AngloGold Ashanti plc (AGA) has formally confirmed a maiden Probable Mineral Reserve of 4.9 million ounces of contained gold at its Arthur Gold Project in southern Nevada, backed by a pre-feasibility study (PFS) that outlines a nine-year mine producing approximately 500,000 ounces annually and requiring an estimated $3.6 billion in capital investment.
The company released the Technical Report Summary (TRS) for the Arthur Gold Project on Thursday, March 26, 2026, filed concurrently with its 2025 Annual Report on Form 20-F with the United States Securities and Exchange Commission (SEC). The reserve, calculated at a gold price of $1,950 per ounce, stands at 88 million tonnes grading 1.75 grams per tonne, alongside 7.8 million ounces of silver at 2.76 grams per tonne.
The project’s economics gain significant force at current market prices. At $2,715 per ounce of gold, the estimated after-tax net present value (NPV) at a 5 percent discount rate is approximately $1.7 billion. At $3,500 per ounce, that figure nearly doubles to approximately $3.4 billion. Life-of-mine all-in sustaining costs (AISC) are projected at $954 per ounce, with cash costs of $778 per ounce, positioning the project within the competitive tier of major new gold developments globally.
“The Arthur Gold Project is a cornerstone of our strategy to build a world-class, long-life production platform in the US,” said Alberto Calderon, Chief Executive Officer of AngloGold Ashanti. “With a world class orebody and a disciplined capital approach, we have a clear roadmap to growth and long-term shareholder value.”
The Arthur Gold Project consolidates the Silicon and Merlin deposits into a continuous, large-scale mineralised system within Nevada’s Beatty Mining District, located approximately 120 miles from Las Vegas and 65 miles from Pahrump. Nevada consistently ranks among the world’s most favourable mining jurisdictions, offering established infrastructure, deep labour pools, and a well-defined permitting process. The planned operation will integrate a 7 million tonne per annum (Mtpa) milling facility with a 5.5Mtpa crushed heap-leach circuit, using conventional open-pit methods with electric rope shovels and ultra-class haul trucks. The project intends to use filtered, dry-stacked tailings for water conservation.
Beyond the confirmed reserve, the Merlin deposit holds an additional indicated gold mineral resource of 1.0Moz and an inferred gold mineral resource of 5.5Moz, alongside indicated silver resources of 2.0Moz and inferred silver resources of 13.7Moz. Aggressive drilling programmes are continuing with the aim of converting further resources and expanding the mineralised footprint.
The PFS is scheduled for presentation to AngloGold Ashanti’s Board of Directors in June 2026 for approval to advance to a full feasibility study. Feasibility-level environmental, hydrological, and community baseline studies are already underway.
The discovery itself carries significant recognition. AngloGold Ashanti’s exploration team received the Prospectors and Developers Association of Canada (PDAC) 2026 Thayer Lindsley Award for an international mineral discovery, one of the mining industry’s most prestigious honours, for the Silicon and Merlin finds that together form the Arthur Gold Project.
AngloGold Ashanti trades on the New York Stock Exchange (NYSE) under the ticker AU and on the Johannesburg Stock Exchange (JSE) under the ticker ANG. The company is also listed on the Ghana Stock Exchange (GSE) through Ghanaian depositary shares.
