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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated March 30, 2022
Commission File Number 1-14846
AngloGold Ashanti Limited
(Name of registrant)
112 Oxford Road
Houghton Estate
Johannesburg, 2198
South Africa
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F  X
Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Yes
No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
Yes
No X

Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes
No X

Enclosure: Press release
ANGLOGOLD ASHANTI LIMITED – MINERAL RESOURCE AND ORE
RESERVE REPORT FOR THE YEAR ENDED DECEMBER 31, 2021
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INVESTING
in the future
MINERAL RESOURCE AND ORE RESERVE REPORT
AS AT 31 DECEMBER 2021
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AngloGold Ashanti Limited <R&R> 2021
INVESTING
IN THE FUTURE
Our reporting theme
Our ongoing investments are aimed at extending the lives of our
mines and enhancing operating flexibility by ensuring a long-
term Ore Reserve pipeline to underpin production and sustain
AngloGold Ashanti in the long-term.
This investment programme has been supplemented by a new
operating model aimed at improving effectiveness, eliminating
inefficiency, enhancing performance and flexibility, and ensuring
clear accountability for delivery on commitments. This operating
model prioritises improved operating outcomes and consistency
that will enhance AngloGold Ashanti’s valuation and position in
the sector throughout the commodity cycle.
“We must put in place the right foundation for long-term
success, and the most crucial part of that is an operating model
which prioritises efficiency, agility and accountability,” said CEO
Alberto Calderon. “My immediate aim is to ensure that we have
the right people, in the right places, making the right decisions,
to provide better outcomes.”
AngloGold Ashanti is an
independent, global gold
mining company with a diverse,
high-quality portfolio of
operations, projects and
exploration activities in nine
countries across four continents.

We pursue value-creating
opportunities involving other
minerals, where we can leverage
our existing assets, shareholdings,
skills and experience.
OUR VALUES
Safety is our
first value
We treat each
other with dignity
and respect.
We are accountable
for our actions and
undertake to deliver on
our commitments
We want the
communities and
societies in which we
operate to be better off
for AngloGold Ashanti
having been there.
We value
diversity.
We respect
the environment
Note:
AngloGold Ashanti or the Group refers to AngloGold Ashanti Limited
Unless otherwise indicated, $ or dollar refers to the US dollar throughout
All information is attributable unless otherwise specified
Metric tonnes (t) are used throughout, and all ounces are troy ounces
Rounding off of numbers may result in computational discrepancies
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Stakeholder feedback
We welcome stakeholder feedback on our reporting. Should you
have any comments or suggestions on this report, contact our
investor relations team at:
investor.relations@anglogoldashanti.com
NVESTING
in the future
NOTICE OF MEETING 202
AngloGold Ashanti Limited <R&R> 2021
CONTENTS
View of the Tropicana processing plant
Our 2021 reporting suite, together with supporting
financial, operational and sustainability data, is available
at:
www.aga-reports.com
Disclaimer
The information in this report is based on information signed off by Mr VA Chamberlain,
a Competent Person who is a full-time employee of AngloGold Ashanti Limited.
Mr VA Chamberlain consents to the inclusion in this report of the matters based on his
information in the form and context in which it appears
AngloGold Ashanti confirms that it is not aware of any new information or data that
materially affects the information included in the original market announcement and, in
the case of estimates of Mineral Resource or Ore Reserve, that all material assumptions
and technical parameters underpinning the estimates in the relevant market
announcement continue to apply and have not materially changed. The company
confirms that the form and context in which the Competent Person’s findings are
presented have not been materially modified from the original market announcement
Our 2021 reports are:
Section 1
INTRODUCTION
About this report
P2
Group profile
P3
Corporate governance
P4
Year in review
P5
Group overview
P10
Section 2
AFRICA
Regional overview
P18
Democratic Republic of the Congo (DRC)
P21
Ghana
P31
Guinea
P54
Tanzania
P67
Section 3
AMERICAS
Regional overview
P80
Argentina
P84
Brazil
P94
Colombia
P142
United States of America (USA)
P168
NVESTING
in the future
NTEGRATED REPORT 202
<IR>
Integrated Report
NVESTING
in the future
ANNUAL FINANCIAL STATEMENTS
202
<AFS>
Annual Financial
Statements
<R&R>
Mineral Resource and
Ore Reserve Report
<NOM>
Notice of Annual General
Meeting and Summarised
Financial Information
(Notice of Meeting)
<SR>
Sustainability
Report
Reporting website
Section 4
AUSTRALIA
Regional overview
P174
Sunrise Dam
P177
Butcher Well
P186
Tropicana
P191
Section 5
Administrative information
P201
Definitions
P202
Glossary of terms
P204
Abbreviations
P207
Administrative information for professional
organisations
P208
Administration and corporate information
P210
NVESTING
in the future
SUSTAINABILITY REPORT 202
NVESTING
in the future
MINERAL RESOURCE AND ORE RESERVE REPORT
AS AT 31 DECEMBER 202
Navigating our <R&R>
This document is an interactive PDF with all active hyperlinks
indicated by orange, italic font.
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The addresses of the professional organisations to which the
Competent Persons are affiliated are provided on page 208.
AngloGold Ashanti Limited <R&R> 2021
ABOUT THIS REPORT
The Mineral Resource and Ore Reserve as at 31 December 2021 for AngloGold Ashanti Limited (AngloGold
Ashanti) are reported in accordance with the minimum standards described by The South African Code
for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code,
2016 edition).
The reporting criteria, as outlined in the reporting code, have been
used in the preparation of internal Competent Person reports
(CPR) for each operation, from which the numbers stated in this
report have been drawn. Reporting is also in accordance with
Section 12.13 of the Johannesburg Stock Exchange (JSE) Limited
Listings Requirements (as updated from time to time).
Information is presented in this report by operating region,
country, mine and project. Topics for brief discussion include
regional and country overview, introduction, geology, exploration,
projects and estimation. Further to this, the following information
is used to illustrate additional detail across our operations
and projects:
Location and infrastructure maps
Legal aspects and tenure
Geological cross-sections and maps of underground workings
where applicable
Details of average drill hole spacing and type
Inclusive Mineral Resource and Ore Reserve
•  below infrastructure
•  by-products
•  year-on-year changes (reconciliation)
•  sensitivities
Exclusive Mineral Resource
Inferred Mineral Resource in annual Ore Reserve design*
Ore Reserve modifying factors
Grade tonnage information on the Mineral Resource
Details of appointed Competent Persons
Although the term Mineral Reserve is used throughout the
SAMREC Code, it is recognised by the SAMREC Code that the
term Ore Reserve is synonymous with Mineral Reserve. AngloGold
Ashanti elects to use Ore Reserve in its reporting.
AngloGold Ashanti’s reporting on Exploration as well as a breakdown
of the operational production performance and comparison is
detailed fully in the
<IR> . Detail on the Environmental Impact
Management including funding is provided in the <SR> and the <IR>.
The Mineral Resource, as reported, is inclusive of the Ore Reserve
component unless otherwise stated. Mineral Resource and Ore
Reserve estimates are reported as at 31 December 2021 and are
net of 2021 production depletion.
The following should be noted in respect of the <R&R> report
All figures are expressed on
an attributable basis unless
otherwise indicated
Unless otherwise stated,
$ or dollar refers to United
States dollars
Locations on maps are
indicative
Group and company are
used interchangeably
Mine, operation and
business unit are used
interchangeably
Rounding off numbers may
result in computational
discrepancies in the Mineral
Resource and Ore Reserve
tabulations
To reflect that figures are not precise
calculations and that there is uncertainty
in their estimation, AngloGold Ashanti
reports tonnage, content for gold and
silver to two decimals and copper, sulphur
and molydenum content with no decimals
For terminology used
in this report, please
refer to the Glossary of
terms on page 204.
Metric tonnes
(t) are used
throughout
this report and
all ounces are
Troy ounces
Refers to
million
ounces
Refers to
million
tonnes
Refers to
million
pounds
*    Inferred Mineral Resource cannot be converted to Ore Reserve and is thus not stated as part of the Ore Reserve in compliance with the SAMREC Code. Inferred Mineral
Resource may however have an influence on the Ore Reserve by virtue of its inclusion in the optimisation process used to define the final pit limits or underground
design. Inclusion in the production schedule will also influence the cash flow and thus the viability of any project. A separate schedule is run for the Ore Reserve with any
included Inferred Mineral Resource set to waste to test if it is cash positive. This indicates that the Ore Reserve is able to stand on its own and is therefore not at risk
due to the Inferred Mineral Resource in the optimisation process.
Our philosophy is that the first two years of the business plan is covered by Ore Reserve, the first five years of the business plan has minimal Inferred Mineral Resource
and that only beyond five years we allow for lower confidence material to be included in the plan. Exploration drilling to upgrade this confidence is included in the plan at
the time it is required and well before the time it is mined.
2
Mlb
Mt
Moz
Tonne
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GROUP PROFILE
AngloGold Ashanti Limited <R&R> 2021
OUR FOOTPRINT
4
5
6
7
3
8
2
9
1
Legend
Operations
Projects
Americas
1     Argentina
Cerro Vanguardia (92.5%)
2     Brazil
Serra Grande
AGA Mineração
3     Colombia
Gramalote (50%) (1)
La Colosa
Quebradona
4     USA
Silicon (2)
Africa
5     Guinea
Siguiri (85%)
6     Ghana
Iduapriem
Obuasi (3)
7     DRC
Kibali (45%) (4)
8     Tanzania
Geita
Australia
9     Australia
Sunrise Dam
Butcher Well (70%)
Tropicana (70%)
Note: Percentages indicate the ownership interest held by AngloGold Ashanti. All operations are 100%-owned unless
otherwise indicated.
(1)
Gramalote is managed by B2Gold
(2)
Silicon has been declared as a Mineral Resource for the first time
(3)
Obuasi’s redevelopment project began in 2019
(4)
Kibali is operated by Barrick Gold Corporation (Barrick)
STREAMLINED
portfolio
STRONGEST
balance sheet in
a decade
RAMP UP
at Obuasi continues
UNLOCKING
VALUE
in Colombia
3
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AngloGold Ashanti Limited <R&R> 2021
4
Competent Persons
The information in this report relating to Exploration Results, Mineral
Resource and Ore Reserve is based on information compiled by or
under the supervision of the Competent Persons as defined in the
SAMREC Code. All Competent Persons are employed by AngloGold
Ashanti, except for Kibali (which uses a Competent Person employed
by Barrick) and have sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and relevant
to the activity which they are undertaking. The legal tenure of each
operation and project has been verified to the satisfaction of the
accountable Competent Person and all the Ore Reserve has been
confirmed to be covered by the required mining permits or there exists
a realistic expectation that these permits will be issued. This will be
detailed within this document. The Competent Persons consent to the
inclusion of Exploration Results, Mineral Resource and Ore Reserve
information in this report, in the form and context in which it appears.
Accordingly, the Chairman of the Mineral Resource and Ore Reserve
Steering Committee, Mr. VA Chamberlain, MSc (Mining Engineering),
BSc (Hons) (Geology), MGSSA, FAusIMM, assumes responsibility
for the Mineral Resource and Ore Reserve processes for AngloGold
Ashanti and is satisfied that the Competent Persons have fulfilled
their responsibilities.
Mr. VA Chamberlain has 34 years’ experience in exploration and
mining and is employed full-time by AngloGold Ashanti and can be
contacted at the following address: 112 Oxford Road, Houghton
Estate, Johannesburg, 2198, South Africa.
CORPORATE GOVERNANCE
AngloGold Ashanti reports its Mineral Resource
and Ore Reserve in accordance with the minimum
standards prescribed by the SAMREC Code and
Section 12.13 of the JSE Listings Requirements
(as updated from time to time).
We achieve this through ensuring the principles of integrity,
transparency and materiality are central to the compilation of this
report and through using the reporting criteria and definitions as
detailed in the SAMREC Code. Refer to
<Definitions> in this report
on page 202 for further details regarding the relationship between
Exploration Results, Mineral Resource and Ore Reserve, the Table
1 and reporting on an ‘if not, why not basis’ in the SAMREC Code.
In complying with the SAMREC Code the changes to AngloGold
Ashanti’s Mineral Resource and Ore Reserve have been reviewed
and it was concluded that none of the changes are material to
the overall valuation of the Company. AngloGold Ashanti has
therefore once again resolved not to provide the detailed reporting
as defined in Table 1 of the SAMREC Code, apart from the maiden
Mineral Resource declaration for Silicon. The Company will however
continue to provide the high level of detail it has in previous years to
comply with the transparency requirements of the SAMREC Code.
Our established Mineral Resource and Ore Reserve Steering
Committee (RRSC) is responsible for setting and overseeing
our Mineral Resource and Ore Reserve governance framework,
and for ensuring that it meets AngloGold Ashanti’s goals and
objectives while complying with all relevant regulatory codes. The
committee’s membership and terms of references are mandated
under a policy document signed by the Chief Executive Officer.
The Audit and Risk Committee as well as the Investment
Committee of the Company’s Board of Directors (board), review the
Mineral Resource and Ore Reserve and make a recommendation to
the board, which provides the final approval for the publication of
the Mineral Resource and Ore Reserve estimates
The Company has developed and implemented a rigorous system
of internal and external reviews aimed at providing assurance in
respect of Ore Reserve and Mineral Resource estimates. In 2021,
the following operations were subject to an external review in line
with the policy that each operation or project will be reviewed by
an independent third party on average once every three years:
Mineral Resource and Ore Reserve at
Iduapriem
Obuasi
Kibal
Serra Grande
Sunrise Dam
Tropicana
The external reviews of the Mineral Resource and Ore Reserve
were conducted by SRK Consulting for the mines operated by
AngloGold Ashanti. Certificates of sign-off have been received for
all AngloGold Ashanti managed operations and projects to state
that the Mineral Resource and Ore Reserve estimates are reported
n accordance with the SAMREC Code. In the case of Kibali an
independent technical review of the annual Mineral Resource
and Ore Reserve estimates was undertaken by RSC Mining and
Mineral Exploration on behalf of the managing partner Barrick and
identified no significant flaws.
In addition, numerous internal Mineral Resource and Ore Reserve
process reviews were completed by suitably qualified Competent
Persons from within AngloGold Ashanti and no significant
deficiencies were identified. The Mineral Resource and Ore
Reserve governance framework is underpinned by appropriate
Mineral Resource Management processes and protocols that
ensure adequate corporate governance. These procedures have
been developed to be compliant with the guiding principles of the
US Sarbanes-Oxley Act of 2002 (SOX).
AngloGold Ashanti makes use of a web-based group reporting
database called the Resource and Reserve Reporting System
(RCubed) for the compilation and authorisation of Mineral
Resource and Ore Reserve reporting. It is a fully integrated system
for the reporting and reconciliation of Mineral Resource and Ore
Reserve that supports various regulatory reporting requirements,
including the U.S. Securities and Exchange Commission (SEC)
under Subpart 1300 of Regulation S-K (Regulation S-K 1300), and
the JSE under the SAMREC Code. AngloGold Ashanti uses RCubed
to ensure a documented chain of responsibility exists from the
Competent Persons at the operations to the Company’s RRSC.
AngloGold Ashanti has also developed an enterprise-wide risk
management tool that provides consistent and reliable data that
allows for visibility of risks and actions across the group. This
tool is used to facilitate, control and monitor material risks to
the Mineral Resource and Ore Reserve, thus ensuring that the
appropriate risk management and mitigation plans are in place.
Where technical experts involved in the estimation of Mineral
Resource or Ore Reserve feel that their technical advice has
been ignored and may represent a risk to the Mineral Resource
or Ore Reserve to be published, they are obliged to inform the
Mineral Resource and Ore Reserve Steering Committee in writing.
AngloGold Ashanti’s Whistle Blowing Policy and links can be
found at
www.anglogoldashanti.com/sustainability/governance/
ethics/ and can also be used if the person deems they will be
compromised in the process.
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5
123.2Moz
Inclusive
Mineral Resource
GOLD
29.8Moz
Ore Reserve
9,384Mlb
Inclusive
Mineral Resource
COPPER
3,250Mlb
Ore Reserve
YEAR IN REVIEW

AngloGold Ashanti strives to actively create
value by growing its major asset – the Mineral
Resource and Ore Reserve. This drive is based
on active, well-defined brownfields and advanced
project development programmes, innovation in

both geological modelling and mine planning, and
continual optimisation of the asset portfolio.
The SAMREC Code requires the use of reasonable economic
assumptions. These include long-range commodity price and
exchange rate forecasts and management estimates. These are
reviewed annually and are prepared in-house using a range of
techniques including historic price averages. AngloGold Ashanti
selects a conservative Ore Reserve price relative to its peers. This
is done to fit into the strategy to include a margin in the mine
planning process. The resultant plan is then valued at a higher
business planning price.
The Mineral Resource sensitivities shown in the detail of this
report use a base of $1,500/oz and a range of $200/oz, unless
otherwise stated. The Ore Reserve sensitivities shown in the detail
of this report use a base of $1,200/oz and a range of $100/oz,
unless otherwise stated
AngloGold Ashanti Limited <R&R> 2021




In the case of Sunrise Dam, the 2021 Ore Reserve estimate
reflects that the mine is two years into a three-year “growth
through exploration” phase that aims to unlock the value of the
asset, with Ore Reserve growth the initial step in a move towards
realising the full asset potential. The Ore Reserve has been
estimated using a mine-constrained break-even cut-off determined
at a $1,200/oz gold price under budget cost conditions across the
six-year Ore Reserve life.
This has meant that significant marginal material was included in
the plan in order to keep the plant operating at full capacity.
The Ore Reserve has been evaluated economically and shown to
be cash flow positive at a $1,500/oz gold price. It is AngloGold
Ashanti’s opinion that there is sufficient margin between this price
and the current spot price of gold for this to define an Ore Reserve.
Gold price
Price assumptions
The following local prices of gold were used as the basis for estimation, unless otherwise stated:
Local prices of gold
Gold price
$/oz
Australia
AUD/oz
Brazil
BRL/oz
Argentina
ARS/oz
Colombia
COP/oz
2021 Ore Reserve
1,200
1,633
6,182
134,452
3,849,000
2020 Ore Reserve
1,200
1,604
5,510
119,631
4,096,877
2021 Mineral Resource
1,500
2,072
7,940
173,065
5,336,250
2020 Mineral Resource
1,500
2,170
7,682
142,507
5,094,827
Copper price
The following copper prices were used as the basis for estimation:
Copper price
$/lb
COP/lb
2021 Ore Reserve
2.90
9,302
2020 Ore Reserve
2.65
9,047
2021 Mineral Resource
3.50
12,451
2020 Mineral Resource
3.30
11,209
View of the Obuasi processing plant at night
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AngloGold Ashanti Limited <R&R> 2021
YEAR IN REVIEW CONTINUED
6
Mineral Resource
Gold
The AngloGold Ashanti Mineral Resource reduced from 124.5Moz in December 2020 to 123.2Moz in December 2021. This annual net
decrease of 1.3Moz includes depletion of 2.9Moz, and relinquishment of the lease for Obuasi’s Anyankyirem open pit of 0.4Moz, changes
in economic assumptions of 2.3Moz and other factors of 1.4Moz (including the write off of AGA Mineração Nova Lima Sul of 0.6Moz).
This decrease is partially offset by additions due to exploration and modelling changes of 5.7Moz. The Mineral Resource was estimated
using a gold price of $1,500/oz, unless otherwise stated (2020: $1,500/oz).
Year-on-year changes
Moz
Mineral Resource as at 31 December 2020
124.5
Disposal
At Obuasi, the Anyankyirem open pit mining lease was relinquished.
(0.4)
Sub-total
124.1
Depletions
(2.9)
Sub-total
121.2
Additions
Due to:
Silicon
A maiden Mineral Resource was declared after the completion of a positive
conceptual study based on the greenfields exploration success.
3.4
Geita
Increase due to ongoing grade control and successful exploration activities.
Following a review of mining cost for 2021 the resultant reduction in cost led
to further increases.
0.9
Sunrise Dam
Increase due to ongoing advanced grade control and exploration activities
partially offset by minor local changes in gold price and an overall increase
in costs.
0.7
Kibali
Changes were largely as a result of exploration, with gains seen from the
open pits, specifically from Oere, Pamao, Karagba, Chauffeur, and Durba (KCD)
and Gorumbwa as well as from the initial Inferred Mineral Resource definition
of the 11000 lode in the underground.
0.6
Other
Additions less than 0.5Moz
0.3
Sub-total
127.1
Reductions
Due to:
Obuasi
Changes primarily due to model changes in the historic mining areas in the
north of the mine which accounted for an overall reduction.
(2.2)
Iduapriem
New grade control drilling at Block 3W resulted in a decrease in model grade
and re-interpretation of the intrusives in the deeper portions of Blocks 7 and 8
resulted in further losses. These were partially offset by lower costs resulting
from a new long-term contract resulting in additions.
(0.6)
Other
Reductions less than 0.5Moz
(1.1)
Mineral Resource as at 31 December 2021
123.2
Copper
The AngloGold Ashanti Mineral Resource reduced from 4.39Mt (9,677Mlb) in December 2020 to 4.26Mt (9,384Mlb) in December 2021 due to
methodology changes of 0.13Mt (293Mlb). The Mineral Resource was estimated at a copper price of $3.50/lb (2020: $3.30/lb).
Year-on-year changes
Mt
Mlb
Mineral Resource as at 31 December 2020
4.39
9,677
Reductions
Due to:
Quebradona
Decreases resulted from the remodelling of the orebody including
three new drill holes.
(0.13)
(293)
Mineral Resource as at 31 December 2021
4.26
9,384
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100
105
110
115
120
125
130
135
(0.1)
(0.1)
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal/
2021
(0.2)
(2.2)
(1.1)
(2.9)
7.9
(2.1)
124.5
(0.4)
123.2
Ounces
(millions)
AngloGold Ashanti
Gold Mineral Resource
7,500
8,000
8,500
9,000
9,500
10,000
0
0
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2021
0
(293)
0
0
0
0
9,677
0
9,384
Pounds
(millions)
AngloGold Ashanti
Copper Mineral Resource
YEAR IN REVIEW CONTINUED
An employee holding a gold bar at Sunrise Dam
AngloGold Ashanti Limited <R&R> 2021
7
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AngloGold Ashanti Limited <R&R> 2021
YEAR IN REVIEW CONTINUED
8
Ore Reserve
Gold
The AngloGold Ashanti Ore Reserve increased from 29.7Moz in December 2020 to 29.8Moz in December 2021. This annual net increase
of 0.1Moz includes additions due to exploration and modelling changes of 4.1Moz. This increase was partially offset by depletion of
2.6Moz and reductions due to other factors of 1.4Moz. The Ore Reserve was estimated using a gold price of $1,200/oz, unless otherwise
stated (2020: $1,200/oz).
Year-on-year changes
Moz
Ore Reserve as at 31 December 2020
29.7
Depletions
(2.6)
Sub-total
27.1
Additions
Due to:
Iduapriem
The net increase is primarily due to the decrease in costs resulting from
signing a new mining contract and operational changes.
0.9
Geita
The significant increase is mainly due to ongoing drilling exploration
success resulting in larger pit designs. The open pit shell and underground
slope design changes contributed to an increase of 27% and 3% to the Ore
Reserve respectively.
0.8
Kibali
The increase in Ore Reserve was primarily as a result of the conversion of the
3000 and 9000 lode extensions in the KCD underground, and the addition of
the Oere pit and growth in the Pamao pit due to exploration successes. The
price used for pit optimisation at Pakaka and Gorumbwa also changed from
$1,000/oz to $1,200/oz which contributed to the increase seen.
0.5
Sunrise Dam
The increase in the reported Ore Reserve is due to exploration success and
a revised methodology for underground stope optimisation offset by more
conservative extraction ratios and increased unit costs.
0.4
Other
Additions less than 0.3Moz
0.5
Sub-total
30.2
Reductions
Due to:
Obuasi
Operational changes primarily associated with design reviews in historically
mined areas to eliminate low confidence stopes resulted in a net decrease
which was partially offset by methodology changes.
(0.4)
Other
Reductions less than 0.3Moz
(0.0)
Ore Reserve as at 31 December 2021
29.8
Copper
The AngloGold Ashanti Ore Reserve increased from 1.41Mt (3,105Mlb) in December 2020 to 1.47Mt (3,250Mlb) in December 2021. This
gross annual increase of 0.07Mt (145Mlb) is due to methodology changes. The Ore Reserve was estimated at a copper price of $2.90/lb
(2020: $2.65/lb).
Year-on-year changes
Mt
Mlb
Ore Reserve as at 31 December 2020
1.41
3,105
Additions
Due to:
Quebradona
Result of an update in the Mineral Resource model due to three
new drill holes, in addition to an upgrade in Mineral Resource
classification based on conditional simulation.
0.07
145
Ore Reserve as at 31 December 2021
1.47
3,250
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15
17
19
21
23
25
27
29
31
33
(0.2)
(0.2)
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Operational
Acquisition/
disposal
2021
0.3
1.9
(1.1)
(2.6)
2.2
(0.3)
29.7
0.0
0.1
29.8
Ounces
(millions)
AngloGold Ashanti
Gold Ore Reserve
3,000
3,050
3,100
3,150
3,200
3,250
3,300
0
0
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Operational
Acquisition/
disposal
2021
0
145
0
0
0
0
3,105
0
0
3,250
Pounds
(millions)
AngloGold Ashanti
Copper Ore Reserve
By-products
Several by-products will be recovered as a result of processing of the gold Ore Reserve and copper Ore Reserve. These include
0.43Mt of sulphur from Brazil, 20.5Moz of silver from Argentina and 28.1Moz of silver from Colombia. Molybdenum, at present,
is not planned for recovery at Quebradona. The Quebradona process plant has been designed to treat underground ore and to
produce copper concentrate with provision of space in the plant site for a molybdenum plant in the future.
.
Production drill rig Serra Grande
YEAR IN REVIEW CONTINUED
AngloGold Ashanti Limited <R&R> 2021
9
background image
AngloGold Ashanti Limited <R&R> 2021
10
GROUP OVERVIEW
Mineral Resource by country inclusive of Ore Reserve: gold
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Democratic Republic of the Congo
Measured
21.42
3.84
82.31
2.65
Indicated
41.94
3.18
133.59
4.29
Inferred
10.29
2.70
27.74
0.89
Total
73.65
3.31
243.63
7.83
Ghana
Measured
10.58
6.44
68.16
2.19
Indicated
151.47
3.52
533.49
17.15
Inferred
77.49
5.35
414.90
13.34
Total
239.55
4.24
1,016.54
32.68
Guinea
Measured
17.91
0.63
11.36
0.37
Indicated
114.22
1.03
117.18
3.77
Inferred
60.91
1.15
70.06
2.25
Total
193.04
1.03
198.59
6.38
Tanzania
Measured
6.53
4.48
29.21
0.94
Indicated
53.51
2.34
125.39
4.03
Inferred
30.48
3.32
101.29
3.26
Total
90.51
2.83
255.89
8.23
Argentina
Measured
7.69
2.12
16.27
0.52
Indicated
27.08
2.28
61.69
1.98
Inferred
4.96
2.35
11.65
0.37
Total
39.74
2.26
89.61
2.88
United States of America
Measured
Indicated
Inferred
120.44

0.87

104.96

3.37
Total
120.44
0.87
104.96
3.37
Brazil
Measured
20.03
4.58
91.82
2.95
Indicated
34.56
3.83
132.21
4.25
Inferred
56.05
3.61
202.21
6.50
Total
110.63
3.85
426.24
13.70
Colombia
Measured
86.74
0.50
43.79
1.41
Indicated
1,142.11
0.78
891.32
28.66
Inferred
586.42
0.44
258.05
8.30
Total
1,815.28
0.66
1,193.16
38.36
Australia
Measured
56.08
1.35
75.74
2.44
Indicated
58.45
1.73
101.24
3.26
Inferred
50.07
2.53
126.83
4.08
Total
164.59
1.85
303.82
9.77
Total
Measured
226.98
1.84
418.66
13.46
Indicated
1,623.33
1.29
2,096.11
67.39
Inferred
997.11
1.32
1,317.67
42.36
Total
2,847.42
1.35
3,832.44
123.22
Mineral Resource by country inclusive of Ore Reserve: copper
Tonnes
Grade
Contained copper
as at 31 December 2021
Category
million
%Cu
tonnes million pounds million
Colombia
Measured
86.74
0.95
0.82
1,814
Indicated
227.33
0.87
1.97
4,338
Inferred
305.94
0.48
1.47
3,231
Total
620.02
0.69
4.26
9,384
Total
Measured
86.74
0.95
0.82
1,814
Indicated
227.33
0.87
1.97
4,338
Inferred
305.94
0.48
1.47
3,231
Total
620.02
0.69
4.26
9,384
background image
AngloGold Ashanti Limited <R&R> 2021
GROUP OVERVIEW CONTINUED
11


Mineral Resource by country exclusive of Ore Reserve: gold
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Democratic Republic of the Congo
Measured
7.62
3.19
24.29
0.78
Indicated
19.82
2.76
54.63
1.76
Inferred
10.29
2.70
27.74
0.89
Total
37.74
2.83
106.66
3.43
Ghana
Measured
4.09
5.27
21.55
0.69
Indicated
67.20
3.55
238.27
7.66
Inferred
77.50
5.35
414.90
13.34
Total
148.78
4.54
674.72
21.69
Guinea
Measured
Indicated
64.26
1.12
71.81
2.31
Inferred
60.91
1.15
70.06
2.25
Total
125.17
1.13
141.87
4.56
Tanzania
Measured
1.44
4.49
6.47
0.21
Indicated
28.18
2.06
58.15
1.87
Inferred
30.48
3.32
101.29
3.26
Total
60.10
2.76
165.92
5.33
Argentina
Measured
4.33
2.66
11.53
0.37
Indicated
19.73
2.15
42.41
1.36
Inferred
4.96
2.35
11.65
0.37
Total
29.03
2.26
65.58
2.11
United States of America
Measured
Indicated
Inferred
120.44

0.87

104.96

3.37
Total
120.44
0.87
104.96
3.37
Brazil
Measured
14.81
4.58
67.78
2.18
Indicated
22.99
3.17
72.82
2.34
Inferred
55.54
3.63
201.60
6.48
Total
93.35
3.67
342.20
11.00
Colombia
Measured
45.15
0.37
16.93
0.54
Indicated
992.73
0.79
782.13
25.15
Inferred
586.42
0.44
258.05
8.30
Total
1,624.30
0.65
1,057.11
33.99
Australia
Measured
29.92
1.25
37.49
1.21
Indicated
33.13
1.42
47.21
1.52
Inferred
50.07
2.53
126.83
4.08
Total
113.12
1.87
211.52
6.80
Total
Measured
107.37
1.73
186.05
5.98
Indicated
1,248.04
1.10
1,367.43
43.96
Inferred
996.61
1.32
1,317.06
42.34
Total
2,352.02
1.22
2,870.53
92.29
Mineral Resource by country exclusive of Ore Reserve: copper
Tonnes
Grade
Contained copper
as at 31 December 2021
Category
million
%Cu
tonnes million
pounds million
Colombia
Measured
45.15
0.69
0.31
684
Indicated
148.91
0.68
1.01
2,218
Inferred
305.94
0.48
1.47
3,231
Total
500.01
0.56
2.78
6,134
Total
Measured
45.15
0.69
0.31
684
Indicated
148.91
0.68
1.01
2,218
Inferred
305.94
0.48
1.47
3,231
Total
500.01
0.56
2.78
6,134
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AngloGold Ashanti Limited <R&R> 2021
GROUP OVERVIEW CONTINUED
12
“The information in this report relating to Exploration Results, Mineral
Resource and Ore Reserve is based on information compiled by or under
the supervision of the Competent Persons as defined in the SAMREC Code.”
Ore Reserve by country: gold
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Democratic Republic of the Congo
Proved
14.35
3.76
54.01
1.74
Probable
23.04
3.50
80.71
2.59
Total
37.40
3.60
134.72
4.33
Ghana
Proved
6.88
5.57
38.34
1.23
Probable
83.32
3.59
299.46
9.63
Total
90.20
3.75
337.80
10.86
Guinea
Proved
17.91
0.63
11.36
0.37
Probable
49.80
0.80
39.67
1.28
Total
67.72
0.75
51.03
1.64
Tanzania
Proved
2.19
1.30
2.84
0.09
Probable
27.52
2.89
79.45
2.55
Total
29.71
2.77
82.29
2.65
Argentina
Proved
4.19
2.04
8.54
0.27
Probable
8.12
2.08
16.88
0.54
Total
12.31
2.07
25.42
0.82
Brazil
Proved
6.93
3.10
21.45
0.69
Probable
13.15
3.67
48.29
1.55
Total
20.07
3.47
69.74
2.24
Colombia
Proved
Probable
182.47
0.74
134.43
4.32
Total
182.47
0.74
134.43
4.32
Australia
Proved
26.41
1.46
38.43
1.24
Probable
25.31
2.13
54.04
1.74
Total
51.73
1.79
92.47
2.97
Total
Proved
78.86
2.22
174.97
5.63
Probable
412.74
1.82
752.93
24.21
Total
491.60
1.89
927.90
29.83
Ore Reserve by country: copper
Tonnes
Grade
Contained copper
as at 31 December 2021
Category
million
%Cu
tonnes million
pounds million
Colombia
Proved
Probable
120.01
1.23
1.47
3,250
Total
120.01
1.23
1.47
3,250
Total
Proved
Probable
120.01
1.23
1.47
3,250
Total
120.01
1.23
1.47
3,250
background image
Blast hole drilling at Tropicana
GROUP OVERVIEW CONTINUED
AngloGold Ashanti Limited <R&R> 2021
13
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AngloGold Ashanti Limited <R&R> 2021
GROUP OVERVIEW CONTINUED
14
Reconciliation of gold Mineral Resource (gold content Moz)
as at
Previous
31 December 2021
year
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Africa region
Kibali
7.63
(0.44)
0.55
(0.01)
0.10
Iduapriem
6.68
(0.23)
0.35
(1.15)
0.44
(0.20)
Obuasi
29.52
(0.09)
(0.01)
(2.19)
Siguiri
6.96
(0.42)
0.68
0.03
(0.83)
(0.05)
0.01
Geita
7.92
(0.56)
0.50
0.24
0.18
(0.01)
(0.04)
Total
58.72
(1.74)
2.06
(3.09)
(0.11)
(0.06)
(0.23)
Americas region
Cerro Vanguardia
3.33
(0.15)
0.06
(0.00)
(0.34)
(0.02)
Silicon
3.37
AGA Mineração
10.55
(0.36)
0.50
0.85
(0.76)
(0.00)
(0.03)
(0.87)
Serra Grande
3.69
(0.12)
0.50
(0.02)
(0.15)
(0.08)
Gramalote
3.01
La Colosa
28.33
Quebradona
7.13
(0.11)
Total
56.04
(0.63)
4.43
0.71
(1.24)
(0.08)
(0.03)
(0.88)
Australia region
Sunrise Dam
4.11
(0.26)
1.17
0.11
(0.17)
(0.39)
Butcher Well
0.27
0.06
0.00
(0.01)
(0.00)
Tropicana
5.35
(0.30)
0.17
0.02
(0.38)
Total
9.73
(0.56)
1.40
0.13
(0.17)
(0.77)
Grand total
124.50
(2.93)
7.89
(2.24)
(0.17)
(2.12)
(0.08)
(0.09)
(1.11)
Reconciliation of copper Mineral Resource (copper content Mlb)
as at
Previous
31 December 2021
year
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Americas region
Quebradona
9,677
(293)
Total
9,677
(293)
Grand total
9,677
(293)
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AngloGold Ashanti Limited <R&R> 2021
GROUP OVERVIEW CONTINUED
15
Acquisition/
Current
disposal
year
Net
diff
%
Comments

7.83
0.20
3
Changes were largely as a result of exploration, with gains seen from the open pits, specifically from Oere,
Pamao, KCD and Gorumbwa as well as from the initial Inferred Mineral Resource definition of the 11000 lode
in the underground.
5.88
(0.80)
(12)
Significant reductions due to model changes occurred at Blocks 7 and 8 and Block 3W. Re-interpretation of the dyke
width and strike extent occurred in the deeper portions of Blocks 7 and 8 after the completion of new exploration
drilling. Closer spaced grade control drilling at Block 3W resulted in a decrease in model grades. This resulted in
lower volumes in the new optimised shell and subsequent ounce loss. Lower costs resulting from a new long-term
contract resulted in additions.
(0.43)
26.80
(2.72)
(9)
The decrease is largely due to model changes and the relinquishment of the Anyankyirem open pit. The model
changes came primarily from Adansi, Côte d’Or and Block 14 which are in the historic mining areas in the north of
the mine, where a review of the geological interpretation had been completed on the back end of data capture and
validation exercises of all the historic information.
6.38
(0.58)
(8)
Increases due to exploration and model changes at Kami were offset by mining cost increases and depletion,
resulting in a net reduction of Mineral Resource.
8.23
0.30
4
Significant increases occurred in Nyamulilima Cuts 1 and 2 due to exploration infill drilling in the deeper portions
of the planned cutback. Additional increases were seen at Nyankanga underground due to model changes. Cost
decreases in the mine planning assumptions resulted in some of the optimised pit shells increasing in volume.
(0.43)
55.13
(3.60)
(6)
2.88
(0.45)
(13)
The changes were largely due to an increase in mining costs resulting in an increased cut-off grade and a reduction
in both open pit and underground Mineral Resource.
3.37
3.37
100
The maiden Mineral Resource is as a result of successful greenfields exploration. The publication is supported by an
open pit optimisation at $1,500/oz to demonstrate the reasonable prospect of eventual economic extraction. Gold
and silver Mineral Resource are based on the outcomes of the conceptual study.
9.89
(0.66)
(6)
Exploration additions reflect increases for the quartz vein satellite orebody in Carruagem, Arco da Velha, Descoberto
for Cuiabá and Lamego, with some additions also at Córrego do Sítio (CdS) in Pinta Bem, Sangue de Boi and
Carvoaria. Methodology additions related to model changes due to grade control drilling is offset by increased costs.
The write off of the Nova Lima Sul (Raposos Mine) resulted in a further reduction, while exclusions of some skin
pillars or underbreak material at Cuiabá and Lamego resulted in a further decrease.
3.82
0.12
3
Exploration additions occurred at Ingá, Mina III, Mangaba and Angicão offset by minor changes in methodology and
cost increases as well as minor geotechnical exclusions.
3.01
No changes compared to 2020.
28.33
No changes compared to 2020.
7.02
(0.11)
(2)
Decreases resulted from the remodelling of the orebody including three new drill holes.
58.32
2.28
4
4.58
0.46
11
Increase due to ongoing advanced grade control and exploration activities offset by minor local changes in gold
price and an overall increase of costs.
0.33
0.05
20
The current Mineral Resource estimate is slightly higher than the previous estimate, with the majority of the change
due to a refined geological model. A decrease in the Mineral Resource gold price somewhat offset the increase.
4.86
(0.48)
(9)
The decrease in Mineral Resource resulted from of a combination of depletion and cost, offset partially by increases
in exploration success at Boston Shaker.
9.77
0.03
0
(0.43)
123.22
(1.28)
(1)
9,384
(293)
(3)
Decreases resulted from the remodelling of the orebody including three new drill holes.
9,384
(293)
(3)
9,384
(293)
(3)
Acquisition/
Current
disposal
year
Net
diff
%
Comments
background image
AngloGold Ashanti Limited <R&R> 2021
GROUP OVERVIEW CONTINUED
16
Reconciliation of gold Ore Reserve (gold content Moz)
as at
31 December 2021
Africa region
Previous
year
Depletion
Exploration
Exploration
Price
Cost
Geotechnical
Metallurgical
Kibali
4.25
(0.41)
0.37
0.14
(0.00)
0.00
Iduapriem
1.91
(0.22)
0.22
(0.16)
0.71
Obuasi
8.73
(0.09)
1.20
Siguiri
1.89
(0.28)
0.08
0.28
(0.35)
(0.20)
Geita
2.34
(0.51)
0.64
0.02
0.00
Total
19.12
(1.50)
1.31
1.31
0.14
0.38
0.00
(0.19)
Americas region
Cerro Vanguardia
0.95
(0.17)
0.01
0.09
(0.04)
(0.03)
(0.01)
AGA Mineração
1.73
(0.31)
0.32
0.01
(0.15)
(0.02)
(0.01)
Serra Grande
0.63
(0.08)
0.02
(0.02)
(0.02)
(0.00)
Gramalote
1.72
Quebradona
2.49
0.11
Total
7.52
(0.56)
0.35
0.20
(0.21)
(0.04)
(0.02)
Australia region
Sunrise Dam
1.15
(0.24)
0.42
0.45
0.00
(0.34)
(0.16)
(0.01)
Tropicana
1.89
(0.28)
0.10
(0.01)
0.11
(0.09)
(0.01)
0.01
Total
3.04
(0.52)
0.52
0.44
0.11
(0.43)
(0.16)
0.00
Grand total
29.67
(2.58)
2.18
1.95
0.26
(0.26)
(0.20)
(0.21)
Reconciliation of copper Ore Reserve (copper content Mlb)
as at
31 December 2021
Previous
year
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Americas region
Quebradona
3,105
145
Total
3,105
145
Grand total
3,105
145
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AngloGold Ashanti Limited <R&R> 2021
GROUP OVERVIEW CONTINUED
17

Operational
Other
Acquisition/
disposal
Current
year
Net
diff
%
Comments
(0.02)
4.33
0.08
2
The increase in Ore Reserve was primarily as a result of the conversion of the 3000
and 9000 lode extensions in the KCD underground and the addition of the Oere pit
and growth in the Pamao pit due to exploration successes. The price used for pit
optimisation at Pakaka and Gorumbwa also changed from $1,000/oz to $1,200/oz
which contributed to the increase seen.
0.14
2.60
0.69
36
The net increase is primarily due to the decrease in costs resulting from signing a new
mining contract and operational changes.
(1.58)
8.26
(0.47)
(5)
Operational changes primarily associated with design reviews in historically mined
areas to eliminate low confidence stopes resulted in a net decrease. This was offset
partially by methodology change due to geological re-interpretation and revision of
estimation parameters in Adansi resulting in additions to the Ore Reserve.
(0.00)
0.22
1.64
(0.25)
(13)
The decrease was primarily due to an increase in cost, and a decrease in fresh and
transitional metallurgical recoveries. This was offset partially by revised modelling at
Kami Mineral Resource and a maiden Kami extension Ore Reserve.
0.25
(0.09)
2.65
0.31
13
The significant increase is mainly due to ongoing drilling exploration success resulting
in larger pit designs. The open pit shell and underground slope design changes
contributed to an increase of 27% and 3% to the Ore Reserve respectively.
(1.19)
0.11
19.48
0.36
2
0.82
(0.14)
(14)
The net decrease was mainly due to depletion, minor cost changes offset by revisions
to methodology.
0.07
0.04
1.69
(0.05)
(3)
Cost increases resulted in changes in design and some remnant areas being added at
Cuiabá. The Lamego and CdS Ore Reserve remain constant and there was a marginal
increase in the Ore Reserve at Cuiabá.
0.03
0.55
(0.07)
(12)
The net decrease was due to depletion, cost changes and some revisions to methodology.
1.72
No changes compared to 2020.
2.60
0.11
5
Result of an update in the Mineral Resource model due to three new drill holes,
in addition to an upgrade in Mineral Resource classification based on
conditional simulation.
0.09
0.04
7.38
(0.14)
(2)
0.02
1.31
0.16
14
The increase in the reported Ore Reserve is due to exploration success and a revised
methodology for underground stope optimisation offset by more conservative extraction
ratios and increased unit costs.
(0.05)
1.67
(0.22)
(12)
Increases due to exploration and price are largely balanced by decreases due to cost
and operational changes.
(0.03)
2.97
(0.06)
(2)
(1.12)
0.14
29.83
0.16
1
Operational
Other
Acquisition/
disposal
Current
year
Net
diff
%
Comments
3,250
145
5
Result of an update in the Mineral Resource model due to three new drill holes,
in addition to an upgrade in Mineral Resource classification based on
conditional simulation.
3,250
145
5
3,250
145
5
background image
AngloGold Ashanti Limited <R&R> 2021
Guine
1
2
Ghana
3
DRC
4
Tanzania
Legend
1
Guinea Siguiri (85%)
2
Ghana Iduapriem / Obuasi (1)
3
DRC, Kibali (45%)(2)
4
Tanzania Geita
Operation
Project
0
2,000km
(1)
Obuasi’s redevelopment project began in 2019
(2)
Kibali is operated by Barrick
REGIONAL OVERVIEW
AFRICA
Contribution to regional production
26
34
%
14
18
8
Kibali
Iduapriem
Obuasi
Siguiri
Geita
57%
Contribution to group
production
Key statistics
Units
2021
2020
2019
Operational performance
Tonnes treated/milled
Mt
24.7
23.9
26.6
Recovered grade
oz/t
0.052
0.058
0.052
g/t
1.79
1.99
1.80
Gold production
000oz
1,419
1,603
1,538
Total cash costs
$/oz
904
757
759
All-in sustaining costs
$/oz
1,161
935
896
Capital expenditure
$m
506
397
410
18
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AngloGold Ashanti Limited <R&R> 2021
19
Moz
REGIONAL OVERVIEW CONTINUED
Africa
Contribution to group Mineral Resource
Contribution to group Ore Reserve


68.1
55.1


Africa
Rest of AngloGold Ashanti
Africa
Rest of AngloGold Ashanti
As at December 2021, the Mineral Resource
(inclusive of Ore Reserve) for the Africa region
was 55.1Moz (2020: 58.7Moz) and the Ore Reserve
19.5Moz (2020: 19.1Moz).
This is equivalent to 45% and 65% of the group’s Mineral
Resource and Ore Reserve respectively. Combined production
from these operations totalled 1,419Moz of gold in 2021, or 57%
of group production.
AngloGold Ashanti has five mining operations within the
Africa region:
Kibali in the DRC, a joint venture (JV) with Barrick and Société
Minère de Kilo-Moto (SOKIMO), the state-owned gold mining
company
Iduapriem in Ghana
Obuasi in Ghana
Siguiri in Guinea, with AngloGold Ashanti holding 85% ownership,
and the remaining 15% owned by the government of Guinea
Geita in Tanzania
Mining is from both open pit and underground, with Obuasi
being an underground mine, Iduapriem and Siguiri being open pit
mines, and Kibali and Geita being a combination of open pit and
underground mines.
Africa Mineral Resource
Per operation/project (Moz)
35
30
25
20
15
10
5
0



Africa Ore Reserve
Per operation/project (Moz)
10
9
8
7
6
5
4
3
2
1
0
2020
2021












2020
2021
10.4
Moz
19.5
6.68
5.88
1.89
1.64
Iduapriem
Siguiri
1.91
2.60
6.96
6.38
Iduapriem
Siguiri
i
2.34
2.65
7.63
7.83
Geita
Kibali
4.25
4.33
7.92
8.23
Kibali
Geita
29.52
26.80
8.73
8.26
Obuasi
Obuasi
Gold pouring at Geita
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AngloGold Ashanti Limited <R&R> 2021
20
REGIONAL OVERVIEW CONTINUED
Africa
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Africa
Measured
56.44
3.38
191.03
6.14
Indicated
361.14
2.52
909.64
29.25
Inferred
179.17
3.43
613.98
19.74
Tota
596.75
2.87
1,714.66
55.13
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Africa
Measured
13.16
3.98
52.32
1.68
Indicated
179.46
2.36
422.86
13.60
Inferred
179.17
3.43
613.98
19.74
Tota
371.79
2.93
1,089.15
35.02
Ore Reserve
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Africa
Proved
41.33
2.58
106.54
3.43
Probable
183.69
2.72
499.29
16.05
Tota
225.02
2.69
605.84
19.48
Kibali processing plant at night
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AngloGold Ashanti Limited <R&R> 202
1
Bunia
Kisangani
Kinshasa
DRC
Legend:
1
Kibali (45%) (1)
Operation
(1
Kibali is operated by Barrick
0
300km
Lubumbashi
DEMOCRATIC REPUBLIC
OF THE CONGO
Africa
Kibali, one of the largest gold mines in Africa, is
situated in the DRC, adjacent to the town of Doko
and 210km from Arua on the Ugandan border.
Kibali is co-owned by AngloGold Ashanti (45%),
Barrick (45%) following its merger with Randgold
Resources Limited, and SOKIMO (10%), a state-
owned gold mining company.
The consolidated lease is made up of ten mining concessions. 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.
Attributable production from the DRC was 365koz of gold in 2021,
or 26% of the region’s production.
As at December 2021, the Mineral Resource (inclusive of Ore
Reserve) for the DRC was 7.8Moz (2020: 7.6Moz) and the Ore
Reserve was 4.3Moz (2020: 4.2Moz).
Inclusive Mineral Resource
0.9
Exclusive Mineral Resource
Ore Reserve
2.6
0.9
0.8
1.7
4.3
Moz
Moz
1.8
2.6
Moz
Measured
Indicated
Inferred
Measured
Indicated
Inferred
Proved
Probable
21
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AngloGold Ashanti Limited <R&R> 2021
22
KIBALI
Africa
Introduction
Property
description
The Kibali Mine is a gold mining, milling and exploration project. Operations currently focus on open pit and
underground mining. Development of the underground mine commenced in 2013 and production of the
underground ramped up to 3.8Mt in 2021. Initial production was via a twin decline from surface. From 2018
onwards, the majority of ore was hoisted up the shaft. The decline is used to haul some of the shallower zones
and to supplement shaft haulage. Kibali is co-owned by AngloGold Ashanti (45%), Barrick (45%) following its
merger with Randgold Resources Limited, and SOKIMO (10%), a state-owned gold mining company.
Location
Kibali is located in the northeastern part of the DRC near the international borders with Uganda and South
Sudan. The mine is located adjacent to the village of Doko, which is located to the west of the lease area. Kibali is
approximately 210km by road from Arua and immediately north of the district capital of Watsa. The operational
area falls within the administrative territory of Watsa in Haut Uélé province.
History
On 15 October 2009, AngloGold Ashanti acquired a 50% indirect interest in Moto Goldmines Limited through a JV
with Randgold, with Moto holding a 70% stake in Kibali and the balance (30%) being held by the DRC parastatal,
SOKIMO. On 21 December 2009, Randgold and AngloGold Ashanti increased their JV interest in Kibali to 90%,
while SOKIMO retained a 10% holding. On 2 January 2019, Randgold merged with Barrick, and the JV is now with
the combined company, trading as Barrick.
The first gold was poured in September 2013 from the open pit operations and development of the underground
mine commenced in the same year. First underground ore from development was also mined in 2013 and
stoping began in 2015. Initial production was truck hauled by a twin decline to surface. In 2017, the haulage shaft
(740m deep) and materials handling system were commissioned.
Legal aspects
and tenure
Currently, there are no significant encumbrances to the property. Kibali was granted ten exploitation permits
under the DRC mining code, eight of which are valid until 2029 and two of which are valid until 2030. The Mineral
Resource and Ore Reserve are covered by exploitation permits (11447, 11467, 11468,11469, 11470, 11471,
11472, 5052, 5073, and 5088) totalling 1,836km
2
.
Mining method
The operation comprises both open pit and underground mining. The open pit mining is carried out using
conventional drill, blast, load and haul surface mining methods. The mining is conducted by a contractor, Kibali
Mining Services, a local subsidiary of DTP Terrassement, using either free-dig or drill and blast.
For the underground operation, longitudinal, transverse primary or secondary stoping and advancing face
stoping methods with paste backfill are used as the mining methods.
Operational
infrastructure
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. Surface
infrastructure associated with the overall Kibali operation includes a processing plant, tailings storage
facility (TSF), camp, airstrip, workshops and offices. Power to the mine is self-generated by a combination of
hydroelectric and diesel generators.
Mineral
processing
The current processing plant can treat both oxide and fresh sulphide material and uses flotation with ultra-fine
grind of the flotation concentrate, a treatment that is required for the sulphide ore type before leaching. Kibali
has a processing operation capable of producing an average of 600kozpa, designed to treat 7.2Mtpa but ongoing
improvements have achieved performance beyond the design capacity successively since 2017.
There are no known significant risks or uncertainties that will impact the Mineral Resource and Ore
Reserve estimates.
Risks
An independent external review of the Mineral Resource and Ore Reserve was undertaken in 2021 by
RSC Mining and Mineral Exploration on behalf of the managing partner Barrick and found no significant flaws.
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AngloGold Ashanti Limited <R&R> 2021
KIBALI CONTINUED
Africa
23
Map showing Kibali Gold Mine 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 Universal Transverse Mercator (UTM) coordinate system.
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AngloGold Ashanti Limited <R&R> 2021
24
5850 L
5700 L
5550 L
5400 L
5250 L
5100 L
4950 L
4800 L
3000 Lode
5000 Lode
9000 Lode
11000 Lode
Actual Development
Development Design
KIBALI CONTINUED
Africa
SW-NE View across the KCD and Sessenge models with the pit and underground mine design, elevation in
metres above mean sea level (AMSL)
Geology
Deposit type
Deposits of the Kibali district are located in the Archaean Moto
Greenstone Belt bound to the north by the West Nile Gneiss and
to the south by plutonic rocks of the Watsa district. The belt
comprises three lithostratigraphically distinct blocks. The eastern
portion of the belt comprises psammopelitic schists, amphibolite,
banded iron formation (BIF), and gneissic granitoid sills
metamorphosed under upper greenschist to low-mid-amphibolite
facies conditions. Relative weakly foliated basalts, cherts,
siliciclastic rocks, dacitic volcanoclastic rocks, and carbonaceous
argillite metamorphosed under mid-to-upper greenschist facies
conditions comprise the central and westernmost parts of the
belt. Granitoid plutons, aged ca. 2,460Ma, intrude these rocks. A
thick package of immature sandstone, gritstone, conglomerate,
and probably acid tuffs forms much of the western part of the belt,
including the host rocks to KCD, the largest deposit discovered to
date within the belt. Radiometric dating indicates these siliciclastic
rocks were deposited during a belt-wide basin extension event
between ca. 2,629Ma and 2,626Ma with much of the detritus
derived from adjacent older parts of the belt.
Boundaries between these lithostratigraphic blocks represent
important exploration targets.
The main Kibali deposit consists of a combination of the KCD
deposits. Currently, only the KCD deposits host an underground Ore
Reserve and this constitutes 76% of the total Kibali Ore Reserve.
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, BIF and chert that were
metamorphosed under greenschist facies conditions. Ore-
forming H2O-CO2-rich fluids migrated along a linked network of
gently northeast-dipping shears and northeast to north-northeast
plunging fold axes that are commonly referred to as the KZ
Trend. The richly mineralised KZ Trend appears to have initiated
as an extensional fault system along the boundary between the
relatively young basin in the western part of the belt and older
rocks to the east. Mineralisation occurred during the later stages
of subsequent regional contractional 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. The source(s) of metal
and fluids, which formed the deposits remain unknown, but
metamorphic devolatilisation reactions within the supracrustal
rocks of the Moto Greenstone Belt and/or deeper fluid and metal
sources may have contributed.
Mineralisation characteristics
Mineralisation characteristics of the gold deposits of the Kibali
district are associated with halos of quartz, ankerite and sericite
(ACSA-A alteration) that extend for tens to hundreds of metres
into the adjacent rocks. This widespread ACSA-A alteration
assemblage is superimposed on older greenschist facies
metamorphic assemblages. Locally, in the vicinity of the main
mineralised zones, ACSA-A alteration is overprinted by ankerite-
sideritepyrite alteration (ACSA-B) that hosts the ore. Gold is directly
associated with the ACSA-B alteration assemblage. In smaller
peripheral deposits a late chlorite, carbonate, pyrite assemblage
is associated with the ore rather than the ACSA-B assemblage,
implying a districtwide zonation of mineral assemblages along
and across the mineralised KZ Trend. Zones of auriferous
ACSA-B alteration are commonly developed along the margins
of BIF, or contacts between chert, carbonaceous phyllite and BIF.
Mineralised rocks in the Kibali district typically lack significant infill
quartz rich veins, unlike many other orogenic gold deposits. Gold is
instead associated with pyrite in zones of alteration that replaced
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AngloGold Ashanti Limited <R&R> 2021
KIBALI CONTINUED
Africa
25
the earlier mineralogy of the host rocks. Local remobilisation and
upgrading of ACSA-B related ore occurred adjacent to the margins
of some post-ore cross-cutting chlorite, carbonate, pyrite and
magnetite-altered diorite dykes.
The location of the individual lodes within the KCD deposit are
intimately controlled by the position, shape and orientation of a
series of gently northeast-plunging tight to isoclinal folds. The
ACSA-A alteration developed during the formation of these folds,
and the sericite foliation which is an integral part of the ACSA-A
assemblage formed parallel to their axial planes. Zones of later
auriferous ACSA-B alteration developed along the axes, limbs, and
more rarely the axial planes of these folds, locally wrapping around
the hinges of the folds to form elongate northeast-plunging
concave-shaped rods. ACSA-B alteration is also commonly
focused along the margins of more extensive BIFs, indicating a
stratigraphic as well as structural control to the distribution of
ore, both within KCD, and the wider KZ Trend. Shear zones that
were active during folding are a third key structural control on the
location of ore within KCD and the wider KZ Trend.
At KCD a folded carbonaceous shear in the core of the deposit
juxtaposes stratigraphically distinct blocks. The 3000 lodes
above this shear are hosted by locally ferruginous cherts,
carbonaceous argillites, and minor greywacke, whereas the
5000 and 9000 lodes below are hosted by siliciclastic rocks
and BIF. Fold shapes and wavelength differ between the two
blocks reflecting their different rheologies during folding, and
this is reflected in the scale, shape and continuity of lodes in
each block. At Pakaka and Kalimva-Ikamva chlorite, carbonate,
pyrrhotite and pyrite-altered shear zones rather than folds are the
principal controls of gold distribution.
NW-SE Geological cross-section through the KCD orebody, elevation in metres AMSL
3000 Lode
5000 Lode
9000 Lode
11000 Lode
12000 Lode
Fold axial plan
Mafic dyke
Carbonaceous shale
Chert
BIF
ACSA-A alteration
ACSA-B alteration
100m
Current KCD pit outline
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AngloGold Ashanti Limited <R&R> 2021
26
KIBALI CONTINUED
Africa
Exploration
During 2021, KCD was the centre of exploration activities with
continued underground Mineral Resource definition of the 11000,
9000 and 3000 lodes. Drilling is completed from dedicated
exploration drill drives particularly in the down and up plunges
of the 3000 lodes, and down-plunge of the 5000, 9000 and new
11000 lodes.
Surface exploration continued to target the delineation of satellite
deposits within the gaps between and along the structural
corridors of existing Mineral Resource and Ore Reserve.
Additionally, brownfields exploration continued across a number of
satellite pits, including Sessenge, Gorumbwa, Pakaka, Kombokolo,
Mengu Hill and Ikamva. These pits are being drill tested for down-
plunge extensions to mineralisation to assess their economic
viability for pit deepening and/or as smaller satellite underground
operations to support the mine life extension outside of the
existing life of mine (LOM).
Projects
At the end of 2021, Kibali delivered a fourth successive year of
>800kozpa total gold production, underpinned by robust plant
performance with an annual throughput of 7,783kt.
A Prefeasibility Study (PFS) was successfully completed at both
Oere and Aerodrome pits, adding additional Proved and Probable
Ore Reserve and extending the Kibali open pit life to 2033. For a
third successive year, Kibali more than replaced depletion of the
Ore Reserve. This has enabled the updated LOM plan to increase
the utilisation of the installed plant capacity, with an average
annual throughput of 7Mt and annual gold production in excess of
750koz sustained through to 2030.
In 2021, Kibali re-affirmed its commitment to ongoing biodiversity
management through launching the Garamba Alliance, a
biodiversity partnership with the US Agency for International
Development designed to preserve this World Heritage park
through anti-poaching actions and other conservation initiatives.
This partnership is also designed to secure a sustainable
economic future for the local community surrounding the nearby
Garamba National Park.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Measured
5 x 10, 10 x 25
Indicated
30 x 40, 40 x 40
Inferred
80 x 80
Grade/ore control
5 x 10, 10 x 25
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Open pit
Measured
6.96
2.24
15.58
0.50
Indicated
20.27
2.25
45.57
1.47
Inferred
3.69
2.10
7.76
0.25
Total
30.93
2.23
68.91
2.22
Underground
Measured
14.31
4.63
66.27
2.13
Indicated
21.67
4.06
88.02
2.83
Inferred
6.59
3.03
19.98
0.64
Total
42.57
4.09
174.27
5.60
Stockpile
Measured
Indicated
Inferred
0.14

3.17

0.45

0.01

Total
0.14
3.17
0.45
0.01
Kibali
Total
73.65
3.31
243.63
7.83
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AngloGold Ashanti Limited <R&R> 2021
KIBALI CONTINUED
Africa
27
Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
7
4
Estimation
Mineral Resource estimation is undertaken by Barrick in-house
Competent Persons 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.
Grade tonnage curves
Kibali
Surface (metric)
40
35
30
25
20
15
10
5
0
Kibali
Underground (metric)
14
14
13
12
11
33
12
10
9
28
10
8
23
6
18
8
5
13
3
8
6
2
1
3
4
0
1
2
3
4
5
6
7
8
9
10
0
2
4
6
8
10
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Kibali
Measured
7.62
3.19
24.29
0.78
Indicated
19.82
2.76
54.63
1.76
Inferred
10.29
2.70
27.74
0.89
Total
37.74
2.83
106.66
3.43
The exclusive Mineral Resource for the open pits largely comprises Inferred Mineral Resource and tonnages that occur below the Ore
Reserve cut-off grade (due to a gold price difference). At the KCD deposit, it is also partially due to the selection of a fixed interface
between open pit and underground mining areas. Both the open pit and underground Mineral Resource below the Ore Reserve mining cut-
off grade form a significant part of this material.
Tonnes above
cut-off (millions)
Average grade
above cut-off
(g/t)
Overview of Kibali
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AngloGold Ashanti Limited <R&R> 2021
28
0.10
0.00
0.00
0.00
0.00
7.83
0.55
(0.01)
0.00
7.63
(0.44)
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
“At the end of 2021, Kibali delivered a fourth successive year
of 800kozpa total gold production, underpinned by robust plant
performance with an annual throughput of 7,783kt.”
KIBALI CONTINUED
Africa
Year-on-year changes in Mineral Resource
Kibali
Total (Moz)
8.0
7.8
7.6
7.4
7.2
7.0
6.8
Changes were largely as a result of exploration, with gains seen from the open pits, specifically from Oere, Pamao, KCD and Gorumbwa as
well as from the initial Inferred Mineral Resource definition of the 11000 lode in the underground.
Inclusive Mineral Resource sensitivity
Kibali
25
20
15
10
5
0
-5
-10
-15
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
Ore Reserve
Ore Reserve
Open pit
Proved
4.84
2.28
11.03
0.35
Probable
11.79
2.51
29.56
0.95
Total
16.63
2.44
40.59
1.30
Underground
Proved
9.37
4.54
42.53
1.37
Probable
11.25
4.54
51.14
1.64
Total
20.63
4.54
93.67
3.01
Stockpile
Proved
0.14
3.17
0.45
0.01
Probable
Total
0.14
3.17
0.45
0.01
Kibali
Total
37.40
3.60
134.72
4.33
The Kibali Mineral Resource is sensitive to both an increase
and decrease in gold price on an ounce basis for both the
open pit and underground. This is due to the geological
constraints placed on the high-grade underground
mineralisation which leaves lower-grade surrounding margin
that only becomes mineable at materially higher gold prices.
Ounces
(millions)
Percentage
change
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2021
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AngloGold Ashanti Limited <R&R> 2021
KIBALI CONTINUED
Africa
29
Estimation
The open pit Ore 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 Ore Reserve. An open pit
underground interface was set at 5,685mRL between the KCD
open pit and underground mine.
A cut-off grade analysis at $1,200/oz was used to determine a cut-
off grade of 2.02g/t for the underground mine. Longitudinal and
transverse longhole open stoping methods with paste backfill are
the current preferred mining methods. Underground stope designs
were updated from the previously reported Ore 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 Ore Reserve.
Metallurgical, environmental, social, legal, marketing and economic
factors were adequately considered in the Kibali Feasibility Study
(FS) and have been updated as the project has developed.
Ore Reserve modifying factors
as at 31 December 2021
Gold price
$/oz
Cut-off
grade
g/t Au
Stoping
width
cm
Dilution
%
MRF
(% based on
tonnes)
MCF
%
MetRF
%
Open pit
1,200
1.50
10.0
97.0
97.0
89.0
Underground
1,200
2.02
2,990
4.7
91.6
97.0
90.0
Stockpile
1,200
1.76
97.0
89.0
Inferred Mineral Resource in annual Ore Reserve design
as at 31 December 2021
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Open pit
1.45
1.28
1.86
0.06
Underground
1.02
5.05
5.13
0.16
Total
2.47
2.83
6.99
0.22
With appropriate caution, a portion of the Inferred Mineral Resource was included in the business plan during the optimisation process.
The updated business plan contains a total of 5% of Inferred Mineral Resource (on an ounce basis), which is predominantly scheduled
from 2031 onwards. All Inferred Mineral Resource included in the business plan has had modifying factors applied to the Mineral
Resource and is planned to be mostly converted into Ore Reserve by the end of 2022. The added Inferred Mineral Resource is primarily
from the Oere pit and KCD underground.
The current mine plan has no reliance on the Inferred Mineral Resource to support the economic viability of the project at the declared Ore
Reserve gold price of $1,200/oz.
Year-on-year changes in Ore Reserve
Kibali
Total (Moz)
5.0
4.5
4.0
3.5
3.0
2.5


The increase in Ore Reserve was primarily as a result of the conversion of the 3000 and 9000 lode extensions in the KCD underground and
the addition of the Oere pit and growth in the Pamao pit due to exploration successes. The price used for pit optimisation at Pakaka and
Gorumbwa also changed from $1,000/oz to $1,200/oz which contributed to the increase seen.
0.00
0.00
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Operational
Acquisition/
disposal/
2021
0.14
0.00
0.00
(0.41)
0.37
(0.00)
4.25
0.00
(0.02)
4.33
Ounces
(millions)
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AngloGold Ashanti Limited <R&R> 2021
30
KIBAL
CONTINUED
Africa
Ore Reserve sensitivity
Kibali
4
2
0
-2
-4
-6
1,100
1,200
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,300
Competent Person
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
and Ore Reserve
Simon Bottoms(1)
Geological
Society of
London
(FGS CGeol)
1 023 769
13 years
MGeo
(1)
Employed by Barrick as SVP, Africa and Middle East Mineral Resource Manager, 3rd Floor, Unity Chambers, 28 Halkett Street, St. Helier, Jersey, Channel Islands
The Kibali underground Ore Reserve is insensitive to a small
change in gold price because it is geologically constrained,
and the Ore Reserve designs effectively mine the entire high-
grade shoots, with the surrounding halo of mineralisation
providing dilution. The open pit Ore Reserve has a limited
sensitivity due to data constraints within the higher
confidence Measured and Indicated Mineral Resource.
Percentage
change
Aerial view of the Aerodrome pit at Kibali
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AngloGold Ashanti Limited <R&R> 2021
Bolgatanga
Tamale
Operation
Project
0
150km
GHANA
Kumasi
1
Accra
Legend
Obuasi(1)
2
1
duapriem
(1)
Obuasi’s redevelopment project began in 2019
Tarkwa
2
Skondi Takoradi
GHANA
Africa
AngloGold Ashanti has two mines in Ghana.
Obuasi and Iduapriem are both wholly owned by
AngloGold Ashanti.
Obuasi, currently in a redevelopment phase, is an underground
mine operating at depths of up to 1,500m with a continuous
history of mining dating back to the 1890s and Iduapriem, an open
pit mine.
Obuasi is located in the Ashanti region of southern Ghana,
approximately 60km south of Kumasi. Mining was temporarily
suspended at the end of 2014 while a series of economic studies
progressed. Obuasi underground development restarted in the first
half of 2019, with the first gold produced in December 2019. The
operations' ramp up to 4,000tpd of ore tonnes mined was delayed
by the temporary stoppage of underground activities after a fall of
ground incident in May 2021. Production remained suspended for
several months to allow for reviews and investigations, but slowly
resumed in the latter part of 2021.
Iduapriem is located in western Ghana, some 85km from the coast
and south of Obuasi, near the town of Tarkwa
Attributable production from Ghana was 310koz of gold in 2021,
or 22% of the region’s production.
As at December 2021, the Mineral Resource (inclusive of Ore
Reserve) for Ghana was 32.7Moz (2020: 36.2Moz) and the Ore
Reserve was 10.9Moz (2020: 10.6Moz).
Inclusive Mineral Resource
2.2
Exclusive Mineral Resource
0.7
Ore Reserve
1.2
13.3
Moz
17.2
13.3
Moz
7.7
9.6
Moz
Measured
Indicated
Inferred
Measured
Indicated
Inferred
Proved
Probable
3
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AngloGold Ashanti Limited <R&R> 2021
32
IDUAPRIEM
Africa
Introduction
Property
description
Iduapriem Mine is owned by AngloGold Ashanti (Iduapriem) Limited, a company registered in Ghana. This is
ultimately held by AngloGold Ashanti (Ghana) Limited (AAGL) which also operates the Obuasi Mine, and is also
registered in Ghana. AAGL through successive hierarchal holdings is 100% held by the AngloGold Ashanti parent
company. It is a multiple open pit operation that currently sources ore from the Block 3W, Ajopa, and Blocks 7
and 8 pits. More recently the Block 5 pit was re-instated in the mining plan.
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. 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).
History
A FS was completed in 1990 and in October 1991, the then owners, Golden Shamrock Limited (Golden
Shamrock) began construction of a 1.36Mtpa semi-autogenous milling circuit and carbon-in-pulp (CIP)
plant. Mining commenced in August 1992 with the first gold pour achieved in September of that year.
Golden Shamrock was acquired by Ashanti Goldfields Company Limited (Ashanti) in 1996. In 2000, a portion
of the non-operational Teberebie Goldfields Limited company (a subsidiary of Pioneer Goldfields Limited) was
purchased resulting in an increased Ore Reserve and LOM. In 2002, Ashanti upgraded the plant capacity to
4Mtpa, and in 2004 AngloGold merged with Ashanti to become AngloGold Ashanti. In 2009 the plant capacity
was further extended to the current 5.2Mtpa. The Iduapriem heap leach started in 1996 and continued until 2006
when the low-grade oxide material was depleted. Teberebie Goldfields had started heap leaching from the onset
in 1992. After the acquisition, Ashanti continued the Teberebie heap leach, but it was closed down in 2006 when
low-grade oxide was depleted.
Legal aspects
and tenure
Iduapriem comprises the following mining leases:
Iduapriem Concession LVB1539/89 covering 36.47km2
Ajopa Concession LVB/WR326/09 covering 46.12km2
Teberebie Concession LVB3722H/92 covering 28.98km2
Ajopa South West Concession (LR# 1109/1999) covering 28.10km2
All four mining leases are valid until February 2035. All the leases in respect of the Iduapriem Mine have been
duly ratified in accordance with Ghanaian law.
Mining method
Iduapriem Mine is an open pit mine which makes use of the mining contractor, AMAX Mining Services. It uses
conventional drill and blast, with truck and excavator load and haul.
Operational
infrastructure
Surface infrastructure associated with Iduapriem’s operation includes a primary crusher, 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 Ghana Grid Company Limited (GRIDCo).
Mineral
processing
The current processing plant treats free-milling material from open-cast mining, by a conventional crush with
a semi-autogenous ball milling circuit and cyanide leach. Iduapriem operates a two-stage crushing circuit
consisting of a 54-75 primary gyratory crusher and two GP550 gyratory crushers for secondary crushing. The
Iduapriem treatment plant has two semi-autogenous grinding mills (SAG mills) and two ball mills which run in
two parallel circuits, each with a SAG mill and a ball mill.
Risks
Power reliability, slope or high wall stability (rockfall potential), and inrush or inundation (flooding of pits, TSFs,
and infrastructure) are considered potential risks or uncertainties in the Mineral Resource and Ore Reserve
estimate. Mitigation plans are in place to manage these risks.
An independent external Mineral Resource and Ore Reserve audit was undertaken in 2021 by SRK Consulting
and found no significant flaws in process or output. Certificates of sign-off have been received to state that the
Mineral Resource and Ore Reserve estimates are reported in accordance with the SAMREC Code.
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AngloGold Ashanti Limited <R&R> 2021
IDUAPRIEM CONTINUED
Africa
33
Map showing the location, infrastructure and mining licence area for Iduapriem, 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 UTM coordinate system.
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AngloGold Ashanti Limited <R&R> 2021
34
Legend
$1,500/oz Mineral Resource shell
Current topography
Faulted conglomerate
Drill hole trace
IDUAPRIEM CONTINUED
Africa
Geology
Iduapriem Mine is located within the Tarkwaian Group which
forms part of the West African Craton that is covered to a large
extent by metavolcanics and metasediments of the Birimian
Supergroup. In Ghana, the Birimian terrane consists of northeast-
southwest trending volcanic belts separated by basins, and the
Tarkwaian Group was deposited in these basins as shallow water
deltaic sediments. The Tarkwaian lithologies are considered
to represent the erosion products that accumulated following
uplift and deformation of the underlying Birimian rocks during
the Eburnean orogeny. The basins (grabens) are believed to have
formed as a result of rifting, preferentially in the central parts
of the Birimian volcanic belts. The Tarkwaian Group consists of
a thick sequence of clastic metasedimentary rocks that have
undergone low-grade regional metamorphism.
Deposit type
At Tarkwa, the entire Tarkwaian Group has been folded into a
broad syncline and is locally referred to as the Tarkwa Syncline.
The Banket Series Formation comprises a sequence of
individual quartz pebble conglomerates (Banket beds), breccia
conglomerates and metasandstones (also called quartzites and
grits). All known gold mineralisation within the Banket Formation
is associated with the conglomerates and is found within the
matrix that binds the pebbles together. Gold content is a function
of the size and amount (packing) of quartz pebbles present within
a conglomeratic unit the bigger and/or more pebbles present, the
higher the gold grade. The upper stratigraphic limit of the Banket
Series Formation is marked by the hangingwall quartzite which
exhibits well-developed and characteristic trough- and cross-
bedded haematitic black sand banding. The hangingwall quartzite
also contains thin discontinuous grit interbeds. Dykes and sills
of doleritic composition intrude the sedimentary sequence and
frequently occur adjacent to complex structural zones.
Mineralisation style
There are four recognised conglomerate reefs namely A, B, C,
and D which are equivalent to the Tarkwaian Sub-basal, Basal
(or Main), Middle (or West), and Breccia Reefs respectively.
The B and C reefs are oligomictic, and consist of well-sorted
conglomerates and were mined underground in some areas
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 – more pebbles present suggests more
gold. The gold is fine-grained, particulate and free-milling
(i.e. not locked up with quartz or iron oxides). Mineralogical
studies indicate that the grain size of native gold particles ranges
between 2 and 500 microns (0.002 to 0.5mm) and averages
130 microns (0.13mm). The thickness of the main mineralised
B and C reefs are approximately 15m and 6m respectively. The
mineralised sequence dips at angles varying from steep and
sub-vertical, at Blocks 1 and 2, to steep (70° to 80° north dipping)
towards Block 3 East. The dip continues to be shallower at
Block 3 West (50°), through Blocks 4 and 5 (45°) to become
35° at Block 7 South and 30° at Block 8. At Ajopa, the average dip
is 50° to 60°. At Blocks 7 and 8, the western limb of the syncline
extends over 4km on the property, with the eastern limb reaching
the surface just beyond the eastern boundary of the concession.
The western and the eastern limbs outcrop about 4km apart with
the mineralised horizons buried some 400m below the surface at
the centre of the syncline.
Mineralisation characteristics
The gold is fine-grained, free milling and not associated
with sulphides.
3D Geological overview of Blocks 7 and 8 (Cuts 5 and 6), elevation in mRL*
* mRL expressed in mine grid which includes an approximate addition of 1,480m to the AMSL Z elevation
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IDUAPRIEM CONTINUED
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35
Exploration
Exploration activities during 2021 focused on Ore Reserve
conversion drilling at Block 1 central, Block 5, Blocks 7 and 8, and
Mineral Resource conversion at Ajopa south, Block 5 extension.
Exploration upside target drilling was carried out at Blocks 2 and
3, and Badukrom. Continued Mineral Resource conversion drilling
at Block 1 and Block 5 extension added 640koz of total Mineral
Resource to Iduapriem.
At Iduapriem 63,292.6m was drilled in 2021, comprising
36,235.6m (DD) and 7,057m (RC). Exploration focused on Mineral
Resource conversion drilling at Block 1, Block 5, Block 5 extension,
Ajopa South and Block 3.
Regional mapping and geochemical sampling at Ajopa South West
prospect commenced during the year as well as auger drilling at
Mile 8 and Mile 5W targets.
At Block 1, eleven infill drill holes were drilled to convert Inferred
Mineral Resource to Indicated Mineral Resource. Significant
intersections were returned for samples submitted from all drill holes.
At Block 5 and Block 5 extension, 2,080m of RC and 9,348.60m of
DD were drilled with significant intersections returned. Exploration
works at Ajopa South West resulted in 65.38km of line cutting and
geochemical sampling. Infill auger drilling at Mile 8 and Mile 5W
hydrothermal targets commenced with 1,097 sample points/auger
pegs planned from seven priority targets.
Projects
Major projects underway at Iduapriem include the development
of a new TSF, tertiary crusher as well as a resettlement project to
relocate the community within Mile 5 to outside the lease area.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Measured
20 x 15
Indicated
50 x 75
Inferred
100 x 100
Grade/ore control
20 x 15
In general, 100 x 100m drill hole spacing is used to define the extent and geometry of an anomaly. The majority of the Mineral Resource area
has been drill tested at a spacing of a 100 x 100m with the spacing closed up to 50 x 75m for the shallower, Indicated Mineral Resource.
The appropriate grid for each phase is optimised for each project based on the geometry of the mineralisation, the continuity of geology
and grade, and mining experience from the pits.
In some cases, the data spacing may be reduced where structural complexity is encountered. Apart from the major fault structures,
geological continuity is considered to be very good with the conglomerate reefs being laterally consistent and continuous.
Open pit mining at Blocks 7 and 8 - Cut 2, at Iduapriem
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
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AngloGold Ashanti Limited <R&R> 2021
36
IDUAPRIEM CONTINUED
Africa
Inclusive Mineral Resource
Ajopa
Measured
Indicated
7.19
1.45
10.42
0.34
Inferred
4.16
1.40
5.82
0.19
Total
11.35
1.43
16.24
0.52
Block 1
Measured
Indicated
7.47
1.81
13.55
0.44
Inferred
0.09
1.61
0.14
0.00
Total
7.56
1.81
13.69
0.44
Block 3W
Measured
0.65
1.04
0.67
0.02
Indicated
0.58
1.15
0.67
0.02
Inferred
0.32
1.18
0.38
0.01
Total
1.55
1.11
1.72
0.06
Block 5
Measured
Indicated
7.06
1.32
9.29
0.30
Inferred
0.38
1.31
0.50
0.02
Total
7.44
1.32
9.79
0.31
Blocks 7 and 8 (other)
Measured
Indicated
21.43
1.54
33.03
1.06
Inferred
17.87
1.59
28.47
0.92
Total
39.30
1.57
61.50
1.98
Blocks 7 and 8 Cut 2A
Measured
Indicated
Inferred
5.51
1.73
9.52
0.31
Total
5.51
1.73
9.52
0.31
Blocks 7 and 8 Cut 2B
Measured
Indicated
4.80
1.67
7.99
0.26
Inferred
0.01
1.88
0.02
0.00
Total
4.81
1.67
8.02
0.26
Blocks 7 and 8 Cut 2C
Measured
Indicated
4.93
1.71
8.45
0.27
Inferred
1.19
1.72
2.06
0.07
Total
6.12
1.72
10.50
0.34
Blocks 7 and 8 Cut 5A
Measured
Indicated
Inferred
5.46
1.63
8.93
0.29
Total
5.46
1.63
8.93
0.29
Blocks 7 and 8 Cut 5B
Measured
Indicated
7.94
1.62
12.87
0.41
Inferred
0.55
1.75
0.96
0.03
Total
8.49
1.63
13.84
0.44
Blocks 7 and 8 Cut 6
Measured
Indicated
9.81
1.53
14.99
0.48
Inferred
0.01
1.10
0.02
0.00
Total
9.83
1.53
15.00
0.48
Stockpile (full grade ore)
Measured
Indicated
Inferred
1.56

0.69

1.07

0.03

Total
1.56
0.69
1.07
0.03
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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IDUAPRIEM CONTINUED
Africa
37
Inclusive Mineral Resource continued
Tonnes Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Stockpile (other)
Measured
Indicated
10.80
0.57
6.16
0.20
Inferred
2.76
0.68
1.88
0.06
Total
13.56
0.59
8.03
0.26
Stockpile (marginal ore)
Measured
1.47
0.56
0.83
0.03
Indicated
Inferred
6.23
0.67
4.17
0.13
Total
7.70
0.65
5.00
0.16
Iduapriem
Total
130.22
1.40
182.84
5.88
All open pit Mineral Resource is estimated within a $1,500/oz
pit shell and at variable economic cut-off grades depending
on the deposit.
Estimation
The geological model for each orebody comprises 3D wireframes
of the faults and of the various conglomerate reefs that host the
gold mineralisation. In some cases, late barren dolerite intrusions
are also modelled as 3D wireframes. The interpretations are
completed using geological mapping and drill hole grades,
lithology logs and structural measurements.
2.5 x 2.5 x 3m is used to ensure the geological model is captured
in the block model with sufficient resolution. Search parameters
are optimised for each domain to ensure robust estimates, with
particular attention paid to the reduction of negative kriging
weights, and improvement in the slope of regression and kriging
efficiency. The maximum distance of extrapolation does not
exceed half of the variogram range for each estimation domain.
Grade tonnage curve
Iduapriem
Surface (metric)
The drill samples are composited to 1m intervals honouring the
geological boundaries, as 1m is the prevailing length of sampling.
Grade capping is applied to control the influence of extreme values
within the reefs. The capping is kept to a minimum, generally not
exceeding 0.5% of the samples within each estimation domain.
The various sub-units within the conglomerate reefs are treated as
separate estimation domains. Semi-variograms are modelled from
the composited samples of each estimation domain. The grade
estimation is done by ordinary kriging. The estimation panel block
sizes for ordinary kriging are between 20 x 20 x 24m to 25 x 25 x
24m to optimally suit the sampling grid used in the delineation of
the Indicated Mineral Resource. Sub-celling of 2.5 x 2.5 x 1m to
120
110
100
90
80
70
60
50
0.2
2.1
2.0
1.9
1.8
1.7
1.6
1.5
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Iduapriem
Measured
1.52
0.72
1.10
0.04
Indicated
41.39
1.37
56.69
1.82
Inferred
27.34
1.47
40.24
1.29
Total
70.25
1.40
98.04
3.15
The exclusive Mineral Resource is that part of the Mineral Resource that is not converted to an Ore Reserve. It is defined as the Mineral
Resource that is outside the current Ore Reserve designs, but inside the Mineral Resource shells and includes the Inferred Mineral
Resource within the Ore Reserve design, as well as all the Mineral Resource within the Ore Reserve design that rests between the Mineral
Resource and Ore Reserve cut-offs. The exclusive Mineral Resource gives an indication of the future potential of the deposit. This material
could be converted to Ore Reserve by an increase in gold price, a reduction in costs and an upgrade in geological confidence.
Tonnes above
cut-off (millions)
Average grade
above cut-off (g/t)
0.4
0.6
0.8
1.0
1.2
1.4
Cut-off grade (g/t)
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AngloGold Ashanti Limited <R&R> 2021
38
6.68
(0.23)
0.35
(1.15)
0.44
0.00
0.00
(0.20)
0.00
0.00
5.88
IDUAPRIEM CONTINUED
Africa
Year-on-year changes in Mineral Resource
Iduapriem
Total (Moz)
8
7
6
5
4
Significant reductions due to model changes occurred at Blocks 7 and 8 and Block 3W. Re-interpretation of the dyke width and strike
extent occurred in the deeper portions of Blocks 7 and 8 after the completion of new exploration drilling. Closer spaced grade control
drilling at Block 3W resulted in a decrease in model grades. This resulted in lower volumes in the new optimised shell and subsequent
ounce loss. Lower costs resulting from a new long-term contract resulted in additions.
Inclusive Mineral Resource sensitivity
Iduapriem
20
15
10
5
0
-5
-10
-15
-20
-25
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
The percentage change (in tonnes, grade and ounces)
at a lower ($1,300/oz) and a higher ($1,700/oz) Mineral
Resource gold price is shown in the graph. The Mineral
Resource is highly sensitive to a drop in the gold price
and very sensitive to an increase in gold price on an ounce
and tonnes basis.
Ounces
(millions)
Percentage
change
2020
Depletion
Exploration
Methodology
Cost
Geotechnical
Price
Metallurgical
Other
Acquisition/
disposal
2021
Reverse circulation exploration drilling at Iduapriem
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IDUAPRIEM CONTINUED
Africa
39

Ore Reserve
Ore Reserve
Ajopa
Proved
Probable
3.33
1.68
5.59
0.18
Total
3.33
1.68
5.59
0.18
Block 5
Proved
Probable
4.98
1.35
6.73
0.22
Total
4.98
1.35
6.73
0.22
Blocks 7 and 8 Cut 2A
Proved
Probable
5.54
1.67
9.26
0.30
Total
5.54
1.67
9.26
0.30
Blocks 7 and 8 Cut 2B
Proved
Probable
4.64
1.66
7.70
0.25
Total
4.64
1.66
7.70
0.25
Blocks 7 and 8 Cut 2C
Proved
Probable
5.02
1.67
8.37
0.27
Total
5.02
1.67
8.37
0.27
Blocks 7 and 8 Cut 5A
Proved
Probable
4.69
1.54
7.22
0.23
Total
4.69
1.54
7.22
0.23
Blocks 7 and 8 Cut 5B
Proved
Probable
7.79
1.53
11.93
0.38
Total
7.79
1.53
11.93
0.38
Blocks 7 and 8 Cut 6
Proved
Probable
9.78
1.48
14.47
0.47
Total
9.78
1.48
14.47
0.47
Stockpile (full grade ore)
Proved
Probable
1.56
0.69
1.07
0.03
Total
1.56
0.69
1.07
0.03
Stockpile (other)
Proved
Probable
5.26
0.74
3.88
0.12
Total
5.26
0.74
3.88
0.12
Stockpile (marginal ore)
Proved
0.59
0.66
0.39
0.01
Probable
6.23
0.67
4.17
0.13
Total
6.82
0.67
4.56
0.15
Iduapriem
Total
59.40
1.36
80.78
2.60
The Ore Reserve estimate for Iduapriem Mine is based on the
development of appropriately detailed and engineered LOM plan.
For each deposit, the Mineral Resource was depleted by the
projected pit face positions for 31 December 2021.
Estimation
The 3D Mineral Resource models are used as the basis for the
Ore Reserve. An ore envelope is developed using the Mineral
Resource block model, geological information and the relevant
cut-off grade, which is then used for mine design. An appropriate
mining layout is utilised and incorporates mining extraction
losses and dilution factors.
The Ore Reserve is estimated within mine designs, using modifying
factors based on actual mining and detailed analysis of cut-off
grade, geotechnical, environmental, productivity considerations
and the requirements of the mining fleet. The upper portions of the
Ajopa deposit have been discounted for the estimated depletion
by artisanal miners. This discount factor has been derived from
observation and estimates based on the Mineral Resource model.
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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IDUAPRIEM CONTINUED
Africa
Ore Reserve modifying factors
Cut-off
RMF
RMF
MRF
MRF
Gold price
grade
(% based
(% based
(% based
(% based
MCF
MetRF
as at 31 December 2021
$/oz
g/t Au
on tonnes)
on g/t)
on tonnes)
on g/t)
%
%
Ajopa
1,200
0.85
100.0
100.0
100.0
96.0
100.0
95.9
Block 5
1,200
0.80
100.0
100.0
94.0
98.0
100.0
95.9
Blocks 7 and 8 (all Cuts)
1,200
0.80
100.0
100.0
100.0
96.0
100.0
95.9
Stockpile (full grade ore)
1,200
0.80
100.0
100.0
100.0
100.0
100.0
93.0
Stockpile (other)
1,200
0.60
100.0
100.0
100.0
100.0
100.0
93.0
Stockpile (marginal ore)
1,200
0.60
100.0
100.0
100.0
100.0
100.0
93.0
The commodity price of $1,200/oz has been used for the pits and cuts for the Iduapriem Ore Reserve estimates. Other factors such as cut-
off grade, mining recovery factor (MRF), and metallurgical recovery factor (MetRF) were dependent on the various pits and cuts.
Load and haul operations in the pit at Iduapriem Mine
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41
0.00
0.14
0.00
0.00
2.60
0.71
0.00
1.91
(0.22)
0.22
(0.16)
0.00
Inferred Mineral Resource in annual Ore Reserve design*
as at 31 December 2021
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Ajopa
0.37
2.27
0.84
0.03
Block 5
0.17
1.26
0.21
0.01
Blocks 7 and 8 Cut 2C
1.19
1.63
1.93
0.06
Blocks 7 and 8 Cut 5B
0.53
1.65
0.88
0.03
Blocks 7 and 8 Cut 6
0.01
1.04
0.01
0.00
Total
2.27
1.71
3.87
0.12
* Inferred Mineral Resource including lower confidence material
With appropriate caution, a portion of the Inferred Mineral Resource was included in pit design phase of the business plan process. This
accounts for 5% of the Ore Reserve plan of 11 years. No Inferred Mineral Resource is considered in Ore Reserve reporting.
Year-on-year changes in Ore Reserve
Iduapriem
Total (Moz)
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2


The net increase is primarily due to the decrease in costs resulting from signing a new mining contract and operational changes.
Ore Reserve sensitivity
Iduapriem
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
1,100
1,200
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,300
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Charles Kusi-Manu
MAusIMM
205 238
31 years
MSc, MBA, Dip (Geological
Engineering), Postgraduate
Certificate (Geostatistics)
Ore Reserve
Justice Mashudu
ECSA
20 090 050
21 years
BSc Hons (Mining Engineering)
The percentage change (in tonnes, grade and ounces) at a
lower ($1,100/oz) and a higher ($1,300/oz) Ore Reserve gold
price is shown in the graph. The Ore Reserve is insensitive to
changes in gold price on an ounce, tonnes and grade basis.
Ounces
(millions)
Percentage
change c
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2021
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OBUASI
Africa
Introduction
Property
description
Obuasi Gold Mine is owned and operated by AngloGold Ashanti Limited. All required mineral rights to the
property are held by the company. The mine is an underground operation, and it has been in operation since
1897 (more than 120 years). It has been owned and operated by AngloGold Ashanti since 2004.
Location
Obuasi Gold Mine is located in the municipality of Obuasi, in the Ashanti region of Ghana, about 240km
northwest of the capital Accra and 60km south of Kumasi.
History
Obuasi Mine 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 the 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. It
was 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 FS 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 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. The study however
continued and in 2017, a favorable FS was completed and indicated a strong technical and economical case
with an anticipated 20-year mine life. In 2018 approval was received from the AngloGold Ashanti board and the
government of Ghana to proceed with the project. The redevelopment project subsequently kicked off in 2019.
The operations' ramp up to 4,000tpd of ore tonnes mined was delayed by the temporary stoppage of
underground activities after a fall of ground incident in May 2021. Production remained suspended for several
months to allow for reviews and investigations, but slowly resumed in the latter part of 2021.
Legal aspects
and tenure
The Obuasi Gold Mine concession previously covered an area of 474km2 and had 80 communities within a
30km radius of the mine. This was reduced to 201.46km2 in March 2016 and further reduced to 141.22km2
in January 2021. This was due to two separate applications to surrender certain areas of the lease that were
situated within various villages and townships in the region to the Ghanaian government. The remaining
141.22km2 comprises three mining leases:
Obuasi mining lease covering 87.48km2
Binsere 1 mining lease covering 29.03km2
Binsere 2 mining lease covering 24.71km2
The Obuasi mining lease will expire on 4 March 2054 and the Binsere leases in April 2028. The leases are
covered by a development agreement and tax concession agreement with the government of Ghana and all
leases are renewable.
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 orebody of varying thicknesses and dips. The three main distinct variations of the LHOS used at
Obuasi are Longitudinal Retreat Stoping (LRS), Longitudinal Open Stoping (LOS) and Transverse Open Stoping
(TOS). The Blind Upper Stoping (BUS) is a form of LRS or TOS used for partial sill pillar recovery.
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Introduction continued
Operational
infrastructure
Existing infrastructure includes a 2.2Mtpa processing plant with flotation and bacterial oxidation (BIOX),
underground development, hoisting shafts and associated infrastructure, 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 GRIDCo.
Mineral
processing
The plant is configured for both conventional and flash flotation and BIOX treatment which is required for the
refractory sulphide ore. The gravity gold recovery system is an integrated system with Knelson concentrators
and inline leach reactors.
Risks
All available, appropriate data has been used for Mineral Resource estimation. This includes historical
geological and survey data collected over several decades prior to the merger of AngloGold and Ashanti
Goldfields Company Limited in 2004. The risk or uncertainty in the estimates associated with the inclusion of
the historical geological data has been mitigated by a comprehensive data validation project completed by a
team of geologists between 2015 and 2018, which included the re-logging of all available holes below 50 Level.
With regards to the historical survey data, given the mine's long history, there is uncertainty in the reliability of
some of the previous mining volumes. Certain measures have been taken to lessen this risk including large-
scale sterilisations for unreachable or extensively mined areas, or downgrades to the Inferred Mineral Resource
category to reflect reduced confidence. However, verification of this historical information is ongoing and there
may be additions and subtractions over time as further assessments are made, areas become accessible and
more detailed investigations can be undertaken.
An independent external Mineral Resource and Ore Reserve audit was undertaken in 2021 by SRK Consulting
and found no significant flaws in process or output. Certificates of sign-off have been received to state that the
Mineral Resource and Ore Reserve estimates are reported in accordance with the SAMREC Code.
George Cappendell Ventilation Shaft fan station
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OBUASI CONTINUED
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Map showing the location, infrastructure and mining licence area for Obuasi Gold Mine. The coordinates
of the mine, as represented by the plant, are depicted on the map and are in the UTM coordinate system.
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W
E
W
E
Legend
Topography
Planned stopes
Mined-out stopes
Development
Drill holes
OBUASI CONTINUED
Africa
W-E Section in local grid, showing Sansu and Block 8 drilling and underground workings,
elevation mRL*
*mRL = 1.18m AMSL
Geology
The mine is located within the Obuasi concession area in
southwestern Ghana along the northeasterly striking Ashanti
volcanic belt. The deposit is one of the most significant Proterozoic
gold belts discovered to date. The Ashanti belt predominantly
comprises sedimentary and mafic volcanic rocks, and is the most
prominent of the five Birimian Supergroup gold belts found in Ghana.
Deposit type
The Birimian was deformed, metamorphosed and intruded by syn-
and post-tectonic granitoids during the Eburnean tectonothermal
event around two billion years ago. Folding trends are dominantly
north-northeast to northeast. Elongate syn-Birimian basins
developed between the ridges of the Birimian system and these
were filled with the Tarkwaian molasse sediments made up
primarily of conglomerates, quartzose and arkosic sandstones
and minor shale units. Major faulting has taken place along the
same trends.
The Upper Birimian metasediments and metavolcanics are
characterised and defined by argillaceous and fine to intermediate
arenaceous rocks. These rocks are represented by phyllites,
metasiltstones, metagreywackes, tuffaceous sediments, ash tuffs
and hornstones in order of decreasing importance. Adjacent to
the shear zones, these rocks are replaced by sericitic, chloritic and
carbonaceous schists, which may be graphitic in places. Multiple
lodes are a common feature.
Mineralised shears are found in close proximity to the contact with
harder metamorphosed and metasomatically altered intermediate
to basic Lower Birimian volcanics. The competency contrast
between the harder metavolcanic rocks to the east and the more
argillaceous rocks to the west is thought to have formed a plane of
weakness. During crustal movement, this plane became a zone of
shearing and thrusting coeval with the compressional phases.
Mineralisation style
Gold mineralisation is associated with, and occurs within,
graphite-chlorite-sericite fault zones. These shear zones are
commonly associated with pervasive silica, carbonate and
sulphide hydrothermal alteration and occur in tightly folded
Upper Birimian schists, phyllites, metagreywackes and tuffs,
along the eastern limb of the Kumasi anticlinorium.
Mineralisation characteristics
Two main ore types are present, namely quartz vein and sulphide
ore. The quartz vein type consists mainly of quartz with free gold
in association with lesser amounts of various metal sulphides
containing iron, zinc, lead and copper. This ore type is generally
nonrefractory. The sulphide ore type is characterised by the
inclusion of gold in the crystal structure of arsenopyrite minerals.
Higher gold grades tend to be associated with finer grained
arsenopyrite crystals. The sulphide ore is generally refractory.
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*mRL = 1.18m AMSL
FW Lode 6
FW Lode 8
HW Lode
HW Lode 2
Metasediments
Metavolcanics
Obuasi Fissure
Graphite
HW/FW Shears
Vein Quartz
Legen
FW Lode 7
E
W
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A typical E-W geological cross-section for south of the Obuasi Mine, showing the footwall (FW) and
hangingwall (HW) lodes, elevation in mRL*
-500mRL
-600mRL
-700mRL
100m
*mRL = 1.18m AMSL
Exploration
A substantial amount of exploration work has been carried out for
the mine over several decades. Prior to the redevelopment of the
mine in 2019, underground DD was carried out by an in-house drilling
department and combined with systematic underground mapping
and extensive reef drive and crosscut channel sampling. Since
redevelopment, underground mapping activities have continued,
but crosscuts and reef drives are no longer sampled. It has been
fully replaced by diamond drill sampling which is being done by
drilling contractors Boart Longyear™ and Westfield Drilling Limited™.
During 2021, infill drilling focused on 41 and 32 Levels, while the
expensed drilling targeted the George Cappendell Shaft (GCS)
top (Block 8). The GCS top area has extensive historical mining,
however the block has further opportunity for Mineral Resource
identification and definition with the planned drilling programme.
The upside potential focused on is between 900 Level to 1400 Level.
The strategy is to make use of the existing stockpile cuddies along
the main decline and drill from 8 Level towards 14 Level. A total of
10,998m have been planned for the area, results are showing that
continuity and grades are improving as the drilling extends down-dip
and plunge.
The focus of the definition and infill drilling during the year was
to upgrade areas in Blocks 8L and 10 from Inferred to Indicated
Mineral Resource and ultimately prepare it for mining by doing the
last phase of grade control drilling. The strategy is to use 32 and
41 Levels as the main drilling platforms and target the area below
32 and 41 Levels respectively.
The Block 10 area lies along the trend of a flat plunging shoot of
approximately 380m vertical extent, where the current geological
interpretation shows wider mineralisation with multiple lodes. A
total of about 32,000m is being drilled on 41 Level. Results from
the drilling show that the dip of the Obuasi Fissure, which is the
main drill target, appears to steepen and roll over an easterly
plunging felsic igneous body. High-grade mineralised quartz veins
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OBUASI CONTINUED
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seem to be concentrated around the margins of this felsic igneous
body creating a drill target at depth. Where tighter spaced drilling
has already been done into the area, elevated metal content has
been observed.
The shear zone, within which the mineralisation in Block 8 is
focused, is around the 12/74 fissure which links the Obuasi
Fissure to the east with a network of carbonaceous shears on
the margin of the Sansu dyke to the west. The Obuasi and 12/74
fissures splay apart at the eastern end of Block 8 with the Obuasi
Fissure continuing in a west-northwest direction. A total of about
16,000m is being drilled from the 32 Level platform targeting the
mineralisation below the platform. Results show a continuous
Obuasi Fissure below 32 Level but with strong display of pinch and
swell characteristics.
Projects
The Obuasi redevelopment project kicked off in 2019 and it
has been carried out in three phases. The construction parts of
the first two phases of the project have been completed which
mainly related to the process plant upgrade and initial surface-
and underground infrastructure works. The operations' ramp up
to 4,000tpd of ore tonnes mined was delayed by the temporary
stoppage of underground activities after a fall of ground incident
in May 2021. Production remained suspended for several months
to allow for reviews and investigations, but slowly resumed in
the latter part of 2021. Phase 3 of the project commenced in
late 2021 and is expected to continue into 2023. It involves the
refurbishment of the existing Kwesi Mensah Shaft (KMS) shaft
and further construction of underground infrastructure to service
the operations as mining progresses along strike.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Measured
15 x 15
Indicated
60 x 60
Inferred
90 x 90
Grade/ore control
15 x 15
DD and RC samples informed the open pit estimates. For underground estimation, diamond drill hole and channel samples were used.
Channel samples are no longer collected and have been fully replaced by DD.
Core trays of drilled exploration core samples are examined by geologists at Obuasi
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
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Inclusive Mineral Resource
Anyinam (open pit)
Measured
0.00
2.50
0.01
0.00
Indicated
0.45
3.54
1.59
0.05
Inferred
1.02
4.23
4.32
0.14
Total
1.47
4.02
5.92
0.19
Gyabunsu–Sibi (open pit)
Measured
0.05
4.00
0.21
0.01
Indicated
0.05
3.48
0.16
0.01
Inferred
0.28
3.97
1.13
0.04
Total
0.38
3.92
1.50
0.05
Above 50 Level – Block 1
Measured
Indicated
7.80
6.00
46.86
1.51
Inferred
2.40
5.90
14.15
0.45
Total
10.20
5.98
61.01
1.96
Above 50 Level – Block 2
Measured
Indicated
9.12
8.59
78.39
2.52
Inferred
3.06
5.09
15.58
0.50
Total
12.19
7.71
93.98
3.02
Above 50 Level – Block 8
Measured
4.58
9.47
43.35
1.39
Indicated
12.13
4.97
60.33
1.94
Inferred
2.92
4.51
13.17
0.42
Total
19.63
5.95
116.85
3.76
Above 50 Level – Block 10
Measured
0.90
9.90
8.88
0.29
Indicated
10.67
7.07
75.44
2.43
Inferred
4.41
5.58
24.63
0.79
Total
15.98
6.82
108.94
3.50
Above 50 Level – Adansi
Measured
Indicated
2.99
12.86
38.46
1.24
Inferred
2.66
9.53
25.39
0.82
Total
5.66
11.29
63.85
2.05
Above 50 Level – Côte d'Or
Measured
Indicated
Inferred

24.71
7.85

193.88
6.23
Total
24.71
7.85
193.88
6.23
Above 50 Level – Sansu
Measured
1.38
9.51
13.15
0.42
Indicated
5.40
5.20
28.06
0.90
Inferred
2.48
4.19
10.41
0.33
Total
9.26
5.57
51.61
1.66
Below 50 Level – Block 11
Measured
Indicated
3.09
19.30
59.70
1.92
Inferred
2.47
16.81
41.52
1.34
Total
5.56
18.20
101.23
3.25
Below 50 Level – Block 14
Measured
Indicated
0.55
8.05
4.47
0.14
Inferred
3.72
8.19
30.48
0.98
Total
4.28
8.17
34.95
1.12
Obuasi
Total
109.32
7.63
833.70
26.80
The majority of the Mineral Resource is from underground sources with only a small proportion from open pits Anyinam and Gyabunsu-
Sibi. The Anyankyirem open pit was relinquished and returned to the government during the course of the year, and removed from the
Mineral Resource.
The surface Mineral Resource is constrained by pit optimisation and the underground Mineral Resource by optimised stope shapes. These
shapes maximise the recovered Mineral Resource value above a cut-off while also catering for practical mining parameters. The cut-off
grades are based on a gold price of $1,500/oz for underground and $1,600/oz for the open pit Mineral Resource.
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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Estimation
The estimation technique is ordinary kriging and the primary
estimation unit size is 20 x 5 x 15m. This estimation unit size is
representative of the underground mining units and is considered
appropriate given the style of mineralisation and mining methods.
Compositing by length is employed and the influence of extreme
grades are restricted by grade capping. Sample spacing is highly
variable across the deposit and ranges from 10 x 10m (for grade
control areas) up to 200 x 200m (for exploration targets). However,
for the Mineral Resource, the maximum extrapolation from data
points is 100m. Any areas beyond this, are considered to be upside
potential rather than Mineral Resource.
Grade tonnage curves
Obuasi
Surface (metric)
9
8
7
6
5
4
3
2
1
0



6.5
5.5
4.5
3.5
2.5
1.5
0.5
Obuasi
Underground (metric)
110
43
97
37
84
71
31
58
25
45
19
32
19
13
6
7
0
1
2
3
4
5
0
2
4
6
8
10
12
14
16
18
20
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off

Tonnes above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
Average grade
above cut-off
(g/t)
Employees at the Obuasi processing plant
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29.52
(0.09)
(0.01)
(2.19)
0.00
0.00
0.00
0.00
0.00
(0.43)
26.80
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
OBUASI CONTINUED
Africa
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Obuasi
Measured
2.57
7.97
20.45
0.66
Indicated
25.81
7.04
181.57
5.84
Inferred
50.15
7.47
374.66
12.05
Total
78.52
7.34
576.68
18.54
This exclusive Mineral Resource consists of the portion of the Mineral Resource which has not been converted to Ore Reserve. This
includes the open pits, the Inferred Mineral Resource component (which will require infill drilling for conversion to an Indicated Mineral
Resource), the material between the Ore Reserve and Mineral Resource gold prices and where further design work is required.
Mineral Resource below infrastructure
Obuasi
Measured
Indicated
3.65
17.59
64.17
2.06
Inferred
6.19
11.63
72.01
2.32
Total
9.84
13.84
136.17
4.38
The Mineral Resource below infrastructure is from areas below 50 Level. These areas have been extensively drilled but no infrastructure is
currently in place to exploit it.
Year-on-year changes in Mineral Resource
Obuasi
Total (Moz)
32
31
30
29
28
27
26
25
The decrease is largely due to model changes and the relinquishment of the Anyankyirem open pit. The model changes came primarily
from Adansi, Côte d'Or and Block 14, blocks which are in the historic mining areas in the north of the mine, where a review of the
geological interpretation had been completed on the back end of data capture and validation exercises of all the historic information.
Inclusive Mineral Resource sensitivity
Obuasi
20
10
0
-10
-20
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
Obuasi is sensitive to changes in the Mineral Resource gold
price. The percentage change (in tonnes, grade and ounces)
at a lower ($1,300/oz) and a higher ($1,700/oz) gold price is
shown in the graph. There is an approximate 7% upside in
ounces and an 8% downside in ounces when compared with
the reported price ($1,500/oz).
Ounces
(millions)
Percentage
change
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2021
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Ore Reserve
Ore Reserve
Above 50 Level – Block 1
Proved
Probable
2.02
7.46
15.06
0.48
Total
2.02
7.46
15.06
0.48
Above 50 Level – Block 2
Proved
Probable
2.41
8.16
19.64
0.63
Total
2.41
8.16
19.64
0.63
Above 50 Level – Block 8
Proved
3.80
7.72
29.34
0.94
Probable
7.78
5.98
46.47
1.49
Total
11.58
6.55
75.80
2.44
Above 50 Level – Block 10
Proved
0.00
8.75
0.01
0.00
Probable
8.40
7.06
59.33
1.91
Total
8.40
7.06
59.34
1.91
Above 50 Level – Adansi
Proved
Probable
0.72
17.78
12.78
0.41
Total
0.72
17.78
12.78
0.41
Above 50 Level – Sansu
Proved
0.93
8.09
7.53
0.24
Probable
2.22
6.01
13.33
0.43
Total
3.15
6.62
20.86
0.67
Below 50 Level – Block 11
Proved
Probable
2.53
21.18
53.54
1.72
Total
2.53
21.18
53.54
1.72
Obuasi
Total
30.80
8.34
257.02
8.26
Seven mining blocks comprising Sansu, Blocks 1, 2, 8, 10 and 11, and Adansi make up the key mining blocks from which the Ore Reserve
is derived.
A loader underground at Obuasi
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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OBUASI CONTINUED
Africa
Estimation
The Ore Reserve estimation considers mining criteria for the
economic cut-off grade and minimum mining width for the
anticipated mining method. All design and scheduling work is
undertaken to an applicable level of detail by mine planning
engineers in consultation with other technical specialists using
Datamine Studio UGTM
and Enhanced Production SchedulerTM
(EPS) software.
The cut-off grade parameters used include projected mining,
processing, and general and administrative costs. An Ore
Reserve gold price of $1,200/oz was used. The cut-off grade also
considers the MetRF (87% applied for all blocks), mining dilution
and recovery, and tonne-kilometre haulage cost from all blocks as
well as the fill type.
Stopes are designed using the Datamine Mineable Shape
OptimiserTM
(MSO) Software where the outputs are further optimised
>by manual edits. The stope shapes are generated at section internals
of 15 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. The Obuasi Ore Reserve is reported from the LOM plan and
only includes Measured and Indicated Mineral Resource.
Ore Reserve modifying factors
Cut-off
MRF
MRF
Gold price
grade
Dilution
(% based on
(% based on
MCF
MetRF
as at 31 December 2021
$/oz
g/t Au
%
tonnes)
g/t)
%
%
Above 50 Level – Block 1
1,200
4.08
17.0
95.0
100.0
100.0
87.0
Above 50 Level – Block 2
1,200
4.18
17.0
95.0
100.0
100.0
87.0
Above 50 Level – Block 8
1,200
3.93
12.0
95.0
100.0
100.0
87.0
Above 50 Level – Block 10
1,200
4.25
17.0
95.0
100.0
100.0
87.0
Above 50 Level – Adansi
1,200
4.18
14.0
95.0
100.0
100.0
87.0
Above 50 Level – Côte d'Or
1,200
4.18
17.0
95.0
100.0
100.0
87.0
Above 50 Level – Sansu
1,200
3.82
12.0
95.0
100.0
100.0
87.0
Below 50 Level – Block 11
1,200
5.01
16.0
98.0
100.0
100.0
87.0
Several factors were used for modifying the Ore Reserve and include MRF, dilution and MetRF. These were applied based on the mining
method employed and the understanding of the geotechnical condition of the block.
Inferred Mineral Resource in annual Ore Reserve design*
Tonnes
Grade
Contained gold
as at 31 December 2021
million
g/t
tonnes
Moz
Above 50 Level – Block 1
0.18
8.31
1.46
0.05
Above 50 Level – Block 2
0.25
6.80
1.73
0.06
Above 50 Level – Block 8
0.88
5.96
5.25
0.17
Above 50 Level – Block 10
1.45
6.83
9.90
0.32
Above 50 Level – Adansi
0.59
10.23
6.00
0.19
Above 50 Level – Sansu
0.49
6.02
2.93
0.09
Below 50 Level – Block 11
0.11
18.45
2.02
0.06
Total
3.95
7.43
29.29
0.94
* Inferred Mineral Resource including lower confidence material
AngloGold Ashanti's planning process allows the use of Inferred
Mineral Resource in Ore Reserve determination and reporting as
well as in our business planning. These two are closely aligned
with the Ore Reserve being a subset of the business planning
process. It is important to note that in all AngloGold Ashanti's
processes, despite the use of Inferred Mineral Resource, we never
convert the Inferred Mineral Resource to an Ore Reserve.
AngloGold Ashanti completes an Inferred Mineral Resource
risk test on all plans. This involves setting the Inferred Mineral
Resource grade to zero within the Ore Reserve design (thereby
considering a worst-case scenario whereby the Inferred Mineral
Resource totally fails to deliver, and it is completely made up of
waste). The Ore Reserve design is evaluated with the Inferred
Mineral Resource at zero grade, and if the design using Measured
and Indicated Mineral Resource remains financially positive, then
the Ore Reserve is robust enough to make a positive financial
return and therefore satisfies the requirements of an Ore Reserve.
With appropriate caution, a portion of the Inferred Mineral
Resource was included in the business plan optimisation process.
This accounts for 10% of the Ore Reserve plan of 16 years.
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53
1.20
0.00
0.00
0.00
0.00
(1.58)
8.73
(0.09)
0.00
0.00
0.00
8.26
OBUASI CONTINUED
Africa
Ore Reserve below infrastructure
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Obuasi
Proved
Probable
2.53
21.18
53.54
1.72
Total
2.53
21.18
53.54
1.72
Ore Reserve below infrastructure is restricted to the ground below 50 Level that requires a decline to access, and is located between 50
and 60 Levels below KMS.
Year-on-year changes in Ore Reserve
Obuasi
Total (Moz)
11
10
9
8
7
6
5
4



Operational changes were primarily associated with design reviews in historically mined areas to eliminate low confidence stopes which
resulted in a net decrease. This was offset partially by methodology change due to geological re-interpretation and revision of estimation
parameters in Adansi resulting in addition to the Ore Reserve.
Ore Reserve sensitivity
Obuasi
10
5
0
-5
-10
-15
1,100
1,200
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,300
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Emmarentia Maritz
SACNASP
118 345
18 years
MSc (Mineral Resource
Evaluation)
Ore Reserve
Douglas Atanga
MAusIMM
334 391
13 years
BSc (Mining Engineering)
Tonnes are sensitive to a decrease in an Ore Reserve gold
price of $1,100/oz and ounces are less sensitive, related to
the lower grade structures parallel to the main Obuasi trend.
At an increased gold price of $1,300/oz tonnes and ounces
remain less sensitive.
Ounces
(millions)
Percentage
change
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2021
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AngloGold Ashanti Limited <R&R> 2021
GUINEA
Labe
Dabola
1
Kankan
Operation
Conakry
Legend
1
Siguiri (85%)
0
200km
GUINEA
Africa
Siguiri Gold Mine is AngloGold Ashanti’s only
operation in Guinea. The mine is 85% owned by
AngloGold Ashanti and 15% by the government
of Guinea. The mine is a conventional open pit
operation situated in the Siguiri district in the
northeast of Guinea. It lies about 850km north-
northeast of the capital city of Conakry and 109km
west of the border with Mali by road.
Gold-bearing ore is mined from several pits (generally three
pits at any one time). A plant upgrade to process hard rock was
completed in 2018 and production ramped up during 2019. In
2020 the mine continued to remove bottlenecks and optimise the
plant. The project was closed out early in 2021.
Attributable production from Guinea was 258koz of gold in 2021,
or 18% of the region’s production.
As at December 2021, the Mineral Resource (inclusive of Ore
Reserve) for Guinea was 6.4Moz (2020: 7.0Moz) and the Ore
Reserve was 1.6Moz (2020: 1.9Moz).
Inclusive Mineral Resource
0.4
Exclusive Mineral Resource
Ore Reserve
0.4
2.3
Moz
3.8
2.3
Moz
2.3
1.3
Moz
Measured
Indicated
Inferred
Indicated
Inferred
Proved
Probable
54
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AngloGold Ashanti Limited <R&R> 202
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SIGUIR
Africa
Introduction
Property
description
Siguiri Gold Mine (Siguiri), in Guinea, is 85% owned by AngloGold Ashanti and 15% by the government of
Guinea. It is an open pit operation with active mining currently occurring largely in Kami, Bidini and Tubani pits
in Block 1. In the first quarter of 2021, mining commenced in Block 2, exploiting the newly developed Foulata
and Saraya pits..
Location
The mine is located 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
History
First gold mining can be traced back to the first great West African Empire, the Sarakolle Kingdom, but there
are no reliable records of pre-western production. The French became involved in the area in the late 19th and
early 20th centuries. Between 1931 and 1951, the French reported gold coming out of Siguiri, with figures varying
between 1 and 3.8t annually however, little exploration work was completed
There was a phase of Russian exploration in the area between 1960 and 1963. The Russian work focused on
the placer deposits along the major river channels in the area. In 1980, Société Miniere Internationale du Quebéc
(SOMIQ) gained the exploration rights for Siguiri and Mandiana. SOMIQ focused its work on the Koron and Didi
areas. The Chevaning Mining Company Limited was then created to undertake a detailed economic evaluation of
the prospect, with more intensive work beginning in the late 1980s.
Société Aurifere de Guinea (SAG) took over from its predecessors and continued work on the placer deposits.
Production on the Koron placer reached a peak in 1992 with 1.1t gold being produced, although due to a number
of difficulties, the mine was shut down later that year.
In the mid-1990s, Golden Shamrock acquired and operated the project as an open pit and heap leach. In
October 1996, Golden Shamrock was acquired by Ashanti Goldfields Corporation which operated Siguiri as
a heap leach until 2004. Ashanti merged with AngloGold in 2004 to become AngloGold Ashanti. AngloGold
Ashanti completed the design and construction of the 8.5Mtpa saprolite soft rock treatment plant and
commissioned it in 2005. The capacity later increased to 12Mtpa.
A Siguiri combination plant FS based on the requirement to process fresh and transitional material in
combination with existing oxide material was completed in 2015. The combination plant conversion project
began in 2017. The plant conversion allows the mine to treat 6Mtpa of sulphide ore and 6Mtpa of oxide ore.
Construction was completed in March 2018 and further optimisation and debottlenecking of the plant continues.
Siguiri is mined under licence from the government of Guinea. The published Mineral Resource and Ore Reserve
are covered by SAG mining concession D/97/171/PRG/SGG, totalling 1,494.5km2.
Legal aspects
and tenure
The original SAG concession was granted under the Convention de Base between the République de Guinée and
SAG, signed on 4 August 1997. This allows the concession to be explored and mined exclusively for gold, silver
and diamonds by SAG for 25 years from the date of the agreement, until 4 August 2022.
The Convention de Base will guide the renewal of the mining concession in 2022. The SAG concession was
granted under a new amended Convention de Base between the République de Guinée and SAG signed on
28 June 2016, and ratified by the Guinean parliament on 13 December 2016. The Convention de Base was ratified
by the constitutional court and published in the official gazette of the Republic of Guinea on 24 January 2017.
Dependent on the submission of the necessary renewal documentation at least six months before the expiration
of the concession on 4 August 2022, the concession can be explored and mined exclusively for gold, silver and
diamonds by SAG for 25 years from the date of agreement to 13 December 2041
Mining method
Siguiri is currently a multi-pit fresh rock and oxide gold mining operation, mined by contract miner, Mota-Engil.
The mining method is selective conventional mining using excavators and trucks on 3m high flitches. Three
Caterpillar 6020B excavators are the main loading equipment matched with Caterpillar 777G dump trucks. In
some deposits, a selective mining unit (SMU) of 10 x 10 x 3m has been defined based on historical grade control,
the deposit type, and the mining equipment used to simulate the expected mining dilution and ore losses
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56
Introduction continued
Operational
infrastructure
Siguiri includes a processing plant, a TSF, and other infrastructures 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.
Mineral
processing
The current processing plant treats both oxide and fresh sulphide material via a hybrid CIL circuit plant converted
from CIP in 2018. The plant is capable of processing blends of hard and soft ore post commissioning a new ball
mill and three-stage crushing plant in 2019. Unit operations include comminution, leaching, carbon adsorption
and desorption, smelting and tailings disposal. Further modification of three leach tanks to CIL tanks was done
in the fourth quarter of 2020 giving a total of seven tanks in the hybrid circuit.
The processing plant was designed to process 12Mtpa but is forecast to treat 11.6Mtpa in the 2022
business plan.
Risks
The favourable conclusion of the Convention de Base negotiation during 2016 and its ratification in 2017 by
parliament has significantly reduced the risk or uncertainty of the remaining estimated Mineral Resource and
Ore Reserve not being covered by a valid mining concession. The current mining concession is now confirmed
to be valid until 4 August 2022, with a high likelihood of renewal until 2041.
Some significant risks had been identified at combination plant FS stage and continue to be risks that could
prevent eventual economic extraction of the estimated Mineral Resource and Ore Reserve. However, mitigation
plans are in place to significantly reduce the impact of those risks.
Performance of the combination plant to achieve the required mill throughput and recovery are seen as a risk to
the economic extraction of the estimated Mineral Resource and Ore Reserve until the plant stabilises. There are
several action plans in progress to address this.
The reviewing of the modelling methodology for improved consistency within the Mineral Resource models is
also in progress.
Load and haul at the Bidini open pit at Siguiri
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SIGUIRI CONTINUED
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Map showing the location, infrastructure and mining licence area for Siguiri. The coordinates of the mine, as
represented by the plant, are depicted on the map and are in the UTM coordinate system.
Geology
The Siguiri Gold Mine 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.
Where exposed, the sediments consist of a well-bedded
turbiditic sequence of greenschist facies siltstones, sandstones,
greywackes and minor conglomerates, with some brecciated and
possibly volcanic members. Stratigraphic relationships in the area
are however poorly understood due to poor exposure and a thick
lateritic duricrust which covers large portions of the lease.
The mineralisation at Siguiri occurs as secondary gold in alluvial
or colluvial gravel in lateritic cover and primary vein-hosted
mineralisation. The veins are quartz dominant and display a variety
of styles and orientations, with a sub-vertical northeast-trending
conjugate quartz vein set predominating in most of the open pits,
irrespective of the orientation of the bedding. Auriferous quartz
veins show a strong lithological control and are best developed in
the sandstone/greywacke units.
The main structural and lithological trend in the current mining
area of Block 1, changes from a roughly north-south orientation in
the south to northwest-southeast in the north.
The geology of Block 2 differs from Block 1 in that the block
is mostly underlain by metavolcanics and volcanoclastics.
Mineralisation styles appear to be similar to those in Block 1,
with Saraya appearing to be located on a north-south orientated
structure.
Deposit type
Three main sedimentary packages are recognised in the
Siguiri district, the Balato, Fatoya and Kintinian Formations.
The basal Balato Formation is dominated by centimetre scale
alternations of shale, siltstone and greywacke. The overlying
Fatoya Formation consists of metre-scale beds of greywacke
fining towards the west.
The Kintinian Formation is a thick package of shale and sandstone
with a basal clast-supported conglomerate.
The orebodies are structurally controlled and the area has
undergone at least three distinct phases of deformation, with
initial north-south compression developing minor folds, the
second and largest deformation event is associated with
east-west to east-northeast and west-southwest directed
compression leading to north-south structural architecture, and
the third event was a northwest and southeast compression that
led to refolding of existing structures.
A deep oxidation (weathering) profile is developed in the region,
varying between 50 and 150m.
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58
Mineralisation style
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 that have higher fracture or vein densities relative to
fine-grained rocks.
The mineralisation dominantly follows sub-vertical north-south
thrusts, northeast to southwest dextral shear zones, and west-
northwest to east-southeast sinistral faults associated with the
main (D2) deformation event. The mineralised veins are remarkable
for the relative consistency of their northeast orientation, despite the
highly variable orientation of bedding and major structures.
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 being clearly defined continuous structures.
Mineralisation characteristics
Two styles of primary mineralisation have been recognised at
Siguiri. The first is characterised by precipitation of gold-bearing
pyrite associated with proximal albite and distal carbonate
alteration, and opening of carbonate-pyrite veins. The second style
corresponds to east-northeast to west-southwest trending native
gold bearing quartz veins with carbonate selvages which cross-cut
carbonate-pyrite veins and show arsenopyrite (pyrite) halos.
Exploration
Exploration at Siguiri was historically focused on finding new
oxide Mineral Resource in the saprolite and upgrading the
confidence in the existing oxide Mineral Resource. This was
achieved using geophysics, soil geochemistry and drill hole
sampling in the context of the regional and pit-scale geological
models. Following the completion of an asset strategy
optimisation project in 2012, which indicated the potential
economic viability of the fresh rock material, the aim of the
exploration has expanded, and the objectives are four-fold.
Firstly, to explore for replacement and additional oxide material
for short-term mining requirements at Sanu Tinti, Bidini, Tubani
South, Kami and Silakoro. Secondly, to explore new conceptual
oxide targets in Blocks 1 to 4, and the Saraya West exploration
licence. Thirdly, to increase the level of confidence in major fresh
rock targets below the existing oxide pits at Seguélén, Kami and
Bidini. Lastly, drilling to support the Block 2 projects at Saraya and
Foulata. To achieve all of these, 24,257m of RC and 8,807m of DD
were drilled during December 2021.
Exploration infill drilling for Mineral Resource conversion occurred
at Sanu Tinti (1,704m RC), Bidini (12,819m RC and 1,380m DD),
Tubani (192m RC), Kami (3,244m RC) and Sokunu (1,640m RC).
Reconnaissance drilling occurred at Bidini (120m RC and 3,264m
DD), Tubani South (872m RC), Kalamagna (892m RC), Seguélén
push back 2 (750m RC and 2,059m DD), Kosise (83.8m DD)
and Balato North (2,144m RC) to test for extensions of known
mineralisation and a follow up on historical anomalous gold
results. The change of drilling contractors and prioritisation of the
grade control drilling led to the low output in exploration.
W-E Geological cross-section through the Siguiri deposits Sanu Tinti, Bidini and Kalamagna, elevation in
metres AMSL
W
Legend
E
Black shale
Breccia
Greywacke
Shale
Pit outline
Siltstone
0-0.49g/t Au
0.50-0.74g/t Au
Sanu Tinti
Bidini
Kalamagna PB1
+300
300m
+0
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Projects
A FS investigating the exploitation of fresh rock material was
completed in December 2015. The combination plant project
investigated the upgrade of the current plant to enable processing
a combination of oxides and of fresh rock material. The plant
throughput would remain at 12Mtpa with a flexible design allowing
up to 6Mtpa of fresh rock material to be processed. Targeted
fresh rock pits include Kami, Bidini, Tubani, Sintroko, Seguélén
and Sokuno. The FS was approved by the board of AngloGold
Ashanti following successful negotiations with the government
of Guinea regarding the Convention de Base and having obtained
access to Seguélén Area 1. Construction of the combination plant
commenced in 2017 and the plant was commissioned during
quarter four of 2018.
Block 2's mining commenced in June 2021 following the
completion of the FS. This will start with Foulata and Saraya in
2022. The infill drilling inside the mine design, aimed to convert
Inferred to Indicated Mineral Resource, was scheduled to be
completed in 2020 but due to unforeseen reasons linked to
communities, heavy rainfall and poor drilling performance and as
a result about 3,000m out of 16,000m was carried over to 2021.
Block 3 drilling took place during 2021, as well as the PFS for
possible mining in 2024.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Measured
Indicated
20 x 40, 25 x 25
Inferred
20 x 40, 50 x 25, 50 x 50
Grade/ore control
5 x 12, 5 x 10, 10 x 10,
12.5 x 6.25, 12.5 x 7.5
Ore loading onto a truck at Siguiri
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
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SIGUIRI CONTINUED
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60
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Bidini (sulphide)
Measured
Indicated
7.39
1.68
12.41
0.40
Inferred
1.96
1.83
3.60
0.12
Total
9.36
1.71
16.01
0.51
Bidini (oxide)
Measured
Indicated
2.20
1.42
3.12
0.10
Inferred
4.40
1.31
5.78
0.19
Total
6.60
1.35
8.90
0.29
Bidini (transitional)
Measured
Indicated
2.65
1.61
4.27
0.14
Inferred
0.97
2.07
2.01
0.06
Total
3.63
1.73
6.28
0.20
Eureka East
Measured
Indicated
0.38
1.29
0.49
0.02
Inferred
0.12
1.25
0.15
0.00
Total
0.50
1.28
0.64
0.02
Eureka North
Measured
Indicated
0.06
0.98
0.06
0.00
Inferred
0.04
1.00
0.04
0.00
Total
0.10
0.99
0.10
0.00
Foulata
Measured
Indicated
0.82
2.24
1.84
0.06
Inferred
0.13
2.90
0.38
0.01
Total
0.95
2.33
2.22
0.07
Kalamagna
Measured
Indicated
2.08
0.93
1.92
0.06
Inferred
0.38
0.91
0.35
0.01
Total
2.46
0.92
2.27
0.07
Kami (sulphide)
Measured
Indicated
23.47
1.15
26.90
0.86
Inferred
7.86
1.15
9.07
0.29
Total
31.33
1.15
35.97
1.16
Kami (oxide)
Measured
Indicated
9.88
0.86
8.53
0.27
Inferred
4.88
0.90
4.37
0.14
Total
14.75
0.87
12.90
0.41
Kami (transitional)
Measured
Indicated
1.89
1.04
1.96
0.06
Inferred
0.82
1.17
0.96
0.03
Total
2.71
1.08
2.93
0.09
Kosise
Measured
Indicated
2.02
0.88
1.78
0.06
Inferred
1.70
0.83
1.41
0.05
Total
3.72
0.86
3.19
0.10
Kounkoun
Measured
Indicated
Inferred
9.22
1.36

12.51

0.40
Total
9.22
1.36
12.51
0.40
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SIGUIRI CONTINUED
Africa
Inclusive Mineral Resource continued
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Kozan North
Measured
Indicated
1.22
0.82
0.99
0.03
Inferred
0.45
0.84
0.38
0.01
Total
1.67
0.82
1.38
0.04
Kozan South
Measured
Indicated
1.71
0.73
1.26
0.04
Inferred
0.00
0.69
0.00
0.00
Total
1.72
0.73
1.26
0.04
Seguélén (oxide)
Measured
Indicated
5.93
0.86
5.11
0.16
Inferred
1.72
0.83
1.43
0.05
Total
7.65
0.85
6.54
0.21
Seguélén (sulphide)
Measured
Indicated
1.65
1.24
2.04
0.07
Inferred
1.23
1.23
1.51
0.05
Total
2.89
1.23
3.56
0.11
Seguélén (transitional)
Measured
Indicated
0.70
1.01
0.71
0.02
Inferred
0.33
1.08
0.36
0.01
Total
1.03
1.04
1.06
0.03
Saraya (sulphide)
Measured
Indicated
1.83
2.40
4.39
0.14
Inferred
0.50
3.00
1.50
0.05
Total
2.32
2.53
5.89
0.19
Saraya (oxide)
Measured
Indicated
1.31
1.62
2.13
0.07
Inferred
0.43
2.04
0.88
0.03
Total
1.74
1.73
3.00
0.10
Saraya (transitional)
Measured
Indicated
0.16
2.30
0.37
0.01
Inferred
0.09
2.15
0.19
0.01
Total
0.25
2.24
0.56
0.02
Sintroko South
Measured
Indicated
2.14
1.31
2.80
0.09
Inferred
0.29
1.94
0.57
0.02
Total
2.43
1.39
3.37
0.11
Silakoro
Measured
Indicated
1.34
1.65
2.22
0.07
Inferred
0.20
2.06
0.41
0.01
Total
1.54
1.71
2.63
0.08
Sokunu
Measured
Indicated
2.74
0.96
2.63
0.08
Inferred
3.29
1.00
3.29
0.11
Total
6.04
0.98
5.92
0.19
Soloni
Measured
Indicated
2.49
0.69
1.71
0.06
Inferred
2.81
0.92
2.59
0.08
Total
5.30
0.81
4.31
0.14
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AngloGold Ashanti Limited <R&R> 2021
SIGUIRI CONTINUED
Africa
62
Inclusive Mineral Resource continued
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Sorofe (sulphide)
Measured
Indicated
1.57
1.55
2.45
0.08
Inferred
3.00
1.98
5.94
0.19
Total
4.57
1.83
8.39
0.27
Sorofe (oxide)
Measured
Indicated
4.45
1.29
5.74
0.18
Inferred
0.89
1.57
1.39
0.04
Total
5.34
1.34
7.13
0.23
Sorofe (transitional)
Measured
Indicated
1.44
1.89
2.73
0.09
Inferred
1.31
1.69
2.22
0.07
Total
2.76
1.80
4.96
0.16
Stockpile (full grade ore)
Measured
Indicated
Inferred
5.26

0.91

4.76

0.15

Total
5.26
0.91
4.76
0.15
Stockpile (marginal ore)
Measured
Indicated
Inferred
12.65

0.52

6.59

0.21

Total
12.65
0.52
6.59
0.21
Stockpile (spent heap leach)
Measured
Indicated
30.69
0.54
16.63
0.53
Inferred
11.89
0.57
6.76
0.22
Total
42.57
0.55
23.39
0.75
Siguiri
Total
193.04
1.03
198.59
6.38
Current Mineral Resource models for each deposit were used to
update the mine planning process and for quoting the year end
Mineral Resource and Ore Reserve. Additional Mineral Resource
drilling was incorporated into the updated models.
Estimation
Mineral Resource definition drilling is done with aircore drilling (AC),
RC and DD. All available geological drill hole information is validated
Resource blocks range from 10 x 10 x 2.5m to 50 x 25 x 6m block
sizes, guided by the shape of the deposit and the drilling density.
The Mineral Resource is declared within an optimised Mineral
Resource pit shell using a gold price of $1,500/oz.
Grade tonnage curve
Siguiri
Surface (metric)
for use in the Mineral Resource models and together with the local
geology of the deposit, and an understanding of grade variability
is used to categorise the drill hole information into appropriate
estimation domains. Detailed statistical analyses are conducted
on each of these domains which allows for the identification of
high-grade outlier values which are capped, with some models post
processed using local uniform conditioning (LUC).
The Mineral Resource model is estimated using ordinary kriging
into a 3D block model. Geological interpretation is based on
400
350
300
250
200
150
100
50
0
0.0
0.5
Cut-off grade (g/t)
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
1.0
1.5
geological drill hole data. The dimensions of these Mineral
Tonnes above cut-off
Average grade above cut-off
Tonnes above
cut-off (millions)
Average grade
above cut-off (g/t)
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AngloGold Ashanti Limited <R&R> 2021
63
0.03
0.00
(0.83)
6.96
(0.42)
0.68
0.00
(0.05)
0.01
0.00
6.38
SIGUIRI CONTINUED
Africa
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Siguiri
Measured
Indicated
64.26
1.12
71.81
2.31
Inferred
60.91
1.15
70.06
2.25
Total
125.17
1.13
141.87
4.56
The Siguiri exclusive Mineral Resource is reported considering mining, processing and operational costs between economic pit shells
based on a gold price between $1,200/oz and $1,500/oz. About 4.56Moz are reported as exclusive representing 75% of the total reported
Mineral Resource. This is mainly driven by economics since most of the exclusive Mineral Resource is localised below the current pits.
Year-on-year changes in Mineral Resource
Siguiri
Total (Moz)
8.0
7.5
7.0
6.5
6.0
5.5
5.0


Increases due to exploration and model changes at Kami were offset by mining cost increases and depletion, resulting in a net reduction
of Mineral Resource.
Inclusive Mineral Resource sensitivity
Siguiri
20
10
0
-10
-20
-30
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
“Current Mineral Resource models for each deposit were used to
update the mine planning process and for quoting the year end
Mineral Resource and Ore Reserve.”
The percentage change (in tonnes, grade and ounces)
at a lower ($1,300/oz) and a higher ($1,700/oz) Mineral
Resource gold price is shown in the graph. The Mineral
Resource is highly sensitive to a decrease in gold price and
very sensitive to an increase in gold price on an ounce and
tonnage basis.
Ounces
(millions)
Percentage
change
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2021
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AngloGold Ashanti Limited <R&R> 2021
SIGUIRI CONTINUED
Africa
64
Ore Reserve
Ore Reserve
Bidini (sulphide)
Proved
Probable
4.69
1.18
5.56
0.18
Total
4.69
1.18
5.56
0.18
Bidini (oxide)
Proved
Probable
0.52
1.19
0.62
0.02
Total
0.52
1.19
0.62
0.02
Bidini (transitional)
Proved
Probable
1.99
1.23
2.44
0.08
Total
1.99
1.23
2.44
0.08
Foulata
Proved
Probable
0.22
1.97
0.44
0.01
Total
0.22
1.97
0.44
0.01
Kami (sulphide)
Proved
Probable
6.62
1.12
7.39
0.24
Total
6.62
1.12
7.39
0.24
Kami (oxide)
Proved
Probable
1.43
0.67
0.96
0.03
Total
1.43
0.67
0.96
0.03
Kami (transitional)
Proved
Probable
0.55
0.92
0.51
0.02
Total
0.55
0.92
0.51
0.02
Saraya (sulphide)
Proved
Probable
1.89
1.84
3.48
0.11
Total
1.89
1.84
3.48
0.11
Saraya (oxide)
Proved
Probable
0.90
1.48
1.33
0.04
Total
0.90
1.48
1.33
0.04
Saraya (transitional)
Proved
Probable
0.12
1.89
0.23
0.01
Total
0.12
1.89
0.23
0.01
Stockpile (full grade ore)
Proved
Probable
5.26
0.91
4.76
0.15
Total
5.26
0.91
4.76
0.15
Stockpile (marginal ore)
Proved
Probable
12.65
0.52
6.59
0.21
Total
12.65
0.52
6.59
0.21
Stockpile (spent heap leach)
Proved
Probable
30.86
0.54
16.72
0.54
Total
30.86
0.54
16.72
0.54
Siguiri
Total
67.72
0.75
51.03
1.64
Estimation
The Mineral Resource models for each pit are depleted with surveys of actual mining to the end of September 2021 and forecast of
depletion to the end of 2021. Costs are assigned on a pit-by-pit basis, reflecting the existing cost structure of the operation. The relevant
dilution and ore-loss factors are applied and pit optimisation is then performed.
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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65
SIGUIRI CONTINUED
Africa
Ore Reserve modifying factors
RMF
MRF
Gold
Cut-off
(% based
RMF
(% based
MRF
price
grade
Dilution
Dilution
on
(% based
on
(% based
MCF
MetRF
as at 31 December 2021
$/oz
g/t Au
%
g/t
tonnes)
on g/t)
tonnes)
on g/t)
%
%
Bidini (sulphide)
1,200
0.85
37.3
0.3
100.0
90.0
96.1
101.7
100.0
80.0
Bidini (oxide)
1,200
0.70
33.6
0.2
100.0
90.0
83.9
98.6
100.0
88.0
Bidini (transitional)
1,200
0.85
33.1
0.2
100.0
90.0
88.4
101.7
100.0
80.0
Foulata
1,200
0.95
81.5
0.3
100.0
90.0
89.3
98.0
100.0
88.0
Kami (sulphide)
1,200
0.80
34.1
0.5
100.0
90.0
98.0
100.7
100.0
80.0
Kami (oxide)
1,200
0.65
31.5
0.3
100.0
90.0
89.5
100.9
100.0
88.0
Kami (transitional)
1,200
0.80
50.9
0.4
100.0
90.0
85.1
101.5
100.0
80.0
Saraya (sulphide)
1,200
1.20
33.7
0.2
100.0
90.0
96.5
101.6
100.0
80.0
Saraya (oxide)
1,200
1.00
16.7
0.2
100.0
90.0
78.1
104.6
100.0
88.0
Saraya (transitional)
1,200
1.20
21.2
0.2
100.0
90.0
70.3
103.8
100.0
80.0
Stockpile (full grade ore)
1,200
100.0
100.0
100.0
100.0
100.0
88.0
Stockpile (marginal ore)
1,200
100.0
100.0
100.0
100.0
100.0
88.0
Stockpile (spent heap leach)
1,200
100.0
100.0
100.0
100.0
100.0
85.0
The relevant modifying factors such as MetRF, geotechnical parameters, cut-off grades, and economics are applied to generate the mine
designs that are used to estimate the final Ore Reserve.
Inferred Mineral Resource in annual Ore Reserve design*
Tonnes
Grade
Contained gold
as at 31 December 2021
million
g/t
tonnes
Moz
Bidini (sulphide)
0.45
1.17
0.53
0.02
Bidini (oxide)
0.24
0.93
0.22
0.01
Bidini (transitional)
0.22
1.14
0.25
0.01
Foulata
0.02
1.98
0.03
0.00
Kami (sulphide)
0.28
1.00
0.28
0.01
Kami (oxide)
0.02
0.61
0.01
0.00
Kami (transitional)
0.09
0.78
0.07
0.00
Saraya (sulphide)
0.14
2.52
0.36
0.01
Saraya (oxide)
0.08
2.18
0.18
0.01
Saraya (transitional)
0.00
1.49
0.00
0.00
Total
1.54
1.26
1.94
0.06
* Inferred Mineral Resource including lower confidence material
With appropriate caution, a portion of the Inferred Mineral Resource was included in the business plan optimisation process. This
accounts for 4% of the Ore Reserve plan of three years. No Inferred Mineral Resource is considered in Ore Reserve reporting.
Aerial view of the Siguiri crusher
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AngloGold Ashanti Limited <R&R> 202
66
1.89
(0.28)
0.28
0.00
(0.35)
0.08
0.00
(0.20)
0.22
0.00
1.64
(0.00)
SIGUIR CONTINUED
Africa
Year-on-year changes in Ore Reserve
Siguiri
Total (Moz)
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
The decrease was primarily due to an increase in cost, and a decrease in fresh and transitional metallurgical recoveries. This was offset
partially by revised modelling at Kami Mineral Resource and a maiden Kami extension Ore Reserve.
Ore Reserve sensitivity
Siguiri
8
4
0
-4
-8
-12
1,100
1,200
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,300
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Adama Sissoko
MAusIMM
224 835
28 years
BSc Hons (Geology), GDE
(Mining Engineering)
Ore Reserve
Desiderius Kamugisha
MAusIMM
227 18
20 years
BSc (Mining Engineering)
Siguiri is sensitive to gold price changes. An increase in the
Ore Reserve gold price to $1,300/oz has a minimal upside
as the pits remain constrained and a large percentage of
Ore Reserve comes from stockpiles. There is a significant
downside in ounces at a lower gold price of $1,100/oz as
parts of marginal ore stockpiles become uneconomic.
Ounces
(millions)
Percentage
change
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2021
Loading of ore into a truck at Siguiri
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AngloGold Ashanti Limited <R&R> 2021
Lake
Victoria
1
Mwanza
Arusha
Operation
Kigoma
Lake
Tanganyika
Tabora
Tanga
TANZANIA
Dodoma
Dar-es-Salaam
Legend
1
Geita
200km
TANZANIA
Africa
Geita, one of AngloGold Ashanti’s flagship mines,
is located in northwestern Tanzania, in the Lake
Victoria goldfields of the Mwanza region, about
120km from 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 5.2Mt.
Geita has been an open pit mining operation from 1999, with
underground operations commencing at Star and Comet in 2016,
at Nyankanga in 2017 and at Geita Hill in 2020. Underground ore
is now a significant part of the feed to the plant. The Nyankanga
open pit was completed in late 2020, with the new Nyamulilima
open pit commencing in April 2021, providing four sources of ore
to the Geita processing plant.
Attributable production from Tanzania was 486koz of gold in 2021,
or 34% of the region’s production.
As at December 2021, the Mineral Resource (inclusive of Ore
Reserve) for Tanzania was 8.2Moz (2020: 7.9Moz) and the Ore
Reserve was 2.6Moz (2020: 2.3Moz).
Inclusive Mineral Resource
0.9
Exclusive Mineral Resource
0.2
Ore Reserve
0.1
3.3
Moz
4.0
3.3
Moz
1.9
%
2.6
Measured
Indicated
Inferred
Measured
Indicated
Inferred
Proved
Probable
67
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AngloGold Ashanti Limited <R&R> 2021
68
GEITA
Africa
Introduction
Property
description
Geita Gold Mine (GGM) is wholly owned by Geita Gold Mining Limited (GGML), a subsidiary of AngloGold
Ashanti Limited. GGM currently has three underground mines (Star and Comet, Nyankanga and Geita Hill) and
one open pit (Nyamulilima Cuts 1 and 2) in production in 2021.
Location
GGM is located 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.
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, the Geita Mine was the largest gold mine in East Africa,
producing 1Moz of gold from underground operations.
In 1996, Ashanti acquired Geita through acquisition of Cluff Resources, and acquired the Kukuluma and
Matandani in 1998 from Samax Resources Limited. In December 2000, Ashanti reached an agreement to sell
AngloGold a 50% interest in Geita for $324 million. AngloGold added its neighbouring Nyamulilima Hill deposits
into the JV company. In 2004, the merger of AngloGold and Ashanti resulted in the operation being wholly run by
AngloGold Ashanti.
GGM commenced open pit mining in 1999, with open pit mining at Nyankanga between 1999 and 2020, at
Geita Hill between 2001 and 2019, at Kukuluma and Matandani between 2002 and 2007, and at Star and Comet
between 2007 and 2014. In 2015, a decision was taken to go underground at Star and Comet and the underground
development started in 2016. In 2017 the Nyankanga underground operation commenced and in 2020 the Geita
Hill underground commenced and is scheduled to ramp up to full production by the end of 2022.
The Nyankanga open pit, the only remaining operating pit at the time, was mined to completion in September
2020. In April 2021, the Nyamulilima open pit commenced operations.
Legal aspects
and tenure
The special mining licence (SML45/99) is 100% attributable to GGML. It covers an area of approximately
196.17km2
, and expires on 26 August 2024. Ongoing engagement with the government of the Republic of
Tanzania is required to renegotiate existing development agreements and renewal of the SML. Within the SML
there are also seven primary mining licences of approximately 0.629km2
which belong to third parties. There
are a further 120km2 of prospecting licences in the immediate vicinity to the special mining licence which do
not contain any Ore Reserve. GGM also holds 690km2 of prospecting licences located in Dodoma, Singida and
Shinyanga regions, which do not contain any Ore Reserve. All licences are in good standing.
Mining method
Mining at Geita uses both open pit and underground mining methods. Open pit mining at Nyankanga Cut 8
was completed in 2020. The Nyamulilima open pit commenced production in April 2021 and will reach full
production during 2022. Open pit mining is by conventional truck and shovel methods, where production
mining equipment is operated by GGM with Capital Mining Services Tanzania Limited providing production
and grade control drilling services, and Orica providing blasting and explosives services. Underground mining
commenced at Star and Comet in 2016 and subsequently at Nyankanga in 2017 and most recently Geita
Hill in 2020. Star and Comet underground has successfully transitioned to owner mining and the mining
contractor African Underground Mining Services is used at Nyankanga and Geita Hill for underground
development and stoping. The underground mining method is a combination of LOS and TOS. Cemented
aggregate fill backfill is used at Nyankanga to fill the primary stopes. 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.
Operational
infrastructure
Surface infrastructure associated with the overall Geita operation includes a 5.2Mtpa CIL processing plant, TSF,
camp, airstrip, 40MW power plant, open pit and underground workshops and offices, contractor yards, backfill
plants and explosives suppliers.
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GEITA CONTINUED
Africa
69
Mineral
processing
Geita’s ore processing method is via conventional CIL process with a throughput capacity of 5.2Mtpa. The circuit
contains a primary gyratory crusher, secondary and tertiary crushers, a semi-autogenous mill, a ball mill and
12 leach tanks. This is coupled with a gravity circuit using two Knelson concentrators. In planning the plant feed
blend material, hardness grade, oxide and sulphide content are considered in order to optimise throughput and
recovery. Power to the mine is self-generated at Geita's 40MW power plant using diesel generators.
The addition of Nyamulilima Cuts 1 and 2 to the existing underground operations reduces the Ore Reserve
risk at Geita. The key is to have both open pit and underground operations in progress. Mitigating actions
put in place focus on optimising the exploration and project plans to convert both surface and underground
Mineral Resource to Ore Reserve. Other risks to the Ore Reserve include, reduced underground production
efficiencies when transitioning to owner mining in selected areas, ball mill and crusher plant integrity and
Mineral Resource to Ore Reserve conversion.
The socio-economic impacts, political engagements and environmental concerns plans are well managed with
competent persons driving the outcomes and actions. The systems that have been put in place cover everything
needed for the safe, effective, responsible governance of Geita.
Risks
No significant risks or uncertainties were identified that would prevent eventual economic extraction of the
Mineral Resource and Ore Reserve. GGM does have a risk management process in place whereby operational
risk is identified, mitigated and managed.
Introduction continued
Map showing the location, infrastructure and mining licence area for Geita Gold Mine. The coordinates of the
mine, as represented by the plant, are depicted on the map and are in the UTM coordinate system.
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GEITA CONTINUED
Africa
Geology
GGM is hosted in the Geita Greenstone Belt (GGB), which
is a northern segment of the Sukumaland Greenstone Belt,
located in the northwestern part of the Tanzania Craton and
south of Lake Victoria. This Archaean sequence strikes almost
east west, extending for about 80km and is up to 20km wide.
The GGB sits dominantly within the Nyanzian Supergroup
stratigraphy that is sub-divided into the Lower Nyanzian and the
Upper Nyanzian groups.
The Lower Nyanzian Group is composed of mafic volcanic units
(basalts, pillow basalt, minor gabbro and dolerites). This group of
rocks within the GGB is collectively termed the Kiziba Formation.
The Upper Nyanzian Group consists of black shales, banded iron
formation, clastic sedimentary rock, tuffs, agglomerates and
felsic volcaniclastics. The entire package (Nyanzian stratigraphy)
is intruded by a variety of mafic to felsic rocks. The supra-crustal
package shows variable thickness and is estimated to be more than
500m thick in places, mostly underlain by intrusive complexes.
Deposit type
A simplified stratigraphy of the main igneous rocks in the Geita
area is summarised as: Archaean Gabbro, Basalts, intermediate to
acid volcanoclastic sediments, Diorites, Tonalites-Granodiorites,
Granites and Proterozoic Gabbro dykes.
Across the Archaean-Proterozoic rocks there is a property-wide
paleo-drainage system, which likely flowed towards Lake Victoria.
These late sediments likely represent the remnants of a much
thicker package that might have covered all the hills exposed
today. Both the Archaean-Proterozoic rocks and paleo-alluvials are
covered by ferricrete at different levels of induration and evolution,
up to 15m thick.
The region hosts several world-class shear-hosted Archaean
lode gold deposits and forms the northern portion of the regional
Sukumaland Greenstone Belt, itself one of several belts that
comprise the Lake Victoria goldfields. Other gold mines hosted in
the Lake Victoria Goldfields include Golden Pride (Resolute Mining
Limited), Bulyanhulu, Tulawaka, Buzwagi and North Mara (all
Barrick-owned).
The Geita gold deposits are shear hosted, Archaean orogenic
gold deposits. Within GGML leases the GGB is subdivided into
three major mineralised trends:
Geita Central Trend, hosting the Nyankanga, Geita Hill and Lone
Cone deposits
Nyamulilima Trend in the west, hosting Star and Comet, Ridge 8
and Nyamulilima deposits
Matandani-Kukuluma Trend to the northeast, hosting Matandani
and Kukuluma deposits
The Geita Central Trend contains three major gold deposits
occurring along a NE-SW mineralised trend. These are from
northeast to southwest: Geita Hill, Lone Cone and Nyankanga.
Other prospects occur singly: Chipaka in the centre of the
greenstone belt, and Kalondwa Hill, P30, Fukiri-Jumanne along
an NW-SE trending ironstone ridge. Geita Hill, Lone Cone and
Nyankanga occur along a moderately NW dipping system
of reverse faults that have been multiply reactivated during
subsequent deformation events. The mineralisation is mainly
related to diorite-and BIF contacts exploited by the shear system.
The alteration is restricted within the ore zone and consists of
secondary sulphide (mainly pyrite), silica, carbonate and moderate
potassic alteration.
The Nyamulilima Trend contains three major gold deposits on
an approximately NW-SE mineralised trend. These are from SE
to NW: Ridge 8, Star and Comet and Nyamulilima (historically
named Roberts). Individual deposits occur along a series of N-S
trending, steeply dipping, left stepping en-echelon fault zones that
cut across the ironstone-rich sediments and granite-granodiorite-
tonalite intrusions. Mineralisation is preferentially localised along
fault zones where they cut the ironstone-granitoid contacts. The
mineralisation is associated with secondary pyrite and minor
pyrrhotite, silica, carbonate and actinolite alteration.
The Kukuluma Trend contains five gold deposits distributed along
an approximately E-W mineralised trend. These are from east
to west: Area 3 South, Area 3 Central, Area 3 West, Kukuluma
and Matandani. The mineralisation is steeply dipping along the
contacts of intermediate fine-grained intrusions and magnetite
rich chert and ironstone showing a general en-echelon, left
stepping geometry. The gold is associated with secondary pyrite,
arsenopyrite and minor pyrrhotite. Magnetite, silica, carbonate
and amphibole alteration are variably present within
the mineralised zone.
Mineralisation style
Deformation in the GGB comprises of early stages of ductile
shearing and folding (D1 to D5), with periodic emplacement of
large diorite intrusive complexes, sills, and dykes. Later stages
of deformation (D6 to D8) involved development of brittle-
ductile shear zones, with faults developed in the later stages of
deformation, with late emplacement felsic porphyry dykes within
the greenstone belt, and granitic intrusions located on the margins
of the greenstone belt.
Gold mineralisation occurred late in the tectonic history of the
greenstone belt, synchronous with the development of brittle-
ductile shear zones (D6). 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.
Mineralisation characteristics
The mineralisation in the GGB is preferentially hosted within
deformation zones developed along the contact of banded iron
formation and porphyries of various compositions and associated
with major shear systems. The structures associated with
the mineralised system are well defined, the alteration zone is
restricted to the mineralised zone, quartz veins are rare or missing
although silicification is common.
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71
3D Oblique view (looking southwest) of Nyankanga underground, elevation in mRL*





1200 m RL
1100 m RL
1000 m RL

900 m RL
800 m RL
700 m RL
600 m RL
Legend
Advanced underground infrastructure
Mine design stope
Nyankanga pit shell
Planned underground development
Planned drill holes
Gram-metre scale
79
60
40
20
* mRL in this instance is equal to metres AMSL
Exploration
Exploration drilling programmes at Geita for 2021 completed a
total of 167,445m for both capitalised and expensed projects.
Mineral Resource development drilling for capitalised growth
projects completed 56,439m, with 49,673m from surface
(Nyamulilima Cuts 1 and 2 and Geita Hill) and 6,766m from
underground projects (Geita Hill underground).
Mineral Resource development drilling for stay in business
capital projects completed 43,610m of exploration drilling
comprised of 27,405m from surface (Nyamulilima Cuts 1 and 2)
and 16,206m from underground projects (Star and Comet, and
Nyankanga underground).
Mineral Resource delineation or development drilling for
expensed sustaining projects completed a total of 41,296m
of exploration drilling comprised of 16,316m from surface
(Nyamulilima Cuts 1 and 2) and 24,980m from underground
projects at Star and Comet, and Nyankanga underground,
targeting new Inferred Mineral Resource.
The Mineral Resource delineation and tangible exploration upside
drilling for expensed non-sustaining projects completed 26,100m
from surface drilling at Nyamulilima Cuts 1 and 2 and Xanadu, in
the Nyamulilima district, and underground extension at Star and
Comet and Nyankanga underground operations.
Projects
The current operations are supported by a LOM plan to 2029,
with a five year exploration strategy in place for Mineral Resource
growth and to replace and grow Ore Reserve at a rate of greater
than depletion (>0.5Mozpa). The exploration strategy, aligned with
the GGM's business plan which seeks to extend the LOM beyond
2029, with exploration drilling targeting Mineral Resource to Ore
Reserve conversion in the underground mines securing near-term
ounces, in conjunction with exploration targeting underground
extension and surface exploration of key prospects testing for
potential future open pit and underground mining opportunities.
The GGM underground exploration strategy is focused on
increasing the Mineral Resource and Ore Reserve base of the
underground mining operations, namely Nyankanga and Star
and Comet underground mines in operation, and the Geita Hill
underground mine which is in development, and commenced
operations in November 2020. The underground exploration drilling
targets Mineral Resource extension and Mineral Resource to Ore
Reserve conversion in line with Geita's strategic options and LOM
plan. Underground exploration drilling at Star and Comet focuses
on extension of the Cut 2 and Cut 3 orebodies to depth and lateral
extension from Cut 3 towards Ridge 8 orebody. At Nyankanga,
drilling in 2021 has focused on Mineral Resource to Ore Reserve
conversion in Block 1 and Block 2, and extension of the Block
4 orebody along strike, and up- and down-dip. At Geita Hill, the
Mineral Resource to Ore Reserve conversion drilling commenced in
June 2021, and focused on drilling Blocks 1 and 2. Surface drilling
at Geita Hill underground, has focused on Mineral Resource to Ore
Reserve conversion at Geita Hill Blocks 4, 5 and 6, targeting Inferred
Mineral Resource below the Geita Hill East open pit.
Surface exploration is focused on advancement of known
prospects within GGM's lease holdings to identify new open pit
and underground production opportunities and develop them
into production. The recent success at Nyamulilima where
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drilling commenced in mid-2019, and continued through 2020
and was completed in 2021, has resulted in the definition of a
significant open pit (1.7Moz Ore Reserve), which commenced
open pit production in April 2021. Future surface exploration will
continue to explore targets in the Nyamulilima district for further
open pit potential to provide near term value in the LOM plan -
including drilling targets such as Xanadu, Xanadu West, Mabe,
Selous, Xanadu and Kibugwe; which are high priority targets for
exploration from 2022 to 2024.
Exploration targeting has identified numerous targets for
testing for new discovery and development into major long lead
projects to sustain Geita operations in the future, approximately
50 conceptual exploration targets within GGM's leases, with
exploration plans in place to test higher priority targets, including
Prospect 5 (Geita Hill orebody extension to north-east) and Fukiri-
Jumanne (potential for the western extension of Nyankanga type
orebodies) in 2022.
The refractory ore project which encompasses, Matandani,
Kukuluma and Area 3 was postponed in 2017 due to high capital
costs related to plant modifications required to treat the refractory
ore and the transition to underground mining. Drilling was
completed in 2015 within the Matandani pit, which contains the
largest Mineral Resource potential. Metallurgical scoping test work
was successfully concluded in 2016 and the PFS that was planned
to commence in 2017 was put on hold.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Measured
10 x 15
Indicated
10 x 10, 20 x 20, 25 x 15,
25 x 40, 40 x 20, 40 x 40
Inferred
40 x 40, 50 x 40, 50 x 50,
80 x 40
Grade/ore control
5 x 10, 10 x 5, 10 x 10,
10 x 15
Drill hole spacing over the Geita projects is variable, where drilling at Geita varies from a 10 x 10m to 40 x 40m grid for an Indicated
Mineral Resource and a 40 x 40m to 80 x 40m grid for an Inferred Measured Mineral Resource. Drilling to a Measured Mineral Resource is
typically completed as grade control drilling to from a 5 x 10m to 10 x 15m grid spacing.
Core logging at the Geita core shed
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
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Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Area 3 West (oxide)
Measured
Indicated
0.39
2.55
1.01
0.03
Inferred
0.00
2.02
0.01
0.00
Total
0.40
2.55
1.01
0.03
Chipaka
Measured
Indicated
0.31
2.19
0.68
0.02
Inferred
0.45
2.45
1.10
0.04
Total
0.76
2.34
1.78
0.06
Kalondwa Hill
Measured
Indicated
Inferred
0.47
3.91

1.83

0.06
Total
0.47
3.91
1.83
0.06
Kukuluma (oxide)
Measured
Indicated
0.05
3.56
0.16
0.01
Inferred
0.02
2.28
0.05
0.00
Total
0.07
3.13
0.21
0.01
Kukuluma (transitional)
Measured
Indicated
0.09
4.70
0.43
0.01
Inferred
0.02
4.88
0.12
0.00
Total
0.11
4.74
0.54
0.02
Kukuluma (sulphide)
Measured
Indicated
0.02
4.89
0.12
0.00
Inferred
0.36
4.06
1.47
0.05
Total
0.39
4.11
1.59
0.05
Matandani (oxide)
Measured
Indicated
1.61
2.00
3.21
0.10
Inferred
0.75
2.14
1.61
0.05
Total
2.36
2.04
4.82
0.16
Matandani (transitional)
Measured
Indicated
0.06
3.39
0.20
0.01
Inferred
0.17
4.70
0.80
0.03
Total
0.23
4.36
1.01
0.03
Matandani (sulphide)
Measured
Indicated
0.07
3.49
0.26
0.01
Inferred
3.02
3.82
11.54
0.37
Total
3.10
3.81
11.80
0.38
Nyamulilima –Cuts 1, 2 and 3
Measured
Indicated
31.08
2.24
69.71
2.24
Inferred
9.41
1.82
17.15
0.55
Total
40.48
2.15
86.86
2.79
Selous (open pit)
Measured
Indicated
Inferred
0.47
2.06

0.97

0.03
Total
0.47
2.06
0.97
0.03
Stockpile (full grade ore)
Measured
Indicated
Inferred
0.70

1.88

1.31

0.04

Total
0.70
1.88
1.31
0.04
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Inclusive Mineral Resource continued
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Stockpile (marginal ore)
Measured
Indicated
9.61
0.87
8.36
0.27
Inferred
Total
9.61
0.87
8.36
0.27
Stockpile (refractory ore)
Measured
Indicated
0.56
2.80
1.57
0.05
Inferred
Total
0.56
2.80
1.57
0.05
Geita Hill (underground) –
Measured
Blocks 1 and 2
Indicated
1.81
3.73
6.74
0.22
Inferred
1.13
4.01
4.54
0.15
Total
2.94
3.84
11.28
0.36
Geita Hill (underground) – East
Measured
Indicated
1.56
4.13
6.43
0.21
Inferred
6.31
4.31
27.23
0.88
Total
7.87
4.28
33.65
1.08
Nyankanga (underground) –
Measured
Blocks 1 and 2
Indicated
0.77
5.64
4.37
0.14
Inferred
3.11
4.39
13.67
0.44
Total
3.88
4.64
18.03
0.58
Nyankanga (underground) –
Measured
2.96
5.31
15.70
0.50
Blocks 3 and 4
Indicated
3.03
4.18
12.67
0.41
Inferred
1.66
3.54
5.87
0.19
Total
7.64
4.48
34.23
1.10
Nyankanga (underground) –
Measured
0.90
4.12
3.69
0.12
Block 5
Indicated
0.83
3.27
2.70
0.09
Inferred
0.36
2.38
0.85
0.03
Total
2.08
3.48
7.24
0.23
Ridge 8 (underground)
Measured
Indicated
0.69
4.84
3.36
0.11
Inferred
2.36
4.72
11.16
0.36
Total
3.06
4.75
14.52
0.47
Star and Comet (underground) –
Measured
0.74
3.60
2.68
0.09
Cut 2
Indicated
0.17
3.99
0.66
0.02
Inferred
0.13
3.83
0.51
0.02
Total
1.04
3.69
3.85
0.12
Star and Comet (underground) –
Measured
1.23
4.73
5.84
0.19
Cut 3
Indicated
0.80
3.46
2.76
0.09
Inferred
0.26
3.13
0.82
0.03
Total
2.29
4.11
9.41
0.30
Geita
Total
90.51
2.83
255.89
8.23
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 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 SMU. The open pit Mineral Resource is reported within a
$1,500/oz optimised pit shell and above the calculated mineralised
waste cut-off grade per pit. Stockpiled material above mineralised
waste cut-off grade is included in the Mineral Resource.
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as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes Moz
For the underground Mineral Resource, the geological model is
generated in the same way as for the open pits. However, a high-
grade wireframe is delineated within the broader, lower-grade
mineralised envelope. In this instance, all geological controls
are adhered to when determining this domain. Ordinary kriging
models are then constructed within the low- and high-grade
domains, and numerous validation exercises are completed to
ensure robust estimates are achieved. The underground Mineral
Resource is reported inside a MSO volume generated using a
unique underground cut-off grade for each deposit.
The ultimate open pit designs are used as the limiting boundaries
between the open pits and underground during model
compilation. The underground stopes and development are
evaluated using the ordinary kriging block models and the open
pit designs are evaluated using the LUC block models.
Stockpiled material above mineralised waste cut-off grade is
included in the Mineral Resource.
Grade tonnage curves
Geita
Surface (metric)
100
80
60
40
20
0



5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
Geita
Underground (metric)
33
9
30
27
8
24
7
21
18
6
15
5
12
9
4
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
0
1
2
3
4
5
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
Geita
Measured
1.44
4.49
6.47
0.21
Indicated
28.18
2.06
58.15
1.87
Inferred
30.48
3.32
101.29
3.26
Total
60.10
2.76
165.92
5.33
The exclusive Mineral Resource is defined as the inclusive Mineral Resource less the Ore Reserve before dilution and other factors are
applied. The exclusive Mineral Resource is 5.33Moz, where the open pit exclusive Mineral Resource is 1.85Moz (35%), the underground
exclusive Mineral Resource is 3.21Moz (60%), and 0.27Moz (5%) in stockpiles.
Tonnes above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
Average grade
above cut-off
(g/t)
View of Nyamulilima open pit
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0.18
0.00
(0.01)
(0.04)
0.00
7.92
(0.56)
0.24
0.00
8.23
0.50
GEITA CONTINUED
Africa
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Geita
Measured
Indicated
2.25
4.35
9.79
0.31
Inferred
8.68
4.42
38.39
1.23
Total
10.93
4.41
48.18
1.55
The Mineral Resource below infrastructure totals 1.55Moz, and is located below the Geita Hill East open pit (mined-out) and totals
1.08Moz. Below the Ridge 8 open pit (mined-out) a total of 0.47Moz of Mineral Resource is below infrastructure.
Year-on-year changes in Mineral Resource
Geita
Total (Moz)
9.0
8.5
8.0
7.5
7.0
6.5
6.0
Significant increases occurred in Nyamulilima Cuts 1 and 2 due to exploration infill drilling in the deeper portions of the planned cutback.
Additional increases were seen at Nyankanga underground due to model changes. Cost decreases in the mine planning assumptions
resulted in some of the optimised pit shells increasing in volume.
Ounces
(millions)
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2021
The main Nyankanga pit at Geita Gold Mine
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77
Inclusive Mineral Resource sensitivity
Geita
20
15
10
5
0
-5
-10
-15
1,300

Ore Reserve
Ore Reserve
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
Tonnes Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Nyamulilima – Cuts 1, 2 and 3
Proved
Probable
21.16
2.45
51.80
1.67
Total
21.16
2.45
51.80
1.67
Stockpile (full grade ore)
Proved
0.70
1.86
1.30
0.04
Probable
Total
0.70
1.86
1.30
0.04
Stockpile (marginal ore)
Proved
1.49
1.04
1.54
0.05
Probable
Total
1.49
1.04
1.54
0.05
Nyankanga (underground)
Proved
– Blocks 1 and 2
Probable
0.30
5.86
1.77
0.06
Total
0.30
5.86
1.77
0.06
Nyankanga (underground)
Proved
– Blocks 3 and 4
Probable
3.78
4.55
17.21
0.55
Total
3.78
4.55
17.21
0.55
Nyankanga (underground)
Proved
– Block 5
Probable
0.99
3.01
2.99
0.10
Total
0.99
3.01
2.99
0.10
Star and Comet (underground)
Proved
– Cut 2
Probable
0.51
3.57
1.83
0.06
Total
0.51
3.57
1.83
0.06
Star and Comet (underground)
Proved
– Cut 3
Probable
0.77
5.01
3.87
0.12
Total
0.77
5.01
3.87
0.12
Geita
Total
29.71
2.77
82.29
2.65
Estimation
The Mineral Resource models are used as the basis for Ore Reserve
estimation. Input parameters for estimating the Ore Reserve include
gold price, mining dilution and recovery, geotechnical information,
stay in business capital, operating costs, metallurgical recovery,
processing capacity and mining equipment capacities.
Appropriate Ore 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 cash flow analysis from the
estimated Ore Reserve.
The Ore Reserve for Geita's operating and prospective pits, as well
as underground mine areas was 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.
The Mineral Resource is very sensitive to changes in gold
price. The Mineral Resource shows a decrease of (11%)
tonnes, (4%) grade and (7%) ounces using a $1,300/oz gold
price, and shows an increase of 16% tonnes, 3% grade and
13% ounces using a $1,700/oz gold price.
Percentage
change
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0.25
(0.09)
0.00
2.65
0.02
2.34
(0.51)
0.64
0.00
0.00
0.00
0.00
GEITA CONTINUED
Africa
Ore Reserve modifying factors
Gold
Cut-off
Stoping
RMF
(% based
RMF
MRF
(% based
MRF
price
grade
width
Dilution
on
(% based
on
(% based
MCF
MetRF
as at 31 December 2021
$/oz
g/t Au
cm
%
tonnes)
on g/t)
tonnes)
on g/t)
%
%
Surface
Nyamulilima – Cuts 1, 2 and 3
1,200
1.20
7.4
90.0
90.0
95.0
95.0
99.0
89.2
Underground
Geita Hill – Blocks 1 and 2
1,200
3.38
2,500
10.0
100.0
100.0
95.0
95.0
99.0
87.2
Geita Hill – East
1,200
3.38
2,500
10.0
100.0
100.0
95.0
95.0
99.0
87.2
Nyankanga – Blocks 1 and 2
1,200
3.21
450
10.0
100.0
100.0
88.0
88.0
99.0
90.7
Nyankanga – Blocks 3 and 4
1,200
3.48
2,500
22.0
100.0
100.0
87.0
87.0
99.0
90.7
Nyankanga – Block 5
1,200
3.20
2,500
16.0
100.0
100.0
88.0
88.0
99.0
90.3
Star and Comet – Cut 2
1,200
2.57
450
10.0
100.0
100.0
95.0
95.0
99.0
88.3
Star and Comet – Cut 3
1,200
3.39
450
10.0
100.0
100.0
92.0
92.0
99.0
77.8
The factors applied are RMF, MRF, mine call factor (MCF) and MetRF. For underground operations a MRF and dilution is applied.
Inferred Mineral Resource in annual Ore Reserve design*
Tonnes
Grade
Contained gold
as at 31 December 2021
million
g/t
tonnes
Moz
Nyamulilima – Cuts 1, 2 and 3
9.37
1.82
17.10
0.55
Geita Hill (underground) – Blocks 1 and 2
0.37
3.73
1.39
0.04
Geita Hill (underground) – East
2.76
3.84
10.60
0.34
Nyankanga (underground) – Blocks 1 and 2
1.33
4.42
5.90
0.19
Nyankanga (underground) – Blocks 3 and 4
0.40
2.99
1.19
0.04
Star and Comet (underground) – Cut 2
0.07
2.80
0.19
0.01
Star and Comet (underground) – Cut 3
0.01
2.07
0.03
0.00
Total
14.32
2.54
36.39
1.17
* Inferred Mineral Resource including lower confidence material
With appropriate caution, a portion of the Inferred Mineral Resource was included in the business plan optimisation process. This
accounts for 31% of the Ore Reserve plan of six years. No Inferred Mineral Resource is considered in Ore Reserve reporting.
Year-on-year changes in Ore Reserve
Geita
Total (Moz)
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
The significant increase is mainly due to ongoing exploration drilling success resulting in larger pit designs. The open pit shell and
underground stope design changes contributed to an increase of 27% and 3% to the Ore Reserve respectively.
Ounces
(millions)
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2021
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AngloGold Ashanti Limited <R&R> 2021
GEITA CONTINUED
Africa
79
Ore Reserve sensitivity
Geita
10
5
0
-5
-10
-15
1,100
1,200
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,300
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Damon Elder
MAusIMM
208 240
25 years
BSc Hons (Geology)
Ore Reserve
Duan Campbell
ECSA
202 101 953
19 years
BEng (Mining)
The percentage change (in tonnes, grade and ounces)
at a lower ($1,100/oz) and a higher ($1,300/oz) Ore
Reserve gold price is shown in the graph. The Ore Reserve
is very sensitive on a tonnes basis to a drop in gold price,
and less sensitive on an ounce and tonnes basis to an
increase in gold price.
Percentage
change
Night shift load and haul operations in the Nyankanga pit at Geita
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AngloGold Ashanti Limited <R&R> 2021
5
4
Operation
Project
0
400km
2
3
Legend
1
Argentina Cerro Vanguardia (92.5%)
2
Brazil Serra Grande
3
AGA Mineração
4
Colombia, Gramalote (50%)(1)
/ La Colosa / Quebradona
5
USA Silicon(2)
(1)
Gramalote is managed by B2Gold
(2)
Silicon has been declared as a Mineral Resource for the first time
1
REGIONAL OVERVIEW
AMERICAS
Contribution to regional production
15
26
%
59
Cerro Vanguardia
AGA Mineração
Serra Grande
23%
Contribution to group
production
Key statistics
Units
2021
2020
2019
Operational performance
Tonnes treated/milled
Mt
7.8
7.5
7.3
Recovered grade
oz/t
0.066
0.08
0.089
g/t
2.27
2.77
3.04
Gold production
000oz
559
649
710
Total cash costs
$/oz
92
72
736
All-in sustaining costs
$/oz
1,587
1,003
1,032
Capital expenditure
$m
398
217
195
80
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AngloGold Ashanti Limited <R&R> 2021
81
Moz
REGIONAL OVERVIEW CONTINUED
Americas
Contribution to group Mineral Resource
Contribution to group Ore Reserve




64.9
58.3
22.


Americas
Rest of AngloGold Ashanti
Americas
Rest of AngloGold Ashanti
As at 31 December 2021, the Mineral Resource
(inclusive of Ore Reserve) for the Americas region
was 58.3Moz (2020: 56.0Moz) and the Ore Reserve
was 7.4Moz (2020: 7.5Moz).
This is equivalent to 47% and 25% of the group's Mineral Resource
and Ore Reserve respectively. Combined production for the Americas
was 559koz in 2021, equivalent to 23% of group production.
The Americas region incorporates two mining jurisdictions: Brazil
and Argentina, and greenfields projects in Colombia and the USA.
AngloGold Ashanti has three operations in the Americas, the Cerro
Vanguardia Mine in Argentina (AngloGold Ashanti 92.5% and
Fomento Minero de Santa Cruz Sociedad del Estado (Fomicruz
SE) 7.5%), AngloGold Ashanti Córrego do Sítio Mineração
operations (referred to as AGA Mineração) which includes the
Cuiabá, Lamego and Córrego do Sítio (CdS) Mines, and Mineração
Serra Grande (referred to as Serra Grande), both in Brazil.
The projects in Colombia form a significant contribution to
AngloGold Ashanti’s Mineral Resource with the three projects: La
Colosa, Quebradona and Gramalote (AngloGold Ashanti 50% and
B2Gold 50%) contributing 38.4Moz.
Gramalote declared a maiden Ore Reserve in 2017 and Quebradona
declared a maiden Ore Reserve in 2018. Quebradona and Gramalote
contribute 4.3Moz to AngloGold Ashanti’s gold Ore Reserve and
Quebradona has a copper Ore Reserve of 3,250Mlb. Both Quebradona
and Gramalote are at various stages of FS. Quebradona is planned as
a copper mine with gold and silver as by-products.
A maiden Mineral Resource at Silicon in the USA totaling 3.4Moz
was declared in 2021
Gold
Americas Mineral Resource
Per operation/project (Moz)
30
25
20
15
10
5
0




Americas Ore Reserve
Per operation/project (Moz)
3.0
2.5
2.0
1.5
1.0
0.5
0.0

2020
2021

















2020
2021
“The projects in Colombia form a significant contribution to
AngloGold Ashanti’s Mineral Resource.”
7.4
Moz
5
3.33
2.88
Cerro
Vanguardia
0.63
0.5>5
Serra Grande
3.01
3.01
Gramalote
0.95
0.82
Cerro Vanguardia
0.00
Silicon
3.37
1.73
1.69
Gramalot
AGA
3.69
3.82
1.72
Mineração
Quebradona
7.13
7.02
1.72
Quebradona
Serra Grande
2.49
2.60
10.55
9.89
AGA
Mineração
28.33
28.33
La Colosa
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Contained copper
tonnes million
pounds million
Grade
%Cu
Tonnes
million
Category
as at 31 December 2021
Contained copper
tonnes million
pounds million
Grade
%Cu
Tonnes
million
Category
as at 31 December 2021
AngloGold Ashanti Limited <R&R> 2021
REGIONAL OVERVIEW CONTINUED
Americas
Gold
Inclusive Mineral Resource
Americas
Measured
114.47
1.33
151.88
4.88
Indicated
1,203.75
0.90
1,085.22
34.89
Inferred
767.87
0.75
576.86
18.55
Total
2,086.08
0.87
1,813.96
58.32
Exclusive Mineral Resource
Americas
Measured
64.29
1.50
96.24
3.09
Indicated
1,035.46
0.87
897.36
28.85
Inferred
767.37
0.75
576.25
18.53
Total
1,867.11
0.84
1,569.85
50.47
Ore Reserve
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Americas
Proved
11.11
2.70
29.99
0.96
Probable
203.74
0.98
199.60
6.42
Total
214.86
1.07
229.60
7.38
Copper
Inclusive Mineral Resource
Americas
Measured
86.74
0.95
0.82
1,814
Indicated
227.33
0.87
1.97
4,338
Inferred
305.94
0.48
1.47
3,231
Total
620.02
0.69
4.26
9,384
Exclusive Mineral Resource
Americas
Measured
45.15
0.69
0.31
684
Indicated
148.91
0.68
1.01
2,218
Inferred
305.94
0.48
1.47
3,231
Total
500.01
0.56
2.78
6,134
Ore Reserve
Tonnes
Grade
Contained copper
as at 31 December 2021
Category
million
%Cu
tonnes million
pounds million
Americas
Proved
Probable
120.01
1.23
1.47
3,250
Total
120.01
1.23
1.47
3,250
82
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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AngloGold Ashanti Limited <R&R> 2021
83
REGIONAL OVERVIEW CONTINUED
Americas
Copper
Americas Mineral Resource
Per operation/project (Mlb)
10,000
9,000
8,000
7,000
6,000
5,000
Americas Ore Reserve
Per operation/project (Mlb)
3,300
3,250
3,200
3,150
3,100
3,050
3,000

2020
2021



“Quebradona is planned as
a copper mine with gold and
silver as by-products.”
9,677
9,384
Quebradona
3,105
Quebradona
3,250
Overlooking the processing plant at Cerro Vanguardia
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AngloGold Ashanti Limited <R&R> 2021
Cordoba
Santa Fe
ARGENTINA
Buenos Aires
Bahia Blanca
Operation
0
1,000km
1
San Julian
Legend
1
Cerro Vanguardia (92.5%)
Rio Gallegos
ARGENTINA
AMERICAS
Cerro Vanguardia, in which AngloGold Ashanti has
a 92.5% stake, is its sole operation in Argentina.
Fomicruz SE, a state company, owns the remaining
7.5%. Located to the northwest of Puerto San
Julián, in the province of Santa Cruz, Cerro
Vanguardia operates multiple small open pits with
high stripping ratios and multiple narrow-vein
underground mines. The metallurgical plant, which
includes a cyanide recovery facility, has a daily
capacity of 3,000t. Cerro Vanguardia has been in
operation for more than 20 years.
Silver is produced as a by-product.
Attributable production from Argentina totalled 145koz of gold in
2021, or 26% of the region’s production.
As at December 2021, the Mineral Resource (inclusive of Ore
Reserve) for Argentina was 2.9Moz (2020: 3.3Moz) and the Ore
Reserve was 0.8Moz (2020: 1.0Moz).
Inclusive Mineral Resource
Exclusive Mineral Resource
Ore Reserve
0.4
0.5
0.4
0.4
0.3
Moz
Moz
Moz
2.0
Measured
Indicated
Inferred
1.4
Measured
Indicated
Inferred
0.5
Proved
Probable
84
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AngloGold Ashanti Limited <R&R> 202
85
CERRO VANGUARDIA
Americas
Introduction
Property
description
Cerro Vanguardia is a gold-silver operation with multiple open pit and underground mines located within the
property and mined simultaneously. AngloGold Ashanti has a 92.5% stake in Cerro Vanguardia, the company’s
sole operation in Argentina, with Fomicruz SE, a state company operating in the province of Santa Cruz, owning
the remaining 7.5%. The climate is semi-arid and although snow does occur, winter is mild and exploration
activities are normally possible all year round.
Location
History
Cerro Vanguardia is located in the Santa Cruz province, southern Patagonia, Argentina, approximately 110km
north-northwest of the coastal town of Puerto San Julian. 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.
Gold exploration at the site was started in late 1980s by the state owned Fomicruz SE and Minera Mincorp
(JV between Anglo American Argentina Holdings Limited and a local private company Perez Companc). Cerro
Vanguardia commenced as an open pit operation in 1998 and this was supplemented in 2010 with the start of
shallow underground mining to access high-grade material. To complement the already existing gold plant, a
heap leaching operation was started in 2012. AngloGold purchased Minera Mincorp’s share in Cerro Vanguardia
in 1999, and the mine has been operated by AngloGold Ashanti since, with the remaining portion acquired from
Perez Companc in 2002.
Legal aspects
and tenure
Mining method
Operational
infrastructure
Mineral
processing
The mining licence encompasses an area of approximately 543km2. The mining licence, 402642/CV/97, which
covers the full Ore Reserve was granted on 27 December 1996 and expires on 26 December 2036
Cerro Vanguardia uses both underground and open pit mining. Open pit is via conventional open pit mining
with a double bench height of 20m and contributes 60% of the ore. Open pit mining is distributed between
multiple operating pits, typically five to ten at any one time, depending on the plant feed requirements.
As for the underground, longhole stoping is the mining method and currently, there are four underground mines
that are operated at the same time, located on the Osvaldo 8, Cuncuna, Serena and Zorro veins. Three more are
in development (Liliana, Osvaldo 7 and Loma del Muerto CB6). Underground mining represents around 40% of
total production, a percentage that will increase in the coming years. Lower-grade material is stockpiled and
processed on the heap leach.
Infrastructure for Cerro Vanguardia is mostly located on-site. It includes a camp site with capacity for more
than 1,000 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.
The metallurgical plant has a daily capacity estimated at 3,500tpd (1.2Mtpa), with gold and silver grade of around
4.25g/t and 120g/t, respectively. 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,
conventional Merrill Crowe process to recover gold and silver with metallic zinc, and a cyanide recovery plant
(Cyanisorb). The tails go directly to a conventional TSF, where there is also a reclaim water system for the plant
Additional to the processing plant there is a heap leach pad, with an annual capacity of 1.5Mtpa with gold and
silver grade of around 0.7g/t and 20g/t, respectively. 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.
Risks
There are no significant environmental and natural disaster risks. The Mineral Resource and Ore Reserve
estimates are sensitive to gold and silver prices as well as to local exchange rate fluctuations. The low-grades
from the open pits, and difficult hydrogeological and geotechnical conditions for underground are ongoing risks
or uncertainties in the Mineral Resource and Ore Reserve estimates that are managed on a day-to-day basis.
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AngloGold Ashanti Limited <R&R> 2021
CERRO VANGUARDIA CONTINUED
Americas
86
Map showing the location, infrastructure and mining licence area for Cerro Vanguardia, with the total
mining lease area insert shown in the bottom left corner. The coordinates of the mine, as represented by
the plant, are depicted on the map and are in the UTM coordinate system.
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AngloGold Ashanti Limited <R&R> 2021
87
N
S
+200m
+100m
0m
Legend
Vein
Ramp
Stopes above cut-off
CERRO VANGUARDIA CONTINUED
Americas
N-S Underground view of Lilina Norte, elevation in metres AMSL
Geology
The Cerro Vanguardia district is located within the southern
Deseado Massif in the Santa Cruz province of Patagonia,
Argentina. The Deseado Massif is an extensive rhyolite province
of Middle to Upper Jurassic age. The most important geological
feature in the Deseado Massif is an extended plateau formed
by pyroclastic, epiclastic and extrusive rocks which were part
of a strong explosive volcanic event associated with regional
extensional tectonics developed during the Middle to Upper
Jurassic and related to the opening of the Atlantic Ocean. The
rocks representing this magmatism are termed the Bajo Pobre
Formation and Bahia Laura Group. The Bajo Pobre Formation
comprises andesites, basalts and mafic volcanic agglomerates.
The Bahia Laura Group includes both the Chon Aike Formation
(ignimbrites, tuffs, volcanic breccias, agglomerates, lavas and
domes) and the La Matilde Formation (tuffs and epiclastic
volcanics interlayered with ignimbrites).
Deposit type
The Middle to Upper Jurassic ignimbrites and volcanic rocks from
Chon Aike Formation host the low-sulphidation epithermal gold
and silver deposits. The thickness of the ignimbrite sequence is
estimated to have exceeded 1,000m but some lateral variations
have been identified across the district. Epithermal gold-silver
bearing structures cut across all Jurassic rocks in the stratigraphy.
The two main ignimbrite units, the Masiva-Lajosa and Granosa,
host the majority of the mineralised veins.
The Masiva-Lajosa ignimbrite occurs at the top of the sequence
while the Granosa ignimbrite occurs towards the bottom. These
two ignimbrites are separated by two thinner, polymictic ignimbrite
units (Brechosa and Brechosa Base) and a sequence of stratified
crystal to ash-rich tuffs (Estratificada unit). The base of the
sequence is a mixed unit of stratified ignimbrite intercalated with
fine-grained tuffs (Estratificada Inferior ignimbrite).
Mineralisation style
Cerro Vanguardia is located in the core of the 60,000km2 Deseado
Massif, one of the most extensive volcanic complexes in southern
Patagonia. The Deseado Massif is an extensive rhyolite province
of Middle to Upper Jurassic age deposited over Paleozoic low-
grade metamorphic basement rocks. These rocks are exposed in
erosional windows through overlying Cretaceous sediments and
Tertiary to Quaternary basalts. The orebodies comprise a series
of low-sulphidation epithermal vein deposits containing gold and
large quantities of silver which is produced as a by-product.
Mineralisation characteristics
The mineralisation is concentrated in steeply-dipping quartz veins
that cut the flat-lying ignimbrites and volcanoclastic rocks. The
Cerro Vanguardia district contains around 100 gold and silver-
bearing epithermal veins for a cumulative exposed vein strike
extension of more than 240km, of which 57 veins are currently
known to contain economic gold and silver mineralisation.
The veins at Cerro Vanguardia consist mainly of quartz and
adularia and contain minor electrum, native gold, silver sulphides
and native silver as fine-grained disseminations. Vein textures
are mainly characterised by colloform-crustiform banding,
pseudomorphic quartz lattice textures, massive-to-vuggy quartz
veins and vein breccias.
40Ar/39 Ar dating on adularia from the
Osvaldo Diez vein yielded ages of around 153Ma while the age
of the thick sequence of ignimbrites hosting the veins has been
dated between 166Ma and 150Ma.
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AngloGold Ashanti Limited <R&R> 2021
CERRO VANGUARDIA CONTINUED
Americas
88
S
N
400m
Vein
Current pits
Drill holes
Stock work
Vein
3D view (left) and geological cross-section (right) of Loma Del Muerto, elevation in metres AMSL
Exploration
The 2021 exploration programme included mainly the execution
of more than 35,000m of DD in 148 holes across 16 different
veins. A sum of 4,610m of trenches were excavated to crosscut
structures of four veins at the centre and western area of the
Cerro Vanguardia district. Additionally, 92 new channels were cut
in four different veins (1,052m) for target generation as well as to
complete the Mineral Resource modelling.
Projects
During 2020 a new three-year exploration project began to test the
district's remaining potential, considering known vein extensions,
new exploration areas and geophysical targets. The strategic
exploration programme has continued through 2021 and is
expected to end in late 2022.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Measured
6 x 10, 12 x 5
Indicated
40 x 40
Inferred
80 x 80
Grade/ore control
6 x 10, 12 x 5
Inclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Vein (open pit)
Measured
2.19
4.13
9.03
0.29
Indicated
10.37
3.61
37.45
1.20
Inferred
2.20
2.83
6.21
0.20
Total
14.75
3.57
52.69
1.69
In situ heap leach stockwork material
Measured
3.20
0.52
1.68
0.05
Indicated
14.16
0.47
6.66
0.21
Inferred
2.06
0.44
0.91
0.03
Total
19.42
0.48
9.25
0.30
Heap leach stockpiles
Measured
Indicated
Inferred
1.57

0.43

0.68

0.02

Total
1.57
0.43
0.68
0.02
Vein (underground)
Measured
0.73
6.65
4.88
0.16
Indicated
2.56
6.88
17.58
0.57
Inferred
0.71
6.41
4.53
0.15
Total
4.00
6.75
26.99
0.87
Cerro Vanguardia
Total
39.74
2.26
89.61
2.88
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AngloGold Ashanti Limited <R&R> 2021
89
CERRO VANGUARDIA CONTINUED
Americas
Inclusive Mineral Resource by-product: silver
as at 31 December 2021 Category
Tonnes
million
Grade
g/t
Contained silver
tonnes
Moz
Cerro Vanguardia
Measured
7.69
49.82
383
12.32
Indicated
27.08
56.90
1,541
49.54
Inferred
4.96
104.27
518
16.64
Total
39.74
61.45
2,442
78.51
Estimation
The mineralisation boundaries for each geological entity (veins,
stockwork and wall rock) are defined from detailed logging of all
geological drill holes. This data is validated and the information
used to create a 3D model with cell block sizes of 5 x 25 x 5m.
Volumetric measurements of the deposit are then determined
using relevant block dimensions. Ordinary kriging is used to
perform grade interpolation and field tests are conducted to
determine appropriate in situ densities.
Conditional simulations are performed in the main deposits
for uncertainty assessment and the Mineral Resource is then
classified into Measured, Indicated and Inferred Mineral Resource
categories according to the internal AngloGold Ashanti guidelines.
For the veins where simulations are not done, drill density is used
to classify the Mineral Resource.
Ordinary kriging is carried out for the three defined ore zones.
Extreme values are normally capped for less than 1% of the sample
distribution. LeapfrogTM is used to do the geological modelling, and

DatamineTM software is used for estimation. The variography is
done by vein and for each ore zone (vein, stockwork and ignimbrite).
High-grade material is capped using probability plots from GSLIBTM
for veins, stockworks and ignimbrites. Only gold and silver is
included in the estimation process. In most of the veins, gold and
silver have a direct relationship around a ratio of 1:8.
Grade tonnage curves
Cerro Vanguardia
Surface (metric)
16
14
12
10
8
6
4
2
0
Cerro Vanguardia
Underground (metric)
16
4
20
14
18
3
12
10
2
14
8
12
6
1
10
4
8
2
0
6
0
1
2
3
4
5
6
7
8
9
10
0
2
4
6
8
10
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Cerro Vanguardia
Measured
4.33
2.66
11.53
0.37
Indicated
19.73
2.15
42.41
1.36
Inferred
4.96
2.35
11.65
0.37
Total
29.03
2.26
65.58
2.11
The open pit exclusive Mineral Resource is primarily located between the pit design and the Mineral Resource shell and exists due to the
difference in the economic parameters that have been used.
Where the grades of gold and silver are above the Mineral Resource cut-off but below the Ore Reserve cut-off, significant zones of
exclusive Mineral Resource are generated. Very deep Mineral Resource will not be converted in the near-term to Ore Reserve and is
therefore listed as exclusive Mineral Resource.
Tonnes above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
Average grade
above cut-off
(g/t)
16
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AngloGold Ashanti Limited <R&R> 2021
CERRO VANGUARDIA CONTINUED
Americas
90
3.33
(0.15)
0.06
(0.00)
0.00
(0.34)
0.00
0.00
(0.02)
0.00
2.88
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Cerro Vanguardia
Measured
Indicated
Inferred

0.14
6.01

0.84
0.03
Total
0.14
6.01
0.84
0.03
All the Inferred Mineral Resource that has no ramp designed as yet is considered to be below infrastructure.
Year-on-year changes in Mineral Resource
Cerro Vanguardia
Total (Moz)
3.5
3.3
3.1
2.9
2.7
2.5
The changes were largely due to depletion and an increase in mining costs resulting in an increased cut-off grade and a reduction in both
open pit and underground Mineral Resource.
Inclusive Mineral Resource sensitivity
Cerro Vanguardia
Percentage
change
8
4
0
-4
-8
-12
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
The Mineral Resource is sensitive to both a drop and an
increase in gold price. Significant amounts of low-grade
material are present in the deposit which is reflected in the
large tonnage increase and grade decrease at elevated gold
prices. There is a 5% upside in ounces at a higher Mineral
Resource price and 7% downside in ounces at a lower
Mineral Resource price.
Ounces
(millions)
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2021
View of the processing plant at Cerro Vanguardia
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CERRO VANGUARDIA CONTINUED
Americas
Ore Reserve
Ore Reserve
Vein (open pit)
Proved
0.80
3.51
2.80
0.09
Probable
2.95
3.18
9.35
0.30
Total
3.74
3.25
12.15
0.39
In situ heap leach stockwork material
Proved
1.22
0.39
0.47
0.02
Probable
4.06
0.30
1.21
0.04
Total
5.28
0.32
1.67
0.05
Heap leach stockpiles
Proved
Probable
1.57
0.43
0.68
0.02
Total
1.57
0.43
0.68
0.02
Vein (underground)
Proved
0.61
7.56
4.59
0.15
Probable
1.11
5.72
6.32
0.20
Total
1.71
6.37
10.91
0.35
Cerro Vanguardia
Total
12.31
2.07
25.42
0.82
The Cerro Vanguardia Ore Reserve consists of underground, open pit, and low-grade stockpile source material.
Ore Reserve by-product: silver
Tonnes
Grade
Contained silver
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Cerro Vanguardia
Proved
4.19
55.94
234
7.53
Probable
8.12
49.56
402
12.93
Total
12.31
51.73
637
20.47
Estimation
The appropriate Mineral Resource models are used as the basis
for estimating the Ore Reserve. All relevant modifying factors
such as mining dilution and costs are used in the Ore Reserve
conversion process. This is based on the original block grades and
tonnage, and includes waste material (both internal and external).
Appropriate Ore Reserve cut-off grades are applied and all blocks
above this cut-off are reported.
It is important to emphasise the importance of silver during the
optimisation of the pits, since silver is a significant by-product at
Cerro Vanguardia. The ratio of silver to gold commonly ranges
from 20g/t to 30g/t of silver per 1g/t of gold.
Ore Reserve depletion includes material that comes from
operational dilution, which constitutes an additional low-grade
tonnage that is mined as part of the ongoing operation. Mineral
Resource is estimated in situ and thus does not include this dilution.
Ore Reserve modifying factors
Gold price
Exchange
rate
Cut-off
grade
Dilution
MRF
(% based
MRF
(% based
MCF
MetRF
as at 31 December 2021
$/oz
$/ARS
g/t Au
%
on tonnes)
on g/t)
%
%
Vein (open pit)
1,200
112.04
3.25
35.0
97.0
96.5
94.0
94.1
In situ heap leach stockwork
material
1,200
112.04
0.32
35.0
97.0
96.5
94.0
66.1
Heap leach stockpiles
1,200
112.04
0.43
66.1
Vein (underground)
1,200
112.04
6.37
54.0
97.0
96.0
94.0
94.1
A detailed reconciliation process compares estimated versus mined ore, including comparison between predicted grades and tonnes
produced in the processing plant. These comparisons are used in determining which modifying factors to use in the Ore Reserve estimates.
The mine and plant reconciliation was used as the basis of conversion factors for tonnage and gold grade.
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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AngloGold Ashanti Limited <R&R> 2021
CERRO VANGUARDIA CONTINUED
Americas
92
0.95
(0.17)
0.09
0.00
(0.04)
(0.03)
(0.01)
0.01
0.00
0.00
0.00
0.82
Inferred Mineral Resource in annual Ore Reserve design*
as at 31 December 2021
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Vein (open pit)
0.38
3.06
1.17
0.04
In situ heap leach stockwork material
0.54
0.29
0.15
0.00
Vein (underground)
0.25
6.37
1.58
0.05
Total
1.17
2.49
2.90
0.09
* Inferred Mineral Resource including lower confidence material
With appropriate caution, a portion of the Inferred Mineral
Resource was included in the business plan optimisation process.
This accounts for 10% of the Ore Reserve plan of six years. No
Inferred Mineral Resource is considered in Ore Reserve reporting.
At Cerro Vanguardia no Inferred Mineral Resource has been used
in the Ore Reserve design or optimisation process. Insignificant
amounts of Inferred Mineral Resource may however be present
in the final Ore Reserve design shape due to extraction shape
limitations but this is never quoted as an Ore Reserve, or used in
the economic appraisal of the Ore Reserve. This is a change from
2020 where Cerro Vanguardia reported the amount of Inferred
Mineral Resource in the business plan rather than the Ore Reserve
plan. This has caused a large change in the quoted Inferred
Mineral Resource in the Ore Reserve plan for 2021.
The Inferred Mineral Resource is generally located in the deeper
parts of the orebody, such as the bottom of the open pits and
deeper portions of the underground Mineral Resource.
Year-on-year changes in Ore Reserve
Cerro Vanguardia
Total (Moz)
1.00
0.95
0.90
0.85
0.80
0.75
0.70
The net decrease was mainly due to depletion and minor cost changes, offset partially by revisions to methodology.
Ore Reserve sensitivity
Cerro Vanguardia
Percentage
change
20
10
0
-10
-20
1,100
1,200
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,300
The Ore Reserve is very sensitive to both a drop and an
increase in gold price. There is an 8% upside in ounces at a
higher Ore Reserve price and an 8% downside in ounces at a
lower Ore Reserve price.
Ounces
(millions)
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2021
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CERRO VANGUARDIA CONTINUED
Americas
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Juan Paredes
MAusIMM
227 738
25 years
PhD (Geology)
Ore Reserve
Martin Cesca
MAusIMM
333 864
8 years
BEng (Mining Engineering)

Loading of ore into a truck at the open pit at Cerro Vanguardia
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AngloGold Ashanti Limited <R&R> 2021
Belém
Manaus
BRAZIL
Recife
Crixás
1
Brasília
2
Salvado
Operation
Belo Horizonte
São Paulo
Rio de Janeiro
Legend
1
Serra Grande
2
AGA Mineração
0
1,000km
BRAZIL
AMERICAS
AngloGold Ashanti’s operations in Brazil comprise
AngloGold Ashanti Córrego do Sítio Mineração
(AGA Mineração) in the Quadrilátero Ferrífero,
Minas Gerais state and Serra Grande in Goiás state.
AGA Mineração consists of several operations,
namely Cuiabá, Lamego, and 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.
Serra Grande comprises three mechanised underground mines,
Mina III, Mina Nova and Mina Palmeiras, and an open pit as well as
a dedicated metallurgical plant.
Attributable production from Brazil totalled 414koz of gold in 2021,
or 74% of the region’s production.
As at December 2021, the Mineral Resource (inclusive of Ore
Reserve) for Brazil was 13.7Moz (2020: 14.2Moz) and the Ore
Reserve was 2.2Moz (2020: 2.4Moz).
Inclusive Mineral Resource
Exclusive Mineral Resource
Ore Reserve
6.5
Moz
3.0
4.3
6.5
Moz
2.2
2.3
1.6
Moz
0.7
Measured
Indicated
Inferred
Measured
Indicated
Inferred
Proved
Probable
94
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AngloGold Ashanti Limited <R&R> 2021
Belo Horizonte
Nova Lima
Sabará
1
2
3
Rio
Descoberto
Caeté
Barão de
Cocais
6
5
4
Santa Bárbara
Legend
AGA Mineração Cuiabá complex
1
Cuiabá
2
Lamego
3
Queiroz plant refinery
AGA Mineração CdS complex
Acima
Gandarela
4
CdS
5
CdS I
6
CdS II
0
20km
Operation
Project
AGA MINERAÇÃO
AMERICAS
Introduction
Property description
AGA Mineração encompasses mining
operations at Cuiabá, Lamego and CdS.
The Nova Lima Sul (Raposos) project
was in care and maintenance and the
Mineral Resource has subsequently been
written off
Location
The AGA Mineração mining complex is
ocated 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,
in the municipalities of Nova Lima, Sabará
and Santa Bárbara respectively.
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
AGA Mineração
Measured
12.5
5.52
69.0
2.22
Indicated
21.20
4.42
93.79
3.02
Inferred
34.74
4.17
144.7
4.65
Tota
68.45
4.49
307.50
9.89
The inclusive Mineral Resource is made up (by ounces) of 34% CdS, 56% Cuiabá and 11% Lamego.
95
Legal aspects and tenure
Under the current Brazilian mining code
and pertinent complementary legislation,
mining concessions and mining
“manifests” are valid up to the depletion
of the Ore Reserve and Mineral Resource,
provided that all obligations and the
required periodic reporting to the federal
government are met.
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96
0.85
0.00
(0.76)
(0.00)
(0.03)
(0.87)
10.55
(0.36)
0.50
0.00
9.89
AGA MINERAÇÃO CONTINUED
Americas
Inclusive Mineral Resource by-product: sulphur
Tonnes
Grade
Contained sulphur
as at 31 December 2021
Category
million
%S
tonnes million
pounds million
AGA Mineração
Measured
9.78
5.5
0.53
1,177
Indicated
12.77
4.4
0.57
1,249
Inferred
17.79
3.4
0.61
1,338
Total
40.33
4.2
1.71
3,764
Sulphur is a by-product of the Cuiabá and Lamego mining operations (74% Cuiabá and 26% from Lamego by ounces).
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
AGA Mineração
Measured
9.07
5.53
50.14
1.61
Indicated
12.07
3.62
43.68
1.40
Inferred
34.33
4.21
144.38
4.64
Total
55.47
4.29
238.20
7.66
The exclusive Mineral Resource is made up (by ounces) of 38% CdS, 50% Cuiabá and 12% Lamego.
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
AGA Mineração
Measured
0.29
5.82
1.71
0.05
Indicated
9.86
5.57
54.93
1.77
Inferred
23.31
4.80
111.83
3.60
Total
33.46
5.03
168.47
5.42
The Mineral Resource below infrastructure is made up (by ounces) of 41% CdS, 52% Cuiabá and 7% Lamego.
Year-on-year changes in Mineral Resource
AGA Mineração
Total (Moz)
12.0
11.5
11.0
10.5
10.0
9.5
9.0
Exploration additions reflect increases for the Quartz vein satellite orebody, Carruagem, Arco da Velha , Descoberto for Cuiabá and
Lamego, with some additions also at Córrego do Sítio in Pinta Bem, Sangue de Boi and Carvoaria. Methodology additions related to model
changes due to grade control drilling is offset by increased costs. The write off of the Nova Lima Sul (Raposos Mine) resulted in a further
reduction, while exclusions of some skin pillars or underbreak material at Cuiabá and Lamego resulted in a further decrease.
Ounces
(millions)
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2021
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1.73
(0.31)
0.32
0.01
0.00
(0.15)
(0.02)
(0.01)
0.07
0.04
0.00
1.69
“AGA Mineração encompasses mining operations at Cuiabá, Lamego
and CdS located in southeastern Brazil in the state of Minas Gerais.”
AGA MINERAÇÃO CONTINUED
Americas
Ore Reserve
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
AGA Mineração
Proved
3.63
3.58
13.02
0.42
Probable
10.07
3.92
39.49
1.27
Total
13.70
3.83
52.51
1.69
The Ore Reserve is made up (by ounces) of 22% CdS, 70% Cuiabá and 7% Lamego.
Ore Reserve by-product: sulphur
Tonnes Grade
Contained sulphur
as at 31 December 2021
Category
million
%S
tonnes million
pounds million
AGA Mineração
Proved
2.54
4.9
0.12
272
Probable
6.70
4.6
0.31
677
Total
9.24
4.7
0.43
949
Sulphur is a by-product of the Cuiabá and Lamego mining operations (92% Cuiabá and 8% Lamego by ounces).
Ore Reserve below infrastructure
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
AGA Mineração
Proved
0.11
4.00
0.42
0.01
Probable
5.62
4.77
26.80
0.86
Total
5.72
4.76
27.23
0.88
The Ore Reserve below infrastructure is made up (by ounces) of 20% CdS, 77% Cuiabá and 3% Lamego.
Year-on-year changes in Ore Reserve
AGA Mineração
Total (Moz)
2.0
1.8
1.6
1.4
1.2
1.0
0.8


Cost increases resulted in changes in design and some remnant areas being added at Cuiabá. The Lamego and CdS Ore Reserve remain
constant and there was a marginal increase in the Ore Reserve at Cuiabá.
Ounces
(millions)
2020
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2021
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AGA MINERAÇÃO – CÓRREGO DO SÍTIO
Americas
Introduction
Property
description
Location
History
Legal aspects
and tenure
Mining method
Operational
infrastructure
CdS is wholly owned by AGA Mineração. It has been in operation since 1989 and consists of open pit and
underground mines.
The CdS complex is located in the municipalities of Santa Barbara and Barão de Cocais that are located 90km
east of the city of Belo Horizonte in Minas Gerais State, in the southeast of Brazil. These operations are included
in an important mining district referred to as the Quadrilatero Ferrifero (Iron Quadrangle), the second biggest
Brazilian area for the production of iron, gold and manganese.
Gold has been intermittently mined in the Santa Barbara and Barão de Cocais region since the 19th Century.
Modern exploration was undertaken across the CdS area in the 1980s by Morro Velho and São Bento Mineração.
An AngloGold Ashanti FS for the oxide Ore Reserve, to be mined by open pit and treated in a heap leach plant, was
approved in 1987. The CdS open pit operations started in the 1990s, with the first phase of production between
1990 and 1998.
In 2002 development of underground exploration drifts began at CdS I and in 2007 the São Bento Mine was
acquired from Eldorado Gold Corporation. A FS for the sulphide Ore Reserve, to be mined underground and
treated in a sulphide plant, was concluded in 2010. Implementation followed and the ramp-up was concluded
in 2012. In 2011, there were major renovations to the structure of the São Bento metallurgical plant that were
completed in 2012. In 2013, the crushing circuit was improved to optimise the throughput.
CdS is covered by five Brazilian National Mining Agency (ANM) concessions, namely 930.556/2000;
930.181/2008; 830.129/1982, 833.472/2003 and 830.943/1979, held by AGA Mineração, covering a total of
6,017.44ha. All concessions are currently active, in good legal and operational standing, and free of liabilities
and/or major obligations.
According to Brazilian mining law, the expiry of claims, licences, and other tenure rights coincide with the depletion
of Ore Reserve, cessation of mining operations and legally required post-operational activities (such as mine
closure), provided all annual reports have been approved by the ANM.
A new Brazilian mining code is currently under discussion, however, it is not anticipated to change the company’s
rights, which are already established.
The underground mining method for CdS is sub-level stoping. Each panel consists of three levels with secondary
development drives varying from 100m to 600m along strike. The stopes are around 15m high and the mining
sequence method varies between top-down and bottom-up, which is only used in specific areas. Geotechnical
parameters require that sill pillars are 4 to 7m high, and rib pillars 5m wide. The access into CdS I underground is
by decline and into CdS II underground is by shaft.
The open pit operation uses conventional bench mining, with 8m individual benches and 3.2m berms. The
material transport (ore and waste) is done by trucks and the excavation by a back hole. The rock breaking
method varies according to the rock strength, using either explosives or mechanical excavation.
CdS infrastructure consists of two treatment plants, namely, 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 an ore sorting plant, 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.
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.
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There are two metallurgical plants at CdS: the heap leach plant for oxide ore and the sulphide plant.
Mineral
processing
The sulphide process consists of crushing, grinding and gravity concentration, flotation, thickening, pressure
oxidation (POX autoclave), CIL extraction, elution, neutralisation, electrowinning and tailings disposal. 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 a capacity of 900ktpa.
The Inferred Mineral Resource and conceptual material projections within the mine plan are seen as a risk or
uncertainty in the Ore Reserve estimate but there are drilling programmes in place to mitigate this.
Risks
The most significant risk to the operation is the lack of Ore Reserve flexibility in the form of alternate mining
areas to deliver the production plan. This risk is controlled and mitigated with integrated planning process,
together with internal stakeholders and daily monitoring of the execution of the plan.
AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
Introduction continued
View of the sulphide plant at Corrego do Sitio
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100
AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
Map showing the location, infrastructure and mining licence area for AGA Mineração CÓrrego do Sítio,
with the total mining lease area insert shown in the top left corner. The coordinates of the mine, as
represented by the CdS I plant, are depicted on the map and are in the UTM coordinate system.
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AngloGold Ashanti Limited <R&R> 2021
101
Rosalino
Cachorro Bravo
Laranjeira
Carvoaria
Legend
Drill holes (DD)
Underground mine development
Topography surface slice
Geological models of the orebodies
AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
SE-NW Simplified view across the AGA Mineração – CdS I main trend
Geology
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.
Deposit type
CdS is an orogenic gold deposit hosted in intensely deformed
clastic, volcanoclastic, carbonaceous schists and metagraywackes
in an approximately 30km northeast/southwest striking shear
zone. Hydrothermal alteration phases associated with the
mineralisation are dominated by sericite and carbonate.
Mineralisation style
The CdS I, II and III gold deposits and associated targets are
located in a gold trend that extends for approximately 14km in
a northeasterly direction, from Grota Funda (CdS I) in the south
to Jambeiro (CdS III) in the north and 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
(metasedimentary hosted), the Donana Trend and the Cristina Trend
(BIF hosted).
At CdS I, the main orebodies are Rosalino, Cachorro Bravo,
Laranjeiras and Carvoaria, which constitute the current production
sources and most of the Mineral Resource. At CdS II, the main
orebodies are São Bento, Pinta Bem (both BIF hosted) and Sangue
de Boi (metasedimentary hosted). At CdS III where exploration has
been limited, the Anomalia I orebodies are the best understood
and have the highest potential, hosted in the metasedimentary and
BIF sequences as well as in Jambeiro and Mina de Pedra targets.
Mineralisation characteristics
The CdS deposits consist of narrow northeast to southwest
elongated and folded lenses of mineralisation, parallel to the main
regional deformational structure (S2), dipping 60° to 70° to the
southeast and plunging 20° to 30° to the northeast. The orebodies
are consistently folded, boudinaged and locally disrupted by
younger structures. CdS is an orogenic type deposit which is
comprised of many hydrothermal lodes with quartz veins and
low-grade sulphide disseminated in the wall rocks. In general,
the mineralisation consists of sericitic zones and quartz veinlets
hosted in metapellite and BIF. The sedimentary sequence, and
consequently the mineralised deposits, are cross-cut by a swarm
of basic dykes of uncertain age, with a general orientation north-
northeast to south-southwest dipping to the southeast, with
thicknesses varying from 20cm to 20m.
The gold occurs as native gold in smoky quartz veins and as
microscopic or sub-microscopic inclusions in arsenopyrite (the
main mineralisation style). It may also occasionally be associated
with berthierite (FeSb2S4
). Other typical sulphide minerals are
pyrrhotite, pyrite, stibnite, sphalerite and chalcopyrite.
Underground
diamond
drilling
at Corrego
do Sitio
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102
NW
SE
Archaean
Diabase dyke
Rio das Velhas Supergroup
Drill hole trace
Gold lode (>0.7g/t Au)
Open Pit design
Carbonate-bearing sericite-
chlorite-quartz schist
AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
NW-SE Geological cross-section of the Rosalino south orebody, elevation in metres AMSL
Exploration
During 2021, exploration drilled 134km along the CdS trends
from surface and with primary drivers of exploration being
additions and conversions, high-grade targets, and increases in
Mineral Resource confidence. The total area covered by 2021
drilling campaign was 16.56km2. Mineral Resource addition and

conversion drilling supports the production plan for the open pit
and underground mines mainly CdS I, and CdS II. Drilling of high-
grade targets for assessment allows evaluation of potential near-
mine and broader lease targets. Drilling also forms an essential
part of the mines operational excellence plan. This role is to
decrease risk in the production plan by removing low confidence
Mineral Resource within the first five years of the plan.
As a result of this strategy, there were large exploration
programmes concluded in 2021. These included the fast tracking
of oxide Mineral Resource opportunities at CdS I, particularly
at the Rosalino, Cachorro Bravo and Candeias targets, with the
intention of adding ounces to the short- and medium-term plan.
There was also work to detail the down-plunge continuity of
Mutuca and Rosalino orebodies and confirming their suitability for
underground mining. As a result, a significant Mineral Resource
addition was confirmed at Rosalino target. Other programmes
included unlocking Mineral Resource potential at the Cristina,
Donana, Campinas and Pneu orebodies which are important
to add flexibility at the CdS I underground operations, the
confirmation of continuity at the shallow portion of São Bento,
drilling of Pinta Bem south pit for Mineral Resource conversion
and testing the down-dip and down-plunge continuity of Carvoaria
and Laranjeiras, and testing the strike and plunge extents of the
Jambeiro and Anomilia targets at the CdS III Project.
Projects
The CdS exploration drilling programme is focused on minimising
Inferred Mineral Resource within the first three years and
exploration targets within the first five years of the production plan.
This strategy aims to increase the flexibility and Mineral Resource
confidence level while providing organic growth. For this, exploration
drives are planned for the next years at CdS I and CdS II.
During 2019, potential orebodies closer to the mine infrastructure
were treated as priority and this strategy was very successful.
Several secondary orebodies such as Cristina, Pneu and the
Donana orebodies, were confirmed and contributed directly to the
mine production. This strategy will continue for the next years.
The deepest production drill holes at CdS I were performed at the
main Carvoaria orebody. They confirmed high potential both down-
plunge and laterally, opening the possibility of a connection to the
Sangue de Boi orebody at CdS II. They also indicate a potential
trend of mineralisation in a BIF unit within the footwall of Carvoaria
orebody. Exploration is planned to confirm this.
At CdS II, exploration programmes based on historical data showed
a high potential for Mineral Resource addition in the shallower part of
São Bento orebody and this will be tested during the next few years.
Future exploration will also focus on Mineral Resource conversion
at the Pinta Bem and Anomalia orebodies.
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AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Measured
25 x 25
Indicated
20 x 20, 40 x 40, 50 x 50
Inferred
50 x 50, 100 x 100
Grade/ore control
3.8 x 3.8, 8 x 8
For the tailings dams, auger drilling was conducted at 20 x 20 m spacing to define an Indicated Mineral Resource and 50 x 50m to define
Inferred Mineral Resource. A drill hole spacing of 8 x 8m was used for grade control drilling at the open pit mines.
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
CdS I (sulphide) Rosalino underground
Measured
0.07
4.54
0.31
0.01
Indicated
1.80
3.73
6.71
0.22
Inferred
3.83
3.71
14.19
0.46
Total
5.70
3.72
21.22
0.68
CdS I (sulphide) Secondary
Measured
0.12
3.59
0.41
0.01
underground
Indicated
0.43
3.67
1.58
0.05
Inferred
1.09
3.44
3.76
0.12
Total
1.64
3.51
5.75
0.18
CdS I (sulphide) Cachorro Bravo
Measured
0.68
3.52
2.39
0.08
underground
Indicated
0.45
3.19
1.45
0.05
Inferred
0.43
3.35
1.43
0.05
Total
1.56
3.37
5.27
0.17
CdS I (sulphide) Laranjeiras
Measured
0.60
3.56
2.12
0.07
underground
Indicated
0.76
3.86
2.95
0.09
Inferred
0.99
3.95
3.90
0.13
Total
2.35
3.82
8.97
0.29
CdS I (sulphide) Carvoaria
Measured
0.28
4.11
1.15
0.04
underground
Indicated
0.96
5.38
5.14
0.17
Inferred
0.44
4.77
2.09
0.07
Total
1.67
5.01
8.38
0.27
CdS II (sulphide) Sangue de Boi
Measured
0.09
6.61
0.58
0.02
underground
Indicated
0.46
6.24
2.85
0.09
Inferred
1.40
5.34
7.49
0.24
Total
1.95
5.61
10.92
0.35
CdS II (sulphide) São Bento Mine
Measured
0.01
3.53
0.02
0.00
underground
Indicated
0.43
4.55
1.98
0.06
Inferred
4.34
4.46
19.35
0.62
Total
4.78
4.47
21.35
0.69
CdS II (sulphide) Pinta Bem
Measured
underground
Indicated
Inferred
1.04
3.90
4.05
0.13
Total
1.04
3.90
4.05
0.13
CdS II (sulphide) Secondary
Measured
underground
Indicated
Inferred
0.21
3.04
0.65
0.02
Total
0.21
3.04
0.65
0.02
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AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
Inclusive Mineral Resource continued
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
CdS III (sulphide) underground
Measured
Indicated




Inferred
1.06
5.11
5.41
0.17
Total
1.06
5.11
5.41
0.17
CdS I (transitional) Rosalino
Measured
0.01
2.94
0.03
0.00
underground
Indicated
0.06
3.02
0.18
0.01
Inferred
0.04
2.26
0.10
0.00
Total
0.11
2.73
0.31
0.01
CdS I (transitional) underground
Measured
Indicated
0.00
5.00
0.01
0.00
Inferred
0.01
1.95
0.02
0.00
Total
0.01
2.30
0.03
0.00
CdS stockpile (sulphide)
Measured
Indicated
Inferred
0.12
1.35
0.16
0.01
Total
0.12
1.35
0.16
0.01
CdS I (sulphide) Rosalino open pit
Measured
0.19
3.24
0.63
0.02
Indicated
0.84
2.35
1.98
0.06
Inferred
0.10
2.73
0.26
0.01
Total
1.13
2.54
2.87
0.09
CdS I (oxide) Rosalino open pit
Measured
0.47
1.34
0.62
0.02
Indicated
0.73
1.25
0.91
0.03
Inferred
0.13
1.03
0.14
0.00
Total
1.33
1.26
1.68
0.05
CdS I (oxide) Secondary Targets
Measured
0.02
1.03
0.02
0.00
open pit
Indicated
0.06
1.13
0.06
0.00
Inferred
0.19
1.47
0.28
0.01
Total
0.26
1.37
0.36
0.01
CdS I (transitional) Rosalino open pit
Measured
0.19
2.28
0.44
0.01
Indicated
0.17
1.81
0.30
0.01
Inferred
0.02
1.79
0.04
0.00
Total
0.38
2.05
0.77
0.02
CdS II (oxide)
Measured
0.01
0.74
0.01
0.00
Indicated
0.39
1.86
0.73
0.02
Inferred
0.27
1.56
0.42
0.01
Total
0.67
1.72
1.15
0.04
CdS II (transitional)
Measured
Indicated
0.01
3.21
0.03
0.00
Inferred
0.16
3.42
0.53
0.02
Total
0.17
3.41
0.56
0.02
CdS III (oxide)
Measured
Indicated
0.84
1.81
1.52
0.05
Inferred
0.76
2.22
1.68
0.05
Total
1.59
2.01
3.20
0.10
CdS III (transitional)
Measured
Indicated
Inferred
0.03
4.59
0.15
0.00
Total
0.03
4.59
0.15
0.00
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AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
Inclusive Mineral Resource continued
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
CdS tailings
Measured
Indicated
0.05
1.32
0.06
0.00
Inferred
0.00
1.07
0.00
0.00
Total
0.05
1.31
0.07
0.00
CdS stockpile (oxides)
Measured
Indicated
Inferred
0.19
0.32

0.06

0.00
Total
0.19
0.32
0.06
0.00
CdS stockpile (transitional)
Measured
Indicated
Inferred
0.11
1.02

0.11

0.00
Total
0.11
1.02
0.11
0.00
AGA Mineração – CÓrrego do Sítio
Total
28.11
3.68
103.46
3.33
Estimation
Gold grades are estimated by ordinary kriging while density and
sulphur may also be kriged if there is enough data. The data
set consists of DD samples, RC drilling samples and channel
samples where all information is used for both geological
modelling and estimation. The estimation parameters are
defined for each target and are based on variography as the main
driver for the definition of the maximum estimation distances.
Domaining is determined differently for each orebody and it is
mainly based on structural features, dyke positioning, grade
distribution and oxidation features.
Classification is based on a combination of conditional simulation
and sample spacing.
Grade tonnage curves
AGA Mineração – Córrego do Sítio
Surface (metric)
6
5
4
3
2
1



7.5
6.5
5.5
4.5
3.5
2.5
AGA Mineração – Córrego do Sítio
Underground (metric)
24
11
21
10
18
9
15
8
12
7
9
6
6
5
0
1.5
0                        1                          2                          3                          4                       5
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
3
4
0               1               2               3               4               5               6               7               8
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
AGA Mineração – Córrego do Sítio
Measured
2.24
3.07
6.88
0.22
Indicated
6.02
3.09
18.62
0.60
Inferred
16.54
3.99
65.95
2.12
Total
24.80
3.69
91.45
2.94
The exclusive Mineral Resource is made up of underground (92%) and open pit (8%). The main targets from underground are Rosalino
underground (21%), São Bento underground (23%) and Sangue de Boi underground (10%).
Tonnes above
cut-off (millions)
Average
grade
above
cut-off (g/t)
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
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AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
2.8
3.0
3.2
3.4
3.6
3.8
4.0
(0.03)
(0.00)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotec-
hnical
Metallur-
gical
Other
Acquisition/
disposal
2021
0.00
(0.08)
0.04
(0.13)
0.25
(0.31)
3.59
0.00
3.33
Ounces
(millions)
AGA Mineração – Córrego do Sítio
Total (Moz)
Year-on-year changes in Mineral Resource
Year-on-year there was a Mineral Resource reduction of 7% after depletion. The decrease in Mineral Resource was due to cost increases
during 2021, offset by exploration additions from Rosalino underground.
Inclusive Mineral Resource sensitivity
The CdS Mineral Resource tonnages are sensitive to
changes in gold price. There is a 5% upside in ounces at
a $1,700/oz Mineral Resource price and 3% downside in
ounces at a $1,300/oz Mineral Resource price.
AGA Mineração – Córrego do Sítio
Percentage
change
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,300
1,700
1,500
15
10
5
0
-5
-10
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
AGA Mineração – C rrego do S tio
Measured
0.15
4.34
0.64
0.02
Indicated
3.17
4.28
13.58
0.44
Inferred
12.85
4.21
54.17
1.74
Total
16.17
4.23
68.39
2.20
The Mineral Resource below infrastructure is the Mineral Resource that cannot be accessed from the primary access development, based
on the expected position of the access at the end of 2021.
“The CdS exploration drilling programme is focused on minimising
Inferred Mineral Resource within the first three years of the LOM plan.”
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106
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AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
Ore Reserve
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
CdS I (sulphide) Rosalino
underground
Proved
0.01
6.07
0.04
0.00
Probable
0.32
4.37
1.41
0.05
Total
0.33
4.40
1.45
0.05
CdS I (sulphide) Secondary
underground
Proved
0.03
3.33
0.11
0.00
Probable
0.09
3.33
0.30
0.01
Total
0.12
3.33
0.41
0.01
CdS I (sulphide) Cachorro Bravo
underground
Proved
0.02
3.60
0.06
0.00
Probable
0.00
4.43
0.01
0.00
Total
0.02
3.71
0.07
0.00
CdS I (sulphide) Laranjeiras
underground
Proved
0.03
3.67
0.13
0.00
Probable
0.18
3.12
0.55
0.02
Total
0.21
3.21
0.68
0.02
CdS I (sulphide) Carvoaria
underground
Proved
0.09
4.13
0.39
0.01
Probable
0.63
4.30
2.71
0.09
Total
0.72
4.27
3.10
0.10
CdS II (sulphide) Sangue de Boi
underground
Proved
0.07
5.35
0.38
0.01
Probable
0.28
5.27
1.49
0.05
Total
0.35
5.29
1.87
0.06
CdS II (sulphide) São Bento Mine
underground
Proved
Probable
0.11
3.88
0.43
0.01
Total
0.11
3.88
0.43
0.01
CdS stockpile (sulphide)
Proved
0.12
1.35
0.16
0.01
Probable
Total
0.12
1.35
0.16
0.01
CdS I (sulphide) Rosalino open pit
Proved
0.08
2.50
0.21
0.01
Probable
0.31
1.79
0.55
0.02
Total
0.39
1.94
0.76
0.02
CdS I (oxide) Rosalino open pit
Proved
0.25
1.21
0.30
0.01
Probable
0.39
0.97
0.38
0.01
Total
0.64
1.06
0.68
0.02
CdS I (transitional) Rosalino open pit
Proved
0.09
2.51
0.23
0.01
Probable
0.06
1.62
0.10
0.00
Total
0.15
2.16
0.32
0.01
CdS II (oxide)
Proved
Probable
0.30
1.67
0.50
0.02
Total
0.30
1.67
0.50
0.02
CdS III (oxide)
Proved
Probable
0.69
1.66
1.14
0.04
Total
0.69
1.66
1.14
0.04
CdS stockpile (oxides)
Proved
0.19
0.32
0.06
0.00
Probable
Total
0.19
0.32
0.06
0.00
CdS stockpile (transitional)
Proved
0.11
1.02
0.11
0.00
Probable
Total
0.11
1.02
0.11
0.00
AGA Mineração – Córrego do Sítio
Total
4.46
2.63
11.75
0.38
AngloGold Ashanti Limited <R&R> 2021
107
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AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
Ore Reserve modifying factors
as at 31 December 2021
Gold
price
BRL/oz
Cut-off
grade
g/t Au
Stoping
width
cm
Dilution
%
RMF
(% based
on
tonnes)
RMF
(% based
on g/t)
MRF
(% based
on
tonnes)
MRF
(% based
on g/t)
MCF
%
MetRF
%
Stockpiles
CdS stockpile (oxides)
6,182
0.43
100.0
100.0
100.0
100.0
100.0
70.2
CdS stockpile (transitional)
6,182
0.79
100.0
100.0
100.0
100.0
100.0
37.7
CdS stockpile (sulphide)
6,182
1.36
100.0
100.0
100.0
100.0
100.0
90.7
Open pit
CdS I (sulphide) Rosalino
6,182
1.36
100.0
100.0
100.0
100.0
100.0
90.7
CdS I (oxide) Rosalino
6,182
0.43
100.0
100.0
100.0
100.0
100.0
70.2
CdS I (transitional) Rosalino
6,182
0.79
100.0
100.0
100.0
100.0
100.0
37.7
CdS II (oxide)
6,182
0.49
100.0
100.0
100.0
100.0
100.0
68.7
CdS III (oxide)
6,182
0.46
100.0
100.0
100.0
100.0
100.0
80.0
Underground
CdS I (sulphide) Rosalino
6,182
3.29
286.3
24.1
100.0
100.0
90.0
100.0
90.9
90.7
CdS I (sulphide) Secondary
6,182
3.29
380.3
19.9
100.0
100.0
90.0
100.0
92.4
90.7
CdS I (sulphide)
Cachorro Bravo
6,182
3.29
229.8
28.3
100.0
100.0
90.0
100.0
92.4
90.7
CdS I (sulphide) Laranjeiras
6,182
3.29
244.6
27.0
100.0
100.0
90.0
100.0
90.9
90.7
CdS I (sulphide) Carvoaria
6,182
3.29
240.9
27.3
100.0
100.0
90.0
100.0
90.9
90.7
CdS II (sulphide)
Sangue de Boi
6,182
3.29
255.7
26.1
100.0
100.0
90.0
100.0
92.4
90.7
CdS II (sulphide)
S o Bento Mine
6,182
3.29
342.7
21.3
100.0
100.0
90.0
100.0
90.9
90.7
View of the open pit at Corrego do Sitio
Estimation
The estimation process considers price and exchange rate inputs
from the internal AngloGold Ashanti's guidelines as well as cost
studies based on current and future scenarios. nderground
estimation uses MSO and open pit uses a scheduling tool to
perform optimisation, applying modifying factors that were
validated by peer review.
The main modifying factors were reviewed based on historical
performance and projected scenarios. Stope dilution is
calculated with an equation considering stope thickness
(among other aspects) and varies from 19 to 25%, the MCF is
based on an average for the past 12 months and it includes the
introduction into planning of grades associated with planned
dilution. MetRF was reviewed based on geometallurgy studies.
For the open pit, a regularised model is used for Ore Reserve
estimation, with sizes of 2.5 x 2.5 x 4m, compatible with mining
equipment. It is therefore not necessary to consider additional
dilution or mining recovery as these have already been included
in the regularised block model.
AngloGold Ashanti Limited <R&R> 2021
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AGA MINERAÇÃO – CÓRREGO DO SÍTIO CONTINUED
Americas
Inferred Mineral Resource in annual Ore Reserve design*
Tonnes
Grade
Contained gold
as at 31 December 2021
million
g/t
tonnes
Moz
Underground
CdS I (sulphide) Rosalino
0.90
4.06
3.36
0.12
CdS I (sulphide) Secondary
0.07
3.97
0.29
0.01
CdS I (sulphide) Laranjeiras
0.19
3.90
0.75
0.02
CdS I (sulphide) Carvoaria
0.37
3.28
1.22
0.04
CdS II (sulphide) Sangue de Boi
0.53
5.66
2.98
0.10
CdS II (sulphide) S o Bento Mine
0.06
3.11
0.18
0.01
Open pit
CdS I (sulphide) Rosalino
0.01
1.68
0.01
0.00
CdS I (oxide) Rosalino
0.03
0.56
0.02
0.00
CdS I (transitional) Rosalino
0.01
1.41
0.01
0.00
CdS II (oxide)
0.11
1.13
0.13
0.00
Total
2.28
4.06
9.23
0.30
* Inferred Mineral Resource including lower confidence material
0.0
0.1
0.2
0.3
0.4
0.5
0.6
(0.01)
(0.02)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
0.00
0.00
(0.00)
(0.09)
0.18
(0.12)
0.40
0.00
0.04
0.38
Ounces
(millions)
AGA Mineração – Córrego do Sítio
Total (Moz)
Year-on-year changes in Ore Reserve
In 2021, there was an overall decrease in the Ore Reserve due to depletion as well as an increase in costs, offset by successful exploration
drilling campaigns at CdS I on the Carvoaria and Rosalino orebodies.
With appropriate caution, a portion of the Inferred Mineral Resource
was included in the business plan optimisation process. This
accounts for 44% of the Ore Reserve plan of four years. No Inferred
Mineral Resource is considered in Ore Reserve reporting. An
aggressive drilling strategy is being executed by CdS geology team
aiming to increase confidence level in the business plan.
At CdS no Inferred Mineral Resource has been used in the Ore
Reserve design or optimisation process. Insignificant amounts
of Inferred Mineral Resource may however be present in the final
Ore Reserve design shape due to extraction shape limitations but
this is never quoted as an Ore Reserve, or used in the economic
appraisal of the Ore Reserve. This is a change from 2020 where
CdS reported the amount of Inferred Mineral Resource in the
business plan rather than the Ore Reserve plan. This has caused
a large change in the quoted Inferred Mineral Resource in the Ore
Reserve plan for 2021.
Ore Reserve below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
AGA Mineração – Córrego do Sítio
Proved
0.04
5.43
0.23
0.01
Probable
1.13
4.54
5.13
0.16
Total
1.17
4.57
5.36
0.17
All the underground Ore Reserve below infrastructure needs primary development to be accessed.
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The Ore Reserve is very sensitive to gold price changes,
especially at a higher price. There is an 18% upside in
ounces at a higher Ore Reserve price and 8% downside
in ounces at a lower Ore Reserve price. The open pit Ore
Reserve is more sensitive to price changes, with changes
resulting in a step change to the volume of the pit shell.
AGA Mineração – Córrego do Sítio
Percentage
change
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,100
1,300
1,200
35
30
25
20
15
10
5
0
-5
-10
-15
-20
Ore Reserve sensitivity
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Marcelo Martins de
Souza Vieira
MAusIMM
337 974
10 years
BSc (Geological Engineering),
MSc (Mining Engineering), MBA
Ore Reserve
Sergio Navarrete
Letelier
MAusIMM
334 556
36 years
BSc (Mining Engineering)
View of
the Rosalino
open pit
at Corrego
do Sitio
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Introduction
Property
description
Cuiabá is an underground operation, 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 and gold in Brazil.
Location
The Cuiabá Mine is located near Sabará, southeast of the city of Belo orizonte, the capital of Minas Gerais
State, in the southeast of Brazil.
History
In 1740, artisanal miners carried out the rst mining in the area. The Saint John Del Rey Mining Company
Limited acquired the mine in 1834. Exploration and development resumed in 1977, culminating with the
reopening of the mine in 1985. In 1996, the company became a wholly owned subsidiary of the Anglo
American Group, and in 1999, ownership was transferred to the holding company AngloGold (now AngloGold
Ashanti), where it remains.
Legal aspects
and tenure
Cuiabá is covered by a single concession granted by the ANM, namely 000.323/1973, held by AGA Mineração,
covering a total area of 3,662ha. The concession is currently active, in good legal and operational standing, and
free of liabilities and/or major obligation. In February 2022, two additional mining concessions (830.937/1979 and
831.027/1980) were published, which cover an additional area of 816.2ha.
According to Brazilian mining law, the expiry of claims, licences, and other tenure rights coincide with the depletion
of Ore Reserve, cessation of mining operations and legally required post-operational activities (such as mine
closure), provided all annual reports have been approved by the ANM. A new Brazilian mining code is currently
under discussion, however, it is not anticipated to change the company’s rights, which are already established.
Mining method
Cuiabá Mine is an underground mine that currently operates using two main mining methods: sub-level longhole
open stoping, and triple stoping. A variant of sub-level longhole stoping with a free face horizontal tunnel is also
applied over low inclination high-grade areas. The cut and fill mining method was reintroduced to increase ore
recovery. It is applied in the narrow veins below Level 14.1 (Balancão, Galinheiro and Canta Galo orebodies)
where the dip is lower. In the Galinheiro footwall, the mining method remains sub-level stoping as the orebody
shows a reasonable steep dip and thickness.
Operational
infrastructure
The metallurgical plants are connected by an aerial ropeway (Cuiabá Gold plant and Queiroz plant) and
power is provided by a set of small hydropower plants (Rio de Peixe). Cuiabá Mine has a shaft system (846m
deep) for production and personnel transport, the current nominal air ow capacity is 1,035m3/s of which
320m3/s are refrigerated. Tailings deposition is at one of four sites located at Cuiabá, Calcinado, Rapaunha
and Cocuruto. The Rio de Peixe hydroelectric complex is a set of seven small hydropower plants that generate
energy from three dams (Ingleses, Miguelo and Codorna), and are connected directly to the Queiroz plant.
Mineral
processing
Cuiabá and Lamego Mines feed the Cuiabá Gold ( otation) and Queiroz (roaster, carbon circuit and re nery)
plants, currently at 2.0Mtpa for a metallurgical recovery of 93.3% for the total combined feed. At the Cuiabá Gold
plant, ore is crushed and ground followed by otation and ltration in order to produce a concentrate, 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 plant. The concentrate transported by aerial hopeway is received at
Queiroz plant which is located in Nova Lima and comprises a refractory ore circuit (from Cuiabá or Lamego) with
facilities for pyrometallurgy and hydrometallurgy. The concentrate is roasted and the calcine proceeds to a CIP
or Merrill Crowe circuit for further re ning. The sulphide gas is captured for processing through the acid plant.
Approximately 230ktpa of sulphuric acid is produced as a by-product.
Risks
No legal or environmental risks are identified. Management plans are in place to address the risks or
uncertainties associated with the low level of estimated Ore Reserve, the reliance on Inferred Mineral Resource
in the production plan, and rock engineering constraints at depth.
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Map showing the location, infrastructure and mining licence area for AGA Mineração Cuiabá and Lamego
Mines, with the total mining lease area insert in the top left corner. The coordinates of the mine, as
represented by the Cuiabá plant, are depicted on the map and are in the UTM coordinate system.
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NW-SE Map of underground workings at Cuiabá Mine, elevation in metres AMSL
Geology
Cuiabá Mine is located in the Iron Quadrangle, which is a
geotectonic unit at the southern edge of the S o Francisco
Craton, comprising Archaean and Proterozoic terrains, and
bordered by Neoproterozoic mobile belts. From a regional
viewpoint, Cuiabá Mine is located in the eastern extension of the
Serra do Curral inverted homocline, located on the northeastern
edge of the Iron Quadrangle.
The mine lithostratigraphy consists of an intermediate metama c
sequence of the greenstone belt type and is hosted in the Nova
Lima Group which is part of the Rio das Velhas Supergroup. This
sequence is characterised by metametabasaltic rocks at the
base, overlain by Algoma Type BIF metasediments, carbonaceous
schist, and graphitic schist. Above the metasediments is a
sequence of metabasalts overlain by an alternating sequence
of metapelites (X1) and metapsamitic rocks with minor
volcanoclastic (XS). The gold mineralisation occurs in sulphide
orebodies associated mainly with BIF layers, and subordinate to
minor quartz veins hosted in schists.
Deposit type
Cuiabá is a gold-only Archaean BIF-hosted gold deposit. The
deposit consists of an intermediate metama c sequence of the
Archaean greenstone belt type. It is characterised by hydrothermal
alteration of the rocks, with the mineralisation occurring mainly in
BIF layers, subordinate quartz veins, or in schists. The host to the
gold mineralisation in the volcano-sedimentary Nova Lima Group
that occurs at the base of the Rio das Velhas Supergroup. The upper
sequence of the Rio das Velhas Supergroup is the metasedimentary
Maquine Group. The gold mineralisation at Cuiabá has features and
characteristics that match the epigenetic orogenic gold deposit
model typical of Archaean lode gold deposits.
Mineralisation style
Cuiabá Mine has gold mineralisation associated with sulphides and
quartz veins in BIF and volcanic sequences. Structural control and
fluid ow are the most important factors for gold mineralisation
with a common association between large-scale shear zones
and their associated structures. Where BIF is mineralised, the ore
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 characteristics
Apparent intersections of thrust faults with tight isoclinal folds
in a ductile environment, tend to control the mineralisation
structures. The host rocks are primarily BIF and secondarily ma c
volcanic, mainly basalt. Mineralisation is believed to be due to the
interaction of low salinity, carbon dioxide-rich gold-bearing uids
with the high-iron BIF, basalts and carbonaceous graphitic schists.
Sulphide mineralisation consists of pyrite and pyrrhotite with
subordinate arsenopyrite and chalcopyrite. The latter tends to
occur as a late-stage fracture fill and is not associated with gold
mineralisation. Wallrock alteration is typically carbonate, potassic
and silicic, showing clear zonation in the underground environment.
The ore is mainly concentrated in the silicic and sulphidation zones,
inside the BIF or in potassic (and sericitic) zones near the basalts.
The main orebodies at Cuiabá are as follows:
Normal limb: Fonte Grande Sul and Serrotinho
Overturned limb: Balancão, Galinheiro and Canta Galo

Secondary orebodies occur in hydrothermally altered schists in
the footwall of Galinheiro (Galinheiro footwall (GFW) orebody),
hydrothermally altered schists/quartz veins near the footwall of
Fonte Grande Sul and Serrotinho (Quartz vein orebody), and in
close proximity to the hangingwall of Serrotinho (Viana orebody).
Underground mine development
Topography surface slice
Mineral Resource
Mined sites
Legend
Orebodies
CUIABÁ DESCOBERTO GOLD SITES
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NNW-SSE View of the underground infrastructure and interpolated orebodies at Cuiabá,
elevation in metres AMSL
Exploration
Cuiabá Mine exploration programmes are related to underground
channel sampling, underground geological mapping and DD.
Channel sampling, underground mapping and Mineral Resource
conversion drilling is allocated to the short-term geology team,
while Mineral Resource addition and Mineral Resource conversion
drilling are related to the underground exploration team.
Surface exploration programmes are represented by activities
from target generation to the Mineral Resource delineation stage
and include the following: soil sampling geochemistry campaigns
terrestrial and aerial geophysics chip and channel sampling inside
old/historical galleries geological mapping and reinterpretation
of historical holes. Once surface gold anomalies are detected, DD
campaigns are planned in order to test and delineate the source of
these gold anomalies at depth.
The exploration strategy for developing a deeper mine requires
that Mineral Resource confidence be signi cantly improved and
that new opportunities are created to add exibility. The strategy
is divided in three pillars: confidence level, exibility and organic
growth. The focus of the confidence level programmes are to add
and convert Mineral Resource in the main orebodies in the deep
part of the mine to maintain the operation. The exibility plan
aims to develop secondary orebodies to compliment the Mineral
Resource pipeline and search for remaining ounces from old mine
sites in the upper levels of the mine. The organic growth project
aims to add new orebodies to feed the exploration portfolio and
develop advanced regional exploration targets in a 20km radius
around the plant.
Projects
During 2021, these exploration strategies were achieved
successfully. Some 65% of the underground drilling was used to
improve the Mineral Resource confidence of the main orebodies
at the bottom levels of the mine, i.e. Levels 21 and 22, and 35%
to drill secondary orebodies in the upper levels, above Level
13, creating exibility in the production plan and improving the
Mineral Resource pipeline of new Quartz vein satellite and Viana
orebodies. The exploration programme had achieved a surface
record of 18km of drilling, dedicated to developing the Descoberto
and Arco da Velha orebodies near mine targets, demonstrating the
tendency to look for new Mineral Resource at shallow levels.
The exploration strategy in 2022 remains the same as for 2021,
but with more emphasis on improving confidence levels and
increasing Ore Reserve in the short-term. The main orebodies
below Level 22 are the key target. The exibility strategy is looking
to develop Mineral Resource in Quartz vein satellite orebodies,
Mineral Resource conversion in the Descoberto near mine target
and probing the Tinguá prospect.
Boreholes (Diamond drilling)
Underground mine development
Topographic surface slice
Sulphides hosted in banded iron formations
(main orebodies and narrow veins)
Quartz veins hosted in metama c roc s
(secondary orebodies)
Legend
Orebodies
+750.0
750.0
+0.0
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Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classi cation
Type of drilling
Category
Spacing m (-x-)
Diamond
RC
Blast hole
Channel
Other
Measured
10 x 15, 15 x 15
Indicated
20 x 30, 30 x 45, 40 x 60
Inferred
40 x 60, 80 x 120,
100 x 100
Grade/ore control
5 x 5
Sample spacing was defined based on a grid optimisation study that aimed to assess the ideal drill grid spacing with the appropriate
level of uncertainty for Measured, Indicated and Inferred Mineral Resource. DD is executed for Mineral Resource addition and conversion
from Inferred to Indicated, and to Measured Mineral Resource. Grade control drilling is carried out by means of channel sampling in the
production areas as well as DD.
Geologists
undertaking
a pre-start
inspection
of the
drill rig
at Cuiabá
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Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Narrow veins – Balancáo
Measured
1.34
7.06
9.44
0.30
Indicated
2.28
7.68
17.53
0.56
Inferred
0.22
6.68
1.44
0.05
Total
3.83
7.41
28.41
0.91
Narrow veins – Galinheiro
Measured
1.17
6.23
7.30
0.23
Indicated
1.64
5.25
8.63
0.28
Inferred
0.89
5.45
4.87
0.16
Total
3.71
5.61
20.81
0.67
Narrow veins – Canta Galo
Measured
0.48
6.23
2.98
0.10
Indicated
0.15
5.49
0.81
0.03
Inferred
0.29
8.00
2.31
0.07
Total
0.91
6.67
6.10
0.20
Main deposits – Fonte Grande Sul
Measured
2.18
6.92
15.07
0.48
Indicated
0.98
5.75
5.62
0.18
Inferred
5.41
7.14
38.65
1.24
Total
8.57
6.93
59.34
1.91
Main deposits – Serrotinho
Measured
1.82
9.07
16.52
0.53
Indicated
2.35
6.47
15.23
0.49
Inferred
0.12
5.26
0.65
0.02
Total
4.30
7.54
32.40
1.04
Descoberto
Measured
Indicated
0.17
4.05
0.71
0.02
Inferred
0.44
3.50
1.55
0.05
Total
0.62
3.66
2.26
0.07
Cuiabá–Lamego tailings
Measured
Indicated
Inferred
2.76
0.97
2.68
0.09
Total
2.76
0.97
2.68
0.09
Secondary areas – Galinheiro footwall
Measured
Indicated
0.82
4.86
4.00
0.13
Inferred
0.99
4.46
4.43
0.14
Total
1.82
4.64
8.43
0.27
Secondary areas – Quartz vein
Measured
0.04
3.87
0.16
0.01
Indicated
0.58
3.67
2.13
0.07
Inferred
1.50
4.12
6.17
0.20
Total
2.12
3.99
8.47
0.27
Secondary areas – Viana
Measured
Indicated
0.20
4.62
0.93
0.03
Inferred
0.24
3.66
0.88
0.03
Total
0.44
4.10
1.80
0.06
AGA Mineração – Cuiabá
Total
29.08
5.87
170.68
5.49
To appropriately demonstrate reasonable prospects of eventual economic extraction underground the Mineral Resource was constrained
by MSO shapes and the open pit Mineral Resource was constrained in an economically optimised pit shell.
AGA MINERAÇÃO – CUIABÁ CONTINUED
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AGA MINERAÇÃO – CUIABÁ CONTINUED
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Inclusive Mineral Resource by-product: sulphur
Tonnes
Grade
Contained sulphur
as at 31 December 2021
Category
million
%S
tonnes million
pounds million
AGA Mineração – Cuiabá
Measured
7.03
6.3
0.44
974
Indicated
9.18
4.9
0.45
989
Inferred
12.87
3.0
0.38
837
Total
29.08
4.4
1.27
2,800
Estimation
The Cuiabá dataset consists of both channel and drill hole samples.
3D modelling and estimation is performed within two main
estimation domains, namely the thick mineralisation, comprised
of Fonte Grande Sul and Serrotinho, and the narrow-vein domain
comprising Balancão, Galinheiro and Canta Galo. A third domain,
related to the mineralisation hosted predominantly in zones of
intense hydrothermal alteration in schists, is also considered and
includes the Quartz vein satellite, GFW, Viana and Descoberto
orebodies. All channel and drill hole samples are used to generate
3D geological models and to assign lithological proportions into
the grade estimates. Conditional simulation is used to estimate the
uncertainty in the block models and to classify the Mineral Resource
into Measured, Indicated and Inferred Mineral Resource, following
the standard internal AngloGold Ashanti methodology.
AGA Mineração – Cuiabá
Underground (metric)
Tonnes
above
cut-off
(millions)
Average
grade above
cut-off (g/t)
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
0
3
6
9
28
25
22
19
16
13
10
7
4
12
11
10
9
8
7
6
Grade tonnage curve
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
AGA Mineração – Cuiabá
Measured
4.70
7.74
36.40
1.17
Indicated
3.47
5.43
18.83
0.61
Inferred
12.87
4.94
63.63
2.05
Total
21.04
5.65
118.86
3.82
The exclusive Mineral Resource consists primarily of Inferred Mineral Resource that is not reported as part of the Ore Reserve. Sill pillars
that are included in the Mineral Resource and not considered in the Ore Reserve represent 44% of the total Measured and Indicated
exclusive Mineral Resource. The remaining Measured and Indicated Mineral Resource represents areas of the Mineral Resource that was
not economically feasible to add to the Ore Reserve.
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
AGA Mineração – Cuiabá
Measured
0.11
9.29
0.98
0.03
Indicated
5.55
6.77
37.54
1.21
Inferred
7.43
6.57
48.87
1.57
Total
13.09
6.68
87.39
2.81
The below infrastructure Mineral Resource consists primarily of Inferred Mineral Resource that is in the process of being upgraded by
means of Mineral Resource conversion drilling.
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0.74
0.00
(0.35)
0.00
0.00
(0.21)
0.00
5.31
(0.18)
0.16
5.49
AGA MINERAÇÃO – CUIABÁ CONTINUED
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Year-on-year changes in Mineral Resource
AGA Mineração – Cuiabá
Total (Moz)
6.5
6.0
5.5
5.0
4.5
4.0
The Mineral Resource year-on-year increase is mainly due to changes in exploration additions in the Quartz vein satellite orebody and
Descoberto and changes in methodology, including changes in grade control. This was offset by depletion, an increase of cut-off grade in
both sub-level stope and cut and fill areas, as well as the removal of underbreak from the MSO stopes.
Inclusive Mineral Resource sensitivity
AGA Mineração – Cuiabá
Percentage
change
8
4
0
-4
-8
-12
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
Cuiabá is sensitive to a drop in the Mineral Resource gold
price. There is a downside of 4% in ounces at a lower
Mineral Resource price and a minimal upside of 2% in
ounces at a higher Mineral Resource price.
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
View over
the Cuiaba
processing
plant
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AGA MINERAÇÃO – CUIABÁ CONTINUED
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Ore Reserve
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Narrow veins – Balancão
Proved
0.70
4.30
3.03
0.10
Probable
2.20
4.82
10.60
0.34
Total
2.90
4.69
13.63
0.44
Narrow veins – Galinheiro
Proved
0.41
4.25
1.76
0.06
Probable
0.84
3.96
3.35
0.11
Total
1.26
4.06
5.11
0.16
Narrow veins – Canta Galo
Proved
0.15
3.91
0.57
0.02
Probable
0.12
3.83
0.48
0.02
Total
0.27
3.87
1.05
0.03
Main deposits – Fonte Grande Sul
Proved
0.30
5.34
1.59
0.05
Probable
0.53
5.15
2.73
0.09
Total
0.83
5.22
4.32
0.14
Main deposits – Serrotinho
Proved
0.52
5.27
2.72
0.09
Probable
1.50
5.24
7.87
0.25
Total
2.02
5.25
10.59
0.34
Secondary areas – Galinheiro footwall
Proved
Probable
0.37
4.10
1.50
0.05
Total
0.37
4.10
1.50
0.05
Secondary areas – Quartz vein
Proved
0.00
2.14
0.01
0.00
Probable
0.18
2.76
0.50
0.02
Total
0.18
2.75
0.50
0.02
Secondary areas – Viana
Proved
Probable
0.06
4.69
0.27
0.01
Total
0.06
4.69
0.27
0.01
AGA Mineração – Cuiabá
Total
7.89
4.69
36.97
1.19
No stockpile is considered in the Ore Reserve statement. Some remnant ounce areas and partial sill pillar recovery are accounted for in
the Ore Reserve statement, all supported by geotechnical assessment and sequenced to the final year of operation.
Ore Reserve by-product: sulphur
Tonnes
Grade
Contained sulphur
as at 31 December 2021
Category
million
%S
tonnes million
pounds million
AGA Mineração – Cuiabá
Proved
2.08
5.4
0.11
247
Probable
5.80
4.9
0.28
623
Total
7.89
5.0
0.39
870
Estimation
Ore Reserve gold price, projected operational performance
and costs as well as metallurgical recoveries are taken into
consideration in the Ore Reserve. Mining parameters such as
the mining method, minimum mining width, MCF, dilution and
recovery are all applied in the process.
At Cuiabá no Inferred Mineral Resource has been used in the
Ore Reserve design or optimisation process. This is a change
from 2020 where Cuiabá reported the amount of Inferred Mineral
Resource in the business plan rather than the Ore Reserve plan.
This has caused a large change in the quoted Inferred Mineral
Resource in the Ore Reserve plan for 2021.
“The exploration strategy for developing a deeper mine requires that
Mineral Resource confidence be significantly improved and that new
opportunities are created to add flexibility.”
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Ore Reserve modifying factors
as at 31 December 2021
Gold price
BRL/oz
Cut-off
grade
g/t Au
Stoping
width
cm
Dilution
%
MRF
(% based
on tonnes)
MCF
%
MetRF
%
Narrow veins – Balancão
6,182
4.73
400.0
32.9
84.8
95.3
93.5
Narrow veins – Galinheiro
6,182
4.73
400.0
31.1
86.8
95.3
93.5
Narrow veins – Canta Galo
6,182
4.73
400.0
32.6
83.5
95.3
93.5
Main deposits – Fonte Grande Sul
6,182
4.73
400.0
24.1
84.1
95.3
93.5
Main deposits – Serrotinho
6,182
4.73
400.0
24.4
85.4
95.3
93.5
Secondary areas – Galinheiro footwall
6,182
4.73
400.0
26.4
92.1
95.3
93.5
Secondary areas – Quartz vein
6,182
4.73
400.0
34.0
83.5
95.3
93.5
Secondary areas – Viana
6,182
4.73
400.0
34.0
83.5
95.3
93.5
AGA MINERAÇÃO – CUIABÁ CONTINUED
Americas
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
0.00
0.00
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
0.00
0.01
0.07
(0.18)
0.11
(0.02)
1.22
0.00
(0.00)
1.19
Ounces
(millions)
AGA Mineração – Cuiabá
Total (Moz)
Year-on-year changes in Ore Reserve
The Ore Reserve year-on-year decrease is mainly due to depletion and cost increases which resulted in changes in design, offset partially
by exploration additions as well as changes in methodology and operational factors with remnant areas being added.
Cuiabá Mine is fully designed and sequenced using mine planning
software. All modifying factors are currently being applied to
de ne the viability of the potential Ore Reserve. Such factors
include planned and unplanned dilution, ore recovery, MCF,
geotechnical and hydrogeological recommendations concerning
sill pillars, rib pillars and stope dimensions, the ore transport
system, plant capacity, production capacities, production schedule,
mining e ciency, closure plans and personnel requirements. Also,
the full infrastructure is designed and accounted for. The Ore
Reserve is related to an economic production plan that accounts
for all these requirements.
Mining recovery is defined at 83.5% for regular stopes and
92.1% for cut and fill areas. Dilution is considered to be 34% for
narrow veins sub-level, around 24% for main orebody sub-level
and approximately 26% for cut and fill areas as per geotechnical
recommendations. MCF is defined at 95.3% based on a ve-year
average from the historical database. The Ore Reserve estimate is
highly sensitive to recovery and MCF.
Ore Reserve below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
AGA Mineração – Cuiabá
Proved
0.06
3.03
0.19
0.01
Probable
4.23
4.96
20.96
0.67
Total
4.29
4.93
21.16
0.68
All the underground Ore Reserve below infrastructure needs primary development to be accessed. The Ore Reserve below infrastructure is
that Ore Reserve below a depth relative to AMSL of 41m for Balancão, 95m for Galinheiro, 41m for Canta Galo, 254m for Serrotinho, 339m
for Fonte Grande Sul, 95m for GFW and 206m for the Quartz veins.
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AGA MINERAÇÃO – CUIABÁ CONTINUED
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The Ore Reserve is highly sensitive to changes in the Ore
Reserve gold price. With a price decline to $1,100/oz, total
tonnes drop by 21% and total ounces by 15%. An increase
in the Ore Reserve price to $1,300/oz increases the total
tonnes by 17% and the total ounces by 11%.
AGA Mineração – Cuiabá
Percentage
change
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,100
1,300
1,200
20
15
10
5
0
-5
-10
-15
-20
-25
Ore Reserve sensitivity
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Henrique Vigario
MAusIMM
329 310
15 years
BSc (Geology), Postgraduate
Certificate (Geostatistics)
Ore Reserve
Felipe Lima
MAusIMM
336 176
16 years
BSc (Mining Engineering)
Roof
support
at the
Cuiaba
declines
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AGA MINERAÇÃO – LAMEGO
Americas
Introduction
Property
description
The Lamego Mine is an underground operation, 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 and gold in Brazil.
Location
Lamego is located to the east of Belo orizonte, the capital of Minas Gerais State, in the southeast of Brazil.
History
Exploration began in the area in 1985 with a drilling campaign along a 5.7km strike length of iron formation and
the opening of 2.5km of development on the Arco da Velha, Queimada, and Cabe a de Pedra orebodies. After the
successful completion of a FS, project approval was given, and implementation began in 2010 with the rst gold
poured soon afterward.
Legal aspects
and tenure
The Lamego mining operation is covered by three geographically contiguous ANM concessions granted to
AGA Mineração:
The ANM Mining Concession 830.720/1981, covering an area of 577.14ha
The ANM Mining Concession 831.554/1983, covering an area of 462.09ha
The ANM Mining Concession 832.238/2003, covering an area of 583.45ha
All concessions are grouped in a single Mining Concession 932.710/2017 and are currently active, in good legal
and operational standing, and free of liabilities and/or major obligations. According to Brazilian mining law, the
expiry of claims, licences, and other tenure rights coincide with the depletion of Ore Reserve, cessation of mining
operations and legally required post-operational activities (such as mine closure), provided all annual reports have
been approved by the ANM.
A new Brazilian mining code is currently under discussion, however, it is not anticipated to change the company’s
rights, which are already established.
Mining method
Lamego started operating as a cut and fill mine and migrated to long hole stoping as geology and mining
knowledge increased over time. These changes had a positive impact on productivity and costs, keeping the
asset competitive and efficient. The changes started in 2014 and are now complete, with all ore extracted from
sub-level stopes. The ore extracted is transported to surface by diesel trucks and undergoes primary crushing at
site. Crushed material is then transported by road trucks to the Cuiabá plant facilities to be treated. Waste mined
is disposed at waste dumps and is also used to backfill stopes.
Operational
infrastructure
Lamego operates as a satellite mine to Cuiabá Mine. Ore is transported to surface via ramps where it is
crushed, stockpiled and transported daily to Cuiabá Plant, where it is blended with Cuiabá ore on the ROM pad.
The two plants (Cuiabá Gold plant and Queiroz plant) are connected by an aerial ropeway. Power for the mine
is both self-generated (Rio de Peixe hydroelectric complex) and supplied by Cemig, a state-owned company.
The Rio de Peixe hydroelectric complex, which is a set of seven small hydropower plants that generate energy
from three dams (Ingleses, Miguelo and Codorna), and connects directly to the Queiroz plant.
Lamego has a natural water supply system and a plant for water and sewage treatment.
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Cuiabá and Lamego feed the Cuiabá Gold (flotation) and Queiroz (roaster, carbon circuit and refinery) plants,
currently at 2.0Mtpa for a metallurgical recovery of 93.3% for the combined feed. At Cuiabá Gold plant, crushing
and milling of the ore is followed by flotation and filtration in order to produce a concentrate, which is transported
by aerial ropeway to Queiroz for further treatment.
Mineral
processing
Approximately 30% of gold is recovered through a gravity circuit at the Cuiabá plant. The Queiroz plant is
located in Nova Lima and comprises a circuit for refractory ore (from Cuiabá or Lamego) with facilities
for pyrometallurgy and hydrometallurgy. The concentrate is roasted and the calcine proceeds to a CIP or
Merrill Crowe circuits for further refining. The sulphide gas is captured for processing through the acid plant.
Approximately 180ktpa of sulphuric acid is produced as a by-product.
There are no material risks. As a low-grade operation, the accurate prediction of grade and the management
of its variability is critical to ensure a successful operation. To minimise this risk or uncertainty, mine drilling
campaigns, including channel sampling, are considered as mandatory before mining and incorporated at mine
production scheduling.
Risks
Management plans are in place to address the risks associated with the low level of Ore Reserve, the reliance on
Inferred Mineral Resource in the production plan, and rock engineering constraints at depth.
AGA MINERAÇÃO – LAMEGO CONTINUED
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Introduction continued
Aerial
view
of the
infrastructure
at Lamego
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AGA MINERAÇÃO – LAMEGO CONTINUED
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Map showing AGA Mineração – Cuiabá and Lamego Mines project infrastructure and licences, with the
total mining lease area insert shown in the top left corner. The coordinates of the mine, as represented
by the Cuiabá plant, are depicted on the map and are in the UTM coordinate system.
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Optimised max pit
Banded iron formations-hosted
oxidised and metacherts
SW
NE
+1000m
+500m
Legend
Underground mine development
Topographic surface slice
Banded iron formations-hosted sulphides
and metacherts/quartz veins with visible gold
AGA MINERAÇÃO – LAMEGO CONTINUED
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SW-NE View of the underground infrastructure and interpolated orebodies at Lamego, elevation in metres AMSL
Geology
Lamego Mine is located in the Iron Quadrangle, which is a
geotectonic unit at the southern edge of the São Francisco
Craton, comprising Archaean and Proterozoic terrains, and
bordered by Neoproterozoic mobile belts. From a regional
viewpoint, Lamego Mine is located in the eastern extension of
the Serra do Curral inverted homocline, located on the northern
edge of the Iron Quadrangle.
The mine lithostratigraphy consists of an intermediate metamafic
sequence of the greenstone belt type and is hosted in the Nova
Lima Group, which is part of the Rio das Velhas Supergroup. This
sequence is characterised by lower metametabasaltic rocks at the
base, overlain by Algoma-type BIF metasediments, a quartz layer
(known locally as metachert), carbonaceous schist, graphite schist
and a further sequence of sediments consisting of alternating
metapelites and metapsamitic rocks with a volcanoclastic
contribution. The upper sequence of the Rio das Velhas
Supergroup is the metasedimentary Maquine Group.
Deposit type
The gold mineralisation at Lamego has features and
characteristics that match the epigenetic orogenic gold deposit
model presented for Archaean gold-lode deposits.
Mineralisation style
The gold mineralisation at Lamego is characterised by orebodies
associated with two horizons of chemical sedimentary rocks:
BIF and metachert, with shear zones containing abundant quartz
veinlets. The proportions of these lithotypes vary substantially
from one deposit to another. In the BIF, sulphide mineralisation is
associated with gold, while in the metachert it is associated with
quartz veins. The gold occurs either as native gold or in sulphides.
Lamego has a similar rock assemblage to Cuiabá, but with higher
structural complexity. The mineralised BIF is more structurally
deformed and contains more silica when compared to Cuiabá,
which reacted less with the hydrothermal fluid.
Mineralisation characteristics
The mineralisation is characterised by sulphidation in the form of
disseminated sulphide bands or as fracture fill and, more rarely,
as massive sulphide hosted in BIF/metachert although sulphide
band are rare in the latter. The metachert (or quartz vein) is
concentrated in the hinges of the Lamego structure and has free
gold as the main mineralisation with a lesser amount associated
with sulphides. The plunge of the mineralised zones coincides
with both fold axes of the first two structural events and the
stretching fabric.
Exploration
Exploration at Lamego ranges from unlocking new potential to
developing that already known. The main activities planned are
drilling programmes aimed at addition and conversion of Mineral
Resource and are focused on the main orebodies, which are:
Carruagem, Carruagem SW, Queimada and Arco da Velha.
Several projects have been undertaken over the years which lead
to the discovery of near-mine targets and the upgrade of already
known orebodies, such as Cabeça de Pedra.
Advanced structural studies have shown a strong shear-related
contribution at Lamego and new studies seek to understand
the behaviour of the hydrothermal fluid in association with the
reactivity of Lamego's BIF layers, targeting zones of intensive
replacement of iron-rich bedding by sulphides and, consequently,
increased mineralisation.
Surface exploration programmes are undertaken activities
from target generation to Mineral Resource delineation stages,
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Legend
Metandesite
Metapelite
Metadiabase
Carbonaceous shist
Banded Iron Formation
Metachert
Ore
(grade shell)
AGA MINERAÇÃO – LAMEGO CONTINUED
Americas
including soil sampling geochemistry campaigns, terrestrial and
aerial geophysics, chip and channel samples inside old surface
workings, geological mapping, and reinterpretation of historical
drill holes. Once coherent surface gold anomalies are detected,
drilling programmes are planned in order test the source for these
gold anomalies at depth.
Projects
Exploration at Lamego has the same integrated strategy as Cuiabá
which is based on three main pillars: flexibility, confidence level,
and organic growth. The main focus to improve confidence level is
the addition of Ore Reserve in the main orebodies of Carruagem,
Queimada and Arco da Velha. The flexibility plan is targeted on
Carruagem SW extension which is responsible for high Mineral
Resource addition in the shallow part of the mine. Another
opportunity close to the mine site is the Arco da Velha open pit,
the oxidised region of the Arco da Velha orebody, with the potential
to increase mine production from open-pit operations in the near
future. The organic plan focused on the regional targets inside
the exploration-defined area, primarily the Lamego-Sul Target.
Exploration during the year involved detailed geological mapping
and scout drilling to check soil anomalies in this area.
W-E Geological cross-section of the Arco da Velha open pit and orebody, elevation in metres AMSL
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Measured
Indicated
10 x 15, 10 x 20, 20 x 10
30 x 40, 40 x 60, 60 x 40



Inferred
Grade/ore control
60 x 80, 80 x 120, 120 x 60
3 x 3



Sample spacing was defined based on a grid optimisation study that aimed to assess the ideal drill grid spacing with the appropriate
level of uncertainty for Measured, Indicated, and Inferred Mineral Resource. DD is executed for Mineral Resource addition and conversion
from Inferred to Indicated, and to Measured Mineral Resource. Grade control sampling is carried out by means of channel sampling in the
production areas as well as by DD.
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“Exploration at Lamego ranges from unlocking new potential to
developing that already known. The main activities planned are
drilling programmes aimed at addition and conversion of Mineral
Resource and are focused on the main orebodies.”
AGA MINERAÇÃO – LAMEGO CONTINUED
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Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Main deposits – Arco da Velha
Measured
0.41
2.38
0.97
0.03
Indicated
0.25
2.24
0.55
0.02
Inferred
0.45
2.01
0.91
0.03
Total
1.11
2.20
2.43
0.08
Main deposits – Cabeça de Pedra
Measured
0.30
3.19
0.96
0.03
Indicated
0.66
2.76
1.83
0.06
Inferred
1.11
2.79
3.10
0.10
Total
2.07
2.84
5.90
0.19
Main deposits – Carruagem
Measured
2.00
3.38
6.76
0.22
Indicated
1.36
3.17
4.33
0.14
Inferred
1.67
3.72
6.21
0.20
Total
5.04
3.43
17.31
0.56
Secondary areas – Queimada
Measured
0.04
2.20
0.09
0.00
Indicated
0.70
3.48
2.42
0.08
Inferred
0.52
3.77
1.94
0.06
Total
1.26
3.56
4.46
0.14
Secondary areas – Arco NE
Measured
Indicated
Inferred
0.85
2.72

2.32

0.07
Total
0.85
2.72
2.32
0.07
Open pit – Arco da Velha
Measured
Indicated
0.61
1.03
0.63
0.02
Inferred
0.32
0.98
0.31
0.01
Total
0.93
1.02
0.95
0.03
AGA Mineração – Lamego
Total
11.26
2.96
33.36
1.07
To appropriately demonstrate reasonable prospects of eventual economic extraction, the underground Mineral Resource was constrained
by MSO shapes and the open pit Mineral Resource was constrained in an economically optimised pit shell.
Inclusive Mineral Resource by-product: sulphur
Tonnes
Grade
Contained sulphur
as at 31 December 2021
Category
million
%S
tonnes million
pounds million
AGA Mineração – Lamego
Measured
2.75
3.3
0.09
203
Indicated
3.58
3.3
0.12
261
Inferred
4.92
4.6
0.23
501
Total
11.26
3.9
0.44
965
Estimation
The geological model is used to subdivide sampling information into domains for estimation which uses ordinary kriging. Classification of
the Mineral Resource is based on conditional simulation.
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AGA MINERAÇÃO – LAMEGO CONTINUED
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Grade tonnage curves
AGA Mineração – Lamego
Surface (metric)
1.0
0.8
0.6
0.4
0.2
0.0
0.0
1.0
2.0
3.0
4.0
Cut-off grade (g/t)
10.8
8.8
6.8
4.8
2.8
0.8
AGA Mineração – Lamego
Underground (metric)
11
7
9
6
7
5
5
3
4
1
3
0
1
2
3
4
5
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
AGA Mineração – Lamego
Measured
2.12
3.23
6.86
0.22
Indicated
2.59
2.41
6.24
0.20
Inferred
4.92
3.01
14.80
0.48
Total
9.63
2.90
27.90
0.90
The exclusive Mineral Resource is made up of ore not included in the Ore Reserve due to economic considerations and due to material
being classified as Inferred Mineral Resource.
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
AGA Mineração – Lamego
Measured
0.04
2.18
0.09
0.00
Indicated
1.14
3.35
3.81
0.12
Inferred
3.02
2.91
8.79
0.28
Total
4.20
3.02
12.70
0.41
The below infrastructure Mineral Resource consists primarily of Inferred Mineral Resource that is in the process of being upgraded by
means of Mineral Resource conversion drilling.
Tonnes
above cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Production
drill
rig in
action at
Lamego
underground
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AGA MINERAÇÃO – LAMEGO CONTINUED
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Year-on-year changes in Mineral Resource
AGA Mineração – Lamego
Total (Moz)
1.4
1.3
1.2
1.1
1.0
0.9
0.8
0.7

In 2021, Lamego reported an increase in Mineral Resource, mainly due to exploration additions for Carruagem and Arco da Velha as well
as variations in grade control processes. This was partially offset by an increase in cut-off grade as well as the removal of underbreak
from MSO stopes.
Inclusive Mineral Resource sensitivity
AGA Mineração – Lamego
10
5
0
-5
-10
-15
1,300
1,500
Mineral Resource price ($/oz)
Tonnes                Ounces                 Grade
1,700
Ore Reserve
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Main deposits – Arco da Velha
Proved
0.08
1.86
0.15
0.00
Probable
0.02
1.87
0.04
0.00
Total
0.10
1.86
0.19
0.01
Main deposits – Carruagem
Proved
0.37
2.71
0.99
0.03
Probable
0.40
2.88
1.16
0.04
Total
0.77
2.80
2.15
0.07
Secondary areas – Queimada
Proved
0.01
2.14
0.02
0.00
Probable
0.48
3.00
1.43
0.05
Total
0.49
2.99
1.45
0.05
AGA Mineração – Lamego
Total
1.36
2.80
3.79
0.12
All ore extracted is treated, there is no stockpile and the pillars are not considered in the Ore Reserve.
0.19
0.00
(0.11)
0.00
0.00
(0.10)
1.05
(0.05)
0.09
0.00
1.07
Lamego is sensitive to changes in Mineral Resource gold
price where variations are mainly due to changes in the cut-
off grade. There is a 4% upside in ounces at a higher Mineral
Resource price and a 6% downside in ounces at a lower
Mineral Resource price.
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
Ounces
(millions)
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Ore Reserve by-product: sulphur
as at 31 December 2021
Category
Tonnes
million
Grade
%S
Contained sulphur
tonnes million
pounds million
AGA Mineração – Lamego
Proved
0.46
2.5
0.01
25
Probable
0.90
2.8
0.02
54
Total
1.36
2.7
0.04
80
Estimation
The Ore Reserve gold price, operational performance and costs, as
well as metallurgical recoveries are taken into consideration when
estimating the Ore Reserve. Mining parameters such as the mining
method, minimum mining width, MCF, dilution and recovery are all
applied in the process.
At Lamego no Inferred Mineral Resource has been used in the Ore
Reserve design or optimisation process. This is a change from
2020 where Lamego reported the amount of Inferred Mineral
Resource in the business plan rather than the Ore Reserve plan.
This has caused a large change in the quoted Inferred Mineral
Resource in the Ore Reserve plan for 2021.
Ore Reserve modifying factors
Gold price
Cut-off
grade
Stoping
width
Dilution
MRF
(% based
MCF
MetRF
as at 31 December 2021
BRL/oz
g/t Au
cm
%     on tonnes)
%
%
Main deposits – Arco da Velha
6,182
2.97
500.0
15.0
90.0
94.5
93.5
Main deposits – Carruagem
6,182
2.97
500.0
15.0
90.0
94.5
93.5
Secondary areas – Queimada
6,182
2.97
500.0
15.0
90.0
94.5
93.5
Ore Reserve below infrastructure
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
AGA Mineração – Lamego
Proved
Probable
0.26
2.78
0.71
0.02
Total
0.26
2.78
0.71
0.02
All the underground Ore Reserve below infrastructure needs primary development to be accessed. The Ore Reserve below infrastructure is
that Ore Reserve below Level 5 at the Queimada orebody.
Year-on-year changes in Ore Reserve
AGA Mineração – Lamego
Total (Moz)
0.14
0.13
0.12
0.11
0.10
0.09
0.08
0.07
0.06
After depletion, offset by exploration additions, the Ore Reserve for Lamego remained the same year-on-year.
0.12
(0.04)
0.04
0.00
0.00
(0.00)
(0.00)
0.00
0.00
0.00
0.00
0.12
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
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Ore Reserve sensitivity
AGA Mineração – Lamego
10
5
0
-5
-10
-15
-20
1,100
1,200
Ore Reserve price ($/oz)
Tonnes                 Ounces                Grade
1,300
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Henrique Vigario
MAusIMM
329 310
15 years
BSc (Geology), Postgraduate
Certificate (Geostatistics)
Ore Reserve
Rodolfo Reis
MAusIMM
323 402
10 years
MEng (Mining Engineering)
The Lamego Ore Reserve is very sensitive to a reduction in
the Ore Reserve gold price with a 9% downside in ounces,
and is less sensitive to an increase in gold price (4% upside
in ounces).
Percentage
change
Logging
drill hole
core at
Lamego
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SERRA GRANDE
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Introduction
Property
description
Mineração Serra Grande (MSG or Serra Grande) is wholly owned by AngloGold Ashanti and is located in the
northwest of Goiás State, central Brazil. It operates three underground and two open pit mines.
Location
History
Legal aspects
and tenure
Mining method
Serra Grande is located 5km south of the town of Crixás, 420km from the Brazilian capital, Brasília and
approximately 350km from the state capital of Goiás, Goiánia. Employing 1,120 persons in this largely rural area
means that mining is the principal economic activity in the region.
Exploration began in 1973 with a phase of detailed mapping and DD, which continued until 1976. The mining
operation started up in 1986 in Mina III and the metallurgical plant start-up was in 1989. Serra Grande production
peaked at 193kozpa in 2006, supported by high-grades. In 2009, the metallurgical plant was expanded to
1.3Mtpa to compensate for a declining grade-profile and in 2012 AngloGold Ashanti acquired the 50% stake that
belonged to the Kinross Group.
Serra Grande has interests or agreements over 25,719.94ha in the Crixás greenstone belt through a series of
ANM mining leases and exploration permits. The mining concessions include:
002.286/1935, covering an area of 4,206.88ha
960.658/1987, covering an area of 1,946.89ha
860.746/2005, covering an area of 88.28ha
862.103/1994, covering an area of 125.41ha
804.366/1975, covering an area of 196.05ha
All concessions are currently active, in good legal and operational standing, and free of liabilities and/or major
obligations. According to Brazilian mining law, the expiry of claims, licences, and other tenure rights coincide with the
depletion of Ore Reserve, cessation of mining operations and legally required post-operational activities (such as
mine closure), provided all annual reports have been approved by the ANM.
A new Brazilian mining code is currently under discussion, however, it is not anticipated to change the company’s
rights, which are already established.
The Serra Grande operation comprises three underground mines, namely Mina III (including orebody IV, V and
Ingá), Mina Nova (including Pequizão orebody) and Mina Palmeiras. The open pits mine the outcrop of Mina III
Inferior and Structure IV zones, and Pequizão. Three mining methods are used underground: sub-level stoping
(bottom-up and top-down), cut and fill, and room and pillar. The open pits use standard drill and blast, followed
by truck load and haul.
Operational
infrastructure
Serra Grande operates a single TSF, which will support the LOM production and has government
environmental licensing in place. The water used in metallurgical processing comes from the underground
mines. The state road GO-337 passes close to the operation providing access for logistics. The power for the
mine is supplied and purchased in the open market (grid electricity) and diesel self-generation.
Mineral
processing
The metallurgical plant has the capacity of 1.5Mtpa, combining CIL and gravimetric circuits. The ore is blended
to feed the crushing circuit which has a capacity of 4,100tpd. There are two mills in operation, and 20 leaching
tanks with a capacity of 4,800m3
divided between preliming and cyanidation stages. Approximately 58% of gold
is captured in the parallel gravity circuit. The rest of the gold is recovered by the CIL process to form the doré
that is sent to the Nova Lima refining process.
Risks
There is no significant risk or uncertainty in the Mineral Resource and Ore Reserve estimate at Serra Grande.
An independent external Mineral Resource and Ore Reserve audit was undertaken in 2021 by SRK Consulting
and found no significant flaws in process or output. Certificates of sign-off have been received to state that the
Mineral Resource and Ore Reserve estimates are reported in accordance with the SAMREC Code.
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SERRA GRANDE CONTINUED
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Map showing the location, infrastructure and mining licence area for Serra Grande, 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 UTM coordinate system.
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Legend
Underground mining works
and infrastructure
Open pit
SERRA GRANDE CONTINUED
Americas
Map showing underground and open pit workings at Serra Grande
Geology
The Serra Grande gold deposits are hosted in a typical
greenstone belt sequence. Two main deformational events have
been identified in the region. The first one, a thrusting event
(D1 from west to east), developed with irregular thrust ramp
geometry. This event was responsible for stacking and inverting
the stratigraphic sequences.
The second event (D2) was the thrusting of the Santa Terezinha
sequence over the Crixás greenstone belt, folding the rocks (F2)
and generating the structural controls for gold mineralisation,
generally parallel to the fold axis.
Deposit type
The Serra Grande gold deposit is an orogenic mesothermal
deposit, associated with the development of shear zones that
belong to the Upper Archaean Crixás Group.
Gold mineralisation is associated with metasediments and
metavolcanics from the Ribeirão das Antas and Rio Vermelho
formations respectively. The Crixás greenstone belt is
surrounded by granitic gneiss terrains from the Ribeirão das
Antas and Caiamar complexes and metasedimentary rocks
from the Santa Terezinha Group, which is part of the Goiás
magmatic arc.
Mineralisation style
The mine is in the Crixás greenstone belt sequence, in the central
portion of Brazil, and the main host rocks are metasedimentary
sequences associated with metavolcanic basic rocks.
Mineralisation at Serra Grande is associated with quartz veins
and massive-to-disseminated sulphides in metasedimentary,
metavolcanoclastic and metabasalt rocks, with differing degrees
of hydrothermal alteration developed over orogenic stacked
thrust layers (duplexes).
Mineralisation characteristics
Geometry of the mineralised deposits is typically complex with
pinch-and-swell, and folded and boudinage shapes, dipping
between 10° and 25° with the greatest continuity along northwest
plunging structures (azimuth 290°).
The mineralisation is hosted in four main domains called structures:
Structure II, III, IV and Palmeiras. These occur as stacked lenses,
generally concentrated in the same high deformation positions (with
folds and disruptions) within the structures.
In Structure III, the mineralisation is in quartz veins that are
hosted in carbonaceous schists, where gold grades of up to 8g/t
can be found. Mina III (inferior zone) and Ingá are typical of this.
This structure is also associated with massive and disseminated
sulphides (mainly pyrrhotite and arsenopyrite) that occur in a
sequence of hydrothermally altered schists, commonly named
superior zones. Other mineralisation includes arsenopyrite
associated with quartz as veinlets in carbonaceous metapelite.
In Structure IV, the mineralisation consists of quartz veinlets and
disseminated sulphide (pyrrhotite) hosted in graphite schists at
Pequizão. The mineralised zones are hosted in sericite and chlorite
schists with massive and disseminated sulphide concentrated
in folded zones. The ore shoots plunge to the northwest and dip
variably between 6° and 35°. The Palmeiras structure is associated
with hydrothermal alteration of meta-basalts, with sericite, chlorite,
carbonate, and massive sulphides (pyrrhotite).
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SERRA GRANDE CONTINUED
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Plan view of the underground orebodies at Serra Grande (top), with sections across the individual orebodies (bottom
four sections), elevation in metres below surface*
* Surface is approximately 400m AMSL
Exploration
In 2021, 253koz of Mineral Resource additions, at an average cost
of $25/oz, occurred through the drilling of 58,000m of DD. This
resulted in the discovery of the Angicao orebody which is hosted
in carbonate graphitic schists at Structure III close to Pequizão
open pit.
Target generation exploring in the S2 corridor for Ingá and Corpo
IV extensions confirmed the potential of new ore lenses down-
dip of these high-grade orebodies. Searches for an extension or
parallel structures are ongoing.
The 2021 Mineral Resource addition resulted from drilling to a grid
of 100 x 50m which delivered primarily Inferred Mineral Resource.
Legend
Structure Palmeiras
Structure IV
Structure III Inferior zone
Structure III Superior zone
B
D
H
A
F
C
E
G
800m
A
B
C
D
0
-100
-500
-400
2,400m
Mina Nova
-1,000
2,400m
Pequizão / Ingá
E
F
G
H
-500
-500
-1,000
-1,000
2,400m
Mangaba
2,400m
Mina III
Mina Nova
Pequizao
Goiabeira
Mangaba
Flamboyant
Corpo 3,5
Corpo IV
Sucupira
Inga
Corpo XI
Forquilha
Corpo A
Palmeiras Norte
Dona Tereza
Mina III
Corpo V
Corpo Sul
Urucum
Palmeiras
Palmeiras Sul
Mina Nova
Goiabeira
Mangaba
Flamboyant
Pequizao
Baru
Corpo XI
Inga superior zone
Inga inferior zone
Corpo IV
Corpo A
Corpo 3,5
Mina II - inferior zone
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Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Measured
10 x 10, 20 x 10
Indicated
25 x 25, 40 x 20, 40 x 40,
50 x 20
Inferred
50 x 100, 100 x 50
Grade/ore control
2 x 2, 10 x 10
DD and RC drilling are used predominantly for Measured, Indicated and Inferred Mineral Resource classification at Serra Grande. Channel
sampling is used for grade control as well as for Measured and Indicated Mineral Resource classification.
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Mina Nova
Measured
0.70
2.89
2.02
0.06
Indicated
1.77
2.62
4.65
0.15
Inferred
1.71
2.86
4.88
0.16
Total
4.18
2.76
11.55
0.37
Mangaba
Measured
0.05
2.29
0.11
0.00
Indicated
0.67
3.63
2.42
0.08
Inferred
3.17
2.71
8.60
0.28
Total
3.89
2.86
11.13
0.36
Mina III
Measured
2.75
3.19
8.80
0.28
Indicated
4.11
2.74
11.28
0.36
Inferred
6.93
2.47
17.11
0.55
Total
13.80
2.69
37.18
1.20
Palmeiras
Measured
0.48
2.75
1.31
0.04
Indicated
0.78
2.66
2.07
0.07
Inferred
0.65
3.05
2.00
0.06
Total
1.91
2.82
5.37
0.17
Palmeiras Sul
Measured
0.06
3.12
0.19
0.01
Indicated
0.26
3.27
0.85
0.03
Inferred
1.22
3.84
4.70
0.15
Total
1.54
3.72
5.73
0.18
Pequizão
Measured
1.22
2.50
3.04
0.10
Indicated
2.72
2.44
6.64
0.21
Inferred
2.15
2.40
5.17
0.17
Total
6.08
2.44
14.85
0.48
Cajueiro
Measured
Indicated
Inferred
1.78
2.18

3.86

0.12
Total
1.78
2.18
3.86
0.12
Ingá
Measured
0.67
3.49
2.35
0.08
Indicated
1.87
3.58
6.68
0.21
Inferred
2.80
3.10
8.69
0.28
Total
5.34
3.32
17.72
0.57
Open pit
Measured
1.57
3.16
4.96
0.16
Indicated
1.18
3.24
3.84
0.12
Inferred
0.89
2.81
2.49
0.08
Total
3.64
3.10
11.29
0.36
Stockpile
Measured
Indicated
Inferred
0.03

1.53

0.04

0.00

Total
0.03
1.53
0.04
0.00
Serra Grande
Total
42.18
2.81
118.74
3.82
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Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
SERRA GRANDE CONTINUED
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The geological model is created considering the ore assemblage
of rocks and minerals (quartz alteration, sulphides in the specific
group or rocks and structures that do contain gold, and a mining
thickness which is the size of the sample, between 0.5 and 1m).
Geostatistical methods are applied to the geological models to
estimate the grade.
Estimation
Grade estimation is performed by ordinary kriging using DD, RC
drilling and channel samples from the Serra Grande database.
All search distances are based on variographic studies for each
orebody or structure. Classification is done through a combination
of conditional simulation and sample spacing studies.
Grade tonnage curves
Serra Grande
Surface (metric)
0
3
4
2
6
8
10
1
5
7
9
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
20
18
16
14
12
10
8
6
4
2
Serra Grande
Underground (metric)
0
2
3
1
4
5
7
9
6
10
8
41
36
31
26
21
16
11
6
1
12
10
8
6
4
2
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Serra Grande
Measured
5.74
3.08
17.65
0.57
Indicated
10.92
2.67
29.14
0.94
Inferred
21.22
2.70
57.22
1.84
Total
37.88
2.75
104.00
3.34
At Serra Grande the exclusive Mineral Resource is distributed through the majority of orebodies and consists of:
Inferred Mineral Resource within the operating mines, partially upgraded through infill drilling guided by the production plan.
That portion of the Mineral Resource that is not currently economically feasible at the Ore Reserve price.
That portion of the Mineral Resource that requires economic studies.
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Serra Grande
Measured
0.94
3.31
3.12
0.10
Indicated
4.46
3.38
15.08
0.48
Inferred
10.37
2.89
29.95
0.96
Total
15.77
3.05
48.16
1.55
The majority of Inferred Mineral Resource is below infrastructure. In addition, some Indicated and Measured Mineral Resource from Ingá,
Palmeiras, Pequizão and Mina III orebodies are also below infrastructure.
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Fire
assay at
Serra Grande
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SERRA GRANDE CONTINUED
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3.0
3.5
4.0
4.5
5.0
0.00
(0.08)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
0.00
(0.02)
0.00
(0.12)
0.50
(0.15)
3.69
0.00
3.82
Ounces
(millions)
Serra Grande
Total (Moz)
Year-on-year changes in Mineral Resource
Exploration additions occurred at Ingá, Mina III, Mangaba and Angicao offset by minor changes in methodology and cost increases as well
as geotechnical exclusions.
Inclusive Mineral Resource sensitivity
The Mineral Resource is sensitive to changes in the Mineral
Resource price. There is a 3% upside in ounces at a higher
Mineral Resource price and a 5% downside in ounces at a
lower Mineral Resource price.
Serra Grande
Percentage
change
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,300
1,700
1,500
8
4
0
-4
-8
-12
Aerial
view of
open pit
mining at
Serra Grande
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SERRA GRANDE CONTINUED
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Ore Reserve
Ore Reserve
Mina Nova
Proved
0.25
2.47
0.61
0.02
Probable
0.28
2.04
0.57
0.02
Total
0.53
2.24
1.18
0.04
Mina III
Proved
0.97
3.19
3.08
0.10
Probable
0.48
3.16
1.52
0.05
Total
1.45
3.18
4.60
0.15
Palmeiras
Proved
0.07
2.58
0.19
0.01
Probable
0.30
2.22
0.67
0.02
Total
0.37
2.29
0.86
0.03
Palmeiras Sul
Proved
0.01
2.36
0.03
0.00
Probable
0.08
3.51
0.29
0.01
Total
0.09
3.35
0.32
0.01
Pequizão
Proved
0.30
2.08
0.62
0.02
Probable
0.29
2.17
0.64
0.02
Total
0.59
2.12
1.26
0.04
Ingá
Proved
0.15
1.96
0.30
0.01
Probable
1.10
3.51
3.88
0.12
Total
1.26
3.32
4.17
0.13
Open pit
Proved
1.51
2.36
3.56
0.11
Probable
0.54
2.28
1.23
0.04
Total
2.05
2.34
4.80
0.15
Stockpile
Proved
Probable
0.03
1.53
0.04
0.00
Total
0.03
1.53
0.04
0.00
Serra Grande
Total
6.37
2.70
17.23
0.55
Estimation
Serra Grande Ore Reserve is estimated using the Mineral Resource
and by applying modifying factors based on historic performance.
The Ore Reserve gold price, projected operational performance
and costs, as well as metallurgical recoveries, are taken into
consideration in determining the Ore Reserve.
The open pit Ore Reserve shell optimisations were run on the
Mineral Resource models. The process incorporated the mining
layout, minimum width, MCF, operating factors (dilution, recovery),
stripping ratio, relevant cut-off grades and modifying factors for
reporting the Ore Reserve.
A cut-off grade analysis at $1,200/oz was used to determine a full
grade ore stope grade of 2.00g/t for the underground mine.
Underground stope designs were updated from the previously
reported Ore Reserve using the latest Mineral Resource models.
Modifying factors for planned and unplanned rock dilution and ore
loss were applied to obtain the reported Ore Reserve.
Metallurgical, environmental, social, legal, marketing and
economic factors were adequately considered at the Serra Grande
mines, and have been updated as the project has developed.
At Serra Grande no Inferred Mineral Resource has been used in the
Ore Reserve design or optimisation process. This is a change from
2020 where Serra Grande reported the amount of Inferred Mineral
Resource in the business plan rather than the Ore Reserve plan.
This has caused a large change in the quoted Inferred Mineral
Resource in the Ore Reserve plan for 2021.
A conveyor
belt carrying
ore at the
Serra Grande
processing
plant
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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0.63
(0.08)
0.02
(0.02)
0.00
(0.02)
(0.00)
0.00
0.03
0.00
0.00
0.55
SERRA GRANDE CONTINUED
Americas
Ore Reserve modifying factors
MRF
Gold     Exchange
Cut-off
Stoping
RMF
RMF      (% based
MRF
as at
price
rate
grade
width
Dilution
(% based      (% based
on     (% based
MCF
MetRF
31 December 2021
$/oz
$/BRL
g/t Au
cm
% on tonnes)
on g/t)
tonnes)
on g/t)
%
%
Mina Nova
1,200
5.15
2.00
400.0
12.5
100.0
100.0
95.0
100.0
95.0
93.0
Mina III
1,200
5.15
2.00
180.0
21.0
100.0
100.0
86.0
100.0
95.0
93.0
Palmeiras
1,200
5.15
2.00
180.0
21.0
100.0
100.0
86.0
100.0
95.0
93.0
Palmeiras Sul
1,200
5.15
2.00
180.0
21.0
100.0
100.0
86.0
100.0
95.0
93.0
Pequizão
1,200
5.15
2.00
180.0
21.0
100.0
100.0
86.0
100.0
95.0
93.0
Ingá
1,200
5.15
2.00
180.0
21.0
100.0
100.0
86.0
100.0
95.0
93.0
Open pit
1,200
5.15
0.41
100.0
17.5
100.0
100.0
100.0
100.0
95.0
93.0
Ore Reserve below infrastructure
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Serra Grande
Proved
0.51
2.14
1.09
0.04
Probable
2.02
3.19
6.44
0.21
Total
2.53
2.98
7.54
0.24
The Ore Reserve below infrastructure is the Ore Reserve below the main decline and inter-levels.
Year-on-year changes in Ore Reserve
Serra Grande
Total (Moz)
0.8
0.7
0.6
0.5
0.4
0.3
0.2
The net decrease was due to depletion, cost changes and some revisions to methodology.
Ore Reserve sensitivity
Serra Grande
8
6
4
2
0
-2
-4
-6
-8
-10
-12
1,100
1,200
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,300
The Serra Grande Ore Reserve is sensitive to a reduction
in gold price and less sensitive to an increase in gold price.
There is a 3% upside in ounces at a higher Ore Reserve price
and a 7% downside in ounces at a lower Ore Reserve price.
Percentage
change
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
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SERRA GRANDE CONTINUED
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Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Marcelo Campos
MAusIMM
328 667
16 years
BA (Geology), MSc, MBA
Ore Reserve
Thiago Teixeira
MAusIMM
336 093
12 years
BEng (Mining), MBA
Development
drilling
rig
underground
at Serra
Grande
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Medellin
1
2
Quibdó
3
Cali
Bogotá
Ibagué
Project
0
200km
COLOMBIA
Legend
Gramalote (50%)
(1)
1
2
Quebradona
3
La Colosa
(1)
Gramalote is managed by B2Gold
COLOMBIA
AMERICAS
AngloGold Ashanti Colombia has three greenfields
projects: La Colosa, Quebradona and Gramalote.
The Gramalote joint operation (AngloGold Ashanti, 50% and
B2Gold, 50%) is situated in the Department of Antioquia, 124km
northeast of Medellin and is currently managed by B2Gold.
Nuevo Chaquiro, wholly owned by AngloGold Ashanti, is a
significant copper-gold porphyry located within the Quebradona
project. The Quebradona project is situated in the Middle Cauca
region of Colombia, in the Department of Antioquia, 60km
southwest of Medellin
The wholly owned La Colosa project is currently under force
majeure
until the necessary environmental permits are issued.
As at December 2021, the gold Mineral Resource (inclusive of
Ore Reserve) for Colombia was 38.4Moz (2020: 38.5Moz) and
Ore Reserve was 4.3Moz (2020: 4.2Moz). The copper Mineral
Resource for Colombia was 9,384Mlb (2020: 9,677Mlb) and Ore
Reserve was 3,250Mlb (2020: 3,105Mlb).
Gold
Inclusive Mineral Resource
Exclusive Mineral Resource
Ore Reserve
8.3
1.4
8.3
0.5
Moz
28.7
Moz
25.1
4.3
Moz
Measured
Indicated
Inferred
Measured
Indicated
Inferred
Probable
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Copper
Inclusive Mineral Resource
Exclusive Mineral Resource
684
Ore Reserve
3,231
Mlb

2,218
Measured
Indicated
Inferred
Measured
Indicated
Inferred
3,250
Probable
1,814
3,231
Mlb
4,338
Mlb
La Colosa 1
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Introduction
Property
description
Gramalote is a joint operation between AngloGold Ashanti (50%) and B2Gold (50%), with B2Gold being the
operator, through the managing company Gramalote Colombia Limitada. The project’s Mineral Resource
comprises ounces from three orebodies, namely Gramalote Central, Monjas West (also referred to as Monjas),
and Trinidad.
The property is currently an exploration stage project with no Ore Reserve declared.
Location
The Gramalote property is located near the towns of Providencia and San Jose del Nus within the municipality
of San Roque in northwest Department of Antioquia, Colombia. It is approximately 230km northwest of
the Colombian capital of Bogota and 124km northeast of Medellin, which is the regional capital of the
Antioquia Department.
History
The region encompassing Gramalote has a long history of artisanal gold mining. Gramalote itself has had
small-scale artisanal mining for several decades prior to exploration work and the discovery by AngloGold
Ashanti. Development of the Gramalote project commenced with a conceptual study in 2009. A number of
studies followed, leading to the submission of a PFS in late 2013 which at that stage did not meet AngloGold
Ashanti investment hurdles.
From 2014 to 2017, intensive work was undertaken by all technical disciplines to identify ways to improve the
project economics. The main changes were an improved orebody model, grade streaming to increase the feed
grade in the early years, and early treatment of oxide ore that overlies the main sulphide Mineral Resource.
An enhanced PFS report was completed in September 2017, which supported the reporting of a maiden Ore
Reserve on the JSE. In 2019, further geological refinement improved the project economics. The project has now
progressed to FS stage. An infill drilling campaign was launched in late 2019 and continued in 2020. With results
and further drilling still under review. Prior to 2020, AngloGold was the 51% holder of the joint operation and the
manager of the project, however with the 2019/2020 drilling programme, B2Gold earned a 50% shareholder
stake and also became the manager of the project.
Legal aspects
and tenure
Gramalote comprises one integrated exploitation concession and one exploration concession which was granted
in June 2019. The first, the 14292 concession totalling 8,720.71ha, expires on 3 April 2043 and contains the
Gramalote and Monjas anomalies. The second is the 4894 concession which is 2,279.32ha and hosts the Trinidad
anomaly. This concession was granted on 12 June 2019 and has an overall duration of 25 years.
In 2016, the project received its environmental permit from Colombia's National Environmental Licensing
Authority (ANLA), and its construction permits from the Secretary of Mines, in order to operate for the LOM.
Both permits are associated to the concession 14292, pending the resettlement of communities and the formal
start of construction activities.
According to Colombian mining law, the exploration phase begins as soon as the concession contract is
registered in the National Mining Registry. The total period for the concession contract (exploration, installation
and construction, and exploitation) is 30 years, which may be renewed for an additional 20-year period. Under
Colombian mining law, producing mines are subject to a federal royalty of 4% on 80% of the value of gold and silver
production. Thus Gramalote’s net royalty is 3.2% on gold and silver production.
Mining method
Gramalote is a surficial low-grade gold deposit suitable to be operated as a conventional open pit truck and
shovel operation. Standard open pit mining equipment has been selected, with conventional drilling, blasting,
loading and hauling using a combination of large-scale hydraulic shovel or excavator and rigid body dump trucks.
The material mined would be transported to be either tipped directly into the crusher or stockpiled at the ROM
stockpile to be fed or treated later. A PFS concluded that the project is suitable to be mined as a conventional
open pit, with a strip ratio of approximately 2.5:1, and an average mining rate of 47Mtpa (max 60Mtpa). The LOM
is estimated at 14 years (plus one year of pre-stripping).
Operational
infrastructure
Key infrastructure planned includes: a TSF, waste rock facility, site water management, a creek diversion, roads
and bridges, central workshop, offices and camp, and a process plant. Power is expected to be supplied from
the national power grid. Access is through a national road.
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Introduction continued
Mineral
processing
A range of treatment options for sulphide ore were investigated in previous studies, including whole ore leaching,
heap leaching and a float leach process. The float leach process was selected as offering much better economics.
While the metallurgical design may change in the enhanced FS, the PFS design is as follows:
Processing by two parallel semi-autogenous grinding streams, one treating 11.3Mtpa of sulphide ore and the
other 4.1Mtpa of oxide ore, switching to sulphide once the oxide is exhausted
Gold recovery post milling by flotation and concentrate leach in two separate circuits for sulphides and oxides
Conventional tailings deposition
Risks
The low-grade Inferred Mineral Resource estimate has low confidence and therefore represents a high-risk
part of the Mineral Resource estimate due to the broad drill spacing. As a risk mitigation action, grade control
test blocks were drilled to confirm short-scale continuity, mineralisation geometry and geological contacts. In
November 2019 a 40,000m drilling programme commenced across the anomalies to reduce risk and verify
projected upside. The results of this became available during 2021, and as a result additional specific areas were
targeted for supplementary drilling. The results to this latest drilling is expected in quarter one of 2022 which will
be used to update the Mineral Resource model and the economic studies for the project.
Poor digitising practices by the Colombian authorities of the 11 original licences that make up the main mining
licence concession (14292), have created slithers of open ground that cross the Gramalote deposit. These
have been claimed by a third party (Zonte Metals). While AngloGold Ashanti believes that Zonte does not have
a valid claim, Zonte is proceeding with legal action against the Secretaria de Minas (Secretary of Mines) for the
Department of Antioquia, for not titling an exploration application for the open ground.
A number of Ore Reserve estimate risks or uncertainties have been recognised, all of which have detailed risk
mitigation strategies in place, including:
Artisanal miners within the project footprint area that are being formalised at arm's length using Government
agencies that guide, fund and regulate their activities
The 2018 baseline study identified 271 social economic units that may have to be relocated and resettled
The land acquisition process has been successful. A total of ~3,132ha has been acquired (63.6%), 567ha in
promise of sale, and 635ha under special acquisition process. The total land pending to be acquired amounts
~590ha (12%)
Geology
The Gramalote property is located in the northern portion of
Colombia’s Central Cordillera. The terrain is completely underlain
by medium to coarse-grained biotite hornblende tonalite and
granodiorite of the Cretaceous Antioquia Batholith.
Drilling within an extensive mineral tenement block of some
11,000ha (exclusively retained under licence by the joint operation)
identified three distinct mineral deposits: Gramalote Central,
Trinidad, and Monjas West. These all have similar mineralisation
and alteration styles, with vertical to sub-vertical mineralised zones
extending from tens of metres to over 200m, with variable lengths
up to 1km, and extending to depths of several hundreds of metres.
Deposit type
Gramalote is a pluton-related, mesothermal gold deposit genetically
related to the host intrusion. The alteration and mineralisation
are structurally controlled, restricted to small halos along veins,
sheeted veins and stockwork arrays with sulphide content being
less than 5%. Observations indicate that the alteration of the host
rock is directly related to fluids evolved from the cooling pluton
resulting in pegmatites, aplites and K-feldspar alteration.
Mineralisation style
Mineralisation is controlled by northeast to southwest trending
strike-slip shear zones, north-northwest to south-southeast
trending extensional shear zones and dilational fractures. Gold
mineralisation is associated with stockwork veining and in
particular quartz with fine pyrite veins, quartz-carbonate veins, and
quartz with coarse pyrite veins.
Alteration occurs as both broad zones and narrow selvedges
around veins. The intensity of the alteration is directly related to
both the frequency of veins and their size. The wider the vein,
the wider the alteration selvedge, ranging from a few millimetres
around isolated veinlets to tens of centimetres around thick veins.
In zones of stockwork, or where several veins are close enough to
merge their selvedges, the alteration halo is wider. The potassic
alteration event is associated with Type I and Type II veins and it
is characterised by a selvedge of K-feldspar with disseminated
pyrite. The white-mica event is characterised by a less pervasive
distribution than the potassic event and it is restricted to
selvedges of a few centimetres wide around the Type III veins
(quartz, calcite, white mica, pyrite and chalcopyrite). It is not
associated with wide veins, and it does not carry high gold grades.
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Mineralisation is closely linked to alteration and is therefore
structurally controlled. The mineralisation is vein hosted,
either in sheeted veins or in local stockworks. Three stages
of mineralisation are identified and associated with vein and
alteration types:
Quartz-calcite-pyrite is an assemblage of fine-grained quartz
and calcite with very fine-grained pyrite. This vein type generally
does not contain gold.
Quartz-pyrite-chalcopyrite gold is the most important
gold host, typically associated with K-feldspar (potassic)
selvedges where gold occurs within fractures in pyrite, along
with chalcopyrite.
Quartz-calcite-white mica selvedges where veining is commonly
barren but can show moderate gold grades (up to 20g/t).
Mineralisation characteristics
Gold mineralisation is associated with three overprinting, texture
destructive, alteration assemblages including potassic, quartz-
sericite and sericite-carbonate. Within these alteration zones,
anomalous gold mineralisation is associated with three specific
types of stockwork quartz veining. These include quartz veinlets
with fine-grained pyrite, quartz-carbonate veinlets and quartz
veinlets with granular pyrite. The saprolite (oxide) and saprock
(transition) portions of the deposit constitute a small percentage
of the mineralisation. Saprolite thickness is variable from 5 to 30m
with an average thickness of 15m.
Petrographic work indicates the gold occurs as five to 20 micron-
sized particles associated with fractures and inclusions within pyrite
and cavities associated with sulphosalts (aikinite (PbCuBiS3) and
matildite (AgBiS2)). The silver to gold ratio is approximately 1:1.
Map showing Gramalote project planned 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 planned pit, are depicted on the map and are
in the UTM coordinate system.
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Legend
Soils
Saprolite
Saprolitised rock
Acid dykes
Veins and veinlets
Diorite
Tonalite – Granodiorite
NW
SE
800
700
600
500
400
250m
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NW-SE Geological cross-section through Gramalote Central pit, elevation in metres AMSL
Exploration
Exploration by AngloGold Ashanti between 2003 and 2007
comprised both regional exploration programmes as well as
DD in the main Gramalote Central area. Surface mapping and
rock and soil sampling identified an exploration target extending
over an area of more than 1km2 centred around Gramalote
Ridge. This mineralisation is contained within numerous tens-
of-metre sized, structurally-related corridors which commonly
contain mineralisation exceeding 1g/t gold. Regional exploration
programmes involving infill soil geochemistry, surface trenching,
and mapping and sampling, were carried out on several targets
adjacent to Gramalote Ridge.
Highlights from the exploration work to date on the Gramalote
property include the declaration of a Mineral Resource in 2007
and an Ore Reserve in 2017, as well as encouraging drill results
from the outside targets which indicate the potential for a larger
Mineral Resource.
Exploration drilling has been carried out on six drill targets located
within 4km of the current Gramalote Central Mineral Resource
including Monjas West, Trinidad, Topacio, Monjas East, La
Maria and El Limon, with the aim of adding new Inferred Mineral
Resource. All of these targets have similar geological, alteration
and mineralisation characteristics to Gramalote Central. Prior to
2019, a total of 169km of drilling had been done on the lease of
which 108km was in the main Gramalote deposit, and 32km in the
satellite deposits of Trinidad and Monjas West. During the 2020
drilling exercise, a further 50km of drilling took place, 44.6km in
Gramalote main and 5.5km in the satellite deposits.
A total of 11,380m of sterilisation drilling was carried out from
2012 to 2017 to confirm the absence of potential mineralisation in
areas where key infrastructure is located. Key locations sterilised
are the tailings dam, waste dumps as well as La Maria and San
Antonio plant site locations. No significant mineralisation was
identified in these areas. In addition to this, an extensive RC drilling
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campaign was conducted to validate the UC estimation technique
and completed approximately 14,000m of RC drilling on Gramalote
Hill (180 drill holes drilled at an average depth of ~80m). The
drilling was done on three platforms of approximately 200 x 100m
each, on a drilling pattern of 12.5 x 12.5m (spacing simulates a
grade control block that might be used during the mine operation).
This 2020 drilling campaign was modelled and consequently, a
drilling programme was launched in 2021.
The results to the latest drilling is expected in the first quarter of
2022 which will be used to update the Mineral Resource model
and the economic studies for the project.
Projects
A successful PFS was completed in 2017, which supported
the reporting of a maiden Ore Reserve. A SAMREC Table 1 was
compiled in 2017 and can be found on the company’s website.
Additional optimisation studies were undertaken in 2019 and
drilling at the main Gramalote deposit to support an updated
FS commenced in late 2019 and ran into 2020. As a result of
the study, additional exploration has been launched with the
conclusion of the FS awaiting the completion of the drilling.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Measured
Indicated
50 x 50
Inferred
100 x 100
Grade/ore control
12.5 x 12.5
The classification of the Mineral Resource was done by AngloGold Ashanti’s internal 15% error with 90% confidence rule using conditional
simulation.
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Gramalote Central (oxide)
Measured
Indicated
3.42
0.60
2.06
0.07
Inferred
6.48
0.55
3.55
0.11
Total
9.90
0.57
5.60
0.18
Trinidad (oxide)
Measured
Indicated
Inferred
8.99
0.55
4.91
0.16
Total
8.99
0.55
4.91
0.16
Monjas West (oxide)
Measured
Indicated
Inferred
2.67
0.51

1.37

0.04
Total
2.67
0.51
1.37
0.04
Gramalote Central (sulphide)
Measured
Indicated
77.87
0.76
59.09
1.90
Inferred
15.86
0.58
9.13
0.29
Total
93.73
0.73
68.21
2.19
Trinidad (sulphide)
Measured
Indicated
Inferred
17.56
0.41

7.27

0.23
Total
17.56
0.41
7.27
0.23
Monjas West (sulphide)
Measured
Indicated
Inferred
11.02
0.57

6.32

0.20
Total
11.02
0.57
6.32
0.20
Gramalote
Total
143.87
0.65
93.69
3.01
A price of $1,400/oz was used for the Gramalote Mineral Resource.
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Estimation
For the 2017 PFS, results from approximately 145,000m of drilling
(87,900m at Gramalote Central, 11,250m at the Trinidad area
and 17,850m at Monjas West area) were used to support the
estimation of the Mineral Resource. Mineral Resource modelling
was performed using a geological model based on alteration, vein
abundance and gold grade. Assay gold grades were composited
to 2m down-hole intervals and outliers were capped based on
the distribution observations using probability plots for each
estimation domain. LUC was used to estimate block grades and
quantify the effect of selective mining.
Grade tonnage curve
Gramalote
Surface (metric)
400
350
300
250
200
150
100
50
0



2.75
2.50
2.25
2.00
1.75
1.50
1.25
1.00
0.75
0.50
0.25
0.00
0.0
0.4
0.8
1.2
1.6
1.8
1.9
0.2
0.6
1.0
1.4
As drill assays are still pending for some of the drilling completed
in 2021, the Mineral Resource model update is not yet complete
and hence it has not yet been incorporated into the Mineral
Resource statement which continues to use the 2017 AngloGold
Ashanti PFS model.
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Tonnes
above
cut-off
(millions)
Average grade
above cut-off
(g/t)
Geological
drilling at
Gramalote Central
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3.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.01
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Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Gramalote
Measured
Indicated
10.32
0.57
5.93
0.19
Inferred
62.59
0.52
32.55
1.05
Total
72.91
0.53
38.48
1.24
The exclusive Mineral Resource includes the Gramalote Central, Trinidad and Monjas West Inferred Mineral Resource and a portion of the
Indicated Mineral Resource not included in the Gramalote Central designed pit but still held within the Mineral Resource shell.
Year-on-year changes in Mineral Resource
Gramalote
Total (Moz)
3.05
3.00
2.95
No changes compared to 2020.
Inclusive Mineral Resource sensitivity
Gramalote
10
5
0
-5
-10
-15
1,200
1,400
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,600
As a low-grade deposit, Gramalote is very sensitive to a
drop in the Mineral Resource gold price and less sensitive
to an increase in price. There is a 7% upside in ounces at a
higher Mineral Resource price and 9% downside in ounces
at a lower Mineral Resource price. The Mineral Resource
sensitivity uses the following gold prices of $1,200/oz,
$1,400/oz and $1,600/oz.
Percentage
change
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Acquisition/
disposal
2021
Overview of the Gramalote pit area
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Ore Reserve
Ore Reserve
Gramalote Central (oxide)
Proved
Probable
2.91
0.68
1.97
0.06
Total
2.91
0.68
1.97
0.06
Gramalote Central (sulphide)
Proved
Probable
59.55
0.87
51.63
1.66
Total
59.55
0.87
51.63
1.66
Gramalote
Total
62.46
0.86
53.60
1.72
Only Gramalote Central is considered for the Ore Reserve statement. The Ore Reserve statement continues to use the 2017 AngloGold
Ashanti PFS model as updates are yet to be completed.
Estimation
The Gramalote pit was designed based on input parameters supported on the PFS and includes all mining infrastructure. The design was
scheduled and financially modelled to obtain the Ore Reserve.
Ore Reserve modifying factors
as at 31 December 2021
Gold
price
$/oz
Exchange
rate
$/COP
Cut-off
grade
g/t Au
RMF
(% based
on tonnes)
RMF
(% based
on g/t)
MRF
(% based
on tonnes)
MRF
(% based
on g/t)
MCF
%
MetRF
%
Gramalote Central (oxide)
1,100
3,208
0.16
100.0
100.0
100.0
100.0
100.0
83.9
Gramalote Central (sulphide)
1,100
3,208
0.22
100.0
100.0
100.0
100.0
100.0
95.0
A price of $1,100/oz was used for the Gramalote Ore Reserve.
Inferred Mineral Resource in annual Ore Reserve design*
as at 31 December 2021
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Gramalote Central (oxide)
3.72
0.63
2.35
0.08
Gramalote Central (sulphide)
5.47
0.62
3.40
0.11
Total
9.19
0.63
5.75
0.18
* Inferred Mineral Resource including lower confidence material
With appropriate caution, a portion of the Inferred Mineral Resource was included in the business plan optimisation process. This
accounts for 10% of the Ore Reserve plan of 14 years. No Inferred Mineral Resource is considered in Ore Reserve reporting.
Year-on-year changes in Ore Reserve
Gramalote
Total (Moz)
1.9
1.8
1.7
1.6


No changes compared to 2020.
1.5
0.00
0.00
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
0.00
0.00
0.00
0.00
0.00
0.00
1.72
0.00
0.00
1.72
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t

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Ore Reserve sensitivity
Gramalote
6
4
2
0
-2
-4
-6
1,000
1,100
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,200
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Tom Gell
FAusIMM
211 795
30 years
BSc (Geology), BSc Hons (Geology)
Ore Reserve
Romulo Sanhueza
MAusIMM
211 794
24 years
BSc Eng (Mining)
Gramalote is insensitive to a change in the Ore Reserve gold
price. There is a 1% upside in ounces at a higher Ore Reserve
price and 1% downside in ounces at a lower Ore Reserve
price. The Ore Reserve sensitivity uses the following gold
prices of $1,000/oz, $1,100/oz and $1,200/oz.
Percentage
change
Aerial view
of the
Gramalote
pit area
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Introduction
Property
description
La Colosa is an exploration project that is wholly owned by AngloGold Ashanti. It is in its fifth year of force
majeure
and as a result the project is on hold.
Location
The project is located 150km west of the Colombian capital city, Bogota, and 30km west of the major town of Ibague,
which is the capital of the Tolima Department and the location of local government entities monitoring the project.
History
Mineralisation at La Colosa was discovered by AngloGold Ashanti’s Colombian greenfields exploration team in
2006. Drilling commenced in 2007 and a conceptual study was completed in 2008.
Legal aspects
and tenure
The EIG-163 mineral title with an area of 9,210 hectares underlies the La Colosa project. In March 2017, the
initial six adjacent concession contracts were integrated and AngloGold Ashanti signed the contract for an initial
term of 20-years. The ten years of exploration carried out before integration were deducted from the maximum
possible of 30 years. The new EIG-163 contract started in “Year 1” of exploration.
The EIG-163 mineral title is located in a forest reserve. A temporary forest subtraction permit must be obtained
to carry out exploration activities. The issuing of the permit has been delayed and a force majeure was
recognised and declared in 2017 by the National Mining Agency. Actual force majeure continues until June 2022.
The extension needs to be requested and justified on an annual basis. Meanwhile, the mineral title continues in
its first year of exploration. Only care and maintenance activities are carried out on site.
Mining method
The project is still under development and a number of options were being investigated before force majeure
was declared. Open pit mining (with potentially minor underground mining) is the preferred mining method. Initial
sensitivity studies for annual throughputs ranging from 6Mtpa to 26Mtpa have been carried out. Geotechnical
studies for pit designs are at advanced PFS level and pit hydrogeology is at an initial PFS level according to the
company standards. The earlier mining studies have used pit optimisations for different gold prices, however, did
not advance to more detailed open pit designs.
Operational
infrastructure
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 Ibague where geological and geotechnical logging are performed.
However, all work has stopped.
Mineral
processing
The project is currently at an early stage however flotation of sulphide ore is being considered as a
treatment option.
Risks
The La Colosa project is currently at an early project stage and has identified a number of possible technical
options all of which are capital intensive. The political risks associated with the mining industry in Colombia,
specifically in the Tolima Department, must also be considered in the estimation of the Mineral Resource. The
delineation of the Los Nevados Páramo by Resolution 1987 in November 2016 is considered a risk or uncertainty
to the Mineral Resource estimate and it is currently being contested. This puts 13.99Moz of Mineral Resource at
risk. The failure to grant environmental permits for site operations has hampered progress and it is the reason
that force majeure was accepted by the government.
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Map showing La Colosa project planned pit and licences. The coordinates of the mine, as represented by the pit, are
depicted on the map and are in the UTM coordinate system.
Geology
Deposit type
The porphyry gold deposit forms part of what is generally known
as the Middle Cauca Metallogenic Belt. The best known porphyry
(Cu-Au, Au-Cu, Au) and intermediate sulphidation Au-Ag deposits
in the Middle Cauca Metallogenic Belt are the Marmato and the
Buritica mining operations. Advanced exploration studies exist for
the Quebradona, the Titiribi, and the La Mina deposits.
The La Colosa porphyry complex consists of three intrusive
stages: the early, the intermineral, and the late-stage magmatic
event. The complex exceeds 3km2 in areal extent. The U-Pb

ages obtained range between 7.4 and 8.5Ma indicating the
emplacement of the early, intermineral and late intrusive porphyry
stocks occurred during a very short time span of about 1.1Ma. The
emplacement of the La Colosa and San Antonio porphyry stocks
caused contact metamorphism that transformed the proximal
country rocks into hornfels. Recent volcanism in the Central
Cordillera accounts for an ash cover varying between 0.5m and
15m thick. The source is the Cerro Machin stratovolcano, located
about 17 km to the east of the La Colosa project site.
Mineralisation style
The La Colosa porphyry gold deposit has nine defined broad
hydrothermal alteration assemblages: sodic-calcic alteration,
potassic alteration, quartz-sericite alteration, sericitic alteration,
chloritic alteration, propylitic alteration, intermediate argillic
alteration, silicification, and supergene argillic alteration. Eight
types of porphyry veinlets have been recognised: early biotite
veinlets, A-type veinlets, B-type veinlets, M-type veinlets, N-type
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Late stage (Tonalite and quartz
diorite porphyries)
Intermineral stage (I1,I2 diorite
porphyries and intrusive breccia
IBX)
Early stage (E0, E1, E2, E3
diorite porphyries and intrusive
breccias EBX1-EBX2 and
EBXDM)
Wallrock (Metasediments)
Wallrock ((Hornfels and contact
breccia (SBX))
Hydrothermal breccias
Contact breccia
Late diorite porphyry
Drill holes
LA COLOSA CONTINUED
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veinlets, AC-type veinlets, S-type veinlets, and D-type veinlets The
veinlets occur in the early, intermineral and late porphyries, as
well as in the schistose wall rock. In addition, there are veinlets
representing a younger, late or post-porphyry event. Gold occurs
predominantly as native gold, as electrum, and in minor quantities
as gold tellurides and gold-silver tellurides. Gold occurs as isolated
grains and as inclusions or fracture fillings in pyrite, pyrrhotite, and
silicate minerals such as feldspar and quartz.
Mineralisation characteristics
At the La Colosa project, three gold mineralising events
have been observed. The first gold event (porphyry event) is
associated with the magmatic pulses of the intrusive complex.
The early intrusive porphyries and early intrusive breccias show
gold grades ranging from 0.75 to 1.0g/t. A-type and S-type
veinlets are abundant and potassic alteration is the common
alteration type. The second gold mineralisation event is
associated with the N-trending extensional faults that crosscut
the early, intermineral, and late stage porphyries and the wall
rock (younger event). The third event, seen locally, is related to
supergene argillic-iron-oxide alteration of pyrite-rich/pyrrhotite-
poor associated with the late porphyry.
W-E Geological cross-section through La Colosa, elevation in metres AMSL
Exploration
A total of 148,062m has been drilled to date. Three additional
compliance drill holes (800m) and one geotechnical-hydrogeology
drill hole was completed in 2017 before activities were suspended
in early 2017.
Geometallurgical studies related to comminution modelling
focused on obtaining hardness parameters have been undertaken
while additional metallurgical comminution tests have been
carried out for poorly represented areas. This metallurgical
data has been correlated with multi-element assay and spectral
mineralogical data to obtain proxies for metallurgical parameters.
Some 43,529m (153 drill holes) have been spectrally scanned
using a sisuMobi system equipped with a red-green-blue (RGB)
camera and a shortwave infrared camera.
Projects
All project work has been stopped and the company applied for
force majeure which was granted by the government. It was on
that basis that the environmental permits were unduly delayed, as
was permission to work in the area around the La Linea tunnel.
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28.33
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
28.33
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
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Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Measured
Indicated
75 x 75
Inferred
100 x 100
Grade/ore control
Inclusive Mineral Resource
Open pit
Measured
Indicated
833.49
0.87
726.31
23.35
Inferred
217.89
0.71
154.86
4.98
La Colosa
Total
1,051.38
0.84
881.17
28.33
A Mineral Resource gold price of $1,400/oz has been used.
Estimation
At La Colosa, approximately 148,062m of drilling supports the
estimation of an Indicated Mineral Resource. Gold grades were
estimated using ordinary kriging, which was performed into a
block size of 50 x 50 x 10m using wireframed lithological domains
in a grade-based mineralisation envelope. Estimates were also
undertaken for the waste surrounding the mineralisation.
All available geological drill holes, surface sampling and mapping
information was validated and used in the modelling process.
Grade tonnage curve
La Colosa
Surface (metric)
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
1.8
1.6
1.4
1.2
0.9
0.7
0.5
The La Colosa Mineral Resource is reported at a cut-off grade of
0.35g/t and it has been classified on the basis of kriging variance
related to drill hole spacing.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
The La Colosa project currently does not have any declared Ore Reserve and the exclusive and inclusive Mineral Resource numbers are
therefore identical.
Year-on-year changes in Mineral Resource
La Colosa
Total (Moz)
30
29
28
27
No changes compared to 2020.
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Acquisition/
disposal
2021
Average
grade
above
cut-off
(g/t)
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Inclusive Mineral Resource sensitivity
La Colosa
6
4
2
0
-2
-4
-6
1,200

1,400
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade

1,600
Competent Person
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Rudolf Jahoda
MAusIMM
990 544
28 years
MSc (Mining Geology), PhD
(Geology)
La Colosa is a high tonnage, low-grade Mineral Resource
which is insensitive to changes in the Mineral Resource gold
price. There is a 1.7% upside in ounces at a higher Mineral
Resource price and 2.1% downside in ounces at a lower
Mineral Resource price. The Mineral Resource sensitivity
uses the following gold prices of $1,200/oz, $1,400/oz
and $1,600/oz.
Percentage
change
El Descanso ridge
(looking east)
at La Colosa
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QUEBRADONA
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Introduction
Property
description
The Quebradona project was previously a JV between AngloGold Ashanti and B2Gold, and completed a
conceptual study (2016) as well as a PFS (2018), which supported the reporting of a maiden Ore Reserve.
The Nuevo Chaquiro deposit that is part of Minera de Cobre Quebradona Project completed a FS in 2021,
however the Environmental Impact Assessment (EIA) was not approved by ANLA in 2021. A work plan to
address the issues raised by ANLA is being developed and it is expected that this will take 18 to 24 months
to complete. During this paused time period additional work will be done on the project. During 2019, B2Gold
participation dropped below 5% which triggered AngloGold Ashanti becoming the 100% owner. B2Gold holding
will be entitled to a royalty equal to 2% of the net profit generated from the sale of any product.
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 of the targets and the sole mineral deposit considered in the
FS and licensing process. Nuevo Chaquiro, a significant copper-gold porphyry-style mineralised system, is one of
five 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.
Location
The Quebradona project is situated in the Middle Cauca region of Colombia, in the Department of Antioquia,
60km southwest of Medellin and is a 104km commute using the national highway.
History
Exploration was carried out from 2004 by AngloGold Ashanti and then from 2006 to 2009 by B2Gold. In 2010
AngloGold Ashanti took management control and focused its exploration effort on Nuevo Chaquiro. In 2014
a conceptual study was initiated which resulted in a declaration of a maiden Mineral Resource in that year.
A PFS was completed in January 2019 and a FS completed in 2021. The FS review raised several points which
will be addressed during the pause period caused by the delay in the environmental permitting.
Legal aspects
and tenure
Quebradona comprises one tenement (5881) covering the deposit which is the result of the integration of the
five original tenements (5869, 6318, 6359, 7579 and 5881). The integrated tenement 5881 was issued on the
9 December 2016. Concession contract 5881 initially covered a total area of 7,593ha, which was reduced to
4,881.89ha by the relevant mining authority (Secretaría de Minas de Antioquia) on 4 March 2022. It will expire in
May 2037 and is currently in its sixth year of the integrated exploration phase.
Mining method
The Quebradona project is a greenfield site having completed an initial FS in 2021 which is expected to be
formally approved following the granting of the environmental and mining licences that supports the preferred
mining method of sub-level caving to extract the ore deposit from underground. The optimised mine design
consisting of a revised mining layout and mine schedule is based on the 2021 Mineral Resource model. With
the application of operating factors, the relevant cut-off grades, and modifying factors the December 2021
Ore Reserve is then estimated.
FS level test work confirmed that the ore will be treated by a typical porphyry copper flotation circuit producing
a copper and gold concentrate from processing approximately 6.2Mtpa underground ore over a 23-year
operating period. The FS proposes a processing circuit that includes primary crushing underground, secondary
crushing, high pressure grinding rolls, ball milling, rougher-scavenger flotation for all elements (copper, gold,
silver as well as pyrite), followed by regrinding the concentrate and cleaning using a mix of column and
mechanically agitated cells.
Operational
infrastructure
The project is close to an existing highway, state and rural roads, and high voltage 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 to the main ore transfer level. The material will be
transferred to the main internal crusher by load and haul dump vehicles.
Crushed material will then be transferred downhill to surface via a 6km conveyor, in a dedicated adit to a single
coarse ore stockpile.
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Introduction continued
Mineral
processing
Metallurgical studies completed during the FS have confirmed the different ore types present in the orebody can
be treated by a typical porphyry copper flotation circuit to produce a copper and gold concentrate. Ore extracted
from the sub-level cave is crushed underground where waste debris and tramp metal is removed before loading
onto the 6km underground conveyor system for delivery to the surface processing coarse ore stockpile with a
24-hour live capacity (approximately 21,300t).
The processing circuit includes underground primary crushing, secondary crushing, high pressure grinding rolls, 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 combination 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.
The Quebradona process plant is designed to treat approximately 6.2Mt of material annually to produce copper
concentrate over a 23-year operating period. Molybdenum is present in the ore and is not planned for recovery in
the initial stages of production.
Risks
Several risks or uncertainties have been identified in the estimation of the Mineral Resource and Ore Reserve,
which if properly managed can be mitigated. Lateral contacts of the high-grade mineralisation could vary as new
information is obtained and supports a progressive drilling campaign to obtain new information well in advance
of approving the final development design. Security risk to the Mineral Resource and Ore Reserve estimate is
considered low, while Nuevo Chaquiro has a moderate seismic risk to the Mineral Resource and Ore Reserve.
Approximately 97% of the extracted material mined within the LOM mining plan is classified as Indicated (63%)
or Measured (34%) Mineral Resource.
Environmental permitting risk was manifest when ANLA did not approve the EIA in 2021 for the Nuevo Chaquiro
deposit that is part of the Minera de Cobre Quebradona Project. All efforts are currently being made to address
the identified shortcomings of the EIA submission, with the intent to resubmit as soon as possible.
Geotechnical
drilling
platform at
Quebradona
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Map showing the location, infrastructure and mining licence area for Quebradona. The coordinates of the mine, as
represented by the helipad, are depicted on the map and are in the UTM coordinate system. The copper ore zone
envelope of 0.45% is shown at the intersection of the ore zone at 1,700 metres AMSL.
Geology
The geology of Nuevo Chaquiro consists of a volcanoclastic
sequence of Miocene age (ash, tuffs, agglomerates and andesites)
intruded by small dykes of diorite and quartz diorite which are
also of Miocene age. This host rocks are intruded by different
pulses of mainly medium to fine-grained quartz diorites. The
majority of the intrusives do not reach surface and remain as a
blind deposit despite erosion acting for a significant period. These
intrusive rocks are categorised as pre-mineral, early, intra-mineral
and late, according to cross-cutting interrelationships, spatial
occurrence and copper-gold values. The alteration develops a well
zoned porphyry type system with alteration reflecting different
temperatures from propylitic, sericitic, chloritic-sericitic, potassic
to calcic-potassic assemblages. Higher grade copper-gold
mineralisation is associated with a well-developed quartz vein
stockwork in the cupola zone of early quartz diorite which persists
over a vertical interval of 500m.
Deposit type
Nuevo Chaquiro is a typical porphyry copper deposit with
large tonnes and low-grade, with gold, molybdenum and
silver by-products. The structural setting facilitated the rise of
intrusive bodies through the volcaniclastic sequence of the
Combia formation.
Mineralisation style
The Nuevo Chaquiro deposit consists of Miocene-aged diorite,
quartz diorite dykes and thin vertical stocks intruding a thick
succession of andesitic tuffs and volcaniclastic rocks of the
Miocene-age (6 to 10Ma) belonging to Combia formation.
The Combia formation fills a large pull-apart basin within the
prospective middle Cauca belt of central Colombia. Depth to
mineralisation from the surface is around 150 to 400m from
northeast to southwest. Typical copper porphyry alteration
zonation is evident with a high temperature, potassium
silicate central zone (biotite, magnetite, chalcopyrite, and
molybdenite), which trends into an overlying sericitic alteration
zone (muscovite, chlorite, quartz, pyrite, tourmaline) surrounded
by more distal propylitic alteration (chlorite, epidote, illite,
carbonate). There is an inner core of calcic-potassic alteration
featuring biotite, actinolite, epidote, and anhydrite with lesser
copper, gold and molybdenum values.
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WSW
ENE
Elevation
mamsl
2,000
1,800
1,600
1,400
1,200
1,000
800
600
600m
Geology
x x x
x x x
Intramineral
x x x
x x x
Mineral
Tuff
Premineral
Alteration
Calc-pot
Sericite chlorite alteration
Potassic
Sericite alteration
Cu ore zone
1.0%
,
0.45%
,
0.1%
Propylitic
x x x
x x x
QUEBRADONA CONTINUED
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Mineralisation characteristics
An early dyke is located in the eastern part of the deposit and is
the main supplier of the heat and hydrothermal fluids that caused
the mineralising event. In the central area, abundant intra-mineral
diorite and quartz diorites are found, which develop a classic
ore shell of lower-grade mineralisation associated with these
intrusions. Higher grade copper-gold mineralisation is associated
with a well-developed quartz vein stockwork in the cupola zone of
early quartz diorite which extends over a vertical interval of 500m.
The majority of the intrusive rocks do not outcrop. The mineralised
zone is characterised by a fine stockwork with disseminations and
veinlets of quartz, magnetite, pyrite, chalcopyrite and molybdenite.
Traces of bornite and cubanite have been locally observed in
amounts less than 0.1% volume. Other sulphides include pyrite
and pyrrhotite in specific areas. Gold and silver correlate well with
copper, with gold grains dominantly occurring on the margins of
sulphide grains within chalcopyrite.
WSW-ENE Geological cross-section through Nuevo Chaquiro, elevation in metres AMSL
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Exploration
The FS geological model used updated estimation boundaries,
a soft boundary approach to estimation and updated Mineral
Resource categories based on conditional simulation. Furthermore,
the FS used updated geometallurgy, geotechnical parameters,
hydrogeology and geological information in potential infrastructure
sites (based on drill holes and test pits), structural geology and a
revision of the estimated mineralisation endowment.
Projects
Nuevo Chaquiro is the only orebody considered in Quebradona
project for the Mineral Resource and Ore Reserve statement. The
PFS was completed in 2019 and a SAMREC Table 1 compiled and
reported. The revised FS is expected to be completed during 2022
to 2023 where upon the revised EIA will be resubmitted to the
environmental authorities.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Measured
30 x 30
Indicated
60 x 60
Inferred
120 x 120
Grade/ore control
Drill hole spacing over the project is variable, being influenced by environmental and community considerations. Where possible, multiple
drill holes are conducted from the same drill pad to minimise impact on the environment. Drilling at Quebradona varies from a 30 x 30m
to 60 x 60m grid in the central part, to 120 x 120m in the adjacent low-grade Inferred Mineral Resource areas. Due to having multi-hole
platforms with angled drilling, the spacing in the upper 300m is tighter than in the deeper portions.
Exploration
drill hole
core from
Quebradona
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
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Estimation
Estimation uses industry standard ordinary kriging to determine
grades. The estimate validation is done graphically on a section by
section basis comparing the block model to drill hole geological
data, swath plots and statistical comparisons using average
samples and average grade block comparisons are also used.
New models are compared to old models to check changes.
Gaussian anamorphosis with a change of support is used to
check global grade-tonnage curves.
The parent block size for estimation used is 40 x 40 x 20m with
the overall drill spacing being approximately 80 x 80 m. Typical
searches are from 135 to 286m (typical for copper in high- and
low-grade respectively).
Estimation is done into different domains which are joined post
estimation. Two domains for copper, one for molybdenum, two
for sulphur and one for high-grade gold to the west are estimated.
A saprolite surface and four different dyke surfaces are used
to estimate density. Capping is based on probability plots and
normally effects less than 1% of the samples.
Grade tonnage curve
Quebradona
Underground (metric)
623
3
546
469
2
392
315
238
1
161
84
7
0
0.0
0.5
1.0
1.5
2.0
Cut-off grade (%)
Tonnes above cut-off
Average grade above cut-off
Ore Reserve
Estimation
The underground Ore Reserve is based on the most economic portions of the Mineral Resource model contained within a predetermine
minable boundary based on a $30/t Net Smelter Return (NSR) cut-off grade that takes into account mining factors and mill recovery
assumptions. The mining shapes are based on Measured and Indicated Mineral Resource with a portion of external material to provide an
in situ $48/t NSR for project capital payback and $26/t NSR break-even grade for processing of development waste.
Ore Reserve modifying factors
Ore
Reserve
Exchange
rate
Cut-off
Dilution
Grade
MCF
MetRF
as at 31 December 2021
price
$/COP
grade
%
dilution
%
%
Copper
$2.90/lb
3,208
$30/t
4.14
0.34%
100.0
93.6
Gold
$1,200/oz
3,208
4.14
0.23g/t
100.0
58.6
Silver
$18.67/oz
3,208
4.14
2.13g/t
100.0
83.6
All non-classified Ore Reserve material has been assigned a zero metal grade and is considered as Ore Reserve dilution. The Inferred
Mineral Resource portion makes up 1.7% of total tonnes (124Mt) with an estimated metal content of 0.6% copper and 0.8% gold is
excluded from the financial evaluation process.
Copper
Inclusive Mineral Resource
Tonnes
Grade
Contained copper
as at 31 December 2021
Category
million
%Cu
tonnes million      pounds million
Nuevo Chaquiro
Measured
86.74
0.95
0.82
1,814
Indicated
227.33
0.87
1.97
4,338
Inferred
305.94
0.48
1.47
3,231
Quebradona
Total
620.02
0.69
4.26
9,384
The inclusive Mineral Resource is contained at the main Nuevo Chaquiro deposit only, and it is constrained by the MSO process.*
* Comments are also applicable for gold tables and graphs on the subsequent pages.
Tonnes
above
cut-off
(millions)
Average
grade above
cut-off (%)
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9,677
0
0
(293)
0
0
0
0
0
0
9,384
as at 31 December 2021
Category
Tonnes
million
Grade
%Cu
Contained copper
tonnes million    pounds million
QUEBRADONA CONTINUED
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Exclusive Mineral Resource
Tonnes
Grade
Contained copper
as at 31 December 2021
Category
million
%Cu
tonnes million
Pounds million
Quebradona
Measured
45.15
0.69
0.31
684
Indicated
148.91
0.68
1.01
2,218
Inferred
305.94
0.48
1.47
3,231
Total
500.01
0.56
2.78
6,134
Exclusive Mineral Resource is located in the portion after sub-level cave phase is completed and potentially followed by a block caving
phase. The exclusive Mineral Resource estimates are made by subtracting the in situ Ore Reserve from the inclusive Mineral Resource.*
Mineral Resource below infrastructure
All of the Mineral Resource is below infrastructure.*
Year-on-year changes in Mineral Resource
Quebradona
Total (Mlb)
9,800
9,700
9,600
9,500
9,400
9,300
9,200
Decreases resulted from the remodelling of the orebody including three new drill holes.*
Inclusive Mineral Resource sensitivity
Quebradona
40
30
20
10
0
-10
-20
-30
-40
2.97
3.50
Mineral Resource price ($/pound)
Tonnes
Pounds
Grade
4.03
Ore Reserve
Nuevo Chaquiro
Proved
Probable
120.01
1.23
1.47
3,250
Quebradona
Total
120.01
1.23
1.47
3,250
The Ore Reserve was estimated at a cut-off value of $30/t NSR.*
* Comments are also applicable for gold tables and graphs on the subsequent pages.
Quebradona is very sensitive to both an increase and a
decrease in the Mineral Resource copper price, however
the current output is constrained by the tailings capacity.
The Mineral Resource sensitivity uses the following copper
prices of $2.97/lb, $3.50/lb and $4.03/lb.
Pounds
(millions)
Percentage
change
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Acquisition/
disposal
2021
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145
0
0
0
0
0
0
0
3,250
3,105
0
0
“The optimised mine design consisting of a revised mining layout and
mine schedule is based on the 2021 Mineral Resource model. With
the application of operating factors, the relevant cut-off grades, and
modifying factors, the December 2021 Ore Reserve is then estimated.”
QUEBRADONA CONTINUED
Americas
Inferred Mineral Resource in annual Ore Reserve design
as at 31 December 2021
Tonnes
million
Grade
%Cu
Contained copper
tonnes million
pounds million
Nuevo Chaquiro
4.19
0.34
0.01
31
Total
4.19
0.34
0.01
31
The Inferred Mineral Resource included in the business plan commences from year three with majority of this material located on the
periphery of the upper production levels and directly above the undercut level. This material is planned to migrate down towards the sub-
level caving drawpoints as more material is extracted over the LOM. With appropriate caution, a portion of the Inferred Mineral Resource
was included in the business plan optimisation process. This accounts for 3.4% of the Ore Reserve plan of 26 years. No Inferred Mineral
Resource is considered in Ore Reserve reporting.*
Ore Reserve below infrastructure
All of the Ore Reserve is below infrastructure.*
Year-on-year changes in Ore Reserve
Quebradona
Total (Mlb)
3,300
3,250
3,200
3,150
3,100
3,050
3,000



Result of an update in the Mineral Resource model due to three new drill holes, in addition to an update of Mineral Resource classification
based on conditional simulation.*
Ore Reserve sensitivity
Quebradona



0



2.46
2.90
Ore Reserve price ($/pound)
Tonnes
Pounds
Grade
3.34
* Comments are also applicable for gold tables and graphs on the subsequent pages.
The Ore Reserve is not sensitive to changes
in the Ore Reserve copper price, as the estimate is based
on the best metal (copper, gold and silver) contained within
the mining envelope that aligns with the TSF capacity, and is
not sensitive to minor fluctuations in the copper price. The
Ore Reserve sensitivity uses the following copper prices of
$2.46/lb, $2.90/lb and $3.34/lb.
Percentage
change
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
background image
AngloGold Ashanti Limited <R&R> 2021
166
7.13
0.00
0.00
(0.11)
0.00
0.00
0.00
0.00
0.00
0.00
7.02
QUEBRADONA CONTINUED
Americas
Gold
Inclusive Mineral Resource
Nuevo Chaquiro
Measured
86.74
0.50
43.79
1.41
Indicated
227.33
0.46
103.87
3.34
Inferred
305.94
0.23
70.64
2.27
Quebradona
Total
620.02
0.35
218.30
7.02
Exclusive Mineral Resource
Quebradona
Measured
45.15
0.37
16.93
0.54
Indicated
148.91
0.34
49.89
1.60
Inferred
305.94
0.23
70.64
2.27
Total
500.01
0.27
137.46
4.42
Year-on-year changes in Mineral Resource
Quebradona
Total (Moz)
7.6
7.4
7.2
7.0
6.8
6.6
6.4
Ore Reserve
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Nuevo Chaquiro
Proved
Probable
120.01
0.67
80.83
2.60
Quebradona
Total
120.01
0.67
80.83
2.60
Inferred Mineral Resource in annual Ore Reserve design
as at 31 December 2021
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Nuevo Chaquiro
4.19
0.23
0.96
0.03
Total
4.19
0.23
0.96
0.03
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Acquisition/
disposal
2021
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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AngloGold Ashanti Limited <R&R> 2021
167
QUEBRADONA CONTINUED
Americas
Year-on-year changes in Ore Reserve
Quebradona
Total (Moz)
2.8
2.7
2.6
2.5
2.4
2.3
2.2



By-products
Inclusive Mineral Resource by-product: silver
Tonnes
Grade
Contained silver
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Quebradona
Measured
86.74
5.72
496
15.95
Indicated
227.33
5.59
1,271
40.87
Inferred
305.94
3.66
1,121
36.05
Total
620.02
4.66
2,888
92.86
Inclusive Mineral Resource by-product: molybdenum
Quebradona
Measured
86.74
174
15.13
33
Indicated
227.33
144
32.80
72
Inferred
305.94
135
41.35
91
Total
620.02
144
89.28
197
Ore Reserve by-product: silver
Quebradona
Proved
Probable
120.01
7.29
874
28.11
Total
120.01
7.29
874
28.11
Competent Persons
Responsibility
Professional
Competent Person
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Pablo Noriega
MAusIMM
315 688
23 years
BSc Hons (Geology)
Ore Reserve
Andrew McCauley
MAusIMM
223 692
17 years
Graduate Dip (Mining)
0.11
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.60
2.49
0.00
0.00
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
Tonnes
Grade
Contained molybdenum
as at 31 December 2021
Category
million
ppm
kilotonnes
pounds million
Tonnes
Grade
Contained silver
as at 31 December 2021
Category
million
g/t
tonnes
Moz
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AngloGold Ashanti Limited <R&R> 2021
New York
Reno
Silicon
Elko
Nevada
1
Las Vegas
Denver
Colorado
Washington DC
Los Angeles
Project
Legend
Silicon(1)
(1)
Silicon has been declared as a M neral Resource fo
0
1,000km
the first time
UNITED STATES OF
AMERICA
AMERICAS
AngloGold Ashanti North America Inc manages
the Silicon greenfields project, which is located
in an emerging district in southern Nevada with
significant potential.
The Silicon project is an exploration stage property 100% owned
by AngloGold Ashanti. The Silicon project is located approximately
12km east of the town of Beatty in Nye County, Nevada, United
States of America. The Silicon project is the most advanced of
AngloGold Ashanti’s exploration properties within the Beatty
District, an area with a long history of gold mining. A maiden
Mineral Resource at Silicon totaling 3.4Moz is declared in 2021. A
recently completed conceptual study supports potential for Silicon
as an open pit operation amenable to heap leach processing.
Planning is underway for PFS studies at Silicon in 2022.
As at 31 December 2021, AngloGold Ashanti had entered into
a definitive arrangement agreement (dated as of September
13, 2021) to acquire all the issued and outstanding common
shares of Corvus Gold. The acquisition was completed on
18 January 2022. This will add the development stage North
Bullfrog project and exploration stage Mother Lode project
into the AngloGold Ashanti North America portfolio, which in
combination with Silicon and other exploration targets, provides
the opportunity to develop a world-class operational cluster
within the Beatty district.
Inclusive Mineral Resource
Exclusive Mineral Resource
3.4
Moz
3.4
Moz
Inferred
Inferred
168
Exploration
drill rigs
at Silicon
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AngloGold Ashanti Limited <R&R> 2021
169
SILICON
Americas
Introduction
Property
description
The Silicon project is an exploration stage property 100% owned by AngloGold Ashanti. A conceptual study was
completed in September 2021 and supports the reporting of a maiden Mineral Resource.
The Silicon 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.
Location
The Bullfrog Hills-Bare Mountains District is an historic mining centre that produced more than 3Moz of gold
and 4Moz of silver, primarily from the Barrick-owned Bullfrog pit (2.6Moz gold, 4.2Moz silver). Exploration drilling
undertaken by AngloGold Ashanti to date has delineated significant gold mineralisation at the Silicon project,
characterised as an epithermal system hosted in volcanic rock units
History
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. The agreement gave AngloGold Ashanti an
option to acquire a 100% interest in the project through total payments of $3M to RenGold over three years. This
option was fully exercised on 3 June 2020, with RenGold maintaining a 1% NSR on a defined area of interest on
the Silicon project. On 18 August, RenGold announced that, subsequent to their merger with Evrim Resources
Corp., the newly combined company would be re-named as Orogen Royalties Inc.
The Silicon project area is currently comprised of a block of 949 unpatented mining claims on federally
owned public lands, administered by the Bureau of Land Management (BLM). The initial land holding comprised
277 unpatented mining claims under Renaissance Exploration Inc., a subsidiary of Renaissance Gold Inc.
Subsequently, AngloGold Ashanti has completed three phases of claim staking, contiguous to the original claim
package, for an additional 672 unpatented mining claims.
Legal aspects
and tenure
The Silicon claim block consists solely of unpatented mining claims. In terms of permitting requirements and any
encumbrances to the property controlled by AngloGold Ashanti for mining purposes, the regulatory and financial
framework for the control of claims and the use of federal lands for mining purposes is well defined, well executed,
supported by legal precedent, and therefore predictable. Relevant US federal and Nevada state laws provide
procedures through which mining enterprises can claim mining rights.
Permitting requirements, and the right to conduct mining operations on federal land, are governed by a series of
federal and state regulations that require, amongst other things, a plan of operations (submitted to BLM), and
environmental assessment, and/or environmental impact statement. The timely submission of these documents,
and other applicable permits, grants the mining company the exclusive right to conduct mining operations
consistent with its plan of operations and permits.
With regards to royalties, there is an underlying royalty of 2.5% NSR, which applies to all 949 claims in the property
land package. The royalty is divided between RenGold (1% NSR) and Altius Minerals (1.5% NSR). There are no
buyback provisions. There are no royalties that are required to be paid to either the state or federal government.
Mining method
The Silicon deposit is generally a large low-grade deposit, with a smaller high-grade core (expanding at depth).
The nature of the Silicon orebody lends itself to conventional large scale open pit mining, which was the mining
method chosen for the conceptual study. Conventional drill and blast would be followed by conventional load
and haul, using a combination of large-scale hydraulic shovel or excavator and rigid body dump trucks. The
material mined would be transported to the ROM stockpile, where it would be either tipped directly into the
crusher or stockpiled to be fed at a later time.
Operational
infrastructure
The Silicon project area currently has 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 Silicon project is
located 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.
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AngloGold Ashanti Limited <R&R> 2021
170
Mineral
processing
Nevada has a strong presence of heap leach operations, while some ores are refractory and require more
complex process flowsheets. Three broad flowsheets were evaluated in the conceptual study to cover the
extremes of capital, operating costs and level of complexity. These included heap leaching (ROM and crushed
leach); conventional milling and leaching, and finally; milling with a float-fine-grind leach circuit. Both milling
options included gravity recovery.
An extensive metallurgical programme tested the recovery response of ores from four main alteration or
weathering ore types. A few P100 44mm crushed leach column tests were conducted on PQ core to inform on
the potential recovery for a ROM heap leach. The estimated gold recovery displayed lower recoveries, albeit at
the lowest cost. A crushed leach with a P100 of 12.5mm achieved the best economic result, where recovery was
improved for a moderate increase in costs. The conventional leaching and float-fine-grind options had further
improved recoveries, but these were over-shadowed by larger increases in cost. The 12.5mm crushed leach option
provided the best outcome at the conceptual study level and was selected as the preferred case for the study.
Risks
Identified significant risks or uncertainties in the Mineral Resource estimate can all be mitigated with further
work if properly managed. Given the exploration stage of the project, a number of risks, uncertainties and
opportunities, are evident in the confidence of the known orebody and potential for upside at Silicon and in the
surrounding area. Similarly, metallurgical characteristics and variability require further investigation. Mining
rate is an area of notable opportunity, as are selectivity studies. Environmental and permitting risks are mainly
associated with potential delays to project progression and as such, permitting remains on the critical path.
SILICON
Americas
Introduction continued
Map showing the location, infrastructure and mining licence area for Silicon. The coordinates of the mine, as
represented by the Silicon pit, are depicted on the map and are in the UTM coordinate system.
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AngloGold Ashanti Limited <R&R> 2021
171











Ore Zone
Au ppm > 0.35gt
Au ppm > 1gt
Older bedrock
Faults
Drill holes
Tctu = Upper Tram Tuff
Tctl = Lower Tram Tuff
Tgp = Lower Pavits Spring
Trl = Lithic Ridge Tuff
Tcbl = Bullfrog Tuff – lower
Tcbu = Bullfrog Tuff – upper
Tosu = Upper Pavits Spring – middle
Tosu = Upper Pavits Spring – lower
Silica cap
Toc = Owl Canyon Sequence
Tptu = Tonapah Springs Tuff – upper
Tptu = Tonapah Springs Tuff – lower
SILICON CONTINUED
Americas
Geology
The Silicon project lies within the southern extension of the
Walker Lane trend and overlies the far-western margins of the
southwestern Nevada volcanic field (SWNVF). The SWNVF
comprises an overlapping complex of calderas (Timber Mountain
Caldera Complex) about 30km to the east of Silicon, that
developed between 15 and 11Ma.
The geology of the Silicon project comprises a stack of ignimbrite
sheets, cut by complex listric faulting. Mineralisation occurred at
ca.11.6Ma in the hiatus between large scale ignimbrite events, in
apparent association with rhyolitic volcanism. There is a strong
structural control to the mineralisation, with it being centred on the
Silicon-Tramway faults. The Thompson Fault to the east appears
to form a boundary to the mineralisation.
Deposit type
Silicon is interpreted as an epithermal high-level expression of a
magmatic-derived advanced argillic alteration system. Actual gold
deposition appears to have occurred under less acidic and low to
intermediate sulphidation conditions.
Mineralisation style
Mineralisation at Silicon exhibits a strong vertical control and
is strongly associated with the emplacement of hydrothermal
breccias whose matrix is composed of black quartz-pyrite or
in quartz ± pyrite veinlets zones. Pre-existing subvertical faults,
particularly centred on the Silicon-Tramway fault system, strongly
controlled the emplacement of the hydrothermal breccias
and quartz ± pyrite veinlet zones. A stratigraphic control on
mineralisation is at best a second order feature; the overwhelming
control to mineralisation appears to be structure.
Mineralisation characteristics
In general, gold grades appear associated with the presence of
pyrite. In places where higher-grade gold grades occur associated
with quartz-pyrite veinlets and stringers, vein textures such as
crustiform-colloform banding and platy calcite can be locally
seen. A significant portion of the intermediate grade (1 to 3g/t of
gold) gold mineralisation recognised to date is found within the
advanced argillic alunite-quartz alteration zone, with lesser amounts
in illitic, argillic, and even propylitic alteration zones. Two separate
hydrothermal events, one related to the early formation of the broad
advanced argillic alteration and the other related to the subsequent
gold mineralisation, are interpreted to have been superimposed.
SW-NE Cross-section view across the Silicon deposit, highlighting the location of gold mineralisation
associated with the Silicon-Tramway fault corridor, elevation in metres AMSL
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172
SILICON CONTINUED
Americas
Exploration
Drilling at Silicon to date comprises 89 RC drill holes (36,706m)
and 38 DD holes (18,188m) for a total of 127 drill holes and
54,893m. In addition to Mineral Resource definition drilling,
detailed geological mapping at 1:5,000 scale was completed
over a total of 58km2
. Ground geophysics was carried out on the
project including a total of 1,307 line km of induced polarisation/
resistivity, ground magnetics and gravity surveys. Geochemical
sampling comprising outcrop rock chip sampling and a 2.6 x
2.3km soil survey was also carried out at various phases of the
exploration programme.
Projects
Other exploration targets are present within the Silicon claim block,
including Merlin and Maverick; Merlin is a drilling-stage prospect
that is currently showing significant potential and is planned to
advance into conceptual study in 2021.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Measured
Indicated
Inferred
80 x 80
Grade/ore control
Where there is demonstrated geological continuity, extrapolations are made to a maximum 80m distance from the last point.
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Open pit
Measured
Indicated




Inferred
120.44
0.87
104.96
3.37
Silicon
Total
120.44
0.87
104.96
3.37
The Mineral Resource is reported as at 31 December 2021 and was estimated by ordinary kriging and constrained by pit optimisation at a
gold price of $1,500/oz.
Inclusive Mineral Resource by-product: silver
Tonnes
Grade
Contained silver
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Silicon
Measured
Indicated




Inferred
120.44
3.66
441
14.17
Total
120.44
3.66
441
14.17
Estimation
The estimation of the Mineral Resource considers a geological
mineralisation model consisting of three zones based on
geological alteration and gold grades, these are: a high-grade
zone of over 1.0g/t of gold, a low-grade zone of between 0.35g/t
and 1.0g/t of gold, and an outside zone of less than 0.35g/t that
is modelled to estimate metal to define dilution or waste zones.
The composites are created at the average of the sampling
support and are 2m for each of the three zones. A contact analysis
was conducted between high-grade and low-grade zones and
supported a soft-boundary approach for the estimation that
allows interaction inside and outside the contact for 3m (two
composites). For the outside zone, the estimation is based only on
samples outside the 0.35g/t low-grade contact.
Exploratory data analysis was completed for each geological
domain to define the capping, variography and estimation
parameters. The high-grade zone was capped at 50g/t which is
99.69% of the distribution. The low-grade zone was capped at
20.8g/t which is 99.92% of the distribution. The outside zone was
capped at 1.83g/t which is 99.97% of the distribution.
All estimation was done utilising ordinary kriging, into a parent cell
of 20 x 20 x 10m. The interpolation parameters are based on the
exploratory data analysis and Quantitative Kriging Neighbourhood
Analysis (QKNA) which defines the final parameters. For the
high-grade zone, the estimation search reflects the range of
variography of 110 x 80 x 12m. The same approach was followed
for the low-grade zone, with a search of 135 x 79.5 x 87m. Both
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AngloGold Ashanti Limited <R&R> 2021
173
3.37
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3.37
0.00
0.00
SILICON CONTINUED
Americas
zones are estimated using a minimum of six samples and a
maximum of 128 samples within angular sectors, to enhance the
grade tonnage curves and swath plot validations.
For the outside zone, a more continuous variogram was obtained,
but to avoid extended lateral extrapolation, the search volume was
defined as 282 x 141 x 100m. The maximum estimated distances
respect the search volume distances for the three geological
zones and there are no zones where attributed grades are out of
an estimated value. An insignificant number of negative grades
estimated were replaced by average grades.
Grade tonnage curve
Silicon
Surface (metric)
300
250
175
125
75
25
0





4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
0.0
0.75
1.00
0.50
1.50
2.00
2.50
0.25
1.25
1.75
2.25
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
No Ore Reserve has been defined. The exclusive Mineral Resource is therefore equivalent to the inclusive Mineral Resource.
Year-on-year changes in Mineral Resource
Silicon
Total (Moz)
5
4
3
2
1
0



The maiden Mineral Resource is as a result of successful greenfields exploration. The publication is supported by an open pit optimisation
at $1,500/oz to demonstrate the reasonable prospect of eventual economic extraction. The gold and silver Mineral Resource is based on
the outcomes of the conceptual study.
Inclusive Mineral Resource sensitivity
Silicon
12
8
4
0
-4
-8
-12
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
Competent Person
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Derek Nicholson
MAusIMM
306 185
19 years
BSc (Geology), Postgraduate
Certificate (Geostatistics)
The sensitivity for the project has been evaluated for
variations in the Mineral Resource gold price and gold
recovery assumptions, as well as operating and capital
costs. The open pit is robust, with variations in tonnes
and ounces of less than 10% between the base case of
$1,500/oz and pits shells generated with approximately
$200/oz. The sensitivity analysis on the Mineral
Resource shows a drop of 4% in ounces at a price at
$1,300/oz and an increase of 5% at a price of $1,500/oz.
Percentage
change
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Acquisition/
disposal
2021
Tonnes
above
cut-off
(millions)
Average
grade above
cut-off (g/t)
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AngloGold Ashanti Limited <R&R> 2021
Darwin
Western
Australia
Brisbane
Perth
1
2
Kalgoorlie
Adelaide
Canberra
Melbourne
Sydney
Legend
1
Sunrise Dam, Butcher Wel (70%)
2
Tropicana (70%)
Operation
Project
0               1,000km
REGIONAL OVERVIEW
AUSTRALIA
Contribution to regional production
46
%
54
Sunrise Dam
Tropicana
20%
Contribution to group
production
Key statistics
Units
2021
2020
2019
Operational performance
Tonnes treated/milled
10.05
10.2
10.1
Recovered grade
Mt
oz/t
0.047
0.054
0.060
g/t
1.47
1.68
1.87
Gold production
00oz
494
554
614
Total cash costs
$/oz
1,196
968
730
All-in sustaining costs
$/oz
1,500
1,225
990
Capital expenditure
$m
185
143
149
174
background image
AngloGold Ashanti Limited <R&R> 2021
175
9.8
Moz
REGIONAL OVERVIEW CONTINUED
Australia
Contribution to group Mineral Resource
Contribution to group Ore Reserve








113.4
26.9



Australia
Rest of AngloGold Ashanti
Australia
Rest of AngloGold Ashanti
As at 31 December 2021, the Mineral Resource
(inclusive of Ore Reserve) for the Australia region
was 9.8Moz (2020: 9.7Moz) and the Ore Reserve
was 3.0Moz (2020: 3.0Moz).
This is equivalent to 8% and 10% of the group’s Mineral Resource
and Ore Reserve. Production from Australia was steady at 494koz
contract mining company. The processing plant is owner-operated
comprising conventional CIL technology and high-pressure
grinding rolls for energy-efficient comminution. A second ball mill
was added to the grinding circuit in 2018 to optimise the circuit,
improve metallurgical recovery and match mine output.
of gold in 2021, equivalent to 20% of group production.
AngloGold Ashanti operates two mines and has one new project in
Western Australia
Sunrise Dam, wholly owned by AngloGold Ashanti, is located
220km northeast of Kalgoorlie and 55km south of Laverton. Gold
production started at Sunrise Dam in 1997. Underground mining,
carried out by a contract mining company, is now the primary
source of ore for the operation, following the cessation of mining
in the Cleo open pit in 2014. The owner-operated processing plant
comprises conventional gravity and CIL circuits, with a flotation
and fine grind circuit commissioned in mid-2018 to improve
metallurgical recovery.
Tropicana, a joint operation between AngloGold Ashanti (70%
and operator), and AFB Resources Pty Limited, a subsidiary of
Australia Mineral Resource
Per operation/project (Moz)
7
6
5
4
3
2
1
0



2020             2021
Australia Ore Reserve
Per operation/project (Moz)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Regis Resources Limited (30%), is located 200km east of Sunrise
Dam and 330km east-northeast of Kalgoorlie. The operation
poured first gold in September 2013. Tropicana is a large open
pit and underground operation with mining carried out by a
Butcher Well, a JV between AngloGold Ashanti (70%) and
Northern Star Resources Limited (Northern Star Resources,
30%), is located 20km west of the Sunrise Dam Mine and is
considered as a potential satellite operation.
3.0
Moz
0.27
0.33
Butcher
Well
4.11
4.58
Sunrise
Dam
5.35
4.86
Tropicana
1.15
1.31
Sunrise
Dam
1.89
1.67
Tropicana
Shovel
loading
truck at
Tropicana
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AngloGold Ashanti Limited <R&R> 2021
176
REGIONAL OVERVIEW CONTINUED
Australia
Inclusive Mineral Resource
Exclusive Mineral Resource
Ore Reserve
4.1
1.7
Measured
Indicated
Inferred
Measured
Indicated
Inferred
Proved
Probable
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Australia
Measured
56.08
1.35
75.74
2.44
Indicated
58.45
1.73
101.24
3.26
Inferred
50.07
2.53
126.83
4.08
Total
164.59
1.85
303.82
9.77
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
Australia
Measured
29.92
1.25
37.49
1.21
Indicated
33.13
1.42
47.21
1.52
Inferred
50.07
2.53
126.83
4.08
Total
113.12
1.87
211.52
6.80
Ore Reserve
Australia
Proved
26.41
1.46
38.43
1.24
Probable
25.31
2.13
54.04
1.74
Total
51.73
1.79
92.47
2.97
2.4
4.1
Moz
3.3
1.2
Moz
1.5
1.2
Moz
Underground
sampling at
Tropicana
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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SUNRISE DAM
Australia
Introduction
Property
description
Sunrise Dam is an active underground and open pit mine that is wholly owned by AngloGold Ashanti.
AngloGold Ashanti conducts all brownfield exploration activities on the site and all tenements and permits are
in good standing.
Location
History
Sunrise Dam is approximately 205km north-northeast of Kalgoorlie and 55km south of Laverton in
Western Australia.
Open pit production began in 1997 and the main pit (Cleo) completed at a final depth of 500m below surface
in 2014. Underground mining commenced in 2003 with a number of different mining methods being applied,
depending on the style of mineralisation and grade of the geological domain. In 2021, mining commenced at the
Golden Delicious satellite pit using open cut mining methods.
Legal aspects
and tenure
Mining method
Sunrise Dam operates within two mining leases covering over 7,800ha, which are in good standing with
the expiry dates in 2038. All Mineral Resource, Ore Reserve and mine infrastructure are hosted within lease
M39/1116 while lease M39/1117 hosts water extraction infrastructure used to supply the operation with water.
Mining at Sunrise Dam consists of both surface and underground operations.
The underground mining is carried out by specialised underground contractors (Barminco). The mining methods
employed are domain-dependent and relate to the style of mineralisation. Sublevel open stoping methods are
the preference in areas where bulk mineralisation occurs (GQ, Cosmo, Dolly, and Vogue). Other areas (Cos East,
Sunrise Shear, and Astro) use narrow open-stoping methods. Where possible, all waste from infrastructure
development is used to backfill mined stopes.
The open pit mining is also carried out by specialised mining contractors (Carey Mining), and consists of
conventional drill and blast and load and haul activities, with ore stockpiled on the surface near the pit crest and
overhauled to the ROM pad with the waste material reporting to external waste dumps.
Large surface low-grade stockpiles are used to supplement the mill feed.
Operational
infrastructure
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
Risks
Processing at Sunrise Dam is via a conventional three-stage crushing / two-stage milling CIL circuit, with a pyrite
flotation and ultrafine grinding circuit commissioned in 2018. The gravity circuit recovers approximately 30%
of the gold, with the CIL circuit and Anglo American Research Laboratories (AARL) elution used to recover the
remainder. Electrowinning recovers gold from the Acacia™ reactor and eluted to produce gold doré. The plant
throughput at Sunrise Dam is 4.1Mtpa.
No significant risks or uncertainties in the Mineral Resource estimate have been identified.
The complexity of the Sunrise Dam mineralisation means that the largest risk or uncertainty associated with the
estimation of the Ore Reserve is linked to the accuracy of the Mineral Resource estimate. Design risk is low as
the mining methods have been practiced at Sunrise Dam for the past ten years.
An independent external Mineral Resource and Ore Reserve audit was undertaken in 2021 by SRK Consulting
and found no significant flaws in process or output. Certificates of sign-off have been received to state that the
Mineral Resource and Ore Reserve estimates are reported in accordance with the SAMREC Code.
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SUNRISE DAM CONTINUED
Australia
Map showing the location, infrastructure and mining licence area for Sunrise Dam, with the total mining
lease 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 UTM coordinate system.
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AngloGold Ashanti Limited <R&R> 2021
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+2400mRL
Open pit excavation
Underground excavation
+2100mRL
+1800mRL
+1500mRL
+1200mRL
0
250m
SUNRISE DAM CONTINUED
Australia
N-S Long section showing the historic open pit shell and current underground workings at Sunrise Dam, elevation
in mRL*
*mRL = 2,420m AMSL
Geology
Deposit type
Sunrise Dam is considered to be a mesothermal gold deposit,
typical of many orebodies found in the Archaean greenstone belts
of Western Australia.
Mineralisation style
At Sunrise Dam, gold mineralisation is structurally controlled
and vein hosted. The style of mineralisation can be differentiated
depending on the structure or environment in which it is hosted.
There are three dominant styles recognised:
Shear-related and high strain e.g. Sunrise Shear Zone
Stockwork development in planar faults with brittle
characteristics (these occur in all rock types and are commonly
concentrated at contacts within the volcanic stratigraphy or the
porphyry margin and within hinge positions within the magnetite
shales) e.g. Cosmo, Dolly and Vogue orebodies
Placer-style mineralisation hosted within the fluvial sediments.
Gold mineralisation at Golden Delicious is hosted by a suite
of granitoids, which intrude intermediate to mafic volcanic
and volcaniclastic greenschist host rocks. The area has been
deeply weathered, partly eroded, and blanketed by transported
lateritic gravels.
Mineralisation characteristics
Mineralisation is typically hosted in quartz-carbonate veins and
breccias with varying quantities of pyrite and arsenopyrite. Gold
occurs as free gold and is also occluded in the sulphides. The
gold mineralisation is often associated with strongly altered
country rocks proximal to the shear and fracture network that the
hydrothermal fluids have passed through.
At Golden Delicious, the majority of the gold mineralisation is
hosted within the monzonite and to a lesser extent the syenite
and granite. Gold observed in thin section is typically spatially
associated with pyrite stringers and as inclusions within altered
feldspars or carbonate.
Exploration
Exploration activities conducted in 2021 consisted of DD
and RC drilling campaigns in both the underground and
surface environments.
The focus of exploration in 2021 has been to develop the Mineral
Resource through defining extensions and converting known
orebodies into Indicated Mineral Resource. Sunrise Dam is two
years into a three-year strategy of Mineral Resource growth
through increased exploration DD with the aim of adding three
years of Ore Reserve to extend the LOM.
The exploration strategy for 2022 involves converting the
remaining high priority ore zones from Inferred Mineral Resource
to Indicated Mineral Resource classification. Exploration drilling
targets are also being prioritised to maintain the pipeline of
material to replenish Inferred Mineral Resource. Lastly, a new
underground drilling platform is being developed which should
provide advantageous drilling orientations to define a major
extension to high-grade lodes within the Frankie orebody.
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W
Dolerite
Ultramafic Volcanics
Lamprophyre
Felsic Intrusives
BIF Sediments
Fine-grained Sediments
Medium Grained Sediments
Coarse-grained Sediments
Megacrystic Andesite
Andesite
E
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Grade/ore control
6 x 8, 10 x 10
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
SUNRISE DAM CONTINUED
Australia
Geological cross-section looking north through the Sunrise Dam underground, elevation in mRL*
*mRL = 2,420m AMSL
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Measured
10 x 10, 12.5 x 12.5
Indicated
40 x 20, 40 x 40
Inferred
40 x 40, 100 x 100
Inclusive Mineral Resource
Golden Delicious
Measured
0.24
1.18
0.29
0.01
Indicated
3.03
1.16
3.50
0.11
Inferred
0.02
0.86
0.02
0.00
Total
3.29
1.16
3.80
0.12
Stockpile (open pit)
Measured
7.38
0.93
6.89
0.22
Indicated
Inferred
Total
7.38
0.93
6.89
0.22
Underground
Measured
16.37
1.87
30.56
0.98
Indicated
22.88
1.98
45.32
1.46
Inferred
23.58
2.36
55.65
1.79
Total
62.83
2.09
131.53
4.23
Stockpile (underground)
Measured
0.08
2.53
0.19
0.01
Indicated
Inferred
Total
0.08
2.53
0.19
0.01
Sunrise Dam
Total
73.58
1.94
142.42
4.58
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SUNRISE DAM CONTINUED
Australia
Underground and open cut depletion actuals are used until the end
of September with the remaining depletion being predicted from
the mining schedule. The case for eventual economic extraction
of the reportable Mineral Resource is met by utilising a MSO tool
in Deswik (Deswik.SO
TM ). Deswik.SO generates shapes based
on mineable geometries and volumes which exceed the Mineral
Resource cut-off grade based on corporate guidance. Depletion
is coded into the model and metal which has been depleted is
ignored by MSO. A stand-off distance of 5m is applied to historic
mining stope voids to ensure geotechnical stability and material
within this 5m zone are considered to be sterilised, unless
explicitly informed by the geotechnical department. Shapes are
generated and evaluated through the block model to determine the
final Mineral Resource. In the event that the MSO output does not
completely encompass the Ore Reserve (due to planned dilution
and mining requirements) the Ore Reserve is included with the
final Mineral Resource reporting solid.
Estimation
Estimation of the underground Mineral Resource uses the
geological model boundaries to subdivide all drill hole data into
appropriate domains. The geostatistical method of ordinary
block kriging is used to estimate the Mineral Resource.
High-grade restraining is used to limit the effects of outlier
grade values. Dense patterns of underground RC drilling are
completed prior to the final mine design, upon which, grade
control models are created using conditional simulation. This
allows for the probabilistic determination of the optimal mining
stope configuration. Mining of the open pit Mineral Resource
was completed in early 2014. Remaining stockpiled material is
estimated based on detailed grade control drilling completed prior
to mining. Grades were estimated by means of the conditional
simulation geostatistical method.
The Golden Delicious deposit has been estimated using LUC.
All available geological drill hole information is validated for use
in the models and the local geology of the deposit is used to
classify the drill hole information into appropriate estimation
domains. Detailed statistical analyses are conducted on each of
these domains and this allows for the identification of high-grade
outliers. If these values are anomalous to the characteristics of the
general population they are then cutback to an appropriate upper
limit for the population.
Grade tonnage curves
Sunrise Dam
Surface (metric)
9
8
7
6
5
4
3
2
1
0



4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Sunrise Dam
Underground (metric)
64
20
56
17
48
40
14
32
11
24
8
16
8
5
0
2
0.0
0.5
1.0
1.5 2.0
Cut-off grade (g/t)
2.5
3.0
0
2
4
6
10
8
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Tonnes above cut-off
Average grade above cut-off
The underground grade tonnage curve is calculated at a range of cut-off grades within the MSO mining constraint shapes.
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Sunrise Dam
Measured
12.16
1.63
19.82
0.64
Indicated
16.50
1.60
26.48
0.85
Inferred
23.60
2.36
55.67
1.79
Total
52.26
1.95
101.96
3.28
The Sunrise Dam exclusive Mineral Resource is dominantly comprised of underground material. The majority (99%) of the exclusive
Mineral Resource is represented by material within the underground mining environment with the remaining 1% from the Golden Delicious
open cut mine and marginal stockpile material.
Pillar material has largely been removed from this total, as have skins around historic stoping voids. All underground material reported is
reported within a MSO output which has had the Ore Reserve spatially cut out to leave a spatial exclusive Mineral Resource.
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
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1.17
0.11
(0.17)
(0.39)
0.00
0.00
0.00
0.00
4.58
4.11
(0.26)
SUNRISE DAM CONTINUED
Australia
Mineral Resource below infrastructure
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Sunrise Dam
Measured
2.15
1.95
4.19
0.13
Indicated
11.35
2.51
28.50
0.92
Inferred
14.75
1.64
24.13
0.78
Total
28.25
2.01
56.81
1.83
The Mineral Resource below the 1,350mRL (1,050m below surface) is considered to be below all mining infrastructure and constitutes
nearly 40% of the inclusive Mineral Resource. Half (50%) of this material is classified as Indicated Mineral Resource confidence and will
likely show a good conversion rate to Measured Mineral Resource. A large portion (42%) of the material is Inferred Mineral Resource and
has the potential to be upgraded based on new information.
Year-on-year changes in Mineral Resource
Sunrise Dam
Total (Moz)
5.5
5.0
4.5
4.0
3.5
3.0
Increase due to ongoing advanced grade control and exploration activities offset by minor local changes in gold price and an overall
increase of costs.
Inclusive Mineral Resource sensitivity
Sunrise Dam
35
25
15
5
0
-5
-15
-25
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
“The focus of exploration in 2021 has been to develop the Mineral
Resource through defining extensions and converting known
orebodies into Indicated Mineral Resource.”
The Mineral Resource is very sensitive to the gold price.
A decrease in price of $200 to $1,300/oz would result in a
decrease in ounces of 14%. This price change results in an
increase in the cut-off grade of 0.3g/t. An increase in price
of $200 to $1,700/oz shows an increase in ounces of 15%.
This price change results in a decrease in cut-off grade
of 0.1g/t.
Percentage
change
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Acquisition/
disposal
2021
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SUNRISE DAM CONTINUED
Australia
Ore Reserve
Ore Reserve
Golden Delicious
Proved
0.16
1.33
0.21
0.01
Probable
1.91
1.38
2.63
0.08
Total
2.07
1.37
2.84
0.09
Stockpile (open pit)
Proved
Probable
7.38
0.93
6.89
0.22
Total
7.38
0.93
6.89
0.22
Underground
Proved
4.56
2.41
11.00
0.35
Probable
7.49
2.63
19.71
0.63
Total
12.05
2.55
30.71
0.99
Stockpile (underground)
Proved
Probable
0.08
2.53
0.19
0.01
Total
0.08
2.53
0.19
0.01
Sunrise Dam
Total
21.58
1.88
40.64
1.31
The Sunrise Dam Ore Reserve consists of the underground, open pit, and low-grade stockpile source material.
Thickeners
at
Sunrise Dam
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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SUNRISE DAM CONTINUED
Australia
Estimation
The underground Ore Reserve has been derived from the
Mineral Resource model, with the Proved and Probable Ore
Reserve consisting of that part of the Measured and Indicated
Mineral Resource model deemed to be economically mineable
based on reference assumptions such as price, and modifying
factors such as dilution, mining losses and mill recovery. The
economically mineable shapes derived from the model have
been used as the basis of a detailed LOM plan that is projected to
provide a margin on total cost at the planning price of $1,500/oz.
The 2021 Ore Reserve estimate reflects the fact that Sunrise
Dam is two years into a three-year “growth through exploration”
phase that aims to unlock the value of the asset, with Ore Reserve
growth the initial step in a move toward optimisation through
full asset potential. The Ore Reserve has been estimated using a
mine-constrained break-even cut-off determined at a $1,200/oz
gold price under budget cost conditions across the six-year Ore
Reserve life.
This has meant that significant marginal material was included in
the plan in order to keep the plant operating at full capacity.
The Ore Reserve has been evaluated economically and shown to
be cash flow positive at a $1,500/oz gold price. It is AngloGold
Ashanti’s opinion that there is sufficient margin between this price
and the current spot price of gold for this to define an Ore Reserve.
Ore Reserve modifying factors
as at
31 December 2021
Gold
price
$/oz
Exchange
rate
$/AUD
Cut-off
grade
g/t Au
Stoping
width
cm
Dilution
%
Dilution
g/t
RMF
(% based
on tonnes)
MRF
(% based
on tonnes)
MCF
%
MetRF
%
Golden Delicious
1,200
0.74
0.75
0.0
0.0
100.0
100.0
100.0
92.0
Underground
1,200
0.74
1.65
1,080
5.6
0.7
100.0
100.0
100.0
83.4
Stockpile (underground)
1,200
0.74
1.65
0.0
0.0
100.0
100.0
100.0
83.4
The modifying factors applied to the Sunrise Dam Ore Reserve have been based on historic reconciliation results, where a long-term
positive reconciliation trend has been identified. As a result, the applied factors can be considered aggressive when compared to the
industry norms. Steps have been taken throughout 2021 to review the reconciliation data in support of maintaining the current modifying
factors. This has seen a slight increase in the percentage of planned dilution compared with previous years, in combination with a
reduction in the dilution grades applied. More work will be done in 2022.
Inferred Mineral Resource in annual Ore Reserve design*
as at 31 December 2021
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Underground
0.04
2.80
0.12
0.00
Total
0.04
2.80
0.12
0.00
* Inferred Mineral Resource including lower confidence material
AngloGold Ashanti’s planning process allows the use of Inferred
Mineral Resource in Ore Reserve determination and reporting
as well as in our business planning. These two are closely
aligned with the Ore Reserve being a subset of the business
planning process. It is important to note that in all AngloGold
Ashanti’s processes, despite the use of Inferred Mineral
Resource, we never convert the Inferred Mineral Resource to
a Ore Reserve.
AngloGold Ashanti completes an Inferred Mineral Resource
risk test on all plans. This involves setting the Inferred Mineral
Resource grade to zero within the Ore Reserve design (thereby
considering a worst-case scenario whereby the Inferred Mineral
Resource totally fails to deliver, and it is completely made up of
waste). The Ore Reserve design is evaluated with the Inferred
Mineral Resource at zero grade, and if the design using Measured
and Indicated Mineral Resource remains financially positive, it
has been proven that the Ore Reserve is robust enough to make a
positive financial return and therefore satisfies the requirements of
a Ore Reserve.
With appropriate caution, a portion of the Inferred Mineral
Resource has been included in the six-year Ore Reserve mine
plan, representing less than 0.3% of the total inventory. For all
economic analysis, the grade of the Inferred Mineral Resource
material was re-assigned as zero.
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0.45
0.00
(0.34)
0.42
(0.16)
0.02
0.00
0.00
1.31
1.15
(0.01)
(0.24)
SUNRISE DAM CONTINUED
Australia
Ore Reserve below infrastructure
as at 31 December 2021 Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Sunrise Dam
Proved
Probable
0.88
2.55
2.24
0.07
Total
0.88
2.55
2.24
0.07
The Ore Reserve below infrastructure consists of that material from the Vogue and Carey orebodies below the 1,350mRL.
Year-on-year changes in Ore Reserve
Sunrise Dam
Total (Moz)
2.0
1.6
1.2
0.8
0.4


The increase in the reported Ore Reserve is due to exploration success and a revised methodology for underground stope optimisation
offset by more conservative extraction ratios and increased unit costs.
Ore Reserve sensitivity
Sunrise Dam
25
20
15
10
5
0
-5
-10
-15
1,100
1,200
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
1,300
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
David Perkin
MAusIMM
326 239
13 years
BSc Hons (Geology), MSc
(Geology), Postgraduate Certificate
(Geostatistics)
Ore Reserve (surface)
Joanne Endersbee
MAusIMM
334 537
12 years
Ore Reserve
(underground)
Cailli Knievel
MAusIMM
205 388
26 years
BEng (Mining Engineering)
The Ore Reserve is very sensitive to changes in the
gold price. Sensitivities conducted on the 2021
Ore Reserve indicate that a $100 decrease in gold
price results in a 10% reduction in Ore Reserve ounces.
Conversely, an $100 increase in gold price results in a 16%
increase in Ore Reserve ounces.
Percentage
change
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
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BUTCHER WELL
Australia
Introduction
Property
description
Butcher Well is a JV with Northern Star Resources Limited, (AngloGold Ashanti 70%, and Northern Star
Resources Limited 30%). The JV encompasses two tenement packages, Butcher Well and Lake Carey,
covering approximately 339.56km
2. AngloGold Ashanti also holds a significant tenement package adjacent
to the Northern Star JV properties. The project is in the exploration stage, with no Ore Reserve declared.
An Inferred Mineral Resource is stated, which has been the subject of a conceptual study.
Location
The Butcher Well Project is located in the Laverton district of Western Australia, 20km southwest of AngloGold
Ashanti’s Sunrise Dam Gold Mine and 180km northeast of Kalgoorlie. The Sunrise Dam airstrip is approximately
70km by road from the project, with a travel time of approximately 90 minutes, on the current road going around
the southern part of Lake Carey. Lake Carey is a large salt lake that covers a part of the western project area,
Sunrise Dam lies to the east of the lake and the Butcher Well project lies on the western shore.
History
The Butcher Well deposits were discovered in the late 1980s by Billiton Australia Gold Limited, with the original
mining leases pegged in 1988. Exploration over the deposits and surrounding area continued into the early 1990s.
A mining proposal was submitted in 1993 and a Mineral Resource of 255koz gold at 2.9g/t declared across the
Butcher Well, Crimson Belle and Thin Lizzy deposits. In 1994, with the project under a JV between Sons of Gwalia
Limited and Mount Burgess Gold Mining Company N.L., a study was undertaken by Sons of Gwalia to examine the
feasibility of mining and 43koz gold was produced from the Butcher Well, Enigmatic and Hronsky pits.
Following the collapse of Sons of Gwalia in 2004, St Barbara Mines acquired all their holdings and sold on the South
Laverton assets, including Butcher Well, to Saracen Mineral Holdings in 2006. Saracen continued exploration at
Butcher Well, leading to several Mineral Resource and Ore Reserve updates. In 2012 limited open pit mining was
completed at Butcher Well with approximately 12koz gold produced from the Sizzler and Old Camp pits. In 2021,
Saracen Mineral Holdings and Northern Star Resources merged, to form the merged entity known as Northern Star
Resources Limited.
Legal aspects
and tenure
Butcher Well has security of tenure for all current exploration licences and for the contiguous mining leases that
covers its Mineral Resource. The Mining leases are: M39/165 valid from 16 Dec 1988 to 15 Dec 2030 covering
602.35ha; M39/166 valid from 16 Dec 1988 to 15 Dec 2030 covering 990ha; and M39/230 valid from 31 Jul 1990
to 30 Jul 2032 covering 446.4ha.
As the project is still in a conceptual study phase, no mining has yet taken place as part of the current JV.
Mining method
Open pit mining is expected to be conventional open cut, drill and blast, followed by truck and excavator
operation to develop the deposits. Underground mining is likely to be Transverse Longhole Open Stoping.
Operational
infrastructure
Power is likely to be generated on-site via diesel generators. Water can be sourced from the existing flooded pits
or bores. Ore material will be trucked to Sunrise Dam via existing secondary roads.
Mineral
processing
Ore from Butcher Well will be processed at the Sunrise Dam processing plant. Processing at Sunrise Dam is via
a conventional three-stage crushing, two-stage milling CIL circuit, with a pyrite flotation and ultrafine grinding
circuit commissioned in 2018. The gravity circuit recovers approximately 30% of the gold, with the CIL circuit and
AARL elution used to recover the remainder. Electrowinning recovers gold from the Acacia™ reactor and eluate
to produce gold doré. Plant throughput at Sunrise Dam is 4.1Mtpa, and Butcher Well ore will supplement ore
production from the Sunrise Dam underground mine to maintain the mill throughput.
Risks
Butcher Well has been the focus of a conceptual study. Further exploration was completed in 2021 to further define
the mineralisation. The project contains a mix of historical and new drilling. Only areas that have had follow-up
drilling by AngloGold Ashanti have been reported in the current Mineral Resource estimate. Further drilling in and
around the old open pits is required to confirm the mineralisation, which may represent some upside to the Mineral
Resource. The fresh rock in the north of the project area is highly refractory, with low metallurgical recoveries.
No Ore Reserve is currently declared for the project, which is in the early stages of study.
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BUTCHER WELL CONTINUED
Australia
Map showing the location, infrastructure and mining licence area for Butcher Well, with the total mining
lease area shown in the top right corner. The coordinates of the mine, as represented by the Sizzler pit,
are depicted on the map and are in the UTM coordinate system.
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BUTCHER WELL
Australia
Geology
Butcher Well appears to be on the sub-vertical eastern limb of
an isoclinal fold, possibly an anticline, with mafic volcanic rocks
forming its core (approximately of 2.5km wide), flanked by clastic
sedimentary rocks.
Deposit type
Butcher Well is located in the Laverton Greenstone Belt and hosts
orogenic style gold mineralisation within a basalt and spatially
associated with syenite dykes.
Mineralisation style
Gold mineralisation within fresh rock principally occurs within
steeply dipping northerly-trending panels, occurring in three main
domains: Butcher Well in the north, Hronsky-Engimatic centrally,
and Old Camp in the south. Supergene gold dispersion and
enrichment broadens the mineralised envelope within the saprolite
as oxide mineralisation, which has largely been exploited in the
historical open pits.
Mineralisation characteristics
Gold is associated principally with finely-disseminated pyrite
and arsenopyrite within the host rock, concentrated within
narrow planar zones, rather than in large auriferous quartz
veins as is more common in orogenic gold deposits. Fresh-rock
mineralisation is associated with host-rock brecciation, dense
micro-veining, and intense sulphidic alteration with classic lower-
greenschist alteration mineralogy: quartz-albite-ankerite-pyrite-
arsenopyrite. The mineralised zones often do not host obvious
measurable structures such as vein sets or foliation.
Schematic geological long-section of Butcher Well, looking west, elevation in metres AMSL
400m AMSL
200m AMSL
0m AMSL
-200m AMSL
Legend
Syenite
Andesite
Structural trend of mineralisation
Core Andesite
Tholeiitic Basalt
Trend of stratigraphy
Core Basalt
0.3 g/t Au
Exploration
Exploration during 2021 targeted infill and extensions to the
underground mineralisation in the Camp Zone. The project area
contains a mix of recent and historical drilling. AngloGold Ashanti
has completed DD and RC drilling over the areas reported as a
Mineral Resource.
Projects
Butcher Well has been the focus of a conceptual study, with
additional drilling completed in 2021 to further define the
mineralisation. Further studies are required to assess the fit of the
project into the Sunrise Dam LOM plan.
“An Inferred Mineral Resource is stated, which has been the subject
of a conceptual study.”
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Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
Measured
Indicated
Inferred

50 x 50, 100 x 100



Grade/ore control
10 x 10, 50 x 50
The underground Mineral Resource has been drilled at spacings between 50 x 50m and 100 x 100m. The open pit Mineral Resource contains a
mix of historical and new drilling, with some areas containing grade control spacing (at approximately 10 x 10m) and up to 50 x 50m in new areas.
Inclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Butcher Well (surface)
Measured
Indicated
Inferred
0.61
1.48

0.91

0.03
Total
0.61
1.48
0.91
0.03
Butcher Well (underground)
Measured
Indicated
Inferred
2.07
4.45

9.23

0.30
Total
2.07
4.45
9.23
0.30
Butcher Well
Total
2.69
3.77
10.14
0.33
The inclusive Mineral Resource for Butcher Well includes areas
drilled by AngloGold Ashanti, with several shallow open pit areas,
and the underground Camp Zone. The open pits are constrained
within a $1,500/oz whittle shell and the underground Mineral
Resource has been constrained within an MSO (floating stope)
wireframe above the breakeven cut-off grade, calculated using
costs derived from ongoing underground mining at Sunrise Dam.
Estimation
Mineral Resource models for the Butcher Well project have
been generated using the geostatistical technique of LUC. The
SMU modelled was 5 x 10 x 5m with information effect applied.
The data was composited to 2m down-hole lengths, with top-
cuts (capping) applied to the data after examining cumulative
histograms of each domain. Search distances reflected the
variable data spacing in the deposit with 120 x 120 x 30m used for
panel kriging. A minimum of 8 and a maximum of 32 samples was
used in the estimate.
Exclusive Mineral Resource
No Ore Reserve has been declared at Butcher Well and therefore
the inclusive and exclusive Mineral Resource are the same.
Mineral Resource below infrastructure
All Mineral Resource is considered to be below infrastructure at
this point.
Grade tonnage curves
Butcher Well
Surface (metric)
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Butcher Well
Underground (metric)
3
8
7
2
6
1
5
0
4
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
0
1
2
3
4
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
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0.06
0.00
(0.01)
(0.00)
0.00
0.00
0.00
0.00
0.33
0.27
0.00
BUTCHER WELL
Australia
Year-on-year changes in Mineral Resource
Butcher Well
Total (Moz)
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
The current Mineral Resource estimate is slightly higher than the previous estimate, with the majority of the change due to a refined
geological model. A local decrease in the Mineral Resource gold price somewhat offset the increase.
Inclusive Mineral Resource sensitivity
Butcher Well
40
20
0
-20
-40
1,300
1,500
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
1,700
Competent Person
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Mark Kent
MAusIMM
203 631
24 years
BSc Hons (Geology), MSc (Mineral
Resource Evaluation)
The Mineral Resource is highly sensitive to changes in
gold price due to the relatively wide spaced drilling during
the early stages of the project. There is a 12% upside in
ounces at a higher price and a 19% downside in ounces at
a lower price.
Percentage
change
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Acquisition/
disposal
2021
Diamond rig drilling towards the east under the Hronsky-Enigmatic pits
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Introduction
Property
description
Tropicana is comprised of a number of open pits and underground mines that are operated as a joint
operation between AngloGold Ashanti (70% and 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, Western Australia. Tropicana is
the first deposit discovered in this remote portion of the Great Victoria Desert.
Open pit mining began during 2012 with first gold production occurring during September 2013. Tropicana
reached the 3Moz produced milestone during the first quarter of 2020.
History
Underground mining commenced in 2019 at Boston Shaker after a positive FS. First stoping occurred in June
2020 and the mine achieved commercial production in September 2020. The underground mine is expected to
be a significant contributor to the production profile going forward.
Legal aspects
and tenure
Tropicana has security of tenure for all current exploration licences and the mining lease that covers its future
Ore Reserve. This lease is M39/1096 and is valid from 11 March 2015 to 10 March 2036, covering a total area
of 27,228ha.
Mining method
The Tropicana Ore Reserve is extracted in both open pit and underground mines. Mining activities are undertaken
by Macmahon in an alliance partnership with AngloGold Ashanti. Open pit mining is undertaken using
conventional open cut, drill and blast, followed by truck and excavator operation to develop the deposits (Havana
and Boston Shaker). The total annual movement of ore and waste is approximately 91Mtpa. Underground mining
uses mechanised jumbo development and open stoping methods. At peak, annual production from underground
is planned to reach 1.4Mt of ore.
Operational
infrastructure
All surface infrastructure facilities are in place and operational. 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. Power is supplied to the
mine by on-site gas and diesel power stations, and natural gas is supplied via an APA Operations (Pty) Limited
pipeline. Underground development and production is ongoing.
Mineral
processing
The processing plant has a current capacity of 9.3Mtpa. The crushing circuit consists of a primary gyratory
crusher, feeding a set of secondary cone crushers and tertiary rolls crushers. 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 is used to form gold 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 48.5MW.
Risks
There are no known significant risks or uncertainties which currently affect the Mineral Resource and Ore
Reserve estimate. A significant change in the gold price or operating costs could potentially impact the
economic viability of the Mineral Resource and extraction of the Ore Reserve. The prospect for eventual
economic extraction at some time in the future, relies on the gold price increasing or staying at similar levels to
that of today.
An independent external Mineral Resource and Ore Reserve audit was undertaken in 2021 by SRK Consulting
and found no significant flaws in process or output. Certificates of sign-off have been received to state that the
Mineral Resource and Ore Reserve estimates are reported in accordance with the SAMREC Code.
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Map showing the location, infrastructure and mining licence area for Tropicana, 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 UTM coordinate system.
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Geology
Deposit type
The Tropicana gold deposit is comprised of multiple orebodies
(Boston Shaker, Tropicana, Havana and Havana South) in a
northeast-trending mineralised corridor, approximately 1.2km wide
and 5km long, that has been tested to a vertical depth of more
than 1,200m. The deposit is hosted in a quartz-feldspathic gneiss.
Mineralisation style
The mineralisation is typically found in two zones which are called
the hangingwall and footwall lode within the quartz-feldspathic
gneiss. They dip at an angle of 35° to the east, sub-parallel to the
gneissic fabric of the country rock. The mineralised zones pinch and
swell along strike and down-dip and range from 5 to 50m thick with
the thickest parts often coinciding where the zones converge.
Mineralisation characteristics
Mineralisation is accompanied by pyrite (2 to 8%) with
accessory pyrrhotite, chalcopyrite and other minor sulphides
and tellurides. The gold mineralisation is related to shear planes
that postdate the main gneissic fabric developed during peak
granulite-facies metamorphism.
NW-SE Geological cross-section through the Havana orebody, elevation in metres AMSL








Exploration
The 2021 capitalised exploration plan focused on Mineral Resource
conversion drilling to improve confidence in the mine plan and some
extensional drilling in the deeper parts of the mine. The Mineral
Resource conversion drilling took place in Havana underground
which sits below the final approved pit design. The purpose of
this was to convert Inferred Mineral Resource to Indicated Mineral
Resource in order to facilitate a PFS in 2022. This was a successful
programme. At Tropicana, the first stage of underground drilling
took place in quarter four of 2020 and into quarter one of 2021
which focused on drilling the first underground panel beneath the
mined-out open pit. This programme successfully converted an
Inferred Mineral Resource to an Indicated Mineral Resource, and
facilitated the maiden Ore Reserve for Tropicana underground
in 2021. Boston Shaker underground drilling focused on deep
exploration holes that targeted the northern and southern
boundaries of the mineralisation in both mineralised zones to
improve structural interpretation and domaining inputs for the
Mineral Resource estimate.
Expensed exploration activities in 2021 also took place at Boston
Shaker, Tropicana and Havana South to test depth extensions
to known orebodies as well as exploring the regional tenement
package. These drill holes were the first holes drilled into these
areas and did not contributed to the Mineral Resource in 2021.
NW
SE
Havana Stage 1
Havana Stage4 Limit
200m
0m
-200m
-400m
-600m
500m
Regolith
Basalt dyke
Fault/Shear
Amphibolite and granulite dominant gneiss
Garnet bearing amphibolite and granulite
Dominantly monzonitic, dioritic and tonalitic gneiss
Dominantly syenitic, dioritic and tonalitic gneiss
Quartz, grunerite, pyrite and pyrrhotite breccia/chery
Orebody
Section definition boundary
Elevation
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At Boston Shaker six deep DD holes in the order of 200m down-
plunge of the known mineralisation were completed to test
the extensional opportunities at Boston Shaker which proved
successful with good zones of mineralisation being identified. At
Tropicana five DD holes were completed to test the extensional
opportunities below the Ore Reserve which were successful and
confirmed the mineralisation continues at depth. At Havana South
four DD holes were completed to test the continuity of historic
significant intercepts.
Projects
A PFS is currently underway examining the Havana underground
options. There is also a PFS underway on the use of cemented
paste for the underground operations.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Measured
12 x 12, 25 x 25
Indicated
50 x 25, 50 x 50
Inferred
100 x 100
Grade/ore control
12 x 12, 12.5 x 12.5
Trucks from
the open
pit at
Tropicana
at sunset
Category
Spacing m (-x-)
Diamond
RC
Type of drilling
Blast hole
Channel
Other
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Inclusive Mineral Resource
Boston Shaker – Stage 4
Measured
1.49
2.11
3.15
0.10
Indicated
Inferred
0.01
0.83
0.01
0.00
Total
1.50
2.10
3.16
0.10
Havana – Stage 4
Measured
1.05
1.36
1.44
0.05
Indicated
Inferred
4.86
1.77
8.60
0.28
Total
5.92
1.70
10.04
0.32
Havana – Stage 5
Measured
1.22
1.47
1.79
0.06
Indicated
Inferred
5.16
1.53
7.90
0.25
Total
6.38
1.52
9.68
0.31
Havana – Stage 6
Measured
0.27
1.43
0.39
0.01
Indicated
10.22
1.65
16.87
0.54
Inferred
0.00
0.74
0.00
0.00
Total
10.50
1.64
17.27
0.56
Havana South Shell
Measured
1.19
0.95
1.13
0.04
Indicated
9.21
1.06
9.73
0.31
Inferred
0.93
0.96
0.90
0.03
Total
11.33
1.04
11.75
0.38
Stockpile (open pit)
Measured
Indicated
Inferred
21.02

0.65

13.77

0.44

Total
21.02
0.65
13.77
0.44
Boston Shaker (underground)
Measured
3.62
2.97
10.74
0.35
Indicated
0.94
3.18
2.98
0.10
Inferred
8.76
2.98
26.08
0.84
Total
13.32
2.99
39.80
1.28
Tropicana (underground)
Measured
Indicated
Inferred
2.09
2.87
2.54
2.25
5.31
6.44
0.17
0.21
Total
4.95
2.37
11.75
0.38
Havana (underground)
Measured
0.05
2.13
0.10
0.00
Indicated
2.14
2.96
6.33
0.20
Inferred
9.04
2.49
22.54
0.72
Total
11.22
2.58
28.98
0.93
Havana South (underground)
Measured
Indicated
Inferred

2.17
2.32

5.05
0.16
Total
2.17
2.32
5.05
0.16
Tropicana
Total
88.33
1.71
151.26
4.86
Underground Mineral Resource is reported within a minimum mineable stope shape generated using the MSO tool which applies
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 which allows for reasonable prospects of eventual economic
extraction. The cut-off grade used to define the MSO outline is 1.7g/t.
Estimation
The Mineral Resource has been estimated using the geostatistical technique of LUC using average drill hole intercepts, composited to 2m
lengths, and breaking at the domain boundaries.
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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Grade tonnage curves
Tropicana
Surface (metric)
142
122
102
82
62
42
22
3.5
3.0
2.5
2.0
1.5
1.0
Tropicana
Underground (metric)
33
6
29
25
5
21
4
17
13
3
9
5
2
0.1
0.3
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Cut-off grade (g/t)
Tonnes above cut-off
Average grade above cut-off
Exclusive Mineral Resource
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Tropicana
Measured
17.76
0.99
17.67
0.57
Indicated
16.63
1.25
20.73
0.67
Inferred
23.78
2.57
61.02
1.96
Total
58.17
1.71
99.42
3.20
The open pit exclusive Mineral Resource contains Mineral Resource below the Ore Reserve cut-off grade, Mineral Resource within an
open pit optimisation, outside the current Ore Reserve pit design and also Inferred Mineral Resource. The underground exclusive Mineral
Resource also contains Mineral Resource constrained within shapes defined by MSO, an underground optimisation tool, that is outside the
current Ore Reserve stope designs.
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Tonnes
above
cut-off
(millions)
Average
grade
above
cut-off
(g/t)
Employee
discussions
at one of
the Tropicana
open pits
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5.35
(0.30)
0.17
0.02
0.00
(0.38)
0.00
0.00
0.00
0.00
4.86
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Mineral Resource below infrastructure
Tonnes                          Grade
Contained gold
as at 31 December 2021
Category
million
g/t
tonnes
Moz
Tropicana
Measured
3.92
2.76
10.82
0.35
Indicated
2.91
3.03
8.82
0.28
Inferred
22.04
2.61
57.59
1.85
Total
28.87
2.68
77.24
2.48
At Boston Shaker the Mineral Resource below infrastructure is significant as the operation is only in its second year of production. The
Mineral Resource is reported below infrastructure at the 1,902mRL in the Boston Shaker Stage 3 orebody and below the 2,008mRL in the
Boston Shaker Stage 4 orebody. The entire Tropicana and Havana underground Mineral Resource is considered to be below infrastructure.
Year-on-year changes in Mineral Resource
Tropicana
Total (Moz)
5.7
5.5
5.3
5.1
4.9
4.7
4.5


The decrease in Mineral Resource resulted from of a combination of depletion and cost, offset partially by increases in exploration
success at Boston Shaker.
Inclusive Mineral Resource sensitivity
Tropicana
15
10
5
0
-5
-10
-15
-20
-25
1,300
1,500
Mineral Resource price ($/oz)
1,700
“A PFS is currently underway examining the Havana underground
options. There is also a PFS underway on the use of cemented paste
for the underground operations.”
The Mineral Resource is highly sensitive to a decrease
in the gold price with a 17% drop in ounces, and very
sensitive to an increase in the gold price with a 10%
increase in ounces.
Tonnes
Ounces
Grade
Percentage
change
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Acquisition/
disposal
2021
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Ore Reserve
Ore Reserve
Boston Shaker – Stage 4
Proved
1.29
2.35
3.04
0.10
Probable
0.00
1.40
0.01
0.00
Total
1.30
2.35
3.04
0.10
Havana – Stage 4
Proved
0.76
1.68
1.28
0.04
Probable
3.90
2.07
8.08
0.26
Total
4.66
2.01
9.36
0.30
Havana – Stage 5
Proved
0.90
1.79
1.61
0.05
Probable
3.97
1.80
7.15
0.23
Total
4.87
1.80
8.76
0.28
Havana – Stage 6
Proved
0.19
1.80
0.35
0.01
Probable
7.76
2.00
15.50
0.50
Total
7.95
1.99
15.85
0.51
Stockpile (open pit)
Proved
Probable
8.91
0.85
7.58
0.24
Total
8.91
0.85
7.58
0.24
Boston Shaker (underground)
Proved
1.46
3.07
4.48
0.14
Probable
0.28
3.36
0.95
0.03
Total
1.74
3.12
5.43
0.17
Tropicana (underground)
Proved
Probable
0.72
2.51
1.81
0.06
Total
0.72
2.51
1.81
0.06
Tropicana
Total
30.15
1.72
51.84
1.67
Estimation
The Ore Reserve for Tropicana is based on an operating LOM plan. For the open pit LOM plan, a FS was completed in 2010, which
determined a technically achievable and financially economic mine plan and this is updated annually. The pits that make up the open pit
LOM plan are Havana, Boston Shaker and Havana South.
For the underground LOM plan, the Boston Shaker FS study was completed in 2019 which determined the viability of the Boston
Shaker underground project. All Ore Reserve is estimated by reporting physicals (volumes, tonnes, grades, material types, etc.) against
the Mineral Resource model within detailed designs. Ore Reserve physicals are then scheduled and put through a financial model for
economic evaluation.
Ore Reserve modifying factors
RMF
MRF
Cut-off
Stoping
(% based
RMF       (% based
MRF
as at
Gold price
grade
width
Dilution
on      (% based
on      (% based
MCF
MetRF
31 December 2021
AUD/oz
g/t Au
cm
%
tonnes)
on g/t)
tonnes)
on g/t)
%
%
Boston Shaker – Stage 4
1,633
0.70
100.0
100.0
100.0
100.0
100.0
88.7
Havana – Stage 4
1,633
0.70
100.0
100.0
100.0
100.0
100.0
87.4
Havana – Stage 5
1,633
0.70
100.0
100.0
100.0
100.0
100.0
89.1
Havana – Stage 6
1,633
0.70
100.0
100.0
100.0
100.0
100.0
87.4
Stockpile (open pit)
1,633
0.70
100.0
100.0
100.0
100.0
100.0
89.4
Boston Shaker (underground)
1,633
2.70
2,000
15.0
100.0
100.0
90.0
100.0
100.0
89.0
Tropicana (underground)
1,633
2.10
2,000
15.0
100.0
100.0
90.0
100.0
100.0
89.1
Tonnes
Grade
Contained gold
tonnes
Moz
as at 31 December 2021
Category
million
g/t
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Inferred Mineral Resource in annual Ore Reserve design*
as at 31 December 2021
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Boston Shaker (underground)
3.67
3.29
12.10
0.39
Tropicana (underground)
0.55
2.25
1.23
0.04
Total
4.22
3.16
13.33
0.43
* Inferred Mineral Resource including lower confidence material
With appropriate caution, a portion of the Inferred Mineral Resource was included in the business plan optimisation process. This
accounts for 20% of the Ore Reserve plan of seven years. No Inferred Mineral Resource is considered in Ore Reserve reporting.
Loading of
open pit ore
into a
truck at
Tropicana
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1.89
(0.28)
0.11
(0.09)
0.10
(0.01)
(0.01)
0.01
(0.05)
0.00
0.00
1.67
TROPICANA CONTINUED
Australia
Ore Reserve below infrastructure
as at 31 December 2021
Category
Tonnes
million
Grade
g/t
Contained gold
tonnes
Moz
Tropicana
Proved
1.10
2.75
3.02
0.10
Probable
0.15
3.39
0.50
0.02
Total
1.25
2.82
3.52
0.11
The below infrastructure Ore Reserve is split between the Boston Shaker Stage 3, Boston Shaker Stage 4 and Tropicana orebodies. This
material is below 1,902mRL in Boston Shaker Stage 3 and 2,008mRL in Boston Shaker Stage 4, while the entire Tropicana underground
Ore Reserve is classified as below infrastructure.
Year-on-year changes in Ore Reserve
Tropicana
Total (Moz)
2.0
1.8
1.6
1.4
1.2
Increases due to exploration and local changes in the gold price are largely balanced by decreases due to cost and operational changes.
Ore Reserve sensitivity
Tropicana
50
40
30
20
10
0
-10
-20
-30
-40
1,100
1,200
Ore Reserve price ($/oz)
Percentage
change
Tonnes
Ounces
Grade
1,300
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Fraser Clark
MAusIMM
226 390
20 years
BSc Hons (Geology),
Postgraduate Certificate
(Geostatistics)
Ore Reserve (surface)
Joanne Endersbee
MAusIMM
334 537
12 years
Ore Reserve
(underground)
Glenn Reitsema
MAusIMM
228 391
8 years
BEng (Mining Engineering), BCom
The Ore Reserve is highly sensitive to changes in the
Ore Reserve gold price with a 27% change in ounces for both
an increase and decrease in price.
Ounces
(millions)
2020
Depletion
Explor-
ation
Methodo-
logy
Price
Cost
Geotech-
nical
Metallur-
gical
Other
Operational
Acquisition/
disposal
2021
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ADMINISTRATIVE INFORMATION


Employees
conversing
underground
at Sunrise Dam
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DEFINITIONS
This section provides information on AngloGold
Ashanti’s definition of Mineral Resource and
Ore Reserve as well as a glossary of terms and
abbreviations.
Mineral Resource
The SAMREC Code definition of a Mineral Resource is as follows
(refer to the diagram on page 203):
“A Mineral Resource is a concentration or occurrence of solid
material of economic interest in or on the Earth’s crust in such
form, grade or quality and quantity that there are reasonable
prospects for eventual economic extraction. The location,
quantity, grade, continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from
specific geological evidence and knowledge, including sampling.
Mineral Resources are subdivided, and must be so reported,
in order of increasing confidence in respect of geoscientific
evidence, into Inferred, Indicated or Measured categories.”
All reports of Mineral Resource must satisfy the requirement
that there are reasonable prospects for eventual economic
extraction (more likely than not), regardless of the classification
of the Mineral Resource. Portions of a deposit that do not have
reasonable prospects for eventual economic extraction are not
included in a Mineral Resource.
The Mineral Resource is estimated using all relevant drilling and
sampling information along with a detailed geological model.
The geological models are based on various combinations of
core and/or chip logging, mapping, geophysics, geochemistry
and geological understanding that have been developed for each
deposit. Most of our deposits have been the subject of research by
third party specialists in the relevant class of gold deposit.
The grade estimation for each deposit has been developed over
the life of the mine, and is constantly reviewed in terms of grade
control information and reconciliation with the metallurgical
plant. In general, the open pits and shallow underground mines
use kriging with post processing by UC or LUC to generate a
recoverable Mineral Resource model where appropriate.
In order to comply with the economic requirement of the definition
of Mineral Resource, all our Mineral Resource is constrained at an
upside gold price, with all other parameters being kept the same
as used for estimation of the Ore Reserve. In the underground
gold mines, scoping studies are conducted on all coherent blocks
of ground that lie above the calculated Mineral Resource cut-off
grade. These studies include all cost and capital requirement
to access the block. In the case of open pit operations, pit
optimisations are conducted at the Mineral Resource gold price
and all material outside these shells is excluded from the Mineral
Resource unless it is potentially mineable from underground.
It is the opinion of AngloGold Ashanti that the Mineral Resource
represents a realistic view of an upside potential to the Ore
Reserve. In interpreting the Mineral Resource it is critical to factor
in the following:
That there is a reasonable expectation of eventual economic
extraction
The Mineral Resource is quoted in situ and has not been
corrected for dilution, mining losses or recovery
Many of the areas lying in the exclusive Mineral Resource are
currently being actively drilled and are the subject of economic
and technical studies. It can, however, not be assumed at this
stage that the company has intent to mine these areas
Mineral Resource classification is based on the ‘15% Rule’.
A Measured Mineral Resource should be expected to be within
15% of the quarterly metal estimate at least 90% of the time while,
for an Indicated Mineral Resource estimate, the annual metal
estimate should be within 15% of the metal estimated at least
90% of the time. For an Inferred Mineral Resource, the annual error
may, for 90% of the time, be greater than 15%.
The process and methodology of classification are at the
discretion of the Competent Person and involves expressing the
‘15% Rule’, as a required level of information, which in tangible
terms is the spacing of the drill hole or tunnel spacing in a
particular deposit.
Techniques such as conditional simulation or even an empirical
reconciliation-based approach are employed. However,
all operations are responsible for demonstrating, through
reconciliation, that their classification system conforms to the
15% rule set out above.
Final Mineral Resource classification also considers relative
confidence in sampling, drilling and assay QA/QC as well as other
variables that may impact on confidence in tonnage and grade.
The Inferred Mineral Resource category is intended to cover
situations in which a mineral concentration or occurrence has
been identified and limited measurements and sampling have
been completed but in which the data are insufficient to allow the
geological or grade continuity to be interpreted with confidence.
While it would be reasonable to expect that the majority of Inferred
Mineral Resource would upgrade to Indicated Mineral Resource
with continued exploration, due to the uncertainty of Inferred
Mineral Resource, it should not be assumed that such upgrading
will always occur.
AngloGold Ashanti quotes its Mineral Resource as inclusive of the
Ore Reserve. However, in this document, the Mineral Resource
exclusive of Ore Reserve (exclusive Mineral Resource) is also
quoted. The exclusive Mineral Resource is defined as the inclusive
Mineral Resource less the Ore Reserve before dilution and other
factors are applied.
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DEFINITIONS CONTINUED


The exclusive Mineral Resource consists of the following
components:
Inferred Mineral Resource, including that within the Ore Reserve
design or stope shape
Mineral Resource that sits above the Mineral Resource cut-off
grade but below the Ore Reserve cut-off grade that resides
within the defined Ore Reserve volume
Mineral Resource that lies between the LOM pit shell/mine
design and the Mineral Resource pit shell/mine design (this
material will become economic if the gold price increases)
Mineral Resource where the technical studies to engineer an Ore
Reserve have not yet been completed
All grade tonnage graphs represent in situ grade and tonnes
within the Mineral Resource. Caution should be exercised when
interpreting the grade tonnage graphs presented. The ability to
selectively mine the deposits may be precluded by the deposit
geometry, mining method and the need for practical development
of the orebody.
Ore Reserve
The SAMREC Code definition of an Ore Reserve is as follows (refer
to the diagram on the right):
the cash flow and thus the viability of any project. The effect of
including Inferred Mineral Resource in the business plan is tested
by scheduling the optimisation results, including the Inferred
Mineral Resource, and generating a cash flow based on giving a
value to the Proved and Probable Ore Reserve component of the
schedule only (Inferred Mineral Resource is costed as waste).
The Ore Reserve is acceptable if the cash flow, inclusive of the
zero value Inferred Mineral Resource, is positive over the life of
the mine.
For all new projects, an audited PFS (as a minimum requirement)
must have been completed that demonstrates the viability of the
project and meets the company’s investment requirements. This
study must be signed off at the appropriate executive level in order
to demonstrate an intent on the part of the company to proceed
to FS.
Relationship between Exploration Results, Mineral
Resource and Ore Reserve
“A Mineral Reserve is the economically mineable part of a
Measured and/or Indicated Mineral Resource. It includes diluting
materials and allowances for losses, which may occur when
the material is mined or extracted and is defined by studies
at Prefeasibility or Feasibility level as appropriate that include
application of modifying factors. Such studies demonstrate that,
at the time of reporting, extraction could reasonably be justified.
The reference point at which Mineral Reserves are defined, usually
the point where the ore is delivered to the processing plant, must

be stated. It is important that, in all situations where the reference
point is different, such as for a saleable product, a clarifying
statement is included to ensure that the reader is fully informed
as to what is being reported.”

Reported as
in situ
mineralisation estimates











Reported as mineable
production estimates
Ore Reserve is subdivided in order of increasing confidence into
Probable Ore Reserve and Proved Ore Reserve.
In the underground operations, the Ore Reserve is based on
a full mine design and, in the case of open pits, on a pit
optimisation followed by a final pit design. The Ore Reserve
is reported according to tonnage, mean grade(s) and contained
metal inclusive of mining dilution, mining ore-losses and
mine call factors. These modifying factors are based on
measurements rather than estimates. Tonnage and grade
estimates for surface stockpile materials that meet Ore Reserve
criteria are itemised separately.
Only the Ore Reserve included for treatment in the business plan
production schedule is considered in the Ore Reserve statement.
Inferred Mineral Resource is not included in the Ore Reserve
statement. Inferred Mineral Resource may however have an
influence on the Ore Reserve by virtue of its inclusion in the
optimisation process used to define the final pit limits or stope
design. Inclusion in the production schedule will also influence
Consideration of mining, metallurgical, processing,
infrastructural, economic, marketing, legal, environmental,
social and governmental factors (the “Modifying Factors”)
* Although the term Mineral Reserve is used throughout the SAMREC Code, it is
recognised by the SAMREC Code that the term Ore Reserve is synonymous with
Mineral Reserve. AngloGold Ashanti elects to use Ore Reserve in its reporting.
Table 1 and reporting on an ‘if not, why not’ basis
SAMREC Code, clause 6
The SAMREC Table 1 provides a list of the main criteria that must
be considered and reported upon when reporting on Exploration
Results, Mineral Resources and Mineral Reserves.
In the context of complying with the principles of the Code,
comments relating to the items in the relevant sections of Table 1
shall be provided on an ‘if not, why not’ basis within the Competent
Person’s Report. The compilation of Table 1 must be undertaken
for (i) the first-time declaration of Exploration Results, a Mineral
Resource or a Mineral Reserve, and (ii) in instances where these
items have materially changed from when they were last Publicly
Reported for significant projects. Reporting on an ‘if not, why not’
basis ensures that it is clear to an investor or other stakeholders
whether items have been considered and deemed of low
consequence or are not yet addressed or resolved.
Exploration
Results
Increasing
level of
geoscientific
knowledge
and confidence
Mineral
Resource
Inferred
Ore
Reserve*
Indicated
Measured
Probable
Proved
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GLOSSARY OF TERMS
Banded iron formation (BIF)
A chemically formed iron-rich sedimentary rock.
By-products
Any potentially economic or saleable products that emanate from the core process of producing gold or
copper, including silver, uranium, molybdenum and sulphuric acid.
Capital expenditure
Total capital expenditure on tangible assets which includes stay-in-business and project capital.
Carbon-in-leach (CIL)
Gold is leached from a slurry of ore where cyanide and carbon granules are added to the same agitated
tanks. The gold loaded carbon granules are separated from the slurry and treated in an elution circuit to
remove the gold.
Carbon-in-pulp (CIP)
Gold is leached conventionally from a slurry of ore with cyanide in agitated tanks. The leached slurry
then passes into the CIP circuit where activated carbon granules are mixed with the slurry and gold is
adsorbed on to the activated carbon. The gold-loaded carbon is separated from the slurry and treated in
an elution circuit to remove the gold.
Comminution
The crushing and grinding of ore to make gold available for physical or chemical separation
(see also Milling).
Conceptual/concept/
scoping study
A conceptual (also a concept/scoping) study is an order of magnitude technical and economic study
of the potential viability of Mineral Resource that includes appropriate assessments of realistically
assumed Modifying Factors, together with any other relevant operational factors that are necessary to
demonstrate, at the time of reporting, that progress to a Prefeasibility Study can be reasonably justified.
Contained gold or copper
The total gold or copper content (tonnes multiplied by grade) of the material being described.
Cut-off grade
The minimum grade at which a unit of ore can be mined to achieve the desired economic outcome.
Depletion
The decrease in quantity of ore in a deposit or property resulting from extraction or production.
Development
The process of accessing a deposit through shafts and/or tunnelling in underground mining operations.
Doré
Impure alloy of gold and silver produced at a mine to be refined to a higher purity.
Electrowinning
A process of recovering gold from solution by means of electrolytic chemical reaction into a form that
can be smelted easily into gold bars.
Elution
Recovery of the gold from the activated carbon into solution before zinc precipitation or electrowinning.
Feasibility Study (FS)
A comprehensive technical and economic study of the selected development option for a mineral
project that includes appropriately detailed assessments of applicable modifying factors together with
any other relevant operational factors and detailed financial analysis necessary to demonstrate, at the
time of reporting, that extraction is reasonably justified (economically mineable). The results of the study
may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed
with, or finance, the development of the project. The confidence level of the study will be higher than that
of a PFS (SAMREC 2016).
Flotation
Concentration of gold and gold-hosting minerals into a small mass by various techniques (for example
collectors, frothers, agitation and air flow) that collectively enhance the buoyancy of the target minerals,
relative to unwanted gangue, for recovery into an overflowing froth phase.
Full grade ore
Ore material with sufficient grade to carry the full operating cost of the operation. Full grade ore cut-off is
the break-even grade where cost is representative of all costs to carry the full operation.
Gold produced
Refined gold in a saleable form derived from the mining process.
Grade
The quantity of ore contained within a unit weight of mineralised material generally expressed in
grams per metric tonne (g/t) or ounces per short ton of ore (oz/t) for gold-bearing material, and
a percentage (%) for sulphur- and copper-bearing material, and as parts per million (ppm) for
molybdenum-bearing material.
Indicated Mineral Resource
That part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical
characteristics are estimated with sufficient confidence to allow the application of modifying factors
in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing
and is sufficient to assume geological and grade or quality continuity between points of observation
(SAMREC 2016).
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GLOSSARY OF TERMS CONTINUED


Inferred Mineral Resource
That part of a Mineral Resource for which quantity and grade or quality are estimated on the basis
of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify
geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence
than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It
is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated
Mineral Resources with continued exploration (SAMREC 2016).
Leaching
Dissolution of gold from crushed or milled material, prior to adsorption on to activated carbon or direct
zinc precipitation
Life of mine (LOM)
Number of years that the operation is planning to mine and treat ore as taken from the current
mine plan.
Marginal ore
Ore material with grade below the full-grade ore cut-off that can be economically treated at the end of
mine life when overhead and mining costs are reduced. Marginal ore cut-off is the break-even grade
where cost is representative of the reduced cost that will be experienced after mining has ended.
Measured Mineral Resource
That part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical
characteristics are estimated with confidence sufficient to allow the application of modifying factors to
support detailed mine planning and final evaluation of the economic viability of the deposit. Geological
evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to
confirm geological and grade or quality continuity between points of observation. A Measured Mineral
Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or
an Inferred Mineral Resource. It may be converted to a Proved Mineral Reserve or to a Probable Mineral
Reserve (SAMREC 2016).
Metallurgical plant
A processing plant designed to treat ore and extract gold or copper in the case of Quebradona (and, in
some cases, often valuable by-products).
Metallurgical recovery
factor (MetRF)
A measure of the efficiency in extracting gold from the ore.
Milling
A process of reducing broken ore to a size at which concentrating or leaching can be undertaken (see
also comminution).
Mine call factor (MCF)
The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral
product after processing with the amount estimated in the ore based on sampling. The ratio of
contained gold delivered to the metallurgical plant divided by the estimated contained gold of
ore mined based on sampling.
Mineral deposit
A mineral deposit is a concentration (or occurrence) of material of possible economic interest in or on
the Earth’s crust.
Mining recovery factor
(MRF)
This factor reflects a mining efficiency factor relating the recovery of material during the mining process
and is the variance between the tonnes called for in the mining design and what the plant receives. It is
expressed in both a grade and tonnage number.
Modifying factors
Considerations used to convert Measured and Indicated Mineral Resource to Ore Reserve. These
include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing,
legal, environmental, social and governmental factors.
Net present value (NPV)
The difference between the present value of cash inflows and the present value of cash outflows.
Ore Reserve
Although the term Mineral Reserve is used throughout the SAMREC Code, it is recognised by the Code
that the term Ore Reserve is synonymous with Mineral Reserve. AngloGold Ashanti elects to use Ore
Reserve in its reporting.
Ounce (oz) (Troy)
Imperial measure of mass specifically used for precious metals and still the standard measure of mass
in the gold industry. A kilogram is equal to 32.1507 troy ounces. A troy ounce is equal to 31.1035 grams.
Páramo
Alpine tundra ecosystem/alpine moorland.
Precipitate
The solid product formed when a change in solution chemical conditions results in conversion of some
pre-dissolved ions into solid state.
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GLOSSARY OF TERMS CONTINUED
Prefeasibility Study (PFS)
A comprehensive study of a range of options for the technical and economic viability of a mineral project
that has advanced to a stage where a preferred mining method, in the case of underground mining,
or the pit configuration, in the case of an open pit, is established and an effective method of mineral
processing is determined. It includes a financial analysis based on reasonable assumptions on the
modifying factors and the evaluation of any other relevant factors which are sufficient for a Competent
Person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a
Mineral Reserve at the time of reporting. A PFS is at a lower confidence level than a FS (SAMREC 2016).
Probable Ore Reserve
The economically mineable part of an Indicated, and in some circumstances, a Measured Mineral
Resource. The confidence in the modifying factors applying to a Probable Mineral Reserve is lower than
that applying to a Proved Mineral Reserve (SAMREC 2016).
Proved Ore Reserve
The economically mineable part of a Measured Mineral Resource. A Proved Mineral Reserve implies a
high degree of confidence in the modifying factors. (SAMREC 2016).
Recovered grade
The recovered mineral content per unit of ore treated
Reef
A gold-bearing horizon, sometimes a conglomerate band, that may contain economic levels of gold.
Reef can also be any significant or thick gold bearing quartz vein.
Refining
The final purification process of a metal or mineral to a saleable form.
Region
Defines the operational management divisions within AngloGold Ashanti, namely Africa (DRC, Ghana,
Guinea and Tanzania), Australia and the Americas (Argentina, Brazil, Colombia and the USA).
Rehabilitation
The process of returning disturbed land to a stable, productive or self-sustaining condition requiring no
ongoing maintenance to meet the post-mining land use objectives and taking into account beneficial
uses of the site and surrounding land. Rehabilitation objectives are generally defined in environmental
permits but are typically amended during the operational phase of projects through stakeholder
engagement processes to ensure post mining land uses are congruent with surrounding and regional
land use plans. Rehabilitation methods can vary by location owing to the extent of disturbance and geo-
climatic factors and include, among others, the processes of remediation, revegetation and restoration,
to address issues such as soil, ground and surface water, contamination, soil erosion and revegetation.
Resource modification
factor (RMF)
This factor is applied when there is an historic reconciliation discrepancy in the Mineral Resource model.
For example, between the Mineral Resource model tonnage and the grade control model tonnage. It is
expressed in both a grade and tonnage number.
Seismic event
A sudden inelastic deformation within a given volume of rock that radiates detectable seismic energy.
Shaft
A vertical or subvertical excavation used for accessing an underground mine for transporting
personnel, equipment and supplies; for hoisting ore and waste; for ventilation and utilities; and/or
as an auxiliary exit.
Smelting
A pyro-metallurgical operation in which gold precipitate from electro-winning or zinc precipitation is
further separated from impurities.
Selective mining unit (SMU)
The smallest unit that can be mined at a particular operation with the equipment available at that site,
reflecting the intended or proposed mining selectively.
Stope
An underground excavation where ore is extracted.
Stoping
The process of excavating ore underground.
Stripping ratio
The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes mined
divided by ore tonnes mined.
Tailings
Finely ground rock of low residual value from which valuable minerals have been extracted.
Tailings storage facility
(TSF)/facilities (TSFs)
Facilities designed to store discarded tailings.
Tonne (t)
Used in metric statistics. Equal to 1,000 kilograms, the International System Units (SI) mass unit.
Tonnage
Quantity of material measured in tonnes.
Waste
Material that contains insufficient mineralisation for consideration for future treatment and, as such,
is discarded.
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ABBREVIATIONS

°
Degrees
%
Percentage
$
United States dollars
3D
Three-dimensional space
AAGL
AngloGold Ashanti (Ghana) Limited
AARL
Anglo American Research Laboratories
AC
Aircore drilling
Ag
Silver
AGA
AngloGold Ashanti
AGA Mineração
AngloGold Ashanti Córrego do Sítio Mineração
AMSL
Above mean sea level
ANM
Agência Nacional de Mineração
ARS
Argentine peso
Au
Gold
AUD
Australian dollars
Barrick
Barrick Gold Corporation
BIOX
Bacterial oxidation
BLM
Bureau of Land Management
BRL
Brazilian real
BUS
Blind Upper Stoping
ca.
Circa (approximately)
CCD
Counter current decant system in thickeners
(CCD circuit)
CdS
Córrego do Sítio
cm
Centimetres
COP
Colombian peso
CPR
Competent Persons report(s)
Cu
Copper
CVSA
Cerro Vanguardia S.A.
DD
Diamond drilling
Deswik.SO TM
Mineable Shape Optimiser by Deswik TM
DRC
Democratic Republic of the Congo
EIA
Environmental Impact Assessment
EPS
Enhanced Production Scheduler TM   software –
Datamine ®
FAusIMM
Fellow of the Australasian Institute of Mining
and Metallurgy
FGS CGeol
Fellow of the (London) Geological Society
Chartered Geologist
FW
Footwall
g
Grams
GCS
George Cappendell Shaft
GFW
Galinheiro footwall
GGB
Geita Greenstone Belt
GGM
Geita Gold Mine
GGML
Geita Gold Mining Limited
GRIDCo
Ghana Grid Company Limited
GSLIB TM
Geostatistical Software Library
Guinea
Republic of Guinea
g/t
Grams per tonne
ha
Hectare
HW
Hangingwall
JORC
Australasian Code for Reporting Exploration
Results, Mineral Resources and Ore Reserves
JSE
Johannesburg Stock Exchange Limited
JV
Joint venture
KCD
Karagba, Chauffeur and Durba
kg
Kilograms
koz
Thousand ounces
kozpa
Thousand ounces per annum
kt
Thousand tonnes
km
Kilometre(s)
km 2
Square kilometre(s)
KMS
Kwezi Mensah Shaft
ktpa
Kilo tonnes per annum
lb
Pound(s)
Leapfrog TM
Geological modelling software
LHOS
Long Hole Open Stoping
LOS
Longitudinal Open Stoping
LRS
Longitudinal Retreat Stoping
LUC
Localised uniform conditioning
M or m
Metre or million, depending on the context
m
2
Square metre
m
3
Cubic metre
m
3
/s
Cubic metre per second
Ma
Mega-annum
MAusIMM
Member of the Australasian Institute of Mining
and Metallurgy
MGSSA
Member of the Geological Society of
South Africa
mm
millimetre(s)
Mlb
Million pounds
Mo
Molybdenum
Moz
Million ounces
mRL
Metres relative level
MSG
Mineração Serra Grande
MSO
Mineable Shape Optimiser TM – Datamine ®
Mt
Million tonnes
Mtpa
Million tonnes per annum
MW
Mega watt
NSR
Net Smelter Return
oz/t
ounces per tonne
POX
Pressure oxidation
Ppm
Parts per million
QA/QC
Quality Assurance/Quality Control
QKNA
Quantitative Kriging Neighbourhood Analysis
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ABBREVIATIONS CONTINUED
RCubed
Mineral Resource and Ore Reserve Reporting
System
Randgold
Randgold Resources Limited
RC
Reverse circulation drilling
RGB
Red-green-blue
ROM
Run-of-mine
RRSC
Mineral Resource and Ore Reserve Steering
Committee
S
Sulphur
SACNASP
South African Council for Natural Scientific
Professions
SAG
Société Aurifere de Guinea
SAG mills
Semi-autogenous grinding mills
SAMREC
The South African Code for the Reporting of
Exploration Results, Mineral Resources and
Mineral Reserves
SEC
United States Securities and Exchange
Commission
SML
Special mining licence
SOKIMO
Société Minière de kilo-Moto
SOMIQ
Société Minière Internationale du Quebéc
SOX
Sarbanes-Oxley (Act of 2002)
TOS
Transverse Open Stoping
tpd
Tonnes per day
UC
Uniform conditioning
UTM
Universal Transverse Mercator coordinate system
ADMINISTRATIVE INFORMATION FOR PROFESSIONAL
ORGANISATIONS
AusIMM
The Australasian Institute of Mining and Metallurgy
PO Box 660, Carlton South, Victoria 3053, Australia
Telephone: +61 (3) 9658 6100
www.ausimm.com
ECSA
The Engineering Council of South Africa
Private Bag X691, Bruma 2026, Gauteng, South Africa
Telephone: +27 (86) 122 5555
www.ecsa.co.za
The Geological Society
The Geological Society of London
Burlington House, Piccadilly, London W1J OBG, the United Kingdom
Telephone: +44 (0) 20 7434 9944
www.geolsoc.org.uk
GSSA
The Geological Society of South Africa
PO Box 91230, Auckland Park 2006, Gauteng, South Africa
Telephone: +27 (11) 358 0028
www.gssa.org.za
SACNASP
South African Council for Natural Scientific Professions
Private Bag X540, Silverton 0127, Gauteng, South Africa
Telephone: +27 (12) 748 6500
www.sacnasp.org.za
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AngloGold Ashanti Limited <R&R> 2021
209
FORWARD-LOOKING STATEMENTS


Certain statements contained in this document, other than
statements of historical fact, including, without limitation, those
concerning the economic outlook for the gold mining industry,
expectations regarding gold prices, production, total cash costs,
all-in sustaining costs, all-in costs, cost savings and other
operating results, return on equity, productivity improvements,
growth prospects and outlook of AngloGold Ashanti’s operations,
individually or in the aggregate, including the achievement of
project milestones, commencement and completion of commercial
operations of certain of AngloGold Ashanti’s exploration and
production projects and the completion of acquisitions, dispositions
or joint venture transactions, AngloGold Ashanti’s liquidity and
capital resources and capital expenditures, the consequences
of the COVID-19 pandemic and the outcome and consequences
of any potential or pending litigation or regulatory proceedings
or environmental health and safety issues, are forward-looking
statements regarding AngloGold Ashanti’s operations, economic
performance and financial condition. These forward-looking
statements or forecasts involve known and unknown risks,
uncertainties and other factors that may cause AngloGold Ashanti’s
actual results, performance or achievements to differ materially
from the anticipated results, performance or achievements
expressed or implied in these forward-looking statements. Although
AngloGold Ashanti believes that the expectations reflected in
such forward-looking statements and forecasts are reasonable,
no assurance can be given that such expectations will prove to
have been correct. Accordingly, results could differ materially from
those set out in the forward-looking statements as a result of,
among other factors, changes in economic, social, political and
market conditions, including those related to international conflicts,
the success of business and operating initiatives, changes in the
regulatory environment and other government actions, including
environmental approvals, fluctuations in gold prices and exchange
rates, the outcome of pending or future litigation proceedings, any
supply chain disruptions, any public health crises, pandemics or
epidemics (including the COVID-19 pandemic), and other business
and operational risks and other factors, including mining accidents.
For a discussion of such risk factors, refer to AngloGold Ashanti’s
annual report on Form 20-F for the year ended 31 December 2021
and the Risk Factors section in AngloGold Ashanti’s Prospectus
Supplement dated 19 October 2021, each filed with the United
States Securities and Exchange Commission (SEC). These factors
are not necessarily all of the important factors that could cause
AngloGold Ashanti’s actual results to differ materially from those
expressed in any forward-looking statements. Other unknown or
unpredictable factors could also have material adverse effects
on future results. Consequently, readers are cautioned not to
place undue reliance on forward-looking statements. AngloGold
Ashanti undertakes no obligation to update publicly or release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except to the extent required by applicable
law. All subsequent written or oral forward-looking statements
attributable to AngloGold Ashanti or any person acting on its behalf
are qualified by the cautionary statements herein.
A scene
from the
Gold Room
at
Sunrise Dam
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AngloGold Ashanti Limited <R&R> 2021
210
ADMINISTRATION AND CORPORATE INFORMATION
AngloGold Ashanti Limited
Registration No. 1944/017354/06
Incorporated in the Republic of South
Africa
Share codes
ISIN: ZAE000043485
JSE: ANG
NYSE: AU
ASX: AGG
GhSE: (Shares) AGA
GhSE: (GhDS) AAD
JSE Sponsor
The Standard Bank of South Africa Limited
Auditors
Ernst & Young Inc.
Offices
Registered and Corporate
112 Oxford Road, Houghton Estate,
Johannesburg, 2198
(Private Bag X 20, Rosebank 2196)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia
Level 10 AMP Building
140 St George’s Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 773400
Fax: +233 303 778155
Directors
Executive
A Calderon Zuleta **
(Chief Executive Officer)
KC Ramon ^
(Chief Financial Officer)
Non-executive
MDC Ramos ^ (Chairperson)
KOF Busia°
AM Ferguson *
AH Garner
#
R Gasant ^
SP Lawson #
NVB Magubane ^
MC Richter
#~
JE Tilk•
*British     • Canadian    # American
** Colombian         ~Panamanian
^ South African ° Ghanaian
Officers
LM Goliath
Group Company Secretary
Investor relations contacts
Yatish Chowthee
Telephone: +27 11 637 6273
Mobile: +27 78 364 2080
E-mail:
yrchowthee@anglogoldashanti.com
Andrea Maxey
Telephone: +61 08 9425 4603
Mobile: +61 400 072 199
Email: amaxey@anglogoldashanti.com
South Africa
Computershare Investor Services
(Pty) Limited
Rosebank Towers, 15 Biermann Avenue,
Rosebank, 2196
Private Bag X9000, Saxonwold, 2132
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
E-mail:
Web.Queries@Computershare.co.za
Website : www.computershare.com
Australia
Computershare Investor Services
Pty Limited
Level 11, 172 St George’s Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (Australia only)
Fax: +61 8 9323 2033
Ghana
NTHC Limited
18 Gamel Abdul Nasser Avenue
Ringway Estate
Accra, Ghana
Telephone: +233 302 235814/6
Fax: +233 302 229975
ADR Depositary
BNY Mellon (BoNY)
BNY Shareowner Services
PO Box 30170
College Station, TX 77842-3170
United States of America
Telephone: +1 866-244-4140
(Toll free in USA) or
+1 201 680 6825 (outside USA)
E-mail: shrrelations@
cpushareownerservices.com
Website: www.mybnymdr.com
Global BuyDIRECTSM
BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLOGOLD ASHANTI.
Telephone: +1-888-BNY-ADRS
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i
AngloGold Ashanti Limited <R&R> 2021
6593/21
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,
www.anglogoldashanti.com
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SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.




Date: March 30, 2022
AngloGold Ashanti Limited
By:
/s/ LM GOLIATH
Name:  
LM Goliath
Title:
Company Secretary

anglogold_mror.pdf
Attachment: anglogold_mror.pdf