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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  AngloGold Ashanti Limited    ANG   ZAE000043485

ANGLOGOLD ASHANTI LIMITED

(ANG)
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SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

AngloGold Ashanti : at 2020 Diggers and Dealers Conference

10/14/2020 | 03:15am EST

DIGGERS & DEALERS

OCTOBER 2020

DISCLAIMER

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 Limited's (AngloGold Ashanti or the Company) 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 and the outcome and consequence 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 and political and market conditions, 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. For a

discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2019, which has been 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.

The financial information contained in this document has not been reviewed or reported on by the Company's external auditors.

Non-GAAP financial measures

This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in

managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from

operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

2

AGENDA

01

Michael Erickson

Update on strategic direction

02

Michael Erickson

Global portfolio

03

Richard McLeod

Delivering value in Australia

3

POSITIONED TO CREATE VALUE THROUGH THE CYCLE

Generate sustainable cash flows and shareholder

returns by focusing on

five key areas to

improve margins, extend mine lives, create an organic pipeline and enhance our license to operate.

1

Focus on

quality ounces

5

Disciplined

capital

allocation

4

Maintain

robust balance

sheet

2

Replace and grow reserves

3

Ensure

excellence

in ESG

4

WORLD CLASS GLOBAL PORTFOLIO

GROUP

3.196Moz

$2,129m

$978/oz

12 months to 30 June 2020

Produced from continuing and

Group Adjusted EBITDA

Group AISC* continuing and

discontinued operations

discontinued operations

Americas

Continental Africa

South Africa (sold)

Australia

667,000oz

$1,072/oz AISC*

1,599,000oz

$864/oz AISC*

372,000oz

$1,170/oz AISC*

558,000oz

$1,101/oz AISC*

Mali

Guinea

Ghana

Colombia

DRC

Tanzania

Brazil

South Africa

Australia

Argentina

*AISC World Gold Council standard

Operations

Projects

Asset sale underway

Asset sold

Greenfields exploration

All figures represent the last 12 months to 30 June 2020

All figures refer to continuing and discontinued operations, unless otherwise stated.

5

DELIVERING ON OUR STRATEGY

QUALITY OUNCES

ROBUST BALANCE SHEET

PIPELINE

  • Ramp up at Obuasi
  • Conclude sales*
  • Gramalote JV
  • Investing in Development and Reserve Conversion drilling
  • Strong cash flow utilised for reinvestment and debt reduction
  • Net Debt / EBITDA ratio 0.67x
  • Emphasis on maintaining capital discipline
  • Advancing feasibility studies at Gramalote and Quebradona
  • Greenfields options in USA, Australia and Brazil

IMPROVING SOCIAL LICENSE TO OPERATE

*subject to any impact of the COVID-19 pandemic

6

IMPROVING MARGIN TREND

All-in Sustaining Costs* vs. Gold Price Received

$/oz

Higher gold price provides opportunity to expand margins

2,100

1,900

SPOT ** $1,928/oz

1,700

REINVESTMENT

1,500

1,300

14%

37%

28%

margin

margin

19%

16%

21%

23%

margin

1,100

margin

21%

margin

margin

margin

margin

900

RESTRUCTURING

CONTINUOUS IMPROVEMENT

700

2013

2014

2015

2016

2017

2018

2019

H1 2020

AISC*

Avg Gold Price

*AISC World Gold Council standard **Spot - 7 September 2020

7

AGENDA

01

Michael Erickson

Update on strategic direction

02

Michael Erickson

Global portfolio

03

Richard McLeod

Delivering value in Australia

8

PRINCIPLE PORTFOLIO FOCUS AREAS

Nevada

Colombia

Siguiri

Obuasi

Tropicana

Developing district option

Quebradona and Gramalote

Accelerate CIL Recovery

Continue the ramp up of

Boston Shaker achieved

commercial production

Exploration underway

Feasibility Studies

Improvement Project

Phase 2

H2 2020

Mali

Guinea

Operations

Projects

Colombia

Ghana

DRC

Asset sales underway

Brazil

Tanzania

Greenfields exploration

South

Africa

ArgentinaAustralia

CVSA

Drilling programme - potential to add 1Moz Au and 7.5Moz Ag Resources over 3 years

AGA Mineração

Accelerate exploration activities at Cuiabá and Córrego do Sítio

Kibali

Drilling to confirm presence of mineralisation at KCD & satellite deposits at depth

Geita

Sunrise Dam

Advance Geita Hill

Continue intensive drill

underground studies

programme - enhancing

Testing promising

flexibility

open pit targets

9

OBUASI - INVESTING IN AFRICA'S NEXT GENERATION GOLD MINE

Innovation and discipline has enabled the project to progress despite COVID 19

Phase 1

Complete

Phase 2

Operational

OngoingReadiness

Steady State

  • Construction and commissioning activities completed - key to ramp-up to 2,000tpd
  • First gold pour achieved on 19 Dec 2019

*Status as at 30 June 2020

** Based on 2019 total group production

  • Phase 2: 68.4% complete*
  • Process plant: concrete and structural steel work completed
  • Equipment, piping, electrical & instrumentation works are advanced
  • Earthworks for BIOX TSF and water dams well advanced
  • Ball-millheads fitted
  • Mining rates constrained at 60 - 70% capacity due to skilled labour shortages caused by COVID-19
  • Mining rates averaged 1,590tpd in Q2 2020
  • Targeting steady state in 2021

~11% uplift to current group production levels**

Adds

350-400koz

gold production per year for the first 10 years

10

COLOMBIA - ACCELERATING THE MOVE UP THE VALUE CURVE

QUEBRADONA:

A HIGH MARGIN COPPER PROJECT

Ore Reserves

6.6bn lb Cu & 2.5Moz Au

Annual

128M lb & 62Koz (321Koz AuEq*)

Production

Plant feed grade

Averaging 1.21% Cu & 0.66g/t Au

Low Cost

AISC* $0.88/lb Cu

Gramalote

Return

IRR 17%

Quebradona

Payback period

8 years

Long Life

23 years

Feasibility study drilling completed; engineering commenced

Geotechnical testing and conceptual hydrogeological model completed

Licensing process will align with the Feas Study

Local consultation programs underway

* Commodity price assumptions: Cu $2.89/lb ; Au: $1,242/oz

GRAMALOTE:

MOVING UP THE VALUE CURVE

Mineral Resource

2.14Moz Au

(Indicated)

Annual Production

284Koz

Average grade

0.85g/t Au

Competitive Cost

AISC $648/oz

Return

IRR 18.1%

Payback period

3.6 years

Life of Mine

14 years

  • Experienced partner in B2Gold
  • Low cost, improving fundamentals
  • Simple metallurgy / high recoveries
  • Strong community support

Project metrics on 100% basis

Based on B2Gold PFS published 21 Jan 2020

Gold price assumption: $1,350/oz

11

QUEBRADONA - A MINE IN A NATURAL PARK

Quebradona is an exciting addition to our portfolio…

• We are working with local communities and partnering with local authorities to mine in a sustainable, responsible, ecological way.

• Quebradona will add copper to our portfolio and deliver low cost, high margin ounces.

Quebradona App

See Apple App Store

…creating a new paradigm for mining.

12

INVESTING IN RESERVE CONVERSION

We're working to unlock the significant potential (AND VALUE) from our portfolio through exploration & project pipelines

Years of Reserve reported

80.0

60.0

70.0

60.0

Ore Reserve additions of 53Moz between 2004 - 2019 at a cost of US$33/oz

50.0

40.0

32.8

30.0

21.2

26.5

20.0

15.5

10.7

16.1

10.0

8.2

11.3

8.7

-

15.0

4.7

8.5

3.0

6.4

10.3

4.2

7.8

4.3

2.4

Obuasi

AGA

Siguiri

Serra Grande

Iduapriem

Kibali

Sunrise Dam

Tropicana

CVSA

Geita

Mineração

Reserve Life (Years)

Resource Life (Years)

For full details about Ore Reserves & Mineral Resources, see AngloGold Ashanti Ltd website: www.anglogoldashanti.com

13

AGENDA

01

02

03

Michael Erickson

Update on strategic direction

Michael Erickson

Global project pipeline

Richard McLeod

Delivering value in Australia

14

AUSTRALIAN ASSETS

Supporting the Goldfields Community

Annual spend of ~A$75 million with Goldfields businesses

Contracts with Goldfields Aboriginal businesses worth ~A$30 million in 2020

300+ vendors across the Goldfields

15

TROPICANA - BOSTON SHAKER UNDERGROUND MINE

  • Commercial gold production milestone achieved in September 2020
  • Delivered on time and within the budget of A$105.7 million
  • On track to reach the design ore production rate of 1.1 million tonnes per annum in 2H 2021
  • Will contribute 100,000 ounces per annum to gold production over the next seven years

16

TROPICANA - OPEN PIT MINING

Havana Cutback

  • Mining strategy designed to optimize cash flow, NPV and the delivery of ore
  • Next stage of the Havana cutback underway
  • Mining rates - 95 mtpa

17

TROPICANA - EXPLORATION

  • Ore zones open at depth in multiple locations
  • Underground drill drive from Boston Shaker will enable testing of Tropicana underground potential
  • Studies underway on underground vs open pit trade-off options at Havana and Tropicana

UG exploration

potentialUG exploration potential

UG exploration

UG explorationpotential potential

Table of Intercepts and JORC Table 1 information relating to these drill intercepts can be viewed with this presentation at www.anglogoldashanti.com

18

TROPICANA INNOVATION

Key 2020 Continuous Improvement

Projects

Autonomous drilling

  • 8% increase in penetration rates
  • 14% reduction in delay times
  • Delivers ability to drill safely during live blasts and lightning storms

Electric-drive trucks

  • Uphill fuel savings of 30 litres/hour
  • Efficiencies translate to $20/hour operating cost reduction

Surface remote bogging

  • Currently being commissioned at Boston Shaker

19

SUNRISE DAM - STRATEGY

Investing in Exploration to increase Ore Reserves …

13,000m of development annually

Vogue UG anchor Frankie UG Carey Shear

Satellite open pit in 2021 LG stockpiles

EXPLORATION

DEVELOPMENT

UG MINING

ORE SOURCES

PROCESSING

A$130m spend

Ramping up from

4.1 Mtpa

over 3 years

2.5 Mtpa in 2019

CIL & fine grind

564,000m drilled

…building long term flexibility.

20

SUNRISE DAM - EXPLORATION

21

SUNRISE DAM - 2019

Table of Intercepts and JORC Table 1 information relating to these drill intercepts can be viewed with this presentation at www.anglogoldashanti.com

22

SUNRISE DAM - 2020

23

SUNRISE DAM - POTENTIAL NEW MINING AREA

24

SUNRISE DAM - REGIONAL POTENTIAL

  • Contiguous 500+ sq km tenement holding in world- class gold district
  • Underground and open pit opportunities on Butcher Well JV and 100% AGA ground
  • Sunrise Dam well-positioned as processing hub
  • Production from Golden Delicious satellite pit to start next year:
    • Located 12 km from Sunrise Dam processing plant
    • Delivers ~136,000 ounces over life of 2.7 years at an AISC of ~US$947/oz
    • IRR of 35%

25

SUNRISE DAM - GOLDEN DELICIOUS

The Golden Delicious mining contract represents the next step in a 25 year business relationship between AngloGold and Aboriginal

mining contractor, Carey Mining

26

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

CD5118

49799

101100

2401

1614.7

87.8

-59.1

884.0

886.0

2.0

10.96

21.92

GDD083

47613

107716

2408

426.7

90.0

-60.1

319.0

341.0

22.0

1.01

22.31

GDD087

47679

107485

2408

501.6

89.5

-59.1

357.0

378.0

21.0

1.00

21.08

UGD3781

50056

98799

1616

518.5

90.2

-50.4

67.0

74.0

7.0

5.53

38.74

249.0

255.0

6.0

3.81

22.84

UGD3788

50051

98799

1616

435.0

270.5

-72.3

395.0

409.0

14.0

2.87

40.20

UGD3872

50318

100059

1765

396.9

270.1

-50.1

322.0

324.0

2.0

11.44

22.87

UGD3877

50071

98719

1617

428.0

90.0

-78.7

138.0

155.0

17.0

1.43

24.37

UGD3883

50073

98720

1619

530.0

89.5

-7.3

210.0

215.0

5.0

4.32

21.59

225.0

240.0

15.0

13.15

197.24

UGD3886

50067

98719

1617

450.0

270.6

-69.5

331.0

333.0

2.0

10.46

20.92

UGD3888

50068

98719

1617

340.0

273.3

-87.3

246.0

250.0

4.0

10.90

43.60

UGD3894

50068

98740

1617

580.0

90.3

-44.8

222.0

230.0

8.0

3.97

31.79

312.0

318.0

6.0

5.98

35.85

469.0

476.0

7.0

3.88

27.17

UGD3895

50069

98740

1617

535.0

89.8

-32.2

254.0

260.0

6.0

7.53

45.15

28

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD3900

50064

98740

1617

435.0

269.1

-75.3

288.0

292.0

4.0

12.90

51.58

309.0

314.0

5.0

6.76

33.79

328.0

336.0

8.0

3.10

24.83

UGD3901

50064

98741

1617

420.0

272.0

-83.4

172.0

175.0

3.0

14.83

44.50

280.0

284.0

4.0

9.77

39.09

UGD3902

50059

98779

1616

420.0

91.0

-82.7

242.0

256.0

14.0

6.08

85.14

UGD3909

50059

98779

1617

320.0

89.7

-52.4

255.0

261.0

6.0

4.33

26.00

UGD3911

50060

98779

1618

497.8

89.8

-8.9

230.0

239.0

9.0

156.67

1410.03

UGD3912

50060

98779

1618

545.0

89.1

-2.0

226.0

233.0

7.0

10.11

70.79

252.0

253.0

1.0

35.50

35.50

UGD3915

50056

98779

1616

423.0

269.6

-81.4

244.0

250.0

6.0

5.05

30.32

UGD3916

50055

98779

1616

415.0

267.7

-89.7

351.0

353.0

2.0

11.56

23.11

UGD3918

50289

98920

1807

250.0

270.0

-3.9

147.0

161.0

14.0

3.33

46.61

182.0

194.0

12.0

4.54

54.52

UGD3919

50289

98920

1807

225.0

270.3

10.0

200.0

204.0

4.0

7.44

29.74

UGD3925

50311

98821

1809

315.0

269.7

-23.6

285.0

288.0

3.0

6.69

20.08

29

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD3930

50182

99013

2026

275.0

129.7

-42.0

77.0

83.0

6.0

7.20

43.18

UGD3939

49812

99642

1622

1179.6

270.3

-70.2

512.0

514.0

2.0

132.88

265.76

UGD3947

49837

100068

1935

190.0

140.3

-48.6

17.0

19.0

2.0

29.53

59.06

UGD3959

50073

98720

1617

435.0

91.0

-43.3

244.0

250.0

6.0

5.10

30.57

317.0

321.0

4.0

5.02

20.06

UGD3960

50073

98720

1618

350.0

90.2

-35.1

258.0

267.0

9.0

4.90

44.10

UGD3962

50056

98799

1617

350.0

89.7

-9.0

138.0

153.0

15.0

21.21

318.16

240.0

244.0

4.0

157.45

629.79

UGD3963

50056

98799

1618

345.0

89.8

1.1

80.0

82.0

2.0

13.10

26.19

219.0

238.0

19.0

11.95

227.10

UGD3964

50056

98799

1618

349.0

90.3

9.8

270.0

274.0

4.0

10.64

42.57

UGD3965

49837

100071

1936

180.2

77.8

-61.1

15.0

20.0

5.0

4.33

21.65

UGD3974

49844

100085

1693

390.0

256.7

-44.8

224.0

225.0

1.0

47.90

47.90

UGD3975

49845

100087

1694

501.0

296.3

-40.7

100.0

135.0

35.0

1.84

64.46

247.0

250.0

3.0

7.08

21.24

30

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD3977

49844

100087

1694

456.5

299.1

-29.2

380.0

382.0

2.0

53.33

106.66

406.0

418.0

12.0

1.80

21.58

UGD3978

49845

100088

1694

444.6

315.0

-10.9

273.0

283.0

10.0

2.24

22.39

291.0

293.0

2.0

10.44

20.88

UGD3979

49845

100088

1695

420.5

318.9

3.5

227.0

259.0

32.0

2.33

74.45

UGD3980

49844

100087

1695

429.6

283.2

7.3

146.0

153.0

7.0

7.17

50.20

168.0

172.0

4.0

52.71

210.85

224.0

229.0

5.0

15.98

79.90

265.0

270.0

5.0

4.18

20.90

UGD3981

49845

100088

1696

407.7

323.0

20.4

220.0

230.0

10.0

2.63

26.34

UGD3982

49845

100087

1697

341.4

312.3

37.3

206.0

210.0

4.0

56.46

225.85

UGD3987

49802

99058

1523

708.0

264.8

-54.5

323.0

328.0

5.0

4.18

20.90

UGD3989

49944

99194

1500

750.2

299.8

-66.9

515.0

521.0

6.0

5.26

31.54

UGD3990

49944

99194

1500

960.4

309.7

-76.1

686.0

697.0

11.0

1.87

20.59

UGD3992

50061

99680

1495

591.0

89.7

-73.5

463.0

470.0

7.0

20.58

144.06

489.7

507.0

17.3

3.52

60.98

UGD3993

50061

99680

1495

615.0

89.9

-81.2

554.9

568.0

13.1

1.81

23.68

UGD3994

50061

99680

1495

687.4

88.8

-88.6

464.0

481.0

17.0

1.48

25.22

31

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD3997

50062

99600

1494

539.7

89.7

-73.1

482.0

506.0

24.0

2.55

61.16

UGD3999

50061

99600

1494

650.0

88.8

-88.1

479.0

483.0

4.0

8.85

35.39

584.0

587.0

3.0

10.52

31.57

UGD4002

50062

99520

1492

600.4

89.8

-83.5

480.0

488.0

8.0

3.02

24.14

UGD4003

50062

99520

1492

426.7

86.3

-88.5

368.0

379.0

11.0

2.29

25.20

UGD4006

50068

98720

1617

516.0

270.8

-63.1

3.0

7.0

4.0

7.85

31.38

369.0

375.0

6.0

13.50

80.98

UGD4012

50312

100200

1982

707.8

90.1

-54.7

341.0

342.0

1.0

21.70

21.70

UGD4015

50373

100120

1968

835.0

90.4

-21.4

556.0

566.0

10.0

2.37

23.73

UGD4016

50373

100120

1968

335.5

89.9

-37.8

96.0

97.0

1.0

32.40

32.40

UGD4019

50042

99839

1498

620.3

90.4

-64.3

518.0

542.0

24.0

9.67

232.16

UGD4020

50042

99839

1498

670.0

90.2

-70.8

535.0

553.0

18.0

4.72

84.87

557.0

570.0

13.0

3.09

40.18

UGD4021

50042

99839

1498

660.0

89.9

-79.0

513.0

514.0

1.0

33.40

33.40

623.0

630.6

7.6

6.90

52.41

UGD4022A

50042

99840

1498

720.5

90.0

-84.7

175.0

182.0

7.0

7.90

55.32

UGD4025

50378

99535

1991

219.6

90.0

-3.4

66.0

71.0

5.0

4.02

20.08

UGD4033

50393

99498

1990

210.0

89.6

-34.3

53.0

56.0

3.0

22.04

66.13

32

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD4036

50361

99455

1981

220.0

89.9

15.0

118.0

120.0

2.0

21.61

43.21

UGD4038

50361

99455

1980

220.0

90.0

-12.5

71.0

73.0

2.0

20.15

40.30

UGD4042

50361

99416

1982

228.2

89.6

16.2

116.0

126.0

10.0

2.64

26.35

UGD4043

50361

99416

1981

549.2

90.1

2.9

206.0

219.0

13.0

2.99

38.86

UGD4049

50361

99375

1982

342.4

90.0

2.2

154.0

156.0

2.0

11.51

23.02

UGD4053

50068

98720

1617

275.0

270.0

-81.6

267.0

269.0

2.0

10.34

20.67

UGD4054

50062

98740

1617

431.9

270.0

-66.8

350.0

362.0

12.0

4.17

50.03

365.0

384.0

19.0

8.16

154.96

UGD4055

50055

98800

1616

357.0

83.8

-72.8

228.0

235.0

7.0

5.44

38.07

UGD4056

50055

98799

1616

402.0

83.8

-79.4

268.0

275.0

7.0

5.55

38.88

UGD4060

50073

98839

1618

280.0

95.4

19.9

26.0

28.0

2.0

33.15

66.30

UGD4061

50072

98839

1618

310.0

95.0

9.6

205.0

216.0

11.0

3.88

42.66

UGD4062

50072

98839

1617

250.0

95.0

0.0

212.0

215.0

3.0

19.26

57.79

UGD4066

50072

98839

1617

245.0

90.1

-1.6

95.0

115.0

20.0

2.36

47.21

186.0

192.0

6.0

11.23

67.39

209.0

217.0

8.0

3.04

24.35

33

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD4067

50072

98840

1618

250.0

84.1

18.2

179.0

182.0

3.0

33.44

100.31

210.0

219.0

9.0

60.59

545.28

234.0

239.0

5.0

15.96

79.78

UGD4068

50072

98840

1618

250.0

84.0

8.4

180.0

191.0

11.0

6.80

74.81

205.0

210.0

5.0

34.12

170.58

228.0

233.0

5.0

4.32

21.60

UGD4069

50072

98840

1617

250.0

84.0

-1.4

87.0

91.0

4.0

9.86

39.43

UGD4070

50072

98840

1617

250.0

84.4

-11.9

186.0

192.0

6.0

5.61

33.63

219.0

226.0

7.0

3.10

21.71

UGD4071

50072

98840

1618

255.0

77.9

11.0

149.0

150.0

1.0

25.30

25.30

160.0

171.0

11.0

6.07

66.81

177.0

179.0

2.0

15.94

31.88

183.0

186.0

3.0

11.14

33.42

UGD4073

50072

98840

1617

254.4

78.2

-9.0

56.0

62.0

6.0

4.52

27.13

UGD4075

50062

99680

1495

492.4

90.0

-40.8

45.0

46.0

1.0

77.40

77.40

UGD4077

49858

98820

1451

379.0

90.1

-7.7

235.0

236.0

1.0

27.10

27.10

298.0

306.0

8.0

11.07

88.59

34

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD4078

49858

98820

1451

405.0

89.8

-16.8

243.0

246.0

3.0

41.28

123.84

265.0

273.0

8.0

3.80

30.38

UGD4079

49858

98820

1450

390.0

90.1

-25.8

245.0

246.0

1.0

31.40

31.40

284.0

288.0

4.0

16.04

64.16

UGD4080

49858

98820

1450

392.0

89.7

-33.2

226.0

239.0

13.0

2.00

26.02

UGD4081

49858

98820

1450

383.0

89.7

-41.7

256.0

265.0

9.0

3.97

35.72

UGD4083

49858

98820

1451

295.0

84.6

-12.9

261.0

270.0

9.0

3.29

29.57

UGD4086

49858

98820

1450

330.0

85.0

-37.0

295.0

310.0

15.0

5.04

75.57

UGD4088

49858

98820

1450

310.0

84.7

-53.6

200.0

207.0

7.0

7.72

54.01

281.0

288.0

7.0

3.71

26.00

UGD4089

49858

98821

1450

305.0

79.9

-20.1

196.0

208.0

12.0

3.83

45.91

UGD4090

49858

98821

1450

305.0

79.8

-28.3

232.0

249.0

17.0

5.73

97.37

UGD4093

50035

99282

1959

795.2

270.5

-29.7

163.0

191.0

28.0

2.27

63.62

195.0

202.0

7.0

3.31

23.14

UGD4094

50029

99360

1960

383.5

270.5

27.4

7.0

8.0

1.0

33.80

33.80

UGD4095

50028

99360

1959

599.3

269.8

-1.8

347.0

350.0

3.0

7.43

22.30

UGD4097

50077

99440

1964

525.0

270.4

23.2

7.0

10.0

3.0

10.57

31.72

UGD4107

49757

99316

1568

1155.5

270.0

-46.2

872.0

878.0

6.0

3.80

22.77

35

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD4108

49757

99316

1568

973.7

270.4

-61.1

661.0

676.0

15.0

1.71

25.65

UGD4109

49757

99316

1567

916.1

270.7

-76.0

406.0

408.0

2.0

40.35

80.70

632.0

638.0

6.0

5.02

30.09

803.0

810.0

7.0

8.69

60.82

UGD4112

50061

99680

1495

533.3

89.9

-68.3

469.0

486.0

17.0

4.24

72.02

UGD4120

49844

100085

1695

170.0

265.8

16.1

147.0

156.0

9.0

3.10

27.89

UGD4122

49844

100086

1694

310.0

267.7

-14.8

282.0

288.0

6.0

3.39

20.34

301.0

310.0

9.0

2.32

20.88

UGD4123

49844

100085

1693

365.0

268.3

-27.8

191.0

193.0

2.0

12.00

23.99

UGD4129

50042

99839

1498

555.0

90.5

-58.8

313.0

320.0

7.0

3.90

27.27

UGD4132

50043

99640

1494

540.0

90.4

-67.4

6.0

10.0

4.0

16.74

66.94

UGD4135

50293

99367

1588

549.2

91.0

8.1

33.0

38.0

5.0

5.15

25.75

UGD4139

50110

98639

1619

425.3

89.8

-77.6

147.0

150.0

3.0

10.99

32.96

UGD4140

50110

98639

1619

522.4

90.2

-64.6

496.0

497.0

1.0

27.30

27.30

UGD4141

50110

98639

1619

335.0

90.2

-51.0

247.0

255.0

8.0

3.29

26.32

UGD4145A

50105

98640

1619

296.9

270.0

-64.6

283.0

288.0

5.0

17.94

89.71

UGD4146

49844

100086

1693

380.0

279.8

-44.0

52.0

54.0

2.0

12.72

25.44

UGD4147

49844

100086

1694

290.0

280.2

-30.0

242.0

256.0

14.0

10.66

149.19

36

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD4148

49844

100086

1694

339.4

280.1

-6.1

123.0

124.0

1.0

91.20

91.20

158.0

190.0

32.0

1.58

50.49

274.0

284.0

10.0

6.16

61.57

UGD4149

49844

100086

1696

257.4

279.9

22.6

159.0

160.0

1.0

77.20

77.20

199.0

206.0

7.0

8.17

57.16

UGD4158

49741

99560

1831

432.0

269.9

-75.6

102.0

104.0

2.0

65.27

130.53

393.0

397.0

4.0

9.31

37.23

UGD4170

50379

99533

1992

200.0

82.0

19.6

113.0

118.0

5.0

8.05

40.25

UGD4171

50379

99533

1991

200.0

82.2

1.2

150.0

158.0

8.0

9.82

78.59

177.0

180.0

3.0

8.95

26.84

UGD4172

50379

99533

1990

200.0

82.5

-24.8

183.0

184.0

1.0

20.80

20.80

UGD4199

49882

99757

2002

372.3

258.3

-8.3

122.0

131.0

9.0

2.25

20.27

UGD4207

50043

99560

1494

495.0

90.0

-15.1

455.0

458.0

3.0

7.35

22.04

UGD4208

50043

99560

1494

519.5

90.2

-22.4

423.0

425.0

2.0

27.41

54.81

UGD4209

50043

99560

1494

543.2

89.5

-28.5

432.0

433.0

1.0

47.00

47.00

UGD4215

50165

98978

1504

273.0

90.2

-61.3

200.0

207.0

7.0

22.31

156.15

UGD4217

50165

98978

1504

426.4

90.2

-38.2

383.0

389.0

6.0

5.98

35.90

UGD4218

50165

98978

1505

327.4

90.1

-25.7

203.0

207.0

4.0

7.68

30.72

37

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD4219

50165

98978

1505

290.0

89.6

-15.4

147.0

148.0

1.0

21.40

21.40

258.0

259.0

1.0

43.70

43.70

UGD4220

50165

98978

1505

351.5

89.7

-4.2

71.0

78.0

7.0

3.60

25.20

UGD4221

50165

98978

1506

291.0

89.9

7.3

189.0

190.0

1.0

38.00

38.00

252.0

256.0

4.0

6.00

23.98

272.0

277.0

5.0

21.83

109.16

UGD4222

50165

98978

1506

270.0

89.9

17.7

35.0

40.0

5.0

5.64

28.19

154.0

155.0

1.0

31.60

31.60

UGD4223

50293

99368

1588

270.0

79.7

17.3

153.0

156.0

3.0

14.77

44.30

UGD4224

50293

99368

1587

270.0

80.3

2.1

49.0

51.0

2.0

65.11

130.21

UGD4225

50293

99368

1587

270.0

79.9

-11.1

17.0

18.0

1.0

20.40

20.40

242.0

243.0

1.0

24.90

24.90

UGD4241

50119

98600

1621

363.4

90.2

-12.9

197.0

201.0

4.0

5.66

22.63

UGD4244

50114

98600

1620

414.1

269.9

-83.8

123.0

128.0

5.0

6.12

30.60

UGD4246

50113

98600

1620

500.8

270.0

-60.2

278.0

284.0

6.0

3.97

23.79

UGD4251

50008

100688

1795

554.9

246.3

-53.3

155.0

160.0

5.0

8.38

41.91

38

SUNRISE DAM - APPENDIX 1 TABLE OF INTERCEPTS

Hole ID

Easting (mN)

Northing (mN)

Elevation

Hole Depth

Azimuth

Dip

Depth From (m)

Depth To (m)

Intercept

Grade (g/t)

Metal (g/t*m)

(mRL)

Width (m)

UGD4252

50008

100687

1796

770.0

246.3

-38.8

71.0

78.0

7.0

67.51

472.57

247.0

251.0

4.0

5.99

23.94

335.0

336.0

1.0

150.00

150.00

UGD4262

50039

99320

1959

324.9

270.1

-19.7

191.0

222.0

31.0

1.09

33.82

UGD4265

50042

99760

1497

543.0

90.0

-64.4

489.0

504.0

15.0

2.21

33.15

UGD4293

50165

98979

1504

342.0

71.6

-51.2

94.0

102.0

8.0

12.60

100.77

131.0

134.0

3.0

12.87

38.62

UGD4294

50165

98979

1504

336.1

76.2

-41.4

18.0

19.0

1.0

37.70

37.70

39

SUNRISE DAM - APPENDIX 2 TABLE 1 SECTION 1: SAMPLING TECHNIQUES & DATA

Criteria

Commentary

Sampling Techniques

AngloGold Ashanti Australia (AGA) has used diamond drilling and core sub-sampling as the basis for the exploration results

reported from the Sunrise dam deposit. Details are given in the following subsections. Diamond core samples are obtained from

diamond drilling in the Archaean basement lithologies. NQ2 diameter diamond core is drilled from UG or surface on a 3/6m run

with occasional HQ used for geotechnical purposes. Sampling of NQ2 diamond core entails half and whole core sampling. For

half core samples, diamond core is cut using an automated core-cutter and half core sampled at 1m intervals. For surface drilling,

cover and saprolite was drilled with HQ3 and the basement with NQ2.

Drilling techniques

At Sunrise Dam, most of the exploration drilling is conducted from underground drilling locations with limited surface exploration.

Underground and surface diamond drilling is carried out using NQ2 core barrels with limited HQ for geotechnical drilling and pre-

collar portion of surface drilling. Diamond drilling is used exclusively for exploration and resource definition drilling and historic

grade control. Hole lengths vary from 100m up to 1500m. All underground core is orientated using Boart Longyear TruCore

technology while surface core is oriented using Reflex Act technology.

Drill sample recovery

Diamond drilling core recovery is systematically logged by the geologist and geological technicians over each drill run by

reconciling drillers run-length against measured core length. Core recovery is consistently good with almost 100% recovery with

minor losses occurring in fractured ground and saprolite.

No sample bias is observed.

40

SUNRISE DAM - SECTION 1: SAMPLING TECHNIQUES & DATA

Criteria

Commentary

Logging

All diamond core for exploration is geologically logged for lithology, alteration and mineralisation (including sulphide percentage and shearing percentage). Regolith logs are

done on holes drilled from surface or drilled through the uppermost profile of the mine. Sample methodology and some quality data is recorded for all sampling (e.g. half

core, quarter core, whole core for diamond; wet split, dry split etc for RC). Diamond core is always orientated with reference to bottom of hole and geological structures

measured in alpha and beta with transformations to dip/dip direction done in the SQL database (DataShed).

Diamond core is always photographed and stored digitally, with remaining half core stored and catalogued at the core farm.

Magnetic susceptibility measurements were recorded every metre for surface core. The dry bulk density of selected drill core intervals was determined at site on core

samples.

Geotechnical data recorded includes Q (rock tunnelling index), GSI (geological strength index), RQD (rock quality designation), matrix and fracture categorisation.

All logging data is digitally captured on Panasonic Toughbooks via GeoBank Mobile software. Datashed houses all exploration drilling at Sunrise Dam and all drilling data in

near mine/regional tenement areas historically managed by Sunrise Dam, dating back to deposit discovery. This includes PGSD data pre-100% AGAA ownership. Regular

checks and validations are conducted by geologists to ensure that uploaded data is correct and consistent and is restricted to pre-set logging and sampling codes.

Sub-sampling techniques and

Sampling, sample preparation and quality control system and protocols are considered appropriate for the material being tested. Sampling of NQ2 diamond holes entails half

sample preparation

and whole core sampling.

Diamond core sampling - Half core sampling

Half core sampling of NQ2 diamond holes is carried out where holes test material that is unclassified inventory or classified as Inferred Mineral Resource.In oriented core, the

same half of the core is sampled over intervals ranging from 0.3m to 1m, and submitted for fire assay. In intervals of un-oriented core, the same half of the core has been

sampled where possible, by extending a cut line from oriented intervals through into the un-oriented intervals.

Diamond core sampling - Full core sampling

Whole core sampling of NQ2 diamond holes is carried out where holes test material that is classified as Indicated Mineral Resource. Systematic whole core sampling of

diamond drilling was implemented in 2013 in order to improve sample accuracy and minimise the effect of the extreme variability in the grade of Sunrise Dam mineralisation.

Whole core sampling also eliminates any sample bias and loss introduced by the sample reduction process of core cutting and sampling half core.

Sample preparation was conducted at SGS Perth. Samples were dried at 105°C, crushed to 3mm in a Jaw crusher, and split to obtain 3 kg sub sample (if required). The sub-

sample is pulverised to produce a pulped product with the minimum standard of a 85% passing 75µm. 250g pulp packets are collected from the LM5 with the residue being

stored for 3 months in the original calico bag. A 50 to 30-gramsub-sample is taken from the first pulp packet and then assayed by fire assay.

41

SUNRISE DAM - SECTION 1: SAMPLING TECHNIQUES & DATA

Criteria

Commentary

Quality of assay data and laboratory

Assaying of drill core samples were conducted at the SGS Perth Laboratory. Gold concentration was determined by 50 to 30g fire assay with MP-AES finish.

tests

As part of AGA's internal guidelines routine Quality Assurance and Quality Control QAQC is carried out as standard practice. Sampling and assaying quality control

procedure consisted of inclusion of certified reference material (CRM), coarse residue, residue and pulp duplicates and coarse blank material to check accuracy and

precision. Standards and blanks are inserted into batches of samples at a frequency of 1 in 30 and 1 in 50, respectively.

In addition to AGA standards, SGS insert blanks and standards (one in 20 samples) in every batch. Every 22nd sample is selected as a duplicate (Repeat) from the

original pulp packet and then analysed. Repeat assays are completed at a frequency of one in 22 and are selected at random throughout the batch or after anomalous

results. Assaying of the second 250g pulp (Split) sample is carried out at a frequency of 1 in 25 to test for the efficiency of the sample preparation. Sieve tests were carried

out on 5% of samples.

Assay quality control (QC) data is assessed on several different time frames from daily checks to periodic monthly and six monthly QAQC reports. The report analyses

AGA inserted standards, blanks and check assays, as well as SGS internal checks.

The assaying techniques, quality control protocols used are considered appropriate for the data to be used for reporting exploration assay results.

Verification of sampling and assaying

Sampling intervals defined by the geologists are electronically assigned sample identification numbers prior to core sampling. Corresponding sample numbers matching

pre-labelled calico bags are assigned to each interval.

All sampling and assay information were stored in a secure database (DataShed) with restricted access.

Electronically generated sample submission forms providing the sample identification number accompany each submission to the laboratory. Assay results from the

laboratory with corresponding sample identification are loaded directly into the central DataShed database with information verified spatially in Vulcan and Leapfrog

Software. AGA maintain standard work procedures for all data management steps. An assay importing protocol has been set to ensure quality control samples are

checked for pass and fail criteria prior to accepting assay data into the central database.

Assessment of reported significant assay intervals was verified by geological logs of diamond drill core intervals and assessment of high-resolution core photography.

No adjustments are made to assay data other than setting below detection values to half detection for Mineral Resource estimation. All possible measures were taken to

drill orthogonal to known mineralisation, drilling intersects mineralisation at various angles due to complex nature of the deposit.

Location of data points

All underground hole collar positions were surveyed to an accuracy of +/- 200mm using Leica TS15 Total Station and dip and azimuth are measured using Reflex TN14

Gyro Compass. Downhole surveys are collected at end of hole by continuous gyro using TwinGyro tool supplied by GyroMax. All surface diamond drill hole collar locations

were surveyed using high precision GPS and down hole surveys were completed by gyroscopic survey at the end of the Axis Champ Gyro compass.

All collar coordinates are provided in Sunrise Dam local grids.

42

SUNRISE DAM - SECTION 1: SAMPLING TECHNIQUES & DATA

Criteria

Commentary

Verification of sampling and assaying

Sampling intervals defined by the geologists are electronically assigned sample identification numbers prior to core sampling. Corresponding sample numbers matching

pre-labelled calico bags are assigned to each interval.

All sampling and assay information were stored in a secure database (DataShed) with restricted access.

Electronically generated sample submission forms providing the sample identification number accompany each submission to the laboratory. Assay results from the

laboratory with corresponding sample identification are loaded directly into the central DataShed database with information verified spatially in Vulcan and Leapfrog

Software. AGA maintain standard work procedures for all data management steps. An assay importing protocol has been set to ensure quality control samples are

checked for pass and fail criteria prior to accepting assay data into the central database.

Assessment of reported significant assay intervals was verified by geological logs of diamond drill core intervals and assessment of high-resolution core photography.

No adjustments are made to assay data other than setting below detection values to half detection for Mineral Resource estimation. All possible measures were taken to

drill orthogonal to known mineralisation, drilling intersects mineralisation at various angles due to complex nature of the deposit.

Data spacing and distribution

Drill hole pierce point spacings on sections range from 40m to 160m through the deposit. Section spacing ranges from 20m to 160m. Much of the northern resource has

been drill tested at a density of 25m x 25m. The Mineral Resource classification can be approximately equated with drill density with 20m x 40m spaced holes classified

as Indicated, and 40m x 40m spaced holes classified as Inferred.

Orientation of data in relation to

Most drill holes are oriented to intersect the steeply dipping mineralisation at a high angle as such, a sampling bias introduced by the orientation of data in relation to

geological structure

geological structure is unlikely. However, due to the complex nature of the Sunrise Dam gold mineralisation some holes were drilled at low angles to mineralised

structure.

Sample security

The security of samples is controlled by tracking samples from drill rig to database.

The chain of sample custody is managed by AGA.

Drill core was delivered from the drill rig to the Sunrise Dam core yard every day.

High resolution photography of core and cutting and sampling drill core were completed at the Sunrise Dam Core shed.

Sample dispatches are prepared by the field personnel using a database system linked to the drill hole data.

Samples are placed into pre-numbered calico bags, then loaded into wooden crates and road hauled to the ALS Perth.

Sample dispatch sheets are verified against samples received at the laboratory and any issues such as missing samples are resolved before sample preparation

commences.

The Competent Person considers that the likelihood of deliberate or accidental loss, mix up or contamination of samples is considered very low.

Audits or reviews

Lab audits are conducted periodically by AGA personnel.

An External Mineral Resource and Ore Reserve audit was completed by AMC Consultants in 2019.

An annual internal audit is conducted on Mineral Resources by internal technical specialists This process includes a review of sampling and QAQC practices.

43

SUNRISE DAM - SECTION 2: REPORTING OF EXPLORATION RESULTS

Criteria

Commentary

Mineral tenement and land tenure

The Sunrise Dam Gold Mine exploration results are located wholly within the mining lease M39/1116. Mining lease M39/1116 is wholly owned by

status

AngloGold Ashanti (AGA), which commenced on 18 July 2017 and has a term of 21 years. Two mining leases cover 9576 ha and there is mine

infrastructure and roads on 13 miscellaneous licences.

There are no material issues relating to native title or heritage, historic sites, wilderness or national parks or environmental settings.

The tenure is secure at the time of reporting, and all obligations with respect to legislative requirements including minimum expenditure are maintained in

good standing.

Exploration done by other parties

Historical drilling was completed in the northern part of the deposit under the previous Placer-Granny Smith ownership, but none of this data is included

or relevant to this report.

Geology

The Sunrise Dam leases are located within the Laverton greenstone package on the eastern edge of the Norseman-Wiluna greenstone belt in Eastern

Goldfields Province of Yilgarn Craton of Western Australia. The major structural feature within the Laverton basin is the Laverton Tectonic Zone (LTZ),

which trends north-south and hosts the Cleo deposit.

In situ gold mineralisation is hosted by a complexly deformed shallowly northwest dipping Archaean greenstone sequence, dominated by intermediate to

mafic and high-Mg basaltic volcanic and volcaniclastic sedimentary rocks, overlain by a turbidite sequence of siltstone, sandstone and magnetite shales

(BIF). These sediments are intruded by dolerite sills. A series of tabular felsic to intermediate porphyry intrudes stratigraphic sequence followed by

lamprophyric dyke swamp.

The gold mineralisation at Sunrise Dam is structurally and lithologically controlled, and grouped in to four main domains;

high strain shear-related (e.g. Sunrise Shear, Midway Shear, Carey Shear);

low strain brittle-ductilevein-related (e.g. Cosmo, Cosmo East, Vogue, GQ);

those hosted dominantly by Fe-rich sedimentary rocks (BIF) (e.g. Hammerhead) and;

those hosted/associated with felsic/intermediate porphyry (e.g. Dolly Corridor).

44

SUNRISE DAM - SECTION 2: REPORTING OF EXPLORATION RESULTS

Criteria

Commentary

Drill hole Information

As provided in the drill hole intercept table.

Data aggregation methods

Exploration intercepts are reported as length weighted averages meeting the following criteria:

minimum intercept 0.3m @ 1 g/t;

lower cut-off grade 0.5 g/t;

maximum consecutive waste 2m;

maximum total waste 10m;

minimum intercept grade 1g/t.

No top cuts are applied to intercept calculation.

Relationship between mineralisation

Most exploration results included in this report are for underground exploration (Blue sky) and extension to known deposits such as Vogue, Cosmo, Midway Shear,

widths and intercept lengths

Carey Shear, Hammerhead, Frankie).

All drilling intercepts reported are down hole width (apparent width).

Diagrams

As provided in the presentation.

Balanced reporting

All reported drilling intercepts are based on data aggregation method described in the data aggregation section.

Other substantive exploration data

None

Further work

Further exploration and resource development drilling is planned to evaluate the extensions to known mineralisation as well as testing other high ranking near mine and

blue-sky targets as per the Sunrise Dam exploration and resource development strategy. Currently, exploration drilling at Sunrise Dam continues with 10 underground

diamond rigs testing strike and depth extensions to Vouge, Frankie, Cosmo, Astro and expect to continue through 2021.

Surface exploration is planned for next year to test further strike and depth extension to Frankie and Astro to the North of the mine.

45

SUNRISE DAM - COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Ms Holly Clark who is a full-time employee of AngloGold Ashanti Australia Ltd and is a member of The Australasian Institute of Mining and Metallurgy. Ms Clark has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ms Clark consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

46

TROPICANA - APPENDIX 1 TABLE OF INTERCEPTS

Hole

East

North

Total

Depth

Depth

Intercept

Gram

Hole ID

(MGA94_

(MGA94_

RL

Dip

Azimuth

Drill Date

Grade

Type

Depth

From

To

Width

Metres

51)

51)

BSD088*

DDH

652320

6763540

356

-83.2

318.4

16-08-2017

599.8

509

546

37

6.49

240.1

BSD089AW2*

DDH

652804

6763483

350

-63.4

316.5

5-09-2017

701.95

609

629

20

5.78

115.6

BSD099*

DDH

652288

6763325

345

-64.5

315.5

15-10-2017

549.2

485

518

33

3.02

99.7

BSD101*

DDH

652424

6763178

346

-67.3

317.8

14-10-2017

636.3

562

590

28

3.55

99.4

BSD114*

DDH

652657

6763644

348

-65.9

313.2

3-12-2017

573.3

533.7

544

10.3

30.20

311.1

BSD119*

DDH

652809

6763629

349

-65.2

315.8

16-12-2017

630.58

598

609

11

3.35

36.9

BSD169

DDH

652287

6763585

355

-68.5

316.1

19-10-2018

510.4

466

488

22

7.30

160.6

BSD312A

DDH

652671

6763199

349

-71.1

317.7

1-03-2019

755.3

699

722

23

4.11

94.5

BSD320

DDH

652489

6763383

353

-69.9

313.6

4-04-2020

666.4

618

642

24

7.32

175.7

646

650

4

5.39

21.6

BWD019

DDH

652374

6763708

356

-65.7

318.0

1-11-2016

428.8

362

379

17

5.53

94.0

HDD021

DDH

650222

6761942

359

-61.1

320.4

6-06-2010

453.6

382

401

19

6.65

126.4

HDD049

DDH

650713

6761022

360

-63.1

317.9

5-08-2010

897.6

813

828

15

7.04

105.6

HDD195

DDH

650059

6761182

365

-59.6

320.9

11-07-2011

408.6

357

382

25

10.80

270.0

HDD201

DDH

650925

6760846

359

-60.3

312.3

8-07-2011

1043.1

946

968

22

4.21

92.6

HDD213

DDH

651210

6760989

355

-61.3

316.9

3-09-2011

1185.3

1097

1111

14

2.28

31.9

HDD246

DDH

650500

6761905

357

-60.5

320.3

22-02-2012

598.8

500

518

18

5.38

96.8

HND013

DDH

650742

6762569

350

-61.0

318.9

20-01-2016

570.1

513

523

10

2.44

24.4

HSD050

DDH

649858

6760922

361

-59.0

318.7

3-02-2016

567.8

469

485

16

7.78

124.5

HSD054

DDH

649890

6760605

359

-57.2

319.7

13-02-2016

573

510

525

15

8.77

131.6

HSD154

DDH

650179

6760326

361

-60.6

313.7

7-03-2019

741.5

673

685

12

2.57

30.8

TPD404

DDH

650314

6761526

367

-60.4

321.3

21-01-2010

585.2

514

549

35

5.03

176.1

TPD427

DDH

651142

6763159

343

-60.2

316.6

16-06-2015

385.4

345.5

362

16.5

5.69

93.9

TPRC413D

DDH

651702

6762889

347

-60.5

319.4

22-03-2007

637.05

587

602

15

2.20

33.0

BSD317

DDH

652372

6763501

353

-65.4

312.8

7-02-2020

584.6

529

551

22

4.86

106.8

BSD317B

DDH

652368

6763503

353

-66.0

302.9

14-03-2020

566.6

499

505

6

3.92

23.5

BSD319

DDH

652434

6763438

353

-67.0

313.0

7-02-2020

618.4

546

584.65

38.65

4.20

162.4

BSD322

DDH

652507

6763436

361

-67.1

311.3

11-01-2020

666.6

609

641

32

4.41

141.2

BSD323A

DDH

652548

6763403

358

-71.7

311.7

6-04-2020

686.3

641

665

24

4.46

106.9

BSD329A

DDH

652374

6763357

352

-63.3

304.3

12-03-2020

594.4

542

565

23

2.81

64.5

BSD330

DDH

652483

6763514

363

-62.5

303.9

5-04-2020

642.5

573

582

9

3.08

27.8

BSD331

DDH

652367

6763358

352

-59.3

311.1

6-04-2020

588.1

534.75

555

20.25

3.85

78.0

BSD332

DDH

652378

6763350

352

-75.6

313.5

7-04-2020

612.1

578

590

12

2.51

30.1

Intercepts calculated based on minimum intercept 2m @ 0.5 g/t, lower cut-off grade 0.5 g/t, maximum consecutive waste 2m, minimum intercept grade 1 g/t.

Calculation based on downhole length which approximates true width, noting true thickness/width not calculated. Coordinates and azimuths reported in MGA94 Zone 51.

47

Note * Intercept previously reported - refer to ASX release - Announcement: Tropicana partners AngloGold Ashanti and Independence Group commit to Long Island dated 07 December, 2017.

TROPICANA - APPENDIX 1 TABLE OF INTERCEPTS

Hole

East

North

Total

Depth

Depth

Intercept

Gram

Hole ID

(MGA94_5

(MGA94_5

RL

Dip

Azimuth

Drill Date

Grade

Type

Depth

From

To

Width

Metres

1)

1)

BSRD_2280_001

RC

651839

6763680

280

-60.3

316.2

2-04-2020

231

174

211

37

2.40

88.6

BSRD_2280_002

RC

651873

6763682

280

-60.3

313.5

1-04-2020

236

169

195

26

1.90

49.3

201

217

16

3.18

50.9

BSRD_2280_003

RC

651860

6763692

280

-59.4

315.5

30-03-2020

223

160

183

23

2.11

48.6

192

210

18

4.79

86.2

BSRD_2280_004

RC

651837

6763718

280

-59.8

312.8

30-03-2020

203

150

164

14

4.17

58.3

172

190

18

3.26

58.7

BSRD_2280_005

RC

651816

6763809

280

-54.9

314.9

23-03-2020

148

121

128

7

4.49

31.4

BSRD_2280_006

RC

651875

6763750

280

-60.2

314.1

29-03-2020

202

113

126

13

2.62

34.0

171

181

10

5.19

51.9

BSRD_2280_007A

RC

651896

6763729

280

-57.9

313.2

31-03-2020

221

192

200

8

2.74

21.9

BSRD_2280_009

RC

651908

6763752

280

-59.9

313.1

28-03-2020

225

186

197

11

2.93

32.2

BSRD_2280_012

RC

651824

6763872

280

-50.6

314.0

21-03-2020

95

55

65

10

4.79

47.9

BSRD_2280_013

RC

651851

6763844

280

-60.1

314.8

22-03-2020

120

94

105

11

3.32

36.5

BSRD_2292_001

RC

651747

6763736

292

-49.5

315.4

28-02-2020

188

140

150

10

2.61

26.1

154

174

20

3.62

72.3

BSRD_2292_002

RC

651752

6763731

293

-54.4

314.0

1-03-2020

193

146

180

34

2.25

76.5

BSRD_2292_003

RC

651756

6763727

293

-59.8

315.7

2-03-2020

199

150

170

20

3.10

62.0

BSRD_2292_004

RC

651776

6763708

293

-60.8

314.2

3-03-2020

214

166

184

18

2.97

53.5

187

201

14

3.87

54.2

BSRD_2292_005

RC

651793

6763691

292

-59.9

310.7

3-03-2020

227

185

198

13

2.99

38.9

BSRD_2292_006

RC

651779

6763734

293

-58.4

312.3

29-02-2020

199

146

165

19

1.70

32.2

169

184

15

2.43

36.4

BSRD_2292_008

RC

651891

6763627

292

-59.9

314.9

5-03-2020

282

218

230

12

3.15

37.8

234

258

24

3.32

79.8

BSRD_2292_009

RC

651792

6763762

292

-49.7

315.0

24-02-2020

175

113

133

20

1.29

25.7

BSRD_2292_010

RC

651799

6763756

292

-54.1

311.4

25-02-2020

181

120

143

23

1.78

40.9

155

163

8

2.83

22.6

BSRD_2292_011

RC

651806

6763748

292

-59.9

312.9

23-02-2020

194

130

149

19

1.49

28.2

158

169

11

2.09

23.0

BSRD_2292_012

RC

651824

6763730

292

-60.2

314.8

26-02-2020

208

144

162

18

1.61

28.9

171

185

14

1.72

24.1

BSRD_2292_016

RC

651913

6763641

292

-59.3

315.0

4-03-2020

278

208

227

19

2.58

49.1

245

255

10

2.77

27.7

Intercepts calculated based on minimum intercept 2m @ 0.5 g/t, lower cut-off grade 0.5 g/t, maximum consecutive waste 2m, minimum intercept grade 1 g/t.

Calculation based on downhole length which approximates true width, noting true thickness/width not calculated. Coordinates and azimuths reported in MGA94 Zone 51.

48

Note * Intercept previously reported - refer to ASX release - Announcement: Tropicana partners AngloGold Ashanti and Independence Group commit to Long Island dated 07 December, 2017.

TROPICANA - APPENDIX 1 TABLE OF INTERCEPTS

Hole

East

North

Total

Depth

Depth

Intercept

Gram

Hole ID

(MGA94_5

(MGA94_51

RL

Dip

Azimuth

Drill Date

Grade

Type

Depth

From

To

Width

Metres

1)

)

BSRD_2292_017

RC

651810

6763780

292

-60.2

315.2

27-02-2020

174

141

150

9

4.08

36.7

BSRD_2292_019

RC

651829

6763796

292

-60.5

314.8

28-02-2020

169

143

152

9

2.75

24.7

BSRD_2292_020

RC

651846

6763778

292

-59.8

314.2

23-02-2020

185

161

172

11

2.22

24.5

BSRD_2292_024

RC

651933

6763692

292

-60.0

315.0

7-03-2020

260

227

237

10

2.76

27.6

BSRD_2292_029

RC

651890

6763770

292

-59.5

311.6

22-02-2020

216

177

184

7

4.89

34.2

BSRD_2292_031

RC

651956

6763704

292

-59.1

313.5

6-03-2020

266

231

242

11

2.76

30.4

BSRD_2292_034

RC

651898

6763798

292

-59.9

316.3

21-02-2020

185

145

154

9

3.62

32.6

BSRD_2292_036

RC

651911

6763819

292

-60.3

312.3

20-02-2020

160

125

137

12

3.85

46.2

BSRD_2292_037

RC

651929

6763802

292

-59.6

315.2

21-02-2020

181

141

148

7

3.68

25.8

162

170

8

4.99

39.9

BSRD_2292_039

RC

651964

6763767

292

-59.6

316.1

19-02-2020

227

166

190

24

5.26

126.3

BSRD_2292_040

RC

651982

6763749

291

-60.1

314.2

8-03-2020

244

200

213

13

4.27

55.6

BSRD_2292_042

RC

651915

6763852

292

-60.1

313.4

19-02-2020

128

94

100

6

4.36

26.1

BSRD_2292_045

RC

651996

6763771

292

-64.7

317.0

4-03-2020

232

177

192

15

4.07

61.1

BSRD003

RC

651683

6763767

244

-66.1

311.8

5-07-2020

130

77

87

10

3.36

33.6

BSRD004

RC

651690

6763766

244

-87.0

314.3

6-07-2020

155

120

126

6

5.60

33.6

BSRD006

RC

651734

6763764

255

-54.7

314.5

5-06-2020

136

85

96

11

2.45

26.9

105

117

12

2.58

30.9

BSRD009

RC

651821

6763676

256

-60.2

317.4

14-06-2020

210

162

172

10

2.36

23.6

175

191

16

3.51

56.1

BSRD013

RC

651772

6763758

256

-58.4

313.3

7-06-2020

150

93

108

15

1.43

21.4

112

126

14

3.45

48.2

BSRD016

RC

651844

6763718

256

-59.8

315.5

13-06-2020

190

119

138

19

1.47

27.9

154

172

18

2.12

38.1

BSRD018

RC

651906

6763693

244

-67.7

314.2

8-07-2020

220

137

155

18

1.60

28.7

173

192

19

7.54

143.2

BSRD019

RC

651797

6763841

256

-53.5

312.4

26-05-2020

100

76

85

9

4.76

42.9

BSRD020

RC

651852

6763783

256

-60.2

314.5

8-06-2020

160

132

142

10

3.74

37.4

BSRD021

RC

651921

6763714

244

-59.1

314.2

6-07-2020

220

118

129

11

3.32

36.6

BSRD023

RC

651906

6763768

244

-59.9

311.4

6-07-2020

185

144

157

13

2.56

33.3

BSRD025

RC

651861

6763845

244

-59.1

313.3

7-07-2020

100

67

84

17

2.35

39.9

BSRD026

RC

651910

6763799

244

-59.5

314.9

7-07-2020

155

109

121

12

2.91

34.9

BSRD028

RC

651950

6763801

244

-75.8

315.8

20-06-2020

180

109

134

25

4.14

103.5

Intercepts calculated based on minimum intercept 2m @ 0.5 g/t, lower cut-off grade 0.5 g/t, maximum consecutive waste 2m, minimum intercept grade 1 g/t.

Calculation based on downhole length which approximates true width, noting true thickness/width not calculated. Coordinates and azimuths reported in MGA94 Zone 51.

49

Note * Intercept previously reported - refer to ASX release - Announcement: Tropicana partners AngloGold Ashanti and Independence Group commit to Long Island dated 07 December, 2017.

TROPICANA - APPENDIX 2 TABLE 1 SECTION 1: SAMPLING TECHNIQUES & DATA

Criteria

Commentary

Drilling techniques

AngloGold Ashanti Australia (AngloGold) has used drilling and sub-sampling of the cuttings or cores as the data basis for the Mineral Resource estimates of the Tropicana

deposit. Details are given in the following subsection.

Drill hole spacing ranges from 25m×25m grids to 100m×100m grids, with most of the drilling of the Open Pit Mineral Resources on a 50m×50m spacing with 25m×25m

testing the starter pits of the Tropicana and Havana initial pits, and the southern end of the Boston Shaker deposit.

A 100m×100m area of Havana was drilled out on a 10m×10m grid to validate the resource model and optimise the grade control sample spacing.

The Underground Mineral Resource down-plunge extensions of Havana Deeps is tested using a 100m×100m grid. Deep +800m deep step-out holes have been drilled on

nominal »200m×100m to test the high-grade mineralisation of Havana Deeps.

All holes are drilled plunging towards the west to intersect the east dipping mineralised zones

Drilling techniques

Reverse circulation (RC) percussion drilling using face-sampling bits (5 ¼ inch or 133 mm diameter) has been used to collect samples from the shallower (up-dip) part of

the deposits with a nominal maximum RC depth of 150m.

Diamond core drilling has been used for deeper holes, with diamond tails drilled from RC pre-collars. To control the deviation of deep DD holes drilled since 2011, many of

these holes were drilled from short » 60m RC pre-collars or using 63.5mm (HQ) diameter core from surface.

Diamond core drilling for Mineral Resource definition is predominantly 47.6mm (NQ) diameter core, with a lesser number of holes drilled for collection of metallurgical

and/or geotechnical data using 63.5mm (HQ2, HQ3) or 85mm (PQ) core diameters.

In fresh rock, cores are oriented wherever possible for collection of structural data. Prior to 2009, core orientations are made using the EzyMark tool with the Reflex Ace

Tool replacing the system in later drilling programmes.

Drill Sample Recovery

RC recovery

• Prior to 2008 semi-quantitative assessment was made regarding RC sample recovery with recovery visually estimated as 25%, 50%, 75% of 100% of the expected

mass volume of a 1m drilling interval.

• Since 2008, AngloGold has implemented quantitative measure on every 25th interval where the masses of the sample splits are recorded and compared to the

theoretical mass of the sampling interval for the rock type being drilled.

• AngloGold found that overall recovery in the regolith was >80% and total recovery in fresh rock.

DD Recovery

• DD recovery has been measured as percentage of the total length of core recovered compared to the drill interval.

• Core recovery is consistently high in fresh rock with minor losses occurring in heavily fractured ground or for DD drilling in the regolith.

• The main methods to maximise recovery have been recovery monitoring as described above and diamond core drilling below > 150m depth.

• No relationships have been noted between sample recovery and grade and sample biases that may have occurred due to the preferential loss or gain of fine or course

material are considered unlikely.

Logging

RC cuttings and DD cores have been logged recording geological and geotechnical characteristics with reference to AngloGold's logging standard library, to levels of detail

that support Mineral Resource estimation, Ore Reserve estimation and metallurgical studies.

Qualitative logging includes codes for lithology, regolith, and mineralisation for both RC and DD, with sample quality data recorded for RC such as moisture, recovery, and

sub-sampling methods.

DD cores are photographed, qualitatively structurally logged with reference to orientation measurements where available.

Geotechnical quantitative logging includes QSI, RQD, and matrix and fracture characterisation.

The total lengths of all drill holes have been logged.

50

TROPICANA - SECTION 1: SAMPLING TECHNIQUES & DATA

Criteria

Commentary

Sub-sampling techniques and sample preparation

RC - Primary splitting

• Prior to 2007 RC samples were collected from the cyclone stream using a tiered riffle splitter. From 2007 a static cone splitter was introduced and replaced riffle

splitters on all rigs.

• The RC sampling interval is generally 1m but from 2016 2m intervals were introduced for RC pre-collars.

• The splitters collected a » 12% split from the primary lot with two 12% splits collected - the first for laboratory submission and second as a reference or

replicate. Most samples were collected dry with <2% of samples recorded as being split in moist or wet state.

• The main protocol to ensure the RC samples were representative of the material being collected was monitoring of sample recovery and collection and assay of

replicate samples.

DD - Primary sample

• DD cores are collected of intervals determined by geological boundaries but generally targeting a 1m length

• All NQ cores have been half-core sampled with the core cut longitudinally with a wet diamond blade.

• A small amount of DD whole cores have been sampled from HQ3 cores drilled to twin RC holes in the regolith or for geotechnical or metallurgical testing.

• In 2005, some 1,150m of cores drilled in the oxide zone were chisel split rather than wet cut but this poorer sub-sampling represents <0.01% of the core drilled.

Laboratory preparation

• Sample preparation has taken place at three laboratories since commencement of Mineral Resource definition drilling including SGS Perth (pre- 2006),

Genalysis Perth (2006 to April 2016) and Tropicana site laboratory (2015 Boston Shaker samples and post-April 2016 samples)

• RC samples were over dried then pulped in a mixer mill to a PSD of 90% passing 75 microns before sub-sampling for fire assay.

• SGS prepared DD half-core samples by jaw-crushing then pulverisation of the whole crushed lot to a particle size distribution (PSD) of 90% passing 75 microns.

A 50g subsample of the pulp was then collected for fire assay.

• Genalysis prepared the samples in a Boyd crusher rotary splitter combo with nominally 2.5kg half-core lots crushed to <3 mm then rotary split to » 1 kg before

pulverisation and sub-sampling for fire assay.

• Samples less with mass <800g submitted to Tropicana laboratory are pulped in a LM2 mill to a PSD of 75 microns before sub-sampling for fire assay. Samples

with larger masses are crushed in a Boyd crusher to a PSD of 90% passing 2mm then subsampled using a linear sample divider.

• From May 2016, a jaw crusher has been used to crush half-core samples to a PSD of 100% passing 6 mm.

Quality controls for representative sampling:

  • SGS inserted blanks and standards at a 1:20 frequency in every batch with a duplicate pulp collected for assay every 20th sample. Further repeats were also completed at a 1:20 frequency in a random manner. Sieve checks were completed on 5% of samples to monitor PSD compliance.
  • Genalysis inserted blanks and standards in every batch and a duplicate pulp was collected for assay on every 25th sample and 6% of each batch was randomly selected for replicate analysis. Sieve checks were completed on 5% of samples to monitor PSD compliance.
  • Tropicana laboratory used barren basalt and quartz to clean equipment between routine samples

Sample size versus grain size

  • No specific heterogeneity tests have been carried out but the sample sizes collected are consistent with industry standards for the style of mineralisation under consideration.
  • A 2008 sampling variability study found that 72% of the gold in the samples tested was in size fraction <300 microns, and that repeated sampling of the same lot have very low variance between replicates.

51

TROPICANA - SECTION 1: SAMPLING TECHNIQUES & DATA

Criteria

Commentary

Quality of assay data and laboratory tests

No geophysical tools were used to determine any element concentrations material to the Mineral Resource estimate.

All Mineral Resource prepared pulps have undergone 50g fire assay which is considered a total assay for gold

As discussed above all laboratories have used industry standard quality control procedures with standards used to monitor accuracy, replicate assay to monitor

precision, blanks to monitor potential cross contamination and sieve tests to monitor PSD compliance.

AngloGold has also used other 'umpire' laboratories to monitor accuracy including Genalysis Perth (prior to November 2006), SGS (from November 2006 to August

2007) and ALS Perth (since August 2007), with these check assaying campaigns coinciding with each Mineral Resource update.

AngloGold has reviewed the quality sample results on a batch by batch and monthly basis and has found that the overall performance of the laboratories used for

Mineral Resource estimation samples is satisfactory.

Verification of sampling and assaying

Significant intersections of mineralisation are routinely verified by AngloGold senior geological staff and have also been inspected by several independent auditors

as describe further below.

Twin holes have been drilled to compare results from RC and DD drilling with the DD results confirming that there is no material down-hole smearing of grades in

the nearby RC drilling and sampling.

All logging and sample number data is captured digitally in the field using Field Marshall Software (upgrade to Micromine Geobank in 2016). Data is downloaded

daily to the Tropicana exploration server and checked for accuracy, completeness and structure by the field personnel.

Assay data is merged electronically from the laboratories into a central Datashed database, with information verified spatially in Vulcan software. AngloGold

maintains standard work procedures for all data management steps.

An assay importing protocol has been set up to ensure quality samples are checked and accepted before data can be loaded into the assay database

All electronic data is routine backed up to AngloGold's server in Perth and provided to IGO via FTP transfer.

There have been no adjustments or scaling of assay data other than setting below detection limit values to half detection for Mineral Resource estimation work.

Location of data points

All early drill hole collar locations of surface holes have been surveyed using RTK GPS equipment, which was connected to the state survey mark

(SSM) network.

The grid system is GDA94 Zone 51 using AHD elevation datum.

Prior to 2007, drill hole path surveys have been completed on all holes using Eastman single shot camera tools, with down-hole gyro tools used

for all drilling post 2007

A digital terrain model was prepared Whelan's Surveyors from aerial photography flown in 2007, which has been supplemented with collar data surveyed using

RTK GPS. This model is considered to have centimetre-scale accuracy.

Data spacing and distribution

The drill hole spacing nominally ranges from 25mN×25mE to 100mN×100mE (local grid) over most of the Mineral Resource area with a small area of 10mN×10mE

used for grade control calibration work.

Most of the Open Pit Mineral Resources has been tested on a 50mN×50mE grid with closer spaced 25mN×25mE patterns in the upper parts of the deposit within

initial open pit designs.

The Underground Mineral Resource has been drilled on a 50mN× 25mE to define an Indicated Resource. Grade Control drilling takes place on a 12.5mN x 12.5mE

spacing.

Down-hole sample intervals are typically 1m with 2m compositing applied for Mineral Resource estimation work.

The Competent Person considers that data spacing is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and

Ore Reserve estimation procedures applied, and the JORC Code classification applied.

Orientation of data in relation to geological

Most drill hole are oriented to intersect the shallowly east dipping mineralisation at a high angle and as such, a grade bias introduced by the orientation of data in

structure

relation to geological structure is highly unlikely.

52

TROPICANA - SECTION 1: SAMPLING TECHNIQUES & DATA

Criteria

Commentary

Orientation of data in relation to geological

Most drill hole are oriented to intersect the shallowly east dipping mineralisation at a high angle and as such, a grade bias introduced by the orientation of data in

structure

relation to geological structure is highly unlikely.

Sample security

The chain-of-sample custody is managed by AngloGold.

Samples were collected in pre-numbered calico bags, which are then accumulated into calico bags for transport from the collection site. The accumulated samples

are then loaded into wooden crates and road hauled to the respective laboratories (Perth or Tropicana).

Sample dispatches are prepared by the field personnel using a database system linked to the drillhole data.

Sample dispatch sheet are verified against samples received at the laboratory and any missing issued such as missing samples and so on are resolved before

sample preparation commences.

The Competent Person considers that the likelihood of deliberate or accidental loss, mix-up or contamination of samples is considered very low.

Audits or reviews

Field quality control data and assurance procedures are review on a daily, monthly and quarterly basis by AngloGold field personnel and senior

0geological staff.

The field quality control and assurance of the sampling was audited by consultant QG in 2007 and 2009. The conclusion of the audit was that the data was suitable

for Mineral Resource estimation work.

In 2017, consultants Optiro reviewed data collections and assay quality as part of an MRE review and found no issues

53

TROPICANA - SECTION 2: REPORTING OF EXPLORATION RESULTS

Criteria

Commentary

Mineral tenement and land tenure status

The Tropical Gold Mine Mineral Resources are located wholly within WA mining lease M39/1096, which commenced on 11 Mar

2015 and has a term of 21 years (expiry 10 Mar 2036).

Tropicana Gold Mine in a joint venture between AngloGold (70%) and IGO (30%) with AngloGold as manager.

Gold production is subject to WA State royalties of 2.5% of the value of gold value.

There are no material issues relating to native title or heritage, historical sites, wilderness or national parks, or environmental settings

The tenure is secure at the time of reporting and there are no known impediments to exploitation of the Mineral Resource and

Ore Reserve and on-going exploration of the mining lease.

Exploration done by other parties

AngloGold entered in to a JV with IGO in early 2002 with the main target of interest being a WMC gold soil anomaly of 31ppb, which

was reporting in a WA government open file report. Prior to the JV, the WMC soil sampling program was the only known exploration activity and the only dataset

available were WA government regional magnetic and gravity data.

Geology

The Tropicana Gold Mine is on the western margin of a 700km long magnetic feature that is interpreted to the collision suture zone between the Archean age

Yilgarn Craton to the west and the Proterozoic age Albany-Fraser Origan to the east of this feature. The gold deposits are hosted by a package of Archean age

high metamorphic grade gneissic rocks.

Four distinct structural domains have been identified - Boston Shaker, Tropicana, Havana and Havana South, which represent the same mineral deposit offset by

NE striking faults that post-date the mineralisation.

The gold mineralisation is hosted by a shallowly SW dipping sequence of quartz-feldspar gneiss, amphibolite, granulite and meta-sedimentary chert.

The gold mineralisation is concentrated in a 'favourable horizon' of quartz-feldspar gneisses, with a footwall of garnet gneiss, amphibolite or granulite.

Mineralisation is characterised by pyrite disseminations, bands and crackle veins within altered quartz-feldspar gneiss. Higher

grades are associated with close-spaced veins and sericite alteration

Mineralisation presents as stacked higher grade lenses within a low-grade alteration envelope. Geological studies suggest the mineralisation is related to shear

planes that post-date the development of the main gneissic fabric and metamorphic thermal maximum.

Drill hole Information

A summary of the all drillholes used to prepare the Mineral Resource estimate is not practical for this public report. The Mineral Resource estimate gives the best-

balanced view of all the drillhole information available as at June, 2019.

Data aggregation methods

No metal equivalent values are considered in the Mineral Resource estimate.

Relationship between mineralisation widths and

Exploration results included in this report are for extensional drilling at Boston Shaker (underground resource extension).

intercept lengths

All Mineral Resource drilling interests the mineralisation at a high angle and as such approximate true thicknesses in most cases.

Diagrams

A representative 3d oblique view for Boston Shaker results is included in the body of this report.

Balanced reporting

The current Mineral Resource is based on all available data and as such provides the best-balanced view of the Tropicana gold

deposits as at Dec, 2019. The Exploration results reported are not included in the current Mineral Resource Estimate reported.

Other substantive exploration data

Information relating to other exploration data, such as density, metallurgical assumptions are detailed in Section 3 further below

54

TROPICANA - SECTION 2: REPORTING OF EXPLORATION RESULTS

Criteria

Commentary

Orientation of data in relation to geological

Most drill hole are oriented to intersect the shallowly east dipping mineralisation at a high angle and as such, a grade bias introduced by the orientation of data in

structure

relation to geological structure is highly unlikely.

Sample security

The chain-of-sample custody is managed by AngloGold.

Samples were collected in pre-numbered calico bags, which are then accumulated into calico bags for transport from the collection site. The accumulated samples

are then loaded into wooden crates and road hauled to the respective laboratories (Perth or Tropicana).

Sample dispatches are prepared by the field personnel using a database system linked to the drillhole data.

Sample dispatch sheet are verified against samples received at the laboratory and any missing issued such as missing samples and so on are resolved before

sample preparation commences.

The Competent Person considers that the likelihood of deliberate or accidental loss, mix-up or contamination of samples is considered very low.

Audits or reviews

Field quality control data and assurance procedures are review on a daily, monthly and quarterly basis by AngloGold field personnel and senior

0geological staff.

The field quality control and assurance of the sampling was audited by consultant QG in 2007 and 2009. The conclusion of the audit was that the data was suitable

for Mineral Resource estimation work.

In 2017, consultants Optiro reviewed data collections and assay quality as part of an MRE review and found no issues

55

TROPICANA - COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Mr Fraser Clark who is a full-time employee of AngloGold Ashanti Australia Ltd and is a member of The Australasian Institute of Mining and Metallurgy. Mr Clark has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Clark consents to the inclusion in the report of the

matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources or Ore Reserves is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The information in this report has been extracted from the AngloGold Ashanti Ltd Mineral Resource and Ore Reserve Report 2019 and is available on the AngloGold Ashanti website at www.anglogoldashanti.comand from the Independence Group NL Annual Update of Exploration Results, Mineral Resources and Ore Reserves 30 June 2020 which is available on The Independence Group website at www.igo.com.au

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed and confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

56

Disclaimer

AngloGold Ashanti Ltd. published this content on 14 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2020 07:14:02 UTC


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