ultrafine grinding, and cyanidation via a Pumpcell carbon-in-pulp (“CIP”) circuit. The flotation concentrate is subjected to a gravity flow pre-oxidation stage, followed by a leaching and CIP circuit. 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. 98 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 2025, based on a gold price estimate of $2,000/oz, unless otherwise stated. Mineral Resource Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Kibali (45%) Measured 5.92 2.86 16.93 0.54 Indicated 27.16 2.30 62.36 2.01 Measured & Indicated 33.08 2.40 79.29 2.55 Inferred 21.98 2.10 46.11 1.48 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 constrained to meet the requirement for reasonable prospects of economic extraction by volumes created through a mine shape optimiser process for underground or within an economically optimised pit shell for open pit and stockpiled material is reported as broken material. 4.“Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms. 5.Kibali is operated by Barrick. The Mineral Resource estimate was prepared through the Kibali joint venture’s estimation and governance processes and under the supervision of Barrick’s Qualified Persons. The Qualified Person responsible for the Kibali Mineral Resource is Richard Peattie, FAusIMM, employed by Barrick. Refer to “—Qualified Persons—Qualified Persons in respect of the material properties” below for more information on the Qualified Persons. 6.Property currently in a production stage. 7.In 2025, a cut-off grade range from 0.59g/t to 0.82g/t (varying according to area and weathering domain) with an overall tonnage weighted average cut-off grade of 0.71g/t was applied to the open pits, a cut-off grade range from 0.45g/t to 0.49g/t (varying according to area and weathering domain) was applied to the stockpiles, and a cut-off grade of 0.91g/t was applied to the underground. 8.In 2025, a metallurgical recovery factor range from 75.5% to 91.0% (varying according to area and weathering domain) was applied to the open pits, stockpiles, and underground. Year-on-year changes in Mineral Resource - Moz at 31 December 2025 Kibali (45%) Category Measured Indicated Measured & Indicated Inferred Previous Year 0.58 2.42 3.00 0.93 Exploration and Methodology (0.05) (0.50) (0.55) 0.48 Economic Assumptions 0.03 0.14 0.17 0.08 Other (0.02) (0.05) (0.08) — Acquisition / Disposal — — — — Current Year 0.54 2.01 2.55 1.48 Net Difference (0.04) (0.42) (0.46) 0.56 % Difference (7) (17) (15) 60 Note: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. The Mineral Resource estimate was prepared through the Kibali joint venture’s estimation and governance processes and under the supervision of Barrick’s Qualified Persons. The decrease in Measured and Indicated Mineral Resource was primarily driven by the conversion of material to Mineral Reserve at Rhino. This was partially offset by the Mineral Resource gold price increase from $1,900/oz to $2,000/oz, however the net result was a reduction in the Mineral Resource. The increase in Inferred Mineral Resource was mainly due to new exploration drilling, with a smaller contribution from the Mineral Resource gold price increase from $1,900/oz to $2,000/oz. 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. 99 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 2025, based on a gold price estimate of $1,500/oz, unless otherwise stated. Mineral Reserve Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Kibali (45%) Proven 13.45 3.13 42.16 1.36 Probable 36.87 2.92 107.49 3.46 Total 50.32 2.97 149.65 4.81 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.Kibali is operated by Barrick. The Mineral Reserve estimate was prepared through the Kibali joint venture’s estimation and governance processes and under the supervision of Barrick’s Qualified Persons. The Qualified Person responsible for the Kibali Mineral Reserve is Derek Holm, FAusIMM, employed by Barrick. Refer to “—Qualified Persons—Qualified Persons in respect of the material properties” below for more information on the Qualified Persons. 5.Property currently in a production stage. 6.In 2025, a cut-off grade range from 0.76g/t to 0.99g/t (varying according to area and weathering domain) was applied to the open pits, a cut-off grade range from 0.45g/t to 0.49g/t (varying according to weathering domain) was applied to the stockpiles, and a cut-off grade of 2.06g/t was applied to the underground. 7.In 2025, a metallurgical recovery factor range from 75.5% to 91.0% (varying according to area and weathering domain) was applied to the open pits, stockpiles, and underground. Year-on-year changes in Mineral Reserve - Moz at 31 December 2025 Kibali (45%) Category Proven Probable Total Previous Year 1.42 3.15 4.57 Depletion (0.36) — (0.36) Exploration and Methodology 0.24 0.26 0.50 Economic Assumptions 0.04 0.04 0.08 Other 0.02 — 0.02 Acquisition / Disposal — — — Current Year 1.36 3.46 4.81 Net Difference (0.06) 0.31 0.24 % Difference (4) 10 5 Note: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. The Mineral Reserve estimate was prepared through the Kibali joint venture’s estimation and governance processes and under the supervision of Barrick’s Qualified Persons. The addition in Mineral Reserve was due to additional exploration drilling and an increase in gold price from $1,400/oz to $1,500/ oz, partially offset by depletion and cost. 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. 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. 100 101 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. Obuasi is located in the Ashanti region of southern Ghana, approximately 60km south of Kumasi and about 240km northwest of the capital, Accra. Iduapriem is an open pit mine and is located in the Western region of Ghana, 70km north of the coastal city of Takoradi and approximately 10km southwest of the town of Tarkwa. OBUASI The Company has determined that, as of 31 December 2025, 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 (TRS current at 31 December 2023) filed as Exhibit 19.15.7 hereto. Property description Obuasi is wholly-owned by AngloGold Ashanti and is a production stage property. The mine is largely an underground operation with both underground and open pit Mineral Resource, 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 240km northwest of the capital, Accra, and 60km 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 focused on the development of the infrastructure necessary to support the planned ramp- up in production and was completed in December 2024. With the completion of final Phase 3, the mine transitioned into full operations with effect from 1 January 2025. 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”. 102 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. Obuasi has 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. As such, UHDF is now being employed as an additional mining method to the LHOS. UHDF is a selective mining method suitable for following the local variations of an orebody, and comes in two variants: the traditional UHDF and the modified UHDF. The traditional UHDF mines the orebody in 5m development stacked slices, whilst the modified UHDF mines stopes longitudinally, with reduced stope heights of between 10-15m. UHDF 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 ,10 and 11, given the anticipated complex and challenging grounds at depth. 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 physical condition of the equipment, facilities, and infrastructure at Obuasi is generally considered to be in good working order. 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 focused 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—AngloGold Ashanti Global Operations: 2025—Operating Performance—Africa Region”. The “Property, Plant, and Equipment” as of 31 December 2025, including buildings and mine infrastructure, mining assets, decommissioning assets and assets under construction, had a carrying value of $1,405 million. Mineral processing The plant is configured for both flash and conventional flotation, followed by a regrind mill, BIOX and leach circuit, designed for refractory sulphide ore. A 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 2025, based on a gold price estimate of $2,000/oz, unless otherwise stated. Mineral Resource Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Obuasi Measured 6.12 7.21 44.13 1.42 Indicated 43.72 5.33 233.05 7.49 Measured & Indicated 49.84 5.56 277.17 8.91 Inferred 43.93 7.81 342.95 11.03 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.“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 constrained to meet the requirement for reasonable prospects of economic extraction by volumes created through a mine shape optimiser process for underground and stockpiled material is reported as broken material. 4.Property currently in a production stage. 5.Eric Kofi Owusu Acheampong, MAusIMM (CP), employed by AngloGold Ashanti, is the Qualified Person responsible for the Obuasi Mineral Resource. Refer to “—Qualified Persons—Qualified Persons in respect of the material properties” below 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 (TRS current at 31 December 2023) filed as Exhibit 19.15.7 hereto if the updated gold price of $2,000/oz is used (instead of $1,750/oz, the gold price used to estimate the Mineral Resource in 2023). 6.In 2025, a cut-off grade of 0.94g/t was applied to the open pit, and a cut-off grade range from 3.22g/t to 3.96g/t (varying according to area) was applied to the underground. 7.In 2025, a metallurgical recovery factor of 88.0% was applied to the open pit and underground. 103 Year-on-year changes in Mineral Resource - Moz at 31 December 2025 Obuasi Category Measured Indicated Measured & Indicated Inferred Previous Year 1.21 7.63 8.84 11.51 Exploration and Methodology — (0.13) (0.13) (0.31) Economic Assumptions (0.05) 0.06 — (0.20) Other 0.26 (0.07) 0.20 0.02 Acquisition / Disposal — — — — Current Year 1.42 7.49 8.91 11.03 Net Difference 0.21 (0.14) 0.07 (0.49) % Difference 17 (2) 1 (4) Note: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. The net decrease in Mineral Resource is attributed to geological model revisions incorporating exploration and Mineral Resource definition drilling, modelling changes and higher costs. The decrease was partially offset by an increase in the gold price assumption from $1,900/oz to $2,000/oz, and reduced minimum safety pillar requirements supported by sequential lode extraction with paste backfill and cost optimisation initiatives through block redesign. Estimation The estimation technique used is ordinary kriging using estimation panels which are optimised for the scale of the underground mining units. This 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 2025, based on a gold price estimate of $1,700/oz, unless otherwise stated. Mineral Reserve Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Obuasi Proven 4.23 10.58 44.78 1.44 Probable 17.06 10.25 174.80 5.62 Total 21.30 10.31 219.58 7.06 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.“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.Douglas Atanga, SME RM, employed by AngloGold Ashanti, is the Qualified Person responsible for the Obuasi Mineral Reserve. Refer to “—Qualified Persons— Qualified Persons in respect of the material properties” below 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 (TRS current at 31 December 2023) filed as Exhibit 19.15.7 hereto if the updated gold price of $1,700/oz is used (instead of $1,400/oz, the gold price used to estimate the Mineral Reserve in 2023). 5.In 2025, a cut-off grade range from 4.91g/t to 6.31g/t was applied to the underground (varying according to area). 6.In 2025, a metallurgical recovery factor of 88.0% was applied to the underground. Year-on-year changes in Mineral Reserve - Moz at 31 December 2025 Obuasi Category Proven Probable Total Previous Year 1.24 5.51 6.75 Depletion (0.26) — (0.26) Exploration and Methodology 0.21 (0.18) 0.02 Economic Assumptions 0.22 0.41 0.63 Other 0.04 (0.12) (0.08) Acquisition / Disposal — — — Current Year 1.44 5.62 7.06 104 at 31 December 2025 Obuasi Category Proven Probable Total Net Difference 0.20 0.11 0.31 % Difference 17 2 5 Note: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. The addition in the Mineral Reserve was due to an increase in gold price and improvements from geological re-interpretation and validation, partially offset by depletion and cost. 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 UG, Deswik CAD and Deswik Scheduler software. The cut-off grade parameters used include projected mining, processing, and general and administrative costs. A Mineral Reserve gold price of $1,700/oz was used. The cut-off grade also considers the metallurgical recovery factor (88% 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 Optimiser (“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. 105 Map showing Obuasi planned infrastructure and licences Below is a map that shows the location, infrastructure and mining licence area for Obuasi. The coordinates of the mine, as represented by the plant, are depicted on the map and are in the geographic coordinate system. 106 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. Location The mine is located in the Western region of Ghana, some 70km north of the coastal city of Takoradi and approximately 10km 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 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. Iduapriem operates a three-stage crushing circuit followed by two parallel SAG-Ball circuits (with gravity gold recovery). The mills then feed a conventional CIL recovery circuit. 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%) and the government of Guinea (15%). 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, Kosise, Sokuni and Tubani pits in Block 1, as well as Saraya pit in Block 2. Location Siguiri is located in the Kankan region of Guinea, approximately 850km north-northeast of Conakry, 25km northwest of the town of Siguiri and 220km southeast of the Malian capital Bamako, near the Malian border. 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”. 107 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% fresh rock and 50% soft ore, resulting in a total throughput of 11.8Mtpa. Unit operations include comminution, gravity gold recovery, CIL leaching and tailings disposal. Certain ore types have displayed metallurgical recovery challenges. A recovery project study has resulted in 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 of the challenging ore blends. The current TSF is being prepared for operational closure, while the design and permitting of a new TSF is underway. TANZANIA GEITA The Company has determined that, as of 31 December 2025, 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 (TRS current at 31 December 2025) filed as Exhibit 19.15.5 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 120km west of Mwanza and 4km 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 1,200km from the main Tanzanian business centre of Dar es Salaam. It falls within the Lake Zone of northwestern Tanzania, approximately 120km west of Mwanza and 4km 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 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% 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 2018, at Kukuluma and Matandani between 2002 and 2007, and at Star and Comet between 2007 and 2014. In September 2020, the Nyankanga open pit was mined to completion. In April 2021, the Nyamulilima open pit commenced operations following intensive surface exploration programs that began in 2019. 108 From 2016, underground mining operations restarted, initially from Star and Comet with access via the Star and Comet open pit. Underground mining began at Nyankanga in 2017 with access via the Nyankanga open pit, and at Geita Hill in 2020 with access via the Geita Hill West open pit. 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 LHOS and TOS. Cemented aggregate fill is used at Nyankanga to backfill the primary stopes and allows for the mining of secondary stopes. Ore is hauled from the Nyamulilima open pit (22km) and from Star and Comet (17km), Nyankanga (4km) and Geita Hill (2km) 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—AngloGold Ashanti Global Operations: 2025—Operating Performance—Africa Region”. The “Property, Plant, and Equipment” as of 31 December 2025, 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 The circuit contains a primary gyratory crusher, secondary and tertiary crushers, a SAG mill, a ball mill and 12 leach tanks. Geita’s ore processing method is a conventional CIL process with a throughput capacity of 5.4Mtpa. 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. 109 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 2025, based on a gold price estimate of $2,000/oz, unless otherwise stated. Mineral Resource Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Geita Measured 9.90 2.47 24.51 0.79 Indicated 70.15 1.77 124.31 4.00 Measured & Indicated 80.05 1.86 148.82 4.78 Inferred 53.22 2.01 107.09 3.44 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.“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 constrained to meet the requirement for reasonable prospects of economic extraction by volumes created through a mine shape optimiser process for underground or within an economically optimised pit shell for open pit and stockpiled material is reported as broken material. 4.Property currently in a production stage. 5.Janeth Luponelo, SME RM, employed by AngloGold Ashanti, is the Qualified Person responsible for the Geita Mineral Resource. Refer to “—Qualified Persons— Qualified Persons in respect of the material properties” below for more information on the Qualified Persons. 6.In 2025, a cut-off grade range from 0.50g/t to 1.20g/t (varying according to area) was applied to the open pit, and a cut-off grade range from 0.88g/t to 2.52g/t (varying according to area) was applied to the underground. 7.In 2025, a metallurgical recovery factor range from 43.50% to 97.00% (varying according to material type) was applied to the open pit, a metallurgical recovery factor of 92.80% was applied to the stockpile, and a metallurgical recovery factor range from 78.02% to 93.37% (varying according to area) was applied to the underground. Year-on-year changes in Mineral Resource - Moz at 31 December 2025 Geita Category Measured Indicated Measured & Indicated Inferred Previous Year 0.85 2.95 3.81 3.47 Exploration and Methodology 0.03 0.76 0.79 (0.06) Economic Assumptions (0.10) 0.23 0.13 (0.02) Other — 0.05 0.05 0.06 Acquisition / Disposal — — — — Current Year 0.79 4.00 4.78 3.44 Net Difference (0.07) 1.04 0.98 (0.02) % Difference (8) 35 26 (1) Note: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. The increase in the Measured and Indicated Mineral Resource is primarily attributed to additional exploration drilling and modelling changes and an increase in the gold price, partially offset by costs. The slight decrease in the Inferred Mineral Resource is mainly due to modelling changes and higher costs, partially offset by exploration drilling, a higher gold price and revised geotechnical parameters. 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”). For the Nyamulilima open pit, the orebody is defined using indicator kriging, which will define a volume of interest. This is reviewed annually. 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. 110 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. 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 2025, based on a gold price estimate of $1,700/oz, unless otherwise stated. Mineral Reserve Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Geita Proven 21.20 1.06 22.44 0.72 Probable 54.49 1.88 102.65 3.30 Total 75.69 1.65 125.09 4.02 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.“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.Duan Campbell, Pr. Eng, employed by AngloGold Ashanti, is the Qualified Person responsible for the Geita Mineral Reserve. Refer to “—Qualified Persons— Qualified Persons in respect of the material properties” below for more information on the Qualified Persons. 5.In 2025, a cut-off grade range from 0.85g/t to 0.95g/t (varying according to area) was applied to the open pit, a cut-off grade range from 0.70g/t to 0.88g/t (varying according to material type) was applied to the stockpiles, and a cut-off grade range from 2.40g/t to 3.36g/t (varying according to area) was applied to the underground. 6.In 2025, a metallurgical recovery factor range from 92.80% to 97.00% (varying according to material type) was applied to the open pit, a metallurgical recovery factor of 92.80% was applied to the stockpiles, and a metallurgical recovery factor range from 78.02% to 93.37% (varying according to area) was applied to the underground. Year-on-year changes in Mineral Reserve - Moz at 31 December 2025 Geita Category Proven Probable Total Previous Year 0.51 2.74 3.25 Depletion 0.19 (0.75) (0.57) Exploration and Methodology — 0.61 0.61 Economic Assumptions 0.11 0.52 0.62 Other (0.08) 0.18 0.10 Acquisition / Disposal — — — Current Year 0.72 3.30 4.02 Net Difference 0.21 0.56 0.78 % Difference 42 20 24 Note: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. The addition in Mineral Reserve was mainly due to ongoing exploration drilling success and an increase in gold price, partially offset by depletion and cost. 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, sustaining 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. 111 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 2025, Sukari is a material property for purposes of Regulation S-K 1300. For additional information, refer to the Technical Report Summary for Sukari (TRS current at 31 December 2025) filed as Exhibit 19.15.11 hereto. Property description Sukari is jointly owned by Pharaoh Gold Mines NL (“PGM”) (a wholly-owned subsidiary of AngloGold Ashanti) and MRMIA (formerly EMRA) through their respective 50% 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. Location Sukari is located in the Red Sea Governorate in the Eastern Desert of Egypt, approximately 750km southeast of Cairo and 25km 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 2.3km 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 112 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 MRMIA (formerly 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. 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 The Sukari site is accessible by road from both Marsa Alam and Cairo, ensuring logistical efficiency. 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 on-site thermal power generation plants, 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. The physical condition of the equipment, facilities, and infrastructure at Sukari is generally considered to be in good working order. The mine’s robust 113 infrastructure supports a focused development plan, with ongoing upgrades designed to sustain and enhance operations over the LOM. Water supply for the operation is sourced from raw seawater, which is pumped through two pipelines from the Red Sea to the mine, supported by dedicated pumping stations. Water is desalinated on site for selected processing as required. Additional infrastructure includes extensive onsite workshops, 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. For the number of persons employed at the mine, refer to “Item 4B: Business Overview—AngloGold Ashanti Global Operations: 2025—Operating Performance—Africa Region”. The “Property, Plant, and Equipment” as of 31 December 2025, including lease assets, buildings, mine infrastructure, mining assets, decommissioning assets and assets under construction, had a carrying value of $3,209 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 recovery. 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-leach 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 the 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 2025, based on a gold price estimate of $2,000/oz, unless otherwise stated. Mineral Resource Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Sukari (50%) Measured 41.60 0.82 33.96 1.09 Indicated 40.48 0.59 23.98 0.77 Measured & Indicated 82.08 0.71 57.94 1.86 Inferred 30.34 0.59 17.94 0.58 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.“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 constrained to meet the requirement for reasonable prospects of economic extraction by volumes created through a mine shape optimiser process for underground or within an economically optimised pit shell for open pit and stockpiled material is reported as broken material. 4.Property currently in a production stage. 5.Doxel Mutunda, MAIG, employed by AngloGold Ashanti, is the Qualified Person responsible for the Sukari Mineral Resource. Refer to “—Qualified Persons— Qualified Persons in respect of the material properties” below for more information on the Qualified Persons. 6.Open pit gold Mineral Resource is based on a gold price of $2,150/oz, underground gold Mineral Resource is based on a gold price of $2,000/oz, and stockpile gold Mineral Resource is based on a gold price of $1,700/oz. 7.In 2025, a cut-off grade of 0.20g/t was applied to the open pit, a cut-off grade of 0.43g/t was applied to the stockpiles, and a cut-off grade of 1.20g/t was applied to the underground. 8.In 2025, a metallurgical recovery factor of 89.50% was applied to the open pit and underground, and a metallurgical recovery factor of 86.56% was applied to the stockpiles. 114 Year-on-year changes in Mineral Resource - Moz at 31 December 2025 Sukari (50%) Category Measured Indicated Measured & Indicated Inferred Previous Year 1.31 0.78 2.09 0.54 Exploration and Methodology 0.02 (0.03) (0.01) (0.03) Economic Assumptions (0.05) 0.08 0.03 0.05 Other (0.19) (0.05) (0.24) 0.01 Acquisition / Disposal — — — — Current Year 1.09 0.77 1.86 0.58 Net Difference (0.22) (0.01) (0.23) 0.03 % Difference (17) (1) (11) 6 Notes: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. The slight decrease of the Mineral Resource was mainly due to model changes, depletion methodology for underground voids in the open pit, as well as higher costs mainly driven by processing upgrades, higher fuel prices, and additional capital requirements. The decrease was partially offset by an increase in gold price. Estimation The estimation techniques used at Sukari vary depending on the mining methods and mineralisation styles, with distinct approaches for open pit and underground Mineral Resource estimation. For the open pit Mineral Resource, multiple indicator kriging with indirect lognormal change of support is used to model recoverable tonnes and grade. Length-weighted compositing is applied and the average of the mean and medium grades for the top indicator class is used. Sample spacing varies, from 12m x 8m spacing in grade control areas to 100m x 100m spacing for Mineral Resource definition drilling. Extrapolation from data points is limited to 100m for classification purposes; beyond this, areas are considered exploration potential rather than classified Mineral Resource. For the underground Mineral Resource, estimation is via ordinary kriging. Block dimensions are set to align with mine stope dimensions and to accurately reflect underground mining units. To ensure precise definition of domain boundaries, sub-cells were utilised. Length-weighted compositing is used, and grade capping and high-yielding techniques are applied to mitigate the impact of high-grade outliers. Drill hole spacing varies, with 10m x 10m coverage in active mining areas and broader spacings of 50m x 50m for deeper exploration zones. The classification and confidence levels of the underground Mineral Resource are determined based on factors such as drill density, mine development, estimation outputs (including slope of regression and kriging efficiency) and geological continuity. 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 Sukari at the end of the fiscal year ended 31 December 2025, based on a gold price estimate of $1,700/oz, unless otherwise stated. Mineral Reserve Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Sukari (50%) Proven 55.61 1.00 55.39 1.78 Probable 20.44 0.88 18.08 0.58 Total 76.06 0.97 73.48 2.36 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.“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.Sherif Moemen, MAusIMM (CP), employed by AngloGold Ashanti, is the Qualified Person responsible for the Sukari open pit Mineral Reserve, and Mahmoud Abdelmonem, MIMMM QMR, employed by AngloGold Ashanti, is the Qualified Person responsible for the Sukari underground Mineral Reserve. Refer to “— Qualified Persons—Qualified Persons in respect of the material properties” below for more information on the Qualified Persons. 5.In 2025, a cut-off grade of 0.43g/t was applied to the open pit and stockpiles, and a cut-off grade of 2.34g/t was applied to the underground. 6.In 2025, a metallurgical recovery factor of 89.50% was applied to the open pit and underground, and a metallurgical recovery factor of 86.56% was applied to the stockpiles. 115 Year-on-year changes in Mineral Reserve - Moz at 31 December 2025 Sukari (50%) Category Proven Probable Total Previous Year 1.88 0.53 2.41 Depletion (0.25) — (0.25) Exploration and Methodology 0.01 (0.03) (0.03) Economic Assumptions 0.12 0.08 0.20 Other 0.03 0.01 0.04 Acquisition / Disposal — — — Current Year 1.78 0.58 2.36 Net Difference (0.10) 0.06 (0.05) % Difference (5) 11 (2) Notes: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. The slight decrease in Mineral Reserve is mainly due to depletion, partially offset by the higher gold price. Estimation The Mineral Reserve estimation process at Sukari incorporates key mining, geotechnical, processing, and economic parameters. The process involves detailed design and scheduling by mine planning engineers, supported by geotechnical, metallurgical, and cost analysis. Various software tools are used to optimise designs and schedules. For the open pit Mineral Reserve, estimation is based on a cut-off grade that accounts for projected mining, processing, and administrative costs, as well as the gold price assumption and metallurgical recovery factor indicated in the above table. For the underground Mineral Reserve, a stope optimiser is used to generate initial stope designs, which are then manually refined. The LOM plan integrates fleet capacity, infrastructure needs, and scheduling constraints. Mineral Reserve estimates are reported only for Measured and Indicated Mineral Resource and are designed to ensure that all included blocks are economically mineable under the proposed conditions. Map showing Sukari planned infrastructure and licences Below is a map that shows the location, infrastructure and mining licence area for Sukari, including the Nugrus Block. The coordinates of the mine, as represented by the plant, are depicted on the map and are in the geographic coordinate system. 116 AMERICAS The Americas region includes the mining jurisdictions Brazil and Argentina, in which AngloGold Ashanti has two operations. In Argentina, the Company has one mining operation: the Cerro Vanguardia Mine, co-owned by AngloGold Ashanti (92.5%) and Fomento Minero de Santa Cruz Sociedad del Estado (“Fomicruz SE”) (7.5%). In Brazil, the Company has one mining operation, the AngloGold Ashanti Córrego do Sítio Mineração operations (“AGA Mineração”) which include the Cuiabá, Lamego and Córrego do Sítio (“CdS”) mines. ARGENTINA CERRO VANGUARDIA Property description Cerro Vanguardia, a production stage gold-silver operation, is the Company’s sole operation in Argentina. The mine is operated by Cerro Vanguardia S.A. (“CVSA”), which is a company formed by AngloGold Ashanti (92.5%) and Fomicruz SE, a state-owned company operating in the province of Santa Cruz (7.5%). The climate is semi-arid and although snow does occur, winter is mild and exploration activities are normally possible all year round. Cerro Vanguardia operates multiple small open pits with high stripping ratios and multiple narrow-vein underground mines located within the property and mined simultaneously. Cerro Vanguardia has been in operation for more than 20 years. Silver is produced as a by-product. Location Cerro Vanguardia is located in the Province of Santa Cruz, southern Patagonia, Argentina, approximately 110km north-northwest of the coastal town of Puerto San Julián. Access to the area is by aircraft from Buenos Aires to Comodoro Rivadavia (380km) or Rio Gallegos (510km) and then by road to the mine site. Mineralisation style Cerro Vanguardia is in the core of the 60,000km2 Deseado Massif, one of the most extensive volcanic complexes in southern Patagonia. The Deseado Massif is deposited over Paleozoic low-grade metamorphic basement rocks. The mineralisation is concentrated in steeply-dipping quartz veins that cut the flat-lying ignimbrites and volcanoclastic rocks. The Cerro Vanguardia district contains more than 100 gold and silver-bearing epithermal veins for a cumulative exposed vein strike extension of more than 240km, of which 55 veins are currently known to contain economic gold and silver mineralisation. The veins at Cerro 117 Vanguardia consist mainly of quartz and adularia and contain minor electrum, native gold, silver sulphides and native silver as fine-grained disseminations. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region— Argentina—AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities Infrastructure for Cerro Vanguardia is mostly located on-site. It includes a camp site with a capacity of 1,300 people, a Merrill Crowe plant, heap leaching facilities, cyanide recycling plant, mine laboratory, maintenance facilities, warehouses and sewage processing plant. Four natural gas power generators, fed by a 40km long pipeline, provide electricity to the operation. Natural gas is also used for heating. Mine office facilities are located in the main mining area. Dewatering supplies water for use both as processing water and camp consumption. Due to the particular features of the mine, and in order to optimise hauling, all pits have local, single or multiple waste dumps. The TSF is located in and is contained by a natural depression. Mineral processing The metallurgical plant has a daily capacity estimated at 3,500tpd (1.2Mtpa). The plant comprises the following stages: crushing, milling, conventional leaching in tanks, counter current decant system in thickeners (“CCD circuit”), a CIL process, acid wash, elution, Merrill Crowe process to recover gold and silver with metallic zinc, and a cyanide recovery plant (“Cyanisorb”). The tailings go directly to a conventional TSF, with a reclaim water system for the plant. In addition to the processing plant there is a heap leach pad, with an annual capacity of 2Mtpa. The pregnant solution from this process goes directly to the CCD circuit in the process plant and to the Merrill Crowe process for gold and silver recovery. BRAZIL AGA MINERAÇÃO AngloGold Ashanti’s operation in Brazil is AGA Mineração, which includes the Cuiabá, Lamego and CdS mines. The AGA Mineração mining complex is located in the Quadrilátero Ferrífero (Iron Quadrangle), in southeastern Brazil in the state of Minas Gerais. Operations are 30km from the capital of the state (Belo Horizonte) in the case of Cuiabá and Lamego, and approximately 100km in the case of CdS. Ore from the Cuiabá and Lamego underground mines is processed at the Cuiabá gold plant. The concentrate produced is transported by aerial ropeway to the Queiroz plant for processing and refining. The Queiroz hydrometallurgical plant also produces sulphuric acid as a by-product. CdS consists of open pit and underground mines. The oxide ore mined is treated by heap leach and a pressure leaching plant treats sulphide ore. The distance from the main underground mine to the metallurgical plant is around 15km. The property was placed on care and maintenance in August 2023. AGA MINERAÇÃO - CÓRREGO DO SÍTIO Property description CdS is wholly-owned by AngloGold Ashanti. It began operations in 1989 and consists of multiple open pit (conventional bench mining) and underground mines (mainly using sub-level stoping). The property was placed on care and maintenance in August 2023. Location The CdS complex is located in the municipalities of Santa Bárbara and Barão de Cocais, that are located 100km east of the city of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil. These operations are included in an important mining district referred to as the Iron Quadrangle, the second biggest Brazilian area for the production of iron, gold and manganese. Mineralisation style The CdS gold deposit is located in the eastern part of the lower to middle greenschist facies of the Rio das Velhas Archaean, in the Iron Quadrangle region, on the southern margin of the São Francisco Craton in Brazil. CdS is an orogenic gold deposit hosted in intensely deformed clastic, volcanoclastic, carbonaceous schists and metagreywackes in an approximately 30km northeast-southwest striking shear zone. Hydrothermal alteration phases associated with the mineralisation are dominated by sericite and carbonate. The CdS I, II and III, gold deposits and associated targets are located in a gold trend that extends for approximately 14km in a north-easterly direction, from Grota Funda (CdS I) in the south to Anomalia (CdS III) in the north, which developed in a compressional tectonic regime. Gold is associated with quartz and fine grained acicular arsenopyrite. The main gold targets and deposits are distributed over three trends, namely the CdS Trend and the Cristina Trend hosted in metasedimentary rocks, and the Donana Trend hosted in BIF. 118 Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region— Brazil—AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities CdS infrastructure consists of the sulphide plant at CdS II (used to process refractory sulphide material), and the heap leach plant at CdS I (for oxide ore mined by open pit). The site also has a TSF for the sulphide plant, a neutralised tailings deposit for the oxide material and numerous waste dumps for the open pit mines at CdS I. 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 Region—Brazil”. Ancillary facilities comprise a water treatment facility, effluent treatment facilities, equipment workshops, laboratory, warehouses, explosives and accessories magazines, fuel stations, electric substations as well as offices, medical clinic, mess rooms, dressing rooms, bathrooms, storerooms, garage, fuel stations, a centre of environmental studies, nursery and other facilities required to operate the mine. Water is primarily sourced from recycling the underground mine water and supplementary water catchment wells. The power for the operations is supplied and purchased on the open market. Good communication infrastructure is available in the area. Mineral processing There are two metallurgical plants at CdS: the heap leach plant for oxide ore and the sulphide plant. The sulphide process consists of crushing, grinding and gravity concentration, flotation, thickening, pressure oxidation (POX autoclave), CIL extraction, elution, neutralisation, electrowinning and filtered-stack tailings. The sulphide plant and POX circuit have a capacity of 900ktpa. The heap leaching process consists of crushing, agglomeration, stacking, leaching, adsorption, elution and electrowinning, with capacity of 860ktpa. AGA MINERAÇÃO - CUIABÁ Property description Cuiabá is an underground operation (mainly using sub-level long hole open stoping) that is wholly-owned by AngloGold Ashanti, within one of the most important metallogenetic provinces in Brazil, known as the Iron Quadrangle. This region is an important producer of iron ore, manganese and gold in Brazil. The property is currently in a production stage and operated by AGA Mineração. Location Cuiabá is located 30km to the east of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil. Mineralisation style The Cuiabá mine is located in the Iron Quadrangle, a geotectonic unit on the southern edge of the São Francisco Craton. This area comprises Archaean and Proterozoic terrains and is bordered by Neoproterozoic mobile belts. Regionally, the Cuiabá mine is in the eastern extension of the Serra do Curral inverted homocline, on the northeastern edge of the Iron Quadrangle. The mine’s lithostratigraphy consists of an intermediate metavolcanic sedimentary sequence of the greenstone belt type hosted in the Nova Lima Group at the bottom of the Rio das Velhas Supergroup. Gold mineralisation is associated with sulphides and quartz veins in BIF and volcanic sequences. Structural control and fluid flow are the most important factors for gold mineralisation with a common association between large-scale shear zones and their associated structures. Within the BIF, mineralisation appears strongly stratiform due to the selective sulphidation of the iron-rich layers. Steeply plunging shear zones tend to control the ore shoots, which commonly plunge parallel to intersections between the shears and other structures. Mineralisation is hosted in the limbs of a fold system. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil— AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities The metallurgical plants (Cuiabá gold plant and Queiroz plant) are connected by an aerial ropeway. Power to the Cuiabá mine and the Cuiabá gold plant is provided by a 230kV transmission line from the national grid. Power to the Queiroz plant is supplied by Cemig, a state-owned company, as well as by a set of small hydropower plants (Rio de Peixe hydroelectric complex). The Rio de Peixe hydroelectric complex, which is directly connected to the Queiroz plant, consists of a set of seven small hydropower plants that generate energy from three dams (Ingleses, Miguelão and Codorna) and is currently on care and maintenance. The Cuiabá mine has a shaft system (846m deep) and surface decline access for production and personnel transport. Tailings deposition is at one of four sites located at Cuiabá, Calcinados, Rapaunha and Cocuruto. Mineral processing Cuiabá and Lamego mines feed the Cuiabá gold (crushing, milling and flotation) and Queiroz (roaster, CIP and refinery) plants. At the Cuiabá gold plant, ore is crushed and milled followed by flotation and filtration to produce a concentrate (32% sulphur), which is transported by an aerial ropeway to Queiroz for further treatment. Approximately 30% of gold is recovered through a 119 gravity circuit at the Cuiabá gold plant. The concentrate, transported by aerial ropeway, is received at the Queiroz plant which is located in Nova Lima and comprises the refractory ore circuit (from Cuiabá or Lamego) with facilities for pyrometallurgy and hydrometallurgy. The concentrate is roasted and the calcine proceeds to a CIP. The sulphide gas is captured for processing at the acid plant. Sulphuric acid is produced as a by-product. AGA MINERAÇÃO - LAMEGO Property description Lamego is an underground operation (mainly using sub-level long hole open stoping) that is wholly-owned by AngloGold Ashanti, within one of the most important metallogenetic provinces in Brazil, known as the Iron Quadrangle. This region is an important producer of iron ore, manganese and gold in Brazil. The property is currently in a production stage and operated by AGA Mineração. Location Lamego is located 30km to the east of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil. Mineralisation style The Lamego mine is located in the Iron Quadrangle, which is a geotectonic unit on the southern edge of the São Francisco Craton, comprising Archaean and Proterozoic terrains, and bordered by Neoproterozoic mobile belts. From a regional viewpoint, the Lamego mine is located in the eastern extension of the Serra do Curral inverted homocline, located on the northern edge of the Iron Quadrangle. Gold mineralisation is characterised by two horizons of chemical sedimentary rocks: BIF and metachert, both intersected by shear zones with abundant quartz veinlets. In the BIF, gold is associated with sulphides, while in the metachert it is associated with quartz veins. Gold occurs either as native gold or in sulphides. Lamego shares a similar rock assemblage with the Cuiabá mine, but exhibits higher structural complexity. The mineralised BIF is more structurally deformed and contains more silica compared to the Cuiabá mine, which has undergone less reaction with hydrothermal fluids. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region— Brazil—AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities Lamego operates as a satellite mine to the Cuiabá mine. Ore is transported to surface via ramps where it is crushed, stockpiled and transported daily to the Cuiabá gold plant, where it is blended with Cuiabá ore on the ROM pad. The metallurgical plants (Cuiabá gold plant and Queiroz plant) are connected by an aerial ropeway. Power to the Lamego mine is provided by two 13.8kV powerlines from Cemig, a state-owned company. Power to the Queiroz plant is supplied by Cemig as well as by a set of small hydropower plants (Rio de Peixe hydroelectric complex). The Rio de Peixe hydroelectric complex, which is directly connected to the Queiroz plant, consists of a set of seven small hydropower plants that generate energy from three dams (Ingleses, Miguelão and Codorna) and is currently on care and maintenance. Tailings deposition is at one of four sites located at Cuiabá, Calcinados, Rapaunha and Cocuruto. Lamego has a natural water supply system and a plant for water and sewage treatment. Mineral processing Cuiabá and Lamego mines feed the Cuiabá gold (crushing, milling and flotation) and Queiroz (roaster, CIP and refinery) plants. At the Cuiabá gold plant, ore is crushed and milled followed by flotation and filtration to produce a concentrate (32% sulphur), which is transported by an aerial ropeway to Queiroz for further treatment. Approximately 30% of gold is recovered through a gravity circuit at the Cuiabá gold plant. The concentrate, transported by aerial ropeway, is received at the Queiroz plant which is located in Nova Lima and comprises the refractory ore circuit (from Cuiabá or Lamego) with facilities for pyrometallurgy and hydrometallurgy. The concentrate is roasted and the calcine proceeds to a CIP. The sulphide gas is captured for processing at the acid plant. Sulphuric acid is produced as a by-product. AUSTRALIA AngloGold Ashanti operates two mines and has one project in Western Australia. Sunrise Dam, wholly-owned by AngloGold Ashanti, is located 205km north-northeast of Kalgoorlie and 55km south of Laverton. Tropicana is a joint operation between AngloGold Ashanti (70% and the operator), and AFB Resources Pty Limited (30%), a subsidiary of Regis Resources Limited. Tropicana is located 200km east of Laverton and 330km east-northeast of Kalgoorlie. The Butcher Well project is a joint venture between AngloGold Ashanti (70%) and Northern Star Resources Limited (“Northern Star Resources”) (30%). The project is managed by AngloGold Ashanti. Butcher Well is located 20km southwest of the Sunrise Dam mine and is considered to be a potential satellite operation. 120 SUNRISE DAM Property description Sunrise Dam is a production stage property with an active underground and open pit mine that is wholly-owned and operated by AngloGold Ashanti. AngloGold Ashanti conducts brownfield exploration activities on the site. Location Sunrise Dam is approximately 205km north-northeast of Kalgoorlie and 55km south of Laverton in the state of Western Australia. Mineralisation style Sunrise Dam is a mesothermal gold deposit located in the Archaean greenstone belts of Western Australia. The deposit is complex and structurally controlled with multiple ore zones displaying differing characteristics, from ductile shear zones to brittle stockwork complexes to intrusive hosted mineralisation. Mineralisation is typically hosted within quartz-carbonate veins with varying quantities of pyrite and arsenopyrite. Strong alteration of the country host rock is common proximal to controlling structures. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Australia Region— AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities All required infrastructure is in place including a fully functional camp, process plant, tailings facility, gas pipeline, power plant and electrical reticulation, offices, airstrip and road system. The underground infrastructure caters for all ventilation and dewatering needs with provisions made in the budget for extensions and upgrades. Mineral processing Processing at Sunrise Dam is via a conventional three-stage crushing / two-stage ball milling, pyrite flotation and ultrafine grinding and CIL circuit. The gravity circuit recovers approximately 30% of the gold, with the CIL circuit, used to recover the remainder. Plant throughput at Sunrise Dam is approximately 4.1Mtpa. BUTCHER WELL Property description Butcher Well is a joint venture between AngloGold Ashanti (70%) and Northern Star Resources (30%). Butcher Well encompasses two tenement packages, Butcher Well and Lake Carey, covering approximately 339.56km2. AngloGold Ashanti also holds a significant tenement package adjacent to the Northern Star joint venture properties. The project is in the exploration stage in the early stages of study, with no Mineral Reserve declared. An Inferred Mineral Resource is stated, which has been the focus of a conceptual study. As the project is still in a concept study phase, no mining has taken place. Both open pit and underground mining options (using conventional open cut, drill and blast and transverse longhole open stoping, respectively) are being explored. Location The Butcher Well project is located in the Laverton district in the state of Western Australia, 20km southwest of AngloGold Ashanti’s Sunrise Dam mine and 180km northeast of Kalgoorlie. Butcher Well is considered as a potential satellite operation to Sunrise Dam. The Sunrise Dam airstrip is approximately 70km by road from the project, with a travel time of approximately 90 minutes on the road on the circumference of the southern part of Lake Carey. Lake Carey is a large salt lake that covers a part of the western project area, with Sunrise Dam located to the east of the lake and the Butcher Well project located on the western shore. Mineralisation style The Butcher Well Mineral Resource is an orogenic-style gold system hosted within the Laverton Greenstone Belt. The mineralisation is hosted within a basalt and is spatially associated with syenite dykes. Gold mineralisation within fresh rock principally occurs within steeply dipping north-south trending panels. Supergene gold dispersion and enrichment broadens the mineralised envelope within the near-surface saprolitic material. Much of this material has been previously exploited in shallow open pits. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Australia Region— AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities Power is likely to be generated on-site via diesel generators. Water can be sourced from the existing flooded pits or surface wells. Ore material will be trucked to Sunrise Dam via existing secondary roads. 121 Mineral processing Ore from Butcher Well will be processed at AngloGold Ashanti’s Sunrise Dam processing plant. Processing at Sunrise Dam is via a conventional three-stage crushing / two-stage Ball milling, pyrite flotation and ultrafine grinding and CIL circuit. The gravity circuit recovers approximately 30% of the gold, with the CIL circuit used to recover the remainder. Plant throughput at Sunrise Dam is approximately 4.1Mtpa. TROPICANA Property description Tropicana mine is a production stage property. Several open pits have been developed along the strike extent of the ore body, named from north to south: Boston Shaker, Tropicana, Havana and Havana South. Underground mines are also in operation beneath the Boston Shaker and Tropicana open pits with a Mineral Reserve declared for the Havana underground. The project is a joint operation between AngloGold Ashanti (70%), as operator, and AFB Resources (Pty) Limited, a subsidiary of Regis Resources Limited (30%). Location Tropicana is located 330km northeast of Kalgoorlie and 200km east of Laverton in the state of Western Australia. Mineralisation style The Tropicana deposit is hosted in an Archaen quartz-feldspathic gneiss within a major tectonic suture zone between the Yilgarn Craton and the Albany-Fraser Orogen. Mineralisation is associated with a strong hydrothermal alteration assemblage of biotite- sericite-pyrite, which post-dates peak graulite facies metamorphism. Gold is found within the pyrite. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Australia Region— AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities All surface infrastructure facilities are in place and operational. The underground infrastructure caters for all ventilation and dewatering needs with provisions made in the budget for extensions and upgrades. The processing plant and TSF are operating well, consistent with design specifications. The infrastructure includes, but is not limited to water supply, processing plant, mine, dewatering infrastructure, TSF, workshops, camp facilities and airstrips. Until recently, power supplied to the mine was exclusively through on-site gas and diesel power stations, and natural gas is supplied via an APA Operations (Pty) Limited pipeline. In June 2023, the Company entered into an agreement with an independent power producer to construct, operate and integrate 61MW of clean energy, consisting of solar, wind and battery, into its existing 54MW gas- and diesel-fired power system. The system reached full commercial operation in February 2025. Mineral processing The processing plant has a capacity of 9.4Mtpa. The crushing circuit consists of a primary gyratory crusher, feeding a set of secondary cone crushers and a tertiary high-pressure grinding roll. A 14MW and 6MW ball mill in parallel completes the grinding circuit. A CIL circuit is used to extract the gold from the ore, and a standard AARL elution and recovery systems are used to produce gold doré bars. The power provider, Kalgoorlie Power Systems, has built a dedicated power station consisting of a combination of diesel and gas powered generators with a capacity of 48.6MW. PROJECTS At 31 December 2025, the projects in Colombia comprised two projects: La Colosa and Quebradona. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. The projects in Nevada in the United States include Arthur Gold Project (previously Expanded Silicon), North Bullfrog, and Nevada Regional Deposits which includes the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy), and the Sterling mine. Reward and Bullfrog were acquired by AngloGold Ashanti through its acquisition of Augusta Gold Corp. (“Augusta Gold”) in October 2025. COLOMBIA At 31 December 2025, AngloGold Ashanti Colombia had two greenfields projects: La Colosa and Quebradona. At 31 December 2025, the La Colosa project was wholly-owned and managed by AngloGold Ashanti. It is located in the Department of Tolima, 150km west of Bogotá, and 30km west of the major town of Ibagué. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. The Quebradona project is wholly-owned and managed by AngloGold Ashanti and comprises the Nuevo Chaquiro deposit, a significant copper-gold porphyry. The Quebradona project is situated in the Middle Cauca region of Colombia, in the Department of Antioquia, 90km southwest of Medellín. 122 LA COLOSA Property description At 31 December 2025, the La Colosa project was wholly-owned and managed by AngloGold Ashanti Colombia S.A.S. It has been classified as held for sale in the Company’s consolidated statement of financial position as at 31 December 2025. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. La Colosa is an exploration stage project with no Mineral Reserve declared. However, open pit mining (with potentially some underground mining) is the preferred mining method. The La Colosa project is currently at an early project stage and a number of possible technical options have been identified, all of which are capital intensive. It was placed in force majeure in 2017 through October 2024. For further information on the status of the project, refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region—Colombia—AngloGold Ashanti’s rights and permits”. In addition, the delineation of the Los Nevados Páramo by Resolution 1987/2016 in November 2016 is considered a risk or uncertainty to the gold Mineral Resource estimate. Resolution 1987/2016 is currently being contested before the Colombian courts. This puts potentially approximately 13.99Moz (50%) of the gold Mineral Resource at risk. Refer to “Item 8A: Legal Proceedings—Colombia”. Location The project is located in the Department of Tolima, 150km west of Bogotá, and 30km west of the major town of Ibagué, which is the capital of the Tolima Department. Ibagué is the location of local government entities monitoring the project. Mineralisation style La Colosa is a large porphyry gold deposit located on the eastern flank of the Central Cordillera of Colombia. Mineralisation is exposed on the surface. The La Colosa site contains an intrusive complex with two magmatic centers known as the La Colosa and San Antonio porphyry stocks, hosted by schistose country rocks. The complex is present over a map area of 3.5km2 and includes a series of porphyry intrusions with compositions ranging from diorite to tonalite. The predominant type of hydrothermal alteration in the early porphyries is moderately intense potassic alteration. Pyrite is the most abundant sulphide, followed by pyrrhotite, which is commonly found close to the contacts with the country rocks. Gold mineralisation at La Colosa occurs predominantly as native gold and electrum. Sub-microscopic gold has been observed in sulphides (pyrite, due to its abundance) and iron oxide (magnetite-hematite). Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region— Colombia—AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities Currently, the project has field infrastructure that supports access to the Mineral Resource with roads, accommodation, and office and surface infrastructure for pre-logging and organisation of the drilling core. There is a core shed facility in the city of Ibagué where geological and geotechnical logging was performed in the past. Mineral processing The project is currently at an early stage. However, flotation of sulphide ore is being considered as a treatment option. QUEBRADONA Property description The Quebradona project is wholly-owned and managed by AngloGold Ashanti and comprises the Nuevo Chaquiro deposit, a significant copper-gold porphyry. The project was previously a joint venture between AngloGold Ashanti and B2Gold Corp. It completed a conceptual study in 2016 as well as a pre-feasibility study in 2018, which supported first-time reporting of a Mineral Reserve. AngloGold Ashanti became the 100% owner and manager of the project in 2019. Quebradona will be a copper mine with gold and silver as by-products and is at a development stage. The preferred mining method is sub-level caving to extract the mineral deposit from underground. Location The Quebradona project is situated in the Middle Cauca region of Colombia, in the Department of Antioquia, 90km southwest (104km commute via the national highway) of Medellín, the capital of the Antioquia Department. Mineralisation style Five main targets have been identified in the exploration work, namely Nuevo Chaquiro, Aurora, Tenedor, Isabela, and La Sola. Nuevo Chaquiro is the most advanced and the sole mineral deposit considered in the feasibility study and licensing process. Nuevo Chaquiro, a significant copper-gold porphyry-style mineralised system, is one of three known porphyry centres on the property and has been the focus of exploration activities since the beginning of 2011 with more than 75km of drilling. Quebradona will be a copper mine with gold and silver as by-products. 123 Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region— Colombia—AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities The Quebradona project site is close to an existing national highway, as well as state and rural roads, and high or medium voltage power infrastructure. The planned underground infrastructure consists of twin adits to access the orebody and number of internal vertical ore passes that gravity feeds ore from the upper production levels to the main ore transfer level. The material will be transferred to a centralised (underground) crusher by load and haul dump vehicles. Crushed material will then be transferred downhill to surface via a 6km conveyor, through a dedicated adit to a single coarse ore stockpile. Processing and filtered tailings storage activities will be carried out on surface, and final copper concentrate will be loaded in containers and trucked to an existing main port. Mineral processing Feasibility study test work confirmed that the ore will be treated by a typical porphyry copper flotation circuit producing copper and gold concentrate from the processing of approximately 6.2Mtpa of underground ore over a 23-year operating period. Ore extracted from the sub-level cave is crushed underground where tramp metal is removed before loading onto the underground conveyor system for delivery to the surface processing coarse ore stockpile. The feasibility study proposes a processing circuit that includes primary crushing underground, secondary crushing, high- pressure grinding roll, ball milling, rougher-scavenger flotation for all elements (copper, gold, silver as well as pyrite), followed by regrinding of the concentrate and cleaning using a mix of column and mechanically agitated cells. The majority of the pyrite in the ore reports to the cleaner circuit tails and will be stored in a lined and eventually sealed impoundment within the TSF to avoid any potential acid rock drainage from the bulk high volume rougher tails. Molybdenum is present in the ore and is not planned for recovery in the initial stages of production. UNITED STATES OF AMERICA (NEVADA) All projects in the Beatty district in southern Nevada are wholly-owned by AngloGold Ashanti and include Arthur Gold Project, North Bullfrog, and Nevada Regional Deposits which includes the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy), and the Sterling mine. The Arthur Gold Project includes the Silicon and Merlin deposits. A first-time gold and silver Mineral Resource was declared for the Silicon deposit in 2021 and for the Merlin deposit in 2023. A first-time gold and silver Mineral Reserve was declared for the Merlin deposit as at 31 December 2025. The North Bullfrog project is the most advanced of AngloGold Ashanti’s projects within the Beatty district and a gold and silver Mineral Reserve was declared for the first time in 2023. ARTHUR GOLD PROJECT The Company has determined that, as of 31 December 2025, the Arthur Gold Project is a material property for purposes of Regulation S-K 1300. For additional information, refer to the Technical Report Summary for the Arthur Gold Project (TRS current at 31 December 2025) filed as Exhibit 19.15.3 hereto. Property description The Arthur Gold Project is a development stage property wholly-owned and managed by AngloGold Ashanti and includes the Silicon and Merlin deposits. The Silicon deposit is at an exploration stage and the Merlin deposit is at a development stage. A first-time gold and silver Mineral Resource was declared for the Silicon deposit in 2021. An initial assessment was completed for the Merlin deposit during the fourth quarter of 2023 and a gold and silver Mineral Resource was declared for the Merlin deposit for the first time in 2023. With the completion of the pre-feasibility, a gold and silver Mineral Reserve was declared for the first time as at 31 December 2025 for the Merlin deposit. The nature of the Arthur Gold Project mineralisation lends itself to conventional large scale open pit mining. Location The Arthur Gold Project is located approximately 12km east of the town of Beatty in Nye County, Nevada, USA. The project is within the Bare Mountains sub-district, of the Bullfrog Hills-Bare Mountains District. The geographic coordinates of the Merlin deposit centroid are latitude 36°56’17”N and longitude 116°37’54”W. Mineralisation style The Arthur Gold Project lies immediately to the southwest of the Timber Mountain-Oasis Valley caldera complex in the southwestern Nevada volcanic field. The geology is dominated by Miocene rhyolites and related epiclastic units deposited between 11 and 15 million years ago. The local geology is dominated by pyroclastic deposits (principally ignimbrite), with minor lava domes and volcanogenic-sedimentary mass-flow deposits, and minor sedimentary facies. The project area hosts two main fault families. The first is defined by northwest to southeast trending sub-vertical faults called the Tramway-Thompson fault corridor, while the second family comprises north-northeast to south-southwest trending normal faults. While the first family dominates the Silicon area, both families are important as controls in the Merlin deposit. The Arthur Gold Project displays mineralisation styles typical for low sulphidation epithermal systems including stratigraphically controlled disseminated mineralisation and quartz vein-stockwork mineralisation. Mineralisation occurred approximately 11.6 million years ago in the 124 hiatus between large-scale ignimbrite events, in apparent association with rhyolitic volcanism. There is both a strong structural and stratigraphic control to the mineralisation, most likely resulting from at least two separate mineralisation events. History Small-scale historical opal-cinnabar workings are scattered throughout the Arthur Gold Project area, with an inferred low total production. Ceramic-grade high-purity silica was mined from a small open cut and adits within acid-leached Topopah Spring Tuff at the Silicon mine between 1919 and 1929. An area of mercury mineralisation to the immediate south and southwest of the Silicon orebody was drill-tested with vertical rotary drill holes in the early 1990s. These reportedly contained local intervals of anomalous gold. The main zone of water-table silica and advanced argillic alteration at Silicon was never drill-tested. The Merlin area was drill-tested with shallow (<500°) vertical rotary holes in the late 1980s to early 1990s. The historical drill holes did not intersect gold mineralisation due to the shallow drilling depths. Silicon was first presented to AngloGold Ashanti in early-2016 with the earn-in option agreement with then-owners Renaissance Gold Inc. (“RenGold”), signed 21 June 2017. Upon completion of the option in 2020, AGA acquired a 100% interest in the unpatented claims, subject to a 1% net smelter return royalty retained by RenGold (now Triple Flag Precious Metals) on any future production. Exploration drilling by Coeur Sterling, Inc. (“Coeur Sterling”) in the Crown block discovered C-Horst in 2020, which is the southern margin of Merlin in the footwall of the Bare Mountains Fault. Corvus Gold Inc. (“Corvus Gold”) drilled on claims to the north of C-Horst after the C-Horst discovery in 2020 and 2021, on what Corvus Gold called the Lynnda Strip. AngloGold Ashanti claims north of the Lynnda Strip were part of the original Silicon claim block with initial drilling at Merlin in 2021. AngloGold Ashanti now controls both C-Horst and Lynnda strip through the acquisition of Corvus Gold in early 2022 and a land-cash transaction with Coeur Sterling in late 2022. Since 2018, AngloGold Ashanti has been advancing through exploration and engineering studies. A pre-feasibility study for the Arthur Gold Project was completed in 2025. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region— United States of America (Nevada)—AngloGold Ashanti’s rights and permits”. Mining method The Silicon and Merlin orebodies are large medium-grade deposits, with smaller high-grade strikes. The nature of the mineralisation lends itself to conventional large-scale open pit mining. Mining is planned to be conducted using conventional drill- and-blast techniques, followed by load-and-haul operations utilising a fleet of large hydraulic excavators and electric rope shovels supported by rigid-frame haul trucks. Mined material will be transported to the ROM stockpile area, where it will be segregated into short-term and long-term stockpiles based on grade and processing destination prior to reclaim and delivery to the primary crushing circuit. Processing plants and other available facilities The Arthur Gold Project area currently has minimal infrastructure on site. However, the project area is amenable to establishing infrastructure such as site access and facilities for processing and mining activities. Current access roads are unsealed and will require upgrading prior to commencing the project. Water requirements will be drawn from the Amargosa Valley water basin and local dewatering wells, subject to permitting. Power is expected to be provided by a new transmission line interconnected at Valley Electric Association’s Beatty substation. The scope of the Arthur Gold Project is similar to several large mining operations currently in production, and existing suppliers are well established in Nevada to support mining and processing operations. The transport infrastructure in Nevada is very well established and maintained. The town of Beatty and urban centres in the region such as Pahrump and Las Vegas offer infrastructure and services that can support the operation. Additional housing and services will be needed in Beatty, Tonopah, and Amargosa Valley, or transport from larger centres like Pahrump or Las Vegas is needed to sustain a workforce for the project. In Nevada, an average of 372 permanent employees and contractors were employed by the Company in connection with the projects as of 31 December 2025. As the Arthur Gold Project was in the pre-feasibility stage, no tangible asset costs have been capitalised as of 31 December 2025. Mineral processing Mineralised rock from the Merlin and Silicon open pits will be processed in either a mill circuit or on a heap leach pad with tertiary crushing. Mineralised material will be delivered to crushing circuits or long-term stockpiles located near the open pit mine. Higher grade material will be three-stage crushed with gyratory crusher, cone crusher and high-pressure grinding roll and milled in a ball mill closed with hydrocyclones. Centrifugal concentrators will collect gravity recoverable gold and silver from the hydrocyclone underflow. Gravity concentrate will be processed on site by intensive leaching. The milled slurry will be processed in a conventional CIL circuit. Tails will be filtered and placed in a dedicated impoundment. 125 Lower grade material will be three-stage crushed with gyratory crusher, cone crusher and high-pressure grind roll and agglomerated with cement in a drum agglomerator. The agglomerated ore will be conveyor stacked on a permanent heap leach pad. The gold and silver will be recovered from the pregnant solution in a vertical carbon-in-column (CIC) circuit. Loaded carbon produced from either the CIL circuit or the vertical CIC circuit will be processed in carbon desorption and regeneration circuit. Gold doré will be produced in an on-site facility and sold to a third-party refinery. 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 the Arthur Gold Project at the end of the fiscal year ended 31 December 2025, based on a gold price estimate of $2,150/oz, unless otherwise stated. Mineral Resource Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Arthur Gold Project Measured — — — — Indicated 164.14 0.84 137.30 4.41 Measured & Indicated 164.14 0.84 137.30 4.41 Inferred 219.79 0.90 197.33 6.34 The below table, prepared in accordance with Table 1 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the silver Mineral Resource (exclusive of Mineral Reserve) for the Arthur Gold Project at the end of the fiscal year ended 31 December 2025, based on a silver price estimate of $23.00/oz, unless otherwise stated. Mineral Resource Category Tonnes Grade Contained Silver at 31 December 2025 million g/t tonnes Moz Arthur Gold Project Measured – – – – Indicated 164.14 3.33 546.51 17.57 Measured & Indicated 164.14 3.33 546.51 17.57 Inferred 219.79 2.26 496.48 15.96 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. AngloGold Ashanti reports tonnage, grade and content for silver to two decimals. All ounces are Troy ounces. “Moz” refers to million ounces. The reported tonnages for the silver by-product are an outcome from the associated conceptual pit shell, that has been determined based on the extraction of the primary mineral. 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 constrained to meet the requirement for reasonable prospects of economic extraction within an economically optimised pit shell for open pit and stockpiled material is reported as broken material. 4.Property currently in a development stage. The Silicon deposit is at an exploration stage and the Merlin deposit is at a development stage. 5.Geoffrey Gushée, FAusIMM, employed by AngloGold Ashanti, is the Qualified Person responsible for the Arthur Gold Project Mineral Resource. Refer to “— Qualified Persons—Qualified Persons in respect of the material properties” below for more information on the Qualified Persons. 6.The Merlin gold Mineral Resource is based on a gold price of $2,150/oz. In 2025, for Merlin, a cut-off grade range from 0.19g/t to 0.30g/t (varying according to grade and material type) was applied to the open pit. In 2025, for Merlin, a metallurgical recovery factor range from 63.61% to 95.00% (varying according to grade and material type) was applied to the open pit for gold. 7.The Merlin silver Mineral Resource is based on a silver price of $23.00/oz. In 2025, for Merlin, a metallurgical recovery factor range from 10.20% to 22.21% (varying according to grade and material type) was applied to the open pit for silver. 8.The Silicon gold Mineral Resource is based on a gold price of $1,750/oz. In 2025, for Silicon, a cut-off grade of 0.14g/t was applied to the open pit. In 2025, for Silicon, a metallurgical recovery factor range from 46.0% to 79.0% (varying according to grade and material type) was applied to the open pit for gold. 9.The Silicon silver Mineral Resource is based on a silver price of $26.25/oz. In 2025, for Silicon, a metallurgical recovery factor range from 17.00% to 21.00% (varying according to grade and material type) was applied to the open pit for silver. Year-on-year changes in Mineral Resource - gold Moz at 31 December 2025 Arthur Gold Project Category Measured Indicated Measured & Indicated Inferred Previous Year — 3.40 3.40 12.91 Exploration and Methodology — 1.11 1.11 (5.76) Economic Assumptions — (0.08) (0.08) (0.90) Other — (0.02) (0.02) 0.08 Acquisition / Disposal — — — — Current Year — 4.41 4.41 6.34 Net Difference — 1.01 1.01 (6.57) % Difference — 30 30 (51) Note: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. 126 The addition in gold Indicated Mineral Resource was mainly due to a successful exploration infill drilling campaign at Merlin which supported an increase in confidence in the gold Mineral Resource. The addition was partially offset by the reporting of a first-time gold Mineral Reserve which led to an overall reduction in the gold Mineral Resource. Estimation The estimation of the Silicon Mineral Resource considers mineral domains defined as high-grade, mid-grade, and low-grade to respect the gold and silver drill hole assay data within the context of the interpreted lithological, alteration and structural modelling. Estimation was done using ordinary kriging. The estimation of the Merlin Mineral Resource uses a combination of lithological domains, oxidation domains, and mineralisation domains. Gold grades were interpolated using a combination of ordinary kriging and LUC, with silver and other variables estimated using ordinary kriging. 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 the Arthur Gold Project at the end of the fiscal year ended 31 December 2025, based on a gold price estimate of $1,950/oz, unless otherwise stated. Mineral Reserve Category Tonnes Grade Contained Gold at 31 December 2025 million g/t tonnes Moz Arthur Gold Project Proven — — — — Probable 87.64 1.75 153.68 4.94 Total 87.64 1.75 153.68 4.94 The below table, prepared in accordance with Table 2 to Paragraph (d)(1) of Item 1304 of Regulation S-K, summarises the silver Mineral Reserve for the Arthur Gold Project at the end of the fiscal year ended 31 December 2025, based on a silver price estimate of $19.50/oz, unless otherwise stated. Mineral Reserve Category Tonnes Grade Contained Silver at 31 December 2025 million g/t tonnes Moz Arthur Gold Project Proven — — — — Probable 87.64 2.76 242.03 7.78 Total 87.64 2.76 242.03 7.78 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. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content for silver to two decimals. The reported tonnages for the silver by-product are an outcome from the associated pit, that have been determined based on the extraction of the primary mineral. 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 development stage. 4.Hamid Taghavi, SME RM, employed by AngloGold Ashanti, is the Qualified Person responsible for the Arthur Gold Project Mineral Reserve. Refer to “—Qualified Persons—Qualified Persons in respect of the material properties” below for more information on the Qualified Persons. 5.The gold and silver Mineral Reserve of the Arthur Gold Project includes only the Merlin deposit. 6.In 2025, for Merlin, a dynamic cut-off grade strategy was applied for mine planning and the open pit cut-off grades range from 0.28g/t to 0.49g/t (varying according to grade and material type), and stockpiles cut-off grades range from 0.30g/t to 0.52g/t (varying according to grade and material type) for gold. 7.In 2025, for Merlin, a metallurgical recovery factor range from 63.61% to 95.00% (varying according to grade and material type) was applied to the open pit and stockpiles for gold. 8.In 2025, for Merlin, a metallurgical recovery factor range from 10.20% to 22.21% (varying according to material type) was applied to the open pit for silver. Year-on-year changes in Mineral Reserve - gold Moz at 31 December 2025 Arthur Gold Project Category Proven Probable Total Previous Year — — — Depletion — — — Exploration and Methodology — 4.94 4.94 Economic Assumptions — — — Other — — — Acquisition / Disposal — — — Current Year — 4.94 4.94 Net Difference — 4.94 4.94 % Difference — 100 100 Note: Rounding of numbers may result in computational discrepancies. All figures are expressed on an attributable basis unless otherwise indicated. 127 The addition in gold Mineral Reserve was due to the exploration drilling success at Merlin and the completion of the pre- feasibility study resulting in the reporting of a first-time gold Mineral Reserve at Merlin. Estimation Mineral Reserve is derived from the mine plan, which integrates all relevant modifying factors to establish an operationally and economically viable mine plan. The evaluation of the Mineral Reserve incorporates the appropriate modifying factors to convert Measured and Indicated Mineral Resource into Probable Mineral Reserve. Inferred Mineral Resource is treated as waste in the mine plan. Map showing the Arthur Gold Project planned infrastructure and licences Below is a map that shows the location, infrastructure and mining licence area for the Arthur Gold Project. The coordinates of the Merlin deposit centroid are depicted on the map and are in the geographic coordinate system. 128 NORTH BULLFROG Property description The North Bullfrog project is a development stage property wholly-owned and managed by AngloGold Ashanti. AngloGold Ashanti acquired North Bullfrog as part of the Corvus Gold acquisition in January 2022. A gold and silver Mineral Reserve at North Bullfrog was declared for the first time in 2023. The proposed mining method is conventional open pit mining. Location The North Bullfrog project is located approximately 14km northwest of the town of Beatty in Nye County, Nevada, USA. The project is within the Bullfrog Hills sub-district, of the Bullfrog Hills-Bare Mountains District. The Bullfrog Hills-Bare Mountains District is an historic mining centre that produced approximately 3Moz of gold and 4Moz of silver, primarily from the Bullfrog pit. Mineralisation style The project lays within the Walker Lane mineral belt and the Southwestern Nevada Volcanic Field. The regional stratigraphy includes a basement of Late Proterozoic to Late Paleozoic metamorphic and sedimentary rocks. The North Bullfrog project is a combination of four mineralised deposits comprised of YellowJacket, Sierra Blanca, Jolly Jane, and Mayflower. The YellowJacket deposit is a very continuous high-grade vein within the moderate-grade stockwork mineralisation. The other three deposits are low to medium-grade. Gold mineralisation at North Bullfrog is primarily hosted in the middle Miocene Sierra Blanca tuff. Two styles of precious metal epithermal mineralisation are present at the project: high-grade, structurally controlled fissure veins and associated stockwork zones, and low-grade disseminated or replacement deposits within altered volcanic rocks. Two district-scale north striking normal faults are the dominant structural features in the project area, but several smaller-scale faults between them are important controls for distribution of hydrothermal alteration and gold mineralisation. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region— United States of America (Nevada)—AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities Currently, there is minimal infrastructure on-site, as it is an exploration area. Current access roads are unsealed and will require upgrading prior to commencing the project. The North Bullfrog project is in Nevada, which has several large mining operations currently in production, and as such provides access to all required major mining and processing equipment. The transport infrastructure in Nevada is very well established and maintained. The town of Beatty and urban centres in the region such as Pahrump and Las Vegas offer infrastructure and services that can support the operation. Additional housing and services will be needed in Beatty, Tonopah, and Amargosa Valley, or transport from larger centres like Pahrump or Las Vegas is needed to sustain a workforce for the project. Mineral processing Processing will include heap leaching of lower grade oxide ores that have demonstrated amenability to this process during metallurgical characterisation programmes. Higher grade material containing some coarse gold will be processed in a mill. The leached tails from the mill will be filtered and combined with heap leach material delivered from the mine. The processing infrastructure will include a heap leach pad, a high grade mill, and a combined facility for collecting gold on carbon and producing gold/silver doré in an on-site refinery. The leach pad will be built in two phases and will include ponds to collect gold and silver bearing solution and run-off from the heap leach pad. The mill will include a three-stage crushing circuit, ball mill, gravity concentrators with intensive leach, agitated leach tanks, and horizontal vacuum belt filters for dewatering the leached tails. NEVADA REGIONAL DEPOSITS The Nevada Regional Deposits include the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and Daisy), and the Sterling mine. Property description The Sterling mine and all the deposits within Nevada Regional Deposits are wholly-owned and managed by AngloGold Ashanti. The Bullfrog, Mother Lode and Crown Block (SNA, Secret Pass and Daisy) deposits are in an exploration stage with no Mineral Reserve having been declared. Reward is a development stage property with a disclosed Mineral Reserve at a feasibility level completed by Augusta Gold in 2024. The deposits within Reward, Bullfrog, Mother Lode and Crown Block contain mineralisation at or near the surface that is suitable for open pit mining methods. Mother Lode was acquired by AngloGold Ashanti as part of the Corvus Gold acquisition in January 2022. The Sterling mine and the Crown Block deposits were acquired by AngloGold Ashanti through the acquisition of Coeur Sterling in November 2022. Reward and Bullfrog were acquired by AngloGold Ashanti through its acquisition of Augusta Gold in October 2025. The Sterling mine is currently on care and maintenance and consists of historical open pit mining as well as underground mining. The Mineral Resource is based on estimates that contain inherent risk and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analyses. Based on uncertainty due to geological interpretation from widespread drill hole information, an Inferred Mineral Resource confidence was applied to the Mineral Resource of the Mother Lode and Crown 129 Block deposits as well as the Sterling mine. Further Mineral Resource drilling and appropriate analyses will be required to upgrade the confidence to an Indicated Mineral Resource. Location The Nevada Regional Deposits are located within 15km of the town of Beatty in Nye County, Nevada, USA. The deposits are within the Bare Mountains sub-district, of the Bullfrog Hills-Bare Mountains District. Mineralisation style The Reward gold mineralisation can be classified as an example of a structurally-controlled, locally disseminated, sediment- hosted mesothermal quartz vein gold. The mineralisation of the Bullfrog deposit is contained in epithermal quartz-calcite veins and stockworks. The main host rocks are middle Miocene volcanic rocks ranging from latite lavas to rhyolitic ammonia tanks tuff. The Mother Lode project consists of structurally and stratigraphically-controlled disseminated mineralisation hosted primarily in rhyolite porphyry dykes, sedimentary rocks of Joshua Hollow, and to a lesser degree, Paleozoic sedimentary rocks. The primary structural control feeding mineralisation at Mother Lode is a series of north-trending, 50° to 70° west-dipping rhyolite dyke-filled structures. Mineralisation is both semi-tabular and highly irregular as fluids ascended along dyke-filled structures in the underlying Paleozoic rocks through the Tertiary unconformity and expanded upward into the Tertiary section. With respect to Crown Block, the gold mineralisation style at Secret Pass deposit is characterised as an epithermal system (similar to North Bullfrog and Silicon deposit in the Arthur Gold Project). The gold mineralisation style at Daisy, Sterling, and SNA deposits is characterised as sediment-hosted deposits. Oxidised gold appears to be controlled by thrust domains and steep north-striking faults in these deposits. Legal aspects and tenure Refer to “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region— United States of America (Nevada)—AngloGold Ashanti’s rights and permits”. Processing plants and other available facilities The Reward project planned infrastructure includes an open pit mine, waste rock dumps, mine shop, magazine, crushing plant, heap leach pad and ponds, process plant, various office buildings, laboratory and the main access road. The site is accessed via U.S. Highway 95, which is a paved, two-lane highway that provides access to Las Vegas to the south and Reno to the north. Site roads will be constructed on fill and maintained with a motor grader during operations. Installation of a new well and water line is needed to supply processing and dust control requirements. A powerline adjacent to the project will need to be extended to reach the process, mining, and administration facilities. Recent production at the Bullfrog project included open-pit and underground operations by a 9,000tpd mill from 1989 to 1999. There are minimal remaining utilities and infrastructure currently at site, however roadways, water pipelines, and powerlines used for the project still exist and could be accessible for construction and operation of new facilities. Current studies assume heap leach processing from laybacks to the legacy open pit with either tertiary crushed or ROM material with pregnant solutions treated in an on-site adsorption, desorption, and recovery plant. The Crown Block and Sterling projects were acquired from Coeur Mining, Inc. in 2022. The Crown Block includes the C-horst, SNA, Secret Pass, and Daisy deposits. Production from the Mother Lode, Secret Pass and Daisy open pits included open pit mining and heap leach processing of oxidised material. Mining and production ended in 1991. The project area currently has minimal infrastructure on-site, as it is an exploration area with a reclaimed overburden facility, heap leach pad, and small open pits. Future mining and processing from these historical pits, and the adjacent SNA deposit, will benefit from the nearby Arthur Gold Project for mining and processing of oxidised material. A pressure oxidation facility would be needed for processing unoxidised material from the Mother Lode deposit. Production at the Sterling mine included underground mining and heap leaching of oxidised material. The primary production ended in 2002 and was restarted again in 2011 with processing continuing until 2015. The project is accessible by road from Las Vegas, 185km via U.S. Highway 95 and a good secondary, 13km long gravel road. The Sterling mine site contains office, maintenance and storage facilities to support care and maintenance activities. Power is supplied to the office and maintenance facility with small local generator sets. Water is supplied from a well located about 4km from the administration building. A heap leach facility and some of the associated equipment is still present at site. For processing of material from new open pit mining, additional heap leaching facilities are required and the existing equipment will need significant refurbishment or replacement. The town of Beatty and urban centres in the region such as Pahrump and Las Vegas offer infrastructure and services that can support the operation. Mineral processing The Reward deposit which includes Good Hope and Gold Ace area has no history of previous mining or processing. Metallurgical testwork completed since 1998 indicates that the oxide material from the Good Hope Deposit is amenable to conventional heap leaching. Although testwork shows lower recoveries for the Gold Ace material, Good Hope results support the planned heap leach flowsheet for the project. Material from the open pit will be crushed, conveyor stacked onto a heap leach pad and leached 130 using dilute cyanide solution. Gold in solution will be recovered in a carbon-in-column circuit. Loaded carbon will be processed with on-site carbon stripping and smelting facilities. Past production of the Bullfrog deposits, which includes the Bullfrog, Montgomery-Shoshone and Bonanza areas, includes underground mining and cyanidation milling from 1907 to 1911, and later open-pit operations by a 9,000 tonnes-per-day mill from 1989 to 1999. Metallurgical testwork completed between 1986 and 2019, including bottle roll, column leach, and pilot heap leach testing, indicates that the remaining mineralised material is amenable to heap leaching. Additional testwork is required to optimise crush size, assess silver recovery, and evaluate carbon-pyrite alteration zones that show reduced leach performance. Previous operations at Mother Lode included crushing and heap leaching of oxide ores from the Mother Lode pit. Mineralised material from the expanded pit will be processed either without crushing on a heap leach pad (oxidised material) or in a mill using agitated tank bio-oxidation and cyanidation (sulphide). Although the sulphide mineral samples responded well to this method, additional work will need to be done to ensure that bio-oxidation is the most appropriate pre-oxidation process for this project. Previous Sterling mine processing included heap leaching the oxidised ore. After mine production ceased, the heap leach pad continued to be turned over until October 2001, with additional ore from a low-grade stockpile added in early 2001. Gold recovery continued until August 2002 when a final strip was carried out. Mineralised material from the Crown Block deposits will be processed either without crushing on a heap leach pad (oxidised material) or in a mill using agitated tank bio-oxidation and cyanidation (sulphide material). MINERAL RESOURCE AND MINERAL RESERVE The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Regulation S-K 1300, which contains the SEC’s mining property disclosure requirements for mining registrants. Mineral Resource and Mineral Reserve are estimates that contain inherent risk and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. For additional information on the risks and uncertainties associated with AngloGold Ashanti’s mining properties, refer to “Item 3D: Risk Factors”. Price assumptions The Mineral Resource and Mineral Reserve are based on the use of economic assumptions that provide a reasonable basis for establishing the prospects of economic extraction for the Mineral Resource as well as the expected price for the Mineral Reserve to be economically viable. These economic assumptions are based on the Company’s assessment of multiple factors, including long-range commodity price trends, consensus exchange rate and price forecasts, historical price averages, impacts on inflation and the resulting high-interest rate environment. AngloGold Ashanti selects appropriate prices for the Mineral Reserve mine plan that align to its strategy for the asset. The resultant plan is then tested for economic viability at the stated Mineral Reserve price. Key Mineral Resource and Mineral Reserve assumptions The following prices and exchange rates were used as the basis for estimation, unless otherwise stated: At December 31, 2025 2024 Mineral Resource gold price (US$/oz) 2,000 1,900 Mineral Resource copper price (US$/lb) (1) 3.50 3.50 Mineral Resource silver price (US$/oz) 23.00 23.00 Mineral Resource molybdenum price (US$/lb) 12.00 12.00 Mineral Reserve gold price (US$/oz) 1,700 1,600 Mineral Reserve copper price (US$/lb) (1) 3.10 2.90 Mineral Reserve silver price (US$/oz) 19.50 19.50 Exchange Rate – Australia (AUD / US$) 0.66 0.67 Exchange Rate – Brazil (US$ / BRL) 5.82 5.20 Exchange Rate – Argentina (US$ / ARS) 1,550 1,185 Exchange Rate – Colombia (US$ / COP) 3,558 (for Mineral Resource and Mineral Reserve) 3,558 (for Mineral Resource)3,208 (for Mineral Reserve) Notes: 2025 prices and exchange rates consider ten-year historical averages, forward-looking market consensus and management estimates in the establishment of the metal price and foreign exchange assumptions (1)Only applicable to the Quebradona project The Mineral Resource, as reported, is exclusive of the Mineral Reserve component before dilution and other factors are applied. Mineral Resource and Mineral Reserve estimates are reported at 31 December 2025 and are net of depletion. 131 MINERAL RESOURCE Gold The AngloGold Ashanti gold Measured and Indicated Mineral Resource increased from 67.1Moz at 31 December 2024 to 68.0Moz at 31 December 2025. Additions included 1.3Moz from the acquisition of the Reward and Bullfrog assets from Augusta Gold, exploration and modelling changes of 1.0Moz and economic assumptions of 0.4Moz. The additions were partially offset by reductions which included disposals of the Doropo, ABC and Serra Grande assets of 1.7Moz and other factors of 0.1Moz. As a result, the net year-on-year gold Measured and Indicated Mineral Resource addition was 0.9Moz. The AngloGold Ashanti gold Inferred Mineral Resource decreased from 55.0Moz at 31 December 2024 to 49.3Moz at 31 December 2025. Additions included exploration and modelling changes of 3.4Moz (excluding the Arthur Gold Project) and 0.3Moz from the acquisition of the Reward and Bullfrog assets from Augusta Gold and other factors of 0.2Moz. The additions were fully offset by exploration and modelling reductions of 5.8Moz at the Arthur Gold Project due to the development of a new Mineral Reserve, disposals of the Doropo, ABC and Serra Grande assets of 3.3Moz and economic assumptions of 0.5Moz. As a result, the net year-on-year gold Inferred Mineral Resource reduction was 5.7Moz. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. At 31 December 2025, the gold Measured and Indicated Mineral Resource at La Colosa amounted to 23.35Moz and the gold Inferred Mineral Resource at La Colosa amounted to 4.98Moz. The gold Mineral Resource at 31 December 2025 was estimated using a gold price of $2,000/oz, unless otherwise stated (2024: $1,900/oz). Refer to the gold Mineral Resource table below, prepared in accordance with Table 1 (Summary Mineral Resource) to Paragraph (b) of Item 1303 of Regulation S-K. Copper 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 2025 as compared to 31 December 2024, as a feasibility study optimisation is ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Resource at 31 December 2025 was estimated using a copper price of $3.50/lb (2024: $3.50/lb). Refer to the copper Mineral Resource table below, prepared in accordance with Table 1 (Summary Mineral Resource) to Paragraph (b) of