PURE GOLD 5102-11 AGA R&R_130 BB.qxp 3/23/12 11:12 AM Page a Scope of report www.aga-reports.com AngloGold Ashanti’s Mineral Resource and Ore Reserve are reported in accordance with the minimum standards described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2004 Edition), and also conform to the standards set out in the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code, 2007 edition). The Mineral Resource is inclusive of the Ore Reserve component unless otherwise stated. Note also that all Mineral Resources and Ore Reserves listed in this document are attributable unless otherwise stated. Information is presented either by operating region, country, mine or project. The following tables and graphs are used to illustrate developments across AngloGold Ashanti’s operations during 2011: Mineral Resource and Ore Reserve comparison by region, country, mine and project; development sampling results; details of average drill-hole spacing and type; Exclusive Mineral Resource; Mineral Resource below infrastructure; Mineral Resource and Ore Reserve by-products; year-on-year reconciliation of the Mineral Resource and Ore Reserve; Inferred Mineral Resource in business plan; Ore Reserve modifying factors; grade tonnage information on the Mineral Resource and lists of appointed Competent Persons. Topics for brief discussion include regional overview; country overview; Mineral Resource estimation; Ore Reserve estimation; location; geology; exploration and projects. This document, the Mineral Resource and Ore Reserve Report 2011, is a key component of the AngloGold Ashanti suite of 2011 annual reports produced to record the company’s performance regarding its finances, operations and sustainability activities for the 12 months ended 31 December 2011. Other major documents in this suite of reports are the Annual Integrated Report 2011, the Annual Financial Statements 2011 and the Sustainability Report 2011, all of which are available on the corporate website, www.anglogoldashanti.com. The Annual Financial Statements 2011 contains a summary extract of AngloGold Ashanti’s Mineral Resource and Ore Reserve. Note: Rounding of numbers in this document may result in minor computational discrepancies. Throughout this report, dollar or $ represents US dollar unless otherwise stated. All grade tonnage graphs in this document are for Mineral Resources. Forward-looking statements Certain statements contained in this document, including, without limitation, those concerning AngloGold Ashanti Limited’s (AngloGold Ashanti) strategy to reduce its gold hedging position, including the extent and effect of the hedge reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and completion of acquisitions and dispositions, AngloGold Ashanti’s liquidity and capital resources and capital expenditure, and the outcome and consequence of any pending litigation proceedings, contain certain forward-looking statements regarding AngloGold Ashanti’s operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements 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, amongst other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk managements. For a discussion of such risk factors, refer to the section titled “Risk management and risk factors” in the annual financial 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 of the annual financial statements or to reflect the occurrence of unanticipated events. 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. Group overview P2 Australasia P118 Mineral Resource by country (attributable) P5 Australia P120 Exclusive Mineral Resource by Sunrise Dam P121 country (attributable) P6 Tropicana P126 Ore Reserve by country (attributable) P7 Americas P132 Reconciliation of Mineral Resource P8 Reconciliation of Ore Reserve P10 Argentina P134 Cerro Vanguardia P135 South Africa P12 Brazil P140 AGA Mineração P141 South Africa P14 Serra Grande P160 Great Noligwa P16 Colombia P166 Kopanang P22 Gramalote P167 Moab Khotsong P28 La Colosa P169 Mponeng P35 United States of America P173 Savuka P41 Cripple Creek & Victor P174 TauTona P44 Surface operations P48 Definitions P178 Uranium P52 Glossary of terms P180 Continental Africa P54 Abbreviations P184 Democratic Republic of the Congo P56 Administrative information IBC Kibali P57 Mongbwalu P61 Ghana P64 Iduapriem P65 Obuasi P71 Guinea P78 Siguiri P79 Mali P87 Morila P88 Sadiola P91 Yatela P98 Namibia P103 Navachab P104 Tanzania P108 Geita P109 AngloGold Ashanti Mineral Resource and Ore Reserve Report 2011 Contents P1 Group overview A TRULY COMPANY 10 6 5 4 Operations 12 1 Argentina 11 Cerro Vanguardia 9 7 2 13 2 3 Australia 8 Sunrise Dam 3 Brazil Serra Grande AGA Mineração 1 4 Ghana Major development Iduapriem 8 South Africa Obuasi projects Vaal River 5 Guinea Great Noligwa 11 Colombia Siguiri Kopanang Gramalote Moab Khotsong La Colosa 6 Mali Surface operations Morila 12 DRC West Wits 9 Sadiola Tanzania Kibali Mponeng Yatela Geita Mongbwalu Savuka 7 Namibia TauTona 10 United States 13 Australia Navachab Surface operations Cripple Creek & Victor Tropicana P2 The AngloGold Ashanti Mineral Resource and Ore Reserve are reported in accordance with the minimum standards described by the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserve (the JORC Code, 2004 Edition), and also conform to the standards set out in the South African Code for the Reporting of Exploration Results, Mineral Resource and Mineral Reserve (the SAMREC Code, 2007 edition). The Mineral Resource is inclusive of the Ore Reserve component unless otherwise stated. AngloGold Ashanti strives to create value by growing its major asset – the Mineral Resource and Ore Reserve. This drive is based on an active, well-defined brownfields exploration programme, innovation in both geological modelling and mine planning, and continual optimisation of the asset portfolio. Mineral Resource The total Mineral Resource increased from 220.0 million ounces (Moz) in December 2010 to 230.9Moz in December 2011. A gross annual increase of 16.8Moz occurred before depletion and while the net increase after allowing for depletion was 10.9Moz, changes in economic assumptions from December 2010 to December 2011 resulted in an 11.2Moz increase to the Mineral Resource, while exploration and modelling resulted in an increase of 7.9Moz. The remaining decrease of 2.2Moz resulted from various other factors. Depletion from the Mineral Resource for the year totalled 6.0Moz. The Mineral Resource has been estimated at a gold price of $1,600/oz (2010: $1,100/oz). Mineral Resource Moz Mineral Resource as at 31 December 2010 220.0 Reductions Great Noligwa Mineral Resource reduced due to increased costs (0.6) Other Total of non-significant changes (1.8) Additions Tropicana Exploration success in the underground project 0.8 Gramalote Exploration success at Trinidad 0.9 Kopanang Grade increased as a result of exploration 1.1 Geita Combined effect of price and estimation 1.3 Iduapriem Improved Mineral Resource price 1.3 Obuasi Improved Mineral Resource price 2.3 La Colosa Exploration success 3.8 Other Total of non-significant changes 1.7 Mineral Resource as at 31 December 2011 230.9 AngloGold Ashanti Mineral Resource and Ore Reserve Report 2011 Group overview P3 Group overview Ore Reserve The AngloGold Ashanti Ore Reserve increased from 71.2Moz in December 2010 to 75.6Moz in December 2011. A gross annual increase of 9.6Moz occurred before depletion of 5.2Moz. The increase net of depletion was therefore 4.4Moz. Changes in economic assumptions from 2010 to 2011 resulted in an increase of 4.4Moz to the Ore Reserve, while exploration and modelling resulted in a further increase of 5.0Moz. The remaining increase of 0.2Moz resulted from various other factors. The Ore Reserve has been calculated using a gold price of $1,100/oz (2010: $850/oz). Ore Reserve Moz Ore Reserve as at 31 December 2010 71.2 Reductions Moab Khotsong Depletion and minor model revision (0.5) Other Total of non-significant changes (1.1) Additions Geita Improved Ore Reserve price 0.5 CC&V Mine life extension added to Ore Reserve 0.5 Vaal River Surface Technical studies showed that the economic extraction of gold and uranium from the tailings is economic 3.2 Other Total of non-significant changes 1.7 Ore Reserve as at 31 December 2011 75.6 By-products Several by-products are recovered as a result of the processing of the gold