In the United States, AngloGold Ashanti’s greenfield concessions are in the Beatty District in southwestern Nevada. The project area includes the North Bullfrog, Arthur Gold and Nevada Regional Deposits. As of 31 December 2025, the district hosted a Measured and Indicated Mineral Resource containing 6.11 million ounces of gold and an Inferred Mineral Resource containing 9.58 Moz of gold.
North Bullfrog
The North Bullfrog Project is a proposed open-pit gold mine located approximately nine miles north of Beatty’s main population center. The project is on public lands administered by the Bureau of Land Management (BLM) and private lands managed by AngloGold Ashanti.
Following board approval of the North Bullfrog Feasibility Study, the project progressed into the detailed engineering phase during 2024. Both federal and state permitting continued in parallel with this work. In the first half of 2025, the permitting schedule was being updated by the agencies with an expected Record of Decision by the end of 2026.
AngloGold Ashanti proactively identifies and manages the potential environmental risks associated with our activities to meet our stringent compliance obligations and voluntary commitments. In seeking to prevent pollution and environmental incidents, AngloGold Ashanti aims to ensure zero reportable environmental incidents, as defined in our Group Environmental Incident Classification Criteria.
The project’s expected boundary is approximately 6,300 acres, which includes 3,500 acres of total disturbance and 82 acres of existing/authorized exploration. The proposed North Bullfrog Project anticipates an open pit mine employing both gravity milling and heap leaching for ore processing. The project is currently expected to produce an average of 117,000 ounces of gold per annum during the first five full years and an average of 62,000 ounces per year over its expected 13-year life.
Arthur Gold
The Arthur Gold Project comprises the Silicon and Merlin deposits and was formerly known as the Expanded Silicon Project. Following the successful completion of a concept study in 2023, the project advanced to a pre‑feasibility study (PFS) centred on the Merlin deposit. This work—supported by extensive drilling and optimisation studies—aims to establish a mineable Mineral Reserve in the eastern Beatty District.
As at 31 December 2025, AngloGold Ashanti has declared a first-time Probable Mineral Reserve of 4.9Moz of gold (88Mt at 1.75g/t) and 7.8Moz of silver (88Mt at 2.76g/t) for the Arthur Gold Project. The PFS supports an initial nine‑year mine life with average annual gold production of ~500,000oz.
The project is expected to deliver a competitive cost profile, with AISC estimated at US$954/oz, underpinned by predominantly oxide mineralisation (>95%) and planned conventional processing flowsheets. Development plans include an integrated operation featuring a 7Mtpa milling facility, a 5.5Mtpa crushed heap‑leach circuit, and open‑pit mining using electric rope shovels and ultra‑class haul trucks. To ensure environmental stewardship, the Arthur Gold Project is planned to use filtered, dry-stacked tailings for enhanced water conservation.
Project capital expenditure is forecast at US$3.6bn, with the PFS scheduled for presentation to the AngloGold Ashanti Board in June 2026 for approval to advance to full feasibility. The Arthur Gold Project consolidates the Silicon and Merlin deposits into a significant, continuous mineralised system, reinforcing its potential as a Tier One gold asset in a stable, supportive jurisdiction with strong long‑term value potential for stakeholders.
A brief history
- Mining in the Beatty Mining District dates to 1904 when gold and silver were discovered.
- Modern exploration in the northern portion of the Beatty Mining District, at North Bullfrog, started in 1974.
- In the late 1990s, gold mining in the area slowed due to falling precious metal prices.
- Mining picked up again between 2005-2006 with six private parties holding historic patented claims to the site creating a joint venture.
- Corvus Gold Inc. was formed through a spinoff of the joint venture in 2009, gaining 100-percent management of the exploration assets, including the North Bullfrog and Mother Lode deposits, which are in close proximity to, or contiguous with, AngloGold Ashanti’s Silicon, Transvaal and Rhyolite deposits.
- In 2022, AngloGold Ashanti acquired Corvus Gold Inc. and then 100% of Coeur Sterling inc., a wholly owned subsidiary of Coeur Mining Inc., which held properties immediately to the south of AngloGold Ashanti’s Silicon and Merlin deposits. These acquisitions consolidated AngloGold Ashanti’s ownership position in one of North America’s most promising new gold districts, giving the company the ability to develop the district in way that will realize its full potential for the benefit of all stakeholders.
- In the second half of 2023, the AngloGold Ashanti Board approved the North Bullfrog feasibility study subject to the receipt of the necessary permits and approvals.
- Following approval of a concept study, a pre-feasibility study was initiated at the Arthur Gold Project (comprising the Silicon and Merlin deposits) in 2024, marking significant progress in AngloGold Ashanti’s commitment to responsible mining and sustainable growth in the region.